Presentations — Vallejo City Council, January 30, 2023

Date: Monday, January 30th, 2023
Presented by: MissionSquare Retirement
City of Vallejo
2022 Plan Review
and 2023 Strategy
2 MissionSquare Retirement
Invest in a shared sense of service™
We celebrate 50 years of helping public service
employees achieve their retirement goals.And for
50 years, our mission has been the same.

Thank you for letting us serve you.
3 MissionSquare Retirement
The Mission and the Square
Government Health Care
Education Nonprofit
A message from
CEO & President
Lynne Ford
4 MissionSquare Retirement
Our Approach
Deliver the Right
Products, Services,
& Solutions
Provide Positive
Experiences
P romote Long-Term
Financial Wellness
S erve More
Employees
5 MissionSquare Retirement
5 Plan Oversight & Strategy
Timothy Oster | Vice President, Relationship Management [email protected] | 202-962-6938
Your contact for strategic planning and results.

Employee Outreach & Education (Temporary)
Bryan Wilhelm | R etirement Plans Specialist
[email protected] | 202-759-7003
Your contact for the participant experience.

Employee Outreach & Education Oversight
Shawn Baker | Regional Vice President
[email protected] | 202-759-7014
Your contact for the participant experience oversight.

Your Team
6 MissionSquare Retirement
6 Agenda
2022 Plan Review
Accomplishments & R esults
2023 Strategy
Participant Engagement
Quarterly Insights
Legislative Updates, Trends, & Research
Tech Corner
Technology Updates
7 2022 Plan
Review
8 MissionSquare Retirement
Plan Results
Results for your plan (2022)
Visual Analytics for Your Plan

9 MissionSquare Retirement
Plan Education and Outreach
Education 124
RPS
Consultations
1 R P S Webinars
4 CFP®
Consultations
36 CFP® Webinars
Participation
& Savings
24 457(b) Enrollments
26%
Increase in Plan
Contributions
24%
Increase in
Participant
Contributions
6 Roll Ins (Worth
$240K)
Financial
Wellness
39 Increase in Account
Logins
Retention 97%
Retention Rate
15 Roll Outs (Worth
$1.5M)
10 2023
Strategy
11 MissionSquare Retirement
Pulling It All Together: Am I On Track?
Investing: Making Your Savings Count
Goal Based Programs
Financial Wellness: New Year, New Goals
January-March
Retirement 101: Understanding Your Plan
April-May
July-September
October-December
Q1
Q2
Q3
Q4
Market Overview and R esponsive Communications
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
Guided Pathways®
Advisory Services
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center
12 MissionSquare Retirement
Focusing On: Financial Wellness
An opportunity to set goals
that build financial wellness
along the retirement
journey.
 New year, new start to building financial security
 Explore the Financial Wellness Center with articles,
videos, calculators, and more
 Decide how much you need for retirement, select
investments that fit your goals, and increase your
contributions for maximum savings
 Spotlight on America Saves Week
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
Guided Pathways®
Advisory Services
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center
Financial Wellness
January-March
February 20th - 24th is America
Saves Week, an annual
opportunity for employees to
support their financial health and
goals.
www.missionsq.org/americasaves

14 MissionSquare Retirement
14 CERTIFIED FINANCIAL PLANNER™ professionals provide
participants with clear and personalized guidance toward a more secure and confident financial future.

Financial Planning Webinars
Help participants journey to and through retirement.

View the schedule:
2023 Schedule (Pacific)
Sign up for webinars: www.missionsq.org/cfpwebinars
15 15
MissionSquare Retirement
Financial Wellness Center

16 Quarterly
Insights
17 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.

Washington Perspective
MissionSquare Advocacy and Thought Leadership
www.missionsq.org/washingtonperspective

18 MissionSquare Retirement
SECURE 2.0
Getting to Implementation
SECURE

2.0 House
Passed
SSRA
Senate
HELP
Committee
Senate
Finance
Committee
Eight
Corners /
Leadership
Agreement
Bipartisan
Moving
Vehicle
19 MissionSquare Retirement
Secure 2.0
Provisions R equiring Immediate Attention
Increase in RMD Age Catch-up Contributions Must be Roth  Increased to age 73 effective 2023
 Those attaining age 72 in 2022 or
earlier unaffected
 Increases to age 75 in 2033
 Age-based catch-up contributions must
be Roth, starting in 2024
 Employees with wages of less than
$145k (indexed) in prior year exempt
 457(b), 401(k) and 403(b) plans will
need to add designated Roth account
feature (or prohibit catch-up
contributions)
 Special catch-up contribution rules for
457(b) and 403(b) plans exempt
20 MissionSquare Retirement
Secure 2.0
Provisions Affecting Many Governmental Plans
*While not technically required, we expect most/all plans will adopt.

Optional? Effective
Self-certification for unforeseeable emergency withdrawal  May rely on certification that the emergency meets a type described in regulations
 May rely on certification withdrawal is not in excess of need  Also available for 401(k) and 403(b) hardship distributions (safe-harbor)
Yes 2023
Eliminate “first day of the month” rule for 457(b) plans  Any pay after election can be contributed Yes 2023
RMDs for designated Roth accounts
 No longer required while participant is still alive
 Aligns with rules for Roth IRAs
* 2024
21 MissionSquare Retirement
Secure 2.0
Provisions Affecting Many Governmental Plans
*While not technically required, we expect most/all plans will adopt.

Optional? Effective
Higher catch-up contribution limit
 For those age 60, 61, 62, and 63
 Catch up is greater of $10,000 (indexed) or 150% of the regular catch-up
 Available for 401(k), 403(b), and 457(b) plans
* 2025
Long-term part-time coverage rule
 R educed from three years to two years
 Impacts grandfathered government 401(k) plans only
No 2025
22 MissionSquare Retirement
Secure 2.0
Key New Plan Design Options
 Up to $2,500 emergency savings account
inside the DC plan
 Contributions are Roth and must be invested in
principal preservation investments. Counts
against contribution limits. No employer
contributions
 Generally, amounts may be withdrawn at
anytime, penalty free No certification from
participant required
 HCEs may not participate
 Must ensure state law allows
Emergency savings withdrawal
feature
In-plan dedicated emergency
savings account
 Optional feature is structured similar to the
qualified birth or adoption distribution
(“QBAD”) for DC plans and IRAs
 One emergency distribution per year up to
$1,000 and requires replenishment before
subsequent withdrawal
 Participant self-certifies need
 10% penalty waived
 Bill contains additional 10% penalty waivers
for terminal illness and victims of domestic
abuse
Both available in 2024
23 MissionSquare Retirement
Secure 2.0
Key New Plan Design Options
 401(k), 403(b) and 457(b) can allow
employee to elect to have employer
contributions made as Roth (taxable now)
 Available for matching and nonelective
employer contributions
 Contribution must be vested
 Effective on enactment
Matching contributions on
student loan repayments Employer contributions as Roth
 Plan may “match” in the plan amounts
paid for student loans as if contributed
to the plan
 Available for 401(k), 403(b), 457(b),
and SIMPLE IRA
 Employer contribution is treated similar
to regular matching contributions for
nondiscrimination
 Employee may self-certify loan
repayment
 Effective in 2024
24 MissionSquare Retirement
Partial income exclusion for plan payments to disabled police, firefighters, EMTs
 Annual limit is the amount of workmen’s compensation payments received by the individual during the 12-month period immediately preceding the date on which the individual attains retirement age
 Applies in 2027
Expansion of 10% additional tax exception for public safety officers at age 50
 Also available for an individual with 25 years of service under the plan  Available for corrections and forensic security officers  Firefighters (even if privately employed)
 Effective immediately
Exclusion (up to $3000) for health insurance payments for retired public safety
 No longer required to be paid directed to health plan (employee would attest on tax return
 Effective immediately
Secure 2.0
Government Worker Specific Provisions
25 MissionSquare Retirement
2023 Contribution Limits
* Special limitations apply to defined benefit plans. Please contact your defined benefit plan administrator should you require additional information. ** OBRA 1993 provided a governmental exception for the maximum compensation limit that grandfathers certain employees under the 1993 compensation limit of $235,840. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, prior to January 1, 1994, are subject to the maximum compensation limit of $235,840 as indexed and shown above as the “grandfather” limit. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, after January 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “non-grandfather” limit.

Elective deferral limits for 457 and 401(k) plans increase Limitations (457) 2023 2022 2021
Annual Deferral Limit $22,500 $20,500 $19,500
“Pre-R etirement” Catch-Up Limit $22,500 ($45,000 total) $20,500 ($41,000 total) $19,500 ($39,000 total) “Age 50” Catch-Up Limit $7,500 ($30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total) More details on the retirement plan limits are available from the IR S Limitations (401(k)) 2023 2022 2021
401 Defined Contribution Plans –
Annual (§415(c)(1)(a)) $66,000 $61,000 $58,000
401 Defined Benefit Plans –
Maximum Annual Benefit* (§415(b)(1)(a)) $265,000 $245,000 $230,000 401 Annual Compensation Limit**
(non-grandfather / grandfather) (§401(a)(17)) $330,000 / $490,000 $305,000 / $450,000 $290,000 / $430,000 Annual Deferral Limit for 401(k) Plans (§402(g)) $22,500 $20,500 $19,500 401(k) “Age 50” Catch-Up Limit (§414(v)) $7,500 ( $30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total) 26 Tech Corner
27 MissionSquare Retirement
Transition and New Experience Update
Answering Your Frequently Asked Questions
Why did you transition to a new system?
 Changes were made to upgrade our technology and keep
MissionSquare well-positioned to serve you for the next 50 years.

When did the transition occur?
 We transitioned your accounts to our new recordkeeping system in early October 2022.

What have you learned?
 Call Center volumes were higher than anticipated due to enhanced security features.
 R etirees would have benefited from additional outreach to answer questions and provide support.
 Payroll challenges occurred due to customization of data formats and bank changes.
28 MissionSquare Retirement
Transition and New Experience Update
Answering Your Frequently Asked Questions
What is the path forward?
 Call Center staffing increased, and new hires have received additional training.
 Secure account features now include the ability to reset credentials online, reducing the need to call for support.
 Our Plan Health Dashboard will help you measure success and health of your plan, with benchmark comparisons. MissionSquare will recommend solutions to help you improve plan outcomes.
 The Financial Wellness Center provides your participants a personalized experience, interactive education resources, and gamification, to help your employees reach their retirement goals. 29 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.

Employer Resource Center
Your Guide to the Technology, Processes, and Services Here to Help You and Your Employees
www.missionsq.org/EmployerResourceCenter

30 MissionSquare Retirement
30 Questions?
~For Institutional Use Only – Not for Public Distribution~ Hyas Group is a business of Morgan Stanley

CITY OF VALLEJO
457(b), 401(a), and RHS Plans
December 31, 2022 Performance Report
Vincent Galindo
Senior Consultant
[email protected]
Geoff Hildreth
Performance Analyst
[email protected]

TABLE OF CONTENTS

Section 1 Market Overview
Section 2 Plan Reviews:
457(b) Deferred Compensation Plan
401(a) Defined Contribution Plans
Retirement Health Savings Plan
Section 3 Investment Performance Review
Section 4 Plan Fee/Revenue Reviews:
457(b) Deferred Compensation Plan
401(a) Defined Contribution Plans
Retirement Health Savings Plan
Section 5 Fund Attributions
Section 1
Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 223,000 4,505,000 -20,493,000 103,567 Dec-22 $3.17 $4.84 $1.80 -34.5% Dec-22

3.5% 14.7% 3.5% 4.9% Dec-22 $76.44 $114.84 $16.55 -33.4% Dec-22

7.5 22.2 4.0 11.2 Dec-22 304.2 316.2 204.7 48.7%* Oct-22 $32.82 $32.82 $26.73 $29.45 Dec-22 552.3 557.4 480.8 14.9%* Dec-22 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 12/31/2022 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
4Q2022 Economic Data
Category
Jobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
-15%
-10%
-5%
0%
5%
10%
15%
$17,000
$18,000
$19,000
$20,000
1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,400
$1,700
$2,000
$2,300
$2,600
$2,900
$3,200
1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
240
260
280
300
Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 YoY % ChangeIndex Consumer Price Index
1 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.02% 2.05% 2.05% 0.82% 1.31% 0.79%
Bloomberg US Aggregate 1.87% -13.01% -13.01% -2.71% 0.02% 1.06% Bloomberg Short US Treasury 0.85% 0.98% 0.98% 0.66% 1.26% 0.80% Bloomberg Int. US Treasury 1.02% -7.77% -7.77% -1.39% 0.46% 0.69% Bloomberg Long US Treasury -0.59% -29.26% -29.26% -7.40% -2.20% 0.60% Bloomberg US TIPS 2.04% -11.85% -11.85% 1.21% 2.11% 1.12% Bloomberg US Credit 3.44% -15.26% -15.26% -2.86% 0.42% 1.82% Bloomberg US Mortgage-Backed 2.14% -11.81% -11.81% -3.22% -0.53% 0.74% Bloomberg US Asset-Backed 0.81% -4.30% -4.30% -0.11% 1.18% 1.23% Bloomberg US 20-Yr Municipal 5.23% -11.02% -11.02% -1.05% 1.37% 2.64% Bloomberg US High Yield 4.17% -11.19% -11.19% 0.05% 2.31% 4.03% Bloomberg Global 4.55% -16.25% -16.25% -4.48% -1.66% -0.44% Bloomberg International 6.81% -18.70% -18.70% -5.94% -3.07% -1.64% Bloomberg Emerging Market 6.59% -15.26% -15.26% -3.89% -0.42% 1.71% 4Q2022 Bond Market Data

4.12%

4.42%

4.76% 4.73%

4.41% 4.22% 3.99% 3.96% 3.88% 4.14% 3.97%

0.06% 0.06% 0.19% 0.39%

0.73% 0.97%

1.26% 1.44% 1.52%

1.94% 1.90%
-1.00%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%
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
12/31/2022 12/31/2021
0%
0%
0%
14%
12%
3%
71%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
22%
16%
11%
10%
4%
7%
28%
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 6.53 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

11.70 1.72

0.58 6.78

1.21 0.51

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
2%
0%
0%
21%
26%
1%
51%
0% 20% 40% 60%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
Bloomberg US Aggregate Index
Sector Breakdown
Source: Morningstar
2 Wgt. Sector QTR YTD 1 yr.
5% Energy 22.81% 65.72% 65.72% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 9% Industrials 19.22% -5.48% -5.48% S&P 500 7.56% -18.11% -18.11% 7.66% 9.42% 12.56% 3% Materials 15.05% -12.27% -12.27% Russell 1000 Value 12.42% -7.54% -7.54% 5.96% 6.67% 10.29% 12% Financials 13.61% -10.53% -10.53% Russell 1000 Growth 2.20% -29.14% -29.14% 7.79% 10.96% 14.10% 16% Health Care 12.80% -1.95% -1.95% Russell Mid Cap 9.18% -17.32% -17.32% 5.88% 7.10% 10.96% 7% Consumer Staples 12.72% -0.62% -0.62% Russell Mid Cap Value 10.45% -12.03% -12.03% 5.82% 5.72% 10.11% 3% Utilities 8.64% 1.57% 1.57% Russell Mid Cap Growth 6.90% -26.72% -26.72% 3.85% 7.64% 11.41% 26% Information Technology 4.74% -28.19% -28.19% Russell 2000 6.23% -20.44% -20.44% 3.10% 4.13% 9.01% 3% Real Estate 3.82% -26.13% -26.13% Russell 2000 Value 8.42% -14.48% -14.48% 4.70% 4.13% 8.48% 7% Communication Services -1.38% -39.89% -39.89% Russell 2000 Growth 4.13% -26.36% -26.36% 0.65% 3.51% 9.20% 10% Consumer Discretionary -10.18% -37.03% -37.03% Russell 3000 7.18% -19.21% -19.21% 7.07% 8.79% 12.13% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 4.76% -25.96% -25.96% -1.37% 2.50% 5.74% 7% Materials 21.92% -2.73% -2.73%
14% Consumer Discretionary 14.24% -21.03% -21.03%
20% Industrials 12.77% -11.50% -11.50%
4% Utilities 11.62% -0.15% -0.15%
4% Consumer Staples 11.59% -0.77% -0.77%
4% Energy 10.45% 36.62% 36.62%
15% Financials 9.57% -3.04% -3.04%
12% Information Technology 9.36% -20.47% -20.47%
10% Health Care 5.22% -20.05% -20.05%
2% Communication Services 4.31% -20.39% -20.39%
8% Real Estate 3.74% -26.35% -26.35%
Wgt. Sector QTR YTD 1 yr.
5% Energy 20.45% 47.89% 47.89%
17% Industrials 14.66% -9.40% -9.40%
3% Utilities 12.64% -1.84% -1.84%
6% Materials 11.51% -6.09% -6.09%
13% Consumer Discretionary 10.91% -27.82% -27.82%
5% Consumer Staples 9.76% -6.47% -6.47%
8% Real Estate 9.01% -29.50% -29.50%
13% Information Technology 8.09% -22.36% -22.36%
18% Financials 7.21% -14.02% -14.02%
11% Health Care 0.48% -26.32% -26.32%
2% Communication Services -3.18% -34.46% -34.46%
4Q2022 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
-1.33%
-2.33%
-4.56%
-5.30%
-3.55%
-2.33%
-13.89%

1.56%
-5.96%
-6.63%
-40%
-30%
-20%
-10%
0%
10%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2022 2021 2020 2019 2018 Small Cap (Russell 2000) - Large Cap (S&P 500)
Performance Spread
-9.87%
-20.99%

1.44%

3.95%

3.59%
-20.99%

0.48%

35.39%

9.59%

6.46%
-50%
-25%
0%
25%
50%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2022 2021 2020 2019 2018 Growth (Russell 3000 Growth) - Value (Russell 3000 Value) Performance Spread
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
GrowthSource: Morningstar
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 14.28% -16.00% -16.00% 0.07% 0.88% 3.80% UK 10% MSCI EAFE 17.34% -14.45% -14.45% 0.87% 1.54% 4.67% China 9% Europe 19.35% -15.06% -15.06% 1.35% 1.87% 4.58% Canada 8% United Kingdom 16.98% -4.84% -4.84% 0.32% 0.96% 3.07% France 8% Germany 24.57% -22.34% -22.34% -3.01% -3.02% 2.66% Switzerland 7% France 22.19% -13.33% -13.33% 2.53% 3.41% 6.14% Germany 5% Pacific 14.13% -13.04% -13.04% -0.03% 0.95% 4.89% Australia 5% Japan 13.23% -16.65% -16.65% -0.99% 0.23% 5.55% India 4% Hong Kong 18.21% -4.71% -4.71% -1.05% -0.29% 4.77% Taiwan 4% Australia 15.68% -5.25% -5.25% 4.07% 4.05% 3.97%
Canada 7.42% -12.87% -12.87% 4.95% 4.06% 3.68%
MSCI EM 9.70% -20.09% -20.09% -2.69% -1.40% 1.44%
MSCI EM Latin America 5.73% 8.92% 8.92% -4.79% -1.08% -2.15% MSCI EM Asia 10.83% -21.11% -21.11% -1.31% -0.62% 3.55% MSCI EM Eur/Mid East 1.25% -35.34% -35.34% -9.53% -4.07% -4.02% MSCI ACWI Value ex-US 15.70% -8.59% -8.59% 0.06% -0.05% 2.72% MSCI ACWI Growth ex-US 12.89% -23.05% -23.05% -0.40% 1.49% 4.68% MSCI ACWI Sm Cap ex-US 13.31% -19.97% -19.97% 1.07% 0.67% 5.24% Exchange Rates QTR 3Q22 2Q22 1Q22 4Q21 3Q21
Japanese Yen 131.81 144.71 135.69 121.44 115.17 111.50
Euro 0.93 1.02 0.96 0.90 0.88 0.86
British Pound 0.83 0.90 0.82 0.76 0.74 0.74
Swiss Franc 0.92 0.98 0.96 0.92 0.91 0.93
Chinese Yuan 6.90 7.11 6.70 6.34 6.37 6.44
4Q2022 International Market Data

17.34%
-14.45%

0.87%

1.54%

8.72%
-7.00%

3.64%

3.81%
-30% -15% 0% 15% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

9.70%
-20.09%
-2.69%
-1.40%

6.57%
-15.54%

0.14%

1.29%
-40% -30% -20% -10% 0% 10%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-1.0%
-4.0%

1.0%
-0.2%

1.4%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-2.8%
-14.5%
-0.5%

1.5% 2.0%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
9%
-6%
-2%
-2%
-2%
10%
-13%
-6%
-3%
-4%
8%
-11%
-3%
-2%
-3%
6%
-2%
2%
1%
0%
2%
-8%
0%
-1%
-1%
-20%
-10%
0%
10%
20%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
42%
Asia
30%
Canada
8%
Emerging
20%
Regional Exposure
MSCI ACWI ex-USA
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
Performance Source: MorningstarSource: Federal Reserve Bank of St. Louis Source: Morningstar
4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 4Q22 Emerging
Markets

39.42%
US Bonds

5.24%
Emerging
Markets

78.51%
Small Cap

26.85%
Core Real
Estate

14.96%
Emerging
Markets

18.22%
Small Cap

38.82%
Large Cap

13.68%
Core Real
Estate

13.95%
Small Cap

21.30%
Emerging
Markets

37.28%
Core Real
Estate

7.36%
Large Cap

31.49%
Small Cap

19.96%
Large Cap

28.71%
Commod.

