Vallejo City Council
April 24, 2023

Mond ay, Ap ril 2 4 th , 2023
Def erred
Com p e nsation
Meeti ng

2 M i ssi onSquare R eti rement
2 Plan Oversight & Strategy
T i mothy Oster | V i ce P resi dent, R el ati onshi p M anagement toster@ missionsq.org | 202.962.6938
Y our contact for strategic planning and results.

Em p lo ye e O utre a ch & Ed ucatio n
R y an B ertrand | R eti rement Pl an S peci al i st
rbertrand@ missionsq.org | 202.759.7187
Y our contact for the participant experience.

E mpl oyee Outreach & E ducati on Oversi ght
To m Axline | Re g io nal Dire cto r
taxline@ missionsq.org | 202.759.7012
Y our contact for the participant experience oversight.

Yo u r Te a m
3 M i ssi onSquare R eti rement
3 A genda
Q1’ 23 Pl an R evi ew
Accomplishments & R esults
2023 Strategy
Participant Engagement
4 Q1’ 23
Plan
R evi ew
5 M i ssi onSquare R eti rement
Plan Re sults
V isual Analytics for Y our Plan
-5.47% vs. 03/31/2022
6 M i ssi onSquare R eti rement
Contrib utions and Rollins – 457( b)
2021- 2023
104 employees contributing
256 employees contributing
236 employees contributing
7 M i ssi onSquare R eti rement
Participant Asset Allocation by Age
(03/31/2023)

8 M i ssi onSquare R eti rement
L oan Activity
Outstanding Balance $955,551
2018- 2023
9 M i ssi onSquare R eti rement
Plan E ducation and Outreach (Q1’ 23)
Ed ucatio n 29 (-12%)
RPS
Consultations
6 (up from 0)
CFP®
Consultations
12 C F P ® W e b i n a r s
with 9 A ttendees
Particip ation
& Sa ving s
23 Enro llm e nts
$702K
Plan Contributions
Retention $44K
In Ro llins (2)
$992K
in Ro ll O uts (6)
10 2023
Strategy
11 M i ssi onSquare R eti rement
Pulling It All To g e the r: Am I O n Tra ck?
I nvesting: Making Y our Savings Count
Goal B ased Programs
Fina ncia l We llne ss: Ne w Y e a r, Ne w Go a ls
January -March
R etirement 101: Understanding Y our Plan
Ap ril-June
J uly-September
October -December
Q1
Q2
Q3
Q4
Market Overview and R esponsive Communications
R PS Workshops
& Appointments
Fina ncia l Pla nning We b ina rs
& CFP® Consultations
Gui ded P athway s®
Ad viso ry Se rvice s
E-Newsl etter &
Em a ils
Mo b ile
Ap p
Fina ncia l We llne ss
Center
12 M i ssi onSquare R eti rement
12 CERTIFIEDFINANC IALPL ANNERÔ professionals provide
participants with clear and personalized guidance toward a more secure and conf ident f inancial f uture.

Financial Planning Webinars
Help participants journey to and through retirement.

V i ew the schedul e:
2023 Schedule (Pacific)
Sign up for webinars: w w w.m issionsq .org / cfp w e b inars N e w To p i c s :
 Me d icare
 T ax Planning
 How He alth Can Affe ct Y our
We alth in Re tire m e nt
 Q uarte rly Eco no m ic O ve rvie w
13 M i ssi onSquare R eti rement
JAN
 Financial Planning Basics: How to Set and Achieve Y our Goals  Effective Estate Planning: Protecting Y our Assets for the Future  Q uarte rly Eco no mic O ve rvie w
FEB
 Planning for the Future: T he Fundamentals of R etirement I nvesting  10 Questi ons f or S uccessf ul R eti rement: a Gui de f or the R eti ree  Nav i gati ng the Nex t Chapter: P repari ng f or Y our R eti rement  Social Security: Understanding Y our R etirement Benefit Options MAR
 Maximizing Y our I nvestments: Ensuring Y our R etirement is on T rack  T he I mportance of L ong T erm Care Planning in R etirement  Saving for College: T ips and Strategies to Plan Y our Child’ s Future  How Health Can Affect Wealth in R etirement
 T he M edi care P uz z l e: U nderstandi ng Y our M edi care Opti ons APR
 R eti rement 101: A Comprehensi v e Ov erv i ew
 Maximizing Y our R etirement T hrough T ax Planning
 T aking Y our Estate Planning to the Next L evel
 Q uarte rly Eco no mic O ve rvie w
MAY
 R etirement I ncome Planning: T ips to Help Make Y our Money L ast  10 Questi ons f or S uccessf ul R eti rement: a Gui de f or the R eti ree  An I ntroduction to Annuities
 M aki ng the M ost of S oci al S ecuri ty : R eti rement I ncome E nhanci ng S trategi es JUN
 Financial Planning Basics: How to Set and Achieve Y our Goals  College Funding: I nvesting in Y our Child’ s Future
 Nav i gati ng the Nex t Chapter: P repari ng f or Y our R eti rement  T he M edi care P uz z l e: U nderstandi ng Y our M edi care Opti ons 2023 CF P ® We b inars
Fo r p lan sp o nso r use o nly. No t fo r p ub lic d istrib utio n.

New
14 M i ssi onSquare R eti rement
JUL
 Maximizing Y our I nvestments: Ensuring Y our R etirement is on T rack  Effective Estate Planning: Protecting Y our Assets for the Future  Q uarte rly Eco no mic O ve rvie w
AUG
 R eti rement 101: A Comprehensi v e Ov erv i ew
 Women and Money: Preparing for Future Finances
 How Health Can Affect Wealth in R etirement
 Social Security: Understanding Y our R etirement Benefit Options SEPT
 T he I mportance of L ong T erm Care Planning in R etirement  R etirement I ncome Planning: T ips to Help Make Y our Money L ast  T he M edi care P uz z l e: U nderstandi ng Y our M edi care Opti ons OCT
 Making Every Dollar Count: T ips for Smart Spending
 Maximizing Y our R etirement T hrough T ax Planning
 T aking Y our Estate Planning to the Next L evel
 Q uarte rly Eco no mic O ve rvie w
NOV
 Financial Planning Basics: How to Set and Achieve Y our Goals  Nav i gati ng the Nex t Chapter: P repari ng f or Y our R eti rement  How Health Can Affect Wealth in R etirement
 Social Security: Understanding Y our R etirement Benefit Options DEC  Maximizing Y our I nvestments: Ensuring Y our R etirement is on T rack  T he M edi care P uz z l e: U nderstandi ng Y our M edi care Opti ons 2023 CF P ® We b inars
Fo r p lan sp o nso r use o nly. No t fo r p ub lic d istrib utio n.

New
15 Financial We llne ss Ce nte r
T ai l ored f or Government E mpl oyees

16 Amaya Fine
M i ssi onS quare R eti rement
Pla ns Sp e cia list
( 202) 759-7192
W e are here to serv e y our empl oy ees
We work around thei r schedul es.

17 M i ssi onSquare R eti rement
17 Questions?
18 A ppendi x
19 T ech C orner
20 M i ssi onSquare R eti rement
T ransition and New E xperience Update
Answering Y our Frequently Asked Questions
Why did you transition to a new system?
 Changes wer e made to upgrade our technol ogy and k eep Missio nSq uare we ll-positioned to serve you f or 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?
 Cal l Center v ol umes wer e hi gher than anti ci pated due to enhanced security f eatures.
 R eti r ees woul d hav e benef i ted f r om addi ti onal outr each to answer questions and provide support.
 Payroll challenges occurred due to customization of data f ormats and bank changes.
21 M i ssi onSquare R eti rement
T ransition and New E xperience Update
Answering Y our Frequently Asked Questions
What is the path forward?
 Call Ce nte r staffing i ncr eased, and new hi r es hav e r ecei v ed ad d itio nal training .
 Secure account features now include the ability to reset credentials online, reducing the need to call f or support.  Our Plan Health Dashboard will help you measure success and health of your plan, with benchmark comparisons. MissionSquare wi l l recommend sol uti ons to hel p y ou i mprov e pl an outcomes.  Th e Financial We llne ss Ce nte r p ro vid e s yo ur p articip ants a personal i z ed ex peri ence, i nteracti v e educati on r esour ces, and g am ificatio n, to he lp yo ur e m p lo ye e s re ach the ir re tire m e nt g o als. 22 M i ssi onSquare R eti rement
Conf idential: For use with plan sponsors and consultants only.

E mpl oyer R esource C enter
Y our Gui de to the T echnol ogy , P r ocesses, and S erv i ces H er e to H el p Y ou and Y our E mpl oy ees
www.mi ssi onsq.org/E mpl oyerR esourceC enter

23 Financial We llne ss Ce nte r
T ai l ored f or Government E mpl oyees

24 Quarte rly
In sig h ts
25 M i ssi onSquare R eti rement
Conf idential: For use with plan sponsors and consultants only.

Washing ton Pe rsp e ctive
MissionSquare Advocacy and T hought L eadership
www.missionsq.org/washingtonperspective

26 M i ssi onSquare R eti rement
SECURE 2 .0
Getting to Implementation
SECURE

2.0 House
Passed
SSRA
Senate
HELP
Committee
Se nate
Finance
Commi ttee
Eight
Corners /
Leadership
Agreement
Bip artisan
Mo ving
Ve h ic le
27 M i ssi onSquare R eti rement
Secure 2.0
Pro visio ns Re q uiring Im m e d iate Atte ntio n
I ncrease in R MD Age Catch -up Contributions Must be Roth  I ncreased to age 73 ef fective 2023
 T hose attaining age 72 in 2022 or
earl i er unaf f ected
 I ncreases to age 75 in 2033
 Ag e-based catch -up contributions
must be R oth, 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 desi gnated R oth account
feature (or prohibit catch -up
contributions)
 Special catch -up contribution rules for
457(b) and 403(b) plans exempt
28 M i ssi onSquare R eti rement
Secure 2.0
Provisions Af fecting Many Governmental Plans
*While no t te chnically re q uire d , we e xp e ct m o st/ all p lans will ad o p t.

Op tional? Effe ctive
Se lf-certi f i cati on f or unf oreseeabl e emergency wi thdrawal  M ay r el y on certi f i cati on that the emer gency meets a ty pe d e scrib e d in re g ulatio ns
 Ma y re ly o n ce rtificatio n withd ra wa l is no t in e xce ss o f ne e d  Also available for 401(k) and 403(b) hardship distributions (sa fe-harbor)
Ye s 2023
Eliminate “ first day of the month” rule for 457(b) plans  Any pay af ter election can be contributed Ye s 2023
RMDs for designated R oth accounts
 No lo ng e r re q uire d while p a rticip a nt is still a live  Alig ns with rule s fo r Ro th IRAs
* 2024
29 M i ssi onSquare R eti rement
Secure 2.0
Provisions Af fecting Many Governmental Plans
*While no t te chnically re q uire d , we e xp e ct m o st/ all p lans will ad o p t.

Op tional? Effe ctive
Higher catch -up co ntrib utio n lim it
 F or 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
Lo n g-term p art -ti me cov erage rul e
 R educed f r om thr ee y ears to two y ears
 I mpacts grandfathered government 401(k) plans only
No 2025
30 M i ssi onSquare R eti rement
Secure 2.0
K ey New Plan Design Options
 Up to $2,500 emergency savings account
insid e the DC p la n
 Contributions are R oth and must be invested
in principal preservation investments. Counts
a g a inst co ntrib utio n lim its. No e m p lo ye r
contributions
 Generally , amounts may be withdrawn at
a nytim e , p e na lty fre e No ce rtificatio n fro m p a rticip a nt re q uire d
 HCEs may not participate
 Must e nsure state la w a llo ws
Em e rg e ncy saving s w ithd raw al
feature
In-pl an dedi cated emergency
savings account
 O p tio na l fe ature is structure d sim ila r to the q ua lifie d b irth o r a d o p tio n d istrib utio n
(“Q BAD”) fo r DC p la n s a n d IRAs
 One emergency distribution per year up
to $1,000 and requires replenishment
bef or e subsequent wi thdrawal
 Pa rticip a nt se lf-certi f i es need
 10% penalty waived
 Bill co nta ins a d d itio na l 10% p e na lty
wa ive rs fo r te rm ina l illne ss a nd victim s o f
domestic abuse
Both available in 2024
31 M i ssi onSquare R eti rement
Secure 2.0
K ey New Plan Design Options
 401(k), 403(b) and 457(b) can allow
empl oy ee to el ect to hav e empl oy er
contributions made as Roth (taxable
now)
 Available f or matching and nonelective
employer contributions
 Contribution must be vested
 E f f ecti v e on enactment
Matching contrib utions on
student l oan repayments E mployer contributions as R oth  Plan may “ match” in the plan amounts
paid for student loans as if
contributed to the plan
 Available f or 401(k), 403(b), 457(b),
a n d SIMPLE IRA
 Employer contribution is treated
sim ilar to re g ular m atching
co ntrib utio ns fo r no nd iscrim inatio n
 E mpl oy ee may sel f-ce rtify lo a n
r epay ment
 Ef f ective in 2024
32 M i ssi onSquare R eti rement
Partial incom e exclusion for p lan p aym e nts to d isab le d p olice , fire fig hte rs, EMT s
 Annual limit is the amount of workmen’ s compensation payments received by the ind ivid ua l d uring the 12-month peri od i mmedi atel y pr ecedi ng the date on whi ch the ind ivid ua l atta ins re tire m e nt a g e
 Applies in 2027
Exp ansion of 1 0 % ad d itional tax exce p tion for p ub lic safe ty of f i cers at age 50
 Also a va ila b le fo r a n ind ivid ua l with 25 ye a rs o f se rvice und e r the p la n  Available for corrections and forensic security officers  F i r ef i ghters ( ev en i f pri v atel y empl oy ed)  Effe ctive im m e d iate ly
E xcl usi on ( up to $3000) for heal th i nsurance payments for reti red publ i c saf ety
 No l onger r equi r ed to be pai d di r ected to heal th pl an ( empl oy ee woul d attest on tax return
 Effe ctive im m e d iate ly
Secure 2.0
Go ve rnm e nt Wo rke r Sp e cific Pro visio ns
33 M i ssi onSquare R eti rement
Current I ndustry F ocus
Emergency Savings
Growth in p o p ularity d ue to
the pandemic and inf lation
pressure
Student Loan Programs
Demand has plateaued, but
continues to be developed
Financial Wellness and Digital
Experience
Increased demand for tools and
improved digital interfaces
Cybersecurity
Continued focus on cybersecurity
for both plan sponsors and
participants
Advice
In- and out-of-plan advice, digital,
and in-person advice
Retirement Income
Regulatory change has increased
product and service development
34 M i ssi onSquare R eti rement
34  SEC cautions that investments in crypto are
“hig hly sp e culative ”
 Cry pto i s v ery di f f er ent f r om ty pi cal r eti r ement pl an investments
 It can b e e xtrao rd inarily d ifficult, e ve n fo r e xp e rt i nv estors, to ev al uate these assets and separate the fa cts fro m th e h yp e
 Crypto is not held like traditional plan assets in trust or custodian accounts
 R eliability and accuracy of crypto valuation is a concern  R ules and regulations are evolving that govern
cryptocurrency markets
Cryptocurrency
D O L Ur g e s C a u t io n
Source : DOL I ssues Big Caution on Crypto
35 M i ssi onSquare R eti rement
2023 C ontri buti on L i mi ts
* Sp e cial lim itatio ns ap p ly to d e fine d b e ne fit p lans. Ple ase co ntact yo ur d e fine d b e ne fit p lan ad m inistrato r sho uld yo u re q uire ad d itio nal info rm atio n. * * OBR A 1993 provided a governmental exception f or the maximum compensation limit that grandf athers certain employees under t he 1993 compensation limit of $235,840. Employees eligible to participate in a g o ve rnm e ntal p lan, utilizing the ICMA-R C plan document, prior to January 1, 1994, are subject to the maximum compensation limi t of $235,840 as indexed and shown above as the “ grandf ather” limit.

Em p lo ye e s e lig ib le to p articip ate in a g o ve rnm e ntal p lan, utilizing the ICMA-R C plan document, af ter January 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “ non- g rand fathe r” lim it.

Elective deferral limits for 457 and 401(k) plans increase Lim itations (4 5 7 ) 2023 2022 2021
Annual De fe rral Lim it $22,500 $20,500 $19,500
“Pre-Retirement” Catch -Up Lim it $22,500 ($45,000 total) $20,500 ($41,000 total) $19,500 ($39,000 total) “Ag e 5 0 ” Ca tch-Up Lim it $7,500 ($ 30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total) Mo re d e tails o n the re tire m e nt p lan lim its are availab le fro m the IRS Lim itatio ns (4 0 1 (k)) 2023 2022 2021
401 Def ined Contribution Plans –
Annual (§415(c)(1)(a )) $66,000 $61,000 $58,000
401 Def ined Benef it Plans –
Maxi mum Annual Benef it* (§415(b )(1)(a )) $265,000 $245,000 $230,000 401 Annual Compensation L imit **
(no n-grandf ather / grandf ather ) (§401(a )(17)) $330,000 / $490,000 $305,000 / $450,000 $290,000 / $430,000 Annual Def erral L imit f or 401(k) Plans ( §402(g )) $22,500 $20,500 $19,500 401(k) “ Age 50” Catch- Up Lim it (§414(v)) $7,500 ( $30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total)

~For Institutional Use Only – Not for Public Distribution~ Hyas Group is a separate business unit within Morgan Stanley Institutional Investment Advisors LLC

CITY OF VALLEJO
457(b), 401(a), and RHS Plans
March 31, 2023 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 311,000 4,505,000 -20,493,000 112,433 Feb-23 $3.40 $4.84 $1.80 -29.7% Mar-23

3.6% 14.7% 3.4% 4.9% Feb-23 $73.28 $114.84 $16.55 -36.2% Mar-23

8.9. 22.2 4.0 11.2 Feb-23 300.4 316.2 208.7 43.9%* Jan-23 33/09 $33.01 $26.85 $29.60 Feb-23 548.6 557.4 483.1 13.6%* Feb-23 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 3/31/2023 Key: Economic Series Year-Over-Year Change
Average Hourly Earnings Medical Care CPI
1Q2023 Economic Data
Category
Jobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly) Gas: Price per Gallon
Spot Oil
Case-Shiller Home Price Index
-15%
-10%
-5%
0%
5%
10%
15%
$17,000
$18,000
$19,000
$20,000
2Q18 1Q19 4Q19 3Q20 2Q21 1Q22 4Q22
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,400
$1,700
$2,000
$2,300
$2,600
$2,900
$3,200
2Q18 1Q19 4Q19 3Q20 2Q21 1Q22 4Q22
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
240
260
280
300
Feb-18 Aug-18 Feb-19 Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 YoY % ChangeIndex Consumer Price Index
1 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.16% 1.16% 3.17% 1.12% 1.46% 0.91%
Bloomberg US Aggregate 2.96% 2.96% -4.78% -2.77% 0.91% 1.36% Bloomberg Short US Treasury 1.15% 1.15% 2.27% 0.76% 1.43% 0.91% Bloomberg Int. US Treasury 2.27% 2.27% -1.54% -2.33% 1.06% 0.90% Bloomberg Long US Treasury 6.17% 6.17% -16.00% -11.33% -0.35% 1.45% Bloomberg US TIPS 3.34% 3.34% -6.06% 1.75% 2.94% 1.49%
Bloomberg US Credit 3.45% 3.45% -5.31% -0.70% 1.54% 2.18% Bloomberg US Mortgage-Backed 2.53% 2.53% -4.85% -3.31% 0.20% 1.00% Bloomberg US Asset-Backed 1.86% 1.86% 0.37% 0.58% 1.63% 1.41% Bloomberg US 20-Yr Municipal 3.22% 3.22% -1.02% 0.16% 2.32% 2.97% Bloomberg US High Yield 3.57% 3.57% -3.34% 5.91% 3.21% 4.10% Bloomberg Global 3.01% 3.01% -8.07% -3.43% -1.34% 0.07% Bloomberg International 3.06% 3.06% -10.72% -4.13% -3.17% -0.99% Bloomberg Emerging Market 2.15% 2.15% -4.64% 0.06% 0.31% 2.07% 1Q2023 Bond Market Data

4.74% 4.85% 4.94%

4.64%

4.06% 3.81% 3.60% 3.55% 3.48%

3.81% 3.67%

0.17%

0.52%

1.06%

1.63%

2.28% 2.45% 2.42% 2.40% 2.32% 2.59% 2.44%
-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
3/31/2023 3/31/2022
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 6.52 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

11.30 1.77

0.57 7.29

1.49 0.58

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
1%
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.
26% Information Technology 21.82% 21.82% -4.55% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 8% Communication Services 20.50% 20.50% -17.76% S&P 500 7.50% 7.50% -7.73% 18.60% 11.19% 12.24% 10% Consumer Discretionary 16.13% 16.13% -19.62% Russell 1000 Value 1.01% 1.01% -5.91% 17.93% 7.50% 9.13% 3% Materials 4.29% 4.29% -6.28% Russell 1000 Growth 14.37% 14.37% -10.90% 18.58% 13.66% 14.59% 9% Industrials 3.47% 3.47% 0.17% Russell Mid Cap 4.06% 4.06% -8.78% 19.20% 8.05% 10.05% 3% Real Estate 1.95% 1.95% -19.69% Russell Mid Cap Value 1.32% 1.32% -9.22% 20.69% 6.54% 8.80% 7% Consumer Staples 0.83% 0.83% 1.22% Russell Mid Cap Growth 9.14% 9.14% -8.52% 15.20% 9.07% 11.17% 3% Utilities -3.24% -3.24% -6.21% Russell 2000 2.74% 2.74% -11.61% 17.51% 4.71% 8.04% 14% Health Care -4.31% -4.31% -3.70% Russell 2000 Value -0.66% -0.66% -12.96% 21.01% 4.55% 7.22% 5% Energy -4.67% -4.67% 13.63% Russell 2000 Growth 6.07% 6.07% -10.60% 13.36% 4.26% 8.49% 13% Financials -5.56% -5.56% -14.24% Russell 3000 7.18% 7.18% -8.58% 18.48% 10.45% 11.73% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 2.77% 2.77% -20.98% 11.32% 4.66% 5.31% 10% Information Technology 14.62% 14.62% -0.83%
22% Industrials 8.55% 8.55% 4.07%
15% Consumer Discretionary 8.00% 8.00% -0.23%
7% Materials 7.16% 7.16% -3.49%
2% Communication Services 4.42% 4.42% -13.64%
4% Consumer Staples 3.78% 3.78% 5.56%
8% Real Estate 0.98% 0.98% -23.48%
9% Health Care 0.42% 0.42% -12.95%
4% Utilities -2.44% -2.44% -4.12%
15% Financials -7.54% -7.54% -9.39%
4% Energy -8.46% -8.46% -7.69%
Wgt. Sector QTR YTD 1 yr.
14% Consumer Discretionary 12.73% 12.73% -2.73%
2% Communication Services 11.10% 11.10% -20.63%
13% Information Technology 10.10% 10.10% -5.12%
6% Materials 8.97% 8.97% 1.39%
5% Consumer Staples 8.49% 8.49% 11.03%
18% Industrials 7.74% 7.74% 4.67%
11% Health Care -0.45% -0.45% -18.25%
2% Utilities -0.86% -0.86% -1.84%
7% Real Estate -3.61% -3.61% -29.55%
5% Energy -8.46% -8.46% -5.68%
16% Financials -11.51% -11.51% -19.75%
1Q2023 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
-4.76%
-3.88%
-1.09%
-6.48%
-4.21%
-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

