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Vallejo City Council
July 31, 2023

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July 31, 2023
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Text extracted from the city's file for reading and search. Open the original on vallejoca.api.civicclerk.com. That file is the official record.

Date: July 31, 2023
Presented by: MissionSquare Retirement
Deferred Compensation
Committee Meeting

2 MissionSquare Retirement
2 Plan Oversight & Strategy
Luther Hermano | Vice President, Relationship Management [email protected] | 202-759-7103
Your contact for strategic planning and results.

Employee Outreach & Education
Ryan Bertrand | Retirement Plan Specialist
[email protected] | 202.759.7187
Your contact for the participant experience.

Employee Outreach & Education Oversight
Tom Axline | Regional Director
[email protected]
| 202.759.7012
Your contact for the participant experience oversight.

MSQ Strategies & RM Development
Erika Armstrong | West Regional Director, Relationship Mgmt. [email protected] | 202-759-7009
Additional key client involvement and support.

Your Team
3 MissionSquare Retirement
3 Agenda
2nd Quarter Plan Review
Accomplishments & Results
Participant Engagement
Participant Objectives & Goals
Quarterly Insights
Legislative Updates, Advocacy & Research
Tech Corner
Technology and Transition Updates

4 Plan Review
5 MissionSquare Retirement
Plan Education and Outreach
Results for Your Plan (Apr-Jun 2023)
Education 26
RPS
Consultations
12 CFP®
Webinars
Participation
& Savings
31 Enrollments
$796,556
Plan Contributions
$5,582
3 Roll-ins
Financial
Wellness
$88,748
+Net Cash Flow
35 Financial Wellness
Logins
Retention $110,817
5 Roll-outs
6 MissionSquare Retirement
Plan Education Surveys
Survey Results for Your Retirement Plan Specialist Education (April-June 2023) Retirement Plan Specialist Survey Results
10 Surveys
Knowledge
Professionalism
Responsiveness
Helpfulness
Overall Impression
Poor Fair Average Good Excellent

4.8 Average
Rating
7 MissionSquare Retirement
Plan Balance as of 6-30-23

8 MissionSquare Retirement
Asset Allocation

9 9
MissionSquare Retirement
Asset Allocation Trend

10 2023
Strategy
11 MissionSquare Retirement
Pulling It All Together: Am I On Track?
Investing: Making Your Savings Count
Goal Based Programs
Financial Wellness: New Year, New Goals
January-March
Retirement 101: Understanding Your Plan
April-May
July-September
October-December
Q1
Q2
Q3
Q4
Market Overview and Responsive Communications
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
Guided Pathways®
Advisory Services
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center
12 MissionSquare Retirement
Focusing On: Retirement 101
An opportunity to help
employees understand their
retirement plan and focus
on their financial future.
 Understand how the plan works and differs from other
plans
 Take control of how much to save and where to invest
those savings, while enjoying tax advantages
 Explore the Financial Wellness Center with articles,
videos, calculators, and more
 Connect with support from a MissionSquare
Retirement representative
 Spotlight on Financial Literacy Month
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
Guided Pathways®
Advisory Services
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center
Retirement 101
April-June
13 13
MissionSquare Retirement
Financial Literacy Month

14 14
MissionSquare Retirement
Weekly Email Content and Calls to
Action

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

Financial Planning Webinars
Help participants journey to and through retirement.

View the schedule:
2023 Schedule (Pacific)
Sign up for webinars: www.missionsq.org/cfpwebinars
New Topics:
 Medicare
 Tax Planning
 How Health Can Affect Your
Wealth in Retirement
 Quarterly Economic Overview
16 MissionSquare Retirement
JAN
 Financial Planning Basics: How to Set and Achieve Your Goals  Effective Estate Planning: Protecting Your Assets for the Future  Quarterly Economic Overview
FEB
 Planning for the Future: The Fundamentals of Retirement Investing  10 Questions for Successful Retirement: a Guide for the Retiree  Navigating the Next Chapter: Preparing for Your Retirement  Social Security: Understanding Your Retirement Benefit Options MAR
 Maximizing Your Investments: Ensuring Your Retirement is on Track  The Importance of Long Term Care Planning in Retirement  Saving for College: Tips and Strategies to Plan Your Child’s Future  How Health Can Affect Wealth in Retirement
 The Medicare Puzzle: Understanding Your Medicare Options APR
 Retirement 101: A Comprehensive Overview
 Maximizing Your Retirement Through Tax Planning
 Taking Your Estate Planning to the Next Level
 Quarterly Economic Overview
MAY
 Retirement Income Planning: Tips to Help Make Your Money Last  10 Questions for Successful Retirement: a Guide for the Retiree  An Introduction to Annuities
 Making the Most of Social Security: Retirement Income Enhancing Strategies JUN
 Financial Planning Basics: How to Set and Achieve Your Goals  College Funding: Investing in Your Child’s Future
 Navigating the Next Chapter: Preparing for Your Retirement  The Medicare Puzzle: Understanding Your Medicare Options 2023 CFP® Webinars
For plan sponsor use only. Not for public distribution.

New
17 MissionSquare Retirement
JUL
 Maximizing Your Investments: Ensuring Your Retirement is on Track  Effective Estate Planning: Protecting Your Assets for the Future  Quarterly Economic Overview
AUG
 Retirement 101: A Comprehensive Overview
 Women and Money: Preparing for Future Finances
 How Health Can Affect Wealth in Retirement
 Social Security: Understanding Your Retirement Benefit Options SEPT
 The Importance of Long Term Care Planning in Retirement  Retirement Income Planning: Tips to Help Make Your Money Last  The Medicare Puzzle: Understanding Your Medicare Options OCT
 Making Every Dollar Count: Tips for Smart Spending
 Maximizing Your Retirement Through Tax Planning
 Taking Your Estate Planning to the Next Level
 Quarterly Economic Overview
NOV
 Financial Planning Basics: How to Set and Achieve Your Goals  Navigating the Next Chapter: Preparing for Your Retirement  How Health Can Affect Wealth in Retirement
 Social Security: Understanding Your Retirement Benefit Options DEC  Maximizing Your Investments: Ensuring Your Retirement is on Track  The Medicare Puzzle: Understanding Your Medicare Options 2023 CFP® Webinars
For plan sponsor use only. Not for public distribution.

New
18 Quarterly
Insights
19 MissionSquare Retirement
* Special limitations apply to defined benefit plans. Please contact your defined benefit plan administrator should you require additional information. ** OBRA 1993 provided a governmental exception for the maximum compensation limit that grandfathers certain employees under the 1993 compensation limit of $235,840. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, prior to January 1, 1994, are subject to the maximum compensation limit of $235,840 as indexed and shown above as the “grandfather” limit. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, after
January 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “non-grandfather” limit. 2023 Contribution Limits
Elective deferral limits for 457 and 401(k) plans increase Limitations (457) 2023 2022 2021
Annual Deferral Limit $22,500 $20,500 $19,500
“Pre-Retirement” Catch-Up Limit $22,500 ($45,000 total) $20,500 ($41,000 total) $19,500 ($39,000 total) “Age 50” Catch-Up Limit $7,500 ($30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total) More details on the retirement plan limits are available from the IRS Limitations (401(k)) 2023 2022 2021
401 Defined Contribution Plans –
Annual (§415(c)(1)(a)) $66,000 $61,000 $58,000
401 Defined Benefit Plans –
Maximum Annual Benefit* (§415(b)(1)(a)) $265,000 $245,000 $230,000 401 Annual Compensation Limit**
(non-grandfather / grandfather) (§401(a)(17)) $330,000 / $490,000 $305,000 / $450,000 $290,000 / $430,000 Annual Deferral Limit for 401(k) Plans (§402(g)) $22,500 $20,500 $19,500 401(k) “Age 50” Catch-Up Limit (§414(v)) $7,500 ( $30,000 total) $6,500 ($27,000 total) $6,500 ($26,000 total) 20 MissionSquare Retirement
SECURE 2.0 What You Need To Know
On Dec. 29, 2022, the Setting Every
Community Up for Retirement
Enhancement (SECURE) 2.0 Act was
signed into law.

MissionSquare Retirement
applauds its passing and is your
partner in navigating its provisions
and optimizing its impact on you
and your employees.

Explore the SECURE 2.0 Website

21 MissionSquare Retirement
SECURE 2.0 Requirements
RMD to age
73 (mandatory)
RMDs to exclude Roth
balance (mandatory)
Reduction in RMD
penalty (mandatory)
Self-Certification—
unforeseen
emergency
withdrawals (optional)
Roth Catch-
Up (mandatory if
offering Age 50
Catch-Up 2024)
Roth Match—employer
contribution as Roth
(optional)
Public Safety Officer
expansion of 10% tax
exception
(mandatory)
PSO Insurance
Premiums (mandatory
if withdrawal option is
offered)
Elimination of 457(b)
first day of following
month rule (optional)
Student Loan Debt
Repayment Match
(optional 2024)
Emergency Savings
Opportunities
(optional 2024)
22 MissionSquare Retirement
MissionSquare
Advocacy and
Thought
Leadership
We’re committed to serving as a
thought partner and resource for
public service employers and their
employees as they navigate an
ever-evolving retirement planning
landscape.
23 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.

Employer Bulletin
Updates on SECURE 2.0,
MissionSquare Retirement
research, markets, employee
engagement, and more
Contact us to subscribe!

24 Tech Corner
and
Transition
Updates
25 25
MissionSquare Retirement
Financial Wellness Center

26 MissionSquare Research Institute
 Client access to exclusive public sector
workforce research
 Guidance on financial wellness best
practices
 Peer comparisons of program
participation or completion
 Tools to influence participant
satisfaction
 Monitoring and tracking self-reported
changes to financial attitudes or
knowledge
 Monitoring and tracking changes in
participant behavior (e.g., level of
contributions to primary or
supplemental retirement savings or
emergency fund)
Longer term, indirect measures of success may include
Evaluating Financial Wellness With MissionSquare
Lower
Absenteeism
Improved
Morale
Employee
Retention
Cost Savings Increased
Productivity
27 MissionSquare Retirement
Financial Wellness Report

28 MissionSquare Retirement
28 Beginning in August, participants will have the ability to roll in assets online using the Digital Rollover Form, available via the participant website
 Replaces the paper External Asset Movement Form
Benefits to Participants
 Easy to Use — Entry fields and online functionality create a simple and easy way to submit a request
 Time Savings — The digital format takes less time to complete and includes digital submission all in one place
 Confidence — Online confirmation message appears,
informing participants that their request has been received Benefits to Plan Sponsors
 Simplification — Less paper and a streamlined design will result in fewer questions
Digital Rollover Form
29 MissionSquare Retirement
Transition and New Experience Update
Answering Your Frequently Asked Questions
Why did you transition to a new system?
 Changes were made to upgrade our technology and keep
MissionSquare well-positioned to serve you for the next 50 years.

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

What have you learned?
 Call Center volumes were higher than anticipated due to enhanced security features.
 Retirees would have benefited from additional outreach to answer questions and provide support.
 Payroll challenges occurred due to customization of data formats and bank changes.
30 MissionSquare Retirement
Transition and New Experience Update
Answering Your Frequently Asked Questions
What is the path forward?
 Call Center staffing increased, and new hires have received additional training.
 Secure account features now include the ability to reset credentials online, reducing the need to call for support.  Our Plan Health Dashboard will help you measure success and health of your plan, with benchmark comparisons. MissionSquare will recommend solutions to help you improve plan outcomes.  The Financial Wellness Center provides your participants a personalized experience, interactive education resources, and gamification, to help your employees reach their retirement goals. 31 31
MissionSquare Retirement
Focused on You, Our Clients
Continually adding new resources to critical
functions: website accessibility, payroll processing,
and contact center
Releasing new updates to our technology to
improve functionality and processes
Improving the client experience
32 MissionSquare Retirement
Confidential: For use with plan sponsors and consultants only.

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

33 MissionSquare Retirement
33 Questions?
City of Vallejo, California
457(b), 401(a), and RHS Plans
June 30, 2023 Performance Report
Private & Confidential |
For institutional use only, not for public distribution. Hyas Group is a separate business unit within Morgan Stanley Institutional Investment Advisors LLC.
1 Market OverviewSection
2 Plan OverviewSection
3 Plan Review - 457(b) Deferred Compensation PlanSection 4 Plan Review - 401(a) Defined Contribution PlanSection 5 Plan Review - Retirement Health SavingsSection
6 Fund ReviewSection
7 Fee Review - 457(b) Deferred Compensation PlanSection 8 Fee Review - 401(a) Defined Contribution PlanSection
9 Fee Review - Retirement Health SavingsSection
10 Fund AttributionsSection
Table Of Contents

Section 1 | Market Overview






1 




2 

3 Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 209,000 4,505,000 -20,493,000 111,333 Jun-23 $3.53 $4.84 $1.80 -27.0% Jun-23

3.6% 14.7% 3.4% 4.9% Jun-23 $70.25 $114.84 $16.55 -38.8% Jun-23

6.4 22.2 4.0 11.1 Jun-23 304.8 316.2 210.8 44.6%* Apr-23 $33.58 $33.58 $27.10 $30.09 Jun-23 547.3 557.4 484.3 13%* May-23 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 6/30/2023 Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
2Q2023 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
$20,000
3Q18 2Q19 1Q20 4Q20 3Q21 2Q22 1Q23
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,400
$1,700
$2,000
$2,300
$2,600
$2,900
$3,200
3Q18 2Q19 1Q20 4Q20 3Q21 2Q22 1Q23
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
245
260
275
290
305
May-18 Nov-18 May-19 Nov-19 May-20 Nov-20 May-21 Nov-21 May-22 Nov-22 May-23 YoY % ChangeIndex Consumer Price Index
4 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.29% 2.46% 4.22% 1.54% 1.63% 1.04%
Bloomberg US Aggregate -0.84% 2.09% -0.94% -3.96% 0.77% 1.52% Bloomberg Short US Treasury 1.05% 2.21% 3.37% 1.10% 1.55% 1.01% Bloomberg Int. US Treasury -1.15% 1.10% -1.02% -2.88% 0.82% 0.93% Bloomberg Long US Treasury -2.30% 3.72% -6.82% -12.09% -0.88% 1.80% Bloomberg US TIPS -1.42% 1.87% -1.40% -0.12% 2.49% 2.08% Bloomberg US Credit -0.31% 3.13% 1.39% -3.38% 1.65% 2.51% Bloomberg US Mortgage-Backed -0.64% 1.87% -1.52% -3.73% 0.03% 1.13% Bloomberg US Asset-Backed -0.12% 1.74% 1.18% -0.62% 1.53% 1.48% Bloomberg US 20-Yr Municipal 0.34% 3.57% 4.22% -0.56% 2.20% 3.43% Bloomberg US High Yield 1.75% 5.38% 9.06% 3.13% 3.36% 4.43% Bloomberg Global -1.53% 1.43% -1.32% -4.96% -1.09% 0.20% Bloomberg International -2.16% 0.83% -1.83% -5.87% -2.65% -0.90% Bloomberg Emerging Market 1.12% 3.30% 5.64% -2.71% 1.02% 2.73% 2Q2023 Bond Market Data

5.24% 5.43% 5.47% 5.40%

4.87%

4.49%

4.13% 3.97% 3.81% 4.06% 3.85%

1.28%

1.72%

2.51%

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

3.38% 3.14%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr US Treasury Yield Curve
6/30/2023 6/30/2022
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 6.56 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

9.43 1.61

0.51 11.94

2.04 0.71

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
1%
1%
0%
21%
27%
1%
49%
0% 20% 40% 60%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
Bloomberg US Aggregate Index
Sector Breakdown
Source: Morningstar
5 Wgt. Sector QTR YTD 1 yr.
28% Information Technology 17.20% 42.77% 40.26% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 11% Consumer Discretionary 14.58% 33.06% 24.73% S&P 500 8.74% 16.89% 19.59% 14.60% 12.31% 12.86% 8% Communication Services 13.06% 36.24% 17.28% Russell 1000 Value 4.07% 5.12% 11.54% 14.30% 8.11% 9.22% 8% Industrials 6.49% 10.19% 25.16% Russell 1000 Growth 12.81% 29.02% 27.11% 13.73% 15.14% 15.74% 12% Financials 5.33% -0.53% 9.50% Russell Mid Cap 4.76% 9.01% 14.92% 12.50% 8.46% 10.32% 2% Materials 3.31% 7.74% 15.12% Russell Mid Cap Value 3.86% 5.23% 10.50% 15.04% 6.84% 9.03% 13% Health Care 2.95% -1.48% 5.37% Russell Mid Cap Growth 6.23% 15.94% 23.13% 7.63% 9.71% 11.53% 2% Real Estate 1.81% 3.79% -4.13% Russell 2000 5.21% 8.09% 12.31% 10.82% 4.21% 8.26% 7% Consumer Staples 0.45% 1.28% 6.60% Russell 2000 Value 3.18% 2.50% 6.01% 15.43% 3.54% 7.29% 4% Energy -0.89% -5.52% 18.76% Russell 2000 Growth 7.05% 13.55% 18.53% 6.10% 4.22% 8.83% 3% Utilities -2.53% -5.69% -3.68% Russell 3000 8.39% 16.17% 18.95% 13.89% 11.39% 12.34% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 2.92% 5.77% -0.69% 9.17% 3.28% 5.75% 23% Industrials 12.05% 21.62% 38.94%
10% Information Technology 8.71% 24.61% 33.34%
4% Energy 6.86% -2.18% 14.02%
4% Consumer Staples 4.89% 8.86% 19.13%
9% Health Care 4.70% 5.15% 5.05%
15% Consumer Discretionary 3.79% 12.09% 24.34%
7% Real Estate 2.10% 3.10% -3.38%
14% Financials 0.94% -6.67% 2.81%
7% Materials -1.04% 6.05% 21.27%
2% Communication Services -4.41% -0.19% 0.37%
3% Utilities -6.91% -9.18% -8.37%
Wgt. Sector QTR YTD 1 yr.
14% Information Technology 11.87% 23.17% 27.22%
18% Industrials 9.36% 17.83% 29.12%
14% Consumer Discretionary 3.35% 16.51% 23.79%
5% Energy 3.02% -5.70% 11.18%
6% Materials 2.44% 11.63% 19.38%
11% Health Care 1.73% 1.28% -2.35%
8% Real Estate 0.00% -3.61% -10.17%
5% Consumer Staples -0.55% 7.89% 9.73%
3% Communication Services -2.49% 8.33% -6.17%
16% Financials -3.44% -14.55% -10.76%
2% Utilities -3.82% -4.64% -1.68%
2Q2023 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
-3.54%
-7.29%
-3.78%
-8.10%
-4.61%
-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

8.45%

15.38%
-1.14%

6.60%

6.18%
-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
6 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 15% MSCI ACWI ex-US 2.44% 9.47% 12.72% 7.22% 3.52% 4.75% UK 9% MSCI EAFE 2.95% 11.67% 18.77% 8.93% 4.39% 5.41% China 8% Europe 2.74% 13.59% 21.81% 10.68% 5.19% 5.70% France 8% United Kingdom 2.19% 8.43% 13.19% 12.57% 2.83% 3.88% Canada 8% Germany 2.80% 17.89% 28.37% 5.21% 1.77% 4.07% Switzerland 6% France 3.23% 18.32% 31.74% 14.87% 6.97% 7.60% Germany 5% Pacific 3.50% 8.38% 13.69% 5.97% 3.00% 4.95% Australia 5% Japan 6.42% 13.00% 18.14% 5.70% 3.13% 5.23% Taiwan 4%
Hong Kong -5.05% -7.32% -9.03% -0.17% -1.29% 4.11% India 4% Australia 0.27% 3.07% 11.19% 10.52% 4.95% 4.95%
Canada 3.69% 8.16% 6.95% 12.81% 6.36% 5.22%
MSCI EM 0.90% 4.89% 1.75% 2.32% 0.93% 2.95%
MSCI EM Latin America 14.04% 18.52% 29.84% 16.45% 4.79% 1.13% MSCI EM Asia -0.77% 4.00% -0.90% 1.19% 1.20% 4.67%
MSCI EM Eur/Mid East 5.77% 4.47% 3.02% -1.12% -1.78% -2.41% MSCI ACWI Value ex-US 2.95% 8.26% 12.19% 10.42% 2.65% 3.70% MSCI ACWI Growth ex-US 1.94% 10.70% 13.26% 3.96% 4.06% 5.61% MSCI ACWI Sm Cap ex-US 2.05% 6.84% 10.93% 8.15% 2.62% 5.75% Exchange Rates QTR 1Q23 4Q22 3Q22 2Q22 1Q22
Japanese Yen 144.47 132.75 131.81 144.71 135.69 121.44
Euro 0.92 0.92 0.93 1.02 0.96 0.90
British Pound 0.79 0.81 0.83 0.90 0.82 0.76
Swiss Franc 0.89 0.91 0.92 0.98 0.96 0.92
Chinese Yuan 7.25 6.87 6.90 7.11 6.70 6.34
2Q2023 International Market Data

2.95%

18.77%

8.93%

4.39%

4.28%

17.50%

11.73%

6.42%
0% 10% 20% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

0.90%

1.75%

2.32%

0.93%

1.71%

3.28%

3.90%

2.97%
0% 1% 2% 3% 4% 5%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-0.4% -1.8%

0.9%
-0.9%

1.0%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-1.0%

1.1%
-6.5%

1.4% 1.9%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
0%
4%
-1%
-1%
-2%
-8%
-6%
-9%
-5%
-4%
3%
5%
1%
-1%
-2%
2%
7%
2%
2%
1%
-5%
-8%
-1%
-2%
-2%
-20%
-10%
0%
10%
20%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
42%
Asia
31%
Canada
7%
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
7 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2Q23 US Bonds

5.24%
Emerging
Markets

78.51%
Small Cap

26.85%
Core Real
Estate

14.96%
Emerging
Markets

18.22%
Small Cap

38.82%
Large Cap

13.68%
Core Real
Estate

13.95%
Small Cap

21.30%
Emerging
Markets

37.28%
Core Real
Estate

7.36%
Large Cap

31.49%
Small Cap

19.96%
Large Cap

28.71%
Commod.