16.09%
Intl

14.28%
Intl

16.65%
Global
Bonds

4.79%
High Yield

58.21%
Mid Cap

25.48%
TIPS

13.56%
Mid Cap

17.28%
Mid Cap

34.76%
Mid Cap

13.21%
Large Cap

1.38%
High Yield

17.12%
Intl

27.19%
Cash

1.69%
Mid Cap

30.54%
Large Cap

18.40%
Commod.

27.11%
Core Real
Estate

6.59%
Emerging
Markets

9.70%
Commod.

16.23%
Cash

1.39%
Intl

41.45%
Emerging
Markets

18.88%
US Bonds

7.84%
Intl

16.83%
Large Cap

32.39%
Core Real
Estate

11.44%
US Bonds

0.55%
Mid Cap

13.79%
Large Cap

21.83%
US Bonds

0.01%
Small Cap

25.52%
Emerging
Markets

18.31%
Mid Cap

22.58%
Cash

2.05%
Mid Cap

9.18%
Core Real
Estate

14.84%
TIPS
-2.35%
Mid Cap

40.48%
Commod.

16.83%
Global
Bonds

5.64%
Small Cap

16.35%
Intl

15.29%
US Bonds

5.97%
Cash

0.03%
Large Cap

11.95%
Mid Cap

18.52%
Global
Bonds
-1.20%
Intl

21.51%
Mid Cap

17.10%
Core Real
Estate

21.06%
High Yield
-11.19%
Large Cap

7.56%
TIPS

11.64%
Core Real
Estate
-10.70%
Small Cap

27.17%
Core Real
Estate

15.26%
High Yield

4.98%
Large Cap

16.00%
Global
Balanced

14.46%
Small Cap

4.89%
TIPS
-1.43%
Commod.

11.76 Global
Balanced

15.87%
TIPS
-1.26%
Global
Balanced

18.86%
Global
Balanced

13.93%
Small Cap

14.82%
TIPS
-11.85%
Global
Balanced

7.50%
Global
Bonds

9.48%
Global
Balanced
-24.51%
Large Cap

26.46%
High Yield

15.12%
Large Cap

2.11%
High Yield

15.81%
Core Real
Estate

12.95%
TIPS

3.64%
Global
Balanced
-1.45%
Emerging
Markets

11.18%
Small Cap

14.65%
High Yield
-2.08%
Emerging
Markets

18.42%
TIPS

10.99%
Global
Balanced

10.94%
US Bonds
-13.01%
Small Cap

6.23%
Global
Balanced

9.07%
High Yield
-26.16%
Global
Balanced

20.49%
Large Cap

15.06%
Cash

0.06%
Global
Balanced

11.06%
High Yield

7.44%
Global
Balanced

3.17%
Mid Cap
-2.43%
Core Real
Estate

7.76%
High Yield

7.50%
Large Cap
-4.38%
High Yield

14.32%
Intl

10.65%
Intl

7.82%
Intl
-16.00%
Global
Bonds

4.55%
US Bonds

6.97%
Small Cap
-33.79%
Commod.

18.91%
Intl

11.15%
Global
Balanced
-0.97%
Core Real
Estate

9.76%
Cash

0.07%
High Yield

2.45%
Global
Bonds
-3.15%
Global
Balanced

5.38%
Global
Bonds

7.39%
Global
Balanced
-5.30%
US Bonds

8.72%
Global
Bonds

9.20%
TIPS

5.96%
Global
Bonds
-16.25%
High Yield

4.17%
Mid Cap

5.60%
Commod.
-35.65%
TIPS

11.41%
Global
Balanced

9.40%
Mid Cap
-1.55%
TIPS

6.98%
US Bonds
-2.02%
Global
Bonds

0.59%
Small Cap
-4.41%
TIPS

4.68%
Core Real
Estate

6.66%
Mid Cap
-9.06%
TIPS

8.43%
US Bonds

7.51%
High Yield

5.28%
Global
Balanced
-16.40%
Commod.

2.22%
Large Cap

5.49%
Large Cap
-37.00%
Global
Bonds

6.93%
US Bonds

6.54%
Small Cap
-4.18%
Global
Bonds

4.32%
Global
Bonds
-2.60%
Cash

0.04%
High Yield
-4.46%
Intl

4.50%
US Bonds

3.54%
Small Cap
-11.01%
Commod.

7.69%
High Yield

7.11%
Cash

0.05%
Mid Cap
-17.32%
TIPS

2.04%
Cash

4.44%
Mid Cap
-41.46%
US Bonds

5.93%
TIPS

6.31%
Commod.
-13.32%
US Bonds

4.21%
Emerging
Markets
-2.60%
Emerging
Markets
-2.18%
Intl
-5.66%
US Bonds

2.65%
TIPS

3.01%
Commod.
-11.25%
Global
Bonds

6.84%
Cash

0.37%
US Bonds
-1.54%
Large Cap
-18.11%
US Bonds

1.87%
High Yield

1.87%
Intl
-45.53%
Cash

0.16%
Global
Bonds

5.54%
Intl
-13.71%
Cash

0.08%
TIPS
-8.61%
Intl
-3.86%
Emerging
Markets
-14.90%
Global
Bonds

2.09%
Commod.

1.70%
Intl
-14.20%
Core Real
Estate

4.41%
Core Real
Estate

0.35%
Emerging
Markets
-2.54%
Emerging
Markets
-20.09%
Cash

1.02%
Small Cap
-1.57%
Emerging
Markets
-53.33%
Core Real
Estate
-30.40%
Cash

0.15%
Emerging
Markets
-18.42%
Commod.
-1.06%
Commod.
-9.52%
Commod.
-17.00%
Commod.
-24.60%
Cash

0.25%
Cash

0.71%
Emerging
Markets
-14.58%
Cash

2.30%
Commod.
-3.12%
Global
Bonds
-4.71%
Small Cap
-20.44%
Core Real
Estate
-5.13%
Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills. Source: Morningstar; Core Real Estate Source: NCREIF Historical Market Returns
Ranked by Performance
5 This page left blank intentionally.
6 Section 2

CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan Fourth Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $13,011,445 28.2% Vanguard International Value Inv VTRIX $676,854 1.5% Fidelity US Bond Index FXNAX $1,936,175 4.2% Fidelity Total International Index FTIHX $2,546,905 5.5% Sterling Capital Total Return Bond R6 STRDX $2,192,017 4.8% Vanguard International Growth Adm VWILX $827,027 1.8% Total $17,139,637 37.2% Total $4,050,786 8.8%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $2,003,571 4.3% Vanguard Target Retirement Income VTINX $227,518 0.5% Fidelity 500 Index FXAIX $5,302,280 11.5% Vanguard Target Retirement 2020 VTWNX $129,076 0.3% Vanguard US Growth Adm VWUAX $4,482,732 9.7% Vanguard Target Retirement 2025 VTTVX $1,020,578 2.2% Total $11,788,584 25.6% Vanguard Target Retirement 2030 VTHRX $1,119,769 2.4% Vanguard Target Retirement 2035 VTTHX $1,904,280 4.1%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $779,679 1.7% Allspring Special Mid Cap Value Fund WFPRX $615,227 1.3% Vanguard Target Retirement 2045 VTIVX $703,678 1.5% Fidelity Mid Cap Index FSMDX $1,304,049 2.8% Vanguard Target Retirement 2050 VFIFX $1,033,454 2.2% MFS Mid Cap Growth R6 OTCKX $1,051,852 2.3% Vanguard Target Retirement 2055 VFFVX $445,216 1.0% Total $2,971,128 6.4% Vanguard Target Retirement 2060 VTTSX $154,040 0.3% Vanguard Target Retirement 2065 VLXVX $9,778 0.0%
Small Cap Ticker Assets % Total $7,527,066 16.3%
Fidelity Small Cap Index FSSNX $1,663,708 3.6%
Total $1,663,708 3.6% Miscellaneous Ticker Assets %
Participant Loans - $929,306 2.0%
Total $929,306 2.0%
TOTAL PLAN ASSETS $46,070,216
Admin Allowance Account Balance $43,455
7 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan Fourth Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 4Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 37.2% 33.7% N/A N/A N/A N/A N/A N/A
Large Cap 25.6% 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 3.6% 4.0% N/A N/A N/A N/A N/A N/A
International 8.8% 7.9% N/A N/A N/A N/A N/A N/A
Asset Allocation 16.3% 15.4% N/A N/A N/A N/A N/A N/A
Loans 2.0% 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

37.2%
Equity

44.4%
Asset Allocation

16.3%
Loans

2.0%

52.8%

45.9%

31.1%

37.6%

16.1%

16.5%
4Q22
2021
EQUITY STYLE*
Core Growth Value

80.2%

84.2%

19.8%

15.8%
4Q22
2021
BY EQUITY REGION*
US Non-US

66.1%

68.9%

33.9%

31.1%
4Q22
2021
ACTIVE V PASSIVE**
Active Passive
8 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan Fourth 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 $17,215,037 $111,077 ($245,528) ($73,745) $132,796 $17,139,637 4Q22 $42,705,264 $361,797 $2,073,848 $45,140,909 Large Cap $11,050,222 $134,181 ($75,627) $112,538 $567,270 $11,788,584 YTD $53,098,741 $242,294 ($8,200,126) $45,140,909 Mid Cap $2,732,860 $42,757 ($13,541) ($45,595) $254,647 $2,971,128 2021 N/A N/A N/A $53,098,741 Small Cap $1,519,263 $14,820 ($10,471) $46,152 $93,945 $1,663,708 2020 N/A N/A N/A N/A International $3,454,597 $66,457 ($17,832) $35,620 $511,943 $4,050,786 2019 N/A N/A N/A N/A Asset Allocation $6,733,285 $395,313 ($39,811) ($74,968) $513,247 $7,527,066 2018 N/A N/A N/A N/A Total $42,705,264 $764,604 ($402,810) $3 $2,073,848 $45,140,909 *For reporting purposes, 4Q22 beginning value has been adjusted to reflect removal of administrative expense account values from MissionSquare total plan reporting.

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

4.84%
-15.51%

5.89%
-14.25%

6.95%
-15.54%

7.99%
-16.89%
Qtr 1 Year
Returns
457(b) Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $84,733
$718
$4,115
$89,565
$0 $40,000 $80,000 $120,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
9 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans Fourth Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $53,066 12.2% Vanguard International Value Inv VTRIX $177 0.0% Fidelity US Bond Index FXNAX $40,762 9.3% Fidelity Total International Index FTIHX $17,518 4.0% Sterling Capital Total Return Bond R6 STRDX $14,111 3.2% Vanguard International Growth Adm VWILX $752 0.2% Total $107,940 24.7% Total $18,446 4.2%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $178 0.0% Vanguard Target Retirement Income VTINX $0 0.0% Fidelity 500 Index FXAIX $55,919 12.8% Vanguard Target Retirement 2020 VTWNX $8,305 1.9% Vanguard US Growth Adm VWUAX $53,918 12.4% Vanguard Target Retirement 2025 VTTVX $4,431 1.0% Total $110,015 25.2% Vanguard Target Retirement 2030 VTHRX $105,613 24.2% Vanguard Target Retirement 2035 VTTHX $12,552 2.9%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $13,829 3.2% Allspring Special Mid Cap Value Fund WFPRX $77 0.0% Vanguard Target Retirement 2045 VTIVX $9,043 2.1% Fidelity Mid Cap Index FSMDX $24,766 5.7% Vanguard Target Retirement 2050 VFIFX $5,566 1.3% MFS Mid Cap Growth R6 OTCKX $2,297 0.5% Vanguard Target Retirement 2055 VFFVX $2,339 0.5% Total $27,140 6.2% Vanguard Target Retirement 2060 VTTSX $0 0.0% Vanguard Target Retirement 2065 VLXVX $0 0.0%
Small Cap Ticker Assets % Total $161,678 37.1%
Fidelity Small Cap Index FSSNX $242 0.1%
Total $242 0.1% Miscellaneous Ticker Assets %
Participant Loans - $10,859 2.5%
Total $10,859 2.5%
$436,320TOTAL PLAN ASSETS
Admin Allowance Account Balance $737
10 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans Fourth Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 4Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 24.7% 23.7% N/A N/A N/A N/A N/A N/A
Large Cap 25.2% 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 4.2% 6.0% N/A N/A N/A N/A N/A N/A
Asset Allocation 37.1% 35.3% N/A N/A N/A N/A N/A N/A
Loans 2.5% 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

24.7%
Equity

35.7%
Asset Allocation

37.1%
Loans

2.5%

63.2%

54.4%

36.6%

44.5%

0.3%

1.1%
4Q22
2021
EQUITY STYLE*
Core Growth Value

88.2%

85.3%

11.8%

14.7%
4Q22
2021
BY EQUITY REGION*
US Non-US

47.2%

55.8%

52.8%

44.2%
4Q22
2021
ACTIVE V PASSIVE**
Active Passive
11 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans Fourth 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 $108,427 $0 ($1,420) ($242) $1,175 $107,940 4Q22 $405,208 $282 $19,970 $425,460 Large Cap $106,280 $0 ($37) $193 $3,580 $110,015 YTD $481,818 $35,957 ($92,315) $425,460 Mid Cap $24,822 $0 ($10) $85 $2,244 $27,140 2021 N/A N/A N/A $481,818 Small Cap $198 $0 ($0) $32 $12 $242 2020 N/A N/A N/A N/A International $16,149 $0 ($12) ($67) $2,377 $18,446 2019 N/A N/A N/A N/A Asset Allocation $149,332 $1,810 ($49) $0 $10,584 $161,678 2018 N/A N/A N/A N/A Total $405,208 $1,810 ($1,528) $0 $19,970 $425,460
*For reporting purposes, 4Q22 beginning value has been adjusted to reflect removal of administrative expense account values from MissionSquare total plan reporting.

Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

4.93%
-18.25%

5.89%
-14.25%

6.95%
-15.54%

7.99%
-16.89%
Qtr 1 Year
Returns
401(a) Plans 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $11,577
$8
$571
$12,156
$0 $5,000 $10,000 $15,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
12 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan Fourth Quarter 2022
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund S11 - $21,075 1.2% Vanguard International Value Inv VTRIX $0 0.0% Fidelity US Bond Index FXNAX $289 0.0% Fidelity Total International Index FTIHX $14,653 0.9% Sterling Capital Total Return Bond R6 STRDX $0 0.0% Vanguard International Growth Adm VWILX $0 0.0% Total $21,364 1.3% Total $14,653 0.9%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $65 0.0% Vanguard Target Retirement Income VTINX $5,152 0.3% Fidelity 500 Index FXAIX $40,986 2.4% Vanguard Target Retirement 2020 VTWNX $54,697 3.2% Vanguard US Growth Adm VWUAX $52,425 3.1% Vanguard Target Retirement 2025 VTTVX $142,694 8.4% Total $93,477 5.5% Vanguard Target Retirement 2030 VTHRX $152,932 9.0% Vanguard Target Retirement 2035 VTTHX $164,776 9.7%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $272,601 16.0% Allspring Special Mid Cap Value Fund WFPRX $41 0.0% Vanguard Target Retirement 2045 VTIVX $271,553 16.0% Fidelity Mid Cap Index FSMDX $19,656 1.2% Vanguard Target Retirement 2050 VFIFX $313,690 18.4% MFS Mid Cap Growth R6 OTCKX $733 0.0% Vanguard Target Retirement 2055 VFFVX $150,292 8.8% Total $20,430 1.2% Vanguard Target Retirement 2060 VTTSX $19,693 1.2% Vanguard Target Retirement 2065 VLXVX $738 0.0%
Small Cap Ticker Assets % Total $1,548,817 91.0%
Fidelity Small Cap Index FSSNX $2,904 0.2%
Total $2,904 0.2% TOTAL PLAN ASSETS $1,701,645
13 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan Fourth Quarter 2022

HISTORICAL PLAN ALLOCATION
Asset Class 4Q22 2021 2020 2019 2018 2017 2016 2015
Fixed Income 1.3% 0.2% N/A N/A N/A N/A N/A N/A
Large Cap 5.5% 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 0.9% 0.4% N/A N/A N/A N/A N/A N/A
Asset Allocation 91.0% 92.3% N/A N/A N/A N/A N/A N/A
*Excludes Fixed Income and Asset Allocation assets
**Excludes Asset Allocation assets
Fixed Income

1.3%
Equity

7.7%
Asset Allocation

91.0%

59.5%

48.2%

40.4%

51.8%

0.1%4Q22
2021
EQUITY STYLE*
Core Growth Value

88.9%

95.3%

11.1%

4.7%
4Q22
2021
BY EQUITY REGION*
US Non-US

48.6%

52.9%

51.4%

47.1%
4Q22
2021
ACTIVE V PASSIVE**
Active Passive
14 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan Fourth 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 $20,233 $1,088 ($63) ($9) $115 $21,364 4Q22 $1,522,410 $61,873 $117,361 $1,701,645 Large Cap $85,209 $6,123 ($285) $208 $2,222 $93,477 YTD $1,778,538 $246,659 ($323,552) $1,701,645 Mid Cap $18,327 $468 ($51) $14 $1,671 $20,430 2021 N/A N/A N/A $1,778,538 Small Cap $2,502 $228 ($8) $32 $151 $2,904 2020 N/A N/A N/A N/A International $12,323 $698 ($34) ($163) $1,829 $14,653 2019 N/A N/A N/A N/A Asset Allocation $1,383,817 $60,571 ($6,862) ($82) $111,373 $1,548,817 2018 N/A N/A N/A N/A Total $1,522,410 $69,177 ($7,303) $0 $117,361 $1,701,645 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

7.56%
-17.87%

5.89%
-14.25%

6.95%
-15.54%

7.99%
-16.89%
Qtr 1 Year
Returns
RHS Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $2,846
$116
$219
$3,181
$0 $2,000 $4,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
15 This page left blank intentionally.
16 Section 3