12.94%
-4.53%

0.11%

5.71%

5.17%
-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 6.87% 6.87% -5.07% 11.80% 2.47% 4.17% UK 10% MSCI EAFE 8.47% 8.47% -1.38% 12.99% 3.52% 5.00% China 9% Europe 10.56% 10.56% 1.38% 15.00% 4.35% 5.36% France 8% United Kingdom 6.11% 6.11% -0.84% 14.59% 2.98% 3.43% Canada 8% Germany 14.69% 14.69% 2.24% 12.76% 0.40% 4.06% Switzerland 6% France 14.62% 14.62% 8.79% 19.48% 6.20% 7.54% Germany 6% Pacific 4.71% 4.71% -6.01% 9.49% 2.02% 4.40% Australia 5% Japan 6.19% 6.19% -5.23% 7.39% 1.27% 5.03% Taiwan 4%
Hong Kong -2.39% -2.39% -5.27% 4.59% -0.50% 4.16% India 4% Australia 2.79% 2.79% -9.19% 20.18% 5.96% 3.36%
Canada 4.31% 4.31% -13.09% 18.50% 6.56% 4.02%
MSCI EM 3.96% 3.96% -10.70% 7.83% -0.91% 2.00%
MSCI EM Latin America 3.93% 3.93% -11.05% 18.15% -1.84% -1.86% MSCI EM Asia 4.81% 4.81% -9.44% 7.15% 0.15% 4.18%
MSCI EM Eur/Mid East -1.23% -1.23% -16.64% 1.96% -4.65% -3.88% MSCI ACWI Value ex-US 5.16% 5.16% -4.00% 13.82% 1.26% 3.06% MSCI ACWI Growth ex-US 8.59% 8.59% -6.35% 9.49% 3.36% 5.08% MSCI ACWI Sm Cap ex-US 4.70% 4.70% -10.37% 15.04% 1.67% 5.06% Exchange Rates QTR 4Q22 3Q22 2Q22 1Q22 4Q21
Japanese Yen 132.75 131.81 144.71 135.69 121.44 115.17
Euro 0.92 0.93 1.02 0.96 0.90 0.88
British Pound 0.81 0.83 0.90 0.82 0.76 0.74
Swiss Franc 0.91 0.92 0.98 0.96 0.92 0.91
Chinese Yuan 6.87 6.90 7.11 6.70 6.34 6.37
1Q2023 International Market Data

8.47%
-1.38%

12.99%

3.52%

7.49%

3.84%

14.63%

6.25%
-30% -15% 0% 15% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

3.96%
-10.70%

7.83%
-0.91%

3.78%
-6.65%

8.79%

1.89%
-40% -30% -20% -10% 0% 10%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-2.2%
-5.3%

3.2%
-0.8%

0.9%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread

3.4%
-2.4% -4.3%

2.1% 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
2%
-2%
0%
-2%
-2%
-1%
-9%
-7%
-4%
-3%
3%
-6%
0%
-2%
-2%
1%
1%
2%
1%
0%
1%
-8%
1%
-2%
-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
43%
Asia
30%
Canada
8%
Emerging
19%
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 Section 2

CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2023
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $13,136,623 27.5% Vanguard International Value Inv VTRIX $722,573 1.5% Fidelity US Bond Index FXNAX $2,018,586 4.2% Fidelity Total International Index FTIHX $2,576,403 5.4% Sterling Capital Total Return Bond R6 STRDX $2,275,515 4.8% Vanguard International Growth Adm VWILX $919,176 1.9% Total $17,430,725 36.4% Total $4,218,152 8.8%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $1,889,265 3.9% Vanguard Target Retirement Income VTINX $238,234 0.5% Fidelity 500 Index FXAIX $5,521,647 11.5% Vanguard Target Retirement 2020 VTWNX $141,600 0.3% Vanguard US Growth Adm VWUAX $5,215,852 10.9% Vanguard Target Retirement 2025 VTTVX $1,069,024 2.2% Total $12,626,764 26.4% Vanguard Target Retirement 2030 VTHRX $844,013 1.8% Vanguard Target Retirement 2035 VTTHX $2,036,973 4.3%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $848,475 1.8% Allspring Special Mid Cap Value Fund WFPRX $600,505 1.3% Vanguard Target Retirement 2045 VTIVX $834,546 1.7% Fidelity Mid Cap Index FSMDX $1,382,966 2.9% Vanguard Target Retirement 2050 VFIFX $1,134,009 2.4% MFS Mid Cap Growth R6 OTCKX $1,118,365 2.3% Vanguard Target Retirement 2055 VFFVX $536,535 1.1% Total $3,101,836 6.5% Vanguard Target Retirement 2060 VTTSX $184,843 0.4% Vanguard Target Retirement 2065 VLXVX $13,173 0.0%
Small Cap Ticker Assets % Total $7,881,425 16.5%
Fidelity Small Cap Index FSSNX $1,617,079 3.4%
Total $1,617,079 3.4% Miscellaneous Ticker Assets %
Participant Loans - $956,489 2.0%
Total $956,489 2.0%
TOTAL PLAN ASSETS $47,832,468
Admin Allowance Account Balance $46,515
5 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2023

HISTORICAL PLAN ALLOCATION
Asset Class 1Q23 2022 2021 2020 2019 2018 2017 2016
Fixed Income 36.4% 37.2% 33.7% N/A N/A N/A N/A N/A
Large Cap 26.4% 25.6% 31.0% N/A N/A N/A N/A N/A
Mid Cap 6.5% 6.4% 7.2% N/A N/A N/A N/A N/A
Small Cap 3.4% 3.6% 4.0% N/A N/A N/A N/A N/A
International 8.8% 8.8% 7.9% N/A N/A N/A N/A N/A
Asset Allocation 16.5% 16.3% 15.4% N/A N/A N/A N/A N/A
Loans 2.0% 2.0% 0.8% 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

36.4%
Equity

45.1%
Asset Allocation

16.5%
Loans

2.0%

51.5%

52.8%

45.9%

33.6%

31.1%

37.6%

14.9%

16.1%

16.5%
1Q23
2022
2021
Core Growth Value

80.4%

80.2%

84.2%

19.6%

19.8%

15.8%
1Q23
2022
2021
US Non-US

66.4%

66.1%

68.9%

33.6%

33.9%

31.1%
1Q23
2022
2021
Active Passive
EQUITY STYLE* BY EQUITY REGION* ACTIVE V PASSIVE**
6 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
457(b) Deferred Compensation Plan First Quarter 2023

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 $17,139,637 $138,496 ($422,492) $371,162 $203,921 $17,430,725 1Q23 $45,140,909 ($516,665) $2,251,735 $46,875,979 Large Cap $11,788,584 $175,711 ($283,714) ($131,466) $1,077,649 $12,626,764 YTD $45,140,909 ($516,665) $2,251,735 $46,875,979 Mid Cap $2,971,128 $50,280 ($53,650) ($5,476) $139,553 $3,101,836 2022 $53,098,741 $242,294 ($8,200,126) $45,140,909 Small Cap $1,663,708 $18,760 ($21,280) ($88,718) $44,608 $1,617,079 2021 N/A N/A N/A $53,098,741 International $4,050,786 $71,955 ($177,280) ($63,347) $336,039 $4,218,152 2020 N/A N/A N/A N/A Asset Allocation $7,527,066 $359,211 ($372,661) ($82,155) $449,964 $7,881,425 2019 N/A N/A N/A N/A Total $45,140,909 $814,413 ($1,331,078) $0 $2,251,735 $46,875,979 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

5.02%
-5.58%

4.39%
-5.92%

5.29%
-6.40%

6.20%
-6.95%
Qtr 1 Year
Returns
457(b) Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $88,860
($1,017)
$4,433
$92,276
($60,000) $0 $60,000 $120,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
7 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2023
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund R10 - $37,938 8.9% Vanguard International Value Inv VTRIX $134 0.0% Fidelity US Bond Index FXNAX $26,458 6.2% Fidelity Total International Index FTIHX $14,434 3.4% Sterling Capital Total Return Bond R6 STRDX $1,938 0.5% Vanguard International Growth Adm VWILX $1,418 0.3% Total $66,333 15.6% Total $15,986 3.8%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $134 0.0% Vanguard Target Retirement Income VTINX $0 0.0% Fidelity 500 Index FXAIX $59,505 14.0% Vanguard Target Retirement 2020 VTWNX $9,917 2.3% Vanguard US Growth Adm VWUAX $67,709 15.9% Vanguard Target Retirement 2025 VTTVX $5,653 1.3% Total $127,347 30.0% Vanguard Target Retirement 2030 VTHRX $117,044 27.6% Vanguard Target Retirement 2035 VTTHX $17,361 4.1%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $18,194 4.3% Allspring Special Mid Cap Value Fund WFPRX $81 0.0% Vanguard Target Retirement 2045 VTIVX $9,999 2.4% Fidelity Mid Cap Index FSMDX $24,796 5.8% Vanguard Target Retirement 2050 VFIFX $6,696 1.6% MFS Mid Cap Growth R6 OTCKX $2,351 0.6% Vanguard Target Retirement 2055 VFFVX $2,646 0.6% Total $27,228 6.4% Vanguard Target Retirement 2060 VTTSX $0 0.0% Vanguard Target Retirement 2065 VLXVX $0 0.0%
Small Cap Ticker Assets % Total $187,511 44.2%
Fidelity Small Cap Index FSSNX $204 0.0%
Total $204 0.0% Miscellaneous Ticker Assets %
Participant Loans - $0 0.0%
Total $0 0.0%
TOTAL PLAN ASSETS $424,610
Admin Allowance Account $849
8 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2023

HISTORICAL PLAN ALLOCATION
Asset Class 1Q23 2022 2021 2020 2019 2018 2017 2016
Fixed Income 15.6% 24.7% 23.7% N/A N/A N/A N/A N/A
Large Cap 30.0% 25.2% 30.3% N/A N/A N/A N/A N/A
Mid Cap 6.4% 6.2% 4.7% N/A N/A N/A N/A N/A
Small Cap 0.0% 0.1% 0.0% N/A N/A N/A N/A N/A
International 3.8% 4.2% 6.0% N/A N/A N/A N/A N/A
Asset Allocation 44.2% 37.1% 35.3% N/A N/A N/A N/A N/A
Loans 0.0% 2.5% 0.0% 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

15.6%
Equity

40.2%
Asset Allocation

44.2%

57.9%

63.2%

54.4%

41.9%

36.6%

44.5%

0.2%

0.3%

1.1%
1Q23
2022
2021
Core Growth Value

90.6%

88.2%

85.3%

9.4%

11.8%

14.7%
1Q23
2022
2021
US Non-US

47.1%

47.2%

55.8%

52.9%

52.8%

44.2%
1Q23
2022
2021
Active Passive
EQUITY STYLE* BY EQUITY REGION* ACTIVE V PASSIVE**
9 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
401(a) Defined Contribution Plans First Quarter 2023

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 $107,940 $558 ($44,572) $303 $2,104 $66,333 1Q23 $425,460 ($28,227) $27,376 $424,610 Large Cap $110,015 $4,447 ($523) $171 $13,239 $127,347 YTD $425,460 ($28,227) $27,376 $424,610 Mid Cap $27,140 $0 ($922) ($114) $1,124 $27,228 2022 $481,818 $35,957 ($92,315) $425,460 Small Cap $242 $0 ($0) ($43) $5 $204 2021 N/A N/A N/A $481,818 International $18,446 $558 ($3,889) ($317) $1,188 $15,986 2020 N/A N/A N/A N/A Asset Allocation $161,678 $18,334 ($2,216) $0 $9,716 $187,511 2019 N/A N/A N/A N/A Total $425,460 $23,896 ($52,123) $0 $27,376 $424,610
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

6.66%
-6.80%

4.39%
-5.92%

5.29%
-6.40%

6.20%
-6.95%
Qtr 1 Year
Returns
401(a) Plans 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $12,893
($855)
$830
$12,867
($5,000) $5,000 $15,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
10 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2023
Fixed Income Ticker Assets % International Ticker Assets % MissionSquare PLUS Fund S11 - $22,033 1.2% Vanguard International Value Inv VTRIX $0 0.0% Fidelity US Bond Index FXNAX $313 0.0% Fidelity Total International Index FTIHX $16,120 0.9% Sterling Capital Total Return Bond R6 STRDX $0 0.0% Vanguard International Growth Adm VWILX $0 0.0% Total $22,346 1.2% Total $16,120 0.9%
Large Cap Ticker Assets % Asset Allocation Ticker Assets % MFS Value R6 MEIKX $94 0.0% Vanguard Target Retirement Income VTINX $5,395 0.3% Fidelity 500 Index FXAIX $49,537 2.7% Vanguard Target Retirement 2020 VTWNX $58,361 3.1% Vanguard US Growth Adm VWUAX $63,339 3.4% Vanguard Target Retirement 2025 VTTVX $153,229 8.2% Total $112,970 6.1% Vanguard Target Retirement 2030 VTHRX $164,953 8.9% Vanguard Target Retirement 2035 VTTHX $179,417 9.6%
Mid Cap Ticker Assets % Vanguard Target Retirement 2040 VFORX $291,003 15.6% Allspring Special Mid Cap Value Fund WFPRX $402 0.0% Vanguard Target Retirement 2045 VTIVX $295,722 15.9% Fidelity Mid Cap Index FSMDX $20,675 1.1% Vanguard Target Retirement 2050 VFIFX $344,987 18.5% MFS Mid Cap Growth R6 OTCKX $895 0.0% Vanguard Target Retirement 2055 VFFVX $165,864 8.9% Total $21,972 1.2% Vanguard Target Retirement 2060 VTTSX $22,606 1.2% Vanguard Target Retirement 2065 VLXVX $1,316 0.1%
Small Cap Ticker Assets % Total $1,682,854 90.5%
Fidelity Small Cap Index FSSNX $3,514 0.2%
Total $3,514 0.2% TOTAL PLAN ASSETS $1,859,777
11 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2023

HISTORICAL PLAN ALLOCATION
Asset Class 1Q23 2022 2021 2020 2019 2018 2017 2016
Fixed Income 1.2% 1.3% 0.2% N/A N/A N/A N/A N/A
Large Cap 6.1% 5.5% 6.4% N/A N/A N/A N/A N/A
Mid Cap 1.2% 1.2% 0.6% N/A N/A N/A N/A N/A
Small Cap 0.2% 0.2% 0.1% N/A N/A N/A N/A N/A
International 0.9% 0.9% 0.4% N/A N/A N/A N/A N/A
Asset Allocation 90.5% 91.0% 92.3% N/A N/A N/A N/A N/A
*Excludes Fixed Income and Asset Allocation assets
**Excludes Asset Allocation assets
Fixed Income

1.2%
Equity

8.3%
Asset Allocation

90.5%

58.1%

59.5%

48.2%

41.6%

40.4%

51.8%

0.3%

0.1%
1Q23
2022
2021
Core Growth Value

89.6%

88.9%

95.3%

10.4%

11.1%

4.7%
1Q23
2022
2021
US Non-US

49.0%

48.6%

52.9%

51.0%

51.4%

47.1%
1Q23
2022
2021
Active Passive
EQUITY STYLE* BY EQUITY REGION* ACTIVE V PASSIVE**
12 CITY OF VALLEJO, CA PLAN ASSET ALLOCATION
Retirement Health Savings Plan First Quarter 2023

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 $21,364 $894 ($66) $15 $139 $22,346 1Q23 $1,701,645 $48,012 $110,120 $1,859,777 Large Cap $93,477 $5,242 ($303) $2,901 $11,653 $112,970 YTD $1,701,645 $48,012 $110,120 $1,859,777 Mid Cap $20,430 $457 ($53) $298 $841 $21,972 2022 $1,778,538 $246,659 ($323,552) $1,701,645 Small Cap $2,904 $257 ($9) $303 $60 $3,514 2021 N/A N/A N/A $1,778,538 International $14,653 $574 ($37) ($68) $998 $16,120 2020 N/A N/A N/A N/A Asset Allocation $1,548,817 $49,409 ($8,353) ($3,449) $96,430 $1,682,854 2019 N/A N/A N/A N/A Total $1,701,645 $56,832 ($8,820) $0 $110,120 $1,859,777 Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly)

6.38%
-7.20%

4.39%
-5.92%

5.29%
-6.40%

6.20%
-6.95%
Qtr 1 Year
Returns
RHS Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed $3,117
$88
$202
$3,406
$0 $2,000 $4,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
13 Section 3

CITY OF VALLEJO, CA INVESTMENT POLICY STATEMENT COMPLIANCE REPORT 457(b), 401(a), and RHS Plans First Quarter 2023
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
14 ●
Significant manager change.

CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2023
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
MissionSquare PLUS Fund R10 0.61 0.61 2.14 2.04 2.18 2.08 1.97 1.89 2.22 2.45 2.27 2.12 5 Yr Constant Maturity US Treasury Yield 0.94 0.94 3.49 1.68 1.88 1.75 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.33) (0.33) (1.35) 0.36 0.30 0.33 (1.03) 1.04 1.68 0.50 (0.48) 0.21 US Stable Value 25 25 21 11 10 10 17 10 12 16 13 8
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
MissionSquare PLUS Fund S11 0.60 0.60 2.13 2.03 2.18 2.08 1.96 1.89 2.22 2.45 2.27 2.12 5 Yr Constant Maturity US Treasury Yield 0.94 0.94 3.49 1.68 1.88 1.75 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.34) (0.34) (1.36) 0.35 0.30 0.33 (1.04) 1.04 1.68 0.49 (0.48) 0.21 US Stable Value 29 29 22 13 10 10 19 10 12 16 13 8
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Fidelity US Bond Index 3.06 3.06 -4.78 -2.91 0.89 1.32 -13.03 -1.79 7.80 8.48 0.01 3.50 Bloomberg US Aggregate Bond Index 2.96 2.96 -4.78 -2.77 0.91 1.36 -13.01 -1.54 7.51 8.72 0.01 3.54 +/- Index 0.10 0.10 0.00 (0.14) (0.02) (0.04) (0.02) (0.25) 0.29 (0.23) 0.00 (0.04) US Fund Intermediate Core Bond 55 55 29 82 40 43 29 65 50 48 26 43 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Sterling Capital Total Return Bond R6 3.01 3.01 -4.68 -1.34 1.36 1.85 -13.15 -1.12 9.35 9.37 -0.27 4.33 Bloomberg US Aggregate Bond Index 2.96 2.96 -4.78 -2.77 0.91 1.36 -13.01 -1.54 7.51 8.72 0.01 3.54 +/- Index 0.05 0.05 0.10 1.43 0.45 0.49 (0.14) 0.42 1.84 0.65 (0.28) 0.79 US Fund Intermediate Core Bond 58 58 23 14 12 8 34 28 15 18 42 10 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
MFS Value R6 -1.42 -1.42 -3.67 16.73 7.99 9.87 -5.80 25.55 4.03 30.18 -9.78 17.86 Russell 1000 Value Index 1.01 1.01 -5.91 17.93 7.50 9.13 -7.54 25.16 2.80 26.54 -8.27 13.66 +/- Index (2.43) (2.43) 2.24 (1.20) 0.49 0.74 1.74 0.39 1.23 3.64 (1.51) 4.20 US Fund Large Value 83 83 29 73 43 23 53 57 35 6 67 30
15 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2023
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Fidelity 500 Index 7.50 7.50 -7.74 18.59 11.18 12.23 -18.13 28.69 18.40 31.47 -4.40 21.81 S&P 500 Index 7.50 7.50 -7.73 18.60 11.19 12.24 -18.11 28.71 18.40 31.49 -4.38 21.83 +/- Index 0.00 0.00 (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) 0.00 (0.01) (0.02) (0.02) US Fund Large Blend 19 19 52 25 15 9 49 21 33 22 22 32
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard US Growth Adm 15.82 15.82 -17.60 12.38 9.99 12.84 -39.58 12.45 58.74 33.51 0.75 31.74 Russell 1000 Growth Index 14.37 14.37 -10.90 18.58 13.66 14.59 -29.14 27.60 38.49 36.39 -1.51 30.21 +/- Index 1.45 1.45 (6.70) (6.20) (3.67) (1.75) (10.44) (15.15) 20.24 (2.88) 2.26 1.53 US Fund Large Growth 20 20 85 75 58 35 90 85 8 41 25 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Allspring Special Mid Cap Value Fund 0.83 0.83 -1.47 23.36 9.23 10.50 -4.50 28.80 3.36 35.68 -13.02 11.27 Russell Mid Cap Value Index 1.32 1.32 -9.22 20.69 6.54 8.80 -12.03 28.34 4.96 27.06 -12.29 13.34 +/- Index (0.49) (0.49) 7.75 2.67 2.69 1.70 7.53 0.46 (1.60) 8.62 (0.74) (2.07) US Fund Mid-Cap Value 62 62 5 32 6 4 18 47 43 2 42 80
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Fidelity Mid Cap Index 4.05 4.05 -8.74 19.19 8.06 10.05 -17.28 22.56 17.11 30.51 -9.05 18.47 Russell Mid Cap Index 4.06 4.06 -8.78 19.20 8.05 10.05 -17.32 22.58 17.10 30.54 -9.06 18.52 +/- Index (0.01) (0.01) 0.04 (0.01) 0.01 0.00 0.04 (0.02) 0.01 (0.03) 0.01 (0.05) US Fund Mid-Cap Blend 39 39 66 50 28 16 67 66 24 24 25 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
MFS Mid Cap Growth R6 7.53 7.53 -8.69 12.50 9.62 11.98 -28.29 14.17 35.80 37.93 1.21 26.39 Russell Mid Cap Growth Index 9.14 9.14 -8.52 15.20 9.07 11.17 -26.72 12.73 35.59 35.47 -4.75 25.27 +/- Index (1.61) (1.61) (0.17) (2.70) 0.55 0.81 (1.57) 1.44 0.21 2.46 5.96 1.12 US Fund Mid-Cap Growth 53 53 28 68 24 13 50 40 49 21 10 39 16 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2023
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Fidelity Small Cap Index 2.81 2.81 -11.41 17.60 4.81 8.20 -20.27 14.71 19.99 25.71 -10.88 14.85 Russell 2000 Index 2.74 2.74 -11.61 17.51 4.71 8.04 -20.44 14.82 19.96 25.52 -11.01 14.65 +/- Index 0.07 0.07 0.20 0.09 0.10 0.16 0.17 (0.11) 0.03 0.18 0.14 0.20 US Fund Small Blend 54 54 79 79 66 49 79 89 12 36 34 26 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard International Value Inv 8.65 8.65 1.13 15.29 3.18 4.95 -11.66 7.97 8.99 20.39 -14.52 27.96 MSCI ACWI Ex-USA Value (Net) Index 5.16 5.16 -4.00 13.82 1.26 3.06 -8.59 10.46 -0.77 15.71 -13.97 22.66 +/- Index 3.49 3.49 5.13 1.47 1.92 1.89 (3.07) (2.49) 9.76 4.68 (0.55) 5.30 US Fund Foreign Large Value 28 28 42 47 24 24 69 88 5 23 20 10 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Fidelity Total International Index 6.75 6.75 -4.71 12.39 2.37 - -16.28 8.47 11.07 21.48 -14.38 27.63 MSCI ACWI Ex-USA IMI (Net) Index 6.56 6.56 -5.84 12.20 2.35 4.28 -16.58 8.53 11.12 21.63 -14.76 27.81 +/- Index 0.19 0.19 1.13 0.19 0.02 - 0.30 (0.06) (0.04) (0.16) 0.37 (0.18) US Fund Foreign Large Blend 79 79 82 62 67 - 55 65 42 62 39 27 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard International Growth Adm 12.50 12.50 -6.81 13.48 6.54 8.79 -30.79 -0.74 59.74 31.48 -12.58 43.16 MSCI ACWI Ex-USA Growth (Net) Index 8.59 8.59 -6.35 9.49 3.36 5.08 -23.05 5.09 22.20 27.34 -14.43 32.01 +/- Index 3.91 3.91 (0.46) 3.99 3.18 3.71 (7.74) (5.83) 37.54 4.14 1.84 11.15 US Fund Foreign Large Growth 15 15 67 7 10 5 82 87 2 23 34 7 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement Income 4.23 4.23 -4.50 3.83 3.26 3.79 -12.74 5.25 10.02 13.16 -1.99 8.47 Vanguard Retirement Income Index 4.13 4.13 -4.45 4.06 3.52 4.03 -12.44 5.43 10.70 13.40 -1.98 8.67 +/- Index 0.10 0.10 (0.05) (0.23) (0.26) (0.24) (0.30) (0.18) (0.68) (0.24) (0.01) (0.19) US Fund Target-Date Retirement 34 34 31 52 29 29 49 64 30 48 18 50 17 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2023
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2020 4.77 4.77 -5.26 6.90 4.30 5.77 -14.15 8.17 12.04 17.63 -4.24 14.08 Vanguard Retirement 2020 Index 4.67 4.67 -5.12 7.17 4.66 6.06 -13.77 8.43 12.86 17.87 -4.14 14.22 +/- Index 0.10 0.10 (0.14) (0.27) (0.36) (0.29) (0.38) (0.26) (0.82) (0.24) (0.10) (0.14) US Fund Target-Date 2020 26 26 29 55 38 22 40 62 41 32 47 23 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2025 5.28 5.28 -5.91 8.31 4.77 6.35 -15.55 9.80 13.30 19.63 -5.15 15.94 Vanguard Retirement 2025 Index 5.21 5.21 -5.68 8.69 5.21 6.68 -15.02 10.10 14.19 19.93 -5.01 16.08 +/- Index 0.07 0.07 (0.23) (0.38) (0.44) (0.33) (0.53) (0.30) (0.89) (0.30) (0.14) (0.14) US Fund Target-Date 2025 16 16 46 33 28 17 52 47 34 20 48 22 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2030 5.67 5.67 -6.22 9.67 5.21 6.89 -16.27 11.38 14.10 21.07 -5.86 17.52 Vanguard Retirement 2030 Index 5.59 5.59 -6.00 10.03 5.64 7.21 -15.71 11.65 14.96 21.33 -5.74 17.65 +/- Index 0.08 0.08 (0.22) (0.36) (0.43) (0.32) (0.56) (0.27) (0.86) (0.26) (0.12) (0.13) US Fund Target-Date 2030 18 18 40 46 33 24 47 54 35 37 39 37 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2035 5.94 5.94 -6.36 11.12 5.68 7.43 -16.62 12.96 14.79 22.44 -6.58 19.12 Vanguard Retirement 2035 Index 5.87 5.87 -6.21 11.48 6.10 7.76 -16.22 13.24 15.67 22.76 -6.48 19.24 +/- Index 0.07 0.07 (0.15) (0.36) (0.42) (0.33) (0.40) (0.28) (0.87) (0.33) (0.10) (0.12) US Fund Target-Date 2035 26 26 35 62 38 30 38 78 38 49 31 40 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2040 6.21 6.21 -6.53 12.58 6.12 7.91 -16.98 14.56 15.47 23.86 -7.32 20.71 Vanguard Retirement 2040 Index 6.16 6.16 -6.43 12.93 6.56 8.25 -16.51 14.85 16.31 24.19 -7.22 20.87 +/- Index 0.05 0.05 (0.10) (0.35) (0.44) (0.34) (0.47) (0.29) (0.83) (0.33) (0.11) (0.16) US Fund Target-Date 2040 34 34 32 64 33 26 34 80 39 49 35 30 18 CITY OF VALLEJO, CA PERFORMANCE REVIEW
457(b), 401(a), and RHS Plans First Quarter 2023
Annualized
QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2045 6.49 6.49 -6.70 14.06 6.59 8.22 -17.36 16.16 16.30 24.94 -7.90 21.42 Vanguard Retirement 2045 Index 6.44 6.44 -6.66 14.38 7.01 8.55 -16.84 16.45 17.03 25.36 -7.77 21.54 +/- Index 0.05 0.05 (0.04) (0.32) (0.42) (0.33) (0.52) (0.29) (0.73) (0.42) (0.13) (0.11) US Fund Target-Date 2045 28 28 33 44 25 19 31 65 34 40 41 24 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2050 6.64 6.64 -6.71 14.17 6.66 8.26 -17.46 16.41 16.39 24.98 -7.90 21.39 Vanguard Retirement 2050 Index 6.58 6.58 -6.72 14.51 7.08 8.59 -17.07 16.77 17.18 25.36 -7.77 21.54 +/- Index 0.06 0.06 0.01 (0.34) (0.42) (0.33) (0.39) (0.36) (0.79) (0.38) (0.13) (0.14) US Fund Target-Date 2050 25 25 29 45 25 20 29 70 35 45 37 31 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2055 6.64 6.64 -6.67 14.17 6.66 8.24 -17.46 16.44 16.32 24.98 -7.89 21.38 Vanguard Retirement 2055 Index 6.58 6.58 -6.72 14.51 7.08 8.59 -17.07 16.77 17.18 25.36 -7.77 21.54 +/- Index 0.06 0.06 0.05 (0.34) (0.42) (0.35) (0.39) (0.33) (0.86) (0.38) (0.12) (0.16) US Fund Target-Date 2055 29 29 28 54 27 26 26 75 40 47 35 39 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2060 6.64 6.64 -6.67 14.16 6.65 8.24 -17.46 16.44 16.32 24.96 -7.87 21.36 Vanguard Retirement 2060 Index 6.58 6.58 -6.72 14.51 7.08 8.59 -17.07 16.77 17.18 25.36 -7.77 21.54 +/- Index 0.06 0.06 0.05 (0.35) (0.43) (0.35) (0.39) (0.33) (0.85) (0.40) (0.10) (0.18) US Fund Target-Date 2060 30 30 28 60 28 13 25 77 41 56 30 43 QTR YTD 1Yr 3Yr 5Yr 10Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2065 6.64 6.64 -6.64 14.17 6.64 - -17.39 16.46 16.17 24.96 -7.95 - Vanguard Retirement 2065 Index 6.58 6.58 -6.72 14.51 7.08 - -17.07 16.77 17.18 25.36 -7.77 - +/- Index 0.06 0.06 0.08 (0.34) (0.44) - (0.32) (0.31) (1.00) (0.39) (0.18) - US Fund Target-Date 2065+ 36 36 18 61 31 - 18 67 56 59 12 - 19 Section 4

CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan First Quarter 2023
$242 $229 $206 $190 $182 $186
$131 $128 $116 $108 $109 $113
$105,029
$102,282
$93,081
$86,438
$87,149
$90,568
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
$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%

0.331%

0.327%

0.321%

0.321%

0.310%

0.309%

0.309%

0.00%

0.25%

0.50%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

0.125%

0.125%

0.125%

0.125%

0.125%

0.125%

0.025%

0.025%

0.025%

0.025%

0.025%

0.025%

0.00%

0.10%

0.20%

0.30%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
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%

0.206%

0.125%

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
1Q23
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 20 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
457(b) Deferred Compensation Plan First Quarter 2023
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10* - $13,074,034 0.31% 0.125% $40,530 $16,343 Fidelity US Bond Index FXNAX $1,977,381 0.03% 0.125% $494 $2,472 Sterling Capital Total Return Bond R6 STRDX $2,233,766 0.35% 0.125% $7,818 $2,792 MFS Value R6 MEIKX $1,946,418 0.43% 0.125% $8,370 $2,433 Fidelity 500 Index FXAIX $5,411,964 0.02% 0.125% $812 $6,765 Vanguard US Growth Adm VWUAX $4,849,292 0.23% 0.125% $11,153 $6,062 Allspring Special Mid Cap Value Fund WFPRX $607,866 0.69% 0.125% $4,194 $760 Fidelity Mid Cap Index FSMDX $1,343,507 0.03% 0.125% $336 $1,679 MFS Mid Cap Growth R6 OTCKX $1,085,109 0.66% 0.125% $7,162 $1,356 Fidelity Small Cap Index FSSNX $1,640,394 0.03% 0.125% $410 $2,050 Vanguard International Value Inv VTRIX $699,714 0.38% 0.125% $2,659 $875 Fidelity Total International Index FTIHX $2,561,654 0.06% 0.125% $1,537 $3,202 Vanguard International Growth Adm VWILX $873,101 0.34% 0.125% $2,969 $1,091 Vanguard Target Retirement Income VTINX $232,876 0.08% 0.125% $186 $291 Vanguard Target Retirement 2020 VTWNX $135,338 0.08% 0.125% $108 $169 Vanguard Target Retirement 2025 VTTVX $1,044,801 0.08% 0.125% $836 $1,306 Vanguard Target Retirement 2030 VTHRX $981,891 0.08% 0.125% $786 $1,227 Vanguard Target Retirement 2035 VTTHX $1,970,627 0.08% 0.125% $1,577 $2,463 Vanguard Target Retirement 2040 VFORX $814,077 0.08% 0.125% $651 $1,018 Vanguard Target Retirement 2045 VTIVX $769,112 0.08% 0.125% $615 $961 Vanguard Target Retirement 2050 VFIFX $1,083,732 0.08% 0.125% $867 $1,355 Vanguard Target Retirement 2055 VFFVX $490,876 0.08% 0.125% $393 $614 Vanguard Target Retirement 2060 VTTSX $169,442 0.08% 0.125% $136 $212 Vanguard Target Retirement 2065 VLXVX $11,476 0.08% 0.125% $9 $14 TOTAL $46,008,444 $94,607 $57,511
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $14,181 $57,511
Contracted Revenue (est): $2,836 $11,502
Net Excess/(Deficit) (est): $11,345 $46,008
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
21 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans First Quarter 2023
$27 $22 $18 $15 $15 $15
$22 $19 $16 $14 $15 $16
$17,422
$15,477
$13,193
$11,151
$11,867
$12,880
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
$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%

0.259%

0.250%

0.243%

0.327%

0.321%

0.321%

0.310%

0.309%

0.309%

0.00%

0.25%

0.50%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

0.125%

0.125%

0.125%

0.125%

0.125%

0.125%

0.025%

0.025%

0.025%

0.025%

0.025%

0.025%

0.00%

0.10%

0.20%

0.30%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
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%

0.118%

0.125%

0.125%

0.125%

0.125%

0.125%

0.125%

0.00%

0.20%

0.40%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 22 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
401(a) Defined Contribution Plans First Quarter 2023
Fund Ticker
Quarter Average
Assets Net Expense Ratio Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund R10* - $45,502 0.31% 0.125% $141 $57 Fidelity US Bond Index FXNAX $33,610 0.03% 0.125% $8 $42 Sterling Capital Total Return Bond R6 STRDX $8,024 0.35% 0.125% $28 $10 MFS Value R6 MEIKX $156 0.43% 0.125% $1 $0
Fidelity 500 Index FXAIX $57,712 0.02% 0.125% $9 $72
Vanguard US Growth Adm VWUAX $60,814 0.23% 0.125% $140 $76 Allspring Special Mid Cap Value Fund WFPRX $79 0.69% 0.125% $1 $0 Fidelity Mid Cap Index FSMDX $24,781 0.03% 0.125% $6 $31 MFS Mid Cap Growth R6 OTCKX $2,324 0.66% 0.125% $15 $3
Fidelity Small Cap Index FSSNX $223 0.03% 0.125% $0 $0
Vanguard International Value Inv VTRIX $155 0.38% 0.125% $1 $0 Fidelity Total International Index FTIHX $15,976 0.06% 0.125% $10 $20 Vanguard International Growth Adm VWILX $1,085 0.34% 0.125% $4 $1 Vanguard Target Retirement Income VTINX $0 0.08% 0.125% $0 $0 Vanguard Target Retirement 2020 VTWNX $9,111 0.08% 0.125% $7 $11 Vanguard Target Retirement 2025 VTTVX $5,042 0.08% 0.125% $4 $6 Vanguard Target Retirement 2030 VTHRX $111,329 0.08% 0.125% $89 $139 Vanguard Target Retirement 2035 VTTHX $14,956 0.08% 0.125% $12 $19 Vanguard Target Retirement 2040 VFORX $16,012 0.08% 0.125% $13 $20 Vanguard Target Retirement 2045 VTIVX $9,521 0.08% 0.125% $8 $12 Vanguard Target Retirement 2050 VFIFX $6,131 0.08% 0.125% $5 $8 Vanguard Target Retirement 2055 VFFVX $2,492 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 $425,035 $502 $531
Plan Administration Cost Quarter Annualized
Plan Generated Revenue (est): $131 $531
Contracted Revenue (est): $26 $106
Net Excess/(Deficit) (est): $105 $425
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
23 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan First Quarter 2023
$4 $3 $3 $3 $3 $3
$45 $45 $43 $41 $42 $43
$3,673
$3,625
$3,298
$2,935
$3,013
$3,261
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
$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%

1.402%

1.432%

1.436%

1.504%

1.587%

1.563%

1.501%

0.00%

0.50%

1.00%

1.50%

2.00%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio

1.231%

1.240%

1.308%

1.402%

1.380%

1.317%

1.231%

1.240%

1.308%

1.402%

1.380%

1.317%

0.00%

0.50%

1.00%

1.50%

2.00%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
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%

0.085%

1.231%

1.240%

1.308%

1.402%

1.380%

1.317%

0.00%

0.50%

1.00%

1.50%
4Q21
1Q22
2Q22
3Q22
4Q22
1Q23
Annualized Total Cost Summary
(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant 24 CITY OF VALLEJO, CA PLAN FEE ANALYSIS
Retirement Health Savings Plan First Quarter 2023
Fund Ticker
Quarter Average
Assets Net Expense Ratio
Total
Admin Fee
Est. Total Invest.

Cost
Est. Total Admin.

Cost
MissionSquare PLUS Fund S11* - $21,554 0.31% 1.317% $67 $284 Fidelity US Bond Index FXNAX $301 0.03% 1.317% $0 $4
Sterling Capital Total Return Bond R6 STRDX $0 0.35% 1.317% $0 $0 MFS Value R6 MEIKX $80 0.43% 1.317% $0 $1
Fidelity 500 Index FXAIX $45,261 0.02% 1.317% $7 $596
Vanguard US Growth Adm VWUAX $57,882 0.23% 1.317% $133 $762 Allspring Special Mid Cap Value Fund WFPRX $221 0.69% 1.317% $2 $3 Fidelity Mid Cap Index FSMDX $20,166 0.03% 1.317% $5 $265 MFS Mid Cap Growth R6 OTCKX $814 0.66% 1.317% $5 $11
Fidelity Small Cap Index FSSNX $3,209 0.03% 1.317% $1 $42 Vanguard International Value Inv VTRIX $0 0.38% 1.317% $0 $0 Fidelity Total International Index FTIHX $15,386 0.06% 1.317% $9 $203 Vanguard International Growth Adm VWILX $0 0.34% 1.317% $0 $0 Vanguard Target Retirement Income VTINX $5,274 0.08% 1.317% $4 $69 Vanguard Target Retirement 2020 VTWNX $56,529 0.08% 1.317% $45 $744 Vanguard Target Retirement 2025 VTTVX $147,962 0.08% 1.317% $118 $1,948 Vanguard Target Retirement 2030 VTHRX $158,943 0.08% 1.317% $127 $2,093 Vanguard Target Retirement 2035 VTTHX $172,097 0.08% 1.317% $138 $2,266 Vanguard Target Retirement 2040 VFORX $281,802 0.08% 1.317% $225 $3,710 Vanguard Target Retirement 2045 VTIVX $283,637 0.08% 1.317% $227 $3,734 Vanguard Target Retirement 2050 VFIFX $329,338 0.08% 1.317% $263 $4,336 Vanguard Target Retirement 2055 VFFVX $158,078 0.08% 1.317% $126 $2,081 Vanguard Target Retirement 2060 VTTSX $21,150 0.08% 1.317% $17 $278 Vanguard Target Retirement 2065 VLXVX $1,027 0.08% 1.317% $1 $14 TOTAL $1,780,711 $1,522 $23,444
Plan Administration Cost Quarter Annualized
MissionSquare Administration Fee (0.55%) (est): $2,415 $9,794 MissionSquare Per Participant Fee ($25/year) (est): $3,366 $13,650 Total Plan Administration Fees (est): $5,781 $23,444
*For reporting purposes, fund level fees have been excluded from the fund expense ratio calculations.