16.09%
Large Cap

16.89%
Large Cap

8.74%
Global
Bonds

4.79%
High Yield

58.21%
Mid Cap

25.48%
TIPS

13.56%
Mid Cap

17.28%
Mid Cap

34.76%
Mid Cap

13.21%
Large Cap

1.38%
High Yield

17.12%
Intl

27.19%
Cash

1.69%
Mid Cap

30.54%
Large Cap

18.40%
Commod.

27.11%
Core Real
Estate

6.54%
Global
Balanced

9.58%
Small Cap

5.21%
Cash

1.39%
Intl

41.45%
Emerging
Markets

18.88%
US Bonds

7.84%
Intl

16.83%
Large Cap

32.39%
Core Real
Estate

11.44%
US Bonds

0.55%
Mid Cap

13.79%
Large Cap

21.83%
US Bonds

0.01%
Small Cap

25.52%
Emerging
Markets

18.31%
Mid Cap

22.58%
Cash

2.05%
Intl

9.47%
Mid Cap

4.76%
TIPS
-2.35%
Mid Cap

40.48%
Commod.

16.83%
Global
Bonds

5.64%
Small Cap

16.35%
Intl

15.29%
US Bonds

5.97%
Cash

0.03%
Large Cap

11.95%
Mid Cap

18.52%
Global
Bonds
-1.20%
Intl

21.51%
Mid Cap

17.10%
Core Real
Estate

21.06%
High Yield
-11.19%
Mid Cap

9.01%
Global
Balanced

3.63%
Core Real
Estate
-10.70%
Small Cap

27.17%
Core Real
Estate

15.26%
High Yield

4.98%
Large Cap

16.00%
Global
Balanced

14.46%
Small Cap

4.89%
TIPS
-1.43%
Commod.

11.76%
Global
Balanced

15.87%
TIPS
-1.26%
Global
Balanced

18.86%
Global
Balanced

13.93%
Small Cap

14.82%
TIPS
-11.85%
Small Cap

8.09%
Intl

2.44%
Global
Balanced
-24.51%
Large Cap

26.46%
High Yield

15.12%
Large Cap

2.11%
High Yield

15.81%
Core Real
Estate

12.95%
TIPS

3.64%
Global
Balanced
-1.45%
Emerging
Markets

11.18%
Small Cap

14.65%
High Yield
-2.08%
Emerging
Markets

18.42%
TIPS

10.99%
Global
Balanced

10.94%
US Bonds
-13.01%
High Yield

5.38%
High Yield

1.75%
High Yield
-26.16%
Global
Balanced

20.49%
Large Cap

15.06%
Cash

0.06%
Global
Balanced

11.06%
High Yield

7.44%
Global
Balanced

3.17%
Mid Cap
-2.43%
Core Real
Estate

7.76%
High Yield

7.50%
Large Cap
-4.38%
High Yield

14.32%
Intl

10.65%
Intl

7.82%
Intl
-16.00%
Emerging
Markets

4.89%
Cash

1.29%
Small Cap
-33.79%
Commod.

18.91%
Intl

11.15%
Global
Balanced
-0.97%
Core Real
Estate

9.76%
Cash

0.07%
High Yield

2.45%
Global
Bonds
-3.15%
Global
Balanced

5.38%
Global
Bonds

7.39%
Global
Balanced
-5.30%
US Bonds

8.72%
Global
Bonds

9.20%
TIPS

5.96%
Global
Bonds
-16.25%
Cash

2.46%
Emerging
Markets

0.90%
Commod.
-35.65%
TIPS

11.41%
Global
Balanced

9.40%
Mid Cap
-1.55%
TIPS

6.98%
US Bonds
-2.02%
Global
Bonds

0.59%
Small Cap
-4.41%
TIPS

4.68%
Core Real
Estate

6.66%
Mid Cap
-9.06%
TIPS

8.43%
US Bonds

7.51%
High Yield

5.28%
Global
Balanced
-16.40%
US Bonds

2.09%
US Bonds
-0.84%
Large Cap
-37.00%
Global
Bonds

6.93%
US Bonds

6.54%
Small Cap
-4.18%
Global
Bonds

4.32%
Global
Bonds
-2.60%
Cash

0.04%
High Yield
-4.46%
Intl

4.50%
US Bonds

3.54%
Small Cap
-11.01%
Commod.

7.69%
High Yield

7.11%
Cash

0.05%
Mid Cap
-17.32%
TIPS

1.87%
TIPS
-1.42%
Mid Cap
-41.46%
US Bonds

5.93%
TIPS

6.31%
Commod.
-13.32%
US Bonds

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

2.65%
TIPS

3.01%
Commod.
-11.25%
Global
Bonds

6.84%
Cash

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

1.43%
Global
Bonds
-1.53%
Intl
-45.53%
Cash

0.16%
Global
Bonds

5.54%
Intl
-13.71%
Cash

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

2.09%
Commod.

1.70%
Intl
-14.20%
Core Real
Estate

4.41%
Core Real
Estate

0.35%
Emerging
Markets
-2.54%
Emerging
Markets
-20.09%
Core Real
Estate
-6.12%
Commod.
-2.56%
Emerging
Markets
-53.33%
Core Real
Estate
-30.40%
Cash

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

0.25%
Cash

0.71%
Emerging
Markets
-14.58%
Cash

2.30%
Commod.
-3.12%
Global
Bonds
-4.71%
Small Cap
-20.44%
Commod.
-7.79%
Core Real
Estate
-2.84%
Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills. Source: Morningstar; Core Real Estate Source: NCREIF Historical Market Returns
Ranked by Performance
8 Section 2 | Plan Overview

Market Value: $52,275,469Hyas Group Contact
Vincent Galindo
Senior Principal
[email protected]
Fixed Income

33.89%
Loans

1.84%
Asset Allocation

20.17%
International

8.21%
Small Cap

3.11%
Mid Cap

6.01%
Large Cap

26.77%
Plan Notes
Fund:

Governance:

None at this time.

IPS dated April 2023 and adopt Fee and Expense Guidelines.

Vendor Mgmt: None at this time.

Fund Notes
Fund Name Watch Status Cause Comments Recommendations Fund Assets ($) Allocation (%) Vanguard US Growth Adm 2Q22 Quantitative Trailing Benchmark and Peer Group for 5 year period.

Retain on watch. 5,844,184 11.18
MFS Mid Cap Growth R6 1Q23 Qualitative Significant manager change. Retain on watch. 2,500 0.00 City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Overview As of June 30, 2023
9 Section 3 | Plan Review - 457(b) Deferred Compensation Plan

Cash Flow Summary
Beg Value (%)
of the Plan
Beg Value
$
Cash Flow
(+/-) Gain/Loss End Value (%)
of the Plan
End Value
$
Total 100.00 46,875,979 1,377 1,948,363 100.00 48,825,719 Fixed Income 37.18 17,430,725 139,042 56,744 36.10 17,626,511 Large Cap 26.94 12,626,764 (134,769) 1,225,577 28.09 13,717,572 Mid Cap 6.62 3,101,836 (157,594) 146,445 6.33 3,090,687 Small Cap 3.45 1,617,079 (75,935) 79,985 3.32 1,621,129 International 9.00 4,218,152 (59,039) 96,561 8.72 4,255,675 Asset Allocation 16.81 7,881,425 289,671 343,050 17.44 8,514,146 Plan Returns
Total 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

5.32 11.85

13.98 3.77

9.25 10.45

2.22 6.69 6.94

4.16 9.35

10.77 City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 10 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 17,430,725 139,042 56,744 17,626,511 36.10 - MissionSquare PLUS Fund R10 92208j709 13,136,623 (86,607) 89,177 13,139,193 26.91 230 Fidelity US Bond Index FXNAX 2,018,586 149,691 (19,121) 2,149,155 4.40 72 Sterling Capital Total Return Bond R6 STRDX 2,275,515 75,958 (13,311) 2,338,162 4.79 124 Large Cap 12,626,764 (134,769) 1,225,577 13,717,572 28.09 - MFS Value R6 MEIKX 1,889,265 (120,931) 65,136 1,833,470 3.76 157 Fidelity 500 Index FXAIX 5,521,647 34,456 483,815 6,039,918 12.37 223 Vanguard US Growth Adm VWUAX 5,215,852 (48,294) 676,627 5,844,184 11.97 189 Mid Cap 3,101,836 (157,594) 146,445 3,090,687 6.33 -
Allspring Special Mid Cap Value Fund WFPRX 600,505 (1,731) 31,834 630,608 1.29 128 Fidelity Mid Cap Index FSMDX 1,382,966 (17,193) 64,905 1,430,677 2.93 162 MFS Mid Cap Growth R6 OTCKX 1,118,365 (138,669) 49,706 1,029,402 2.11 100 Small Cap 1,617,079 (75,935) 79,985 1,621,129 3.32 -
Fidelity Small Cap Index FSSNX 1,617,079 (75,935) 79,985 1,621,129 3.32 173 International 4,218,152 (59,039) 96,561 4,255,675 8.72 - Vanguard International Value Inv VTRIX 722,573 (8,358) 24,610 738,825 1.51 129 Fidelity Total International Index FTIHX 2,576,403 24,925 64,830 2,666,159 5.46 155 Vanguard International Growth Adm VWILX 919,176 (75,605) 7,122 850,692 1.74 116 Asset Allocation 7,881,425 289,671 343,050 8,514,146 17.44 - Vanguard Target Retirement Income VTINX 238,234 2,218 3,256 243,708 0.50 10 Vanguard Target Retirement 2020 VTWNX 141,600 4,199 3,093 148,892 0.30 10 Vanguard Target Retirement 2025 VTTVX 1,069,024 15,080 32,577 1,116,681 2.29 27 Vanguard Target Retirement 2030 VTHRX 844,013 51,938 31,301 927,252 1.90 36 Vanguard Target Retirement 2035 VTTHX 2,036,973 26,053 84,206 2,147,232 4.40 35 Vanguard Target Retirement 2040 VFORX 848,475 29,738 39,654 917,866 1.88 21 Vanguard Target Retirement 2045 VTIVX 834,546 42,629 43,931 921,106 1.89 28 Vanguard Target Retirement 2050 VFIFX 1,134,009 47,137 62,459 1,243,606 2.55 49 Vanguard Target Retirement 2055 VFFVX 536,535 41,203 30,869 608,607 1.25 35 City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
11 City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 184,843 18,454 10,659 213,957 0.44 11 Vanguard Target Retirement 2065 VLXVX 13,173 11,023 1,044 25,240 0.05 2 Total 46,875,979 1,377 1,948,363 48,825,719 100.00 -
12 Asset Allocation
Sep-2022
Ending
Market Value $
Ending
Market Value %
Dec-2022
Ending
Market Value $
Ending
Market Value %
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 17,215,037 40.31 17,139,637 37.97 17,430,725 37.18 17,626,511 36.10 Large Cap 11,050,222 25.88 11,788,584 26.12 12,626,764 26.94 13,717,572 28.09 Mid Cap 2,732,860 6.40 2,971,128 6.58 3,101,836 6.62 3,090,687 6.33 Small Cap 1,519,263 3.56 1,663,708 3.69 1,617,079 3.45 1,621,129 3.32 International 3,454,597 8.09 4,050,786 8.97 4,218,152 9.00 4,255,675 8.72 Asset Allocation 6,733,285 15.77 7,527,066 16.67 7,881,425 16.81 8,514,146 17.44 Total 42,705,264 100.00 45,140,909 100.00 46,875,979 100.00 48,825,719 100.00 Cash Flow Summary
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Participants 502 504 508 514
Calculated Return (%) (3.40) 4.85 4.99 4.16
Cash Flow (+/-) $ 171,459 361,797 (516,665) 1,377
Market Adjustment $ (1,495,431) 2,073,848 2,251,735 1,948,363 Fee Summary
Sep-2022
Current % Est Asset $
Dec-2022
Current % Est Asset $
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Record Keeper Fees 0.025 10,676 0.025 11,285 0.025 11,719 0.025 12,206 Administrative Fees 0.100 42,705 0.100 45,141 0.100 46,876 0.100 48,826 Weighted Investment Fees 0.217 92,862 0.206 93,002 0.207 97,181 0.202 98,872 City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
13 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation
Loans

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Sep-2022
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Mar-2023
Ending
Value $
Ending
Value %
Jun-2023
Ending
Value $
Ending
Value %
Fixed Income 17,215,037 39.8 17,139,637 37.2 17,430,725 36.4 17,626,511 35.4 Large Cap 11,050,222 25.5 11,788,584 25.6 12,626,764 26.4 13,717,572 27.6 Mid Cap 2,732,860 6.3 2,971,128 6.4 3,101,836 6.5 3,090,687 6.2 Small Cap 1,519,263 3.5 1,663,708 3.6 1,617,079 3.4 1,621,129 3.3 International 3,454,597 8.0 4,050,786 8.8 4,218,152 8.8 4,255,675 8.5 Asset Allocation 6,733,285 15.6 7,527,066 16.3 7,881,425 16.5 8,514,146 17.1 Loans 587,220 1.4 929,306 2.0 956,489 2.0 960,667 1.9
Total 43,292,484 100.0 46,070,216 100.0 47,832,468 100.0 49,786,387 100.0 Admin Account Balance
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Admin Account $ 48,767 43,455 46,515 49,866
City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
14 Plan Value Over Time
0 8,600,000
17,200,000
25,800,000
34,400,000
43,000,000
51,600,000
60,200,000
2022 YTD
45,140,909
48,825,719
2022 YTD
Beginning Market Value $ 53,098,741 45,140,909
Cash Flow (+/-) $ 242,294 (515,288)
Market Adjustment $ (8,200,126) 4,200,098
Ending Market Value $ 45,140,909 48,825,719
Participants 504 514
City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2023
15 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation
Loans

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
2021 2022
Dec-2021
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Fixed Income 17,139,637 37.2
Large Cap 11,788,584 25.6
Mid Cap 2,971,128 6.4
Small Cap 1,663,708 3.6
International 4,050,786 8.8
Asset Allocation 7,527,066 16.3
Loans 929,306 2.0
Total 46,070,216 100.0
Admin Account Balance
Dec-2021 Dec-2022
Admin Account $ 28,338 43,455
City of Vallejo, CA | 457 Deferred Compensation Plan Plan Review 18,046,979 33.7
16,567,162 31.0
3,839,625 7.2
2,155,661 4.0
4,243,430 7.9
8,245,883 15.4
402,509 0.8
53,501,249 100.0
16 Section 4 | Plan Review - 401(a) Defined Contribution Plan

Cash Flow Summary
Beg Value (%)
of the Plan
Beg Value
$
Cash Flow
(+/-) Gain/Loss End Value (%)
of the Plan
End Value
$
Total 100.00 424,610 1,301 23,009 100.00 448,920
Fixed Income 15.62 66,333 (207) 30 14.74 66,157
Large Cap 29.99 127,347 37 14,198 31.54 141,583
Mid Cap 6.41 27,228 105 1,306 6.38 28,639
Small Cap 0.05 204 46 11 0.06 261
International 3.76 15,986 4 375 3.65 16,365
Asset Allocation 44.16 187,511 1,315 7,090 43.64 195,916 Plan Returns
Total 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

5.32 11.85

13.98 3.77

9.25 10.45

2.22 6.69 6.94

5.42 12.22 12.61
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 17 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 66,333 (207) 30 66,157 14.74 -
MissionSquare PLUS Fund R10 92208j709 37,938 (18) 258 38,177 8.50 3 Fidelity US Bond Index FXNAX 26,458 (128) (218) 26,112 5.82 4 Sterling Capital Total Return Bond R6 STRDX 1,938 (61) (10) 1,867 0.42 3 Large Cap 127,347 37 14,198 141,583 31.54 -
MFS Value R6 MEIKX 134 (1) 5 137 0.03 2
Fidelity 500 Index FXAIX 59,505 (4) 5,196 64,697 14.41 5 Vanguard US Growth Adm VWUAX 67,709 42 8,997 76,749 17.10 7 Mid Cap 27,228 105 1,306 28,639 6.38 -
Allspring Special Mid Cap Value Fund WFPRX 81 (2) 4 84 0.02 2 Fidelity Mid Cap Index FSMDX 24,796 81 1,179 26,056 5.80 4 MFS Mid Cap Growth R6 OTCKX 2,351 25 123 2,500 0.56 3
Small Cap 204 46 11 261 0.06 -
Fidelity Small Cap Index FSSNX 204 46 11 261 0.06 3
International 15,986 4 375 16,365 3.65 -
Vanguard International Value Inv VTRIX 134 (4) 5 134 0.03 2 Fidelity Total International Index FTIHX 14,434 9 358 14,801 3.30 4 Vanguard International Growth Adm VWILX 1,418 - 13 1,431 0.32 1 Asset Allocation 187,511 1,315 7,090 195,916 43.64 -
Vanguard Target Retirement Income VTINX - - - - 0.00 -
Vanguard Target Retirement 2020 VTWNX 9,917 1,197 231 11,345 2.53 1 Vanguard Target Retirement 2025 VTTVX 5,653 (2) 171 5,822 1.30 2 Vanguard Target Retirement 2030 VTHRX 117,044 862 4,190 122,096 27.20 7 Vanguard Target Retirement 2035 VTTHX 17,361 (5) 711 18,067 4.02 4 Vanguard Target Retirement 2040 VFORX 18,194 (6) 831 19,020 4.24 4 Vanguard Target Retirement 2045 VTIVX 9,999 363 523 10,885 2.42 4 Vanguard Target Retirement 2050 VFIFX 6,696 (1,242) 286 5,739 1.28 2 Vanguard Target Retirement 2055 VFFVX 2,646 149 147 2,942 0.66 2 City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
18 City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX - - - - 0.00 -
Vanguard Target Retirement 2065 VLXVX - - - - 0.00 -
Total 424,610 1,301 23,009 448,920 100.00 -
19 Asset Allocation
Sep-2022
Ending
Market Value $
Ending
Market Value %
Dec-2022
Ending
Market Value $
Ending
Market Value %
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 108,427 26.76 107,940 25.37 66,333 15.62 66,157 14.74 Large Cap 106,280 26.23 110,015 25.86 127,347 29.99 141,583 31.54 Mid Cap 24,822 6.13 27,140 6.38 27,228 6.41 28,639 6.38 Small Cap 198 0.05 242 0.06 204 0.05 261 0.06
International 16,149 3.99 18,446 4.34 15,986 3.76 16,365 3.65 Asset Allocation 149,332 36.85 161,678 38.00 187,511 44.16 195,916 43.64 Total 405,208 100.00 425,460 100.00 424,610 100.00 448,920 100.00 Cash Flow Summary
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Participants 37 35 33 32
Calculated Return (%) (4.36) 4.93 6.45 5.42
Cash Flow (+/-) $ 4,180 282 (28,227) 1,301
Market Adjustment $ (18,290) 19,970 27,376 23,009
Fee Summary
Sep-2022
Current % Est Asset $
Dec-2022
Current % Est Asset $
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Record Keeper Fees 0.025 101 0.025 106 0.025 106 0.025 112 Administrative Fees 0.100 405 0.100 425 0.100 425 0.100 449 Weighted Investment Fees 0.133 539 0.123 522 0.117 496 0.118 528 City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
20 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation
Loans

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Sep-2022
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Mar-2023
Ending
Value $
Ending
Value %
Jun-2023
Ending
Value $
Ending
Value %
Fixed Income 108,427 26.8 107,940 24.7 66,333 15.6 66,157 14.7 Large Cap 106,280 26.2 110,015 25.2 127,347 30.0 141,583 31.5 Mid Cap 24,822 6.1 27,140 6.2 27,228 6.4 28,639 6.4
Small Cap 198 0.0 242 0.1 204 0.0 261 0.1
International 16,149 4.0 18,446 4.2 15,986 3.8 16,365 3.6 Asset Allocation 149,332 36.9 161,678 37.1 187,511 44.2 195,916 43.6 Loans - 0.0 10,859 2.5 - 0.0 - 0.0
Total 405,208 100.0 436,320 100.0 424,610 100.0 448,920 100.0 Admin Account Balance
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Admin Account $ 572 737 849 967
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
21 Plan Value Over Time
0 80,000
160,000
240,000
320,000
400,000
480,000
560,000
2022 YTD
425,460
448,920
2022 YTD
Beginning Market Value $ 481,818 425,460
Cash Flow (+/-) $ 35,957 (26,925)
Market Adjustment $ (92,315) 50,385
Ending Market Value $ 425,460 448,920
Participants 35 32
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review As of June 30, 2023
22 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation
Loans

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
2021 2022
Dec-2021
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Fixed Income 107,940 24.7
Large Cap 110,015 25.2
Mid Cap 27,140 6.2
Small Cap 242 0.1
International 18,446 4.2
Asset Allocation 161,678 37.1
Loans 10,859 2.5
Total 436,320 100.0
Admin Account Balance
Dec-2021 Dec-2022
Admin Account $ - 737
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Review 114,067 23.7
145,984 30.3
22,701 4.7
51 0.0
28,985 6.0
170,031 35.3
- 0.0
481,818 100.0
23 Section 5 | Plan Review - Retirement Health Savings