CITY OF VALLEJO, CA INVESTMENT POLICY STATEMENT COMPLIANCE REPORT 457(b), 401(a), and RHS Plans Fourth 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 ℗ 2Q2022 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 ℗ ℗ -
Vanguard International Value Inv ℗ ℗ -
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
●
17 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Fourth Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund R10 0.55 1.97 1.97 2.03 2.16 2.06 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.99 3.00 3.00 1.46 1.81 1.68 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.44) (1.03) (1.03) 0.57 0.35 0.38 1.04 1.68 0.50 (0.48) 0.21 0.54 US Stable Value 24 17 17 12 10 13 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MissionSquare PLUS Fund S11 0.55 1.96 1.96 1.93 2.16 2.06 1.89 2.22 2.45 2.27 2.12 1.98 5 Yr Constant Maturity US Treasury Yield 0.99 3.00 3.00 1.46 1.81 1.68 0.85 0.54 1.96 2.75 1.91 1.44 +/- Index (0.44) (1.04) (1.04) 0.47 0.35 0.38 1.04 1.68 0.49 (0.48) 0.21 0.54 US Stable Value 24 19 19 13 10 13 10 12 16 13 8 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity US Bond Index 1.68 -13.03 -13.03 -2.72 -0.02 1.01 -1.79 7.80 8.48 0.01 3.50 2.52 Bloomberg US Aggregate Bond Index 1.87 -13.01 -13.01 -2.71 0.02 1.06 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index (0.19) (0.02) (0.02) (0.01) (0.04) (0.05) (0.25) 0.29 (0.23) 0.00 (0.04) (0.13) US Fund Intermediate Core Bond 43 29 29 46 38 42 65 50 48 26 43 55 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Sterling Capital Total Return Bond R6 1.57 -13.15 -13.15 -2.08 0.48 1.58 -1.12 9.35 9.37 -0.27 4.33 3.75 Bloomberg US Aggregate Bond Index 1.87 -13.01 -13.01 -2.71 0.02 1.06 -1.54 7.51 8.72 0.01 3.54 2.65 +/- Index (0.30) (0.14) (0.14) 0.63 0.46 0.52 0.42 1.84 0.65 (0.28) 0.79 1.10 US Fund Intermediate Core Bond 57 34 34 15 11 6 28 15 18 42 10 12 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Value R6 13.60 -5.80 -5.80 7.15 7.64 11.29 25.55 4.03 30.18 -9.78 17.86 14.25 Russell 1000 Value Index 12.42 -7.54 -7.54 5.96 6.67 10.29 25.16 2.80 26.54 -8.27 13.66 17.34 +/- Index 1.18 1.74 1.74 1.19 0.97 1.00 0.39 1.23 3.64 (1.51) 4.20 (3.09) US Fund Large Value 30 53 53 46 35 17 57 35 6 67 30 52
18 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Fourth Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity 500 Index 7.56 -18.13 -18.13 7.65 9.41 12.55 28.69 18.40 31.47 -4.40 21.81 11.97 S&P 500 Index 7.56 -18.11 -18.11 7.66 9.42 12.56 28.71 18.40 31.49 -4.38 21.83 11.96 +/- Index 0.00 (0.02) (0.02) (0.01) (0.01) (0.01) (0.02) 0.00 (0.01) (0.02) (0.02) 0.01 US Fund Large Blend 56 49 49 30 20 11 21 33 22 22 32 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard US Growth Adm -0.65 -39.58 -39.58 2.55 7.72 12.23 12.45 58.74 33.51 0.75 31.74 -0.59 Russell 1000 Growth Index 2.20 -29.14 -29.14 7.79 10.96 14.10 27.60 38.49 36.39 -1.51 30.21 7.08 +/- Index (2.85) (10.44) (10.44) (5.24) (3.24) (1.87) (15.15) 20.24 (2.88) 2.26 1.53 (7.66) US Fund Large Growth 85 90 90 75 61 41 85 8 41 25 27 81 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Allspring Special Mid Cap Value Fund 14.08 -4.50 -4.50 8.33 8.45 11.93 28.80 3.36 35.68 -13.02 11.27 21.68 Russell Mid Cap Value Index 10.45 -12.03 -12.03 5.82 5.72 10.11 28.34 4.96 27.06 -12.29 13.34 20.00 +/- Index 3.63 7.53 7.53 2.51 2.73 1.82 0.46 (1.60) 8.62 (0.74) (2.07) 1.69 US Fund Mid-Cap Value 8 18 18 21 5 3 47 43 2 42 80 20
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Mid Cap Index 9.21 -17.28 -17.28 5.89 7.10 10.95 22.56 17.11 30.51 -9.05 18.47 13.86 Russell Mid Cap Index 9.18 -17.32 -17.32 5.88 7.10 10.96 22.58 17.10 30.54 -9.06 18.52 13.80 +/- Index 0.03 0.04 0.04 0.01 0.00 (0.01) (0.02) 0.01 (0.03) 0.01 (0.05) 0.07 US Fund Mid-Cap Blend 51 67 67 53 30 16 66 24 24 25 26 57 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
MFS Mid Cap Growth R6 7.13 -28.29 -28.29 3.59 9.19 12.39 14.17 35.80 37.93 1.21 26.39 4.75 Russell Mid Cap Growth Index 6.90 -26.72 -26.72 3.85 7.64 11.41 12.73 35.59 35.47 -4.75 25.27 7.33 +/- Index 0.23 (1.57) (1.57) (0.26) 1.55 0.98 1.44 0.21 2.46 5.96 1.12 (2.58) US Fund Mid-Cap Growth 31 50 50 55 18 15 40 49 21 10 39 53 19 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Fourth Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Small Cap Index 6.25 -20.27 -20.27 3.15 4.22 9.17 14.71 19.99 25.71 -10.88 14.85 21.63 Russell 2000 Index 6.23 -20.44 -20.44 3.10 4.13 9.01 14.82 19.96 25.52 -11.01 14.65 21.31 +/- Index 0.02 0.17 0.17 0.05 0.09 0.16 (0.11) 0.03 0.18 0.14 0.20 0.32 US Fund Small Blend 89 79 79 73 61 48 89 12 36 34 26 46 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard International Value Inv 15.76 -11.66 -11.66 1.30 1.36 4.31 7.97 8.99 20.39 -14.52 27.96 4.46 MSCI ACWI Ex-USA Value (Net) Index 15.70 -8.59 -8.59 0.06 -0.05 2.72 10.46 -0.77 15.71 -13.97 22.66 8.92 +/- Index 0.06 (3.07) (3.07) 1.24 1.41 1.59 (2.49) 9.76 4.68 (0.55) 5.30 (4.46) US Fund Foreign Large Value 86 69 69 43 22 26 88 5 23 20 10 31 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Fidelity Total International Index 14.78 -16.28 -16.28 0.29 0.96 - 8.47 11.07 21.48 -14.38 27.63 - MSCI ACWI Ex-USA IMI (Net) Index 14.15 -16.58 -16.58 0.20 0.85 3.98 8.53 11.12 21.63 -14.76 27.81 4.41 +/- Index 0.63 0.30 0.30 0.09 0.11 - (0.06) (0.04) (0.16) 0.37 (0.18) - US Fund Foreign Large Blend 78 55 55 58 58 - 65 42 62 39 27 - QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard International Growth Adm 12.62 -30.79 -30.79 3.14 4.75 7.84 -0.74 59.74 31.48 -12.58 43.16 1.84 MSCI ACWI Ex-USA Growth (Net) Index 12.89 -23.05 -23.05 -0.40 1.49 4.68 5.09 22.20 27.34 -14.43 32.01 0.12 +/- Index (0.27) (7.74) (7.74) 3.54 3.26 3.16 (5.83) 37.54 4.14 1.84 11.15 1.72 US Fund Foreign Large Growth 71 82 82 8 9 5 87 2 23 34 7 16 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement Income 3.74 -12.74 -12.74 0.34 2.30 3.62 5.25 10.02 13.16 -1.99 8.47 5.25 Vanguard Retirement Income Index 3.95 -12.44 -12.44 0.72 2.58 3.86 5.43 10.70 13.40 -1.98 8.67 5.35 +/- Index (0.21) (0.30) (0.30) (0.38) (0.28) (0.24) (0.18) (0.68) (0.24) (0.01) (0.19) (0.10) US Fund Target-Date Retirement 62 49 49 32 32 30 64 30 48 18 50 30 20 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Fourth Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2020 4.97 -14.15 -14.15 1.33 3.22 5.83 8.17 12.04 17.63 -4.24 14.08 6.95 Vanguard Retirement 2020 Index 5.12 -13.77 -13.77 1.81 3.58 6.13 8.43 12.86 17.87 -4.14 14.22 7.17 +/- Index (0.15) (0.38) (0.38) (0.48) (0.36) (0.30) (0.26) (0.82) (0.24) (0.10) (0.14) (0.22) US Fund Target-Date 2020 69 40 40 48 37 26 62 41 32 47 23 30 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2025 6.03 -15.55 -15.55 1.66 3.58 6.43 9.80 13.30 19.63 -5.15 15.94 7.48 Vanguard Retirement 2025 Index 6.16 -15.02 -15.02 2.23 4.01 6.77 10.10 14.19 19.93 -5.01 16.08 7.66 +/- Index (0.13) (0.53) (0.53) (0.57) (0.43) (0.34) (0.30) (0.89) (0.30) (0.14) (0.14) (0.18) US Fund Target-Date 2025 40 52 52 39 31 18 47 34 20 48 22 21 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2030 6.81 -16.27 -16.27 2.09 3.94 6.99 11.38 14.10 21.07 -5.86 17.52 7.85 Vanguard Retirement 2030 Index 6.92 -15.71 -15.71 2.66 4.35 7.33 11.65 14.96 21.33 -5.74 17.65 8.11 +/- Index (0.11) (0.56) (0.56) (0.57) (0.41) (0.34) (0.27) (0.86) (0.26) (0.12) (0.13) (0.26) US Fund Target-Date 2030 39 47 47 46 39 26 54 35 37 39 37 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2035 7.45 -16.62 -16.62 2.64 4.34 7.57 12.96 14.79 22.44 -6.58 19.12 8.26 Vanguard Retirement 2035 Index 7.41 -16.22 -16.22 3.14 4.73 7.91 13.24 15.67 22.76 -6.48 19.24 8.55 +/- Index 0.04 (0.40) (0.40) (0.50) (0.39) (0.34) (0.28) (0.87) (0.33) (0.10) (0.12) (0.29) US Fund Target-Date 2035 62 38 38 52 42 30 78 38 49 31 40 32 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2040 8.20 -16.98 -16.98 3.17 4.74 8.06 14.56 15.47 23.86 -7.32 20.71 8.73 Vanguard Retirement 2040 Index 8.23 -16.51 -16.51 3.70 5.14 8.42 14.85 16.31 24.19 -7.22 20.87 8.98 +/- Index (0.03) (0.47) (0.47) (0.53) (0.40) (0.36) (0.29) (0.83) (0.33) (0.11) (0.16) (0.25) US Fund Target-Date 2040 63 34 34 49 40 23 80 39 49 35 30 23 21 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans Fourth Quarter 2022
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2045 8.89 -17.36 -17.36 3.74 5.14 8.34 16.16 16.30 24.94 -7.90 21.42 8.87 Vanguard Retirement 2045 Index 8.99 -16.84 -16.84 4.26 5.55 8.71 16.45 17.03 25.36 -7.77 21.54 9.13 +/- Index (0.10) (0.52) (0.52) (0.52) (0.41) (0.37) (0.29) (0.73) (0.42) (0.13) (0.11) (0.26) US Fund Target-Date 2045 53 31 31 32 27 19 65 34 40 41 24 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2050 9.23 -17.46 -17.46 3.80 5.18 8.36 16.41 16.39 24.98 -7.90 21.39 8.85 Vanguard Retirement 2050 Index 9.18 -17.07 -17.07 4.30 5.58 8.72 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.05 (0.39) (0.39) (0.50) (0.40) (0.36) (0.36) (0.79) (0.38) (0.13) (0.14) (0.28) US Fund Target-Date 2050 44 29 29 32 28 20 70 35 45 37 31 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2055 9.23 -17.46 -17.46 3.79 5.18 8.34 16.44 16.32 24.98 -7.89 21.38 8.88 Vanguard Retirement 2055 Index 9.18 -17.07 -17.07 4.30 5.58 8.72 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.05 (0.39) (0.39) (0.51) (0.40) (0.38) (0.33) (0.86) (0.38) (0.12) (0.16) (0.25) US Fund Target-Date 2055 48 26 26 36 29 26 75 40 47 35 39 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2060 9.23 -17.46 -17.46 3.79 5.18 8.34 16.44 16.32 24.96 -7.87 21.36 8.84 Vanguard Retirement 2060 Index 9.18 -17.07 -17.07 4.30 5.58 8.72 16.77 17.18 25.36 -7.77 21.54 9.13 +/- Index 0.05 (0.39) (0.39) (0.51) (0.40) (0.38) (0.33) (0.85) (0.40) (0.10) (0.18) (0.28) US Fund Target-Date 2060 53 25 25 38 32 50 77 41 56 30 43 23 QTR YTD 1Yr 3Yr 5Yr 10Yr 2021 2020 2019 2018 2017 2016
Vanguard Target Retirement 2065 9.24 -17.39 -17.39 3.78 5.15 - 16.46 16.17 24.96 -7.95 - - Vanguard Retirement 2065 Index 9.18 -17.07 -17.07 4.30 5.58 - 16.77 17.18 25.36 -7.77 - - +/- Index 0.06 (0.32) (0.32) (0.52) (0.43) - (0.31) (1.00) (0.39) (0.18) - - US Fund Target-Date 2065+ 51 18 18 31 31 - 67 56 59 12 - - 22 Section 4

CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan Fourth Quarter 2022
$242 $229 $206 $190 $182
$131 $128 $116 $108 $109
$105,029
$102,282
$93,081
$86,438
$87,149
4Q21 1Q22 2Q22 3Q22 4Q22
$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%

0.345%

0.334%

0.327%

0.321%

0.310%

0.309%

0.00%

0.25%

0.50%
4Q21 1Q22 2Q22 3Q22 4Q22
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 3Q22 4Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.230% 0.224% 0.222% 0.220% 0.209%

0.125% 0.125% 0.125% 0.125% 0.125%

0.00%

0.10%

0.20%

0.30%

0.40%

0.50%
4Q21 1Q22 2Q22 3Q22 4Q22
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
457(b) Deferred Compensation Plan Fourth Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10* - $13,168,081 0.31% 0.125% $40,821 $16,460 Fidelity US Bond Index FXNAX $1,821,768 0.03% 0.125% $455 $2,277 Sterling Capital Total Return Bond R6 STRDX $2,187,489 0.35% 0.125% $7,656 $2,734 MFS Value R6 MEIKX $1,880,809 0.43% 0.125% $8,087 $2,351 Fidelity 500 Index FXAIX $5,029,459 0.02% 0.125% $754 $6,287 Vanguard US Growth Adm VWUAX $4,509,134 0.23% 0.125% $10,371 $5,636 Allspring Special Mid Cap Value Fund WFPRX $580,723 0.70% 0.125% $4,065 $726 Fidelity Mid Cap Index FSMDX $1,240,475 0.03% 0.125% $310 $1,551 MFS Mid Cap Growth R6 OTCKX $1,030,796 0.66% 0.125% $6,803 $1,288 Fidelity Small Cap Index FSSNX $1,591,486 0.03% 0.125% $398 $1,989 Vanguard International Value Inv VTRIX $649,521 0.36% 0.125% $2,338 $812 Fidelity Total International Index FTIHX $2,347,880 0.06% 0.125% $1,409 $2,935 Vanguard International Growth Adm VWILX $755,290 0.34% 0.125% $2,568 $944 Vanguard Target Retirement Income VTINX $224,080 0.08% 0.125% $179 $280 Vanguard Target Retirement 2020 VTWNX $123,839 0.08% 0.125% $99 $155 Vanguard Target Retirement 2025 VTTVX $948,619 0.08% 0.125% $759 $1,186 Vanguard Target Retirement 2030 VTHRX $1,072,150 0.08% 0.125% $858 $1,340 Vanguard Target Retirement 2035 VTTHX $1,831,385 0.08% 0.125% $1,465 $2,289 Vanguard Target Retirement 2040 VFORX $741,092 0.08% 0.125% $593 $926 Vanguard Target Retirement 2045 VTIVX $661,216 0.08% 0.125% $529 $827 Vanguard Target Retirement 2050 VFIFX $970,217 0.08% 0.125% $776 $1,213 Vanguard Target Retirement 2055 VFFVX $402,273 0.08% 0.125% $322 $503 Vanguard Target Retirement 2060 VTTSX $145,937 0.08% 0.125% $117 $182 Vanguard Target Retirement 2065 VLXVX $9,366 0.08% 0.125% $7 $12 TOTAL $43,923,087 $91,741 $54,904
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $13,839 $54,904
Contracted Revenue (est): $2,768 $10,981
Net Excess/(Deficit) (est): $11,071 $43,923
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
24 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans Fourth Quarter 2022
$27 $22 $18 $15 $15
$22 $19 $16 $14 $15
$17,422
$15,477
$13,193
$11,151
$11,867
4Q21 1Q22 2Q22 3Q22 4Q22
$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%

0.250%

0.327%

0.321%

0.310%

0.309%

0.00%

0.25%

0.50%
4Q21 1Q22 2Q22 3Q22 4Q22
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 3Q22 4Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.153% 0.143% 0.134% 0.134% 0.125%

0.125% 0.125% 0.125% 0.125% 0.125%

0.00%

0.20%

0.40%
4Q21 1Q22 2Q22 3Q22 4Q22
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
401(a) Defined Contribution Plans Fourth Quarter 2022
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10* - $53,894 0.31% 0.125% $167 $67 Fidelity US Bond Index FXNAX $40,371 0.03% 0.125% $10 $50 Sterling Capital Total Return Bond R6 STRDX $13,919 0.35% 0.125% $49 $17 MFS Value R6 MEIKX $147 0.43% 0.125% $1 $0
Fidelity 500 Index FXAIX $53,898 0.02% 0.125% $8 $67
Vanguard US Growth Adm VWUAX $54,102 0.23% 0.125% $124 $68 Allspring Special Mid Cap Value Fund WFPRX $73 0.70% 0.125% $1 $0 Fidelity Mid Cap Index FSMDX $23,687 0.03% 0.125% $6 $30 MFS Mid Cap Growth R6 OTCKX $2,221 0.66% 0.125% $15 $3
Fidelity Small Cap Index FSSNX $220 0.03% 0.125% $0 $0
Vanguard International Value Inv VTRIX $169 0.36% 0.125% $1 $0 Fidelity Total International Index FTIHX $16,419 0.06% 0.125% $10 $21 Vanguard International Growth Adm VWILX $710 0.34% 0.125% $2 $1 Vanguard Target Retirement Income VTINX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2020 VTWNX $8,110 0.08% 0.125% $6 $10 Vanguard Target Retirement 2025 VTTVX $4,305 0.08% 0.125% $3 $5 Vanguard Target Retirement 2030 VTHRX $102,107 0.08% 0.125% $82 $128 Vanguard Target Retirement 2035 VTTHX $12,119 0.08% 0.125% $10 $15 Vanguard Target Retirement 2040 VFORX $13,307 0.08% 0.125% $11 $17 Vanguard Target Retirement 2045 VTIVX $8,505 0.08% 0.125% $7 $11 Vanguard Target Retirement 2050 VFIFX $4,882 0.08% 0.125% $4 $6 Vanguard Target Retirement 2055 VFFVX $2,170 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 $415,334 $517 $519
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $131 $519
Contracted Revenue (est): $26 $104
Net Excess/(Deficit) (est): $105 $415
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
26 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan Fourth Quarter 2022
$4 $3 $3 $3 $3
$45 $45 $43 $41 $42
$3,673
$3,625
$3,298
$2,935
$3,013
4Q21 1Q22 2Q22 3Q22 4Q22
$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%