Annualized
25 Section 5
Allspring Special Mid Cap
Value R6 (USD)
Morningstar Quantitative
RatingTM
´Q
02-28-2023
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
Value385 US Fund Mid-Cap Value
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 11.20 6.08 -0.72 9.98 28.80
2022 -2.27 -10.19 -4.62 14.08 -4.50
2023 0.83 — — — 0.83
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -1.47 23.36 9.23 — 10.53
Std 03-31-2023 -1.47 — 9.23 — 10.53
Total Return -1.47 23.36 9.23 10.50 10.53
+/- Std Index 6.26 4.76 -1.96 -1.75 —
+/- Cat Index 7.75 2.67 2.69 1.70 —
% Rank Cat 9 39 9 8
No. in Cat 399 385 364 266
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 % 0.69
Gross Expense Ratio % 0.69
Risk and Return Profile
3 Yr 5 Yr 10 Yr
385 funds 364 funds
266 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk -Avg Avg -Avg
Morningstar Return Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 18.47 20.71 16.25
Mean 23.36 9.23 10.50
Sharpe Ratio 1.17 0.46 0.64
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha 6.33 3.77
Beta 0.86 0.91
R-Squared 79.91 96.69
12-Month Yield —
Potential Cap Gains Exp 6.57%
2 2 2 2 2 2 2 2 2 2 5 2
96 94 92 94 93 94 99 95 98 98 96 95
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Allspring Special Mid Cap
Value R6
36,991
Category Average
29,281
Standard Index
40,720
_ _ & & & ( * & * ( & _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History — 31.65 32.27 30.05 36.03 38.35 32.47 42.22 43.31 50.60 44.41 44.78 NAV/Price

18.91 39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -4.50 0.83 Total Return %

2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 -6.66 +/- Standard Index

0.41 5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 7.53 -0.49 +/- Category Index — — 24 24 20 71 50 2 49 53 20 — % Rank Cat
— — 460 471 399 405 417 422 415 413 405 403 No. of Funds in Cat Portfolio Analysis 03-31-2023
Asset Allocation % Net % Long % Short %
Cash 5.06 5.06 0.00
US Stocks 90.93 90.93 0.00
Non-US Stocks 4.01 4.01 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.5 0.80 1.17
P/C Ratio TTM 9.5 0.62 0.98
P/B Ratio TTM 2.2 0.58 1.15
Geo Avg Mkt Cap
$mil
17477 0.09 1.36
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 95.8 0.97
Greater Europe 2.6 2.50
Greater Asia 1.6 43.19
Share Chg
since
02-2023
Share
Amount
Holdings :
9 Total Stocks , 149 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
T 594 mil Allspring Government MMkt Select 5.06
7 mil LKQ Corp 3.37
3 mil Republic Services Inc 3.32
Y 6 mil Arch Capital Group Ltd 3.27
4 mil Amdocs Ltd 3.24
T 7 mil AerCap Holdings NV 3.20
T 3 mil Jacobs Solutions Inc 2.97
T 2 mil Vulcan Materials Co 2.70
T 4 mil Church & Dwight Co Inc 2.68
T 8 mil Keurig Dr Pepper Inc 2.52
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.4 1.52
r Basic Materials 5.4 2.25
t Consumer Cyclical 13.3 1.27
y Financial Services 15.0 1.21
u Real Estate 8.7 3.31
j Sensitive 36.3 0.76
i Communication Services 0.7 0.09
o Energy 6.2 1.35
p Industrials 20.8 2.47
a Technology 8.5 0.32
k Defensive 21.3 0.87
s Consumer Defensive 5.8 0.81
d Healthcare 8.4 0.59
f Utilities 7.1 2.46
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 14.3 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $11,689.42 mil
Release date 03-31-2023 | 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®
26 Fidelity® 500 Index (USD)
Morningstar Quantitative
RatingTM
ŒQ
02-28-2023
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell 1000 TR
USD
US Fund Large Blend
1,233 US Fund Large Blend
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 6.18 8.55 0.58 11.02 28.69
2022 -4.60 -16.10 -4.89 7.56 -18.13
2023 7.50 — — — 7.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -7.74 18.59 11.18 12.23 12.00
Std 03-31-2023 -7.74 — 11.18 12.23 12.00
Total Return -7.74 18.59 11.18 12.23 12.00
+/- Std Index -0.01 -0.01 -0.01 -0.01 —
+/- Cat Index 0.65 0.04 0.31 0.22 —
% Rank Cat 51 29 19 10
No. in Cat 1367 1233 1123 829
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 202-551-8090 or visit
www.institutional.fidelity.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.02
12b1 Expense % NA
Net Expense Ratio % 0.02
Gross Expense Ratio % 0.02
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,233 funds 1,123 funds 829 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 19.23 18.64 14.85
Mean 18.59 11.18 12.23
Sharpe Ratio 0.92 0.58 0.79
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 99 100 99 100 99 100 100 100 100
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® 500 Index
40,670
Category Average
33,380
Standard Index
40,720
* * & & * * & & * & ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 143.10 NAV/Price

15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 7.50 Total Return % -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.02 0.00 +/- Standard Index -0.43 -0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 1.00 0.04 +/- 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 1431 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash -0.01 0.03 0.05
US Stocks 98.86 98.86 0.00
Non-US Stocks 1.13 1.13 0.00
Bonds 0.02 0.02 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.05 0.05
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 0.96 1.02
P/C Ratio TTM 14.6 0.95 0.95
P/B Ratio TTM 3.6 0.96 0.94
Geo Avg Mkt Cap
$mil
170303 0.90 0.69
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 98.9 1.00
Greater Europe 1.1 1.04
Greater Asia 0.0 1.00
Share Chg
since
01-2023
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 164 mil Apple Inc 6.62
T 82 mil Microsoft Corp 5.58
T 97 mil Amazon.com Inc 2.51
T 27 mil NVIDIA Corp 1.74
T 29 mil Tesla Inc 1.66
T 20 mil Berkshire Hathaway Inc Class B 1.65
T 65 mil Alphabet Inc Class A 1.62
T 58 mil Alphabet Inc Class C 1.44
T 45 mil Exxon Mobil Corp 1.36
T 10 mil UnitedHealth Group Inc 1.34
T 32 mil JPMorgan Chase & Co 1.26
T 29 mil Johnson & Johnson 1.20
T 25 mil Meta Platforms Inc Class A 1.18
T 18 mil Visa Inc Class A 1.08
T 26 mil Procter & Gamble Co 0.98
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.7 1.07
r Basic Materials 2.5 1.05
t Consumer Cyclical 10.5 1.00
y Financial Services 14.0 1.12
u Real Estate 2.8 1.05
j Sensitive 45.9 0.96
i Communication Services 7.7 0.95
o Energy 4.8 1.04
p Industrials 8.7 1.03
a Technology 24.7 0.93
k Defensive 24.4 1.00
s Consumer Defensive 7.1 0.99
d Healthcare 14.4 1.01
f Utilities 2.8 0.99
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 14.3 Years
Objective: Growth and Income
Base Currency: USD
Ticker: FXAIX
ISIN: US3159117502
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $380,892.77 mil
Release date 03-31-2023
©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®
27 Fidelity® Mid Cap Index
(USD)
Morningstar Quantitative
RatingTM
ŒQ
02-28-2023
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap TR
USD
US Fund Mid-Cap
Blend375 US Fund Mid-Cap Blend
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 8.15 7.47 -0.93 6.44 22.56
2022 -5.69 -16.85 -3.42 9.21 -17.28
2023 4.05 — — — 4.05
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -8.74 19.19 8.06 10.05 11.72
Std 03-31-2023 -8.74 — 8.06 10.05 11.72
Total Return -8.74 19.19 8.06 10.05 11.72
+/- Std Index -1.01 0.59 -3.13 -2.20 —
+/- Cat Index 0.04 -0.01 0.01 -0.01 —
% Rank Cat 73 58 31 19
No. in Cat 413 375 351 224
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 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
375 funds 351 funds 224 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.41 21.10 16.53
Mean 19.19 8.06 10.05
Sharpe Ratio 0.91 0.40 0.61
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha 0.54 0.00
Beta 1.01 1.00
R-Squared 90.40 100.00
12-Month Yield —
Potential Cap Gains Exp 16.53%
5 5 5 5 5 5 5 5 5 5 5 5
99 99 98 99 99 100 98 99 100 100 100 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Mid Cap Index
34,485
Category Average
28,992
Standard Index
40,720
* * & * ( & * & & ( ) _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

11.96 15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 25.92 26.97 NAV/Price

17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 4.05 Total Return %

1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 -3.45 +/- Standard Index -0.06 0.02 -0.10 0.00 0.07 -0.05 0.01 -0.03 0.01 -0.02 0.03 -0.01 +/- Category Index 41 45 7 27 59 24 29 18 21 67 76 — % Rank Cat
412 399 369 432 427 443 464 404 407 391 405 426 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash -0.02 0.56 0.58
US Stocks 99.06 99.06 0.00
Non-US Stocks 0.93 0.93 0.00
Bonds 0.02 0.02 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.58 0.58
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.4 0.84 1.15
P/C Ratio TTM 12.7 0.83 1.16
P/B Ratio TTM 2.7 0.72 1.02
Geo Avg Mkt Cap
$mil
17890 0.09 1.75
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 0.75
Greater Asia 0.1 2.41
Share Chg
since
01-2023
Share
Amount
Holdings :
819 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
T 149 mil Fidelity Revere Str Tr 0.56
T 409,392 Synopsys Inc 0.56
T 732,533 Cadence Design Systems Inc 0.53
T 166,500 O'Reilly Automotive Inc 0.52
T 1 mil Phillips 66 0.49
T 50,895 AutoZone Inc 0.48
T 2 mil Amphenol Corp Class A 0.46
T 343,642 Parker Hannifin Corp 0.46
T 2 mil Corteva Inc 0.45
T 442,105 Motorola Solutions Inc 0.44
T 1 mil Microchip Technology Inc 0.44
T 688,458 Nucor Corp 0.43
T 1 mil DexCom Inc 0.43
T 616,979 Trane Technologies PLC Class A 0.43
T 2 mil Aflac Inc 0.43
Sector Weightings Stocks % Rel Std Index
h Cyclical 39.9 1.43
r Basic Materials 5.2 2.18
t Consumer Cyclical 13.0 1.24
y Financial Services 13.8 1.11
u Real Estate 7.9 2.99
j Sensitive 40.4 0.85
i Communication Services 3.6 0.44
o Energy 4.9 1.06
p Industrials 15.7 1.87
a Technology 16.3 0.61
k Defensive 19.7 0.81
s Consumer Defensive 3.8 0.53
d Healthcare 10.5 0.73
f Utilities 5.3 1.87
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.6 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 09-08-2011
Type: MF
Total Assets: $26,489.23 mil
Release date 03-31-2023
©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®
28 Fidelity® Small Cap Index
(USD)
Morningstar Quantitative
RatingTM
´Q
02-28-2023
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 2000 TR
USD
US Fund Small Blend
589 US Fund Small Blend
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 12.73 4.26 -4.40 2.10 14.71
2022 -7.47 -17.18 -2.08 6.25 -20.27
2023 2.81 — — — 2.81
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -11.41 17.60 4.81 8.20 10.22
Std 03-31-2023 -11.41 — 4.81 8.20 10.22
Total Return -11.41 17.60 4.81 8.20 10.22
+/- Std Index -3.68 -1.01 -6.38 -4.04 —
+/- Cat Index 0.20 0.09 0.10 0.16 —
% Rank Cat 83 84 72 52
No. in Cat 614 589 543 372
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.03
12b1 Expense % NA
Net Expense Ratio % 0.03
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
589 funds 543 funds 372 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg Avg Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 22.83 23.89 19.44
Mean 17.60 4.81 8.20
Sharpe Ratio 0.77 0.25 0.46
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -0.50 0.08
Beta 1.02 1.00
R-Squared 73.48 100.00
12-Month Yield —
Potential Cap Gains Exp 5.18%
6 6 6 6 6 9 6 6 6 6 6 6
98 99 99 98 83 99 100 100 100 99 99 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Small Cap Index
28,776
Category Average
26,946
Standard Index
40,720
* * * * * & * * & ) ) _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

12.15 16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 21.70 22.31 NAV/Price

16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -20.27 2.81 Total Return %

0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 -4.69 +/- Standard Index

0.03 0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.16 0.07 +/- Category Index 34 33 40 44 40 22 33 30 14 93 84 — % Rank Cat
662 681 737 780 750 802 769 702 671 630 611 622 No. of Funds in Cat Portfolio Analysis 01-31-2023
Asset Allocation % Net % Long % Short %
Cash -0.14 0.75 0.89
US Stocks 98.33 98.33 0.00
Non-US Stocks 1.71 1.71 0.00
Bonds 0.10 0.10 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.89 0.89
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 11.6 0.56 0.89
P/C Ratio TTM 10.0 0.65 0.96
P/B Ratio TTM 2.0 0.53 0.88
Geo Avg Mkt Cap
$mil
2323 0.01 0.51
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 99.2 1.00
Greater Europe 0.4 0.37
Greater Asia 0.4 10.16
Share Chg
since
12-2022
Share
Amount
Holdings :
1,937 Total Stocks , 0 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
Y 2,044 E-mini Russell 2000 Index Future M 0.95
T 157 mil Fidelity Revere Str Tr 0.75
T 1 mil Iridium Communications Inc 0.30
T 928,934 Matador Resources Co 0.30
T 499,966 Crocs Inc 0.29
T 219,112 Saia Inc 0.29
T 232,675 Inspire Medical Systems Inc 0.28
T 387,775 EMCOR Group Inc 0.28
T 235,212 RBC Bearings Inc 0.28
T 1 mil Halozyme Therapeutics Inc 0.27
T 551,917 Texas Roadhouse Inc 0.27
T 293,651 ShockWave Medical Inc 0.26
T 2 mil ChampionX Corp 0.26
T 724,389 Agree Realty Corp 0.26
T 1 mil Stag Industrial Inc 0.26
Sector Weightings Stocks % Rel Std Index
h Cyclical 38.1 1.37
r Basic Materials 4.3 1.82
t Consumer Cyclical 10.8 1.04
y Financial Services 15.3 1.23
u Real Estate 7.8 2.94
j Sensitive 38.0 0.79
i Communication Services 2.6 0.32
o Energy 6.4 1.40
p Industrials 14.9 1.77
a Technology 14.0 0.53
k Defensive 23.9 0.98
s Consumer Defensive 4.1 0.57
d Healthcare 16.5 1.16
f Utilities 3.3 1.15
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.6 Years
Objective: Small Company
Base Currency: USD
Ticker: FSSNX
ISIN: US3161461823
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 09-08-2011
Type: MF
Total Assets: $19,872.58 mil
Release date 03-31-2023
©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® Total International
Index (USD)
Morningstar Quantitative
RatingTM
ŒQ
02-28-2023
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
Blend692 US Fund Foreign Large
Blend
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.91 5.53 -3.02 2.01 8.47
2022 -6.21 -13.16 -10.45 14.78 -16.28
2023 6.75 — — — 6.75
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.71 12.39 2.37 — 5.46
Std 03-31-2023 -4.71 — 2.37 — 5.46
Total Return -4.71 12.39 2.37 — 5.46
+/- Std Index 0.36 0.59 -0.10 — —
+/- Cat Index 0.36 0.59 -0.10 — —
% Rank Cat 81 59 66 —
No. in Cat 744 692 623 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.06
12b1 Expense % NA
Net Expense Ratio % 0.06
Gross Expense Ratio % 0.06
Risk and Return Profile
3 Yr 5 Yr 10 Yr
692 funds 623 funds
418 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk -Avg Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 18.03 17.95 —
Mean 12.39 2.37 —
Sharpe Ratio 0.67 0.14 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.26 0.26
Beta 1.03 1.03
R-Squared 98.84 98.84
12-Month Yield —
Potential Cap Gains Exp -18.74%
0 0 0 0 4 4 4 4 4 4 4 4
— — — — 96 97 90 95 99 97 98 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Fidelity® Total International
Index
14,913
Category Average
14,647
Standard Index
14,994
_ _ _ _ _ & * ( * ( ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History — — — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 12.50 NAV/Price — — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 6.75 Total Return % — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.12 +/- Standard Index — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.12 +/- Category Index — — — — — 22 49 53 32 69 60 — % Rank Cat
— — — — — 756 741 732 785 767 744 765 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash -0.13 0.86 0.99
US Stocks 0.68 0.68 0.00
Non-US Stocks 99.12 99.12 0.00
Bonds 0.16 0.16 0.00
Other/Not Clsfd 0.17 0.17 0.00
Total 100.00 100.99 0.99
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 12.5 0.97 0.92
P/C Ratio TTM 8.6 0.96 0.91
P/B Ratio TTM 1.6 0.96 0.89
Geo Avg Mkt Cap
$mil
27121 0.63 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 10.7 1.02
Greater Europe 44.9 0.98
Greater Asia 44.4 1.02
Share Chg
since
01-2023
Share
Amount
Holdings :
5,081 Total Stocks , 3 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 8 mil Taiwan Semiconductor Manufacturing 1.48
T 945,579 Nestle SA 1.13
T 2 mil Tencent Holdings Ltd 1.01
T 140,108 ASML Holding NV 0.92
T 570,161 Novo Nordisk A/S Class B 0.86
Y 80 mil Fidelity Revere Str Tr 0.85
Y 782 MSCI EAFE Index Future Mar 23 0.85
T 95,105 LVMH Moet Hennessy Louis Vuitton SE 0.84
T 3 mil Shell PLC 0.81
T 2 mil Samsung Electronics Co Ltd 0.80
T 533,649 AstraZeneca PLC 0.74
T 230,784 Roche Holding AG 0.71
T 743,289 Novartis AG 0.67
T 5 mil Alibaba Group Holding Ltd Ordinary 0.60
T 2 mil BHP Group Ltd 0.56
Sector Weightings Stocks % Rel Std Index
h Cyclical 43.1 1.03
r Basic Materials 8.6 1.04
t Consumer Cyclical 11.3 0.99
y Financial Services 19.9 1.00
u Real Estate 3.3 1.47
j Sensitive 36.7 1.00
i Communication Services 5.8 0.93
o Energy 5.6 1.00
p Industrials 13.8 1.06
a Technology 11.4 0.95
k Defensive 20.3 0.94
s Consumer Defensive 8.1 0.93
d Healthcare 9.2 0.94
f Utilities 3.0 0.99
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 6.8 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $9,758.31 mil
Release date 03-31-2023
©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® US Bond Index
(USD)
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 Bond414 US Fund Intermediate
Core Bond
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -3.48 1.85 0.02 -0.12 -1.79
2022 -5.88 -4.66 -4.69 1.68 -13.03
2023 3.06 — — — 3.06
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.78 -2.91 0.89 1.32 1.93
Std 03-31-2023 -4.78 — 0.89 1.32 1.93
Total Return -4.78 -2.91 0.89 1.32 1.93
+/- Std Index 0.01 -0.13 -0.02 -0.05 —
+/- Cat Index 0.01 -0.13 -0.02 -0.05 —
% Rank Cat 36 80 38 39
No. in Cat 461 414 378 282
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-544-8544 or visit
www.institutional.fidelity.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.03
12b1 Expense % NA
Net Expense Ratio % 0.03
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
414 funds 378 funds 282 funds
Morningstar RatingTM 2Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 6.29 5.48 4.43
Mean -2.91 0.89 1.32
Sharpe Ratio -0.62 -0.09 0.11
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.14 -0.14
Beta 1.00 1.00
R-Squared 99.85 99.85
12-Month Yield —
Potential Cap Gains Exp -0.01%
4 4 4 4 4 4 4 4 4 4 4 4
93 98 96 99 99 97 99 96 98 98 99 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Fidelity® US Bond Index
11,877
Category Average
12,045
Standard Index
11,919
) ( * & ( ( * * * ( * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

11.89 11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 10.18 10.42 NAV/Price

4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 3.06 Total Return %

0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.09 +/- Standard Index

0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.09 +/- Category Index 82 69 26 18 66 57 29 49 41 63 33 — % Rank Cat
1165 1079 1038 1042 985 986 1019 430 415 423 453 478 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 0.15 1.50 1.35
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 99.85 99.85 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 101.35 1.35
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 6.13
Avg Wtd Coupon —
Avg Wtd Price 89.65
Credit Quality Breakdown 02-28-2023 Bond %
AAA 74.18
AA 4.59
A 10.83
BBB 10.40
BB 0.00
B 0.00
Below B 0.00
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
01-2023
Share
Amount
Holdings :
0 Total Stocks , 8,829 Total Fixed-Income,
50% Turnover Ratio
Net Assets
%
T 1,228 mil United States Treasury Notes 2.75% 1.92
T 774 mil Fidelity Revere Str Tr 1.33
724 mil United States Treasury Notes 1.5% 1.06
603 mil United States Treasury Notes 2.625% 0.95
Y 672 mil Federal Home Loan Mortgage Corpora 0.95
507 mil United States Treasury Notes 1.5% 0.78
461 mil United States Treasury Notes 3% 0.76
441 mil United States Treasury Notes 2.25% 0.74
430 mil United States Treasury Notes 0.5% 0.68
396 mil United States Treasury Notes 4.125% 0.68
411 mil United States Treasury Notes 1% 0.66
362 mil United States Treasury Notes 2.75% 0.59
T 402 mil United States Treasury Bonds 3% 0.58
349 mil United States Treasury Notes 1.5% 0.58
Y 404 mil Federal National Mortgage Associat 0.57
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: 8.9 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $60,094.93 mil
Release date 03-31-2023
©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 MFS Mid Cap Growth R6
(USD)
Morningstar Analyst RatingTM
„
02-21-2023
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
Growth529 US Fund Mid-Cap Growth
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -2.40 7.99 2.28 5.91 14.17
2022 -15.56 -17.34 -4.10 7.13 -28.29
2023 7.53 — — — 7.53
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -8.69 12.50 9.62 11.98 12.59
Std 03-31-2023 -8.69 — 9.62 11.98 12.59
Total Return -8.69 12.50 9.62 11.98 12.59
+/- Std Index -0.96 -6.10 -1.57 -0.26 —
+/- Cat Index -0.17 -2.70 0.55 0.81 —
% Rank Cat 31 76 24 13
No. in Cat 577 529 498 387
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 or visit
http://www.mfs.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.64
12b1 Expense % NA
Net Expense Ratio % 0.66
Gross Expense Ratio % 0.67
Risk and Return Profile
3 Yr 5 Yr 10 Yr
529 funds 498 funds 387 funds
Morningstar RatingTM 2Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return -Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.60 20.40 16.16
Mean 12.50 9.62 11.98
Sharpe Ratio 0.60 0.48 0.73
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Brd Grt TR USD
Alpha -5.21 -3.05
Beta 1.02 0.95
R-Squared 82.65 95.37
12-Month Yield —
Potential Cap Gains Exp 18.22%
8 8 8 8 8 8 8 8 8 8 8 8
98 98 98 96 99 98 97 98 99 99 98 98
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
MFS Mid Cap Growth R6
40,156
Category Average
31,688
Standard Index
40,720
_ _ * & ( * & & * * ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History — 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 24.05 25.86 NAV/Price

16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 7.53 Total Return %

0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 0.03 +/- Standard Index

0.38 1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 -1.57 -1.61 +/- Category Index — — 32 9 55 31 9 17 40 46 60 — % Rank Cat
— — 749 733 644 617 605 618 604 588 586 578 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.28 2.28 0.00
US Stocks 88.56 88.56 0.00
Non-US Stocks 9.16 9.16 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 29.4 1.43 1.10
P/C Ratio TTM 22.7 1.48 1.19
P/B Ratio TTM 4.9 1.30 1.09
Geo Avg Mkt Cap
$mil
21680 0.11 1.30
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 93.9 0.95
Greater Europe 5.1 4.89
Greater Asia 1.0 26.24
Share Chg
since
01-2023
Share
Amount
Holdings :
86 Total Stocks , 0 Total Fixed-Income,
21% Turnover Ratio
Net Assets
%
2 mil Cadence Design Systems Inc 3.55
773,513 MSCI Inc 3.16
832,047 Monolithic Power Systems Inc 3.15
2 mil Arthur J. Gallagher & Co 3.00
2 mil AMETEK Inc 2.63
2 mil Steris PLC 2.26
342,407 O'Reilly Automotive Inc 2.22
2 mil Verisk Analytics Inc 2.16
2 mil Vulcan Materials Co 2.15
2 mil Wolters Kluwer NV 2.03
1 mil Icon PLC 2.01
Y 496,007 Ulta Beauty Inc 2.01
2 mil Agilent Technologies Inc 1.90
4 mil Nasdaq Inc 1.85
1 mil IDEX Corp 1.81
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.6 1.21
r Basic Materials 2.6 1.07
t Consumer Cyclical 16.6 1.60
y Financial Services 10.6 0.85
u Real Estate 3.8 1.43
j Sensitive 48.1 1.01
i Communication Services 2.7 0.34
o Energy 2.7 0.58
p Industrials 18.9 2.24
a Technology 23.8 0.89
k Defensive 18.3 0.75
s Consumer Defensive 1.0 0.14
d Healthcare 17.3 1.21
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 14.4 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $12,930.09 mil
Release date 03-31-2023 | 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®
32 MFS Value R6 (USD)
Morningstar Analyst RatingTM
Œ
08-04-2022
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 1000 Value
TR USD
US Fund Large Value
1,155 US Fund Large Value
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 8.69 5.66 0.67 8.60 25.55
2022 -3.61 -9.88 -4.55 13.60 -5.80
2023 -1.42 — — — -1.42
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -3.67 16.73 7.99 9.87 7.97
Std 03-31-2023 -3.67 — 7.99 9.87 7.97
Total Return -3.67 16.73 7.99 9.87 7.97
+/- Std Index 4.06 -1.88 -3.20 -2.37 —
+/- Cat Index 2.25 -1.20 0.49 0.74 —
% Rank Cat 33 77 48 26
No. in Cat 1239 1155 1103 821
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 03-31-23 1.91 1 1.90