Cash Flow Summary
Beg Value (%)
of the Plan
Beg Value
$
Cash Flow
(+/-) Gain/Loss End Value (%)
of the Plan
End Value
$
Total 100.00 1,859,777 86,266 94,119 100.00 2,040,162
Fixed Income 1.20 22,346 1,260 151 1.16 23,757
Large Cap 6.07 112,970 8,122 13,422 6.59 134,514
Mid Cap 1.18 21,972 810 1,097 1.17 23,880
Small Cap 0.19 3,514 592 221 0.21 4,327
International 0.87 16,120 816 410 0.85 17,346
Asset Allocation 90.49 1,682,854 74,665 78,818 90.01 1,836,337 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

5.32 11.85

13.98 3.77

9.25 10.45

2.22 6.69 6.94

5.05 11.85

12.95 City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 24 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 22,346 1,260 151 23,757 1.16 -
MissionSquare PLUS Fund S11 92211r318 22,033 1,274 154 23,461 1.15 10 Fidelity US Bond Index FXNAX 313 (14) (3) 296 0.01 1
Sterling Capital Total Return Bond R6 STRDX - - - - 0.00 - Large Cap 112,970 8,122 13,422 134,514 6.59 -
MFS Value R6 MEIKX 94 27 4 125 0.01 2
Fidelity 500 Index FXAIX 49,537 3,986 4,592 58,114 2.85 22 Vanguard US Growth Adm VWUAX 63,339 4,110 8,826 76,275 3.74 20 Mid Cap 21,972 810 1,097 23,880 1.17 -
Allspring Special Mid Cap Value Fund WFPRX 402 197 32 631 0.03 2 Fidelity Mid Cap Index FSMDX 20,675 435 1,008 22,118 1.08 10 MFS Mid Cap Growth R6 OTCKX 895 179 57 1,131 0.06 2
Small Cap 3,514 592 221 4,327 0.21 -
Fidelity Small Cap Index FSSNX 3,514 592 221 4,327 0.21 6 International 16,120 816 410 17,346 0.85 -
Vanguard International Value Inv VTRIX - - - - 0.00 -
Fidelity Total International Index FTIHX 16,120 816 410 17,346 0.85 9 Vanguard International Growth Adm VWILX - - - - 0.00 -
Asset Allocation 1,682,854 74,665 78,818 1,836,337 90.01 - Vanguard Target Retirement Income VTINX 5,395 (11) 73 5,458 0.27 3 Vanguard Target Retirement 2020 VTWNX 58,361 3,729 1,313 63,404 3.11 23 Vanguard Target Retirement 2025 VTTVX 153,229 5,618 4,762 163,609 8.02 35 Vanguard Target Retirement 2030 VTHRX 164,953 5,497 6,019 176,470 8.65 41 Vanguard Target Retirement 2035 VTTHX 179,417 7,141 7,580 194,138 9.52 51 Vanguard Target Retirement 2040 VFORX 291,003 7,539 13,553 312,095 15.30 77 Vanguard Target Retirement 2045 VTIVX 295,722 13,968 15,616 325,306 15.95 86 Vanguard Target Retirement 2050 VFIFX 344,987 17,152 19,173 381,312 18.69 112 Vanguard Target Retirement 2055 VFFVX 165,864 9,688 9,269 184,821 9.06 83 City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
25 City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 22,606 3,169 1,341 27,117 1.33 26 Vanguard Target Retirement 2065 VLXVX 1,316 1,175 118 2,609 0.13 5 Total 1,859,777 86,266 94,119 2,040,162 100.00 -
26 Asset Allocation
Sep-2022
Ending
Market Value $
Ending
Market Value %
Dec-2022
Ending
Market Value $
Ending
Market Value %
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 20,233 1.33 21,364 1.26 22,346 1.20 23,757 1.16 Large Cap 85,209 5.60 93,477 5.49 112,970 6.07 134,514 6.59 Mid Cap 18,327 1.20 20,430 1.20 21,972 1.18 23,880 1.17 Small Cap 2,502 0.16 2,904 0.17 3,514 0.19 4,327 0.21
International 12,323 0.81 14,653 0.86 16,120 0.87 17,346 0.85 Asset Allocation 1,383,817 90.90 1,548,817 91.02 1,682,854 90.49 1,836,337 90.01 Total 1,522,410 100.00 1,701,645 100.00 1,859,777 100.00 2,040,162 100.00 Cash Flow Summary
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Participants 524 535 546 564
Calculated Return (%) (6.23) 7.70 6.47 5.05
Cash Flow (+/-) $ 64,685 61,873 48,012 86,266
Market Adjustment $ (97,069) 117,361 110,120 94,119
Fee Summary
Sep-2022
Current % Est Asset $
Dec-2022
Current % Est Asset $
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Record Keeper Fees 1.402 21,341 1.380 23,478 1.317 24,484 1.241 25,321 Weighted Investment Fees 0.087 1,330 0.085 1,451 0.086 1,605 0.087 1,771 City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
27 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
Sep-2022 Dec-2022 Mar-2023 Jun-2023
Sep-2022
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Mar-2023
Ending
Value $
Ending
Value %
Jun-2023
Ending
Value $
Ending
Value %
Fixed Income 20,233 1.3 21,364 1.3 22,346 1.2 23,757 1.2 Large Cap 85,209 5.6 93,477 5.5 112,970 6.1 134,514 6.6 Mid Cap 18,327 1.2 20,430 1.2 21,972 1.2 23,880 1.2
Small Cap 2,502 0.2 2,904 0.2 3,514 0.2 4,327 0.2
International 12,323 0.8 14,653 0.9 16,120 0.9 17,346 0.9 Asset Allocation 1,383,817 90.9 1,548,817 91.0 1,682,854 90.5 1,836,337 90.0 Total 1,522,410 100.0 1,701,645 100.0 1,859,777 100.0 2,040,162 100.0 City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
28 Plan Value Over Time
0 360,000
720,000
1,080,000
1,440,000
1,800,000
2,160,000
2,520,000
2022 YTD
1,701,645
2,040,162
2022 YTD
Beginning Market Value $ 1,778,538 1,701,645
Cash Flow (+/-) $ 246,659 134,278
Market Adjustment $ (323,552) 204,240
Ending Market Value $ 1,701,645 2,040,162
Participants 535 564
City of Vallejo, CA | Retirement Health Savings Plan Plan Review As of June 30, 2023
29 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
2021 2022
Dec-2021
Ending
Value $
Ending
Value %
Dec-2022
Ending
Value $
Ending
Value %
Fixed Income 21,364 1.3
Large Cap 93,477 5.5
Mid Cap 20,430 1.2
Small Cap 2,904 0.2
International 14,653 0.9
Asset Allocation 1,548,817 91.0
Total 1,701,645 100.0
City of Vallejo, CA | Retirement Health Savings Plan Plan Review 3,865 0.2
113,398 6.4
10,995 0.6
2,504 0.1
6,273 0.4
1,641,502 92.3
1,778,538 100.0
30 Section 6 | Fund Review

Fund Name Asset-ID Mgmt 5 Year Return Difference 5 Year Rank On-Watch Qualitative Factors Quantitative Factors MissionSquare PLUS Fund R10 92208j709 Active 0.28 14 ˜ ˜ ˜ MissionSquare PLUS Fund S11 92211r318 Active 0.27 14 ˜ ˜ ˜ Sterling Capital Total Return Bond R6 STRDX Active 0.52 11 ˜ ˜ ˜ MFS Value R6 MEIKX Active 0.77 32 ˜ ˜ ˜
Vanguard US Growth Adm VWUAX Active -3.70 54 ˜ ˜
Allspring Special Mid Cap Value Fund WFPRX Active 3.42 4 ˜ ˜ ˜ MFS Mid Cap Growth R6 OTCKX Active -0.24 37 ˜ ˜
Vanguard International Value Inv VTRIX Active 1.90 25 ˜ ˜ ˜ Vanguard International Growth Adm VWILX Active 2.52 17 ˜ ˜ ˜ City of Vallejo, CA | 457(b), 401(a), and RHS Plans Manager Scorecard As of June 30, 2023
Quantitative failure defined as 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. ˜
˜
31 Fund Name Asset-ID Mgmt Expense Ratio 5 Year Return Difference 5 Year Rank On-Watch Qualitative Factors Quantitative Factors Fidelity US Bond Index FXNAX Passive 0.03 0.00 40 ˜ ˜ ˜ Fidelity 500 Index FXAIX Passive 0.02 -0.01 15 ˜ ˜ ˜
Fidelity Mid Cap Index FSMDX Passive 0.03 0.01 27 ˜ ˜ ˜ Fidelity Small Cap Index FSSNX Passive 0.03 0.10 68 ˜ ˜ ˜ Fidelity Total International Index FTIHX Passive 0.06 0.11 66 ˜ ˜ ˜ Vanguard Target Retirement Income VTINX Passive 0.08 -0.27 32 ˜ ˜ ˜ Vanguard Target Retirement 2020 VTWNX Passive 0.08 -0.34 34 ˜ ˜ ˜ Vanguard Target Retirement 2025 VTTVX Passive 0.08 -0.40 21 ˜ ˜ ˜ Vanguard Target Retirement 2030 VTHRX Passive 0.08 -0.41 27 ˜ ˜ ˜ Vanguard Target Retirement 2035 VTTHX Passive 0.08 -0.39 31 ˜ ˜ ˜ Vanguard Target Retirement 2040 VFORX Passive 0.08 -0.39 31 ˜ ˜ ˜ Vanguard Target Retirement 2045 VTIVX Passive 0.08 -0.37 23 ˜ ˜ ˜ Vanguard Target Retirement 2050 VFIFX Passive 0.08 -0.38 21 ˜ ˜ ˜ Vanguard Target Retirement 2055 VFFVX Passive 0.08 -0.39 23 ˜ ˜ ˜ Vanguard Target Retirement 2060 VTTSX Passive 0.08 -0.38 24 ˜ ˜ ˜ Vanguard Target Retirement 2065 VLXVX Passive 0.08 -0.41 50 ˜ ˜ ˜ City of Vallejo, CA | 457(b), 401(a), and RHS Plans Manager Scorecard As of June 30, 2023
Quantitative failure defined as net of fee and any fair value adjustment performance using tracking error relative to the respective index that is greater thant 15 basis points over a trailing five-year period. 32 Performance Review
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017 MissionSquare PLUS Fund R10 0.68 1.29 2.36 2.08 2.20 2.11 1.97 1.89 2.22 2.45 2.27 2.12 US T-Bill CMT 5 Year 0.91 1.86 3.68 1.95 1.92 1.82 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.23) (0.57) (1.32) 0.13 0.28 0.29 (1.03) 1.04 1.68 0.49 (0.48) 0.21 IM U.S. GIC/Stable Value (SA+CF) Rank 26 33 27 14 14 13 10 10 16 28 12 13 MissionSquare PLUS Fund S11 0.68 1.28 2.34 2.07 2.20 2.11 1.96 1.89 2.22 2.45 2.27 2.12 US T-Bill CMT 5 Year 0.91 1.86 3.68 1.95 1.92 1.82 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.23) (0.58) (1.34) 0.12 0.28 0.29 (1.04) 1.04 1.68 0.49 (0.48) 0.21 IM U.S. GIC/Stable Value (SA+CF) Rank 27 34 27 14 14 14 10 10 16 28 12 13 Fidelity US Bond Index (0.83) 2.20 (0.95) (4.05) 0.77 1.49 (13.03) (1.79) 7.80 8.48 0.01 3.50 Blmbg. U.S. Aggregate Index (0.84) 2.09 (0.94) (3.97) 0.77 1.52 (13.01) (1.55) 7.51 8.72 0.01 3.54 +/- Index 0.01 0.11 (0.01) (0.08) 0.00 (0.03) (0.02) (0.24) 0.29 (0.24) 0.00 (0.04) Intermediate Core Bond Rank 45 52 47 64 40 42 30 64 50 50 27 45 Sterling Capital Total Return Bond R6 (0.53) 2.47 (0.52) (3.14) 1.29 2.07 (13.15) (1.12) 9.35 9.37 (0.27) 4.33 Blmbg. U.S. Aggregate Index (0.84) 2.09 (0.94) (3.97) 0.77 1.52 (13.01) (1.55) 7.51 8.72 0.01 3.54 +/- Index 0.31 0.38 0.42 0.83 0.52 0.55 (0.14) 0.43 1.84 0.65 (0.28) 0.79 Intermediate Core Bond Rank 11 27 21 15 11 5 35 26 16 17 42 12 MFS Value R6 3.61 2.13 10.75 12.96 8.88 9.82 (5.80) 25.55 4.03 30.18 (9.78) 17.86 Russell 1000 Value Index 4.07 5.12 11.54 14.30 8.11 9.22 (7.54) 25.16 2.80 26.54 (8.27) 13.66 +/- Index (0.46) (2.99) (0.79) (1.34) 0.77 0.60 1.74 0.39 1.23 3.64 (1.51) 4.20 Large Value Rank 52 74 51 73 32 26 53 58 38 8 65 31
Fidelity 500 Index 8.73 16.89 19.57 14.59 12.29 12.85 (18.13) 28.69 18.40 31.47 (4.40) 21.81 S&P 500 Index 8.74 16.89 19.59 14.60 12.31 12.86 (18.11) 28.71 18.40 31.49 (4.38) 21.83 +/- Index (0.01) 0.00 (0.02) (0.01) (0.02) (0.01) (0.02) (0.02) 0.00 (0.02) (0.02) (0.02) Large Blend Rank 23 20 26 23 15 10 51 22 37 23 25 33
City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2023
33 City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2023
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017 Vanguard US Growth Adm 13.28 31.20 28.20 5.81 11.44 14.12 (39.58) 12.45 58.74 33.51 0.75 31.74 Russell 1000 Growth Index 12.81 29.02 27.11 13.73 15.14 15.74 (29.14) 27.60 38.49 36.39 (1.51) 30.21 +/- Index 0.47 2.18 1.09 (7.92) (3.70) (1.62) (10.44) (15.15) 20.25 (2.88) 2.26 1.53 Large Growth Rank 25 22 18 84 54 32 91 85 10 44 27 27
Allspring Special Mid Cap Value Fund 5.36 6.24 15.60 18.27 10.26 10.83 (4.50) 28.80 3.36 35.68 (13.02) 11.27 Russell Midcap Value Index 3.86 5.23 10.50 15.04 6.84 9.03 (12.03) 28.34 4.96 27.06 (12.29) 13.34 +/- Index 1.50 1.01 5.10 3.23 3.42 1.80 7.53 0.46 (1.60) 8.62 (0.73) (2.07) Mid-Cap Value Rank 21 40 12 24 4 4 19 50 44 2 43 78
Fidelity Mid Cap Index 4.75 8.99 14.97 12.51 8.47 10.32 (17.28) 22.56 17.11 30.51 (9.05) 18.47 Russell Midcap Index 4.76 9.01 14.92 12.50 8.46 10.32 (17.32) 22.58 17.10 30.54 (9.06) 18.52 +/- Index (0.01) (0.02) 0.05 0.01 0.01 0.00 0.04 (0.02) 0.01 (0.03) 0.01 (0.05) Mid-Cap Blend Rank 50 33 45 62 26 19 69 62 25 25 28 29
MFS Mid Cap Growth R6 5.22 13.14 16.23 5.90 9.48 12.32 (28.29) 14.17 35.80 37.93 1.21 26.39 Russell Midcap Growth Index 6.23 15.94 23.13 7.63 9.71 11.53 (26.72) 12.73 35.59 35.47 (4.75) 25.27 +/- Index (1.01) (2.80) (6.90) (1.73) (0.23) 0.79 (1.57) 1.44 0.21 2.46 5.96 1.12 Mid-Cap Growth Rank 68 64 67 58 37 13 49 38 52 21 10 38 Fidelity Small Cap Index 5.24 8.19 12.56 10.89 4.31 8.42 (20.27) 14.71 19.99 25.71 (10.88) 14.85 Russell 2000 Index 5.21 8.09 12.31 10.82 4.21 8.26 (20.44) 14.82 19.96 25.53 (11.01) 14.65 +/- Index 0.03 0.10 0.25 0.07 0.10 0.16 0.17 (0.11) 0.03 0.18 0.13 0.20 Small Blend Rank 26 41 51 83 68 51 81 90 14 35 35 27
Vanguard International Value Inv 3.37 12.34 18.00 11.25 4.55 5.31 (11.66) 7.97 8.99 20.39 (14.52) 27.96 MSCI AC World ex USA Value (Net) 2.95 8.26 12.19 10.42 2.65 3.70 (8.59) 10.46 (0.77) 15.72 (13.97) 22.66 +/- Index 0.42 4.08 5.81 0.83 1.90 1.61 (3.07) (2.49) 9.76 4.67 (0.55) 5.30 Foreign Large Value Rank 34 23 43 43 25 20 72 87 6 30 29 9 34 City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2023
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017 Fidelity Total International Index 2.48 9.39 12.45 7.41 3.50 - (16.28) 8.47 11.07 21.48 (14.38) 27.63 MSCI AC World ex USA IMI (Net) 2.38 9.10 12.47 7.33 3.38 4.88 (16.58) 8.53 11.12 21.63 (14.76) 27.81 +/- Index 0.10 0.29 (0.02) 0.08 0.12 - 0.30 (0.06) (0.05) (0.15) 0.38 (0.18) Foreign Large Blend Rank 67 78 83 63 66 - 57 68 41 61 41 26 Vanguard International Growth Adm 0.88 13.50 14.83 3.49 6.57 9.12 (30.79) (0.74) 59.74 31.48 (12.58) 43.16 MSCI AC World ex USA Growth (Net) 1.94 10.70 13.26 3.96 4.06 5.61 (23.05) 5.09 22.20 27.34 (14.43) 32.01 +/- Index (1.06) 2.80 1.57 (0.47) 2.51 3.51 (7.74) (5.83) 37.54 4.14 1.85 11.15 Foreign Large Growth Rank 88 35 63 67 17 5 82 89 3 22 34 7 Vanguard Target Retirement Income 1.36 5.65 4.51 1.70 3.45 4.12 (12.74) 5.25 10.02 13.16 (1.99) 8.47 Vanguard Target Income Composite Index (Net) 1.44 5.63 4.80 1.93 3.72 4.35 (12.44) 5.44 10.70 13.41 (1.97) 8.68 +/- Index (0.08) 0.02 (0.29) (0.23) (0.27) (0.23) (0.30) (0.19) (0.68) (0.25) (0.02) (0.21) Target-Date Retirement Rank 58 44 54 50 32 27 50 64 27 47 14 53 Vanguard Target Retirement 2020 2.15 7.02 6.58 3.85 4.62 6.02 (14.15) 8.17 12.04 17.63 (4.24) 14.08 Vanguard Target 2020 Composite Index (Net) 2.20 6.98 6.91 4.12 4.96 6.31 (13.77) 8.43 12.85 17.87 (4.13) 14.22 +/- Index (0.05) 0.04 (0.33) (0.27) (0.34) (0.29) (0.38) (0.26) (0.81) (0.24) (0.11) (0.14) Target-Date 2020 Rank 36 29 52 54 34 19 42 63 38 24 40 15 Vanguard Target Retirement 2025 3.02 8.45 8.56 4.96 5.26 6.68 (15.55) 9.80 13.30 19.63 (5.15) 15.94 Vanguard Target 2025 Composite Index (Net) 3.04 8.41 8.97 5.32 5.66 7.00 (15.02) 10.09 14.19 19.93 (5.00) 16.08 +/- Index (0.02) 0.04 (0.41) (0.36) (0.40) (0.32) (0.53) (0.29) (0.89) (0.30) (0.15) (0.14) Target-Date 2025 Rank 9 8 13 31 21 14 53 49 34 19 43 22 Vanguard Target Retirement 2030 3.56 9.44 9.95 6.04 5.78 7.24 (16.27) 11.38 14.10 21.07 (5.86) 17.52 Vanguard Target 2030 Composite Index (Net) 3.64 9.43 10.48 6.43 6.20 7.57 (15.71) 11.66 14.98 21.34 (5.72) 17.66 +/- Index (0.08) 0.01 (0.53) (0.39) (0.42) (0.33) (0.56) (0.28) (0.88) (0.27) (0.14) (0.14) Target-Date 2030 Rank 11 8 17 40 27 21 47 54 34 32 34 35 35 City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2023
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017 Vanguard Target Retirement 2035 4.10 10.28 11.28 7.21 6.35 7.82 (16.62) 12.96 14.79 22.44 (6.58) 19.12 Vanguard Target 2035 Composite Index (Net) 4.13 10.24 11.77 7.59 6.74 8.14 (16.10) 13.24 15.67 22.76 (6.46) 19.25 +/- Index (0.03) 0.04 (0.49) (0.38) (0.39) (0.32) (0.52) (0.28) (0.88) (0.32) (0.12) (0.13) Target-Date 2035 Rank 34 27 44 62 31 28 39 78 39 46 29 41 Vanguard Target Retirement 2040 4.57 11.06 12.56 8.35 6.88 8.33 (16.98) 14.56 15.47 23.86 (7.32) 20.71 Vanguard Target 2040 Composite Index (Net) 4.62 11.06 13.07 8.74 7.28 8.67 (16.51) 14.84 16.31 24.19 (7.22) 20.86 +/- Index (0.05) 0.00 (0.51) (0.39) (0.40) (0.34) (0.47) (0.28) (0.84) (0.33) (0.10) (0.15) Target-Date 2040 Rank 57 45 58 64 31 25 34 80 38 44 31 27 Vanguard Target Retirement 2045 5.10 11.92 13.93 9.53 7.46 8.69 (17.36) 16.16 16.30 24.94 (7.90) 21.42 Vanguard Target 2045 Composite Index (Net) 5.11 11.88 14.37 9.90 7.82 9.02 (16.93) 16.45 17.02 25.37 (7.77) 21.55 +/- Index (0.01) 0.04 (0.44) (0.37) (0.36) (0.33) (0.43) (0.29) (0.72) (0.43) (0.13) (0.13) Target-Date 2045 Rank 54 42 52 45 23 19 31 66 34 38 38 26 Vanguard Target Retirement 2050 5.36 12.35 14.58 9.73 7.58 8.76 (17.46) 16.41 16.39 24.98 (7.90) 21.39 Vanguard Target 2050 Composite Index (Net) 5.40 12.34 15.05 10.13 7.96 9.09 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index (0.04) 0.01 (0.47) (0.40) (0.38) (0.33) (0.39) (0.34) (0.78) (0.39) (0.13) (0.16) Target-Date 2050 Rank 48 37 48 44 21 21 29 70 34 41 33 33 Vanguard Target Retirement 2055 5.36 12.35 14.60 9.74 7.57 8.74 (17.46) 16.44 16.32 24.98 (7.89) 21.38 Vanguard Target 2055 Composite Index (Net) 5.40 12.34 15.05 10.13 7.96 9.09 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index (0.04) 0.01 (0.45) (0.39) (0.39) (0.35) (0.39) (0.31) (0.85) (0.39) (0.12) (0.17) Target-Date 2055 Rank 51 47 56 50 23 25 25 75 40 44 33 41 Vanguard Target Retirement 2060 5.39 12.39 14.62 9.75 7.58 8.74 (17.46) 16.44 16.32 24.96 (7.87) 21.36 Vanguard Target 2060 Composite Index (Net) 5.40 12.34 15.05 10.13 7.96 9.09 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index (0.01) 0.05 (0.43) (0.38) (0.38) (0.35) (0.39) (0.31) (0.85) (0.41) (0.10) (0.19) Target-Date 2060 Rank 49 47 55 55 24 1 24 78 40 55 30 45 36 City of Vallejo, CA | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2023
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017 Vanguard Target Retirement 2065 5.34 12.34 14.62 9.75 7.55 - (17.39) 16.46 16.17 24.96 (7.95) - Vanguard Target 2065 Composite Index (Net) 5.40 12.34 15.05 10.13 7.96 - (17.07) 16.75 17.17 25.37 (7.77) - +/- Index (0.06) 0.00 (0.43) (0.38) (0.41) - (0.32) (0.29) (1.00) (0.41) (0.18) - Target-Date 2065+ Rank 54 52 58 46 50 - 18 69 56 61 7 - 37 Section 7 | Fee Review - 457(b) Deferred Compensation Plan

Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.071%

0.142%

0.213%

0.284%

0.355%

0.426%
Sep-2022 Dec-2022 Mar-2023 Jun-2023

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.217% 0.206% 0.207% 0.202%
Sep-2022
(%)
Dec-2022
(%)
Mar-2023
(%)
Jun-2023
(%)
Total Plan Fees 0.342 0.331 0.332 0.327
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.217 0.206 0.207 0.202
City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 2023
38 Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.070%

0.140%

0.210%

0.280%

0.350%

0.420%
2021 2022
2021
(%)
2022
(%)
Total Plan Fees 0.355 0.331
Record Keeper Fees 0.025 0.025
Administrative Fees 0.100 0.100
Weighted Investment Fees 0.230 0.206
City of Vallejo, CA | 457 Deferred Compensation Plan Plan Fee Analysis

0.025% 0.025%

0.100% 0.100%

0.230%

0.206%
39 Asset-ID
Market Value
As of
06/30/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 13,139,193 0.310 40,731 Fidelity US Bond Index FXNAX 2,149,155 0.025 537
Sterling Capital Total Return Bond R6 STRDX 2,338,162 0.350 8,184 MFS Value R6 MEIKX 1,833,470 0.430 7,884
Fidelity 500 Index FXAIX 6,039,918 0.015 906
Vanguard US Growth Adm VWUAX 5,844,184 0.250 14,610
Allspring Special Mid Cap Value Fund WFPRX 630,608 0.690 4,351 Fidelity Mid Cap Index FSMDX 1,430,677 0.025 358
MFS Mid Cap Growth R6 OTCKX 1,029,402 0.660 6,794
Fidelity Small Cap Index FSSNX 1,621,129 0.025 405
Vanguard International Value Inv VTRIX 738,825 0.380 2,808 Fidelity Total International Index FTIHX 2,666,159 0.060 1,600 Vanguard International Growth Adm VWILX 850,692 0.340 2,892 Vanguard Target Retirement Income VTINX 243,708 0.080 195 Vanguard Target Retirement 2020 VTWNX 148,892 0.080 119 Vanguard Target Retirement 2025 VTTVX 1,116,681 0.080 893 Vanguard Target Retirement 2030 VTHRX 927,252 0.080 742 Vanguard Target Retirement 2035 VTTHX 2,147,232 0.080 1,718 Vanguard Target Retirement 2040 VFORX 917,866 0.080 734 Vanguard Target Retirement 2045 VTIVX 921,106 0.080 737 Vanguard Target Retirement 2050 VFIFX 1,243,606 0.080 995 Vanguard Target Retirement 2055 VFFVX 608,607 0.080 487 Vanguard Target Retirement 2060 VTTSX 213,957 0.080 171 Vanguard Target Retirement 2065 VLXVX 25,240 0.080 20
Total 48,825,719 0.202 98,872
City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 2023
40 City of Vallejo, CA | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 2023
For reporting purposes, MissionSquare PLUS fund level fees have been excluded from the fund expense ratio calculations.

Plan Administration Cost (0.125%)
Rate
(%)
Annualized Charge
$
Period Charge
$
Per Part Est Charge
$
Record Keeper Fees 0.025 12,206 3,052 24
Adminstrative Fees 0.100 48,826 12,206 95
41 Section 8 | Fee Review - 401(a) Defined Contribution Plan

Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.053%

0.106%

0.159%

0.212%

0.265%

0.318%
Sep-2022 Dec-2022 Mar-2023 Jun-2023

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.133% 0.123% 0.117% 0.118%
Sep-2022
(%)
Dec-2022
(%)
Mar-2023
(%)
Jun-2023
(%)
Total Plan Fees 0.258 0.248 0.242 0.243
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.133 0.123 0.117 0.118
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 2023
42 Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.050%

0.100%

0.150%

0.200%

0.250%

0.300%
2021 2022
2021
(%)
2022
(%)
Total Plan Fees 0.278 0.248
Record Keeper Fees 0.025 0.025
Administrative Fees 0.100 0.100
Weighted Investment Fees 0.153 0.123
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Fee Analysis

0.025% 0.025%

0.100% 0.100%

0.153%

0.123%
43 Asset-ID
Market Value
As of
06/30/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 38,177 0.310 118
Fidelity US Bond Index FXNAX 26,112 0.025 7
Sterling Capital Total Return Bond R6 STRDX 1,867 0.350 7 MFS Value R6 MEIKX 137 0.430 1
Fidelity 500 Index FXAIX 64,697 0.015 10
Vanguard US Growth Adm VWUAX 76,749 0.250 192
Allspring Special Mid Cap Value Fund WFPRX 84 0.690 1
Fidelity Mid Cap Index FSMDX 26,056 0.025 7
MFS Mid Cap Growth R6 OTCKX 2,500 0.660 16
Fidelity Small Cap Index FSSNX 261 0.025 -
Vanguard International Value Inv VTRIX 134 0.380 1
Fidelity Total International Index FTIHX 14,801 0.060 9 Vanguard International Growth Adm VWILX 1,431 0.340 5
Vanguard Target Retirement Income VTINX - 0.080 -
Vanguard Target Retirement 2020 VTWNX 11,345 0.080 9
Vanguard Target Retirement 2025 VTTVX 5,822 0.080 5
Vanguard Target Retirement 2030 VTHRX 122,096 0.080 98
Vanguard Target Retirement 2035 VTTHX 18,067 0.080 14
Vanguard Target Retirement 2040 VFORX 19,020 0.080 15
Vanguard Target Retirement 2045 VTIVX 10,885 0.080 9
Vanguard Target Retirement 2050 VFIFX 5,739 0.080 5
Vanguard Target Retirement 2055 VFFVX 2,942 0.080 2
Vanguard Target Retirement 2060 VTTSX - 0.080 -
Vanguard Target Retirement 2065 VLXVX - 0.080 -
Total 448,920 0.118 528
City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 2023
44 City of Vallejo, CA | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 2023
For reporting purposes, MissionSquare PLUS fund level fees have been excluded from the fund expense ratio calculations.

Plan Administration Cost (0.125%)
Rate
(%)
Annualized Charge
$
Period Charge
$
Per Part Est Charge
$
Record Keeper Fees 0.025 112 28 4
Adminstrative Fees 0.100 449 112 14
45 Section 9 | Fee Review - Retirement Health Savings

Annualized Plan Cost
Record Keeper Fees
Weighted Investment Fees

0.000%

0.300%

0.600%

0.900%

1.200%

1.500%

1.800%

2.100%
Sep-2022 Dec-2022 Mar-2023 Jun-2023

1.402% 1.380% 1.317% 1.241%

0.087% 0.085%

0.086%

0.087%
Sep-2022
(%)
Dec-2022
(%)
Mar-2023
(%)
Jun-2023
(%)
Total Plan Fees 1.489 1.465 1.403 1.328
Record Keeper Fees 1.402 1.380 1.317 1.241
Weighted Investment Fees 0.087 0.085 0.086 0.087
City of Vallejo, CA | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 2023
46 Annualized Plan Cost
Record Keeper Fees
Weighted Investment Fees

0.000%

0.250%

0.500%

0.750%

1.000%

1.250%

1.500%

1.750%
2021 2022
2021
(%)
2022
(%)
Total Plan Fees 1.326 1.465
Record Keeper Fees 1.231 1.380
Weighted Investment Fees 0.096 0.085
City of Vallejo, CA | Retirement Health Savings Plan Plan Fee Analysis

1.231%

1.380%

0.096%

0.085%
47 Asset-ID
Market Value
As of
06/30/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund S11 92211r318 23,461 0.310 73
Fidelity US Bond Index FXNAX 296 0.025 -
Sterling Capital Total Return Bond R6 STRDX 1,867 0.350 7 MFS Value R6 MEIKX 125 0.430 1
Fidelity 500 Index FXAIX 58,114 0.015 9
Vanguard US Growth Adm VWUAX 76,275 0.250 191
Allspring Special Mid Cap Value Fund WFPRX 631 0.690 4
Fidelity Mid Cap Index FSMDX 22,118 0.025 6
MFS Mid Cap Growth R6 OTCKX 1,131 0.660 7
Fidelity Small Cap Index FSSNX 4,327 0.025 1
Vanguard International Value Inv VTRIX 134 0.380 1
Fidelity Total International Index FTIHX 17,346 0.060 10 Vanguard International Growth Adm VWILX 1,431 0.340 5
Vanguard Target Retirement Income VTINX 5,458 0.080 4
Vanguard Target Retirement 2020 VTWNX 63,404 0.080 51
Vanguard Target Retirement 2025 VTTVX 163,609 0.080 131 Vanguard Target Retirement 2030 VTHRX 176,470 0.080 141 Vanguard Target Retirement 2035 VTTHX 194,138 0.080 155 Vanguard Target Retirement 2040 VFORX 312,095 0.080 250 Vanguard Target Retirement 2045 VTIVX 325,306 0.080 260 Vanguard Target Retirement 2050 VFIFX 381,312 0.080 305 Vanguard Target Retirement 2055 VFFVX 184,821 0.080 148 Vanguard Target Retirement 2060 VTTSX 27,117 0.080 22
Vanguard Target Retirement 2065 VLXVX 2,609 0.080 2
Total Plan 2,040,162 0.087 1,771
City of Vallejo, CA | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 2023
48 City of Vallejo, CA | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 2023
For reporting purposes, MissionSquare PLUS fund level fees have been excluded from the fund expense ratio calculations.

Plan Administration Cost (0.55% plus $25 per participant per year) Rate
(%)
Annualized Charge
$
Period Charge
$
Per Part Est Charge
$
Record Keeper Fees 1.241 25,321 6,330 45
49 Section 10 | Fund Attributions

Allspring Special Mid
Cap Value R6 (USD)
Morningstar
Medalist RatingTM
´
05-31-2023
Analyst-Driven %

55.00 Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell Mid Cap Value
TR USD
US Fund Mid-Cap Value
380 US Fund Mid-
Cap Value
Performance 06-30-2023
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 5.36 — — 6.24
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.60 18.27 10.26 10.83 10.83
Std 06-30-2023 15.60 — 10.26 10.83 10.83
Total Return 15.60 18.27 10.26 10.83 10.83
+/- Std Index -4.00 3.67 -2.05 -2.03 —
+/- Cat Index 5.09 3.23 3.42 1.80 —
% Rank Cat 18 29 7 6
No. in Cat 397 380 361 268
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-222-8222 or visit
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
380 funds 361 funds 268 funds
Morningstar RatingTM 4Q 5Q 5Q
Morningstar Risk -Avg Avg -Avg
Morningstar Return +Avg High High
3 Yr 5 Yr 10 Yr
Standard Deviation 17.85 21.07 16.46
Mean 18.27 10.26 10.83
Sharpe Ratio 0.94 0.49 0.65
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha 5.04 3.95
Beta 0.86 0.90
R-Squared 76.33 96.68
12-Month Yield —
Potential Cap Gains Exp 6.57%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 2 2 2 2 2 2 2 2 2 2 5 2
96 94 92 94 93 94 99 95 98 98 96 96
Growth of $10,000
Allspring Special Mid Cap
Value R6
38,974
Category Average
30,463
Standard Index
44,279
Investment Style
Equity/Stocks %
— 31.65 32.27 30.05 36.03 38.35 32.47 42.22 43.31 50.60 44.41 47.18 NAV/Price

18.91 39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -4.50 6.24 Total Return %

2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 -10.66 +/- Standard Index _ _ & & & ( * & * ( & _ Performance Quartile
(within category)

0.41 5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 7.53 1.01 +/- Category Index — — 24 24 20 71 50 2 49 53 20 — % Rank Cat
— — 460 471 399 405 417 422 415 413 405 399 No. of Funds in Cat Portfolio Analysis 06-30-2023
Asset Allocation % Net % Long % Short %
Cash 3.96 3.96 0.00
US Stocks 92.07 92.07 0.00
Non-US Stocks 3.97 3.97 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 17.8 0.78 1.30
P/C Ratio TTM 11.1 0.69 1.17
P/B Ratio TTM 2.3 0.56 1.24
Geo Avg Mkt Cap
$mil
18351 0.08 1.43
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 95.9 0.97
Greater Europe 2.8 2.78
Greater Asia 1.3 41.66
Share Chg
since
05-2023
Share
Amount
Holdings :
61 Total Stocks , 148 Total Fixed-Income,
24% Turnover Ratio
Net Assets
%
T 490 mil Allspring Government MMkt Select 3.96
2 mil Vulcan Materials Co 3.58
3 mil Republic Services Inc 3.56
7 mil AerCap Holdings NV 3.43
7 mil LKQ Corp 3.27
4 mil Amdocs Ltd 3.15
1 mil Carlisle Companies Inc 3.09
3 mil Jacobs Solutions Inc 2.96
3 mil MasTec Inc 2.92
Y 5 mil Arch Capital Group Ltd 2.79
4 mil CBRE Group Inc Class A 2.75
Y 4 mil Alcon Inc 2.69
Y 5 mil Brown & Brown Inc 2.68
Y 3 mil Church & Dwight Co Inc 2.59
T 10 mil Keurig Dr Pepper Inc 2.44
Sector Weightings Stocks % Rel Std Index
h Cyclical 42.3 1.53
r Basic Materials 6.5 2.84
t Consumer Cyclical 11.3 1.04
y Financial Services 14.2 1.19
u Real Estate 10.3 4.12
j Sensitive 37.9 0.76
i Communication Services 0.8 0.09
o Energy 5.8 1.42
p Industrials 23.7 2.84
a Technology 7.6 0.26
k Defensive 19.8 0.87
s Consumer Defensive 5.2 0.79
d Healthcare 8.3 0.61
f Utilities 6.3 2.45
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 14.5 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $12,662.79 mil
Release date 06-30-2023 | 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®
50 Fidelity® 500 Index
(USD)
Morningstar
Medalist RatingTM
Œ
05-31-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell 1000 TR USD US Fund Large Blend 1,280 US Fund
Large Blend
Performance 06-30-2023
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 8.73 — — 16.89
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 19.57 14.59 12.29 12.85 12.51
Std 06-30-2023 19.57 — 12.29 12.85 12.51
Total Return 19.57 14.59 12.29 12.85 12.51
+/- Std Index -0.02 -0.01 -0.01 -0.01 —
+/- Cat Index 0.21 0.49 0.37 0.21 —
% Rank Cat 25 25 18 9
No. in Cat 1424 1280 1175 872
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
1,280 funds 1,175 funds 872 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 18.19 18.79 14.93
Mean 14.59 12.29 12.85
Sharpe Ratio 0.75 0.62 0.82
MPT Statistics Standard Index Best Fit Index
S&P 500 TR USD
Alpha -0.01 -0.01
Beta 1.00 1.00
R-Squared 100.00 100.00
12-Month Yield —
Potential Cap Gains Exp 39.12%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
99 99 99 99 100 99 100 99 100 100 100 100
Growth of $10,000
Fidelity® 500 Index
44,222
Category Average
35,770
Standard Index
44,279
Investment Style
Equity/Stocks %

50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 155.01 NAV/Price

15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 16.89 Total Return % -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.02 -0.01 +/- Standard Index * * & & * * & & * & ( _ Performance Quartile
(within category)
-0.43 -0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 1.00 0.20 +/- 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 1469 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash 0.02 0.12 0.10
US Stocks 98.94 98.94 0.00
Non-US Stocks 1.04 1.04 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 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 21.5 0.94 0.99
P/C Ratio TTM 15.1 0.94 0.89
P/B Ratio TTM 3.8 0.93 0.87
Geo Avg Mkt Cap
$mil
211083 0.95 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 99.0 1.00
Greater Europe 1.0 1.00
Greater Asia 0.0 1.03
Share Chg
since
04-2023
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 166 mil Apple Inc 7.52
T 83 mil Microsoft Corp 6.98
T 100 mil Amazon.com Inc 3.07
T 28 mil NVIDIA Corp 2.66
T 67 mil Alphabet Inc Class A 2.09
T 58 mil Alphabet Inc Class C 1.83
T 25 mil Meta Platforms Inc Class A 1.68
T 20 mil Berkshire Hathaway Inc Class B 1.65
T 30 mil Tesla Inc 1.57
T 10 mil UnitedHealth Group Inc 1.30
T 46 mil Exxon Mobil Corp 1.20
T 29 mil Johnson & Johnson 1.16
T 33 mil JPMorgan Chase & Co 1.14
T 18 mil Visa Inc Class A 1.03
T 9 mil Eli Lilly and Co 0.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.0 0.98
r Basic Materials 2.2 0.96
t Consumer Cyclical 10.3 0.95
y Financial Services 12.0 1.01
u Real Estate 2.5 1.01
j Sensitive 49.6 1.00
i Communication Services 8.8 1.04
o Energy 4.2 1.02
p Industrials 8.0 0.96
a Technology 28.7 0.99
k Defensive 23.3 1.03
s Consumer Defensive 6.8 1.03
d Healthcare 13.8 1.02
f Utilities 2.7 1.04
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 14.5 Years
Objective: Growth and Income
Base Currency: USD
Ticker: FXAIX
ISIN: US3159117502
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 05-04-2011
Type: MF
Total Assets: $420,609.52 mil
Release date 06-30-2023
©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 Fidelity® Mid Cap Index
(USD)
Morningstar
Medalist RatingTM
Œ
05-31-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap TR
USD
US Fund Mid-Cap Blend
384 US Fund Mid-
Cap Blend
Performance 06-30-2023
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 4.75 — — 8.99
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.97 12.51 8.47 10.32 11.90
Std 06-30-2023 14.97 — 8.47 10.32 11.90
Total Return 14.97 12.51 8.47 10.32 11.90
+/- Std Index -4.63 -2.09 -3.84 -2.54 —
+/- Cat Index 0.04 0.01 0.01 -0.01 —
% Rank Cat 48 66 27 20
No. in Cat 417 384 359 235
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
384 funds 359 funds 235 funds
Morningstar RatingTM 2Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.29 21.42 16.73
Mean 12.51 8.47 10.32
Sharpe Ratio 0.62 0.41 0.61
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -1.65 0.01
Beta 1.00 1.00
R-Squared 88.32 100.00
12-Month Yield —
Potential Cap Gains Exp 10.94%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 5 5 5 5 5 5 5 5 5 5 5 5
99 99 98 99 99 100 98 99 100 100 100 100
Growth of $10,000
Fidelity® Mid Cap Index
36,123
Category Average
30,327
Standard Index
44,279
Investment Style
Equity/Stocks %

11.96 15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 25.92 28.16 NAV/Price