1.489%

1.465%

1.432%

1.436%

1.504%

1.587%

1.563%

0.00%

0.50%

1.00%

1.50%

2.00%
4Q21 1Q22 2Q22 3Q22 4Q22
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

1.231%

1.240%

1.308%

1.402%

1.380%

1.231%

1.240%

1.308%

1.402%

1.380%

0.00%

0.60%

1.20%

1.80%
4Q21 1Q22 2Q22 3Q22 4Q22
Annualized Contracted Revenue v. Revenue Received
(as a % of total assets)
Revenue Received Contracted Revenue

0.096% 0.091% 0.086% 0.087% 0.085%

1.231% 1.240% 1.308% 1.402% 1.380%

0.00%

0.50%

1.00%

1.50%
4Q21 1Q22 2Q22 3Q22 4Q22
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 27 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan Fourth 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* - $20,511 0.31% 1.380% $64 $283 Fidelity US Bond Index FXNAX $287 0.03% 1.380% $0 $4
Sterling Capital Total Return Bond R6 STRDX $0 0.35% 1.380% $0 $0 MFS Value R6 MEIKX $44 0.43% 1.380% $0 $1
Fidelity 500 Index FXAIX $38,152 0.02% 1.380% $6 $526
Vanguard US Growth Adm VWUAX $51,147 0.23% 1.380% $118 $706 Allspring Special Mid Cap Value Fund WFPRX $30 0.70% 1.380% $0 $0 Fidelity Mid Cap Index FSMDX $18,697 0.03% 1.380% $5 $258 MFS Mid Cap Growth R6 OTCKX $651 0.66% 1.380% $4 $9
Fidelity Small Cap Index FSSNX $2,703 0.03% 1.380% $1 $37 Vanguard International Value Inv VTRIX $0 0.36% 1.380% $0 $0 Fidelity Total International Index FTIHX $13,488 0.06% 1.380% $8 $186 Vanguard International Growth Adm VWILX $0 0.34% 1.380% $0 $0 Vanguard Target Retirement Income VTINX $5,039 0.08% 1.380% $4 $70 Vanguard Target Retirement 2020 VTWNX $52,784 0.08% 1.380% $42 $728 Vanguard Target Retirement 2025 VTTVX $136,785 0.08% 1.380% $109 $1,887 Vanguard Target Retirement 2030 VTHRX $145,942 0.08% 1.380% $117 $2,014 Vanguard Target Retirement 2035 VTTHX $156,565 0.08% 1.380% $125 $2,160 Vanguard Target Retirement 2040 VFORX $259,141 0.08% 1.380% $207 $3,575 Vanguard Target Retirement 2045 VTIVX $256,344 0.08% 1.380% $205 $3,537 Vanguard Target Retirement 2050 VFIFX $294,259 0.08% 1.380% $235 $4,060 Vanguard Target Retirement 2055 VFFVX $140,795 0.08% 1.380% $113 $1,943 Vanguard Target Retirement 2060 VTTSX $18,028 0.08% 1.380% $14 $249 Vanguard Target Retirement 2065 VLXVX $635 0.08% 1.380% $1 $9 TOTAL $1,612,027 $1,378 $22,241
Plan Administration Cost Quarter Annualized
MissionSquare Administration Fee (0.55%) (est): $2,235 $8,866 MissionSquare Per Participant Fee ($25/year) (est): $3,371 $13,375 Total Plan Administration Fees (est): $5,606 $22,241
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
28 Section 5
Allspring Special Mid Cap
Value R6 (USD)
Morningstar Quantitative
RatingTM
´Q
11-30-2022
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
Value393 US Fund Mid-Cap Value
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -31.71 19.56 5.57 19.92 3.36
2021 11.20 6.08 -0.72 9.98 28.80
2022 -2.27 -10.19 -4.62 14.08 -4.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.50 8.33 8.45 — 10.72
Std 12-31-2022 -4.50 — 8.45 — 10.72
Total Return -4.50 8.33 8.45 11.93 10.72
+/- Std Index 13.61 0.67 -0.97 -0.64 —
+/- Cat Index 7.53 2.51 2.73 1.82 —
% Rank Cat 20 24 8 5
No. in Cat 405 393 372 272
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
www.allspringglobal.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
393 funds 372 funds
272 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk Avg Avg -Avg
Morningstar Return +Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 23.90 20.65 16.21
Mean 8.33 8.45 11.93
Sharpe Ratio 0.42 0.44 0.73
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha 1.21 2.53
Beta 1.02 0.95
R-Squared 81.32 97.69
12-Month Yield —
Potential Cap Gains Exp 6.57%
2 2 2 2 2 2 2 2 2 2 2 5
94 96 94 92 94 93 94 99 95 98 98 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Allspring Special Mid Cap
Value R6
36,481
Category Average
27,754
Standard Index
38,680
_ _ _ & & & ( * & * ( &
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 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 -4.50 Total Return % -2.67 2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 +/- Standard Index

0.82 0.41 5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 7.53 +/- Category Index — — — 24 24 20 71 50 2 49 53 20 % Rank Cat
— — — 460 471 399 405 417 422 415 413 405 No. of Funds in Cat Portfolio Analysis 12-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.77 3.77 0.00
US Stocks 92.42 92.42 0.00
Non-US Stocks 3.81 3.81 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 14.6 0.77 1.13
P/C Ratio TTM 9.4 0.66 0.95
P/B Ratio TTM 2.3 0.64 1.22
Geo Avg Mkt Cap
$mil
17616 0.11 1.43
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 96.0 0.97
Greater Europe 2.4 2.21
Greater Asia 1.5 49.71
Share Chg
since
11-2022
Share
Amount
Holdings :
9 Total Stocks , 107 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
Y 429 mil Allspring Government MMkt Select 3.77
Y 7 mil AerCap Holdings NV 3.36
Y 6 mil Arch Capital Group Ltd 3.34
Y 7 mil LKQ Corp 3.26
Y 4 mil Amdocs Ltd 3.16
Y 3 mil Republic Services Inc 3.16
T 3 mil Jacobs Solutions Inc 2.91
Y 4 mil D.R. Horton Inc 2.86
T 2 mil Vulcan Materials Co 2.80
10 mil Reynolds Consumer Products Inc Ord 2.76
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.8 1.49
r Basic Materials 4.9 1.99
t Consumer Cyclical 13.5 1.42
y Financial Services 16.1 1.16
u Real Estate 8.3 2.97
j Sensitive 35.0 0.79
i Communication Services 0.7 0.10
o Energy 6.8 1.30
p Industrials 19.0 2.10
a Technology 8.6 0.37
k Defensive 22.2 0.83
s Consumer Defensive 5.5 0.72
d Healthcare 9.2 0.58
f Utilities 7.5 2.34
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 14.0 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: $11,688.80 mil
Release date 12-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2023 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® 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
1,223 US Fund Large Blend
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.59 20.53 8.94 12.14 18.40
2021 6.18 8.55 0.58 11.02 28.69
2022 -4.60 -16.10 -4.89 7.56 -18.13
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -18.13 7.65 9.41 12.55 11.57
Std 12-31-2022 -18.13 — 9.41 12.55 11.57
Total Return -18.13 7.65 9.41 12.55 11.57
+/- Std Index -0.02 -0.01 -0.01 -0.01 —
+/- Cat Index 1.00 0.30 0.28 0.18 —
% Rank Cat 51 32 23 12
No. in Cat 1358 1223 1116 818
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
1,223 funds 1,116 funds 818 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.16 18.69 14.77
Mean 7.65 9.41 12.55
Sharpe Ratio 0.41 0.50 0.82
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
38,629
Category Average
31,104
Standard Index
38,680
_ * * & & * * & & * & (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

44.50 50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 NAV/Price

2.10 15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 Total Return % -0.01 -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.02 +/- Standard Index

0.60 -0.43 -0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 1.00 +/- Category Index — 35 41 18 20 26 28 25 23 37 23 51 % Rank Cat
— 1686 1559 1568 1606 1409 1396 1402 1387 1363 1382 1358 No. of Funds in Cat Portfolio Analysis 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.02 0.08 0.06
US Stocks 98.88 98.88 0.00
Non-US Stocks 1.10 1.10 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.06 0.06
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 20.2 1.06 1.10
P/C Ratio TTM 15.0 1.06 1.01
P/B Ratio TTM 3.8 1.06 0.92
Geo Avg Mkt Cap
$mil
175549 1.09 0.83
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 98.9 1.00
Greater Europe 1.1 0.97
Greater Asia 0.0 0.97
Share Chg
since
10-2022
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
Y 164 mil Apple Inc 6.51
Y 81 mil Microsoft Corp 5.54
Y 96 mil Amazon.com Inc 2.49
Y 65 mil Alphabet Inc Class A 1.76
Y 20 mil Berkshire Hathaway Inc Class B 1.67
Y 58 mil Alphabet Inc Class C 1.58
Y 29 mil Tesla Inc 1.51
Y 10 mil UnitedHealth Group Inc 1.49
Y 29 mil Johnson & Johnson 1.36
Y 45 mil Exxon Mobil Corp 1.35
Y 27 mil NVIDIA Corp 1.23
Y 32 mil JPMorgan Chase & Co 1.18
Y 26 mil Procter & Gamble Co 1.04
Y 18 mil Visa Inc Class A 1.03
Y 11 mil The Home Depot Inc 0.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.1 1.01
r Basic Materials 2.4 0.98
t Consumer Cyclical 10.2 1.06
y Financial Services 13.8 0.99
u Real Estate 2.8 0.99
j Sensitive 45.2 1.01
i Communication Services 7.5 1.02
o Energy 5.1 0.98
p Industrials 8.9 0.98
a Technology 23.7 1.03
k Defensive 25.7 0.96
s Consumer Defensive 7.4 0.97
d Healthcare 15.3 0.96
f Utilities 3.0 0.94
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 14.0 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: $352,765.08 mil
Release date 12-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2023 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® Mid Cap Index
(USD)
Morningstar Quantitative
RatingTM
ŒQ
11-30-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap TR
USD
US Fund Mid-Cap
Blend370 US Fund Mid-Cap Blend
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -27.04 24.55 7.49 19.89 17.11
2021 8.15 7.47 -0.93 6.44 22.56
2022 -5.69 -16.85 -3.42 9.21 -17.28
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.28 5.89 7.10 10.95 11.60
Std 12-31-2022 -17.28 — 7.10 10.95 11.60
Total Return -17.28 5.89 7.10 10.95 11.60
+/- Std Index 0.83 -1.77 -2.32 -1.61 —
+/- Cat Index 0.03 0.01 0.00 -0.01 —
% Rank Cat 76 60 36 20
No. in Cat 405 370 342 219
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
370 funds 342 funds 219 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 23.94 20.91 16.46
Mean 5.89 7.10 10.95
Sharpe Ratio 0.32 0.37 0.67
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -1.76 0.01
Beta 1.09 1.00
R-Squared 92.37 100.00
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
37,215
Category Average
31,578
Standard Index
42,356
_ * * & * ( & * & & ( )
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

10.39 11.96 15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 25.92 NAV/Price — 17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 Total Return % — 1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 +/- Standard Index — -0.06 0.02 -0.10 0.00 0.07 -0.05 0.01 -0.03 0.01 -0.02 0.03 +/- Category Index — 41 45 7 27 59 24 29 18 21 67 76 % Rank Cat
— 412 399 369 432 427 443 464 404 407 391 405 No. of Funds in Cat Portfolio Analysis 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.04 0.15 0.11
US Stocks 99.02 99.02 0.00
Non-US Stocks 0.94 0.94 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.11 0.11
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.9 0.89 1.18
P/C Ratio TTM 13.3 0.93 1.19
P/B Ratio TTM 2.8 0.77 1.15
Geo Avg Mkt Cap
$mil
18129 0.11 1.88
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 99.1 1.00
Greater Europe 0.8 0.73
Greater Asia 0.1 2.74
Share Chg
since
10-2022
Share
Amount
Holdings :
818 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
T 162,809 O'Reilly Automotive Inc 0.54
T 1 mil Phillips 66 0.52
T 395,624 Synopsys Inc 0.52
T 50,496 AutoZone Inc 0.50
T 2 mil Corteva Inc 0.49
T 2 mil Amphenol Corp Class A 0.47
T 707,898 Cadence Design Systems Inc 0.47
T 778,130 Agilent Technologies Inc 0.47
T 1 mil DexCom Inc 0.46
T 72,197 Chipotle Mexican Grill Inc 0.45
T 2 mil Devon Energy Corp 0.45
T 2 mil Aflac Inc 0.45
T 427,231 Motorola Solutions Inc 0.45
T 378,272 Biogen Inc 0.45
T 645,838 Cheniere Energy Inc 0.44
Sector Weightings Stocks % Rel Std Index
h Cyclical 39.5 1.38
r Basic Materials 5.1 2.08
t Consumer Cyclical 12.7 1.33
y Financial Services 13.6 0.98
u Real Estate 8.0 2.86
j Sensitive 40.1 0.90
i Communication Services 3.4 0.47
o Energy 5.5 1.05
p Industrials 15.3 1.69
a Technology 16.0 0.69
k Defensive 20.3 0.76
s Consumer Defensive 3.9 0.52
d Healthcare 10.6 0.67
f Utilities 5.7 1.80
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.3 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: $24,593.65 mil
Release date 12-31-2022
©2023 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® Small Cap Index
(USD)
Morningstar Quantitative
RatingTM
´Q
11-30-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 2000 TR
USD
US Fund Small Blend
585 US Fund Small Blend
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -30.62 25.49 4.98 31.28 19.99
2021 12.73 4.26 -4.40 2.10 14.71
2022 -7.47 -17.18 -2.08 6.25 -20.27
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -20.27 3.15 4.22 9.17 10.19
Std 12-31-2022 -20.27 — 4.22 9.17 10.19
Total Return -20.27 3.15 4.22 9.17 10.19
+/- Std Index -2.16 -4.51 -5.21 -3.39 —
+/- Cat Index 0.16 0.05 0.09 0.16 —
% Rank Cat 84 79 68 52
No. in Cat 611 585 543 363
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
585 funds 543 funds 363 funds
Morningstar RatingTM 2Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 26.38 23.49 19.25
Mean 3.15 4.22 9.17
Sharpe Ratio 0.22 0.24 0.51
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -4.05 0.05
Beta 1.12 1.00
R-Squared 80.38 100.00
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
32,251
Category Average
30,094
Standard Index
42,356
_ * * * * * & * * & ) )
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

10.66 12.15 16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 21.70 NAV/Price — 16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -20.27 Total Return % — 0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 +/- Standard Index — 0.03 0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.16 +/- Category Index — 34 33 40 44 40 22 33 30 14 93 84 % Rank Cat
— 662 681 737 780 750 802 769 702 671 630 611 No. of Funds in Cat Portfolio Analysis 10-31-2022
Asset Allocation % Net % Long % Short %
Cash 0.05 0.81 0.77
US Stocks 98.24 98.24 0.00
Non-US Stocks 1.71 1.71 0.00
Bonds 0.01 0.01 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.77 0.77
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 11.6 0.61 0.97
P/C Ratio TTM 9.7 0.68 0.96
P/B Ratio TTM 1.9 0.53 0.91
Geo Avg Mkt Cap
$mil
2200 0.01 0.53
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 99.3 1.00
Greater Europe 0.4 0.36
Greater Asia 0.3 10.29
Share Chg
since
09-2022
Share
Amount
Holdings :
1,950 Total Stocks , 1 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
Y 1,675 E-mini Russell 2000 Index Future D 0.81
Y 134 mil Fidelity Revere Str Tr 0.70
T 281,165 ShockWave Medical Inc 0.43
T 290,129 Chart Industries Inc 0.34
T 889,228 Matador Resources Co 0.31
T 224,912 RBC Bearings Inc 0.30
T 1 mil Murphy Oil Corp 0.30
T 384,416 EMCOR Group Inc 0.28
T 171,027 Kinsale Capital Group Inc 0.28
T 592,489 SouthState Corp 0.28
T 169,856 Murphy USA Inc 0.28
T 528,542 Texas Roadhouse Inc 0.27
T 1 mil Iridium Communications Inc 0.27
T 235,260 Karuna Therapeutics Inc 0.27
T 1 mil Halozyme Therapeutics Inc 0.27
Sector Weightings Stocks % Rel Std Index
h Cyclical 38.1 1.33
r Basic Materials 4.1 1.66
t Consumer Cyclical 10.1 1.05
y Financial Services 16.4 1.18
u Real Estate 7.5 2.69
j Sensitive 37.6 0.84
i Communication Services 2.6 0.36
o Energy 6.8 1.30
p Industrials 14.7 1.62
a Technology 13.5 0.59
k Defensive 24.3 0.91
s Consumer Defensive 4.0 0.53
d Healthcare 16.8 1.06
f Utilities 3.4 1.07
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.3 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: $18,628.35 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
32 Fidelity® Total International
Index (USD)
Morningstar Quantitative
RatingTM
ŒQ
11-30-2022
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
Blend704 US Fund Foreign Large
Blend
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -24.15 17.41 6.78 16.81 11.07
2021 3.91 5.53 -3.02 2.01 8.47
2022 -6.21 -13.16 -10.45 14.78 -16.28
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -16.28 0.29 0.96 — 4.62
Std 12-31-2022 -16.28 — 0.96 — 4.62
Total Return -16.28 0.29 0.96 — 4.62
+/- Std Index -0.27 0.22 0.08 — —
+/- Cat Index -0.27 0.22 0.08 — —
% Rank Cat 60 59 61 —
No. in Cat 744 704 611 —
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
704 funds 611 funds
422 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk Avg Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 20.32 17.75 —
Mean 0.29 0.96 —
Sharpe Ratio 0.07 0.07 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.34 0.34
Beta 1.03 1.03
R-Squared 98.87 98.87
12-Month Yield —
Potential Cap Gains Exp -18.74%
0 0 0 0 0 4 4 4 4 4 4 4
— — — — — 96 97 90 95 99 97 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Total International
Index
13,970
Category Average
13,588
Standard Index
14,030
_ _ _ _ _ _ & * ( * ( (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History — — — — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 NAV/Price — — — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 Total Return % — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 +/- Standard Index — — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 +/- Category Index — — — — — — 22 49 53 32 69 60 % Rank Cat
— — — — — — 756 741 732 785 767 744 No. of Funds in Cat Portfolio Analysis 11-30-2022
Asset Allocation % Net % Long % Short %
Cash -0.24 1.31 1.55
US Stocks 0.79 0.79 0.00
Non-US Stocks 99.29 99.29 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.16 0.16 0.00
Total 100.00 101.55 1.55
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 12.1 1.01 0.95
P/C Ratio TTM 8.6 1.02 0.97
P/B Ratio TTM 1.6 1.00 0.91
Geo Avg Mkt Cap
$mil
26542 0.67 0.56
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 11.2 1.04
Greater Europe 43.7 0.97
Greater Asia 45.1 1.02
Share Chg
since
10-2022
Share
Amount
Holdings :
5,079 Total Stocks , 2 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
8 mil Taiwan Semiconductor Manufacturing 1.46
T 1,194 MSCI EAFE Index Future Dec 22 1.29
948,290 Nestle SA 1.23
T 109 mil Fidelity Revere Str Tr 1.19
137,044 ASML Holding NV 0.91
2 mil Tencent Holdings Ltd 0.87
2 mil Samsung Electronics Co Ltd 0.85
224,560 Roche Holding AG 0.80
3 mil Shell PLC 0.80
93,202 LVMH Moet Hennessy Louis Vuitton SE 0.79
522,480 AstraZeneca PLC 0.77
558,158 Novo Nordisk A/S Class B 0.77
726,618 Novartis AG 0.71
5 mil Alibaba Group Holding Ltd Ordinary 0.61
2 mil BHP Group Ltd 0.58
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.5 1.00
r Basic Materials 8.8 1.05
t Consumer Cyclical 11.1 1.02
y Financial Services 19.4 0.93
u Real Estate 3.3 1.28
j Sensitive 36.7 1.03
i Communication Services 5.8 0.92
o Energy 6.0 0.99
p Industrials 13.3 1.10
a Technology 11.5 1.05
k Defensive 20.8 0.95
s Consumer Defensive 8.2 0.94
d Healthcare 9.5 0.95
f Utilities 3.2 0.98
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 6.6 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: $8,917.73 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
33 Fidelity® 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 Bond405 US Fund Intermediate
Core Bond
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 3.66 2.77 0.43 0.75 7.80
2021 -3.48 1.85 0.02 -0.12 -1.79
2022 -5.88 -4.66 -4.69 1.68 -13.03
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -13.03 -2.72 -0.02 1.01 1.71
Std 12-31-2022 -13.03 — -0.02 1.01 1.71
Total Return -13.03 -2.72 -0.02 1.01 1.71
+/- Std Index -0.02 0.00 -0.04 -0.05 —
+/- Cat Index -0.02 0.00 -0.04 -0.05 —
% Rank Cat 33 40 36 38
No. in Cat 453 405 372 275
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
405 funds 372 funds 275 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 5.86 5.10 4.18
Mean -2.72 -0.02 1.01
Sharpe Ratio -0.58 -0.24 0.07
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha 0.00 0.00
Beta 1.00 1.00
R-Squared 99.68 99.68
12-Month Yield —
Potential Cap Gains Exp -0.01%
4 4 4 4 4 4 4 4 4 4 4 4
96 93 98 96 99 99 97 99 96 98 98 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Fidelity® US Bond Index
12,422
Category Average
12,374
Standard Index
12,484
_ ) ( * & ( ( * * * ( *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