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.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 or visit
http://www.mfs.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.43
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 1,103 funds 821 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.01 17.74 14.41
Mean 16.73 7.99 9.87
Sharpe Ratio 0.93 0.44 0.66
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Val TR USD
Alpha 1.07 -1.35
Beta 0.83 0.95
R-Squared 87.08 97.54
12-Month Yield 1.97%
Potential Cap Gains Exp 45.93%
1 4 1 1 1 1 1 1 1 1 4 1
98 99 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
33,505
Category Average
29,597
Standard Index
40,720
* & * & ( * ( & * ( ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

25.35 33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 47.45 46.56 NAV/Price

16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 -1.42 Total Return %

0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 -8.92 +/- Standard Index -0.94 3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 1.74 -2.43 +/- Category Index 27 12 49 11 51 29 67 9 38 57 51 — % Rank Cat
1208 1213 1290 1378 1268 1260 1244 1209 1200 1207 1229 1269 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 0.85 0.85 0.00
US Stocks 91.51 91.51 0.00
Non-US Stocks 7.64 7.64 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 17.9 0.87 1.19
P/C Ratio TTM 13.6 0.88 1.27
P/B Ratio TTM 2.9 0.76 1.23
Geo Avg Mkt Cap
$mil
93437 0.49 0.81
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 92.9 0.94
Greater Europe 7.1 6.75
Greater Asia 0.0 0.00
Share Chg
since
01-2023
Share
Amount
Holdings :
72 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 17 mil JPMorgan Chase & Co 4.14
Y 10 mil Johnson & Johnson 2.74
Y 5 mil Cigna Corp 2.72
Y 10 mil Progressive Corp 2.62
Y 5 mil Aon PLC Class A 2.46
Y 3 mil Northrop Grumman Corp 2.41
Y 8 mil Texas Instruments Inc 2.39
Y 36 mil Comcast Corp Class A 2.34
Y 8 mil Marsh & McLennan Companies Inc 2.29
T 31 mil Pfizer Inc 2.19
Y 6 mil Chubb Ltd 2.15
Y 6 mil Honeywell International Inc 2.10
Y 12 mil Morgan Stanley 2.10
Y 6 mil Lowe's Companies Inc 2.01
Y 12 mil Duke Energy Corp 1.92
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.9 1.29
r Basic Materials 4.2 1.76
t Consumer Cyclical 3.2 0.31
y Financial Services 26.8 2.15
u Real Estate 1.7 0.64
j Sensitive 32.7 0.68
i Communication Services 3.4 0.42
o Energy 4.2 0.92
p Industrials 17.6 2.08
a Technology 7.5 0.28
k Defensive 31.4 1.29
s Consumer Defensive 7.0 0.97
d Healthcare 17.8 1.24
f Utilities 6.7 2.34
Operations
Family: MFS
Manager: Multiple
Tenure: 16.9 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $57,106.53 mil
Release date 03-31-2023
©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 Fund profile & characteristics
Fund Net Assets $11.6 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.07
Market/Book Value Ratio 93.04%
# of Holdings over 4,000
# of Investment Managers 12
# of Synthetic & Separate Account GIC Issuers 8
# of Traditional GIC providers 9
Sector allocation
Agencies 0.81%
Asset-Backed 6.71%
Cash & Cash Equivalents 3.59%
Credits 25.44%
Maturing GICs 22.51%
Mortgage-Backed 21.34%
Municipals 0.63%
Other 0.11%
Treasuries 11.91%
Wrap Providers 6.96%
Structure
Tier 1 - Cash Buffer 5.6%
Tier 2 - Shorter Duration Focus 8.7%
Tier 3 - Laddered Maturity Focus 22.5%
Tier 4 - Total Return Focus 63.2%
Maturity allocation
0-1 Yrs 16.1%
1-2 Yrs 11.6%
2-3 Yrs 11.2%
3-4 Yrs 8.8%
4-5 Yrs 12.8%
5+ Yrs 39.6%
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 4.8%
Principal Life 4.7%
Metropolitan Life 3.7%
Metropolitan Tower Life 2.9%
Prudential 1.3%
United of Omaha 1.1%
New York Life 1.0%
Jackson National Life 0.7%
Protective Life 0.4%
Synthetic GIC (53.6%)
Transamerica Life 13.6%
Pacific Life 13.4%
Prudential 12.9%
Metropolitan Tower Life 7.9%
Principal Life 5.8%
Separate Account GIC (20.3%)
New York Life 9.3%
Massachusetts Mutual Life 9.0%
Lincoln National Life 2.0%

Performance as of 12/31/2022
Performance Crediting
Rate 3

Total
estimated
expenses Share Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 2.64% 2.28% 2.28% 2.34% 2.47% 2.44% 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 2.32% 1.97% 1.97% 2.03% 2.16% 2.13% 0.52% R95/ 92208J600 2.27% 1.92% 1.92% 1.98% 2.11% 2.08% 0.57% R85/ 92208J501 2.22% 1.87% 1.87% 1.93% 2.06% 2.03% 0.62% R75/ 92208J402 2.17% 1.82% 1.82% 1.88% 2.01% 1.98% 0.67% R5/ 92208J303 2.06% 1.72% 1.72% 1.78% 1.91% 1.87% 0.77% R3/ 92208J204 1.77% 1.43% 1.43% 1.48% 1.61% 1.58% 1.06% R1/ 92208J105 1.50% 1.16% 1.16% 1.22% 1.35% 1.32% 1.32% ICE BofA US 3 Month Treasury Bill Index — 1.46% 1.46% 0.72% 1.26% 0.76% — Morningstar US CIT Stable Value Index6,7 — 1.88% 1.88% 1.96% 2.12% 1.96% — Standard Deviation (Gross) — — 0.06 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 December 2022

MissionSquare PLUS Fund
34 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
Andrew Whiting
202-731-2143
[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 December 31, 2022 duration would be 3.73.

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.

When Funds are marketed to institutional clients, the Funds are offered by MissionSquare Investment Services, an SEC registered broker-dealer and FINRA member firm. MissionSquare Investment Services is a wholly-owned subsidiary of MissionSquare Retirement and is an affiliate of VantageTrust Company, LLC and MissionSquare Investments.

Fact sheet | MissionSquar e PLUS Fund FACT SHEET December 2022Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-1222
35 Sterling Capital Total Return
Bond R6 (USD)
Morningstar Quantitative
RatingTM
‰Q
02-28-2023
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 Bond414 US Fund Intermediate
Core Bond
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -3.00 2.16 0.04 -0.26 -1.12
2022 -6.15 -4.69 -4.42 1.57 -13.15
2023 3.01 — — — 3.01
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.68 -1.34 1.36 — 1.25
Std 03-31-2023 -4.68 — 1.36 — 1.25
Total Return -4.68 -1.34 1.36 1.85 1.25
+/- Std Index 0.10 1.43 0.46 0.49 —
+/- Cat Index 0.10 1.43 0.46 0.49 —
% Rank Cat 30 14 10 7
No. in Cat 461 414 378 282
Subsidized Unsubsidized
7-day Yield 04-12-23 3.34 1 —
30-day SEC Yield 03-31-23 3.83 1 3.78

1. Contractual waiver; Expires 01-31-2024
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-228-1872 or visit
www.sterlingcapitalfunds.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.25
12b1 Expense % 0.00
Net Expense Ratio % 0.35
Gross Expense Ratio % 0.48
Risk and Return Profile
3 Yr 5 Yr 10 Yr
414 funds 378 funds
282 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk -Avg Avg Avg
Morningstar Return +Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 6.10 5.45 4.32
Mean -1.34 1.36 1.85
Sharpe Ratio -0.38 0.00 0.23
MPT Statistics Standard Index Best Fit Index
Bloomberg US
Universal TR USD
Alpha 1.26 0.53
Beta 0.95 0.95
R-Squared 95.85 97.18
12-Month Yield 3.00%
Potential Cap Gains Exp -19.17%
5 5 5 5 5 5 5 5 5 5 4 4
97 96 97 97 95 97 98 96 96 97 98 99
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Sterling Capital Total Return
Bond R6
12,791
Category Average
12,045
Standard Index
11,919
_ _ _ _ _ _ _ & & & * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History — — — — — — 10.22 10.82 11.35 10.87 9.18 9.38 NAV/Price

6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 3.01 Total Return %

1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.05 +/- Standard Index

1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.05 +/- Category Index — — — — — — — 17 10 23 40 — % Rank Cat
— — — — — — — 430 415 423 453 478 No. of Funds in Cat
Portfolio Analysis 03-31-2023 Top Holdings 02-28-2023
Asset Allocation % 02-28-2023 Net % Long % Short %
Cash 1.66 4.02 2.35
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.07 98.07 0.00
Other/Not Clsfd 0.27 0.27 0.00
Total 100.00 102.35 2.35
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 3.45
Avg Wtd Price 91.72
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
02-2023
Share
Amount
Holdings :
0 Total Stocks , 255 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
Y 82 mil United States Treasury Bonds 1.375% 4.52
T 41 mil Federated Hermes Treasury Obl IS 3.95
T 52 mil United States Treasury Bonds 2.5% 3.87
T 41 mil United States Treasury Notes 2.625% 3.64
T 35 mil United States Treasury Notes 4.125% 3.45
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.73
Y 16 mil Fnma Pass-Thru I 1.42
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.33
R 13 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 1.26
Y 14 mil United States Treasury Notes 1.5% 1.22
Y 13 mil Fnma Pass-Thru I 1.20
Y 11 mil Federal Home Loan Mortgage Corpora 1.02
Y 13 mil Federal National Mortgage Associat 1.00
Y 11 mil Fnma Pass-Thru I 3% 0.99
R 10 mil Federal Home Loan Mortgage Corpora 0.98
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: 15.3 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: $1,031.05 mil
Release date 03-31-2023 | 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®
36 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
Growth404 US Fund Foreign Large
Growth
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -1.03 7.49 -4.05 -2.76 -0.74
2022 -16.45 -18.13 -10.16 12.62 -30.79
2023 12.50 — — — 12.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.81 13.48 6.54 8.79 7.63
Std 03-31-2023 -6.81 — 6.54 8.79 7.63
Total Return -6.81 13.48 6.54 8.79 7.63
+/- Std Index -1.74 1.68 4.06 4.62 —
+/- Cat Index -0.46 3.99 3.18 3.70 —
% Rank Cat 67 12 13 5
No. in Cat 449 404 350 231
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.32
12b1 Expense % NA
Net Expense Ratio % 0.34
Gross Expense Ratio % 0.34
Risk and Return Profile
3 Yr 5 Yr 10 Yr
404 funds 350 funds 231 funds
Morningstar RatingTM 3Q 4Q 5Q
Morningstar Risk High High High
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 25.16 22.62 18.65
Mean 13.48 6.54 8.79
Sharpe Ratio 0.58 0.33 0.50
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha -0.56 2.04
Beta 1.32 1.31
R-Squared 82.48 91.65
12-Month Yield —
Potential Cap Gains Exp 21.25%
7 7 7 7 7 7 7 7 7 7 7 7
95 96 96 95 93 96 95 97 98 98 97 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International
Growth Adm
28,767
Category Average
20,549
Standard Index
18,128
& & ( ( & & * & & ) ) _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 101.70 NAV/Price

20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 12.50 Total Return %

3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 5.63 +/- Standard Index

3.51 7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -7.74 3.91 +/- Category Index 24 15 65 67 12 6 31 22 4 89 82 — % Rank Cat
250 278 341 361 363 399 439 469 447 450 443 451 No. of Funds in Cat Portfolio Analysis 01-31-2023
Asset Allocation % Net % Long % Short %
Cash 2.01 2.55 0.55
US Stocks 12.64 12.64 0.00
Non-US Stocks 84.50 84.50 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.85 0.85 0.00
Total 100.00 100.55 0.55
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 18.8 1.46 0.92
P/C Ratio TTM 15.0 1.67 1.03
P/B Ratio TTM 3.4 2.06 1.10
Geo Avg Mkt Cap
$mil
58291 1.36 1.11
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 20.4 1.94
Greater Europe 49.2 1.07
Greater Asia 30.4 0.70
Share Chg
since
12-2022
Share
Amount
Holdings :
120 Total Stocks , 0 Total Fixed-Income,
15% Turnover Ratio
Net Assets
%
Y 4 mil ASML Holding NV 5.41
Y 2 mil MercadoLibre Inc 4.94
Y 34 mil Tencent Holdings Ltd 3.63
9 mil Moderna Inc 3.62
Y 968,283 Adyen NV 3.20
Y 82 mil Taiwan Semiconductor Manufacturing 3.15
2 mil Kering SA 3.02
T 48 mil Meituan Class B 2.36
9 mil Spotify Technology SA 2.32
2 mil Genmab A/S 2.10
2 mil argenx SE 1.94
Y 30 mil Vestas Wind Systems A/S 1.91
3 mil Ferrari NV 1.61
3 mil Illumina Inc 1.51
Y 14 mil Zalando SE 1.45
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.1 0.89
r Basic Materials 0.8 0.10
t Consumer Cyclical 25.8 2.27
y Financial Services 10.5 0.53
u Real Estate 0.0 0.00
j Sensitive 40.2 1.09
i Communication Services 7.5 1.21
o Energy 1.6 0.28
p Industrials 10.7 0.82
a Technology 20.4 1.71
k Defensive 22.7 1.06
s Consumer Defensive 5.1 0.58
d Healthcare 16.8 1.72
f Utilities 0.8 0.27
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.3 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: $45,245.90 mil
Release date 03-31-2023
©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®
37 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
Value331 US Fund Foreign Large
Value
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 5.74 3.97 -3.66 1.95 7.97
2022 -5.10 -11.38 -9.27 15.76 -11.66
2023 8.67 — — — 8.67
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 1.16 15.30 3.19 4.96 8.25
Std 03-31-2023 1.16 — 3.19 4.96 8.25
Total Return 1.16 15.30 3.19 4.96 8.25
+/- Std Index 6.23 3.50 0.71 0.79 —
+/- Cat Index 5.16 1.48 1.93 1.90 —
% Rank Cat 29 41 25 20
No. in Cat 365 331 307 191
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.36
12b1 Expense % NA
Net Expense Ratio % 0.38
Gross Expense Ratio % 0.38
Risk and Return Profile
3 Yr 5 Yr 10 Yr
331 funds 307 funds 191 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.28 19.15 15.94
Mean 15.30 3.19 4.96
Sharpe Ratio 0.77 0.18 0.33
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
xUS Val TME NR
USD
Alpha 2.59 0.01
Beta 1.07 1.05
R-Squared 93.33 95.85
12-Month Yield —
Potential Cap Gains Exp -11.12%
4 4 4 4 4 4 4 1 1 4 4 4
95 95 91 91 93 94 94 95 100 94 96 96
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard International Value
Inv
19,914
Category Average
17,730
Standard Index
18,128
& * ( ) * & * & & ) ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

31.18 37.38 33.95 31.09 31.75 39.88 32.10 37.53 40.25 41.58 35.74 38.84 NAV/Price

20.18 22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 8.67 Total Return %

3.35 6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 1.81 +/- Standard Index

3.21 7.11 -1.59 3.62 -4.46 5.30 -0.55 4.68 9.76 -2.48 -3.07 3.52 +/- Category Index 16 43 53 79 30 8 34 21 5 87 75 — % Rank Cat
369 338 348 358 337 317 315 346 352 348 354 380 No. of Funds in Cat Portfolio Analysis 01-31-2023
Asset Allocation % Net % Long % Short %
Cash 3.88 3.94 0.06
US Stocks 3.63 3.63 0.00
Non-US Stocks 92.49 92.49 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 12.9 1.01 1.26
P/C Ratio TTM 8.6 0.95 1.32
P/B Ratio TTM 1.6 0.99 1.31
Geo Avg Mkt Cap
$mil
31400 0.73 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 9.3 0.88
Greater Europe 50.9 1.11
Greater Asia 39.8 0.91
Share Chg
since
12-2022
Share
Amount
Holdings :
192 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
Y 24 mil Alibaba Group Holding Ltd Ordinary 2.37
Y 20 mil AIA Group Ltd 1.68
Y 4 mil Holcim Ltd 1.63
35 mil BP PLC 1.55
Y 2 mil Airbus SE 1.54
Y 27 mil HSBC Holdings PLC 1.45
Y 3 mil Tencent Holdings Ltd 1.21
Y 44 mil Sands China Ltd Shs Unitary 144A/R 1.21
Y 3 mil TotalEnergies SE 1.20
5 mil RELX PLC 1.14
Y 2 mil Ryanair Holdings PLC ADR 1.11
Y 598,575 MTU Aero Engines AG 1.09
Y 1 mil Baidu Inc ADR 1.07
Y 877,445 Air Liquide SA 1.02
Y 10 mil Melco Resorts and Entertainment Lt 0.99
Sector Weightings Stocks % Rel Std Index
h Cyclical 44.6 1.07
r Basic Materials 11.4 1.39
t Consumer Cyclical 17.5 1.54
y Financial Services 14.5 0.73
u Real Estate 1.2 0.52
j Sensitive 39.5 1.07
i Communication Services 6.9 1.12
o Energy 6.5 1.15
p Industrials 17.5 1.34
a Technology 8.6 0.72
k Defensive 15.9 0.74
s Consumer Defensive 5.8 0.67
d Healthcare 7.6 0.78
f Utilities 2.5 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.9 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: $13,542.46 mil
Release date 03-31-2023
©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®
38 Vanguard Target Retirement
2020 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2020134 US Fund Target-Date
2020
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 1.28 4.20 -0.41 2.91 8.17
2022 -5.06 -9.20 -5.12 4.97 -14.15
2023 4.77 — — — 4.77
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -5.26 6.90 4.30 5.77 5.73
Std 03-31-2023 -5.26 — 4.30 5.77 5.73
Total Return -5.26 6.90 4.30 5.77 5.73
+/- Std Index 0.96 -1.57 -0.49 0.04 —
+/- Cat Index 2.69 0.87 0.24 0.68 —
% Rank Cat 29 53 42 25
No. in Cat 145 134 120 55
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.52 2.52
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
134 funds 120 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 10.67 10.12 8.31
Mean 6.90 4.30 5.77
Sharpe Ratio 0.57 0.32 0.61
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.38 1.43
Beta 0.83 1.07
R-Squared 98.37 99.38
12-Month Yield 2.41%
Potential Cap Gains Exp 7.18%
4 4 4 4 4 4 4 4 5 4 4 4
33 36 38 40 42 43 47 48 50 50 53 50
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
2020 Fund
20,743
Category Average
18,184
Standard Index
20,579
* & & & * & * * * ( * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

23.83 27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 25.36 26.57 NAV/Price

12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 4.77 Total Return %

0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 0.45 +/- Standard Index -0.18 2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 2.62 0.45 +/- Category Index 36 18 1 23 29 17 42 28 46 68 39 — % Rank Cat
208 222 228 237 221 234 250 233 178 171 150 146 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.89 12.99 10.10
US Stocks 24.77 24.77 0.00
Non-US Stocks 16.76 16.76 0.00
Bonds 55.55 55.61 0.06
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 110.16 10.16
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.95
P/C Ratio TTM 11.4 1.01 0.95
P/B Ratio TTM 2.3 1.07 0.93
Geo Avg Mkt Cap
$mil
58875 1.32 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.74
Avg Eff Duration 6.00
Avg Wtd Coupon 2.21
Avg Wtd Price 91.33
Credit Quality Breakdown 02-28-2023 Bond %
AAA 65.15
AA 8.07
A 13.91
BBB 12.41
BB 0.00
B 0.00
Below B 0.38
NR 0.09
Regional Exposure Stocks % Rel Std Index
Americas 63.6 1.02
Greater Europe 18.1 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2023
Share
Amount
Holdings :
10,618 Total Stocks , 17,574 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
T 1,365 mil Vanguard Total Bond Market II Idx 31.89
Y 55 mil Vanguard Total Stock Mkt Idx Instl 25.12
Y 397 mil Vanguard Total Intl Stock Index Inv 17.13
Y 218 mil Vanguard Total Intl Bd II Idx Insl 13.97
Y 186 mil Vanguard Shrt-Term Infl-Prot Sec I 10.87
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $40,683.50 mil
Release date 03-31-2023
©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 Target Retirement
2025 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2025189 US Fund Target-Date
2025
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 1.86 4.79 -0.65 3.55 9.80
2022 -5.51 -10.72 -5.59 6.03 -15.55
2023 5.28 — — — 5.28
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -5.91 8.31 4.77 6.35 6.33
Std 03-31-2023 -5.91 — 4.77 6.35 6.33
Total Return -5.91 8.31 4.77 6.35 6.33
+/- Std Index 0.31 -0.16 -0.03 0.62 —
+/- Cat Index 2.46 1.34 0.46 0.71 —
% Rank Cat 45 39 37 18
No. in Cat 214 189 169 102
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.27 2.27
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
189 funds 169 funds 102 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 12.34 11.78 9.58
Mean 8.31 4.77 6.35
Sharpe Ratio 0.61 0.33 0.59
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.10 0.86
Beta 0.96 0.92
R-Squared 98.91 99.18
12-Month Yield 2.08%
Potential Cap Gains Exp 9.02%
4 4 4 4 4 4 4 4 4 4 4 4
70 69 67 66 64 62 61 60 60 54 53 50
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2025 Fund
22,241
Category Average
20,064
Standard Index
20,579
* & & & & & * & * ( ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

13.59 15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 16.68 17.56 NAV/Price