17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 8.99 Total Return %

1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 -7.90 +/- Standard Index * * & * ( & * & & ( ) _ Performance Quartile
(within category)
-0.06 0.02 -0.10 0.00 0.07 -0.05 0.01 -0.03 0.01 -0.02 0.03 -0.02 +/- Category Index 41 45 7 27 59 24 29 18 21 67 76 — % Rank Cat
412 399 369 432 427 443 464 404 407 391 405 429 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash 0.02 0.30 0.27
US Stocks 99.05 99.05 0.00
Non-US Stocks 0.93 0.93 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.27 0.27
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 16.0 0.70 1.03
P/C Ratio TTM 11.8 0.73 1.01
P/B Ratio TTM 2.5 0.63 0.98
Geo Avg Mkt Cap
$mil
17519 0.08 1.58
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 99.2 1.00
Greater Europe 0.8 0.77
Greater Asia 0.1 2.25
Share Chg
since
04-2023
Share
Amount
Holdings :
814 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
T 422,769 Synopsys Inc 0.74
T 756,470 Cadence Design Systems Inc 0.67
T 76,212 Chipotle Mexican Grill Inc 0.61
T 171,941 O'Reilly Automotive Inc 0.60
T 456,550 Motorola Solutions Inc 0.50
T 1 mil DexCom Inc 0.48
T 51,961 AutoZone Inc 0.48
T 2 mil Amphenol Corp Class A 0.47
T 2 mil Fortinet Inc 0.47
T 1 mil Phillips 66 0.46
T 397,465 Biogen Inc 0.45
T 576,891 Arthur J. Gallagher & Co 0.45
T 354,872 Parker Hannifin Corp 0.44
T 682,263 Arista Networks Inc 0.44
T 240,039 Cintas Corp 0.44
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.0 1.34
r Basic Materials 4.7 2.06
t Consumer Cyclical 12.6 1.17
y Financial Services 12.0 1.00
u Real Estate 7.7 3.09
j Sensitive 42.6 0.86
i Communication Services 3.7 0.44
o Energy 4.6 1.12
p Industrials 16.4 1.97
a Technology 17.9 0.62
k Defensive 20.4 0.90
s Consumer Defensive 4.1 0.61
d Healthcare 10.7 0.79
f Utilities 5.6 2.19
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.8 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $28,030.79 mil
Release date 06-30-2023
©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 Fidelity® Small Cap
Index (USD)
Morningstar
Medalist RatingTM
´
05-31-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 2000 TR USD US Fund Small Blend 596 US Fund Small
Blend
Performance 06-30-2023
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 5.24 — — 8.19
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.56 10.89 4.31 8.42 10.47
Std 06-30-2023 12.56 — 4.31 8.42 10.47
Total Return 12.56 10.89 4.31 8.42 10.47
+/- Std Index -7.03 -3.71 -8.00 -4.45 —
+/- Cat Index 0.26 0.07 0.10 0.16 —
% Rank Cat 53 84 72 52
No. in Cat 617 596 551 380
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
596 funds 551 funds 380 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg Avg Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.86 24.03 19.57
Mean 10.89 4.31 8.42
Sharpe Ratio 0.51 0.23 0.46
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -2.79 0.07
Beta 1.01 1.00
R-Squared 70.47 100.00
12-Month Yield —
Potential Cap Gains Exp -2.43%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 6 6 6 6 6 9 6 6 6 6 6 6
98 99 99 98 83 99 100 100 100 99 99 99
Growth of $10,000
Fidelity® Small Cap Index
30,282
Category Average
28,053
Standard Index
44,279
Investment Style
Equity/Stocks %

12.15 16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 21.70 23.39 NAV/Price

16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -20.27 8.19 Total Return %

0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 -8.70 +/- Standard Index * * * * * & * * & ) ) _ Performance Quartile
(within category)

0.03 0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.16 0.11 +/- Category Index 34 33 40 44 40 22 33 30 14 93 84 — % Rank Cat
662 681 737 780 750 802 769 702 671 630 611 624 No. of Funds in Cat Portfolio Analysis 04-30-2023
Asset Allocation % Net % Long % Short %
Cash 0.05 0.86 0.81
US Stocks 98.19 98.19 0.00
Non-US Stocks 1.76 1.76 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.81 0.81
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 11.1 0.48 0.86
P/C Ratio TTM 8.7 0.54 0.89
P/B Ratio TTM 1.8 0.45 0.79
Geo Avg Mkt Cap
$mil
2264 0.01 0.49
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 0.5 0.45
Greater Asia 0.4 11.31
Share Chg
since
03-2023
Share
Amount
Holdings :
1,913 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
T 2,151 E-mini Russell 2000 Index Future J 0.97
T 148 mil Fidelity Revere Str Tr 0.75
T 306,884 ShockWave Medical Inc 0.45
T 406,280 EMCOR Group Inc 0.35
T 1 mil Iridium Communications Inc 0.35
T 228,954 Saia Inc 0.35
T 807,951 Apellis Pharmaceuticals Inc 0.34
T 246,443 Inspire Medical Systems Inc 0.33
T 522,615 Crocs Inc 0.33
T 577,148 Texas Roadhouse Inc 0.32
T 186,789 Kinsale Capital Group Inc 0.31
T 299,651 Prometheus Biosciences Inc 0.29
T 245,837 RBC Bearings Inc 0.28
T 279,142 Karuna Therapeutics Inc 0.28
T 2 mil Stag Industrial Inc 0.27
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.0 1.34
r Basic Materials 4.4 1.94
t Consumer Cyclical 11.2 1.04
y Financial Services 14.0 1.17
u Real Estate 7.3 2.94
j Sensitive 38.1 0.77
i Communication Services 2.6 0.31
o Energy 6.2 1.51
p Industrials 15.4 1.85
a Technology 13.9 0.48
k Defensive 25.0 1.10
s Consumer Defensive 4.5 0.69
d Healthcare 17.1 1.27
f Utilities 3.3 1.29
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 11.8 Years
Objective: Small Company
Base Currency: USD
Ticker: FSSNX
ISIN: US3161461823
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $21,249.62 mil
Release date 06-30-2023
©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 Fidelity® Total
International Index (USD)
Morningstar
Medalist RatingTM
Œ
05-31-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
Blend678 US Fund
Foreign Large Blend
Performance 06-30-2023
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 2.48 — — 9.39
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.45 7.41 3.50 — 5.63
Std 06-30-2023 12.45 — 3.50 — 5.63
Total Return 12.45 7.41 3.50 — 5.63
+/- Std Index -0.27 0.19 -0.02 — —
+/- Cat Index -0.27 0.19 -0.02 — —
% Rank Cat 81 65 64 —
No. in Cat 730 678 616 —
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
678 funds 616 funds
409 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk -Avg Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 17.65 18.07 —
Mean 7.41 3.50 —
Sharpe Ratio 0.40 0.19 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.07 0.07
Beta 1.03 1.03
R-Squared 98.90 98.90
12-Month Yield —
Potential Cap Gains Exp -18.74%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 0 0 0 0 4 4 4 4 4 4 4 4
— — — — 96 97 90 95 99 97 98 97
Growth of $10,000
Fidelity® Total International
Index
15,282
Category Average
15,072
Standard Index
15,359
Investment Style
Equity/Stocks %
— — — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 12.81 NAV/Price — — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 9.39 Total Return % — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.08 +/- Standard Index _ _ _ _ _ & * ( * ( ( _ Performance Quartile
(within category)
— — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.08 +/- Category Index — — — — — 22 49 53 32 69 60 — % Rank Cat
— — — — — 756 741 732 785 767 744 744 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash -0.08 2.57 2.64
US Stocks 0.80 0.80 0.00
Non-US Stocks 99.10 99.10 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.18 0.18 0.00
Total 100.00 102.64 2.64
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 12.6 0.95 0.94
P/C Ratio TTM 8.6 0.96 0.91
P/B Ratio TTM 1.6 0.93 0.88
Geo Avg Mkt Cap
$mil
27966 0.64 0.54
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 10.6 0.99
Greater Europe 44.6 0.97
Greater Asia 44.9 1.03
Share Chg
since
04-2023
Share
Amount
Holdings :
5,093 Total Stocks , 1 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 232 mil Fidelity Revere Str Tr 2.41
T 1,874 MSCI EAFE Index Future June 23 2.00
Y 9 mil Taiwan Semiconductor Manufacturing 1.61
Y 953,827 Nestle SA 1.17
Y 140,389 ASML Holding NV 1.05
Y 576,478 Novo Nordisk A/S Class B 0.96
Y 2 mil Samsung Electronics Co Ltd 0.93
Y 2 mil Tencent Holdings Ltd 0.89
Y 95,800 LVMH Moet Hennessy Louis Vuitton SE 0.87
T 1,701 MSCI Emerging Markets Index Future 0.84
Y 538,772 AstraZeneca PLC 0.81
Y 234,092 Roche Holding AG 0.77
Y 752,311 Novartis AG Registered Shares 0.75
Y 2 mil Shell PLC 0.70
Y 5 mil Alibaba Group Holding Ltd Ordinary 0.53
Sector Weightings Stocks % Rel Std Index
h Cyclical 41.2 0.99
r Basic Materials 8.1 1.05
t Consumer Cyclical 11.2 0.98
y Financial Services 18.8 0.93
u Real Estate 3.1 1.45
j Sensitive 37.7 1.01
i Communication Services 5.6 0.98
o Energy 5.3 0.96
p Industrials 14.3 1.06
a Technology 12.6 1.00
k Defensive 21.1 0.99
s Consumer Defensive 8.2 0.97
d Healthcare 9.7 1.00
f Utilities 3.1 1.02
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 7.1 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $10,173.53 mil
Release date 06-30-2023
©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 Fidelity® US Bond Index
(USD)
Morningstar
Medalist RatingTM
Œ
05-31-2023
Analyst-Driven %

90.00 Data Coverage %

99.00 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 Bond411 US Fund
Intermediate Core
Bond
Performance 06-30-2023
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 -0.83 — — 2.20
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -0.95 -4.05 0.77 1.49 1.82
Std 06-30-2023 -0.95 — 0.77 1.49 1.82
Total Return -0.95 -4.05 0.77 1.49 1.82
+/- Std Index -0.01 -0.09 0.00 -0.03 —
+/- Cat Index -0.01 -0.09 0.00 -0.03 —
% Rank Cat 53 62 37 37
No. in Cat 466 411 379 277
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
411 funds 379 funds 277 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 6.19 5.50 4.37
Mean -4.05 0.77 1.49
Sharpe Ratio -0.90 -0.14 0.12
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.08 -0.08
Beta 1.00 1.00
R-Squared 99.86 99.86
12-Month Yield —
Potential Cap Gains Exp -0.01%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
93 98 96 99 99 97 99 96 98 98 99 100
Growth of $10,000
Fidelity® US Bond Index
11,779
Category Average
11,947
Standard Index
11,818
Investment Style
Fixed-Income/Bond %

11.89 11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 10.18 10.26 NAV/Price

4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 2.20 Total Return %

0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.11 +/- Standard Index ) ( * & ( ( * * * ( * _ Performance Quartile
(within category)

0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.11 +/- Category Index 82 69 26 18 66 57 29 49 41 63 33 — % Rank Cat
1165 1079 1038 1042 985 986 1019 430 415 423 453 471 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash 0.05 0.41 0.36
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 99.95 100.12 0.17
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.53 0.53
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 6.18
Avg Wtd Coupon —
Avg Wtd Price 91.11
Credit Quality Breakdown 05-31-2023 Bond %
AAA 73.64
AA 4.57
A 11.46
BBB 10.32
BB 0.01
B 0.00
Below B 0.00
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
04-2023
Share
Amount
Holdings :
0 Total Stocks , 8,999 Total Fixed-Income,
50% Turnover Ratio
Net Assets
%
1,228 mil United States Treasury Notes 2.75% 1.91
724 mil United States Treasury Notes 1.5% 1.06
603 mil United States Treasury Notes 2.625% 0.95
Y 661 mil Federal Home Loan Mortgage Corpora 0.91
507 mil United States Treasury Notes 1.5% 0.78
461 mil United States Treasury Notes 3% 0.75
414 mil United States Treasury Notes 3.5% 0.69
430 mil United States Treasury Notes 0.5% 0.67
396 mil United States Treasury Notes 4.125% 0.67
411 mil United States Treasury Notes 1% 0.65
340 mil United States Treasury Bonds 4% 0.59
362 mil United States Treasury Notes 2.75% 0.58
402 mil United States Treasury Bonds 3% 0.57
334 mil United States Treasury Notes 4% 0.56
372 mil United States Treasury Notes 1.25% 0.55
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: 9.2 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: $59,822.70 mil
Release date 06-30-2023
©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 MFS Mid Cap Growth R6
(USD)
Morningstar
Medalist RatingTM
„
02-21-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap Growth
TR USD
US Fund Mid-Cap Growth
519 US Fund Mid-
Cap Growth
Performance 06-30-2023
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 5.22 — — 13.14
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.23 5.90 9.48 12.32 12.82
Std 06-30-2023 16.23 — 9.48 12.32 12.82
Total Return 16.23 5.90 9.48 12.32 12.82
+/- Std Index -3.36 -8.70 -2.83 -0.54 —
+/- Cat Index -6.90 -1.72 -0.24 0.79 —
% Rank Cat 64 66 36 11
No. in Cat 560 519 486 379
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
519 funds 486 funds 379 funds
Morningstar RatingTM 3Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.07 20.50 16.25
Mean 5.90 9.48 12.32
Sharpe Ratio 0.31 0.46 0.73
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Brd Grt TR USD
Alpha -7.60 -2.67
Beta 1.00 0.95
R-Squared 82.55 94.74
12-Month Yield —
Potential Cap Gains Exp 18.22%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 8 8 8 8 8 8 8 8 8 8 8 8
98 98 98 96 99 98 97 98 99 99 98 97
Growth of $10,000
MFS Mid Cap Growth R6
42,253
Category Average
33,545
Standard Index
44,279
Investment Style
Equity/Stocks %
— 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 24.05 27.21 NAV/Price

16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 13.14 Total Return %

0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 -3.76 +/- Standard Index _ _ * & ( * & & * * ( _ Performance Quartile
(within category)

0.38 1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 -1.57 -2.80 +/- Category Index — — 32 9 55 31 9 17 40 46 60 — % Rank Cat
— — 749 733 644 617 605 618 604 588 586 560 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash 3.30 3.30 0.00
US Stocks 87.78 87.78 0.00
Non-US Stocks 8.92 8.92 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 29.0 1.27 1.10
P/C Ratio TTM 22.8 1.42 1.19
P/B Ratio TTM 5.2 1.30 1.11
Geo Avg Mkt Cap
$mil
24016 0.11 1.26
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 94.4 0.95
Greater Europe 4.9 4.88
Greater Asia 0.7 20.53
Share Chg
since
04-2023
Share
Amount
Holdings :
85 Total Stocks , 0 Total Fixed-Income,
21% Turnover Ratio
Net Assets
%
Y 2 mil Cadence Design Systems Inc 4.21
Y 2 mil Arthur J. Gallagher & Co 3.18
Y 800,745 Monolithic Power Systems Inc 3.16
Y 744,412 MSCI Inc 2.82
Y 2 mil Verisk Analytics Inc 2.74
Y 2 mil AMETEK Inc 2.67
T 669,701 Synopsys Inc 2.46
Y 329,525 O'Reilly Automotive Inc 2.40
Y 1 mil Vulcan Materials Co 2.31
Y 1 mil Steris PLC 2.22
Y 3 mil Copart Inc 2.11
Y 122,296 Constellation Software Inc 2.01
T 559,852 ASM International NV 1.96
Y 4 mil Nasdaq Inc 1.81
Y 2 mil Wolters Kluwer NV 1.80
Sector Weightings Stocks % Rel Std Index
h Cyclical 31.8 1.15
r Basic Materials 2.8 1.22
t Consumer Cyclical 15.7 1.45
y Financial Services 10.1 0.84
u Real Estate 3.2 1.29
j Sensitive 52.3 1.05
i Communication Services 3.4 0.41
o Energy 1.9 0.46
p Industrials 20.5 2.45
a Technology 26.5 0.92
k Defensive 15.9 0.70
s Consumer Defensive 1.7 0.26
d Healthcare 14.2 1.06
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 14.7 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $13,492.74 mil
Release date 06-30-2023 | 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®
56 MFS Value R6 (USD)
Morningstar
Medalist RatingTM
Œ
08-04-2022
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell 1000 Value TR
USD
US Fund Large Value
1,138 US Fund
Large Value
Performance 06-30-2023
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 3.61 — — 2.13
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 10.75 12.96 8.88 9.82 8.08
Std 06-30-2023 10.75 — 8.88 9.82 8.08
Total Return 10.75 12.96 8.88 9.82 8.08
+/- Std Index -8.85 -1.64 -3.43 -3.04 —
+/- Cat Index -0.79 -1.35 0.77 0.60 —
% Rank Cat 53 75 35 28
No. in Cat 1223 1138 1085 809
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 06-30-23 1.87 1 1.86

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
1,138 funds 1,085 funds 809 funds
Morningstar RatingTM 2Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 16.50 18.01 14.56
Mean 12.96 8.88 9.82
Sharpe Ratio 0.72 0.47 0.65
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Val TR USD
Alpha 0.49 -1.48
Beta 0.84 0.96
R-Squared 84.38 97.36
12-Month Yield 1.85%
Potential Cap Gains Exp 45.93%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 1 4 1 1 1 1 1 1 1 1 4 1
98 99 99 99 99 99 99 99 99 99 99 99
Growth of $10,000
MFS Value R6
34,713
Category Average
30,679
Standard Index
44,279
Investment Style
Equity/Stocks %

25.35 33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 47.45 48.02 NAV/Price

16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 2.13 Total Return %

0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 -14.76 +/- Standard Index * & * & ( * ( & * ( ( _ Performance Quartile
(within category)
-0.94 3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 1.74 -2.99 +/- 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 1242 No. of Funds in Cat Portfolio Analysis 05-31-2023
Asset Allocation % Net % Long % Short %
Cash 0.75 0.75 0.00
US Stocks 91.50 91.50 0.00
Non-US Stocks 7.75 7.75 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 17.2 0.75 1.11
P/C Ratio TTM 12.7 0.79 1.13
P/B Ratio TTM 2.7 0.67 1.12
Geo Avg Mkt Cap
$mil
92233 0.41 0.77
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 92.8 0.94
Greater Europe 7.2 7.13
Greater Asia 0.0 0.00
Share Chg
since
04-2023
Share
Amount
Holdings :
73 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 16 mil JPMorgan Chase & Co 4.04
Y 10 mil Johnson & Johnson 2.85
Y 5 mil Aon PLC Class A 2.57
Y 36 mil Comcast Corp Class A 2.55
T 6 mil The Cigna Group 2.52
Y 8 mil Marsh & McLennan Companies Inc 2.52
T 14 mil ConocoPhillips 2.51
Y 8 mil Texas Instruments Inc 2.50
Y 10 mil Progressive Corp 2.40
Y 3 mil Northrop Grumman Corp 2.33
Y 4 mil Accenture PLC Class A 2.13
Y 6 mil Lowe's Companies Inc 2.11
Y 30 mil Pfizer Inc 2.11
Y 10 mil Merck & Co Inc 2.04
Y 16 mil Southern Co 1.99
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.8 1.26
r Basic Materials 4.0 1.75
t Consumer Cyclical 3.5 0.32
y Financial Services 25.1 2.10
u Real Estate 2.3 0.90
j Sensitive 32.9 0.66
i Communication Services 3.5 0.42
o Energy 4.9 1.19
p Industrials 16.1 1.92
a Technology 8.4 0.29
k Defensive 32.2 1.42
s Consumer Defensive 7.3 1.11
d Healthcare 17.7 1.31
f Utilities 7.2 2.80
Operations
Family: MFS
Manager: Multiple
Tenure: 17.2 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $58,088.01 mil
Release date 06-30-2023
©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 Fund profile & characteristics
Fund Net Assets $11.6 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.05
Market/Book Value Ratio 94.28%
Maturing GIC Issuers 10
Wrap Providers 7
Issuer Contracts 78
Fixed Income Managers 9
Holdings over 4,000
Sector allocation
Agencies 0.28%
Asset-Backed 7.40%
Cash & Cash Equivalents 3.80%
Credits 25.35%
Maturing GICs 23.08%
Mortgage-Backed 22.42%
Municipals 0.67%
Other 0.09%
Treasuries 11.20%
Wrap Providers 5.72%
Structure
Tier 1 - Cash Buffer 5.0%
Tier 2 - Shorter Duration Focus 8.7%
Tier 3 - Laddered Maturity Focus 23.1%
Tier 4 - Total Return Focus 63.2%
Maturity allocation
0-1 Yrs 14.1%
1-2 Yrs 13.7%
2-3 Yrs 10.3%
3-4 Yrs 9.5%
4-5 Yrs 13.4%
5+ Yrs 38.9%
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 (21.2%)
Principal Life 5.1%
Minnesota Life 4.8%
Metropolitan Tower Life 4.1%
Metropolitan Life 3.4%
United of Omaha 1.1%
New York Life 1.0%
Prudential 0.7%
Jackson National Life 0.7%
Protective Life 0.5%
Synthetic GIC (53.6%)
Transamerica Life 13.6%
Pacific Life 13.5%
Prudential 12.8%
Metropolitan Tower Life 7.9%
Principal Life 5.8%
Separate Account GIC (20.2%)
New York Life 9.3%
Massachusetts Mutual Life 9.0%
Lincoln National Life 1.9%

Performance as of 03/31/2023
Performance Crediting
Rate 3

Total
estimated
expenses Share Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 2.91% 0.68% 2.45% 2.35% 2.48% 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 2.59% 0.61% 2.14% 2.04% 2.18% 2.13% 0.52% R95/ 92208J600 2.53% 0.59% 2.09% 1.99% 2.12% 2.08% 0.57% R85/ 92208J501 2.49% 0.58% 2.04% 1.94% 2.07% 2.03% 0.62% R75/ 92208J402 2.44% 0.57% 1.99% 1.89% 2.02% 1.98% 0.67% R5/ 92208J303 2.34% 0.54% 1.89% 1.78% 1.92% 1.88% 0.77% R3/ 92208J204 2.04% 0.47% 1.59% 1.49% 1.63% 1.58% 1.06% R1/ 92208J105 1.77% 0.41% 1.33% 1.23% 1.36% 1.32% 1.32% ICE BofA US 3 Month Treasury Bill Index — 1.07% 2.50% 0.89% 1.41% 0.87% — Morningstar US CIT Stable Value Index6,7 — 0.64% 2.12% 1.97% 2.15% 1.98% — Standard Deviation (Gross) — — 0.07 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 March 2023

MissionSquare PLUS Fund
58 Fund information
The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of MissionSquare Retirement. VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligible trusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the Funds Disclosure Memorandum, which is available when plan administration clients log in at www.missionsq.org, at www.investments.missionsq.org for institutions, or upon request by calling 800-669-7400.