11.78 11.89 11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 10.18 NAV/Price

7.79 4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 Total Return % -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 +/- Standard Index -0.06 0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 +/- Category Index — 82 69 26 18 66 57 29 49 41 63 33 % Rank Cat
— 1165 1079 1038 1042 985 986 1019 430 415 423 453 No. of Funds in Cat Portfolio Analysis 11-30-2022
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 99.07 99.07 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 — — —
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 6.16
Avg Wtd Coupon —
Avg Wtd Price 90.04
Credit Quality Breakdown 11-30-2022 Bond %
AAA 74.14
AA 4.51
A 10.86
BBB 10.47
BB 0.00
B 0.00
Below B 0.00
NR 0.02
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
10-2022
Share
Amount
Holdings :
0 Total Stocks , 8,720 Total Fixed-Income,
50% Turnover Ratio
Net Assets
%
T 901 mil United States Treasury Notes 2.75% 1.51
724 mil United States Treasury Notes 1.5% 1.13
642 mil United States Treasury Notes 2.625% 1.08
584 mil United States Treasury Notes 2.25% 1.02
Y 681 mil Federal Home Loan Mortgage Corpora 1.02
507 mil United States Treasury Notes 1.5% 0.83
461 mil United States Treasury Notes 3% 0.81
430 mil United States Treasury Notes 0.5% 0.72
420 mil United States Treasury Notes 2.25% 0.71
411 mil United States Treasury Notes 1% 0.69
362 mil United States Treasury Notes 2.75% 0.62
Y 409 mil Federal National Mortgage Associat 0.61
349 mil United States Treasury Notes 1.5% 0.61
372 mil United States Treasury Notes 1.25% 0.59
337 mil United States Treasury Notes 1.75% 0.58
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: 8.7 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $55,695.79 mil
Release date 12-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2023 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 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
Growth534 US Fund Mid-Cap Growth
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -16.05 26.14 11.39 15.13 35.80
2021 -2.40 7.99 2.28 5.91 14.17
2022 -15.56 -17.34 -4.10 7.13 -28.29
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -28.29 3.59 9.19 — 12.10
Std 12-31-2022 -28.29 — 9.19 — 12.10
Total Return -28.29 3.59 9.19 12.39 12.10
+/- Std Index -10.18 -4.07 -0.24 -0.18 —
+/- Cat Index -1.57 -0.26 1.55 0.98 —
% Rank Cat 60 59 20 16
No. in Cat 586 534 499 389
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 % 0.66
Gross Expense Ratio % 0.67
Risk and Return Profile
3 Yr 5 Yr 10 Yr
534 funds 499 funds
389 funds
Morningstar RatingTM 3Q 4Q 4W
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 23.07 20.38 16.08
Mean 3.59 9.19 12.39
Sharpe Ratio 0.23 0.47 0.76
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Brd Grt TR USD
Alpha -3.41 -1.99
Beta 1.00 0.94
R-Squared 83.82 96.19
12-Month Yield —
Potential Cap Gains Exp 18.22%
8 8 8 8 8 8 8 8 8 8 8 8
98 98 98 98 96 99 98 97 98 99 99 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Mid Cap Growth R6
35,060
Category Average
28,223
Standard Index
38,680
_ _ _ * & ( * & & * * (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History — — 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 24.05 NAV/Price -6.12 16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 Total Return % -8.23 0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 +/- Standard Index -4.47 0.38 1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 -1.57 +/- Category Index — — — 32 9 55 31 9 17 40 46 60 % Rank Cat
— — — 749 733 644 617 605 618 604 588 586 No. of Funds in Cat Portfolio Analysis 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.08 2.08 0.00
US Stocks 86.80 86.80 0.00
Non-US Stocks 11.12 11.12 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 32.7 1.72 1.28
P/C Ratio TTM 24.1 1.70 1.25
P/B Ratio TTM 5.0 1.39 1.24
Geo Avg Mkt Cap
$mil
21430 0.13 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 92.2 0.93
Greater Europe 6.8 6.19
Greater Asia 1.0 33.23
Share Chg
since
10-2022
Share
Amount
Holdings :
87 Total Stocks , 0 Total Fixed-Income,
21% Turnover Ratio
Net Assets
%
3 mil Cadence Design Systems Inc 3.24
2 mil Arthur J. Gallagher & Co 3.06
786,225 MSCI Inc 3.00
2 mil AMETEK Inc 2.54
832,047 Monolithic Power Systems Inc 2.39
T 350,661 O'Reilly Automotive Inc 2.28
2 mil Verisk Analytics Inc 2.27
4 mil Nasdaq Inc 2.17
2 mil Steris PLC 2.14
2 mil Vulcan Materials Co 2.09
Y 2 mil PerkinElmer Inc 2.01
2 mil Agilent Technologies Inc 1.99
2 mil Wolters Kluwer NV 1.86
1 mil Icon PLC 1.85
1 mil IDEX Corp 1.79
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.8 1.21
r Basic Materials 2.1 0.87
t Consumer Cyclical 16.9 1.76
y Financial Services 11.0 0.79
u Real Estate 4.8 1.72
j Sensitive 45.1 1.01
i Communication Services 3.1 0.42
o Energy 2.7 0.52
p Industrials 16.5 1.82
a Technology 22.9 0.99
k Defensive 20.1 0.75
s Consumer Defensive 1.0 0.13
d Healthcare 19.1 1.20
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 14.2 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: $12,680.39 mil
Release date 12-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2023 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 MFS Value R6 (USD)
Morningstar Analyst RatingTM
Œ
08-04-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 Value
TR USD
US Fund Large Value
1,155 US Fund Large Value
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -23.74 14.33 5.96 12.60 4.03
2021 8.69 5.66 0.67 8.60 25.55
2022 -3.61 -9.88 -4.55 13.60 -5.80
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -5.80 7.15 7.64 11.29 8.19
Std 12-31-2022 -5.80 — 7.64 11.29 8.19
Total Return -5.80 7.15 7.64 11.29 8.19
+/- Std Index 12.31 -0.51 -1.78 -1.27 —
+/- Cat Index 1.74 1.20 0.97 1.00 —
% Rank Cat 51 49 40 19
No. in Cat 1229 1155 1099 819
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 12-31-22 1.83 1 1.82

1. Contractual waiver; Expires 12-31-2023
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 800-225-2606 or visit
http://www.mfs.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.43
12b1 Expense % NA
Net Expense Ratio % 0.43
Gross Expense Ratio % 0.44
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,155 funds 1,099 funds 819 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.07 17.91 14.44
Mean 7.15 7.64 11.29
Sharpe Ratio 0.40 0.43 0.76
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Val TR USD
Alpha 0.18 -0.04
Beta 0.90 0.95
R-Squared 90.66 98.46
12-Month Yield 1.98%
Potential Cap Gains Exp 45.93%
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
33,971
Category Average
29,099
Standard Index
38,680
* * & * & ( * ( & * ( (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

22.35 25.35 33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 47.45 NAV/Price -0.05 16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 Total Return % -2.16 0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 +/- Standard Index -0.44 -0.94 3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 1.74 +/- Category Index 42 27 12 49 11 51 29 67 9 38 57 51 % Rank Cat
1258 1208 1213 1290 1378 1268 1260 1244 1209 1200 1207 1229 No. of Funds in Cat Portfolio Analysis 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 0.83 0.83 0.00
US Stocks 91.60 91.60 0.00
Non-US Stocks 7.57 7.57 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 18.7 0.98 1.35
P/C Ratio TTM 14.6 1.03 1.32
P/B Ratio TTM 3.2 0.89 1.35
Geo Avg Mkt Cap
$mil
98656 0.61 0.90
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 93.0 0.94
Greater Europe 7.0 6.39
Greater Asia 0.0 0.00
Share Chg
since
10-2022
Share
Amount
Holdings :
72 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 17 mil JPMorgan Chase & Co 3.79
Y 10 mil Johnson & Johnson 3.02
Y 5 mil Cigna Corp 2.90
Y 3 mil Northrop Grumman Corp 2.50
Y 8 mil Texas Instruments Inc 2.48
Y 7 mil Honeywell International Inc 2.46
Y 30 mil Pfizer Inc 2.44
Y 5 mil Aon PLC Class A 2.36
Y 8 mil Marsh & McLennan Companies Inc 2.32
Y 11 mil Progressive Corp 2.29
Y 6 mil Chubb Ltd 2.28
Y 37 mil Comcast Corp Class A 2.19
Y 11 mil ConocoPhillips 2.17
Y 6 mil Lowe's Companies Inc 1.97
Y 2 mil Thermo Fisher Scientific Inc 1.93
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.7 1.21
r Basic Materials 4.4 1.78
t Consumer Cyclical 3.1 0.32
y Financial Services 26.0 1.88
u Real Estate 1.2 0.42
j Sensitive 33.6 0.75
i Communication Services 3.3 0.45
o Energy 4.7 0.90
p Industrials 18.2 2.01
a Technology 7.4 0.32
k Defensive 31.7 1.19
s Consumer Defensive 7.0 0.91
d Healthcare 18.6 1.17
f Utilities 6.2 1.94
Operations
Family: MFS
Manager: Multiple
Tenure: 16.7 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: $58,446.97 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
36 Fund profile & characteristics
Fund Net Assets $11.7 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.03
Market/Book Value Ratio 92.36%
# of Holdings over 4,000
# of Investment Managers 12
# of Synthetic & Separate Account GIC Issuers 8
# of Traditional GIC providers 8
Sector allocation
Agencies 0.68%
Asset-Backed 6.09%
Cash & Cash Equivalents 4.73%
Credits 25.84%
Maturing GICs 22.65%
Mortgage-Backed 20.32%
Municipals 0.57%
Other 0.09%
Treasuries 11.40%
Wrap Providers 7.64%
Structure
Tier 1 - Cash Buffer 6.3%
Tier 2 - Shorter Duration Focus 8.6%
Tier 3 - Laddered Maturity Focus 22.7%
Tier 4 - Total Return Focus 62.4%
Maturity allocation
0-1 Yrs 16.0%
1-2 Yrs 10.9%
2-3 Yrs 12.4%
3-4 Yrs 7.9%
4-5 Yrs 13.3%
5+ Yrs 39.5%
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 (20.5%)
Minnesota Life 4.9%
Principal Life 4.4%
Metropolitan Life 3.9%
Metropolitan Tower Life 3.2%
Prudential 1.4%
United of Omaha 1.1%
New York Life 0.9%
Jackson National Life 0.7%
Synthetic GIC (53.0%)
Transamerica Life 13.4%
Pacific Life 13.3%
Prudential 12.7%
Metropolitan Tower Life 7.8%
Principal Life 5.8%
Separate Account GIC (20.2%)
New York Life 9.2%
Massachusetts Mutual Life 8.9%
Lincoln National Life 2.2%

Performance as of 09/30/2022
Performance Crediting
Rate 3

Total
estimated
expenses Share Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 2.47% 1.64% 2.19% 2.36% 2.47% 2.45% 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 16 —
R105/ 92208J709 2.15% 1.42% 1.88% 2.05% 2.16% 2.14% 0.52% R95/ 92208J600 2.10% 1.38% 1.83% 2.00% 2.11% 2.09% 0.57% R85/ 92208J501 2.06% 1.34% 1.78% 1.95% 2.06% 2.04% 0.62% R75/ 92208J402 2.00% 1.30% 1.73% 1.90% 2.01% 1.99% 0.67% R5/ 92208J303 1.91% 1.23% 1.62% 1.79% 1.91% 1.88% 0.77% R3/ 92208J204 1.61% 1.01% 1.33% 1.50% 1.61% 1.59% 1.06% R1/ 92208J105 1.35% 0.81% 1.07% 1.24% 1.35% 1.33% 1.32% ICE BofA US 3 Month Treasury Bill Index — 0.61% 0.62% 0.59% 1.15% 0.68% — Morningstar US CIT Stable Value Index6,7 — 1.31% 1.74% 1.98% 2.11% 1.96% — Standard Deviation (Gross) — — 0.03 0.06 0.07 0.06 —
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.missionsq.org if you are a plan administration client, or www.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 September 2022

MissionSquare PLUS Fund
37 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.missionsq.org, at www.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 Organizations and 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 September 30, 2022 duration would be 3.70.

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 September 2022Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-0922
38 Sterling Capital Total Return
Bond R6 (USD)
Morningstar Quantitative
RatingTM
‰Q
11-30-2022
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 Bond405 US Fund Intermediate
Core Bond
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 0.73 5.10 1.59 1.67 9.35
2021 -3.00 2.16 0.04 -0.26 -1.12
2022 -6.15 -4.69 -4.42 1.57 -13.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -13.15 -2.08 — — 0.71
Std 12-31-2022 -13.15 — — — 0.71
Total Return -13.15 -2.08 0.48 1.58 0.71
+/- Std Index -0.14 0.64 0.46 0.53 —
+/- Cat Index -0.14 0.64 0.46 0.53 —
% Rank Cat 40 15 10 5
No. in Cat 453 405 372 275
Subsidized Unsubsidized
7-day Yield 01-19-23 3.12 1 —
30-day SEC Yield 12-31-22 3.81 1 3.78

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
405 funds
372 funds 275 funds
Morningstar RatingTM 4Q 4W 5W
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 6.00 5.13 4.11
Mean -2.08 0.48 1.58
Sharpe Ratio -0.46 -0.14 0.21
MPT Statistics Standard Index Best Fit Index
Bloomberg US
Universal TR USD
Alpha 0.57 0.42
Beta 0.97 0.98
R-Squared 90.07 95.84
12-Month Yield 2.93%
Potential Cap Gains Exp -19.17%
5 5 5 5 5 5 5 5 5 5 5 4
94 97 96 97 97 95 97 98 96 96 97 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Sterling Capital Total Return
Bond R6
13,253
Category Average
12,374
Standard Index
12,484
_ _ _ _ _ _ _ _ & & & *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History — — — — — — — 10.22 10.82 11.35 10.87 9.18 NAV/Price

6.73 6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 Total Return % -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 +/- Standard Index -1.11 1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 +/- Category Index — — — — — — — — 17 10 23 40 % Rank Cat
— — — — — — — — 430 415 423 453 No. of Funds in Cat
Portfolio Analysis 12-31-2022
Asset Allocation % Net % Long % Short %
Cash 1.60 1.60 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.13 98.13 0.00
Other/Not Clsfd 0.27 0.27 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.75
Avg Eff Duration 6.05
Avg Wtd Coupon 3.17
Avg Wtd Price 88.41
Credit Quality Breakdown 12-31-2022 Bond %
AAA 66.46
AA 8.48
A 12.58
BBB 12.40
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
11-2022
Share
Amount
Holdings :
0 Total Stocks , 301 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
T 106 mil United States Treasury Bonds 1.375% 5.78
51 mil United States Treasury Bonds 2.5% 3.78
35 mil United States Treasury Notes 2.625% 3.14
21 mil United States Treasury Notes 1.5% 1.80
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.72
Y 16 mil Fnma Pass-Thru I 1.44
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.33
15 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 1.30
Y 14 mil Fnma Pass-Thru I 3.5% 1.21
Y 11 mil Federal Home Loan Mortgage Corpora 1.03
Y 13 mil Federal National Mortgage Associat 1.01
Y 12 mil Fnma Pass-Thru I 3% 1.00
Y 12 mil Federal Home Loan Mortgage Corpora 0.98
Y 10 mil Federal Home Loan Mortgage Corpora 0.98
Y 11 mil Federal Home Loan Mortgage Corpora 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: 15.0 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: $1,060.36 mil
Release date 12-31-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2023 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 International
Growth Adm (USD)
Morningstar Analyst RatingTM
„
06-30-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ MSCI ACWI Ex

USA NR USD
MSCI ACWI Ex
USA Growth NR
USD
US Fund Foreign Large
Growth399 US Fund Foreign Large
Growth
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -15.52 33.01 16.27 22.26 59.74
2021 -1.03 7.49 -4.05 -2.76 -0.74
2022 -16.45 -18.13 -10.16 12.62 -30.79
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -30.79 3.14 4.75 7.84 7.12
Std 12-31-2022 -30.79 — 4.75 7.84 7.12
Total Return -30.79 3.14 4.75 7.84 7.12
+/- Std Index -14.79 3.07 3.87 4.04 —
+/- Cat Index -7.74 3.54 3.26 3.16 —
% Rank Cat 82 9 13 4
No. in Cat 443 399 346 226
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 % 0.32
12b1 Expense % NA
Net Expense Ratio % 0.34
Gross Expense Ratio % 0.34
Risk and Return Profile
3 Yr 5 Yr 10 Yr
399 funds 346 funds 226 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk High High High
Morningstar Return High +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 24.95 22.14 18.15
Mean 3.14 4.75 7.84
Sharpe Ratio 0.21 0.26 0.46
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha 3.99 4.54
Beta 1.13 1.23
R-Squared 78.67 89.80
12-Month Yield —
Potential Cap Gains Exp 21.25%
7 7 7 7 7 7 7 7 7 7 7 7
93 95 96 96 95 93 96 95 97 98 98 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International
Growth Adm
22,099
Category Average
16,379
Standard Index
14,638
_ & & ( ( & & * & & ) )
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

51.99 61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 NAV/Price -13.58 20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 Total Return %

0.13 3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 +/- Standard Index

0.63 3.51 7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -7.74 +/- Category Index — 24 15 65 67 12 6 31 22 4 89 82 % Rank Cat
— 250 278 341 361 363 399 439 469 447 450 443 No. of Funds in Cat Portfolio Analysis 10-31-2022
Asset Allocation % Net % Long % Short %
Cash 2.01 2.83 0.81
US Stocks 14.61 14.61 0.00
Non-US Stocks 82.30 82.30 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 1.07 1.07 0.00
Total 100.00 100.81 0.81
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.7 1.32 0.82
P/C Ratio TTM 13.1 1.55 0.96
P/B Ratio TTM 3.0 1.90 1.00
Geo Avg Mkt Cap
$mil
48088 1.21 0.99
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 23.0 2.13
Greater Europe 49.1 1.10
Greater Asia 27.9 0.63
Share Chg
since
09-2022
Share
Amount
Holdings :
118 Total Stocks , 0 Total Fixed-Income,
15% Turnover Ratio
Net Assets
%
Y 4 mil ASML Holding NV 5.25
Y 2 mil MercadoLibre Inc 4.63
10 mil Moderna Inc 3.88
Y 952,616 Adyen NV 3.54
5 mil Tesla Inc 2.86
2 mil Kering SA 2.75
Y 84 mil Taiwan Semiconductor Manufacturing 2.63
Y 38 mil Tencent Holdings Ltd 2.58
3 mil Genmab A/S 2.56
2 mil argenx SE 2.36
4 mil Illumina Inc 2.32
49 mil Meituan Class B 2.05
9 mil Spotify Technology SA 1.98
Y 4 mil Ferrari NV 1.87
23 mil M3 Inc 1.79
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.3 0.85
r Basic Materials 0.5 0.06
t Consumer Cyclical 25.6 2.37
y Financial Services 10.2 0.49
u Real Estate 0.0 0.00
j Sensitive 38.0 1.07
i Communication Services 6.0 0.95
o Energy 2.0 0.33
p Industrials 10.7 0.88
a Technology 19.2 1.76
k Defensive 25.7 1.17
s Consumer Defensive 5.3 0.61
d Healthcare 19.3 1.93
f Utilities 1.1 0.33
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.1 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VWILX
ISIN: US9219105015
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $40,551.61 mil
Release date 12-31-2022
©2023 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 International
Value Inv (USD)
Morningstar Analyst RatingTM
´
10-13-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ MSCI ACWI Ex

USA NR USD
MSCI ACWI Ex
USA Value NR USD
US Fund Foreign Large
Value321 US Fund Foreign Large
Value
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -26.30 15.08 3.99 23.57 8.99
2021 5.74 3.97 -3.66 1.95 7.97
2022 -5.10 -11.38 -9.27 15.76 -11.66
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -11.66 1.30 1.36 4.31 8.07
Std 12-31-2022 -11.66 — 1.36 4.31 8.07
Total Return -11.66 1.30 1.36 4.31 8.07
+/- Std Index 4.34 1.23 0.48 0.51 —
+/- Cat Index -3.07 1.24 1.41 1.58 —
% Rank Cat 75 40 27 25
No. in Cat 354 321 298 177
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 % 0.35
12b1 Expense % NA
Net Expense Ratio % 0.36
Gross Expense Ratio % 0.36
Risk and Return Profile
3 Yr 5 Yr 10 Yr
321 funds 298 funds 177 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.95 18.83 15.66
Mean 1.30 1.36 4.31
Sharpe Ratio 0.13 0.09 0.30
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
xUS Val TME NR
USD
Alpha 1.60 0.57
Beta 1.09 1.01
R-Squared 94.52 97.00
12-Month Yield —
Potential Cap Gains Exp -11.12%
1 4 4 4 4 4 4 4 1 1 4 4
89 95 95 91 91 93 94 94 95 100 94 94
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International Value
Inv
15,652
Category Average
14,382
Standard Index
14,638
( & * ( ) * & * & & ) (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

26.63 31.18 37.38 33.95 31.09 31.75 39.88 32.10 37.53 40.25 41.58 35.74 NAV/Price -14.58 20.18 22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 Total Return % -0.87 3.35 6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 +/- Standard Index -1.38 3.21 7.11 -1.59 3.62 -4.46 5.30 -0.55 4.68 9.76 -2.48 -3.07 +/- Category Index 72 16 43 53 79 30 8 34 21 5 87 75 % Rank Cat
376 369 338 348 358 337 317 315 346 352 348 354 No. of Funds in Cat Portfolio Analysis 10-31-2022
Asset Allocation % Net % Long % Short %
Cash 6.02 6.26 0.24
US Stocks 4.52 4.52 0.00
Non-US Stocks 89.46 89.46 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.24 0.24
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 11.3 0.95 1.22
P/C Ratio TTM 7.7 0.90 1.25
P/B Ratio TTM 1.4 0.88 1.21
Geo Avg Mkt Cap
$mil
25315 0.64 0.77
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 12.0 1.11
Greater Europe 50.2 1.12
Greater Asia 37.8 0.85
Share Chg
since
09-2022
Share
Amount
Holdings :
196 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
32 mil BP PLC 1.51
T 2 mil Airbus SE 1.50
4 mil Holcim Ltd 1.48
3 mil TotalEnergies SE 1.40
T 21 mil Alibaba Group Holding Ltd Ordinary 1.39
43 mil Bank Bradesco SA ADR 1.37
29 mil HSBC Holdings PLC 1.27
19 mil AIA Group Ltd 1.21
5 mil RELX PLC 1.20
6 mil ICICI Bank Ltd ADR 1.14
5 mil Shell PLC 1.10
T 2 mil Novartis AG 1.04
902,385 Air Liquide SA 1.00
416,187 Aon PLC Class A 0.99
628,158 MTU Aero Engines AG 0.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 43.1 1.01
r Basic Materials 10.6 1.27
t Consumer Cyclical 14.8 1.37
y Financial Services 16.4 0.79
u Real Estate 1.3 0.51
j Sensitive 40.3 1.13
i Communication Services 6.0 0.96
o Energy 8.4 1.38
p Industrials 18.4 1.52
a Technology 7.5 0.68
k Defensive 16.6 0.76
s Consumer Defensive 6.2 0.72
d Healthcare 7.9 0.79
f Utilities 2.4 0.75
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.7 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VTRIX
ISIN: US9219392035
Minimum Initial Purchase: $3,000
Purchase Constraints: —
Incept: 05-16-1983
Type: MF
Total Assets: $12,558.63 mil
Release date 12-31-2022
©2023 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
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
2020140 US Fund Target-Date
2020
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -10.76 11.40 4.48 7.86 12.04
2021 1.28 4.20 -0.41 2.91 8.17
2022 -5.06 -9.20 -5.12 4.97 -14.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -14.15 1.33 3.22 5.83 5.52
Std 12-31-2022 -14.15 — 3.22 5.83 5.52
Total Return -14.15 1.33 3.22 5.83 5.52
+/- Std Index 0.62 -0.62 -0.51 0.01 —
+/- Cat Index 2.62 0.39 0.20 0.67 —
% Rank Cat 39 55 44 29
No. in Cat 150 140 121 55
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.73 2.73
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
140 funds 121 funds 55 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 11.48 9.95 8.17
Mean 1.33 3.22 5.83
Sharpe Ratio 0.10 0.23 0.63
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha -0.55 -0.13
Beta 0.83 0.75
R-Squared 98.73 98.91
12-Month Yield 2.52%
Potential Cap Gains Exp 7.18%
4 4 4 4 4 4 4 4 4 5 4 4
33 33 36 38 40 42 43 47 48 50 50 50
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
2020 Fund
19,918
Category Average
17,385
Standard Index
19,843
* * & & & * & * * * ( *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

21.69 23.83 27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 25.36 NAV/Price

0.60 12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 Total Return %

0.01 0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 +/- Standard Index -1.14 -0.18 2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 2.62 +/- Category Index 32 36 18 1 23 29 17 42 28 46 68 39 % Rank Cat
205 208 222 228 237 221 234 250 233 178 171 150 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 3.27 12.14 8.87
US Stocks 24.85 24.85 0.00
Non-US Stocks 16.97 16.97 0.00
Bonds 54.88 54.90 0.02
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 108.89 8.89
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.94
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.92
Geo Avg Mkt Cap
$mil
57226 1.39 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.75
Avg Eff Duration 6.02
Avg Wtd Coupon 2.08
Avg Wtd Price 90.82
Credit Quality Breakdown 11-30-2022 Bond %
AAA 64.92
AA 7.95
A 13.98
BBB 12.50
BB 0.00
B 0.00
Below B 0.32
NR 0.33
Regional Exposure Stocks % Rel Std Index
Americas 63.6 1.03
Greater Europe 17.8 0.98
Greater Asia 18.6 0.93
Share Chg
since
11-2022
Share
Amount
Holdings :
10,639 Total Stocks , 17,617 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
T 1,365 mil Vanguard Total Bond Market II Idx 30.97
Y 58 mil Vanguard Total Stock Mkt Idx Instl 25.93
Y 434 mil Vanguard Total Intl Stock Index Inv 17.94
T 218 mil Vanguard Total Intl Bd II Idx Insl 13.75
Y 178 mil Vanguard Shrt-Term Infl-Prot Sec I 10.30
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.3 0.88
r Basic Materials 5.1 0.93
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.00
p Industrials 11.3 0.98
a Technology 18.5 1.34
k Defensive 23.1 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $40,163.66 mil
Release date 12-31-2022
©2023 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
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
2025195 US Fund Target-Date
2025
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -12.95 13.20 5.17 9.33 13.30
2021 1.86 4.79 -0.65 3.55 9.80
2022 -5.51 -10.72 -5.59 6.03 -15.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -15.55 1.66 3.58 6.43 6.13
Std 12-31-2022 -15.55 — 3.58 6.43 6.13
Total Return -15.55 1.66 3.58 6.43 6.13
+/- Std Index -0.77 -0.29 -0.16 0.61 —
+/- Cat Index 2.03 0.62 0.37 0.64 —
% Rank Cat 52 46 39 18
No. in Cat 219 195 170 102
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.36 2.36
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
195 funds 170 funds 102 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.38 11.61 9.43
Mean 1.66 3.58 6.43
Sharpe Ratio 0.13 0.25 0.62
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2030
TR USD
Alpha -0.27 0.22
Beta 0.97 0.87
R-Squared 99.13 99.19
12-Month Yield 2.19%
Potential Cap Gains Exp 9.02%
4 4 4 4 4 4 4 4 4 4 4 4
68 70 69 67 66 64 62 61 60 60 54 50
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2025 Fund
21,049
Category Average
18,821
Standard Index
19,843
& * & & & & & * & * ( (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

12.27 13.59 15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 16.68 NAV/Price -0.37 13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 Total Return % -0.96 1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 +/- Standard Index -0.61 -0.37 1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 2.03 +/- Category Index 16 43 24 4 24 23 21 42 22 40 57 52 % Rank Cat
145 154 181 185 206 195 208 226 232 214 220 219 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.99 10.81 7.82
US Stocks 31.84 31.84 0.00
Non-US Stocks 22.19 22.19 0.00
Bonds 42.94 42.96 0.02
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 107.84 7.84
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.94
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.92
Geo Avg Mkt Cap
$mil
56843 1.38 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.44
Avg Eff Duration 6.50
Avg Wtd Coupon 2.29
Avg Wtd Price 90.08
Credit Quality Breakdown 11-30-2022 Bond %
AAA 60.35
AA 8.97
A 15.80
BBB 14.15
BB 0.00
B 0.00
Below B 0.36
NR 0.37
Regional Exposure Stocks % Rel Std Index
Americas 63.2 1.02
Greater Europe 18.0 0.99
Greater Asia 18.9 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
10,864 Total Stocks , 17,474 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 133 mil Vanguard Total Stock Mkt Idx Instl 33.23
T 2,153 mil Vanguard Total Bond Market II Idx 27.35
Y 987 mil Vanguard Total Intl Stock Index Inv 22.85
T 343 mil Vanguard Total Intl Bd II Idx Insl 12.12
T 101 mil Vanguard Shrt-Term Infl-Prot Sec I 3.27
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $71,647.29 mil
Release date 12-31-2022
©2023 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
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
2030195 US Fund Target-Date
2030
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -14.76 14.58 5.70 10.52 14.10
2021 2.49 5.25 -0.78 4.06 11.38
2022 -5.65 -11.67 -5.93 6.81 -16.27
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -16.27 2.09 3.94 6.99 6.02
Std 12-31-2022 -16.27 — 3.94 6.99 6.02
Total Return -16.27 2.09 3.94 6.99 6.02
+/- Std Index -1.49 0.15 0.20 1.17 —
+/- Cat Index 1.67 0.71 0.40 0.48 —
% Rank Cat 44 51 45 25
No. in Cat 221 195 170 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.21 2.21
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
195 funds 170 funds 96 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.76 12.85 10.42
Mean 2.09 3.94 6.99
Sharpe Ratio 0.16 0.26 0.62
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2035
TR USD
Alpha 0.15 0.13
Beta 1.07 0.87
R-Squared 99.20 99.22
12-Month Yield 2.04%
Potential Cap Gains Exp 7.70%
4 4 4 4 4 4 4 4 4 4 4 4
75 78 76 74 73 71 70 68 68 68 63 59
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2030 Fund
22,160
Category Average
19,808
Standard Index
19,843
& * & & * * * * * * ( *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

20.92 23.38 27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 31.37 NAV/Price -1.27 14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 Total Return % -1.86 2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 +/- Standard Index -0.04 -0.43 0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 1.67 +/- Category Index 22 38 25 5 31 32 34 37 32 38 61 44 % Rank Cat
205 208 222 228 237 221 234 239 241 224 221 221 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.80 9.52 6.72
US Stocks 36.80 36.80 0.00
Non-US Stocks 25.81 25.81 0.00
Bonds 34.56 34.57 0.02
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 106.73 6.73
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.92
P/C Ratio TTM 10.9 1.01 0.92
P/B Ratio TTM 2.2 1.07 0.88
Geo Avg Mkt Cap
$mil
56718 1.37 0.82
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.44
Avg Wtd Price 89.56
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.30
AA 9.61
A 17.03
BBB 15.29
BB 0.00
B 0.00
Below B 0.39
NR 0.39
Regional Exposure Stocks % Rel Std Index
Americas 63.0 1.02
Greater Europe 18.1 0.99
Greater Asia 18.9 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
10,956 Total Stocks , 17,264 Total Fixed-Income,
11% Turnover Ratio
Net Assets
%
Y 163 mil Vanguard Total Stock Mkt Idx Instl 38.42
Y 1,204 mil Vanguard Total Intl Stock Index Inv 26.28
T 1,976 mil Vanguard Total Bond Market II Idx 23.65
T 313 mil Vanguard Total Intl Bd II Idx Insl 10.40
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $76,003.52 mil
Release date 12-31-2022
©2023 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
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
2035188 US Fund Target-Date
2035
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -16.52 15.90 6.29 11.62 14.79
2021 3.17 5.65 -0.87 4.55 12.96
2022 -5.66 -12.41 -6.09 7.45 -16.62
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -16.62 2.64 4.34 7.57 6.83
Std 12-31-2022 -16.62 — 4.34 7.57 6.83
Total Return -16.62 2.64 4.34 7.57 6.83
+/- Std Index -1.84 0.69 0.61 1.75 —
+/- Cat Index 1.14 0.69 0.37 0.43 —
% Rank Cat 37 55 49 29
No. in Cat 212 188 167 99
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 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
188 funds 167 funds 99 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 16.04 14.03 11.40
Mean 2.64 4.34 7.57
Sharpe Ratio 0.19 0.28 0.63
MPT Statistics Standard Index Best Fit Index
Morningstar
Lifetime Mod 2035
TR USD
Alpha 0.69 0.66
Beta 1.16 0.95
R-Squared 99.08 99.34
12-Month Yield 2.07%
Potential Cap Gains Exp 10.78%
4 4 4 4 4 4 4 4 4 4 4 4
82 85 83 81 81 79 77 75 75 75 70 66
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2035 Fund
23,354
Category Average
21,414
Standard Index
19,843
& * & & * * * * * * ) *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

12.51 14.09 16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 19.35 NAV/Price -2.24 15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 Total Return % -2.83 3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.84 +/- Standard Index

0.04 -0.20 0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 1.14 +/- Category Index 19 40 23 10 37 32 35 32 42 43 79 37 % Rank Cat
139 154 181 185 205 195 208 221 229 207 213 212 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.92 8.21 5.28
US Stocks 40.88 40.88 0.00
Non-US Stocks 28.75 28.75 0.00
Bonds 27.41 27.42 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 105.29 5.29
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.94
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.91
Geo Avg Mkt Cap
$mil
56668 1.37 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.45
Avg Wtd Price 89.56
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.43
AA 9.54
A 16.98
BBB 15.28
BB 0.00
B 0.00
Below B 0.38
NR 0.39
Regional Exposure Stocks % Rel Std Index
Americas 63.0 1.02
Greater Europe 18.1 0.99
Greater Asia 19.0 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
11,031 Total Stocks , 16,969 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
Y 178 mil Vanguard Total Stock Mkt Idx Instl 42.54
Y 1,322 mil Vanguard Total Intl Stock Index Inv 29.24
T 1,547 mil Vanguard Total Bond Market II Idx 18.77
T 242 mil Vanguard Total Intl Bd II Idx Insl 8.17
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $74,832.71 mil
Release date 12-31-2022
©2023 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
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
2040189 US Fund Target-Date
2040
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -18.25 17.29 6.80 12.76 15.47
2021 3.82 6.11 -0.98 5.02 14.56
2022 -5.66 -13.17 -6.33 8.20 -16.98
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -16.98 3.17 4.74 8.06 6.59
Std 12-31-2022 -16.98 — 4.74 8.06 6.59
Total Return -16.98 3.17 4.74 8.06 6.59
+/- Std Index -2.20 1.23 1.01 2.24 —
+/- Cat Index 0.39 0.64 0.38 0.50 —
% Rank Cat 36 50 45 26
No. in Cat 216 189 170 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.24 2.24
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 1.24 -0.60
Beta 1.25 0.86
R-Squared 98.83 99.42
12-Month Yield 2.09%
Potential Cap Gains Exp 10.64%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 88 86 84 83 82 83 76 74
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2040 Fund
24,438
Category Average
21,819
Standard Index
19,843
& * & & * * & * * * ) *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

20.50 23.18 28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 34.00 NAV/Price -2.55 15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 Total Return % -3.14 3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 +/- Standard Index

0.30 -0.15 1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 0.39 +/- Category Index 19 31 15 12 43 27 25 37 43 40 81 36 % Rank Cat
202 204 218 227 237 221 234 239 241 218 215 216 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.84 6.70 3.86
US Stocks 45.29 45.29 0.00
Non-US Stocks 31.70 31.70 0.00
Bonds 20.13 20.14 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 103.87 3.87
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.95
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.92
Geo Avg Mkt Cap
$mil
56761 1.38 0.90
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.82
Avg Wtd Coupon 2.45
Avg Wtd Price 89.56
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.51
AA 9.50
A 16.95
BBB 15.27
BB 0.00
B 0.00
Below B 0.38
NR 0.39
Regional Exposure Stocks % Rel Std Index
Americas 63.1 1.02
Greater Europe 18.0 0.99
Greater Asia 18.9 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
11,088 Total Stocks , 16,399 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
Y 169 mil Vanguard Total Stock Mkt Idx Instl 46.78
Y 1,263 mil Vanguard Total Intl Stock Index Inv 32.25
T 983 mil Vanguard Total Bond Market II Idx 13.77
T 153 mil Vanguard Total Intl Bd II Idx Insl 5.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $64,733.14 mil
Release date 12-31-2022
©2023 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
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
2045188 US Fund Target-Date
2045
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.88 18.70 7.36 13.90 16.30
2021 4.47 6.55 -1.08 5.49 16.16
2022 -5.67 -13.93 -6.51 8.89 -17.36
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.36 3.74 5.14 8.34 7.40
Std 12-31-2022 -17.36 — 5.14 8.34 7.40
Total Return -17.36 3.74 5.14 8.34 7.40
+/- Std Index -2.58 1.79 1.41 2.52 —
+/- Cat Index -0.29 0.82 0.56 0.64 —
% Rank Cat 31 37 34 21
No. in Cat 212 188 167 98
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-18-23 2.26 2.26
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 1.84 -0.15
Beta 1.34 0.92
R-Squared 98.52 99.59
12-Month Yield 2.11%
Potential Cap Gains Exp 13.04%
4 4 4 4 4 4 4 4 4 4 4 4
84 89 89 88 89 88 88 88 89 90 84 82
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2045 Fund
25,101
Category Average
22,914
Standard Index
19,843
& * * & * * * * * * ( *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

12.87 14.55 17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 22.82 NAV/Price -2.51 15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 Total Return % -3.11 3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 +/- Standard Index

0.67 -0.26 1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 -0.29 +/- Category Index 14 43 26 12 42 28 26 43 43 36 68 31 % Rank Cat
139 145 180 185 206 195 208 221 229 207 213 212 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.69 5.17 2.48
US Stocks 49.69 49.69 0.00
Non-US Stocks 34.62 34.62 0.00
Bonds 12.96 12.97 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 102.49 2.49
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.95
P/C Ratio TTM 10.9 1.01 0.95
P/B Ratio TTM 2.2 1.07 0.93
Geo Avg Mkt Cap
$mil
56844 1.38 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.82
Avg Wtd Coupon 2.45
Avg Wtd Price —
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.61
AA 9.46
A 16.91
BBB 15.26
BB 0.00
B 0.00
Below B 0.38
NR 0.38
Regional Exposure Stocks % Rel Std Index
Americas 63.2 1.02
Greater Europe 18.0 0.99
Greater Asia 18.9 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
11,135 Total Stocks , 15,315 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
Y 172 mil Vanguard Total Stock Mkt Idx Instl 50.84
Y 1,291 mil Vanguard Total Intl Stock Index Inv 35.22
T 594 mil Vanguard Total Bond Market II Idx 8.89
T 91 mil Vanguard Total Intl Bd II Idx Insl 3.80
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $60,448.67 mil
Release date 12-31-2022
©2023 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
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
2050189 US Fund Target-Date
2050
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.86 18.67 7.35 14.01 16.39
2021 4.53 6.61 -1.11 5.63 16.41
2022 -5.65 -14.21 -6.64 9.23 -17.46
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.46 3.80 5.18 8.36 6.79
Std 12-31-2022 -17.46 — 5.18 8.36 6.79
Total Return -17.46 3.80 5.18 8.36 6.79
+/- Std Index -2.68 1.85 1.45 2.54 —
+/- Cat Index -0.55 0.76 0.56 0.68 —
% Rank Cat 29 36 37 22
No. in Cat 213 189 170 95
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.26 2.26
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 1.90 -0.11
Beta 1.35 0.93
R-Squared 98.59 99.62
12-Month Yield 2.12%
Potential Cap Gains Exp 9.24%
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
25,136
Category Average
22,692
Standard Index
19,843
& * * & * * * * * * ( *
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

20.41 23.09 28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 37.80 NAV/Price -2.54 15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 Total Return % -3.13 3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 +/- Standard Index

0.93 -0.35 1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 -0.55 +/- Category Index 14 44 30 16 45 29 38 37 47 37 74 29 % Rank Cat
168 177 202 212 226 213 230 239 241 217 215 213 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.64 4.46 1.82
US Stocks 51.89 51.89 0.00
Non-US Stocks 36.11 36.11 0.00
Bonds 9.33 9.33 0.00
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.82 1.82
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.94
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.92
Geo Avg Mkt Cap
$mil
56869 1.38 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.45
Avg Wtd Price —
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.39
AA 9.56
A 16.99
BBB 15.28
BB 0.00
B 0.00
Below B 0.39
NR 0.39
Regional Exposure Stocks % Rel Std Index
Americas 63.2 1.02
Greater Europe 18.0 0.99
Greater Asia 18.8 0.94
Share Chg
since
11-2022
Share
Amount
Holdings :
11,141 Total Stocks , 14,309 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 144 mil Vanguard Total Stock Mkt Idx Instl 52.72
Y 1,087 mil Vanguard Total Intl Stock Index Inv 36.88
T 348 mil Vanguard Total Bond Market II Idx 6.48
Y 54 mil Vanguard Total Intl Bd II Idx Insl 2.79
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $48,606.42 mil
Release date 12-31-2022
©2023 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
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
2055188 US Fund Target-Date
2055
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.89 18.64 7.38 13.97 16.32
2021 4.54 6.61 -1.11 5.65 16.44
2022 -5.69 -14.19 -6.63 9.23 -17.46
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.46 3.79 5.18 8.34 8.97
Std 12-31-2022 -17.46 — 5.18 8.34 8.97
Total Return -17.46 3.79 5.18 8.34 8.97
+/- Std Index -2.68 1.84 1.44 2.52 —
+/- Cat Index -0.53 0.79 0.62 0.75 —
% Rank Cat 24 38 39 25
No. in Cat 212 188 167 80
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.26 2.26
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 1.89 -0.12
Beta 1.35 0.93
R-Squared 98.60 99.63
12-Month Yield 2.10%
Potential Cap Gains Exp 2.34%
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
25,165
Category Average
23,473
Standard Index
19,843
& * * & ( * * * ( * ) &
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

21.86 24.80 30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 42.17 NAV/Price -2.27 15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 Total Return % -2.86 3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 +/- Standard Index

1.48 -0.42 1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 -0.53 +/- Category Index 9 48 36 16 53 27 48 37 51 41 78 24 % Rank Cat
235 102 130 156 238 193 206 221 229 207 213 212 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.73 4.52 1.79
US Stocks 51.89 51.89 0.00
Non-US Stocks 36.04 36.04 0.00
Bonds 9.30 9.30 0.00
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.80 1.80
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.96
P/C Ratio TTM 10.9 1.01 0.95
P/B Ratio TTM 2.2 1.07 0.94
Geo Avg Mkt Cap
$mil
56904 1.38 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.82
Avg Wtd Coupon 2.45
Avg Wtd Price —
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.57
AA 9.48
A 16.93
BBB 15.26
BB 0.00
B 0.00
Below B 0.38
NR 0.38
Regional Exposure Stocks % Rel Std Index
Americas 63.2 1.02
Greater Europe 18.0 0.99
Greater Asia 18.8 0.94
Share Chg
since
11-2022
Share
Amount
Holdings :
11,141 Total Stocks , 14,287 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 89 mil Vanguard Total Stock Mkt Idx Instl 52.67
Y 673 mil Vanguard Total Intl Stock Index Inv 36.78
T 216 mil Vanguard Total Bond Market II Idx 6.46
T 33 mil Vanguard Total Intl Bd II Idx Insl 2.76
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.00
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $30,271.36 mil
Release date 12-31-2022
©2023 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
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
2060183 US Fund Target-Date
2060
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.86 18.61 7.39 13.96 16.32
2021 4.54 6.61 -1.11 5.66 16.44
2022 -5.68 -14.19 -6.64 9.23 -17.46
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.46 3.79 5.18 8.34 8.59
Std 12-31-2022 -17.46 — 5.18 8.34 8.59
Total Return -17.46 3.79 5.18 8.34 8.59
+/- Std Index -2.68 1.84 1.44 2.52 —
+/- Cat Index -0.48 0.86 0.71 0.85 —
% Rank Cat 25 43 46 1
No. in Cat 212 183 157 1
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.26 2.26
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 1.89 -0.12
Beta 1.35 0.93
R-Squared 98.59 99.62
12-Month Yield 2.09%
Potential Cap Gains Exp -2.09%
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
24,516
Category Average
23,935
Standard Index
18,991
_ _ & & ( & ( * ( * ) &
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History — 21.81 26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 38.83 NAV/Price — — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 Total Return % — — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 +/- Standard Index — — 2.17 2.63 1.80 -2.03 0.30 0.82 0.00 3.43 0.12 -0.48 +/- Category Index — — 1 1 71 21 53 34 66 42 81 25 % Rank Cat
— — 1 9 43 106 160 201 216 257 208 212 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.86 4.67 1.81
US Stocks 51.88 51.88 0.00
Non-US Stocks 35.94 35.94 0.00
Bonds 9.27 9.28 0.00
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.81 1.81
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.94
P/C Ratio TTM 10.9 1.01 0.94
P/B Ratio TTM 2.2 1.07 0.92
Geo Avg Mkt Cap
$mil
56952 1.38 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.45
Avg Wtd Price —
Credit Quality Breakdown 11-30-2022 Bond %
AAA 57.39
AA 9.56
A 16.99
BBB 15.28
BB 0.00
B 0.00
Below B 0.39
NR 0.39
Regional Exposure Stocks % Rel Std Index
Americas 63.3 1.02
Greater Europe 17.9 0.99
Greater Asia 18.8 0.94
Share Chg
since
11-2022
Share
Amount
Holdings :
11,141 Total Stocks , 14,319 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 45 mil Vanguard Total Stock Mkt Idx Instl 52.73
T 338 mil Vanguard Total Intl Stock Index Inv 36.72
T 108 mil Vanguard Total Bond Market II Idx 6.44
T 17 mil Vanguard Total Intl Bd II Idx Insl 2.80
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.00
p Industrials 11.3 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $15,318.32 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
50 Vanguard Target Retirement
2065 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
2065+51 US Fund Target-Date
2065+
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -19.92 18.59 7.36 13.95 16.17
2021 4.55 6.61 -1.11 5.66 16.46
2022 -5.63 -14.20 -6.60 9.24 -17.39
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.39 3.78 5.15 — 6.42
Std 12-31-2022 -17.39 — 5.15 — 6.42
Total Return -17.39 3.78 5.15 — 6.42
+/- Std Index -2.62 1.83 1.42 — —
+/- Cat Index -0.41 0.85 0.69 — —
% Rank Cat 16 47 49 —
No. in Cat 162 51 14 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 12-31-22 2.25 2.25
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 1.88 -0.13
Beta 1.35 0.93
R-Squared 98.58 99.63
12-Month Yield 2.00%
Potential Cap Gains Exp -11.77%
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
13,850
Category Average
13,701
Standard Index
12,667
_ _ _ _ _ _ _ & ) ( ) &
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History — — — — — — 21.70 19.61 24.05 27.50 31.42 25.44 NAV/Price — — — — — — — -7.95 24.96 16.17 16.46 -17.39 Total Return % — — — — — — — -3.19 5.94 3.35 6.26 -2.62 +/- Standard Index — — — — — — — 0.75 0.00 3.28 0.13 -0.41 +/- Category Index — — — — — — — 25 79 63 76 16 % Rank Cat
— — — — — — — 16 17 53 134 162 No. of Funds in Cat
Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 2.99 4.90 1.91
US Stocks 52.34 52.34 0.00
Non-US Stocks 35.51 35.51 0.00
Bonds 9.11 9.12 0.00
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.91 1.91
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.98
P/C Ratio TTM 10.9 1.01 0.98
P/B Ratio TTM 2.2 1.07 0.96
Geo Avg Mkt Cap
$mil
57351 1.39 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.85
Avg Wtd Coupon 2.43
Avg Wtd Price —
Credit Quality Breakdown 11-30-2022 Bond %
AAA 56.39
AA 10.05
A 17.35
BBB 15.38
BB 0.00
B 0.00
Below B 0.41
NR 0.41
Regional Exposure Stocks % Rel Std Index
Americas 63.7 1.03
Greater Europe 17.7 0.97
Greater Asia 18.6 0.93
Share Chg
since
11-2022
Share
Amount
Holdings :
11,141 Total Stocks , 14,350 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 11 mil Vanguard Total Stock Mkt Idx Instl 52.87
T 79 mil Vanguard Total Intl Stock Index Inv 36.51
T 25 mil Vanguard Total Bond Market II Idx 6.27
T 4 mil Vanguard Total Intl Bd II Idx Insl 2.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.3 0.88
r Basic Materials 5.1 0.93
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.00
p Industrials 11.3 0.98
a Technology 18.5 1.34
k Defensive 23.1 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 5.5 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: $3,616.97 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
51 Vanguard Target Retirement
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
Retirement145 US Fund Target-Date
Retirement
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -5.91 7.84 3.12 5.15 10.02
2021 0.08 3.23 -0.13 2.01 5.25
2022 -4.77 -7.37 -4.64 3.74 -12.74
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -12.74 0.34 2.30 3.62 4.57
Std 12-31-2022 -12.74 — 2.30 3.62 4.57
Total Return -12.74 0.34 2.30 3.62 4.57
+/- Std Index 2.03 -1.60 -1.43 -2.20 —
+/- Cat Index -0.50 -1.11 -0.65 -0.20 —
% Rank Cat 54 38 36 40
No. in Cat 161 145 127 81
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 2.91 2.91
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
145 funds 127 funds 81 funds
Morningstar RatingTM 4Q 4Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 8.59 7.16 5.62
Mean 0.34 2.30 3.62
Sharpe Ratio -0.02 0.17 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -1.37 -0.61
Beta 0.61 0.84
R-Squared 94.85 98.74
12-Month Yield 2.70%
Potential Cap Gains Exp 3.19%
7 7 4 4 4 4 4 4 4 4 4 4
62 61 66 66 68 68 67 69 67 68 64 61
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,254
Category Average
15,186
Standard Index
19,843
& ( ( & & * ( & * * ( (
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

11.53 12.19 12.50 12.91 12.45 12.81 13.55 12.75 14.05 14.93 14.46 12.24 NAV/Price

5.25 8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 Total Return %

4.66 -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 +/- Standard Index

1.12 -0.56 -0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 -0.50 +/- Category Index 9 67 56 19 7 41 62 21 49 36 65 54 % Rank Cat
260 281 293 272 172 171 175 187 183 168 167 161 No. of Funds in Cat Portfolio Analysis 12-31-2022 Top Holdings 11-30-2022
Asset Allocation % Net % Long % Short %
Cash 3.60 13.85 10.25
US Stocks 16.96 16.96 0.00
Non-US Stocks 11.83 11.83 0.00
Bonds 67.58 67.60 0.02
Other/Not Clsfd 0.02 0.02 0.00
Total 100.00 110.27 10.27
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 1.03 0.97
P/C Ratio TTM 10.9 1.01 0.99
P/B Ratio TTM 2.2 1.07 0.98
Geo Avg Mkt Cap
$mil
56815 1.38 0.98
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.45
Avg Eff Duration 5.81
Avg Wtd Coupon 1.99
Avg Wtd Price 91.13
Credit Quality Breakdown 11-30-2022 Bond %
AAA 66.95
AA 7.47
A 13.17
BBB 11.80
BB 0.00
B 0.00
Below B 0.30
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.1 1.02
Greater Europe 18.0 0.99
Greater Asia 18.9 0.95
Share Chg
since
11-2022
Share
Amount
Holdings :
10,090 Total Stocks , 17,799 Total Fixed-Income,
19% Turnover Ratio
Net Assets
%
T 1,463 mil Vanguard Total Bond Market II Idx 36.64
Y 36 mil Vanguard Total Stock Mkt Idx Instl 17.76
Y 253 mil Vanguard Shrt-Term Infl-Prot Sec I 16.12
Y 229 mil Vanguard Total Intl Bd II Idx Insl 15.97
Y 271 mil Vanguard Total Intl Stock Index Inv 12.37
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.4 0.88
r Basic Materials 5.1 0.94
t Consumer Cyclical 10.7 0.97
y Financial Services 16.1 0.98
u Real Estate 3.5 0.49
j Sensitive 41.6 1.16
i Communication Services 6.4 1.23
o Energy 5.4 1.01
p Industrials 11.4 0.99
a Technology 18.4 1.33
k Defensive 23.0 0.96
s Consumer Defensive 7.2 0.97
d Healthcare 12.8 1.00
f Utilities 3.0 0.81
Operations
Family: Vanguard
Manager: Multiple
Tenure: 9.9 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: $36,654.33 mil
Release date 12-31-2022
©2023 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security, and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc. including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report. ß®
52 Vanguard 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
1,131 US Fund Large Growth
Performance 12-31-2022
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 -11.98 35.72 15.75 14.80 58.74
2021 -1.28 12.85 -1.40 2.37 12.45
2022 -15.08 -27.19 -1.64 -0.65 -39.58
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -39.58 2.55 7.72 12.23 6.39
Std 12-31-2022 -39.58 — 7.72 12.23 6.39
Total Return -39.58 2.55 7.72 12.23 6.39
+/- Std Index -21.47 -5.11 -1.70 -0.33 —
+/- Cat Index -10.44 -5.23 -3.24 -1.87 —
% Rank Cat 92 77 64 41
No. in Cat 1235 1131 1054 804
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-19-23 0.56 0.56
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 % 0.23
12b1 Expense % NA
Net Expense Ratio % 0.23
Gross Expense Ratio % 0.23
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,131 funds 1,054 funds 804 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk High +Avg +Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 27.34 23.53 18.22
Mean 2.55 7.72 12.23
Sharpe Ratio 0.19 0.38 0.68
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -4.84 -3.14
Beta 1.16 1.10
R-Squared 80.60 95.50
12-Month Yield 0.49%
Potential Cap Gains Exp 19.29%
7 7 7 7 7 7 7 7 7 7 7 7
96 98 97 95 94 95 95 94 95 97 97 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard US Growth
Admiral™
37,379
Category Average
33,023
Standard Index
38,680
* & * & & ) & & * & ) )
Performance Quartile
(within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History

46.73 55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 NAV/Price -0.53 18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 Total Return % -2.64 2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 +/- Standard Index -3.17 3.29 2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -10.44 +/- Category Index 34 16 30 18 12 82 23 21 37 7 86 92 % Rank Cat
1683 1681 1712 1710 1681 1463 1363 1405 1360 1289 1237 1235 No. of Funds in Cat Portfolio Analysis 10-31-2022
Asset Allocation % Net % Long % Short %
Cash 3.39 3.39 0.00
US Stocks 92.51 92.51 0.00
Non-US Stocks 3.92 3.92 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.18 0.18 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 25.9 1.36 1.09
P/C Ratio TTM 20.8 1.46 1.16
P/B Ratio TTM 6.7 1.86 1.02
Geo Avg Mkt Cap
$mil
158615 0.98 0.60
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 97.9 0.99
Greater Europe 2.1 1.89
Greater Asia 0.0 0.00
Share Chg
since
09-2022
Share
Amount
Holdings :
282 Total Stocks , 0 Total Fixed-Income,
23% Turnover Ratio
Net Assets
%
Y 18 mil Apple Inc 8.46
T 10 mil Microsoft Corp 6.78
18 mil Amazon.com Inc 5.73
Y 7 mil Tesla Inc 4.93
T 10 mil Alphabet Inc Class C 2.98
T 3 mil Mastercard Inc Class A 2.53
T 1 mil UnitedHealth Group Inc 2.26
Y 5 mil NVIDIA Corp 2.05
3 mil Visa Inc Class A 1.74
Y 11 mil The Trade Desk Inc Class A 1.73
3 mil Salesforce Inc 1.40
T 5 mil Alphabet Inc Class A 1.38
Y 3 mil Moderna Inc 1.32
1 mil Netflix Inc 1.23
Y 709,501 Costco Wholesale Corp 1.09
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.9 1.04
r Basic Materials 0.3 0.11
t Consumer Cyclical 19.4 2.03
y Financial Services 8.1 0.58
u Real Estate 2.2 0.77
j Sensitive 50.9 1.14
i Communication Services 8.3 1.14
o Energy 1.4 0.26
p Industrials 4.6 0.51
a Technology 36.6 1.59
k Defensive 19.2 0.72
s Consumer Defensive 3.6 0.47
d Healthcare 15.6 0.98
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.3 Years
Objective: Growth
Base Currency: USD
Ticker: VWUAX
ISIN: US9219106005
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $30,293.88 mil
Release date 12-31-2022
©2023 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 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 12-31-2022
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 — — -4.50 8.45 — 10.72 06-28-2013 NA NA 0.70 0.70 NA Fidelity® 500 Index — — -18.13 9.41 12.55 11.57 05-04-2011 NA NA 0.02 0.02 NA Fidelity® Mid Cap Index — — -17.28 7.10 10.95 11.60 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Small Cap Index — — -20.27 4.22 9.17 10.19 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Total International Index — — -16.28 0.96 — 4.62 06-07-2016 NA NA 0.06 0.06 NA Fidelity® US Bond Index — — -13.03 -0.02 1.01 1.71 05-04-2011 NA NA 0.03 0.03 NA MFS Mid Cap Growth R6 — — -28.29 9.19 — 12.10 01-02-2013 NA NA 0.661 0.67 NA Release date 12-31-2022
©2023 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 Annualized returns 12-31-2022
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 Value R6 — — -5.80 7.64 11.29 8.19 05-01-2006 NA NA 0.432 0.44 NA Sterling Capital Total Return Bond R6 — — -13.15 — — 0.71 02-01-2018 NA NA 0.353 0.46 NA Vanguard International Growth Adm — — -30.79 4.75 7.84 7.12 08-13-2001 NA NA 0.34 0.34 NA Vanguard International Value Inv — — -11.66 1.36 4.31 8.07 05-16-1983 NA NA 0.36 0.36 NA Vanguard Target Retirement 2020 Fund — — -14.15 3.22 5.83 5.52 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2025 Fund — — -15.55 3.58 6.43 6.13 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2030 Fund — — -16.27 3.94 6.99 6.02 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2035 Fund — — -16.62 4.34 7.57 6.83 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2040 Fund — — -16.98 4.74 8.06 6.59 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2045 Fund — — -17.36 5.14 8.34 7.40 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2050 Fund — — -17.46 5.18 8.36 6.79 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2055 Fund — — -17.46 5.18 8.34 8.97 08-18-2010 NA NA 0.08 0.08 NA Vanguard Target Retirement 2060 Fund — — -17.46 5.18 8.34 8.59 01-19-2012 NA NA 0.08 0.08 NA Vanguard Target Retirement 2065 Fund — — -17.39 5.15 — 6.42 07-12-2017 NA NA 0.08 0.08 NA Vanguard Target Retirement Income Fund — — -12.74 2.30 3.62 4.57 10-27-2003 NA NA 0.08 0.08 NA Vanguard US Growth Admiral™ — — -39.58 7.72 12.23 6.39 08-13-2001 NA NA 0.23 0.23 NA Bloomberg US Agg Bond TR USD -13.01 0.02 1.06 — 01-03-1980 Bloomberg US Universal TR USD -12.99 0.18 1.33 — 12-31-1998 Morningstar Gbl xUS Val TME NR USD -9.04 — — — 11-24-2021 Morningstar Lifetime Mod 2020 TR USD -16.77 3.02 5.16 — 02-18-2009 Morningstar Lifetime Mod 2025 TR USD -17.58 3.20 5.79 — 02-18-2009 Morningstar Lifetime Mod 2030 TR USD -17.94 3.54 6.51 — 02-18-2009 Morningstar Lifetime Mod 2035 TR USD -17.75 3.97 7.14 — 02-18-2009 Morningstar Lifetime Mod 2040 TR USD -17.37 4.36 7.55 — 02-18-2009 Morningstar Lifetime Mod 2045 TR USD -17.06 4.58 7.70 — 02-18-2009 Morningstar Lifetime Mod 2050 TR USD -16.91 4.62 7.68 — 02-18-2009 Morningstar Lifetime Mod 2055 TR USD -16.93 4.55 7.59 — 02-18-2009 Morningstar Lifetime Mod 2060 TR USD -16.98 4.46 — — 06-23-2014 Morningstar Lifetime Mod Incm TR
USD
-12.24 2.95 3.82 — 02-18-2009
Morningstar Mod Tgt Risk TR USD -14.77 3.73 5.82 — 02-18-2009 Morningstar US Core Bd TR USD -12.99 — — — 05-01-2019
Morningstar US LM Brd Growth TR
USD
-31.71 — — — 12-21-2020
Morningstar US LM Brd Val TR USD -6.93 — — — 12-21-2020 Morningstar US Mid Brd Grt TR USD -25.83 — — — 12-21-2020 Morningstar US Mod Con Tgt Alloc NR
USD
-14.06 — — — 06-30-2020
MSCI ACWI Ex USA Growth NR USD -23.05 1.49 4.68 — 01-01-2001 MSCI ACWI Ex USA NR USD -16.00 0.88 3.80 — 01-01-2001
MSCI ACWI Ex USA Value NR USD -8.59 -0.05 2.72 — 01-01-2001 MSCI ACWI NR USD -18.36 5.23 7.98 — 01-01-2001
MSCI EAFE NR USD -14.45 1.54 4.67 — 03-31-1986
Russell 1000 Growth TR USD -29.14 10.96 14.10 — 01-01-1987 Russell 1000 TR USD -19.13 9.13 12.37 — 12-31-1978
Russell 1000 Value TR USD -7.54 6.67 10.29 — 01-01-1987 Russell 2000 TR USD -20.44 4.13 9.01 — 12-31-1978
Russell Mid Cap Growth TR USD -26.72 7.64 11.41 — 02-01-1995 Russell Mid Cap TR USD -17.32 7.10 10.96 — 12-31-1978
Russell Mid Cap Value TR USD -12.03 5.72 10.11 — 12-31-1985 S&P 500 TR USD -18.11 9.42 12.56 — 01-30-1970
USTREAS T-Bill Auction Ave 3 Mon 2.13 1.34 0.82 — 02-28-1941

1. Contractual waiver; Expires 12-31-2023

2. Contractual waiver; Expires 12-31-2023

3. Contractual waiver; Expires 01-31-2023
Release date 12-31-2022
©2023 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 Annualized returns 12-31-2022
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 -6.63 6.90 — 8.93 06-28-2013 -1.61 6.33 — 8.15 Fidelity® 500 Index -18.68 8.79 11.82 10.82 05-04-2011 -10.73 7.26 10.18 9.38 Fidelity® Mid Cap Index -17.91 6.31 10.08 10.77 09-08-2011 -10.17 5.41 8.77 9.44 Fidelity® Small Cap Index -20.68 3.42 8.20 9.25 09-08-2011 -12.00 3.14 7.19 8.15 Fidelity® Total International Index -17.12 0.26 — 3.91 06-07-2016 -9.64 0.58 — 3.42 Fidelity® US Bond Index -13.54 -0.74 0.10 0.76 05-04-2011 -7.38 -0.09 0.48 1.02 MFS Mid Cap Growth R6 -28.29 8.57 — 11.15 01-02-2013 -16.75 7.12 — 9.77 MFS Value R6 -7.78 6.21 9.79 6.93 05-01-2006 -2.61 5.53 8.74 6.31 Sterling Capital Total Return Bond R6 -14.14 — — -0.62 02-01-2018 -7.77 — — 0.05 Vanguard International Growth Adm -31.83 3.30 6.80 6.14 08-13-2001 -17.43 3.82 6.30 5.82 Vanguard International Value Inv -12.26 0.38 3.44 6.14 05-16-1983 -6.54 0.87 3.17 6.04 Vanguard Target Retirement 2020 Fund -15.36 1.25 4.34 4.39 06-07-2006 -7.92 2.33 4.38 4.26 Vanguard Target Retirement 2025 Fund -16.29 2.05 5.15 5.18 10-27-2003 -8.95 2.64 4.89 4.84 Vanguard Target Retirement 2030 Fund -16.88 2.52 5.82 5.14 06-07-2006 -9.40 2.96 5.40 4.75 Vanguard Target Retirement 2035 Fund -17.25 2.87 6.35 5.96 10-27-2003 -9.57 3.31 5.90 5.53 Vanguard Target Retirement 2040 Fund -17.58 3.28 6.90 5.73 06-07-2006 -9.79 3.66 6.36 5.29 Vanguard Target Retirement 2045 Fund -17.97 3.89 7.29 6.63 10-27-2003 -9.98 3.97 6.59 6.07 Vanguard Target Retirement 2050 Fund -18.00 4.06 7.41 6.05 06-07-2006 -10.08 3.99 6.61 5.47 Vanguard Target Retirement 2055 Fund -17.96 4.19 7.50 8.21 08-18-2010 -10.11 3.97 6.62 7.28 Vanguard Target Retirement 2060 Fund -17.94 4.38 7.61 7.90 01-19-2012 -10.12 3.93 6.60 6.87 Vanguard Target Retirement 2065 Fund -17.85 4.61 — 5.88 07-12-2017 -10.09 3.92 — 4.94 Vanguard Target Retirement Income Fund -13.67 0.94 2.44 3.43 10-27-2003 -7.40 1.47 2.49 3.28 Vanguard US Growth Admiral™ -39.65 6.10 10.73 5.66 08-13-2001 -23.38 6.20 10.03 5.30 Release date 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 12-31-2022
©2023 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 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 © 2023 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 12-31-2022
©2023 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 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.

Morningstar Gbl xUS Val TME NR USD
The index measures the performance of large and mid-cap stocks representing global markets excluding US stocks with lower valuations. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

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 Core Bd TR USD
The index measures the performance of fixed-rate, investment-grade USD- denominated securities with maturities greater than one year. It is market- capitalization weighted. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

Morningstar US LM Brd Growth 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 LM 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 Governance (ESG) criteria.

Morningstar US Mid 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 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 Release date 12-31-2022
©2023 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®
64 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 Ex USA Value NR USD
The index measures the performance of the value 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 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.

MSCI EAFE NR USD
This Europe, Australasia, and Far East index is a market-capitalization-weighted index of 21 non-U.S., industrialized country indexes.

This disclosure applies to all MSCI indices: Certain information included herein is derived by Morningstar in part from MSCI’s Index Constituents (the “Index Data”). However, MSCI has not reviewed any information contained herein and does not endorse or express any opinion such information or analysis. MSCI does not make any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom, and in no event will MSCI have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) relating to any use of this information. The constituents displayed for this index are from the following proxy: Schwab International Index Fund®.

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.

USTREAS T-Bill Auction Ave 3 Mon
Three-month T-bills are government-backed, short-term investments considered to be risk-free and as good as cash because the maturity is only three months.

Morningstar collects yields on the T-bill on a weekly basis from the Wall Street Journal.

Release date 12-31-2022
©2023 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®
65 Important Disclosures:

The material in this Report is not to be reproduced or distributed to any other persons (other than professional advisors of the investors) and is intended solely for the use of the persons to whom it has been delivered. This material is not for distribution to the general public.

This information is being provided as a service of your Hyas Group Consultant and does not supersede or replace your customer account statement provided by your custodian (“Custodial Statement”). Information in this Report may vary from the information in your Custodial Statement as a result of differences in accounting procedures, reporting dates, or valuation methodologies of certain securities. The market values reflected in this Report may vary slightly from the market values in your Custodial Statement. The information in this Report is as of the date(s) noted and subject to daily market fluctuation.

Sources of Information. Material in this Report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness, or timeliness.

The performance produced herein is calculated utilizing custodian data downloads and manually entered material. Although we take every precaution to ensure accuracy, we are not able to guarantee complete accuracy.

No Tax or Legal Advice . When Hyas Group, its affiliates and Hyas Group Consultants provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”) , Hyas Group is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Hyas Group provides investment education or otherwise does not provide “investment advice”, Hyas Group will not be considered a “fiduciary” under ERISA and/or the Code. Tax laws are complex and subject to change. Hyas Group does not provide tax or legal advice.

Key Asset Class Risk Disclosures. Investing involves market risk, including possible loss of principal. Please refer to Hyas Group’s Form ADV Brochure for more information about the risks associated with certain investment products. The Hyas Group’s Form ADV Brochure is available upon request.

ALL MUTUAL FUND PRODUCTS AND EXCHANGE -TRADED FUNDS ARE SOLD BY PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION ABOUT A FUND, ITS EXPENSES AND MATERIAL RISKS RELATED TO THAT FUND’S INVESTMENT STRATEGY.

PLEASE CONTACT YOUR HYAS GROUP CONSULTANT FOR A COPY OF A FUND’S PROSPECTUS.

PLEASE READ THE PROSPECTUS AND CONSIDER THE FUND’S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES CAREFULLY BEFORE INVEST ING. THE PROSPECTUS CONTAINS THIS AND OTHER IMPORTANT INFORMATION ABOUT THE FUND.

Performance. Performance results illustrated herein do not reflect a deduction of any investment advisory fees charged by Hyas Group or any investment manager but do include the fund’s internal expenses. Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest, and income. The investment results depicted herein represent historical performance. As a result of recent market a ctivity, current performance may vary from the figures shown. Past performance is not a guarantee of future results.

The underlying fund’s internal expenses (also known as the expense ratio) generally covers investment management fees, marketing, and distribution fees (also known as 12b- 1 fees) and other operating expenses of the fund. The expense ratios being displayed for mutual funds reflect each fund's prosp ectus "net" expenses as provided by Morningstar.

Such "net" expenses are subject to change and may increase at any time.

To learn more about the Hyas Group advisory services, please see the Hyas Group ADV Brochure for more information. It is available from your Hyas Group Consultant. 66 Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund by visiting the fund company website. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fund fees and expenses.

Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, any applicable sales charges. These charges would lower the performance indicated above.

Each fund's performance may, from time to time, have been affected significantly by material market and economic conditions, including interest rates, market trends, and general business and economic cycles, which may or may not be repeated in the future. Also, keep in mind that any double-digit returns are highly unusual and cannot be sustained. Such returns are primarily achieved during favorable market conditions.

Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns include the reinvestment of all dividends, but do not reflect the payment of transaction costs, adv isory fees or expenses that are associated with an investment. The indices selected by Hyas Group to measure performance are representative of broad asset classes. Hyas Group retains the right to change representative indices at any time. Performance of indices may be more or less volatile than any investment product. The risk of loss in value of a specific investment is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a pa rticular investment a client se lects. Past performance does not guarantee future results.

The "Investment Policy Statement Compliance Report" indicates funds that are on the Plan's Watch List, as based on investment monitoring criteria which is provided to Hyas Group by the plan sponsor. The plan sponsor should inform its Hyas Group Consultant of any changes to the plan's investment policy.

Fund data provided by Morningstar.

Peer Groups. Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach. Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus i ts peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics.

Peer Group Ranking Methodology. A percentile rank denotes the value of a product in which a certain percent of observations falls within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on.

Percentile rankings are cal culated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics.

For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers.

In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile.

Hyas Group, a business of Morgan Stanley. © Morgan Stanley, 2022. 67 Investment Policy Statement Basics
Vincent Galindo, Senior Consultant
January 30, 2023
For Institutional Use Only – Not for Public Distribution

CITY OF VALLEJO RETIREMENT PLANS

 Forming a Committee
 Conduct meetings regularly
 Have a prudent process
 Document the process along the way
 Legal standard is process-based, not outcome based

FIDUCIARY BEST PRACTICES
01  Plan document
 Investment Policy Statement
 Fee Policy
 Education Policy

GOVERNANCE DOCUMENTS
02  A plan-specific document detailing the structure and management of a plan’s investments
 A roadmap for investment review
 Used by fiduciaries in the
- selection and termination of investments
- forming watch list criteria
 As a guide, the IPS is meant to be specific but not too specific - gives Committee discretion
 Should be reviewed – and possibly updated – annually

INVESTMENT POLICY STATEMENT (IPS)
03 Should Include:
 Delineation of responsibilities between the plan sponsor, investment consultant, record-keeper, and other
associated parties
 Declaration of which investments and investment vehicles may be used within the Plan
 Performance and qualitative criteria for selecting,
maintain, and removing investments
 Proxy-voting criteria
 It is to provide structure, method, and a written record thereof, to the fiduciary process of investment oversight

INVESTMENT POLICY STATEMENT (IPS)
04  The watch process is defined in the IPS
 Watch status is triggered when a plan’s investment fails performance and/or qualitative criteria stated in the IPS Examples of IPS Violations:
- failing performance criteria: an investment is underperforming its benchmark and peer group for the trailing five-year period
- failing qualitative criteria: a sudden departure of an investment’s lead manager, an increase in fees, and/or a significant decrease in assets  Watch indicates that an investment needs to cure an IPS violation to remain in the Plan
 A fund may remain on watch depending on the severity of the violation and the fund’s progress is curing

WATCH LIST
05  Generally an investment must be IPS compliant for two consecutive quarters for it to be removed from watch status
- At this point, the Committee may take the investment off watch status
- If an investment is removed from watch, it is in good standing  If an investment fails to cure its IPS violations within a reasonable timeframe, the Committee may elect to replace it
 In cases of replacement, the Hyas Group prepares a manager search report with alternative investment candidates
 The Committee may elect to replace the violating investment and the Hyas Group will help facilitates
transition process

REMOVAL FROM WATCH LIST
06 THANK YOU.

Vincent Galindo | Senior Consultant
[email protected]
503.929.9402
Disclaimers: When Hyas Group, its affiliates and Hyas Group Consultants provide “investment advice” regarding a qualified ret irement plan account, Hyas Group is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/o r the Internal Revenue Code of 1986 (the “Code”), as applicable. When Hyas Group provides investment education or otherwise does not provide “investment advice”, Hyas Group will not be considered a “fiduciary” under ERISA and/or the Code. Tax laws are complex and subject to change. Hyas Group does not provide tax or legal advice.

This document is intended solely for the use of the intended recipient(s), may be used solely for the purpose for which it was sent and contains proprietary information. The information contained in this document has been furnished for informational purposes and is subject to change without notification. By accepting delivery of this presentation, each recipient undertakes not to reproduce or distribute its contents in whole or in part, nor to disclose its contents (except to its professional advisers), without prior written consent of Hyas Group .

The information has been obtained from sources, we believe are reliable, Hyas Group and its affiliates do not guarantee its accuracy or completeness and accept no liability for direct or consequential losses arising from its use. Past performance shall not be used as an assurance of future results . Hyas Group including Morgan Stanley and its affiliates do not provide tax or legal advice .

Results of any sample client analyses, audits, case studies, or otherwise are representative only and are not necessarily indicative of all client results . Any fee savings, perceived favorable results, positive outcomes or otherwise are not guaranteed to and should be expected by any prospective client .

This document may contain forward -looking statements within the meaning of the federal securities laws. Forward -looking statements are those that predict or describe future events or trends and that do not relate solely to historical matters . Actual results could and likely will differ, sometimes materially, from those projected or anticipated . We are not undertaking any obligation to update or revise any forward looking statements whether as a result of new information, future events or otherwise .

You should not take any statements regarding past trends as a representation those trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements .
©2023 Morgan Stanley . Hyas Group is a business of Morgan Stanley & Co. CRC 5412704 -1/23

Vallejo City CouncilJanuary 30, 2023

Vallejo City Council
January 30, 2023