13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 5.28 Total Return %

1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 0.95 +/- Standard Index -0.37 1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 2.03 0.69 +/- Category Index 43 24 4 24 23 21 42 22 40 57 52 — % Rank Cat
154 181 185 206 195 208 226 232 214 220 219 215 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.61 11.35 8.74
US Stocks 32.34 32.34 0.00
Non-US Stocks 21.80 21.80 0.00
Bonds 43.22 43.27 0.05
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 108.79 8.79
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.95
P/C Ratio TTM 11.4 1.01 0.95
P/B Ratio TTM 2.3 1.07 0.94
Geo Avg Mkt Cap
$mil
58957 1.32 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.37
Avg Eff Duration 6.43
Avg Wtd Coupon 2.41
Avg Wtd Price 90.63
Credit Quality Breakdown 02-28-2023 Bond %
AAA 61.03
AA 8.99
A 15.57
BBB 13.91
BB 0.00
B 0.00
Below B 0.42
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.7 1.02
Greater Europe 18.1 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2023
Share
Amount
Holdings :
10,849 Total Stocks , 17,428 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 131 mil Vanguard Total Stock Mkt Idx Instl 32.81
T 2,174 mil Vanguard Total Bond Market II Idx 27.95
Y 938 mil Vanguard Total Intl Stock Index Inv 22.28
T 343 mil Vanguard Total Intl Bd II Idx Insl 12.09
T 121 mil Vanguard Shrt-Term Infl-Prot Sec I 3.89
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $74,394.75 mil
Release date 03-31-2023
©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 Target Retirement
2030 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2030189 US Fund Target-Date
2030
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 2.49 5.25 -0.78 4.06 11.38
2022 -5.65 -11.67 -5.93 6.81 -16.27
2023 5.67 — — — 5.67
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.22 9.67 5.21 6.89 6.28
Std 03-31-2023 -6.22 — 5.21 6.89 6.28
Total Return -6.22 9.67 5.21 6.89 6.28
+/- Std Index 0.00 1.21 0.41 1.15 —
+/- Cat Index 2.27 1.13 0.51 0.59 —
% Rank Cat 40 50 40 26
No. in Cat 216 189 169 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.13 2.13
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
189 funds 169 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 13.51 13.01 10.57
Mean 9.67 5.21 6.89
Sharpe Ratio 0.67 0.34 0.60
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.80 1.63
Beta 1.05 1.01
R-Squared 99.03 99.18
12-Month Yield 1.93%
Potential Cap Gains Exp 7.70%
4 4 4 4 4 4 4 4 4 4 4 4
78 76 74 73 71 70 68 68 68 63 61 58
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2030 Fund
23,719
Category Average
21,285
Standard Index
20,579
* & & * * * * * * ( * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

23.38 27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 31.37 33.15 NAV/Price

14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 5.67 Total Return %

2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 1.35 +/- Standard Index -0.43 0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 1.67 0.83 +/- Category Index 38 25 5 31 32 34 37 32 38 61 44 — % Rank Cat
208 222 228 237 221 234 239 241 224 221 221 218 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.46 10.09 7.63
US Stocks 37.28 37.28 0.00
Non-US Stocks 25.44 25.44 0.00
Bonds 34.78 34.83 0.05
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 107.67 7.68
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.94
P/C Ratio TTM 11.4 1.01 0.94
P/B Ratio TTM 2.3 1.07 0.90
Geo Avg Mkt Cap
$mil
58714 1.31 0.85
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.79
Avg Wtd Coupon 2.59
Avg Wtd Price 90.03
Credit Quality Breakdown 02-28-2023 Bond %
AAA 57.53
AA 9.78
A 16.97
BBB 15.19
BB 0.00
B 0.00
Below B 0.45
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.5 1.02
Greater Europe 18.2 1.00
Greater Asia 18.4 0.94
Share Chg
since
01-2023
Share
Amount
Holdings :
10,920 Total Stocks , 17,234 Total Fixed-Income,
11% Turnover Ratio
Net Assets
%
Y 163 mil Vanguard Total Stock Mkt Idx Instl 37.82
Y 1,180 mil Vanguard Total Intl Stock Index Inv 26.01
T 2,067 mil Vanguard Total Bond Market II Idx 24.66
T 323 mil Vanguard Total Intl Bd II Idx Insl 10.56
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $80,773.30 mil
Release date 03-31-2023
©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
2035 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2035182 US Fund Target-Date
2035
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.17 5.65 -0.87 4.55 12.96
2022 -5.66 -12.41 -6.09 7.45 -16.62
2023 5.94 — — — 5.94
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.36 11.12 5.68 7.43 7.06
Std 03-31-2023 -6.36 — 5.68 7.43 7.06
Total Return -6.36 11.12 5.68 7.43 7.06
+/- Std Index -0.14 2.66 0.88 1.69 —
+/- Cat Index 1.85 0.51 0.49 0.53 —
% Rank Cat 35 57 45 31
No. in Cat 207 182 166 99
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-23 2.13 2.13
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
182 funds 166 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 14.54 14.16 11.54
Mean 11.12 5.68 7.43
Sharpe Ratio 0.72 0.36 0.60
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Agg Tgt Alloc
NR USD
Alpha 1.64 -0.79
Beta 1.13 0.96
R-Squared 98.99 99.16
12-Month Yield 1.95%
Potential Cap Gains Exp 10.78%
4 4 4 4 4 4 4 4 4 4 4 4
85 83 81 81 79 77 75 75 75 70 69 66
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2035 Fund
25,309
Category Average
23,357
Standard Index
20,579
* & & * * * * * * ) * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

14.09 16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 19.35 20.50 NAV/Price

15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 5.94 Total Return %

3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.85 1.62 +/- Standard Index -0.20 0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 1.13 0.85 +/- Category Index 40 23 10 37 32 35 32 42 43 79 37 — % Rank Cat
154 181 185 205 195 208 221 229 207 213 212 214 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.64 8.65 6.02
US Stocks 41.29 41.29 0.00
Non-US Stocks 28.39 28.39 0.00
Bonds 27.64 27.68 0.04
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 106.05 6.05
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.95
P/C Ratio TTM 11.3 1.01 0.95
P/B Ratio TTM 2.3 1.07 0.93
Geo Avg Mkt Cap
$mil
58569 1.31 0.88
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.79
Avg Wtd Coupon 2.60
Avg Wtd Price 90.03
Credit Quality Breakdown 02-28-2023 Bond %
AAA 57.66
AA 9.71
A 16.93
BBB 15.17
BB 0.00
B 0.00
Below B 0.45
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.3 1.02
Greater Europe 18.3 1.00
Greater Asia 18.4 0.95
Share Chg
since
01-2023
Share
Amount
Holdings :
10,991 Total Stocks , 16,935 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
Y 179 mil Vanguard Total Stock Mkt Idx Instl 41.88
Y 1,305 mil Vanguard Total Intl Stock Index Inv 29.03
T 1,634 mil Vanguard Total Bond Market II Idx 19.67
T 252 mil Vanguard Total Intl Bd II Idx Insl 8.31
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.93
t Consumer Cyclical 10.9 0.93
y Financial Services 16.5 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.02
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.1 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $80,332.11 mil
Release date 03-31-2023
©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
2040 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2040183 US Fund Target-Date
2040
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.82 6.11 -0.98 5.02 14.56
2022 -5.66 -13.17 -6.33 8.20 -16.98
2023 6.21 — — — 6.21
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.53 12.58 6.12 7.91 6.87
Std 03-31-2023 -6.53 — 6.12 7.91 6.87
Total Return -6.53 12.58 6.12 7.91 6.87
+/- Std Index -0.31 4.11 1.33 2.17 —
+/- Cat Index 1.28 0.07 0.51 0.60 —
% Rank Cat 33 64 40 25
No. in Cat 211 183 169 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.13 2.13
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
183 funds 169 funds 96 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.57 15.32 12.47
Mean 12.58 6.12 7.91
Sharpe Ratio 0.76 0.37 0.60
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.48 -0.82
Beta 1.21 0.86
R-Squared 98.81 99.44
12-Month Yield 1.97%
Potential Cap Gains Exp 10.64%
4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 88 86 84 83 82 83 76 76 73
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2040 Fund
26,633
Category Average
23,892
Standard Index
20,579
* & & * * & * * * ) * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

23.18 28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 34.00 36.11 NAV/Price

15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 6.21 Total Return %

3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 1.88 +/- Standard Index -0.15 1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 0.39 0.89 +/- Category Index 31 15 12 43 27 25 37 43 40 81 36 — % Rank Cat
204 218 227 237 221 234 239 241 218 215 216 212 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.75 7.23 4.48
US Stocks 45.64 45.64 0.00
Non-US Stocks 30.95 30.95 0.00
Bonds 20.61 20.64 0.03
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 104.51 4.51
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.95
P/C Ratio TTM 11.4 1.01 0.96
P/B Ratio TTM 2.3 1.07 0.93
Geo Avg Mkt Cap
$mil
58836 1.32 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.79
Avg Wtd Coupon 2.60
Avg Wtd Price 90.04
Credit Quality Breakdown 02-28-2023 Bond %
AAA 57.72
AA 9.68
A 16.90
BBB 15.17
BB 0.00
B 0.00
Below B 0.45
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.6 1.02
Greater Europe 18.1 0.99
Greater Asia 18.3 0.94
Share Chg
since
01-2023
Share
Amount
Holdings :
11,039 Total Stocks , 16,409 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
Y 172 mil Vanguard Total Stock Mkt Idx Instl 46.30
Y 1,238 mil Vanguard Total Intl Stock Index Inv 31.64
T 1,062 mil Vanguard Total Bond Market II Idx 14.70
T 163 mil Vanguard Total Intl Bd II Idx Insl 6.17
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $69,991.92 mil
Release date 03-31-2023
©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
2045 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2045182 US Fund Target-Date
2045
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.47 6.55 -1.08 5.49 16.16
2022 -5.67 -13.93 -6.51 8.89 -17.36
2023 6.49 — — — 6.49
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.70 14.06 6.59 8.22 7.65
Std 03-31-2023 -6.70 — 6.59 8.22 7.65
Total Return -6.70 14.06 6.59 8.22 7.65
+/- Std Index -0.48 5.59 1.79 2.49 —
+/- Cat Index 0.80 0.37 0.73 0.75 —
% Rank Cat 36 46 32 18
No. in Cat 207 182 166 99
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.13 2.13
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
182 funds 166 funds 99 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg Avg -Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 16.65 16.43 13.19
Mean 14.06 6.59 8.22
Sharpe Ratio 0.80 0.38 0.60
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.33 -0.22
Beta 1.29 0.92
R-Squared 98.52 99.62
12-Month Yield 1.99%
Potential Cap Gains Exp 13.04%
4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 90 84 84 81
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2045 Fund
27,418
Category Average
25,332
Standard Index
20,579
* * & * * * * * * ( * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

14.55 17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 22.82 24.30 NAV/Price

15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 6.49 Total Return %

3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 2.16 +/- Standard Index -0.26 1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 -0.29 1.02 +/- Category Index 43 26 12 42 28 26 43 43 36 68 31 — % Rank Cat
145 180 185 206 195 208 221 229 207 213 212 208 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.79 5.66 2.87
US Stocks 50.20 50.20 0.00
Non-US Stocks 33.63 33.63 0.00
Bonds 13.34 13.36 0.02
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 102.89 2.89
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.96
P/C Ratio TTM 11.4 1.01 0.96
P/B Ratio TTM 2.3 1.07 0.94
Geo Avg Mkt Cap
$mil
59072 1.32 0.93
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.79
Avg Wtd Coupon 2.60
Avg Wtd Price —
Credit Quality Breakdown 02-28-2023 Bond %
AAA 57.81
AA 9.64
A 16.87
BBB 15.16
BB 0.00
B 0.00
Below B 0.45
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 18.0 0.99
Greater Asia 18.1 0.93
Share Chg
since
01-2023
Share
Amount
Holdings :
11,067 Total Stocks , 15,420 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 178 mil Vanguard Total Stock Mkt Idx Instl 50.92
T 1,263 mil Vanguard Total Intl Stock Index Inv 34.37
T 648 mil Vanguard Total Bond Market II Idx 9.54
T 98 mil Vanguard Total Intl Bd II Idx Insl 3.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.2 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $65,921.76 mil
Release date 03-31-2023
©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
2050 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2050183 US Fund Target-Date
2050
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.53 6.61 -1.11 5.63 16.41
2022 -5.65 -14.21 -6.64 9.23 -17.46
2023 6.64 — — — 6.64
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.71 14.17 6.66 8.26 7.10
Std 03-31-2023 -6.71 — 6.66 8.26 7.10
Total Return -6.71 14.17 6.66 8.26 7.10
+/- Std Index -0.48 5.71 1.86 2.52 —
+/- Cat Index 0.62 0.06 0.74 0.78 —
% Rank Cat 34 49 34 20
No. in Cat 208 183 169 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.12 2.12
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
183 funds 169 funds 96 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 16.89 16.58 13.28
Mean 14.17 6.66 8.26
Sharpe Ratio 0.80 0.38 0.60
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.33 -0.28
Beta 1.31 0.94
R-Squared 98.55 99.64
12-Month Yield 1.99%
Potential Cap Gains Exp 9.24%
4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 87 88 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2050 Fund
27,504
Category Average
25,048
Standard Index
20,579
* * & * * * * * * ( * _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

23.09 28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 37.80 40.31 NAV/Price

15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 6.64 Total Return %

3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 2.32 +/- Standard Index -0.35 1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 -0.55 1.11 +/- Category Index 44 30 16 45 29 38 37 47 37 74 29 — % Rank Cat
177 202 212 226 213 230 239 241 217 215 213 209 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.75 4.71 1.96
US Stocks 52.63 52.63 0.00
Non-US Stocks 35.16 35.16 0.00
Bonds 9.41 9.43 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.97 1.97
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.96
P/C Ratio TTM 11.4 1.01 0.95
P/B Ratio TTM 2.3 1.07 0.94
Geo Avg Mkt Cap
$mil
59121 1.32 0.96
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.78
Avg Wtd Coupon 2.61
Avg Wtd Price —
Credit Quality Breakdown 02-28-2023 Bond %
AAA 58.29
AA 9.40
A 16.70
BBB 15.10
BB 0.00
B 0.00
Below B 0.43
NR 0.07
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.03
Greater Europe 18.0 0.98
Greater Asia 18.1 0.93
Share Chg
since
01-2023
Share
Amount
Holdings :
11,072 Total Stocks , 14,338 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 151 mil Vanguard Total Stock Mkt Idx Instl 53.38
T 1,071 mil Vanguard Total Intl Stock Index Inv 35.94
T 376 mil Vanguard Total Bond Market II Idx 6.83
T 54 mil Vanguard Total Intl Bd II Idx Insl 2.71
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.7 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.2 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.1 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $53,589.81 mil
Release date 03-31-2023
©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
2055 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2055182 US Fund Target-Date
2055
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.54 6.61 -1.11 5.65 16.44
2022 -5.69 -14.19 -6.63 9.23 -17.46
2023 6.64 — — — 6.64
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.67 14.17 6.66 8.24 9.34
Std 03-31-2023 -6.67 — 6.66 8.24 9.34
Total Return -6.67 14.17 6.66 8.24 9.34
+/- Std Index -0.45 5.71 1.86 2.50 —
+/- Cat Index 0.66 0.01 0.80 0.84 —
% Rank Cat 32 60 37 27
No. in Cat 207 182 166 81
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.12 2.12
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
182 funds 166 funds 81 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 16.88 16.57 13.27
Mean 14.17 6.66 8.24
Sharpe Ratio 0.80 0.38 0.59
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.33 -0.28
Beta 1.31 0.94
R-Squared 98.56 99.65
12-Month Yield 1.97%
Potential Cap Gains Exp 2.34%
4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 86 88 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2055 Fund
27,459
Category Average
25,991
Standard Index
20,579
* * & ( * * * ( * ) & _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

24.80 30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 42.17 44.97 NAV/Price

15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 6.64 Total Return %

3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 2.31 +/- Standard Index -0.42 1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 -0.53 1.09 +/- Category Index 48 36 16 53 27 48 37 51 41 78 24 — % Rank Cat
102 130 156 238 193 206 221 229 207 213 212 208 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.81 4.77 1.95
US Stocks 52.51 52.51 0.00
Non-US Stocks 35.20 35.20 0.00
Bonds 9.43 9.45 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.97 1.97
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.97
P/C Ratio TTM 11.4 1.01 0.97
P/B Ratio TTM 2.3 1.07 0.97
Geo Avg Mkt Cap
$mil
59058 1.32 0.99
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.77
Avg Wtd Coupon 2.61
Avg Wtd Price —
Credit Quality Breakdown 02-28-2023 Bond %
AAA 58.38
AA 9.36
A 16.67
BBB 15.09
BB 0.00
B 0.00
Below B 0.43
NR 0.07
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.02
Greater Europe 18.0 0.99
Greater Asia 18.2 0.93
Share Chg
since
01-2023
Share
Amount
Holdings :
11,072 Total Stocks , 14,360 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 95 mil Vanguard Total Stock Mkt Idx Instl 53.26
T 674 mil Vanguard Total Intl Stock Index Inv 35.98
T 237 mil Vanguard Total Bond Market II Idx 6.86
T 34 mil Vanguard Total Intl Bd II Idx Insl 2.69
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.2 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $33,928.81 mil
Release date 03-31-2023
©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
2060 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
2060177 US Fund Target-Date
2060
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.54 6.61 -1.11 5.66 16.44
2022 -5.68 -14.19 -6.64 9.23 -17.46
2023 6.64 — — — 6.64
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.67 14.16 6.65 8.24 9.02
Std 03-31-2023 -6.67 — 6.65 8.24 9.02
Total Return -6.67 14.16 6.65 8.24 9.02
+/- Std Index -0.45 5.70 1.85 2.50 —
+/- Cat Index 0.68 0.03 0.88 0.93 —
% Rank Cat 34 64 38 1
No. in Cat 207 177 156 7
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.12 2.12
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
177 funds 156 funds 7 funds
Morningstar RatingTM 3Q 4Q —
Morningstar Risk -Avg -Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 16.86 16.56 13.27
Mean 14.16 6.65 8.24
Sharpe Ratio 0.80 0.38 0.59
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.33 -0.27
Beta 1.31 0.93
R-Squared 98.56 99.65
12-Month Yield 1.96%
Potential Cap Gains Exp -2.09%
4 4 4 4 4 4 4 4 4 4 4 4
89 88 88 89 88 88 88 89 91 86 87 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2060 Fund
26,145
Category Average
25,423
Standard Index
19,813
_ & & ( & ( * ( * ) & _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

21.81 26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 38.83 41.41 NAV/Price — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 6.64 Total Return % — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 2.32 +/- Standard Index — 2.17 2.63 1.80 -2.03 0.30 0.82 0.00 3.43 0.12 -0.48 1.09 +/- Category Index — 1 1 71 21 53 34 66 42 81 25 — % Rank Cat
— 1 9 43 106 160 201 216 257 208 212 208 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.85 4.82 1.97
US Stocks 52.49 52.49 0.00
Non-US Stocks 35.23 35.23 0.00
Bonds 9.39 9.40 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.99 1.99
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.96
P/C Ratio TTM 11.4 1.01 0.96
P/B Ratio TTM 2.3 1.07 0.95
Geo Avg Mkt Cap
$mil
59037 1.32 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.77
Avg Wtd Coupon 2.61
Avg Wtd Price —
Credit Quality Breakdown 02-28-2023 Bond %
AAA 58.37
AA 9.36
A 16.67
BBB 15.10
BB 0.00
B 0.00
Below B 0.43
NR 0.07
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.02
Greater Europe 18.0 0.99
Greater Asia 18.2 0.94
Share Chg
since
01-2023
Share
Amount
Holdings :
11,072 Total Stocks , 14,322 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 49 mil Vanguard Total Stock Mkt Idx Instl 53.25
T 346 mil Vanguard Total Intl Stock Index Inv 36.01
T 121 mil Vanguard Total Bond Market II Idx 6.83
T 17 mil Vanguard Total Intl Bd II Idx Insl 2.68
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.2 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $17,528.64 mil
Release date 03-31-2023
©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
2065 Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ Morningstar Mod
Tgt Risk TR USD
Morningstar
Lifetime Mod 2060
TR USD
US Fund Target-Date
2065+65 US Fund Target-Date
2065+
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.55 6.61 -1.11 5.66 16.46
2022 -5.63 -14.20 -6.60 9.24 -17.39
2023 6.64 — — — 6.64
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -6.64 14.17 6.64 — 7.34
Std 03-31-2023 -6.64 — 6.64 — 7.34
Total Return -6.64 14.17 6.64 — 7.34
+/- Std Index -0.42 5.71 1.84 — —
+/- Cat Index 0.71 0.05 0.88 — —
% Rank Cat 24 70 50 —
No. in Cat 157 65 9 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 03-31-23 2.12 2.12
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
65 funds 9 funds
—
Morningstar RatingTM 3Q — —
Morningstar Risk Low — —
Morningstar Return -Avg — —
3 Yr 5 Yr 10 Yr
Standard Deviation 16.86 16.57 —
Mean 14.17 6.64 —
Sharpe Ratio 0.80 0.38 —
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.34 -0.26
Beta 1.31 0.93
R-Squared 98.55 99.66
12-Month Yield 1.88%
Potential Cap Gains Exp -11.77%
0 0 0 0 0 4 4 4 4 4 4 4
— — — — — 88 88 89 90 86 87 86
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard Target Retirement
2065 Fund
14,770
Category Average
14,572
Standard Index
13,215
_ _ _ _ _ _ & ) ( ) & _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History — — — — — 21.70 19.61 24.05 27.50 31.42 25.44 27.13 NAV/Price — — — — — — -7.95 24.96 16.17 16.46 -17.39 6.64 Total Return % — — — — — — -3.19 5.94 3.35 6.26 -2.62 2.32 +/- Standard Index — — — — — — 0.75 0.00 3.28 0.13 -0.41 1.09 +/- Category Index — — — — — — 25 79 63 76 16 — % Rank Cat
— — — — — — 16 17 53 134 162 180 No. of Funds in Cat
Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 2.67 4.78 2.12
US Stocks 52.73 52.73 0.00
Non-US Stocks 35.25 35.25 0.00
Bonds 9.31 9.32 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 102.13 2.13
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.98
P/C Ratio TTM 11.4 1.01 0.99
P/B Ratio TTM 2.3 1.07 0.97
Geo Avg Mkt Cap
$mil
59114 1.32 1.00
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.90
Avg Eff Duration 6.80
Avg Wtd Coupon 2.59
Avg Wtd Price —
Credit Quality Breakdown 02-28-2023 Bond %
AAA 57.30
AA 9.89
A 17.06
BBB 15.21
BB 0.00
B 0.00
Below B 0.46
NR 0.08
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.03
Greater Europe 18.0 0.98
Greater Asia 18.1 0.93
Share Chg
since
01-2023
Share
Amount
Holdings :
11,072 Total Stocks , 14,347 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 12 mil Vanguard Total Stock Mkt Idx Instl 53.49
T 84 mil Vanguard Total Intl Stock Index Inv 36.03
T 28 mil Vanguard Total Bond Market II Idx 6.55
T 4 mil Vanguard Total Intl Bd II Idx Insl 2.87
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.7 0.91
r Basic Materials 5.0 0.92
t Consumer Cyclical 10.9 0.93
y Financial Services 16.4 1.07
u Real Estate 3.5 0.50
j Sensitive 42.2 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.01
p Industrials 11.6 0.98
a Technology 19.1 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.0 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 5.8 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $4,312.65 mil
Release date 03-31-2023
©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
Income Fund (USD)
Morningstar Analyst RatingTM
„
03-01-2023
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
Retirement139 US Fund Target-Date
Retirement
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 0.08 3.23 -0.13 2.01 5.25
2022 -4.77 -7.37 -4.64 3.74 -12.74
2023 4.23 — — — 4.23
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -4.50 3.83 3.26 3.79 4.73
Std 03-31-2023 -4.50 — 3.26 3.79 4.73
Total Return -4.50 3.83 3.26 3.79 4.73
+/- Std Index 1.73 -4.64 -1.54 -1.95 —
+/- Cat Index 0.69 -1.59 -0.49 -0.09 —
% Rank Cat 39 53 35 39
No. in Cat 156 139 122 81
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 2.76 2.76
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
139 funds 122 funds 81 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 8.42 7.44 5.81
Mean 3.83 3.26 3.79
Sharpe Ratio 0.35 0.27 0.51
MPT Statistics Standard Index Best Fit Index
Morningstar US Con
Tgt Alloc NR USD
Alpha -2.06 1.93
Beta 0.64 1.09
R-Squared 95.15 98.85
12-Month Yield 2.73%
Potential Cap Gains Exp 3.19%
7 4 4 4 4 4 4 4 4 4 4 4
61 66 66 68 68 67 69 67 68 64 65 61
4k
10k
20k
40k
60k
80k
100k
Investment Style
Fixed-Income
Bond %
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,096
Category Average
15,534
Standard Index
20,579
( ( & & * ( & * * ( ( _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