Before investing in the Fund you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the Fund will meet its investment objective and you can lose money.

Investment risks
Stable Value Risk, Interest Rate Risk, Credit Risk, Stable Value Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk.

Restrictions related to employer withdrawals
In the event an Employer initiates withdrawal of all or part of its Plan’s assets from the PLUS Fund, the payout of such assets may be deferred for a period of up to twelve months. In the case of a total withdrawal, participant transfers of PLUS Fund assets to other investment options will be restricted and participants will not be able to make additional investments in the PLUS Fund during this twelve-month period.

Transfer restrictions
Direct transfers from the PLUS Fund to competing funds are restricted. Competing funds include, but are not limited to, the following types of investment options: (1) cash management funds, money market mutual funds, bank collective short-term investment funds, bank accounts or certificates of deposit, stable value funds or substantially similar investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar arrangements with financial institutions; (2) short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years; and (3) any investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than two years, or (ii) instruments that seek to provide capital preservation such as stable value funds, bank certificates of deposit or bank accounts, and cash or cash equivalents.

To transfer money from the PLUS Fund to a competing fund, you must first transfer the amount to a non-competing fund for a period of at least 90 days. For example, if you want to transfer money from the PLUS Fund to a money market fund, you will first need to transfer the money to a non-competing fund and then, 90 days later or any time thereafter, transfer that amount of money to the money market fund.

Contact information
Investment Only Investment Consultant Relations
Andrew Whiting
202-731-2143
[email protected]
Michael McAtamney
202-759-7036
[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 March 31, 2023 duration would be 3.70.

3. Annualized crediting rate for the last day of the month.

4. Data derived by MissionSquare Investment Advisers, LLC based on information from Morningstar. Percentage ranks and comparisons are based on the Morningstar US CIT Stable Value universe representing the majority of the U.S. collective investment trust stable-value fund pooled universe. and gross returns that do not include plan administration fees, advisor expenses, or other stable value fund costs. Actual performance experienced by participants would be commensurately lower. Past performance is no guarantee of future results. MissionSquare Investments does not independently verify Morningstar data. 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.

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., © 2023 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 March 2023Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-0323
59 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
05-31-2023
Analyst-Driven %

10.00 Data Coverage %
100.00
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 Bond411 US Fund
Intermediate Core
Bond
Performance 06-30-2023
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 -0.53 — — 2.47
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly -0.52 -3.14 1.29 — 1.10
Std 06-30-2023 -0.52 — 1.29 — 1.10
Total Return -0.52 -3.14 1.29 2.07 1.10
+/- Std Index 0.42 0.83 0.52 0.55 —
+/- Cat Index 0.42 0.83 0.52 0.55 —
% Rank Cat 28 18 11 4
No. in Cat 466 411 379 277
Subsidized Unsubsidized
7-day Yield 07-17-23 0.39 1 —
30-day SEC Yield 06-30-23 4.03 1 3.98

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
411 funds 379 funds
277 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk -Avg Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 5.82 5.46 4.23
Mean -3.14 1.29 2.07
Sharpe Ratio -0.80 -0.05 0.26
MPT Statistics Standard Index Best Fit Index
Bloomberg US
Universal TR USD
Alpha 0.45 -0.04
Beta 0.93 0.93
R-Squared 97.02 97.67
12-Month Yield 3.21%
Potential Cap Gains Exp -19.17%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 5 5 5 5 5 5 5 5 5 5 4 4
97 96 97 97 95 97 98 96 96 97 98 98
Growth of $10,000
Sterling Capital Total Return
Bond R6
12,724
Category Average
11,947
Standard Index
11,818
Investment Style
Fixed-Income/Bond %
— — — — — — 10.22 10.82 11.35 10.87 9.18 9.25 NAV/Price

6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 2.47 Total Return %

1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.37 +/- Standard Index _ _ _ _ _ _ _ & & & * _ Performance Quartile
(within category)

1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.37 +/- Category Index — — — — — — — 17 10 23 40 — % Rank Cat
— — — — — — — 430 415 423 453 471 No. of Funds in Cat
Portfolio Analysis 06-30-2023
Asset Allocation % Net % Long % Short %
Cash 1.26 1.87 0.61
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.48 98.48 0.00
Other/Not Clsfd 0.26 0.26 0.00
Total 100.00 100.61 0.61
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 9.12
Avg Eff Duration 6.30
Avg Wtd Coupon 3.68
Avg Wtd Price 91.19
Credit Quality Breakdown 06-30-2023 Bond %
AAA 66.84
AA 7.84
A 12.78
BBB 12.32
BB 0.04
B 0.17
Below B 0.01
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
05-2023
Share
Amount
Holdings :
0 Total Stocks , 281 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
T 68 mil United States Treasury Notes 4.125% 6.55
T 53 mil United States Treasury Bonds 2.5% 3.88
Y 52 mil United States Treasury Bonds 1.375% 2.86
T 20 mil Federated Hermes Treasury Obl IS 1.87
Y 21 mil United States Treasury Notes 2.625% 1.86
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.70
Y 15 mil Fnma Pass-Thru I 1.33
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.29
13 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 1.20
R 12 mil Federal Home Loan Mortgage Corpora 1.10
Y 12 mil Fnma Pass-Thru I 3.5% 1.04
Y 10 mil Federal Home Loan Mortgage Corpora 0.97
Y 12 mil Federal National Mortgage Associat 0.94
Y 11 mil Fnma Pass-Thru I 3% 0.93
Y 10 mil Fnma Pass-Thru I 5.5% 0.93
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 — —
Release date 06-30-2023 | 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®
60 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
05-31-2023
Analyst-Driven %

10.00 Data Coverage %
100.00
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 Bond411 US Fund
Intermediate Core
Bond
Operations
Family: Sterling Capital Funds
Manager: Multiple
Tenure: 15.5 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $10 mil
Min Auto Investment Plan: $10 mil
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,067.72 mil
Release date 06-30-2023 | 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®
61 Vanguard International
Growth Adm (USD)
Morningstar
Medalist RatingTM
„
06-27-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ MSCI ACWI Ex USA NR
USD
MSCI ACWI Ex USA
Growth NR USD
US Fund Foreign Large
Growth407 US Fund
Foreign Large
Growth
Performance 06-30-2023
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 0.88 — — 13.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.83 3.49 6.57 9.12 7.58
Std 06-30-2023 14.83 — 6.57 9.12 7.58
Total Return 14.83 3.49 6.57 9.12 7.58
+/- Std Index 2.12 -3.74 3.06 4.37 —
+/- Cat Index 1.57 -0.47 2.52 3.51 —
% Rank Cat 63 67 22 5
No. in Cat 447 407 351 238
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
407 funds 351 funds 238 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk High High High
Morningstar Return Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 23.56 22.71 18.61
Mean 3.49 6.57 9.12
Sharpe Ratio 0.19 0.32 0.51
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha -3.97 -0.35
Beta 1.24 1.27
R-Squared 81.11 90.90
12-Month Yield —
Potential Cap Gains Exp 21.25%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 7 7 7 7 7 7 7 7 7 7 7 7
95 96 96 95 93 96 95 97 98 98 97 96
Growth of $10,000
Vanguard International
Growth Adm
29,021
Category Average
21,073
Standard Index
18,570
Investment Style
Equity/Stocks %

61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 102.60 NAV/Price

20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 13.50 Total Return %

3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 4.02 +/- Standard Index & & ( ( & & * & & ) ) _ Performance Quartile
(within category)

3.51 7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -7.74 2.79 +/- Category Index 24 15 65 67 12 6 31 22 4 89 82 — % Rank Cat
250 278 341 361 363 399 439 469 447 450 443 448 No. of Funds in Cat Portfolio Analysis 03-31-2023
Asset Allocation % Net % Long % Short %
Cash 2.57 2.98 0.41
US Stocks 11.76 11.76 0.00
Non-US Stocks 84.82 84.82 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.85 0.85 0.00
Total 100.00 100.41 0.41
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 20.4 1.53 0.92
P/C Ratio TTM 15.0 1.68 0.97
P/B Ratio TTM 3.5 2.09 1.06
Geo Avg Mkt Cap
$mil
58206 1.34 1.02
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 20.1 1.88
Greater Europe 51.8 1.13
Greater Asia 28.1 0.64
Share Chg
since
01-2023
Share
Amount
Holdings :
121 Total Stocks , 0 Total Fixed-Income,
15% Turnover Ratio
Net Assets
%
Y 2 mil MercadoLibre Inc 5.45
Y 4 mil ASML Holding NV 5.26
T 1 mil Adyen NV 3.77
Y 31 mil Tencent Holdings Ltd 3.30
9 mil Moderna Inc 3.16
Y 81 mil Taiwan Semiconductor Manufacturing 3.09
Y 2 mil Kering SA 3.08
Y 9 mil Spotify Technology SA 2.72
2 mil Genmab A/S 2.03
Y 30 mil Vestas Wind Systems A/S 1.90
Y 48 mil Meituan Class B 1.90
2 mil argenx SE 1.89
Y 3 mil Ferrari NV 1.72
3 mil Illumina Inc 1.64
2 mil L'Oreal SA 1.53
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.1 0.84
r Basic Materials 0.4 0.06
t Consumer Cyclical 25.5 2.22
y Financial Services 9.1 0.45
u Real Estate 0.0 0.00
j Sensitive 42.3 1.14
i Communication Services 7.5 1.32
o Energy 1.5 0.28
p Industrials 11.4 0.85
a Technology 21.9 1.75
k Defensive 22.6 1.06
s Consumer Defensive 5.1 0.60
d Healthcare 16.7 1.71
f Utilities 0.9 0.28
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.6 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: $45,030.69 mil
Release date 06-30-2023
©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 Vanguard International
Value Inv (USD)
Morningstar
Medalist RatingTM
´
10-13-2022
Analyst-Driven %
100.00
Data Coverage %
100.00
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
Value335 US Fund
Foreign Large Value
Performance 06-30-2023
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 3.37 — — 12.34
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 18.00 11.25 4.55 5.31 8.28
Std 06-30-2023 18.00 — 4.55 5.31 8.28
Total Return 18.00 11.25 4.55 5.31 8.28
+/- Std Index 5.28 4.03 1.04 0.56 —
+/- Cat Index 5.81 0.83 1.90 1.61 —
% Rank Cat 35 43 27 18
No. in Cat 373 335 306 193
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
335 funds 306 funds 193 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.21 19.31 15.96
Mean 11.25 4.55 5.31
Sharpe Ratio 0.57 0.24 0.34
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
xUS Val TME NR
USD
Alpha 3.45 -0.38
Beta 1.09 1.04
R-Squared 93.71 95.95
12-Month Yield —
Potential Cap Gains Exp -11.12%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 1 1 4 4 4
95 95 91 91 93 94 94 95 100 94 96 96
Growth of $10,000
Vanguard International Value
Inv
20,585
Category Average
18,220
Standard Index
18,570
Investment Style
Equity/Stocks %

31.18 37.38 33.95 31.09 31.75 39.88 32.10 37.53 40.25 41.58 35.74 40.15 NAV/Price

20.18 22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 12.34 Total Return %

3.35 6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 2.87 +/- Standard Index & * ( ) * & * & & ) ( _ Performance Quartile
(within category)

3.21 7.11 -1.59 3.62 -4.46 5.30 -0.55 4.68 9.76 -2.48 -3.07 4.08 +/- Category Index 16 43 53 79 30 8 34 21 5 87 75 — % Rank Cat
369 338 348 358 337 317 315 346 352 348 354 376 No. of Funds in Cat Portfolio Analysis 03-31-2023
Asset Allocation % Net % Long % Short %
Cash 3.86 3.86 0.00
US Stocks 4.54 4.54 0.00
Non-US Stocks 91.60 91.60 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.8 1.03 1.36
P/C Ratio TTM 8.5 0.95 1.36
P/B Ratio TTM 1.7 1.00 1.38
Geo Avg Mkt Cap
$mil
31297 0.72 0.92
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 10.4 0.97
Greater Europe 49.7 1.09
Greater Asia 39.9 0.92
Share Chg
since
01-2023
Share
Amount
Holdings :
191 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
T 24 mil Alibaba Group Holding Ltd Ordinary 2.25
T 39 mil HSBC Holdings PLC 1.94
2 mil Airbus SE 1.64
35 mil BP PLC 1.62
Y 3 mil Holcim Ltd 1.57
20 mil AIA Group Ltd 1.56
5 mil RELX PLC 1.25
3 mil Tencent Holdings Ltd 1.22
1 mil Baidu Inc ADR 1.19
2 mil Ryanair Holdings PLC ADR 1.16
3 mil TotalEnergies SE 1.15
44 mil Sands China Ltd Shs Unitary 144A/R 1.12
534,429 POSCO 1.10
T 517,506 Roche Holding AG 1.08
877,445 Air Liquide SA 1.07
Sector Weightings Stocks % Rel Std Index
h Cyclical 43.5 1.05
r Basic Materials 11.0 1.42
t Consumer Cyclical 17.5 1.52
y Financial Services 14.3 0.71
u Real Estate 0.7 0.33
j Sensitive 40.4 1.09
i Communication Services 5.7 1.00
o Energy 6.0 1.08
p Industrials 18.9 1.41
a Technology 9.9 0.79
k Defensive 16.1 0.76
s Consumer Defensive 6.3 0.75
d Healthcare 7.3 0.74
f Utilities 2.5 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.2 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: $13,812.73 mil
Release date 06-30-2023
©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®
63 Vanguard Target
Retirement 2020 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2020135 US Fund
Target-Date 2020
Performance 06-30-2023
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 2.15 — — 7.02
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 6.58 3.85 4.62 6.02 5.78
Std 06-30-2023 6.58 — 4.62 6.02 5.78
Total Return 6.58 3.85 4.62 6.02 5.78
+/- Std Index -1.81 -1.22 -0.57 -0.03 —
+/- Cat Index 0.49 0.88 0.34 0.64 —
% Rank Cat 63 57 40 25
No. in Cat 145 135 120 55
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.58 2.41
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
135 funds 120 funds 55 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 10.07 10.17 8.29
Mean 3.85 4.62 6.02
Sharpe Ratio 0.27 0.33 0.62
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.65 0.92
Beta 0.81 1.06
R-Squared 98.11 99.34
12-Month Yield 2.36%
Potential Cap Gains Exp 7.18%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 5 4 4 4
33 36 38 40 42 43 47 48 50 50 53 51
Growth of $10,000
Vanguard Target Retirement
2020 Fund
21,188
Category Average
18,560
Standard Index
21,089
Investment Style
Fixed-Income/Bond %

23.83 27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 25.36 27.14 NAV/Price

12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 7.02 Total Return %

0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 0.11 +/- Standard Index * & & & * & * * * ( * _ Performance Quartile
(within category)
-0.18 2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 2.62 0.84 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 3.03 9.03 6.00
US Stocks 24.38 24.38 0.00
Non-US Stocks 16.11 16.11 0.00
Bonds 56.45 56.52 0.06
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 106.06 6.06
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.1 1.06 0.97
P/C Ratio TTM 12.0 1.06 0.95
P/B Ratio TTM 2.4 1.10 0.94
Geo Avg Mkt Cap
$mil
72002 1.54 0.93
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.75
Avg Eff Duration 6.04
Avg Wtd Coupon 2.32
Avg Wtd Price 91.94
Credit Quality Breakdown 03-31-2023 Bond %
AAA 64.90
AA 8.06
A 13.96
BBB 12.46
BB 0.00
B 0.00
Below B 0.35
NR 0.27
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.02
Greater Europe 17.8 1.01
Greater Asia 18.4 0.93
Share Chg
since
05-2023
Share
Amount
Holdings :
10,424 Total Stocks , 17,858 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
T 1,349 mil Vanguard Total Bond Market II Idx 32.31
Y 52 mil Vanguard Total Stock Mkt Idx Instl 24.73
Y 373 mil Vanguard Total Intl Stock Index Inv 16.39
T 218 mil Vanguard Total Intl Bd II Idx Insl 14.43
Y 185 mil Vanguard Shrt-Term Infl-Prot Sec I 11.09
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.4 0.86
r Basic Materials 4.6 0.88
t Consumer Cyclical 10.8 0.99
y Financial Services 14.8 0.95
u Real Estate 3.2 0.46
j Sensitive 44.7 1.14
i Communication Services 7.0 1.16
o Energy 4.6 0.93
p Industrials 11.3 0.93
a Technology 21.8 1.35
k Defensive 21.9 0.99
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $40,066.91 mil
Release date 06-30-2023
©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®
64 Vanguard Target
Retirement 2025 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2025190 US Fund
Target-Date 2025
Performance 06-30-2023
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 3.02 — — 8.45
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 8.56 4.96 5.26 6.68 6.41
Std 06-30-2023 8.56 — 5.26 6.68 6.41
Total Return 8.56 4.96 5.26 6.68 6.41
+/- Std Index 0.17 -0.11 0.06 0.62 —
+/- Cat Index 1.58 1.34 0.69 0.74 —
% Rank Cat 24 37 26 17
No. in Cat 214 190 172 103
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-14-23 2.32 2.25
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
190 funds 172 funds 103 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg +Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 11.69 11.86 9.58
Mean 4.96 5.26 6.68
Sharpe Ratio 0.34 0.35 0.61
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.04 0.36
Beta 0.95 0.90
R-Squared 98.74 99.33
12-Month Yield 2.02%
Potential Cap Gains Exp 9.02%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
70 69 67 66 64 62 61 60 60 54 53 50
Growth of $10,000
Vanguard Target Retirement
2025 Fund
22,912
Category Average
20,544
Standard Index
21,089
Investment Style
Equity/Stocks %

13.59 15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 16.68 18.09 NAV/Price

13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 8.45 Total Return %

1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 1.54 +/- Standard Index * & & & & & * & * ( ( _ Performance Quartile
(within category)
-0.37 1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 2.03 1.68 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.76 7.81 5.05
US Stocks 31.97 31.97 0.00
Non-US Stocks 21.06 21.06 0.00
Bonds 44.18 44.24 0.06
Other/Not Clsfd 0.03 0.03 0.00
Total 100.00 105.10 5.10
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.06 0.97
P/C Ratio TTM 12.0 1.06 0.96
P/B Ratio TTM 2.4 1.10 0.95
Geo Avg Mkt Cap
$mil
72823 1.56 0.90
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.36
Avg Eff Duration 6.45
Avg Wtd Coupon 2.52
Avg Wtd Price 91.46
Credit Quality Breakdown 03-31-2023 Bond %
AAA 61.23
AA 8.80
A 15.44
BBB 13.86
BB 0.00
B 0.00
Below B 0.38
NR 0.29
Regional Exposure Stocks % Rel Std Index
Americas 64.4 1.03
Greater Europe 17.5 1.00
Greater Asia 18.0 0.91
Share Chg
since
05-2023
Share
Amount
Holdings :
10,749 Total Stocks , 17,696 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 126 mil Vanguard Total Stock Mkt Idx Instl 32.43
T 2,215 mil Vanguard Total Bond Market II Idx 28.56
Y 906 mil Vanguard Total Intl Stock Index Inv 21.42
T 343 mil Vanguard Total Intl Bd II Idx Insl 12.22
T 129 mil Vanguard Shrt-Term Infl-Prot Sec I 4.16
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.3 0.86
r Basic Materials 4.6 0.87
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.95
u Real Estate 3.2 0.46
j Sensitive 44.8 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 21.9 1.36
k Defensive 21.9 0.99
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $75,530.87 mil
Release date 06-30-2023
©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®
65 Vanguard Target
Retirement 2030 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2030190 US Fund
Target-Date 2030
Performance 06-30-2023
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 3.56 — — 9.44
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 9.95 6.04 5.78 7.24 6.40
Std 06-30-2023 9.95 — 5.78 7.24 6.40
Total Return 9.95 6.04 5.78 7.24 6.40
+/- Std Index 1.56 0.97 0.59 1.18 —
+/- Cat Index 1.61 1.21 0.77 0.64 —
% Rank Cat 26 47 34 24
No. in Cat 216 190 170 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.16 2.15
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Net Expense Ratio % 0.08
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
190 funds 170 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 12.80 13.10 10.58
Mean 6.04 5.78 7.24
Sharpe Ratio 0.40 0.37 0.61
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.83 1.19
Beta 1.04 0.99
R-Squared 98.85 99.33
12-Month Yield 1.86%
Potential Cap Gains Exp 7.70%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
78 76 74 73 71 70 68 68 68 63 61 58
Growth of $10,000
Vanguard Target Retirement
2030 Fund
24,563
Category Average
21,932
Standard Index
21,089
Investment Style
Equity/Stocks %

23.38 27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 31.37 34.33 NAV/Price

14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 9.44 Total Return %

2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 2.52 +/- Standard Index * & & * * * * * * ( * _ Performance Quartile
(within category)
-0.43 0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 1.67 1.92 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.73 7.18 4.46
US Stocks 37.14 37.14 0.00
Non-US Stocks 24.51 24.51 0.00
Bonds 35.58 35.63 0.05
Other/Not Clsfd 0.03 0.03 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 17.2 1.07 0.96
P/C Ratio TTM 12.0 1.06 0.95
P/B Ratio TTM 2.4 1.11 0.91
Geo Avg Mkt Cap
$mil
73148 1.56 0.86
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.84
Avg Wtd Coupon 2.71
Avg Wtd Price 91.01
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.47
AA 9.65
A 16.94
BBB 15.21
BB 0.00
B 0.00
Below B 0.42
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 64.7 1.03
Greater Europe 17.4 0.99
Greater Asia 17.9 0.90
Share Chg
since
05-2023
Share
Amount
Holdings :
10,861 Total Stocks , 17,551 Total Fixed-Income,
11% Turnover Ratio
Net Assets
%
Y 161 mil Vanguard Total Stock Mkt Idx Instl 37.68
T 2,141 mil Vanguard Total Bond Market II Idx 25.10
Y 1,160 mil Vanguard Total Intl Stock Index Inv 24.93
T 335 mil Vanguard Total Intl Bd II Idx Insl 10.85
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.2 0.86
r Basic Materials 4.5 0.87
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.94
u Real Estate 3.2 0.46
j Sensitive 44.8 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 22.0 1.36
k Defensive 22.0 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $84,089.46 mil
Release date 06-30-2023
©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®
66 Vanguard Target
Retirement 2035 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2035183 US Fund
Target-Date 2035
Performance 06-30-2023
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 4.10 — — 10.28
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 11.28 7.21 6.35 7.82 7.18
Std 06-30-2023 11.28 — 6.35 7.82 7.18
Total Return 11.28 7.21 6.35 7.82 7.18
+/- Std Index 2.89 2.14 1.16 1.77 —
+/- Cat Index 1.12 0.68 0.76 0.58 —
% Rank Cat 47 60 38 30
No. in Cat 207 183 169 100
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.16 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 100 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.78 14.26 11.56
Mean 7.21 6.35 7.82
Sharpe Ratio 0.46 0.39 0.62
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 1.74 2.12
Beta 1.12 1.07
R-Squared 98.80 99.15
12-Month Yield 1.87%
Potential Cap Gains Exp 10.78%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
85 83 81 81 79 77 75 75 75 70 69 66
Growth of $10,000
Vanguard Target Retirement
2035 Fund
26,346
Category Average
24,256
Standard Index
21,089
Investment Style
Equity/Stocks %

14.09 16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 19.35 21.34 NAV/Price

15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 10.28 Total Return %

3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.85 3.37 +/- Standard Index * & & * * * * * * ) * _ Performance Quartile
(within category)
-0.20 0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 1.13 1.89 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.70 6.25 3.55
US Stocks 41.42 41.42 0.00
Non-US Stocks 27.44 27.44 0.00
Bonds 28.40 28.44 0.04
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 103.59 3.59
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.07 0.97
P/C Ratio TTM 12.0 1.06 0.96
P/B Ratio TTM 2.4 1.10 0.94
Geo Avg Mkt Cap
$mil
73098 1.56 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.84
Avg Wtd Coupon 2.71
Avg Wtd Price 91.01
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.58
AA 9.59
A 16.90
BBB 15.20
BB 0.00
B 0.00
Below B 0.42
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 64.6 1.03
Greater Europe 17.4 0.99
Greater Asia 17.9 0.90
Share Chg
since
05-2023
Share
Amount
Holdings :
10,946 Total Stocks , 17,268 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
Y 180 mil Vanguard Total Stock Mkt Idx Instl 42.02
Y 1,298 mil Vanguard Total Intl Stock Index Inv 27.91
T 1,710 mil Vanguard Total Bond Market II Idx 20.06
T 266 mil Vanguard Total Intl Bd II Idx Insl 8.63
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.2 0.86
r Basic Materials 4.5 0.87
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.94
u Real Estate 3.2 0.46
j Sensitive 44.8 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 22.0 1.36
k Defensive 22.0 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $84,529.15 mil
Release date 06-30-2023
©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®
67 Vanguard Target
Retirement 2040 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2040184 US Fund
Target-Date 2040
Performance 06-30-2023
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 4.57 — — 11.06
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.56 8.35 6.88 8.33 7.04
Std 06-30-2023 12.56 — 6.88 8.33 7.04
Total Return 12.56 8.35 6.88 8.33 7.04
+/- Std Index 4.16 3.28 1.69 2.27 —
+/- Cat Index 0.59 0.19 0.76 0.63 —
% Rank Cat 56 65 39 31
No. in Cat 211 184 170 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.15 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
184 funds 170 funds 96 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.76 15.43 12.51
Mean 8.35 6.88 8.33
Sharpe Ratio 0.51 0.40 0.62
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.61 -1.29
Beta 1.20 0.85
R-Squared 98.59 99.44
12-Month Yield 1.88%
Potential Cap Gains Exp 10.64%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 88 86 84 83 82 83 76 76 74
Growth of $10,000
Vanguard Target Retirement
2040 Fund
27,850
Category Average
24,958
Standard Index
21,089
Investment Style
Equity/Stocks %

23.18 28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 34.00 37.76 NAV/Price

15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 11.06 Total Return %

3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 4.15 +/- Standard Index * & & * * & * * * ) * _ Performance Quartile
(within category)
-0.15 1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 0.39 1.84 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.73 5.35 2.62
US Stocks 46.13 46.13 0.00
Non-US Stocks 29.97 29.97 0.00
Bonds 21.13 21.16 0.03
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 102.65 2.65
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.07 0.98
P/C Ratio TTM 12.1 1.07 0.96
P/B Ratio TTM 2.4 1.11 0.94
Geo Avg Mkt Cap
$mil
73679 1.58 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.71
Avg Wtd Price 91.01
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.89
AA 9.44
A 16.79
BBB 15.17
BB 0.00
B 0.00
Below B 0.41
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 65.1 1.04
Greater Europe 17.2 0.98
Greater Asia 17.7 0.89
Share Chg
since
05-2023
Share
Amount
Holdings :
10,988 Total Stocks , 16,700 Total Fixed-Income,
7% Turnover Ratio
Net Assets
%
T 175 mil Vanguard Total Stock Mkt Idx Instl 46.80
T 1,236 mil Vanguard Total Intl Stock Index Inv 30.48
T 1,115 mil Vanguard Total Bond Market II Idx 15.00
T 171 mil Vanguard Total Intl Bd II Idx Insl 6.35
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.2 0.86
r Basic Materials 4.5 0.86
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.94
u Real Estate 3.2 0.46
j Sensitive 44.9 1.14
i Communication Services 7.0 1.17
o Energy 4.5 0.93
p Industrials 11.2 0.92
a Technology 22.1 1.37
k Defensive 22.0 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $74,197.88 mil
Release date 06-30-2023
©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®
68 Vanguard Target
Retirement 2045 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2045183 US Fund
Target-Date 2045
Performance 06-30-2023
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 5.10 — — 11.92
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 13.93 9.53 7.46 8.69 7.83
Std 06-30-2023 13.93 — 7.46 8.69 7.83
Total Return 13.93 9.53 7.46 8.69 7.83
+/- Std Index 5.54 4.45 2.26 2.64 —
+/- Cat Index 0.72 0.33 1.00 0.78 —
% Rank Cat 55 48 30 23
No. in Cat 207 183 169 100
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.14 2.10
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 100 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg Avg -Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.79 16.55 13.24
Mean 9.53 7.46 8.69
Sharpe Ratio 0.56 0.42 0.62
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.52 -0.68
Beta 1.28 0.91
R-Squared 98.27 99.66
12-Month Yield 1.89%
Potential Cap Gains Exp 13.04%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 90 84 84 82
Growth of $10,000
Vanguard Target Retirement
2045 Fund
28,818
Category Average
26,596
Standard Index
21,089
Investment Style
Equity/Stocks %

14.55 17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 22.82 25.54 NAV/Price

15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 11.92 Total Return %

3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 5.01 +/- Standard Index * * & * * * * * * ( * _ Performance Quartile
(within category)
-0.26 1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 -0.29 2.14 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.83 4.51 1.68
US Stocks 50.62 50.62 0.00
Non-US Stocks 32.80 32.80 0.00
Bonds 13.70 13.72 0.02
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.70 1.70
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.07 0.98
P/C Ratio TTM 12.1 1.07 0.97
P/B Ratio TTM 2.4 1.11 0.95
Geo Avg Mkt Cap
$mil
73706 1.58 0.98
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.82
Avg Wtd Coupon 2.72
Avg Wtd Price —
Credit Quality Breakdown 03-31-2023 Bond %
AAA 58.24
AA 9.27
A 16.67
BBB 15.13
BB 0.00
B 0.00
Below B 0.40
NR 0.30
Regional Exposure Stocks % Rel Std Index
Americas 65.1 1.04
Greater Europe 17.2 0.98
Greater Asia 17.7 0.89
Share Chg
since
05-2023
Share
Amount
Holdings :
11,049 Total Stocks , 15,694 Total Fixed-Income,
5% Turnover Ratio
Net Assets
%
T 181 mil Vanguard Total Stock Mkt Idx Instl 51.36
T 1,277 mil Vanguard Total Intl Stock Index Inv 33.35
T 688 mil Vanguard Total Bond Market II Idx 9.81
T 102 mil Vanguard Total Intl Bd II Idx Insl 4.04
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.2 0.86
r Basic Materials 4.5 0.86
t Consumer Cyclical 10.7 0.99
y Financial Services 14.7 0.94
u Real Estate 3.2 0.46
j Sensitive 44.9 1.14
i Communication Services 7.0 1.17
o Energy 4.5 0.93
p Industrials 11.2 0.92
a Technology 22.1 1.37
k Defensive 22.0 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $70,405.17 mil
Release date 06-30-2023
©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®
69 Vanguard Target
Retirement 2050 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2050184 US Fund
Target-Date 2050
Performance 06-30-2023
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 5.36 — — 12.35
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.58 9.73 7.58 8.76 7.32
Std 06-30-2023 14.58 — 7.58 8.76 7.32
Total Return 14.58 9.73 7.58 8.76 7.32
+/- Std Index 6.19 4.66 2.38 2.70 —
+/- Cat Index 0.86 0.15 1.02 0.82 —
% Rank Cat 49 49 27 28
No. in Cat 208 184 170 96
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.14 2.09
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
184 funds 170 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 16.06 16.72 13.33
Mean 9.73 7.58 8.76
Sharpe Ratio 0.56 0.42 0.62
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.66 -0.61
Beta 1.30 0.93
R-Squared 98.24 99.66
12-Month Yield 1.89%
Potential Cap Gains Exp 9.24%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 87 88 86
Growth of $10,000
Vanguard Target Retirement
2050 Fund
28,977
Category Average
26,354
Standard Index
21,089
Investment Style
Equity/Stocks %

23.09 28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 37.80 42.47 NAV/Price

15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 12.35 Total Return %

3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 5.44 +/- Standard Index * * & * * * * * * ( * _ Performance Quartile
(within category)
-0.35 1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 -0.55 2.35 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.82 3.96 1.14
US Stocks 53.13 53.13 0.00
Non-US Stocks 34.61 34.61 0.00
Bonds 9.39 9.40 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.15 1.15
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.07 0.98
P/C Ratio TTM 12.0 1.06 0.96
P/B Ratio TTM 2.4 1.11 0.95
Geo Avg Mkt Cap
$mil
73285 1.57 1.00
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.72
Avg Wtd Price —
Credit Quality Breakdown 03-31-2023 Bond %
AAA 58.03
AA 9.38
A 16.74
BBB 15.15
BB 0.00
B 0.00
Below B 0.40
NR 0.30
Regional Exposure Stocks % Rel Std Index
Americas 64.8 1.04
Greater Europe 17.4 0.99
Greater Asia 17.8 0.90
Share Chg
since
05-2023
Share
Amount
Holdings :
11,049 Total Stocks , 14,489 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 155 mil Vanguard Total Stock Mkt Idx Instl 53.90
T 1,099 mil Vanguard Total Intl Stock Index Inv 35.20
T 388 mil Vanguard Total Bond Market II Idx 6.78
T 56 mil Vanguard Total Intl Bd II Idx Insl 2.71
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.2 0.86
r Basic Materials 4.5 0.86
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.94
u Real Estate 3.2 0.46
j Sensitive 44.8 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 22.0 1.36
k Defensive 22.0 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $57,752.60 mil
Release date 06-30-2023
©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®
70 Vanguard Target
Retirement 2055 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2055183 US Fund
Target-Date 2055
Performance 06-30-2023
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 5.36 — — 12.35
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.60 9.74 7.57 8.74 9.60
Std 06-30-2023 14.60 — 7.57 8.74 9.60
Total Return 14.60 9.74 7.57 8.74 9.60
+/- Std Index 6.21 4.67 2.38 2.69 —
+/- Cat Index 0.86 0.13 1.07 0.86 —
% Rank Cat 57 53 33 28
No. in Cat 207 183 169 81
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.14 2.10
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 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 16.07 16.71 13.33
Mean 9.74 7.57 8.74
Sharpe Ratio 0.56 0.42 0.62
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.67 -0.60
Beta 1.30 0.93
R-Squared 98.26 99.67
12-Month Yield 1.87%
Potential Cap Gains Exp 2.34%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 86 88 86
Growth of $10,000
Vanguard Target Retirement
2055 Fund
28,930
Category Average
27,371
Standard Index
21,089
Investment Style
Equity/Stocks %

24.80 30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 42.17 47.38 NAV/Price

15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 12.35 Total Return %

3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 5.44 +/- Standard Index * * & ( * * * ( * ) & _ Performance Quartile
(within category)
-0.42 1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 -0.53 2.35 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.83 3.96 1.14
US Stocks 53.03 53.03 0.00
Non-US Stocks 34.70 34.70 0.00
Bonds 9.40 9.41 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.15 1.15
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.2 1.07 0.99
P/C Ratio TTM 12.0 1.06 0.97
P/B Ratio TTM 2.4 1.10 0.96
Geo Avg Mkt Cap
$mil
72905 1.56 1.03
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.72
Avg Wtd Price —
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.99
AA 9.39
A 16.75
BBB 15.15
BB 0.00
B 0.00
Below B 0.40
NR 0.30
Regional Exposure Stocks % Rel Std Index
Americas 64.5 1.03
Greater Europe 17.5 0.99
Greater Asia 18.0 0.91
Share Chg
since
05-2023
Share
Amount
Holdings :
11,049 Total Stocks , 14,489 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 99 mil Vanguard Total Stock Mkt Idx Instl 53.80
T 706 mil Vanguard Total Intl Stock Index Inv 35.30
T 249 mil Vanguard Total Bond Market II Idx 6.78
T 36 mil Vanguard Total Intl Bd II Idx Insl 2.71
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.3 0.86
r Basic Materials 4.6 0.87
t Consumer Cyclical 10.7 0.99
y Financial Services 14.8 0.94
u Real Estate 3.2 0.46
j Sensitive 44.8 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 22.0 1.36
k Defensive 21.9 1.00
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $37,111.73 mil
Release date 06-30-2023
©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®
71 Vanguard Target
Retirement 2060 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
2060178 US Fund
Target-Date 2060
Performance 06-30-2023
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 5.39 — — 12.39
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.62 9.75 7.58 8.74 9.31
Std 06-30-2023 14.62 — 7.58 8.74 9.31
Total Return 14.62 9.75 7.58 8.74 9.31
+/- Std Index 6.23 4.68 2.38 2.69 —
+/- Cat Index 0.96 0.19 1.15 0.94 —
% Rank Cat 56 56 33 1
No. in Cat 207 178 157 7
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.14 2.10
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
178 funds 157 funds 7 funds
Morningstar RatingTM 3Q 4Q —
Morningstar Risk -Avg -Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 16.05 16.70 13.32
Mean 9.75 7.58 8.74
Sharpe Ratio 0.56 0.42 0.62
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.68 -0.58
Beta 1.30 0.93
R-Squared 98.24 99.67
12-Month Yield 1.86%
Potential Cap Gains Exp -2.09%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 4 4 4 4 4 4 4 4 4 4 4 4
89 88 88 89 88 88 88 89 91 86 87 86
Growth of $10,000
Vanguard Target Retirement
2060 Fund
27,553
Category Average
26,778
Standard Index
20,304
Investment Style
Equity/Stocks %

21.81 26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 38.83 43.64 NAV/Price — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 12.39 Total Return % — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 5.47 +/- Standard Index _ & & ( & ( * ( * ) & _ Performance Quartile
(within category)
— 2.17 2.63 1.80 -2.03 0.30 0.82 0.00 3.43 0.12 -0.48 2.41 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.75 3.89 1.14
US Stocks 52.95 52.95 0.00
Non-US Stocks 34.84 34.84 0.00
Bonds 9.42 9.43 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.15 1.15
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.1 1.06 0.99
P/C Ratio TTM 12.0 1.06 0.98
P/B Ratio TTM 2.4 1.10 0.98
Geo Avg Mkt Cap
$mil
72317 1.55 1.09
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.83
Avg Wtd Coupon 2.71
Avg Wtd Price —
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.97
AA 9.40
A 16.76
BBB 15.16
BB 0.00
B 0.00
Below B 0.40
NR 0.30
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.02
Greater Europe 17.7 1.01
Greater Asia 18.2 0.92
Share Chg
since
05-2023
Share
Amount
Holdings :
11,049 Total Stocks , 14,489 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 52 mil Vanguard Total Stock Mkt Idx Instl 53.71
T 371 mil Vanguard Total Intl Stock Index Inv 35.44
T 130 mil Vanguard Total Bond Market II Idx 6.80
T 19 mil Vanguard Total Intl Bd II Idx Insl 2.71
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.3 0.86
r Basic Materials 4.6 0.87
t Consumer Cyclical 10.8 0.99
y Financial Services 14.8 0.95
u Real Estate 3.2 0.46
j Sensitive 44.7 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.92
a Technology 21.9 1.36
k Defensive 21.9 0.99
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $19,523.17 mil
Release date 06-30-2023
©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®
72 Vanguard Target
Retirement 2065 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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+66 US Fund Target-
Date 2065+
Performance 06-30-2023
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 5.34 — — 12.34
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.62 9.75 7.55 — 7.96
Std 06-30-2023 14.62 — 7.55 — 7.96
Total Return 14.62 9.75 7.55 — 7.96
+/- Std Index 6.23 4.68 2.36 — —
+/- Cat Index 0.96 0.19 1.13 — —
% Rank Cat 65 65 70 —
No. in Cat 158 66 9 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 06-30-23 2.10 2.10
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
66 funds 9 funds
—
Morningstar RatingTM 3Q — —
Morningstar Risk Low — —
Morningstar Return Avg — —
3 Yr 5 Yr 10 Yr
Standard Deviation 16.05 16.71 —
Mean 9.75 7.55 —
Sharpe Ratio 0.56 0.42 —
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.68 -0.58
Beta 1.30 0.93
R-Squared 98.23 99.68
12-Month Yield 1.78%
Potential Cap Gains Exp -11.77%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 0 0 0 0 0 4 4 4 4 4 4 4
— — — — — 88 88 89 90 86 87 86
Growth of $10,000
Vanguard Target Retirement
2065 Fund
15,560
Category Average
15,376
Standard Index
13,543
Investment Style
Equity/Stocks %
— — — — — 21.70 19.61 24.05 27.50 31.42 25.44 28.58 NAV/Price — — — — — — -7.95 24.96 16.17 16.46 -17.39 12.34 Total Return % — — — — — — -3.19 5.94 3.35 6.26 -2.62 5.43 +/- Standard Index _ _ _ _ _ _ & ) ( ) & _ Performance Quartile
(within category)
— — — — — — 0.75 0.00 3.28 0.13 -0.41 2.37 +/- Category Index — — — — — — 25 79 63 76 16 — % Rank Cat
— — — — — — 16 17 53 134 162 180 No. of Funds in Cat
Portfolio Analysis 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 2.88 4.05 1.17
US Stocks 52.77 52.77 0.00
Non-US Stocks 35.04 35.04 0.00
Bonds 9.27 9.29 0.01
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 101.19 1.19
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.1 1.06 1.00
P/C Ratio TTM 12.0 1.06 0.99
P/B Ratio TTM 2.4 1.10 0.99
Geo Avg Mkt Cap
$mil
72154 1.54 1.04
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.93
Avg Eff Duration 6.84
Avg Wtd Coupon 2.71
Avg Wtd Price —
Credit Quality Breakdown 03-31-2023 Bond %
AAA 57.58
AA 9.59
A 16.90
BBB 15.20
BB 0.00
B 0.00
Below B 0.41
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.8 1.01
Greater Asia 18.3 0.92
Share Chg
since
05-2023
Share
Amount
Holdings :
11,049 Total Stocks , 14,459 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 13 mil Vanguard Total Stock Mkt Idx Instl 53.53
T 94 mil Vanguard Total Intl Stock Index Inv 35.65
T 32 mil Vanguard Total Bond Market II Idx 6.62
T 5 mil Vanguard Total Intl Bd II Idx Insl 2.75
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.4 0.86
r Basic Materials 4.6 0.87
t Consumer Cyclical 10.8 0.99
y Financial Services 14.8 0.95
u Real Estate 3.2 0.46
j Sensitive 44.7 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.93
a Technology 21.9 1.35
k Defensive 21.9 0.99
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 6.0 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $4,968.52 mil
Release date 06-30-2023
©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®
73 Vanguard Target
Retirement Income Fund
(USD)
Morningstar
Medalist RatingTM
„
03-01-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
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
Retirement140 US Fund
Target-Date
Retirement
Performance 06-30-2023
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 1.36 — — 5.65
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 4.51 1.70 3.45 4.12 4.74
Std 06-30-2023 4.51 — 3.45 4.12 4.74
Total Return 4.51 1.70 3.45 4.12 4.74
+/- Std Index -3.88 -3.37 -1.75 -1.94 —
+/- Cat Index -0.62 -1.34 -0.43 -0.10 —
% Rank Cat 54 52 37 33
No. in Cat 156 140 123 82
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-17-23 2.80 2.57
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
140 funds 123 funds 82 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 8.05 7.47 5.78
Mean 1.70 3.45 4.12
Sharpe Ratio 0.05 0.27 0.54
MPT Statistics Standard Index Best Fit Index
Morningstar US Con
Tgt Alloc NR USD
Alpha -2.20 1.68
Beta 0.64 1.09
R-Squared 94.47 98.74
12-Month Yield 2.68%
Potential Cap Gains Exp 3.19%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 7 4 4 4 4 4 4 4 4 4 4 4
61 66 66 68 68 67 69 67 68 64 65 60
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,316
Category Average
15,738
Standard Index
21,089
Investment Style
Fixed-Income/Bond %

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

8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 5.65 Total Return % -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 -1.27 +/- Standard Index ( ( & & * ( & * * ( ( _ Performance Quartile
(within category)
-0.56 -0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 -0.50 0.65 +/- 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 06-30-2023 Top Holdings 05-31-2023
Asset Allocation % 05-31-2023 Net % Long % Short %
Cash 3.57 10.35 6.78
US Stocks 17.11 17.11 0.00
Non-US Stocks 11.49 11.49 0.00
Bonds 67.80 67.88 0.07
Other/Not Clsfd 0.02 0.02 0.00
Total 100.00 106.85 6.85
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.1 1.06 0.98
P/C Ratio TTM 12.0 1.06 0.99
P/B Ratio TTM 2.4 1.10 1.00
Geo Avg Mkt Cap
$mil
72113 1.54 1.02
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.45
Avg Eff Duration 5.83
Avg Wtd Coupon 2.22
Avg Wtd Price 92.18
Credit Quality Breakdown 03-31-2023 Bond %
AAA 67.01
AA 7.55
A 13.12
BBB 11.73
BB 0.00
B 0.00
Below B 0.33
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.8 1.01
Greater Asia 18.3 0.92
Share Chg
since
05-2023
Share
Amount
Holdings :
9,879 Total Stocks , 17,969 Total Fixed-Income,
19% Turnover Ratio
Net Assets
%
T 1,418 mil Vanguard Total Bond Market II Idx 36.72
Y 34 mil Vanguard Total Stock Mkt Idx Instl 17.36
T 258 mil Vanguard Shrt-Term Infl-Prot Sec I 16.77
Y 227 mil Vanguard Total Intl Bd II Idx Insl 16.22
Y 246 mil Vanguard Total Intl Stock Index Inv 11.69
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.4 0.86
r Basic Materials 4.6 0.87
t Consumer Cyclical 10.8 0.99
y Financial Services 14.8 0.95
u Real Estate 3.2 0.46
j Sensitive 44.7 1.14
i Communication Services 7.0 1.16
o Energy 4.5 0.93
p Industrials 11.3 0.93
a Technology 21.9 1.35
k Defensive 21.9 0.99
s Consumer Defensive 6.9 1.00
d Healthcare 12.2 1.03
f Utilities 2.8 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $36,969.34 mil
Release date 06-30-2023
©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®
74 Vanguard US Growth
Admiral™ (USD)
Morningstar
Medalist RatingTM
„
06-23-2023
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQ S&P 500 TR USD Russell 1000 Growth TR
USD
US Fund Large Growth
1,117 US Fund
Large Growth
Performance 06-30-2023
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 13.28 — — 31.20
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 28.20 5.81 11.44 14.12 7.57
Std 06-30-2023 28.20 — 11.44 14.12 7.57
Total Return 28.20 5.81 11.44 14.12 7.57
+/- Std Index 8.61 -8.79 -0.87 1.26 —
+/- Cat Index 1.10 -7.93 -3.70 -1.62 —
% Rank Cat 19 85 54 30
No. in Cat 1219 1117 1032 791
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-14-23 0.30 0.30
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 % 0.25
12b1 Expense % NA
Net Expense Ratio % 0.25
Gross Expense Ratio % 0.25
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,117 funds 1,032 funds 791 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg +Avg +Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 25.24 24.08 18.70
Mean 5.81 11.44 14.12
Sharpe Ratio 0.29 0.50 0.75
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -9.70 -5.92
Beta 1.23 1.10
R-Squared 78.94 95.05
12-Month Yield 0.37%
Potential Cap Gains Exp 19.29%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 06-23 7 7 7 7 7 7 7 7 7 7 7 7
98 97 95 94 95 95 94 95 97 97 95 98
Growth of $10,000
Vanguard US Growth
Admiral™
49,301
Category Average
41,997
Standard Index
44,279
Investment Style
Equity/Stocks %

55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 132.93 NAV/Price

18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 31.20 Total Return %

2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 14.30 +/- Standard Index & * & & ) & & * & ) ) _ Performance Quartile
(within category)

3.29 2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -10.44 2.18 +/- 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 1230 No. of Funds in Cat Portfolio Analysis 03-31-2023
Asset Allocation % Net % Long % Short %
Cash 1.67 1.87 0.20
US Stocks 91.80 91.80 0.00
Non-US Stocks 6.31 6.31 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.22 0.22 0.00
Total 100.00 100.20 0.20
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 29.0 1.27 0.96
P/C Ratio TTM 22.8 1.41 1.05
P/B Ratio TTM 7.4 1.83 0.97
Geo Avg Mkt Cap
$mil
184056 0.82 0.48
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 96.3 0.97
Greater Europe 3.7 3.63
Greater Asia 0.0 0.00
Share Chg
since
01-2023
Share
Amount
Holdings :
298 Total Stocks , 0 Total Fixed-Income,
23% Turnover Ratio
Net Assets
%
Y 17 mil Apple Inc 8.12
Y 10 mil Microsoft Corp 8.07
T 18 mil Amazon.com Inc 5.20
T 6 mil NVIDIA Corp 4.49
T 6 mil Tesla Inc 3.34
Y 11 mil Alphabet Inc Class C 3.18
Y 2 mil Mastercard Inc Class A 2.60
Y 3 mil Visa Inc Class A 1.76
Y 1 mil UnitedHealth Group Inc 1.73
Y 10 mil The Trade Desk Inc Class A 1.68
11 mil Shopify Inc Registered Shs -A- Sub 1.53
T 3 mil Moderna Inc 1.31
Y 1 mil Netflix Inc 1.27
Y 4 mil Alphabet Inc Class A 1.26
314,710 MercadoLibre Inc 1.19
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.3 0.99
r Basic Materials 0.3 0.11
t Consumer Cyclical 17.6 1.62
y Financial Services 7.6 0.64
u Real Estate 1.9 0.77
j Sensitive 55.1 1.11
i Communication Services 9.4 1.12
o Energy 1.1 0.28
p Industrials 3.8 0.46
a Technology 40.7 1.41
k Defensive 17.6 0.78
s Consumer Defensive 3.4 0.51
d Healthcare 14.2 1.05
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 12.8 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: $37,659.17 mil
Release date 06-30-2023
©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®
75 Standardized and Tax Adjusted Returns Disclosure Statement The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

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

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

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

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

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

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

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

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

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

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

Annualized returns 06-30-2023
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 — — 15.60 10.26 10.83 10.83 06-28-2013 NA NA 0.69 0.69 NA Fidelity® 500 Index — — 19.57 12.29 12.85 12.51 05-04-2011 NA NA 0.02 0.02 NA Fidelity® Mid Cap Index — — 14.97 8.47 10.32 11.90 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Small Cap Index — — 12.56 4.31 8.42 10.47 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Total International Index — — 12.45 3.50 — 5.63 06-07-2016 NA NA 0.06 0.06 NA Fidelity® US Bond Index — — -0.95 0.77 1.49 1.82 05-04-2011 NA NA 0.03 0.03 NA MFS Mid Cap Growth R6 — — 16.23 9.48 12.32 12.82 01-02-2013 NA NA 0.661 0.67 NA Release date 06-30-2023
©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®
76 Annualized returns 06-30-2023
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 — — 10.75 8.88 9.82 8.08 05-01-2006 NA NA 0.432 0.44 NA Sterling Capital Total Return Bond R6 — — -0.52 1.29 — 1.10 02-01-2018 NA NA 0.353 0.48 NA Vanguard International Growth Adm — — 14.83 6.57 9.12 7.58 08-13-2001 NA NA 0.34 0.34 NA Vanguard International Value Inv — — 18.00 4.55 5.31 8.28 05-16-1983 NA NA 0.38 0.38 NA Vanguard Target Retirement 2020 Fund — — 6.58 4.62 6.02 5.78 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2025 Fund — — 8.56 5.26 6.68 6.41 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2030 Fund — — 9.95 5.78 7.24 6.40 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2035 Fund — — 11.28 6.35 7.82 7.18 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2040 Fund — — 12.56 6.88 8.33 7.04 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2045 Fund — — 13.93 7.46 8.69 7.83 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2050 Fund — — 14.58 7.58 8.76 7.32 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2055 Fund — — 14.60 7.57 8.74 9.60 08-18-2010 NA NA 0.08 0.08 NA Vanguard Target Retirement 2060 Fund — — 14.62 7.58 8.74 9.31 01-19-2012 NA NA 0.08 0.08 NA Vanguard Target Retirement 2065 Fund — — 14.62 7.55 — 7.96 07-12-2017 NA NA 0.08 0.08 NA Vanguard Target Retirement Income Fund — — 4.51 3.45 4.12 4.74 10-27-2003 NA NA 0.08 0.08 NA Vanguard US Growth Admiral™ — — 28.20 11.44 14.12 7.57 08-13-2001 NA NA 0.25 0.25 NA Bloomberg US Agg Bond TR USD -0.94 0.77 1.52 — 01-03-1980 Bloomberg US Universal TR USD -0.04 0.98 1.80 — 12-31-1998 Morningstar Gbl Allocation TR USD 9.70 4.72 5.80 — 06-18-2013 Morningstar Gbl xUS Val TME NR USD 13.46 — — — 11-24-2021 Morningstar Lifetime Mod 2020 TR USD 6.10 4.28 5.39 — 02-18-2009 Morningstar Lifetime Mod 2025 TR USD 6.99 4.57 5.94 — 02-18-2009 Morningstar Lifetime Mod 2030 TR USD 8.34 5.02 6.60 — 02-18-2009 Morningstar Lifetime Mod 2035 TR USD 10.16 5.59 7.24 — 02-18-2009 Morningstar Lifetime Mod 2040 TR USD 11.97 6.13 7.70 — 02-18-2009 Morningstar Lifetime Mod 2045 TR USD 13.21 6.46 7.92 — 02-18-2009 Morningstar Lifetime Mod 2050 TR USD 13.72 6.56 7.94 — 02-18-2009 Morningstar Lifetime Mod 2055 TR USD 13.74 6.51 7.88 — 02-18-2009 Morningstar Lifetime Mod 2060 TR USD 13.66 6.43 — — 06-23-2014 Morningstar Lifetime Mod Incm TR
USD

5.12 3.88 4.22 — 02-18-2009
Morningstar Mod Tgt Risk TR USD 8.39 5.19 6.05 — 02-18-2009 Morningstar US Con Tgt Alloc NR USD 3.70 — — — 06-30-2020 Morningstar US Core Bd TR USD -1.05 — — — 05-01-2019
Morningstar US LM Brd Growth TR
USD

25.40 — — — 12-21-2020
Morningstar US LM Brd Val TR USD 13.10 — — — 12-21-2020 Morningstar US Mid Brd Grt TR USD 18.49 — — — 12-21-2020 Morningstar US Mod Con Tgt Alloc NR
USD

6.84 — — — 06-30-2020
MSCI ACWI Ex USA Growth NR USD 13.26 4.06 5.61 — 01-01-2001 MSCI ACWI Ex USA NR USD 12.72 3.52 4.75 — 01-01-2001
MSCI ACWI Ex USA Value NR USD 12.19 2.65 3.70 — 01-01-2001 MSCI ACWI NR USD 16.53 8.10 8.75 — 01-01-2001
MSCI EAFE NR USD 18.77 4.39 5.41 — 03-31-1986
Russell 1000 Growth TR USD 27.11 15.14 15.74 — 01-01-1987 Russell 1000 TR USD 19.36 11.92 12.64 — 12-31-1978
Russell 1000 Value TR USD 11.54 8.11 9.22 — 01-01-1987
Russell 2000 TR USD 12.31 4.21 8.26 — 12-31-1978
Russell Mid Cap Growth TR USD 23.13 9.71 11.53 — 02-01-1995 Russell Mid Cap TR USD 14.92 8.46 10.32 — 12-31-1978
Russell Mid Cap Value TR USD 10.50 6.84 9.03 — 12-31-1985 S&P 500 TR USD 19.59 12.31 12.86 — 01-30-1970
USTREAS T-Bill Auction Ave 3 Mon 4.36 1.68 1.07 — 02-28-1941

1. Contractual waiver; Expires 12-31-2023

2. Contractual waiver; Expires 12-31-2023
Release date 06-30-2023
©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®
77 Annualized returns 06-30-2023
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

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 13.23 8.72 9.15 9.15 06-28-2013 10.54 7.77 8.28 8.28 Fidelity® 500 Index 18.73 11.67 12.11 11.77 05-04-2011 11.51 9.59 10.40 10.23 Fidelity® Mid Cap Index 14.22 7.69 9.45 11.09 09-08-2011 8.83 6.49 8.18 9.72 Fidelity® Small Cap Index 11.82 3.52 7.46 9.56 09-08-2011 7.41 3.18 6.52 8.41 Fidelity® Total International Index 11.32 2.77 — 4.96 06-07-2016 7.31 2.51 — 4.22 Fidelity® US Bond Index -1.58 0.08 0.59 0.88 05-04-2011 -0.12 0.55 0.87 1.11 MFS Mid Cap Growth R6 16.23 8.85 11.37 11.91 01-02-2013 9.61 7.31 9.91 10.41 MFS Value R6 8.45 7.44 8.34 6.83 05-01-2006 7.29 6.53 7.46 6.22 Sterling Capital Total Return Bond R6 -1.81 -0.06 — -0.24 02-01-2018 -0.31 0.47 — 0.32 Vanguard International Growth Adm 13.11 5.10 8.07 6.61 08-13-2001 9.83 5.12 7.30 6.18 Vanguard International Value Inv 17.20 3.55 4.43 6.37 05-16-1983 11.04 3.28 3.94 6.21 Vanguard Target Retirement 2020 Fund 5.08 2.62 4.53 4.68 06-07-2006 4.37 3.34 4.47 4.46 Vanguard Target Retirement 2025 Fund 7.61 3.71 5.40 5.48 10-27-2003 5.33 3.89 5.04 5.07 Vanguard Target Retirement 2030 Fund 9.14 4.34 6.07 5.54 06-07-2006 6.12 4.33 5.55 5.06 Vanguard Target Retirement 2035 Fund 10.44 4.85 6.59 6.34 10-27-2003 6.95 4.80 6.04 5.82 Vanguard Target Retirement 2040 Fund 11.75 5.39 7.17 6.21 06-07-2006 7.71 5.25 6.52 5.66 Vanguard Target Retirement 2045 Fund 13.09 6.18 7.64 7.07 10-27-2003 8.56 5.71 6.82 6.42 Vanguard Target Retirement 2050 Fund 13.84 6.43 7.81 6.59 06-07-2006 8.89 5.81 6.89 5.91 Vanguard Target Retirement 2055 Fund 13.91 6.57 7.90 8.86 08-18-2010 8.88 5.80 6.90 7.82 Vanguard Target Retirement 2060 Fund 13.95 6.76 8.02 8.65 01-19-2012 8.88 5.78 6.90 7.49 Vanguard Target Retirement 2065 Fund 13.98 7.00 — 7.45 07-12-2017 8.87 5.80 — 6.18 Vanguard Target Retirement Income Fund 3.35 2.07 2.93 3.61 10-27-2003 2.80 2.32 2.86 3.42 Vanguard US Growth Admiral™ 28.06 9.76 12.60 6.85 08-13-2001 16.76 8.90 11.46 6.28 Release date 06-30-2023
©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®
78 Mutual Fund Detail Report
Disclosure Statement
The Mutual Fund Detail Report is supplemental sales literature, and therefore must be preceded or accompanied by the mutual fund’s current prospectus or an equivalent statement. Please read this information carefully. In all cases, this disclosure statement should accompany the Mutual Fund Detail Report.

Morningstar is not itself a FINRA-member firm.

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

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

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

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

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

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

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

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

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

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

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

A unit investment trust (UIT) is an investment company organized under a trust agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio of securities and then sell units in the trust to investors. The major difference between a UIT and a mutual fund is that a mutual fund is actively managed, while a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their pro rata share of the trust's net investment income and net realized capital gains, if any. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. UITs generally make one public offering of a fixed number of units. However, in some cases, the sponsor will maintain a secondary market that allows existing unit holders to sell their units and for new investors to buy units. A one-time initial sales charge is deducted from an investment made into the trust. UIT investors may also pay creation and development fees, organization costs, and/or trustee and operation expenses. UIT units may be redeemed by the sponsor at their net Release date 06-30-2023
©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®
79 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.

Quantitatively-Driven Content
This report may contain a Morningstar Medalist Rating™ derived quantitatively (“Quantitatively-Driven Content”), meaning it was generated in whole or in part by a series of statistical models intended to replicate Morningstar’s analyst output.

Mr. Lee Davidson, Chief Analytics Officer for Morningstar, Inc. is responsible for overseeing the methodology that supports the Quantitatively-Driven Content.

Mr. Davidson is guided by the Morningstar, Inc. Code of Ethics in carrying out his responsibilities. Morningstar’s Research, Investment, and Analytics Group includes manager research employees of various Morningstar, Inc. subsidiaries who prepare analysis on investment products and quantitative research employees of Morningstar, Inc. or its subsidiaries who aim to help investors by providing innovative research, models, and software. In the United States, research employees are employed by Morningstar Research Services LLC, which is registered with the U.S. Securities and Exchange Commission. 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.

Analyst-Driven %
The Analyst-Driven % data point displays the weighted percentage of a vehicle’s pillar ratings assigned directly or indirectly by analysts. For example, if the People and Parent ratings are assigned directly or indirectly by analysts but the Process rating is assigned algorithmically, the Analyst-Driven % for an actively managed vehicle would disclose that 55% of the pillar weight was assigned by analysts and the Analyst-Driven % for a passively managed vehicle would disclose that 20% of the pillar weight was assigned by analysts.

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 Release date 06-30-2023
©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®
80 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.)
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.

Data Coverage %
The Data Coverage % data point is a summary metric describing the level of data completeness used to generate the overall rating. If the pillar is assigned directly or indirectly by analysts, the pillar has complete data availability, as no model was used to estimate the pillar score. If the pillar is assigned directly by algorithm, Morningstar counts the number of data points feeding both the positive and negative models and counts whether the vehicle has strategy- specific data available. A simple percentage is calculated per pillar. The overall data coverage % is then scaled by pillar weights.

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 Medalist Rating™
The Morningstar Medalist Rating is the summary expression of Morningstar’s forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar’s conviction in those products’ investment merits and determines the Medalist Rating they’re assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an Release date 06-30-2023
©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®
81 analyst’s qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about the Medalist Ratings, including their methodology, please go to http://global.morningstar.com/managerdisclosures.

The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve 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, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.

Analysts do not have any other material conflicts of interest at the time of publication. Users wishing to obtain further information should contact their local Morningstar office or refer to the Analyst Conflicts of Interest and Other Disclosures for North America at
https://global.morningstar.com/managerdisclosures under “Methodology Documents and Disclosures”.

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 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 Release date 06-30-2023
©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®
82 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 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 Release date 06-30-2023
©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®
83 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 Risk Disclosures
Morningstar makes no representation concerning the appropriateness of any investment or investment strategy. Other types of investments or investment strategies may be more appropriate depending upon an investor's specific situation, including the investor’s investment objectives, financial status, tax situation, and risk tolerance. These disclosures cannot and do not list every conceivable factor that may affect the results of any investment or investment strategy. Additional risks will arise, and an investor must be willing and able to accept those risks. You should speak with your financial professional to understand the risks and limitations on investing in any particular investment or investment strategy, including those that are shown in this report, before making investment decisions.

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/units, when sold or redeemed, may be worth more or less than the original investment. Portfolio statistics change over time. Securities are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution. Portfolio statistics change over time.

The risks associated with investing are numerous and include, but are not limited to, those listed below:

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 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.

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 Release date 06-30-2023
©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®
84 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: Levered 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 Fund objective). The leverage/gearing ratio is the amount of excess return that a levered investment is designed to achieve in comparison to its index performance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X. -2X, -3X).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- 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 Release date 06-30-2023
©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®
85 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.

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

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

MSCI ACWI Ex USA Growth NR USD
The index measures the performance of the growth large and mid cap segments 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.

Release date 06-30-2023
©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®
86 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 06-30-2023
©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®
87 Important Disclosures:

The material in this Report is intended solely for the use of the persons to whom it has been delivered. This information is being provided as a part of the services you receive from 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 INVESTING. 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 activity, 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 prospectus "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 88 returns include reinvestment of dividends and capital gains and are net of all fund fees and expenses.

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

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

Indices are unmanaged. An investor cannot invest directly in an index. They are shown for illustrative purposes only and do not represent the performance of any specific investment. Index returns include the reinvestment of all dividends, but do not reflect the payment of transaction costs, 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 investment is not the same as the risk of loss in a broad market index. Therefore, the historical returns of an index will not be the same as the historical returns of a 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 monitoring criteria which is provided to Hyas Group by the plan sponsor. The plan sponsor should inform its Hyas Group Consultant of any changes to the plan's investment policy.

Fund data provided by Morningstar.

Peer Groups. Peer Groups are a collection of similar investment strategies that essentially group investment products that share the same investment approach.

Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its 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. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups 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 calculated 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 is a separate business unit within Morgan Stanley Institutional Advisors LLC. 89

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