12.19 12.50 12.91 12.45 12.81 13.55 12.75 14.05 14.93 14.46 12.24 12.71 NAV/Price

8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 4.23 Total Return % -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 -0.10 +/- Standard Index -0.56 -0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 -0.50 0.66 +/- Category Index 67 56 19 7 41 62 21 49 36 65 54 — % Rank Cat
281 293 272 172 171 175 187 183 168 167 161 157 No. of Funds in Cat Portfolio Analysis 02-28-2023
Asset Allocation % Net % Long % Short %
Cash 3.25 14.92 11.67
US Stocks 16.98 16.98 0.00
Non-US Stocks 11.69 11.69 0.00
Bonds 68.05 68.12 0.07
Other/Not Clsfd 0.02 0.02 0.00
Total 100.00 111.74 11.74
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 1.02 0.97
P/C Ratio TTM 11.3 1.01 1.00
P/B Ratio TTM 2.3 1.07 1.00
Geo Avg Mkt Cap
$mil
58549 1.31 1.00
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.44
Avg Eff Duration 5.80
Avg Wtd Coupon 2.11
Avg Wtd Price 91.66
Credit Quality Breakdown 02-28-2023 Bond %
AAA 67.15
AA 7.60
A 13.11
BBB 11.70
BB 0.00
B 0.00
Below B 0.35
NR 0.09
Regional Exposure Stocks % Rel Std Index
Americas 63.3 1.02
Greater Europe 18.3 1.00
Greater Asia 18.4 0.95
Share Chg
since
01-2023
Share
Amount
Holdings :
10,081 Total Stocks , 17,708 Total Fixed-Income,
19% Turnover Ratio
Net Assets
%
Y 1,440 mil Vanguard Total Bond Market II Idx 36.86
Y 35 mil Vanguard Total Stock Mkt Idx Instl 17.22
Y 260 mil Vanguard Shrt-Term Infl-Prot Sec I 16.69
Y 229 mil Vanguard Total Intl Bd II Idx Insl 16.11
Y 253 mil Vanguard Total Intl Stock Index Inv 11.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.8 0.91
r Basic Materials 5.0 0.93
t Consumer Cyclical 10.9 0.93
y Financial Services 16.5 1.07
u Real Estate 3.5 0.50
j Sensitive 42.1 1.12
i Communication Services 6.5 1.17
o Energy 5.0 1.02
p Industrials 11.6 0.98
a Technology 19.0 1.24
k Defensive 22.1 0.96
s Consumer Defensive 7.1 0.96
d Healthcare 12.2 1.00
f Utilities 2.8 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $37,207.07 mil
Release date 03-31-2023
©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 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
1,139 US Fund Large Growth
Performance 03-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -1.28 12.85 -1.40 2.37 12.45
2022 -15.08 -27.19 -1.64 -0.65 -39.58
2023 15.82 — — — 15.82
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -17.60 12.38 9.99 12.84 7.04
Std 03-31-2023 -17.60 — 9.99 12.84 7.04
Total Return -17.60 12.38 9.99 12.84 7.04
+/- Std Index -9.87 -6.23 -1.20 0.60 —
+/- Cat Index -6.70 -6.20 -3.67 -1.75 —
% Rank Cat 86 77 59 34
No. in Cat 1250 1139 1053 809
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-12-23 0.41 0.41
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when sold or redeemed, may be worth more or less than their original cost.

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-662-7447 or visit www.vanguard.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.23
12b1 Expense % NA
Net Expense Ratio % 0.23
Gross Expense Ratio % 0.23
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,139 funds 1,053 funds 809 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk High +Avg +Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 27.12 23.87 18.56
Mean 12.38 9.99 12.84
Sharpe Ratio 0.52 0.46 0.70
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -8.63 -4.61
Beta 1.28 1.12
R-Squared 82.34 95.55
12-Month Yield 0.42%
Potential Cap Gains Exp 19.29%
7 7 7 7 7 7 7 7 7 7 7 7
98 97 95 94 95 95 94 95 97 97 95 97
4k
10k
20k
40k
60k
80k
100k
Investment Style
Equity
Stocks %
Growth of $10,000
Vanguard US Growth
Admiral™
43,523
Category Average
37,836
Standard Index
40,720
& * & & ) & & * & ) ) _
Performance Quartile
(within category)
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 03-23 History

55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 117.35 NAV/Price

18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 15.82 Total Return %

2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 8.32 +/- Standard Index

3.29 2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -10.44 1.46 +/- Category Index 16 30 18 12 82 23 21 37 7 86 92 — % Rank Cat
1681 1712 1710 1681 1463 1363 1405 1360 1289 1237 1235 1268 No. of Funds in Cat Portfolio Analysis 01-31-2023
Asset Allocation % Net % Long % Short %
Cash 2.35 2.44 0.10
US Stocks 91.76 91.76 0.00
Non-US Stocks 5.69 5.69 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.21 0.21 0.00
Total 100.00 100.10 0.10
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 26.8 1.30 1.05
P/C Ratio TTM 22.0 1.43 1.14
P/B Ratio TTM 7.0 1.84 1.04
Geo Avg Mkt Cap
$mil
160899 0.85 0.58
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 96.9 0.98
Greater Europe 3.1 2.90
Greater Asia 0.0 0.00
Share Chg
since
12-2022
Share
Amount
Holdings :
277 Total Stocks , 0 Total Fixed-Income,
23% Turnover Ratio
Net Assets
%
Y 18 mil Apple Inc 7.52
Y 10 mil Microsoft Corp 7.25
T 17 mil Amazon.com Inc 5.30
Y 11 mil Alphabet Inc Class C 3.19
T 5 mil NVIDIA Corp 3.08
Y 6 mil Tesla Inc 2.82
T 3 mil Mastercard Inc Class A 2.78
T 1 mil UnitedHealth Group Inc 1.97
3 mil Visa Inc Class A 1.86
11 mil Shopify Inc Registered Shs -A- Sub 1.61
1 mil Netflix Inc 1.51
3 mil Moderna Inc 1.50
Y 10 mil The Trade Desk Inc Class A 1.46
Y 5 mil Alphabet Inc Class A 1.36
314,710 MercadoLibre Inc 1.10
Sector Weightings Stocks % Rel Std Index
h Cyclical 28.8 1.03
r Basic Materials 0.3 0.12
t Consumer Cyclical 17.5 1.68
y Financial Services 8.8 0.71
u Real Estate 2.2 0.82
j Sensitive 51.7 1.08
i Communication Services 9.0 1.11
o Energy 1.4 0.30
p Industrials 4.6 0.54
a Technology 36.7 1.38
k Defensive 19.6 0.81
s Consumer Defensive 3.9 0.54
d Healthcare 15.7 1.10
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.5 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: $34,698.30 mil
Release date 03-31-2023
©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 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 03-31-2023
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 — — -1.47 9.23 — 10.53 06-28-2013 NA NA 0.69 0.69 NA Fidelity® 500 Index — — -7.74 11.18 12.23 12.00 05-04-2011 NA NA 0.02 0.02 NA Fidelity® Mid Cap Index — — -8.74 8.06 10.05 11.72 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Small Cap Index — — -11.41 4.81 8.20 10.22 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Total International Index — — -4.71 2.37 — 5.46 06-07-2016 NA NA 0.06 0.06 NA Fidelity® US Bond Index — — -4.78 0.89 1.32 1.93 05-04-2011 NA NA 0.03 0.03 NA MFS Mid Cap Growth R6 — — -8.69 9.62 11.98 12.59 01-02-2013 NA NA 0.661 0.67 NA Release date 03-31-2023
©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 Annualized returns 03-31-2023
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 — — -3.67 7.99 9.87 7.97 05-01-2006 NA NA 0.432 0.44 NA Sterling Capital Total Return Bond R6 — — -4.68 1.36 — 1.25 02-01-2018 NA NA 0.353 0.48 NA Vanguard International Growth Adm — — -6.81 6.54 8.79 7.63 08-13-2001 NA NA 0.34 0.34 NA Vanguard International Value Inv — — 1.16 3.19 4.96 8.25 05-16-1983 NA NA 0.38 0.38 NA Vanguard Target Retirement 2020 Fund — — -5.26 4.30 5.77 5.73 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2025 Fund — — -5.91 4.77 6.35 6.33 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2030 Fund — — -6.22 5.21 6.89 6.28 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2035 Fund — — -6.36 5.68 7.43 7.06 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2040 Fund — — -6.53 6.12 7.91 6.87 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2045 Fund — — -6.70 6.59 8.22 7.65 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2050 Fund — — -6.71 6.66 8.26 7.10 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2055 Fund — — -6.67 6.66 8.24 9.34 08-18-2010 NA NA 0.08 0.08 NA Vanguard Target Retirement 2060 Fund — — -6.67 6.65 8.24 9.02 01-19-2012 NA NA 0.08 0.08 NA Vanguard Target Retirement 2065 Fund — — -6.64 6.64 — 7.34 07-12-2017 NA NA 0.08 0.08 NA Vanguard Target Retirement Income Fund — — -4.50 3.26 3.79 4.73 10-27-2003 NA NA 0.08 0.08 NA Vanguard US Growth Admiral™ — — -17.60 9.99 12.84 7.04 08-13-2001 NA NA 0.23 0.23 NA Bloomberg US Agg Bond TR USD -4.78 0.91 1.36 — 01-03-1980 Bloomberg US Universal TR USD -4.61 1.05 1.62 — 12-31-1998 Morningstar Gbl Allocation TR USD -7.25 3.98 — — 06-18-2013 Morningstar Gbl xUS Val TME NR USD -4.18 — — — 11-24-2021 Morningstar Lifetime Mod 2020 TR USD -7.95 4.07 5.09 — 02-18-2009 Morningstar Lifetime Mod 2025 TR USD -8.37 4.31 5.65 — 02-18-2009 Morningstar Lifetime Mod 2030 TR USD -8.49 4.70 6.30 — 02-18-2009 Morningstar Lifetime Mod 2035 TR USD -8.22 5.18 6.90 — 02-18-2009 Morningstar Lifetime Mod 2040 TR USD -7.81 5.62 7.31 — 02-18-2009 Morningstar Lifetime Mod 2045 TR USD -7.50 5.86 7.48 — 02-18-2009 Morningstar Lifetime Mod 2050 TR USD -7.33 5.92 7.47 — 02-18-2009 Morningstar Lifetime Mod 2055 TR USD -7.33 5.86 7.40 — 02-18-2009 Morningstar Lifetime Mod 2060 TR USD -7.36 5.77 — — 06-23-2014 Morningstar Lifetime Mod Incm TR
USD
-5.19 3.75 3.87 — 02-18-2009
Morningstar Mod Tgt Risk TR USD -6.22 4.80 5.74 — 02-18-2009 Morningstar US Con Tgt Alloc NR USD -4.77 — — — 06-30-2020 Morningstar US Core Bd TR USD -4.73 — — — 05-01-2019
Morningstar US LM Brd Growth TR
USD
-14.03 — — — 12-21-2020
Morningstar US LM Brd Val TR USD -4.32 — — — 12-21-2020 Morningstar US Mid Brd Grt TR USD -9.64 — — — 12-21-2020 Morningstar US Mod Agg Tgt Alloc NR
USD
-6.33 — — — 06-30-2020
Morningstar US Mod Con Tgt Alloc NR
USD
-5.20 — — — 06-30-2020
MSCI ACWI Ex USA Growth NR USD -6.35 3.36 5.08 — 01-01-2001 MSCI ACWI Ex USA NR USD -5.07 2.47 4.17 — 01-01-2001
MSCI ACWI Ex USA Value NR USD -4.00 1.26 3.06 — 01-01-2001 MSCI ACWI NR USD -7.44 6.93 8.06 — 01-01-2001
MSCI EAFE NR USD -1.38 3.52 5.00 — 03-31-1986
Russell 1000 Growth TR USD -10.90 13.66 14.59 — 01-01-1987 Russell 1000 TR USD -8.39 10.87 12.01 — 12-31-1978
Russell 1000 Value TR USD -5.91 7.50 9.13 — 01-01-1987
Russell 2000 TR USD -11.61 4.71 8.04 — 12-31-1978
Russell Mid Cap Growth TR USD -8.52 9.07 11.17 — 02-01-1995 Russell Mid Cap TR USD -8.78 8.05 10.05 — 12-31-1978
Russell Mid Cap Value TR USD -9.22 6.54 8.80 — 12-31-1985 S&P 500 TR USD -7.73 11.19 12.24 — 01-30-1970
USTREAS T-Bill Auction Ave 3 Mon 3.28 1.51 0.94 — 02-28-1941 Release date 03-31-2023
©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 Annualized returns 03-31-2023
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

1. Contractual waiver; Expires 12-31-2023

2. Contractual waiver; Expires 12-31-2023

3. Contractual waiver; Expires 01-31-2024
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 -3.66 7.66 — 8.79 06-28-2013 0.20 6.95 — 8.01 Fidelity® 500 Index -8.36 10.55 11.50 11.26 05-04-2011 -4.61 8.68 9.87 9.77 Fidelity® Mid Cap Index -9.43 7.26 9.18 10.91 09-08-2011 -5.12 6.17 7.96 9.56 Fidelity® Small Cap Index -11.86 4.00 7.24 9.31 09-08-2011 -6.76 3.60 6.34 8.20 Fidelity® Total International Index -5.67 1.66 — 4.77 06-07-2016 -2.83 1.64 — 4.08 Fidelity® US Bond Index -5.37 0.19 0.41 0.98 05-04-2011 -2.46 0.62 0.72 1.18 MFS Mid Cap Growth R6 -8.69 9.00 11.03 11.66 01-02-2013 -5.14 7.45 9.63 10.20 MFS Value R6 -5.70 6.55 8.38 6.72 05-01-2006 -1.30 5.82 7.51 6.13 Sterling Capital Total Return Bond R6 -5.84 0.02 — -0.08 02-01-2018 -2.78 0.52 — 0.44 Vanguard International Growth Adm -8.21 5.06 7.74 6.65 08-13-2001 -3.17 5.10 7.02 6.22 Vanguard International Value Inv 0.47 2.19 4.08 6.33 05-16-1983 1.04 2.24 3.67 6.18 Vanguard Target Retirement 2020 Fund -6.59 2.31 4.28 4.62 06-07-2006 -2.67 3.11 4.29 4.42 Vanguard Target Retirement 2025 Fund -6.74 3.23 5.08 5.39 10-27-2003 -3.26 3.53 4.79 5.00 Vanguard Target Retirement 2030 Fund -6.91 3.78 5.73 5.41 06-07-2006 -3.46 3.91 5.28 4.96 Vanguard Target Retirement 2035 Fund -7.07 4.19 6.21 6.20 10-27-2003 -3.51 4.31 5.74 5.72 Vanguard Target Retirement 2040 Fund -7.21 4.64 6.76 6.02 06-07-2006 -3.61 4.69 6.19 5.52 Vanguard Target Retirement 2045 Fund -7.39 5.33 7.17 6.89 10-27-2003 -3.68 5.06 6.45 6.28 Vanguard Target Retirement 2050 Fund -7.31 5.52 7.31 6.36 06-07-2006 -3.73 5.11 6.49 5.72 Vanguard Target Retirement 2055 Fund -7.23 5.66 7.41 8.59 08-18-2010 -3.73 5.10 6.50 7.60 Vanguard Target Retirement 2060 Fund -7.21 5.84 7.52 8.34 01-19-2012 -3.74 5.07 6.49 7.23 Vanguard Target Retirement 2065 Fund -7.16 6.09 — 6.81 07-12-2017 -3.74 5.08 — 5.67 Vanguard Target Retirement Income Fund -5.57 1.88 2.61 3.60 10-27-2003 -2.53 2.18 2.60 3.41 Vanguard US Growth Admiral™ -17.69 8.34 11.33 6.31 08-13-2001 -10.36 7.86 10.43 5.83 Release date 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 03-31-2023
©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 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 Allocation TR USD
The index measures the performance of a multi-asset class portfolio of global equities, global bonds and cash. This portfolio is held in a static allocation that is appropriate for investors who seek average exposure to global equity market risk and returns. This Index does not incorporate Environmental, Social, or Governance (ESG) criteria.

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 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 Conservative Target Allocation Index seeks 22.5% exposure to global equity markets.

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.

Release date 03-31-2023
©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 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 Agg Tgt Alloc NR USD
The Morningstar Target Allocation Index family consists of indexes that offer a diversified mix of stocks and bonds created for local investors to benchmark their allocation funds. Morningstar's Category classification system defines the level of equity and bond exposure for each index. The Morningstar US Moderately Aggressive Target Allocation Index seeks 77.5% exposure to global equity markets.

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

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

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

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

MSCI ACWI 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 03-31-2023
©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 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.

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.
63 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.

The returns on a portfolio consisting primarily of Environmental, Social and Governance (“ESG”) aware investments may be lower or higher than a portfolio that is more diversified or where decisions are based solely on investment considerations. Because ESG criteria exclude some investments, investors may not be able to take advantage of the same opportunities or market trends as investors that do not use such criteria. Diversification does not guarantee a profit or protect against loss in a declining financial market.

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. A n 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 transac tion costs, advisory 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 invest ment 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 particular investment a client selects. 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 monit oring 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 separate business unit within Morgan Stanley Institutional Investment Advisors LLC. © Morgan Stanley, 2023. 64 457 DEFERRED COMPENSATION
PLAN, 401(a) DEFINED

CONTRIBUTION PLAN, AND

RETIREMENT HEALTH SAVINGS

PROGRAM

STATEMENT OF INVESTMENT POLICIES

AND GUIDELINES

CITY OF VALLEJO , CA

Revised July 2021April 2023

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 1

INTRODUCTION AND PURPOSE
This statement is set forth to provide a clear understanding of the investment policies, guidelines and objectives related to the administration of the City of Vallejo 457 Deferred Compensation, 401(a) Defined Contribution, and Retirement Health Savings Program (hereinafter “Plans”). The Plans are salary deferral retirement plans available to eligible employees who are interested in saving for retirement and health care expenses on a tax-favored basis. The Plans’ purpose is to provide a vehicle for and to encourage additional savings to supplement the retirement benefits provided to City employees.

This Investment Policy Statement is further intended to assist the fiduciaries of the Plans in making investment-related decisions in a prudent manner. It outlines the underlying philosophies and processes for the selection, monitoring and evaluation of the investment options and investment providers utilized by the Plans. This Investment Policy Statement will be reviewed at least annually and it can be revised at any time to reflect changes in the capital markets, plan participant objectives, or other factors relevant to the Plans.

SUMMARY OF RESPONSIBILITIES
Plans’ Sponsor – The City of Vallejo is the Plans’ Sponsor, whose responsibilities include but are not limited to:

 Adopting and amending the Plan Documents;
 Approving Plan services contracts;
 Appointing the Committee members; and
 Designating other fiduciaries of the Plans.

Committee – The City of Vallejo 457 Deferred Compensation Plan, 401(a) Defined Contribution Plan, and Retirement Health Savings Program Committee (hereinafter “Committee”) serves as Administrator and has responsibility for the operation and administration of the Plans in accordance with the terms of the Plan Documents. It is the intent of the Committee to fulfill its fiduciary responsibilities with respect to the Plans solely in the interest of the participants and beneficiaries. The Committee members, as fiduciaries, are to perform their duties with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims.

The Committee’s responsibilities also include but are not limited to the following:

 Selecting the investment design features of the Plans, including establishing the investment policy and objectives and the number and types of investment alternatives available to Plan participants;  Appointing, monitoring and evaluating all investment providers and managers in accordance with guidelines and benchmarks established within this document and consistent with applicable laws;  Selecting and monitoring other Plan service providers, including, but not limited to, the Plans’ record-keeper, trustee, investment consultants, accountants, and/or any other providers; and  Monitoring Plan costs which are charged to Plan assets and/or paid by Plan participants, including but not limited to investment management fees, custodial fees and fees paid to other service providers from Plan and/or participant assets (net of fees basis in evaluating the performance of investment managers);
 Establishing performance objectives and monitoring guidelines.

Investment Consultant - The Committee may engage an independent investment consultant (hereinafter “Consultant”) to assist in carrying out the duties and responsibilities of this Investment Policy Statement.

Such Consultant must be registered with either State or Federal securities regulators pursuant to the Investment Advisors Act of 1940. The Consultant’s role is to provide information and advice to the Committee on various investment related issues. The Consultant has no discretionary control or authority City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 2 over Plan assets. In its role as an advisor to the Committee the Consultant acknowledges a fiduciary role with respect to the investment advice provided to the Committee. The services of the Consultant will be set forth in a separate agreement.

Investment Provider – An entity that offers investment option products and manages assets for the Plans.

Examples of investment option products offered by an investment provider may include mutual funds, commingled trust funds, separate accounts and/or variable annuity contracts.

Investment Manager – The person(s) at the Investment Provider responsible for implementing an investment option’s investing strategy and managing its portfolio trading activities.

Services Provider – An entity engaged to assist the Plans’ Sponsor and the Committee in regard to the administration of the Plans. Service providers may include but are not limited to: the Plans’ record-keepers, trustees, investment consultants, accountants, and/or any other providers. This assistance may include Plan enrollment, communication, education, including providing general investment information to Plan participants regarding the procedures for making investment choices under the Plans and general investment information regarding each of the investment options offered under the Plans, distribution processing, record keeping and other administrative functions as prescribed in an agreement entered into between the Plans’ Sponsor and the Services Providers.

GENERAL COMPLIANCE
The Plans are designed to meet the applicable requirements of the Internal Revenue Code of 1986 (the Code), as amended. The Plans’ investment policies and guidelines shall be reviewed on a regular basis for modifications, as needed, but may be modified at any time as deemed necessary by the Committee.

At minimum, it is intended that plan participants shall be provided with the following opportunities:

A. Choose from a minimum of three diverse investment categories, each with materially different risk and return characteristics. At least one of the categories will provide for a high degree of safety and capital preservation.

B. Make and/or modify investment decisions at least quarterly.

C. Receive or have access to the following information, as updated:
 A description of the investment alternatives available under the Plans including a general description of the investment objectives, risk and return characteristics, and type and diversification of assets comprising each alternative;
 Identification of the designated Investment Providers, Managers and investment products;  A description of any transaction fees or expenses charged to the Plan participant's account, and information on costs and fees for an investment product that reduces the rate of return to Plan participants (expense ratios; and
 Prospectuses, annual reports, and semi-annual reports on investment products, if available.

GENERAL INVESTMENT POLICY, OBJECTIVES AND STANDARDS
It is the policy of the Plans to foster an investment environment that encourages and facilitates participant efforts to supplement other sources of retirement income. The Plans will be structured in an attempt to provide Plan participants with an array of diversified investment options that offer competitive rates of return and reasonable overall cost. Participants in the Plans are solely responsible for their own investment decisions and bear the risks and assume responsibility for the results of the investment options that they select. The Plans’ Sponsor and Committee make no representations, promises, or warranties regarding the suitability of Plan participation for any participant’s individual investment or retirement needs. Additionally, the Plans’ Sponsor and Committee make no representations, promises or warranties about the performance City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 3 of the Plans or the Plans’ investments.

The Plans exist in a dynamic marketplace in which new investment alternatives may become available over time. At present, the market offers a broad array of investment products. Investment products available to the Plans are limited to those permissible under state law. These products may include:
 Fixed annuity options
 Variable annuity options
 Co-mingled trust funds
 Mutual funds
 Shares of any company, association or corporation

The primary investment objective of the Plans is to present participants with a range of investment options, which give participants an opportunity to increase the value of their investment assets in a manner consistent with varying levels of participant risk/reward tolerances and investment decision making skills. While the Plans cannot meet all plan participant investment preferences and attitudes, the Plans attempt to provide investment vehicles for participants at various levels of investment sophistication and with varying requirements for risk and return.

Information that may be used to select which investment products to offer includes, but is not limited to, the following:

 Age, income and other demographic data on Plan participants  Liquidity and administrative constraints imposed on the Plans by service providers  Development of new investment products in the marketplace  Level of participant usage of investment products

To enable participants to establish different investment strategies, the Plans will offer investment categories that have varying return and volatility characteristics. It is the responsibility of each participant to evaluate the investment options and to select an appropriate mix.

A risk/reward structure is basic to investments. Generally, those vehicles offering the greatest return over time also carry the highest risk or volatility of return. The inherent conflict between volatility and long-range asset accumulation can be lessened through diversification among asset classes. To provide participants the opportunity to select risk/reward strategies and to diversify the Plans’ assets, the Plans will offer a number of investment alternatives.

In addition to providing a range of investment options, the Plans seek to provide investment options that are competitive in terms of performance relative to appropriate investment performance and risk benchmarks.

The performance and risk relationships of the Plans’ investment options will be reviewed periodically.

Investment options should generally be given a full market cycle to achieve stated objectives (market cycles normally occur over 3-5 year time periods). Investment options are expected to meet or exceed their pre- determined benchmark index(es) net of fees. Where peer groups are definable, investment options are also expected to perform within the upper half of a sample of same style peers net of fees. In addition to net investment performance, the options’ risk characteristics will also be reviewed. The risk associated with an investment option generally should be similar to that of the same-style peer group.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 4

INVESTMENT OPTIONS
Investment options offered by the Plans will be categorized or grouped by similarities in investment objectives, style and risk. The Plan Service Provider(s) and/or Consultant may be asked to assist in determining the categories of investment options. The Plan will be structured to assist participants in meeting their long-term investment objectives by providing investment options within the following permitted investment categories (these categories are further explained in the following pages of this document):

Tier 1: Target Retirement Date Pre-Mixed Portfolios

Tier 2: Asset Class Investment Options
 Fixed/Stable Value
 Total Return Bond
 U.S. Large-Size Company Equity
 U.S. Mid-Size Company Equity
 U.S. Small-Size Company Equity
 International Equity

Investment options and categories may be added or deleted as deemed necessary. At least one investment option shall be available within each investment category.

The following table outlines the objectives and performance benchmarks for each of the Plans’ investment options. The risk associated with an investment option will be compared to appropriate risk benchmarks or measures for a same-style group of peer investment options, where definable.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 5 TIER 1: TARGET RETIREMENT DATE PRE-MIXED PORTFOLIOS

Lifecycle Premixed Portfolio - Retirement Income
Provide different levels of income and capital growth dependent upon an individual participant’s specific risk tolerance and income needs. The portfolio will be well diversified including U.S. and international fixed income securities as well as U.S. and international equities. Stocks generally will comprise no more than 30% of the total portfolio. The percentage of international equities generally will not exceed 40% of the equity portion of the portfolio.

Benchmark Index: Custom Blended Index
Peer Group: US Retirement Income

Lifecycle Premixed Portfolio –2020, 2025
Provide different levels of income and capital growth dependent upon an individual participant’s specific target retirement or withdrawal date. Portfolios provide different allocations to stocks and bonds dependent upon the target retirement or withdrawal date that is selected. The portfolio will be well diversified including U.S. and international fixed income securities and U.S. and international equities. Stocks generally will comprise 30%-60% of the total portfolio. The percentage of international equities generally will not exceed 40% of the equity portion of the portfolio.

Benchmark Index: Custom Blended Index
Peer Groups: US Target Date 2020, US Target Date 2025

Lifecycle Premixed Portfolio – 2030, 2035, 2040, 2045, 2050, 2055, 2060, 2065 Provide different levels of income and capital growth dependent upon an individual participant’s specific target retirement or withdrawal date. Portfolios provide different allocations to stocks and bonds dependent upon the target retirement or withdrawal date that is selected. The portfolio will be well diversified including U.S. and international fixed income securities, and U.S. and international equities. Stocks generally will comprise 60%-90% of the total portfolio. The percentage of international equities generally will not exceed 40% of the equity portion of the portfolio.

Benchmark Index: Custom Blended Index
Peer Groups:

US Target Date 2030, US Target Date 2035, US Target Date 2040, US Target Date 2045, US Target Date 2050, US Target Date 2055, US Target Date 2060, US Target Date 2065+

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 6 TIER 2: ASSET CATEGORY INVESTMENT OPTIONS

Fixed / Stable Value
Provide high current income relative to cash investments and a high degree of investment safety without fluctuation of principal. Investment returns are derived primarily from interest income. A Fixed or General Account option, which is a fixed rate contract that is backed by an insurance company’s balance sheet, is to be of mid-investment-grade rating or higher, and backed by a diversified pool of underlying investments. A stable value option will be invested in guaranteed investment contracts (GICs), “synthetic” portfolios, money market instruments, and others, each mainly comprised of investments of short- to intermediate maturity, and which provide for an adequate degree of liquidity. The weighted-average maturity is expected to remain between two and five years at most times. The overall weighted credit-quality rating of the option shall be the equivalent of mid-investment-grade rating or higher. The rating must be obtained from at least one credit rating agency such as Moody, S&P or Duff & Phelps. If the option’s weighted rating declines below this level, the option will be evaluated for corrective action.

Benchmark Index: 1. 5 Year CMT Index

2. 90-Day Treasury Bills Index
Peer Group: Stable Value

Total Return Bond
Provide capital appreciation and income through a diversified, actively managed fixed income portfolio. The portfolio’s duration is expected to be comparable to that of its Benchmark Index, with some bandwidth allowed for the manager to exercise strategic deviation from the Benchmark. Average credit quality is expected to be investment grade. The fixed income portfolio will normally be primarily comprised of investments including money market instruments, U.S. Government and Agency bonds, mortgage-backed securities, corporate bonds, and others. The manager will be given discretion to hold securities that are not contained within the Benchmark Index, which may include Foreign Bonds, High Yield Bonds, Convertibles, Treasury Inflation Protected Securities, derivatives, and others. The portfolio’s aggregated composition and risk and return characteristics however are expected to be reflective of its asset class.

Benchmark Index: Barclays Capital US Aggregate Bond Index Peer Group: US Intermediate-Term Core Bond

U.S. Large Company Equity
Provide long-term capital appreciation through a diversified common stock portfolio whose average market capitalization may be categorized as Large Cap by an industry standard data providerwith an average market capitalization greater than $10 billion. Stocks of foreign companies that are traded in the U.S. may also be included in the portfolio, but generally should not exceed more than 20% of the total portfolio.

Benchmark Indexes:

Blend: S&P 500 Index
Growth: Russell 1000 Growth
Value: Russell 1000 Value Index
Peer Groups:

Blend: US Large Cap Blend
Growth: US Large Cap Growth
Value: US Large Cap Value

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 7

TIER 2: ASSET CATEGORY INVESTMENT OPTIONS (continued)

U.S. Mid-Size Company Equity
Provide long-term capital appreciation through a diversified common stock portfolio whose average market capitalization may be categorized as Mid Cap by an industry standard data providerwith an average market capitalization between $2 billion and $10 billion. Stocks of foreign companies that are traded in the U.S. may also be included in the portfolio, but generally should not exceed more than 20% of the total portfolio.

Benchmark Indexes:

Blend: Russell Mid-Cap Index
Growth: Russell Mid-Cap Growth Index
Value: Russell Mid-Cap Value Index
Peer Groups:

Blend: US Mid-Cap Blend
Growth: US Mid-Cap Growth
Value: US Mid-Cap Value

U.S. Small Company Equity
Provide long-term capital appreciation through a diversified common stock portfolio whose average market capitalization may be categorized as Small Cap by an industry standard data providerwith the average market capitalization between $500 million and $2 billion. Stocks of foreign companies that are traded in the U.S. may also be included, but generally should not exceed more than 20% of the total portfolio.

Benchmark Indexes: Blend: Russell 2000 Index
Peer Groups: Blend: US Small Cap Blend

International Equity
Provide long-term capital appreciation through a diversified, actively managed portfolio of international equities. Stocks of emerging countries may be used at the discretion of the manager, but generally should not exceed more than 30% of the total portfolio.

Benchmark Indexes:

Blend: MSCI All Country World Index ex-U.S. IMI (net)
Growth: MSCI All Country World Index ex-U.S. Growth (net) Value: MSCI All Country World Index ex-U.S. EAFE Value (net) Peer Groups:

Blend: US Foreign Blend
Growth: US Foreign Growth
Value: US Foreign Value

INVESTMENT OPTION SELECTION GUIDELINES
Investment options offered to participants will be provided through investment provider(s) accessible on the Services Provider’s platform. Before introducing a new investment option, the Committee, in consultation with the Consultant and Services Provider will define the niche to be filled and assess any prospective investment option’s performance, quality, and risk characteristics. At a minimum, investment options under consideration should satisfy performance and risk considerations under actual, not modeled, conditions and over an appropriate time period. Investment option selection considerations may include, but are not limited to the following:

 The investment option should generally, but not necessarily, have a history that spans a full market cycle, normally three to five (3-5) years.
 The investment option should generally meet or exceed its predetermined benchmark index, net of fees.  The investment option should generally perform at median or within the upper half of a recognized and defined sample of same-style peer options.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 8  The investment option should be able to demonstrate a consistent performance track record attributable to a specific investment manager or team of managers.
 In selecting Target Retirement Date funds, the Committee shall consider the current and prospective composition of the Target Date funds (based on their glide path), and the corresponding risk and return implications relative to the benchmark and peer group constituents.

INVESTMENT OPTION REVIEW GUIDELINES AND MONITORING
Investment providers and investment managers are required to comply with all applicable laws, rules, and regulations. However, the Committee takes no responsibility for the failure of such option and/or investment manager to comply with any and all applicable laws, rules or regulations.

With the possible exception of the Fixed Option, all options must have readily ascertainable market values and be easily marketable. It is recognized that certain stable value and Fixed options often have liquidity restrictions. Investment options with sales loads, redemption fees, or other non-investment management related expenses will be avoided to the extent possible. Options with deferred sales charges and/or market value adjustments will not be permitted.

Each investment option portfolio shall be diversified adequately to reduce risk and comply with current regulations and applicable state laws.

Investment option performance, risk and style consistency is intended to be evaluated on a quarterly basis.

Performance and risk results will be evaluated using comparisons with this policy, pertinent market indices and against other same-style peers, where definable. When necessary, investment option performance and risk may be reviewed more frequently.

The Committee will periodically review the investment options’ progress in meeting the Plans’ investment objectives. Investment options will be expected to comply with all stated investment objectives, guidelines and applicable rules contained in the prospectus or fund fact sheet. The Committee will review the performance of investment options quarterly to determine if they are achieving the established objectives.

Investment performance reviews may include, but are not limited to, a review of:
− Investment portfolios;
− Fees and expenses;
− Investment style, process and philosophy;
− Investment management personnel; and
− Index tracking error.

The performance review will also include measuring the options’ investment performance relative to stated benchmarks or respective indexes and peer groups; as well as the monitoring risk measures. The following will be evaluated:

Quantitative Measures
Active Investment Strategies. Options employing active management are expected to outperform their stated asset class or style benchmark net of all management fees over a trailing five year time period; and to rank above the 50
th percentile of the appropriate peer group for the same trailing five year time period. It is also expected that the risk of each option, as defined by standard deviation of returns, be commensurate with the prescribed strategy relative to the appropriate market index and/or peer group.

Passive Investment Strategies. Passive Options are expected to track the performance of the index strategy that the option is designed to replicate, less management fees, with marginal tracking error. It is also expected that the risk of each passive option, as defined by standard deviation of returns, be commensurate City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 9 with the appropriate market index.

Qualitative Measures
The options will also be monitored on an ongoing basis for other material changes which the Committee may determine are of importance to the decision of whether or not to retain an investment option, such as personnel departures; organizational changes; or alterations in investment style, philosophy, or strategy; and adherence to stated guidelines.

Time Periods. The Committee acknowledges that fluctuating rates of return characterize the securities markets, particularly during short-term time-periods. Recognizing that short-term fluctuations may cause variations in an option’s performance, the Committee intends to employ investment options with long-term investment strategies and will evaluate option performance from a long-term perspective. Performance over market cycles of three to five years will be weighted more heavily than performance over shorter time periods, such as one year or less.

In addition to the qualitative and quantitative measures referenced above, the Committee will also review the investment options’ risk characteristics in relation to that performance. Risk will be measured in various ways including, but not limited to:

 Standard deviation
 Downside risk or semi-variance
 Risk/return ratios such as Sharp or Treynor Ratios
 Other statistical measures such as Beta, Alpha and Variance

INVESTMENT OPTION TERMINATION AND WATCH GUIDELINES
Generally, all investment options are expected to remain true to their stated investment objectives and to perform as well as or better than their prescribed performance benchmarks, net of fees. The Committee recognizes the long-term nature of retirement plan investing and the variability of market returns. Periodic underperformance in any of the criteria outlined in this Investment Policy will not necessitate the termination of an option; however, any underperformance will result in consideration by the Committee of the factors causing underperformance and possible courses of action that the Committee may take.

The Committee may, at any time, place any investment option that it views as having a pattern of under- performance on a watch-status. Reasons the Committee might place an option on a watch status, include but are not limited to, the following:

Quantitative Measures
Actively Managed Options
 Performance below the prescribed benchmark index over a trailing five year period, combined with
 Performance below the median of its peer group over a trailing five year period

Passively Managed Options
 Net of fee performance tracking error relative to the respective index that is greater than 15 basis points over a trailing five-year period

Target Date funds will be evaluated based on the performance of the entire suite as held within the Plan. A Target Date suite will normally be viewed as being in violation of investment policy performance criteria if over one-half of the funds in a Target Date suite held within the Plan lag this Investment Policy Statement’s prescribed performance measures. The Committee may elect to deviate from this approach if it appears reasonable to do so.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 10

Certain passive investment options operate in a marketplace that includes foreign markets whose exchanges close prior to that of the United States. In these instances, some fund managers may engage in a method of “Fair Value Pricing,” whereby the managers adjust the pricing of securities in the Fund to reflect any information that has become available after the close of the applicable foreign market. Discrepancies in performance between the applicable investment option and its performance benchmark that are due to “Fair Value Pricing” and other common index fund tracking factors (such as the timing of market closures, management fees, benchmark nuances, and others) will be taken into consideration in evaluating performance of the affected investment options.

Qualitative Measures
 Management team or other significant personnel turnover;  Changes in the product’s investment philosophy, process, style or risk profile;  Excessive or rapid asset growth or decline;
 Pending regulatory investigations or material legal proceedings;  Changes to firm ownership;
 Significant increase in management fees or expense ratio.  In the case of monitoring Target Retirement Date funds, the Committee shall consider the current and prospective composition of the Target Date funds (based on their glide path) and the corresponding risk and return implications relative to the benchmark and peer group constituents.

An investment option may remain on watch status until the Committee decides to take further action.

Committee actions include, but are not limited to, the following:
 Removing the investment option from watch status; and  Terminating the investment option and reallocating the assets to an alternate or replacement investment option by Committee direction.

To be removed from quantitative, performance related watch status, generally, performance for the preceding five year trailing periods should be above the benchmark index or median for at least two consecutive quarters. However, barring any breakdown in process, the Committee may decide to leave an option on watch for as long as they believe it is prudent to do so.

The Committee reserves the right to terminate investment option relationships at any time, for any reason when it determines such termination is in the best interests of the Plans and its participants and beneficiaries.

Upon termination, further contributions or transfers to an investment option may be frozen, or the option may be replaced with or without transferring existing assets from the replaced option. Once the decision to terminate an option and remove it from the Plans is made, asset transfer and liquidation should be handled to the best advantage of the Plans, with due consideration given to the anticipated effect on affected participants and beneficiaries.

INVESTMENT OVERSIGHT RESPONSIBILITY AND PROXY VOTING
The Committee shall have overall responsibility for the selection, monitoring and termination of all investment managers. Additionally, the Committee shall be responsible for reviewing and maintaining these investment policies and guidelines.

Proxy votes required by investment managers shall be cast by those parties designated by the Committee.

Voting rights shall be exercised in the best interest of the participants and beneficiaries of the Plans. The Committee may insist that they exercise their voting rights themselves by communicating their intention to do so in a timely manner.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 11

GLOSSARY

Annualized Return
Rate of return of the account smoothed as though the return occurred equally over twelve-month periods.

When the specified time frame is for less than a year, the rate of return in projected as though the same performance continues to occur for a twelve-month period.

Benchmarks
A standard against which the performance of the portfolio can be measured, typically against a standard index, although a client manager may also set the benchmark.

Duration
The weighted maturity of a fixed-income investment’s cash flows, used in the estimation of the price sensitivity of fixed-income securities for a given change in interest rates. Time periods are weighted by multiplying by the present value of its cash flow divided by the bond’s price (a bond’s cash flows consist of coupon payments and repayment of capital). A bond’s duration will almost always be shorter than its maturity, with the exception of zero-coupon bonds, where maturity and duration are equal.

Growth Style Investing
Growth investors purchase companies that have above-average earnings growth and/or above-average sales growth rates.

Investment Objectives
The overall financial objectives of an investor. For example, whether the investor requires income or capital appreciation. The investor’s objectives govern the investment strategy.

Large Cap
Large Capitalization – refers to those companies with a market capitalization categorized as Large Cap by an industry standard data providerof greater than $10 billion.

Liquidity
The ability to buy or sell an asset quickly and in large volume without substantially affecting the asset’s price.

Market Capitalization
The dollar value of a public company based on the total number of shares of stock available multiplied by the price per share.

Mid Cap
Mid Capitalization – refers to those companies with a market capitalization categorized as Mid Cap by an industry standard data providerbetween $2 and $10 billion.

Net of Fees
After subtraction of management fees.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 12

GLOSSARY - CONTINUED

Peer Group
Contemporaries of the same asset class that can be compared against one another to achieve a larger sense of how the particular portfolio is performing.

Portfolio
Refers to the complete list of securities held in an investment vehicle.

Small Cap
Small Capitalization – refers to those companies with a market capitalization categorized as Small Cap by an industry standard data providerbetween $500 million and $1.99 billion.

Standard Deviation
Measures the range of returns and is based on a Normal Curve. Managers with lower standard deviations than the index have historically had returns that tended to fall closer to their mean return compared to the index. Managers with higher standard deviations than the index have historically had returns that tended to be further dispersed around the mean than the index. This is another measure of volatility, but it doesn’t distinguish downside performance from upside performance.

Value Style Investing
Value investors rely on an examination of the underlying or unrealized value of a company as the primary criterion for deciding whether or not to buy a company’s stock. Value stocks are often priced lower than growth stocks due to slower growth expectations, recent financial difficulty, or a host of other reasons.

City of Vallejo 457, 401(a), and RHS Statement of Investment Policies and Guidelines 13

ADOPTED BY THE ADMINISTRATOR ON BEHALF OF THE CITY OF VALLEJO EMPLOYEES PLANS:

Signature:

Name:

Title:

Date: