Vallejo City Council
January 29, 2024

Deferred
Compensation
Committee Meeting
January 29, 2024

2 MissionSquare Retirement
Serving Those Who Serve
One mission — helping you and the
communities you serve.

It’s in our name. MissionSquare Retirement is a
nonprofit with no shareholders. We focus solely
on our mission — helping build retirement
security for public sector employees.

And it doesn’t end there. We invest in you and
the programs that benefit the communities you
serve and live in.

3 MissionSquare Retirement
Agenda
Participant
Engagement
Plan Review, Participant
Objectives & Goals
MissionSquare
Research Institute
State and Local
Workforce Survey
Relationship
Engagement
Product Updates &
Enhancements
Tech Corner
Employer Resource
Center & Employer
Bulletin
Financial Planning
Program
Education & Resources
Quarterly Insights
Legislative Updates,
Advocacy, and Trends

4 MissionSquare Retirement
4 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
5 Plan Review
6 MissionSquare Retirement
Plan Education and Outreach
Results for Your Plan (Oct-Dec 2023)
Education 39
RPS
Consultations
2 CFP®
Consultations
Participation
& Savings
31 Enrollments
703,308
Plan Contributions
Financial
Wellness
377,247
-Net Cash Flow
9 Financial Wellness
Logins
Retention 784,861
In Roll-outs

7 7
MissionSquare Retirement
Contributions and Disbursements

8 MissionSquare Retirement
Plan Balance as of 12-31-23

9 MissionSquare Retirement
Participant Asset Allocation

10 10
MissionSquare Retirement
Asset Allocation Trend

11 Participant
Engagement
12 MissionSquare Retirement
Pulling It All Together: Am I on Track?
Investing: Making Your Savings Count
Review of 2023 Goal-Based Programs
Financial Wellness: New Year, New Goals
January-March
Retirement 101: Understanding Your Plan
April-June
July-September
October-December
Q1
Q2
Q3
Q4
Market Overview and Responsive Communications
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center

13 MissionSquare Retirement
Pulling It All Together: Am I On Track?
Reminding participants to end
the year strong in their
retirement planning.
▪ October - National Retirement Security Month Campaign ▪ November - Encourage use of available resources to stay on track with financial wellness
▪ Financial Wellness Center
▪ Am I on Track?
▪ 10 Question Retiree Guide
▪ Annual CFP® Engagement
▪ December – Year-End Checklist of Calls To Actions
RPS Workshops
& Appointments
Financial Planning Webinars
& CFP® Consultations
E-Newsletter &
Emails
Mobile
App
Financial Wellness
Center
Pulling It All Together
October-December
14 MissionSquare Retirement

15 MissionSquare Retirement
National Retirement Security Month
Visit Website

16 MissionSquare Retirement
16 For NRSM 2023, MissionSquare Retirement will be
launching an educational campaign designed to target
individuals with tips on what to start, stop, and continue doing at each stage of their retirement savings journey.

Start, Stop and Continue -
Saving For a Secure Retirement
Deliverables:

1. Weekly emails to Participants sent by MissionSquare

2. Microsite: links to educational resources

3. Website banners: link to microsite

4. Participant portal message

5. Social media ads

6. Promo Poster: QR code to microsite
17 MissionSquare Retirement
Plan Goals and Objectives
We’ve focused on assessing your plan health and have identified these key areas to focus on this year. We will deliver this through our multichannel approach to drive education, savings, and financial stability for your plan.

Retention
Preserve assets and
support needs post-
employment
Improve financial
outlook and
retirement readiness
Participation
& Savings
Drive engagement,
participation, and
savings
Education
Promote plan
awareness, learning,
and new features
Financial
Wellness
18 Updates and
Enhancement
19 MissionSquare Retirement
We are investing to make sure
we understand not only the public
sector but also the people who choose
public sector careers.
▪ Our participant survey is evolving.

We have partnered with an industry-
leading insights provider to improve
our relationship surveys.
▪ We have launched online
platforms to more efficiently gather
feedback of employer clients.

New Leading Insights to
Serve the Public Sector
The world is changing, your needs are changing, your employee needs are changing, and what it will take to be financially well in the future is changing— and it is our mission to be ready to serve you.

This will enable …
◼ Service enhancements based on
what is most important
◼ New products and product
enhancements with the public
sector in mind
◼ The ability to better market and
engage public sector employees to
assure their financial wellness up to
and through retirement
20 MissionSquare Retirement
Measuring To Build Strong Relationships
We are introducing new ongoing surveys that will better enable:
▪ Prioritization of improvements
▪ Creation of relevant education and communications
▪ Inform new product and service development
▪ Improve retirement readiness
Invitation
▪ Random selection
▪ Invitation from
MissionSquare
▪ Third party for survey
completion
Survey
▪ 10–15 minutes
▪ Multiple topics
▪ sentiment
▪ interactions
▪ products
▪ financial wellness
Establishing
Baseline
▪ Majority of invites were
sent in late July/ early
August
Other Details
▪ No Personally
Identified Information
is shared with the third
party
▪ Invitations will be sent
on a regular basis
▪ This replaces an
existing
MissionSquare survey
▪ Will not replace post
call or appointment
surveys
21 MissionSquare Retirement
Invitation
▪ Email from
MissionSquare
▪ Links to Third party
platform for survey
completion
Survey
▪ 10–15 minutes to
complete
▪ Topics:
▪ Sentiment
▪ Interactions
2024 Timing
Participants Random Selection Additional Topics:

Financial Health
▪ Late Feb/Early March
▪ Late Q3/Early Q4
Plan Sponsor All plan contacts ▪ March
▪ Late Q3/Early Q4
Measuring Relationships
Participant and plan sponsor relationship surveys to understand how to serve you better.

Other Details
▪ Please continue to take post call and event surveys. The specific feedback of the call/events helps us improve these specific interactions.
▪ No Personally Identified Information is shared with our survey partner. ▪ This replaced an existing relationship MissionSquare surveys for plan sponsors and participants.

22 MissionSquare Retirement
Explore, learn, and plan. This easy-to-use, interactive hub offers tips and tools to help your employees save, invest, and retire.

Learn More
Popular Financial Topics
Get answers to your
questions about retirement
planning, debt management,
emergency savings, college
tuition planning, health care,
investing, and more.
100+ Tools and Resources
Learn from videos, charts,
calculators, articles, and
tutorials.

One Convenient Location
Easily access these tools in
one place, at any time, right
from your account.

What does the
Financial Wellness Center offer?

23 MissionSquare Retirement
Check out the latest edition of our magazine, designed to help public sector employees to and through retirement.

MissionSquare Realize Magazine

24 Financial
Planning
Program
25 MissionSquare Retirement
MissionSquare Financial Planning
Education Program
New in 2024
▪ Broadening our financial planning reach to ALL participants. ▪ Reintroducing onsite visits by a MissionSquare Financial Planner – a CFP® Professional – for financial planning workshops, seminars, events, fairs, lunch & learns, individual consultations, and retiree / alumni groups; as well as similar offsite engagements for invited participants.

Value Benefits for the Plan Sponsor
◼ Additional employee benefit
◼ Increased understanding and utilization of the
Plan offering
◼ Improves morale and productivity
◼ Attracts and retain employees
◼ Retention of assets in Plan
Value Benefits for the Participant
▪ Better preparation for retirement and
understanding of retirement goals, benefits,
investment options, risks, taxes, estate
planning, income and investing resources
(investments, pensions, Social Security), and
other financial strategies
Provided by our MissionSquare Financial Planners – CFP® Professionals MissionSquare Retirement provides your employees with easy access to financial planning services delivered by a team of CERTIFIED FINANCIAL PLANNER™ professionals. We provide personalized guidance focused on your entire household with a deeper, more comprehensive view for overall financial wellness. 26 MissionSquare Retirement
Services Provided by MissionSquare CFP® Professionals
Financial Planning
Education
(For All)
Financial Planning
(>$100K in MSQ Assets)
Personal Planning
(>$1M in MSQ Assets)
Educational Webinars and
Seminars   
Virtual Consultations With a
CFP® professional   
Communications on Relevant
Financial Topics   
Social Security Analysis and
Strategies   
Personalized Financial Goal Plan  
Exclusive Educational Webinars 
A dedicated CFP® professional 
27 MissionSquare Retirement
2024 Webinar Program
Our webinars reinforce our commitment to offering financial wellness tools and resources to help meet participants’ education needs as they journey to and, just as importantly, through retirement. View the full schedule: www.missionsq.org/cfpwebinars.

28 MissionSquare Retirement
CFP® Webinar Program
CFP® Planning Services Resources
National
Webinar Schedule
Delivered by:

Certified Financial Planners
General Topics:
▪ Financial Planning Basics
▪ Investment Basics
▪ College Funding
▪ Tax / Estate Planning
Quarterly Economic Update
Special Topics:
▪ Women and Investing
▪ Special Needs
▪ Medicare (by gov)
Personal Planning
Webinar Schedule
Delivered by:

Certified Financial Planners
Advanced Topics:
▪ Gifting Strategies
▪ Philanthropic Planning
▪ Advanced Tax / Estate Planning
▪ Reliable Income Planning
▪ Economics / GDP
“Lifestyle” Webinars
▪ Nutrition
▪ Travel and Leisure
▪ Hobby Related
Eligibility:
▪ Enrolled in Personal Planning Services
Account Team
Delivered by:

Retirement Plans Specialists
Certified Financial Planners
Financial Consultants
▪ Topics based on plan needs
▪ Cadence based on plan needs
▪ Eligibility based on plan needs
29 MissionSquare Retirement
The MoneyGuide
Client Portal
Experience
(image of the Client’s Financial
Plan Snapshot that is visible after
accessing the portal)
30 Legislative
Updates
▪ 2024 IRS Contribution Limits
▪ SECURE 2.0 Act
31 MissionSquare Retirement
2024 Contribution Limits
* Special limitations apply to defined benefit plans. Please contact your defined benefit plan administrator should you require additional information. ** OBRA 1993 provided a governmental exception for the maximum compensation limit that grandfathers certain employees under the 1993 compensation limit of $235,840. Employees eligible to participate in a governmental plan, utilizing the ICMA-RC plan document, prior to Jan. 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 Jan. 1, 1994, are subject to the maximum compensation limit of $150,000 as indexed and shown above as “nongrandfather” limit.

Elective deferral limits for 457 and 401(k) plans increase Limitations (457) 2024 2023 2022
Annual Deferral Limit $23,000 $22,500 $20,500
“Pre-Retirement” Catch-Up Limit $23,000 ($46,000 total) $22,500 ($45,000 total) $20,500 ($41,000 total) “Age 50” Catch-Up Limit $7,500 ($30,500 total) $7,500 ($30,000 total) $6,500 ($27,000 total) More details on the retirement plan limits are available from the IRS.

Limitations (401(a) and 401(k)) 2024 2023 2022
401 Defined Contribution Plans—Annual
(§415(c)(1)(a)) $69,000 $66,000 $61,000
401 Defined Benefit Plans—Maximum Annual
Benefit* (§415(b)(1)(a)) $275,000 $265,000 $245,000
401 Annual Compensation Limit**
(nongrandfather/grandfather) (§401(a)(17)) $345,000/$505,000 $330,000/$490,000 $305,000/$450,000 Annual Deferral Limit for 401(k) Plans (§402(g)) $23,000 $22,500 $20,500 401(k) “Age 50” Catch-Up Limit (§414(v)) $7,500 ($30,500 total) $7,500 ($30,000 total) $6,500 ($27,000 total) 32 MissionSquare Retirement
SECURE 2.0 On the Go Video Series
NEW: Hear from MissionSquare experts in legal and government affairs as they summarize key SECURE 2.0 provisions, so you can confidently take action.

Click To View

33 MissionSquare Retirement
Actions for Public Service
Employers to Take
Prepare Your Plan for Roth Catch-Up
Contributions
If your plan offers catch-up contributions,
you’ll need to amend your plan to include
Roth age-based catch-up contributions
before Jan. 1, 2026.

SECURE 2.0 requires this feature for
employees making over $145,000 per year.

Read the Guide
Amend Your Plan to Eliminate the “first
day of the month” Rule
SECURE 2.0 eliminates the 457(b) “first day
of the month” rule and allows deferral rate
elections to be made anytime prior to the
date compensation being deferred is
available.

How to Make
Plan Changes

34 MissionSquare Retirement
SECURE 2.0 Resources
SECURE 2.0 Guide
Get the Guide
FAQs
Read the FAQs
Roth Guide
Get the Guide

35 MissionSquare Retirement
SECURE 2.0 Webinars
SECURE 2.0
2023 Governmental
Plan Implementation
Uncover frequently asked questions
and learn about implementation for
the industry and your governmental
retirement plan.

Watch Replay
SECURE 2.0 —
FAQs Webinar
Uncover frequently asked questions
and learn about implementation for
the industry and your governmental
retirement plan.

Watch Replay
IMPORTANT NOTICE: Shortly after this webinar was recorded, the IRS announced a two-year administrative transition period (delay) that allows employers until 2026 to comply with the new SECURE 2.0 Roth catch-up mandate. Learn more in IRS Notice 2023-62.
36 MissionSquare
Research
Institute
37 MissionSquare Retirement
2024 Trends – Overcoming Workforce
Challenges
MissionSquare Research Institute identifies five workforce trends to watch in 2024.

The trends focus on helping public employers solve a multitude of workforce challenges and become employers of choice.

1. Engaging new generations of talent

2. Expand retirement plan auto-features

3. Support employees’ financial security

4. Understand and address student loan debt

5. Modernize workforce systems and classifications
38 MissionSquare Retirement
Upcoming Research in 2024
*Please Note: These are anticipated release dates and are subject to change.

Issue briefs with detailed
breakouts of results from 35
and under survey by gender,
race/ethnicity, age, and
industry.

Jan. and Feb. 2024
Report on the impact of
student debt on select state
and local government
occupations (with University
of Minnesota).

Jan. 2024
Report on the financial well-
being of women in the public
sector workforce (with
University of Georgia).

Feb. 2024
Annual workforce survey of
state and local government
HR professionals (with PSHRA
and NASPE).

May 2024
Survey on student loan debt
among public and private
sector workers.

Fall 2024
2025 workforce trends
to watch.

Dec. 2024
39 MissionSquare Retirement
35 and Under in the Public Sector
New report presents survey results on public service motivation and priorities for organizational culture and benefits among younger public sector workers.

Click To Access
▪ Public Service Motivation
▪ Financial Outlook
▪ Importance of Benefits
▪ Retirement Thoughts
▪ Morale and Satisfaction
▪ Future Considerations

40 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.

Visit to Learn More

41 Tech Corner
42 MissionSquare Retirement
New! Plan Sponsor Campaign Toolkits
National Campaigns
Plan sponsors receive a campaign toolkit, including details for national campaigns and resources to help promote each event.

Includes:
◼ Campaign description
◼ Links to campaign materials
Main Page Sample Campaign Page
43 MissionSquare Retirement
The Employer Resource Center is your guide to the technology, processes, and services at MissionSquare.

Employer Resource Center
Access the Employer Resource Center

44 MissionSquare Retirement
Employer Bulletin
Contact us to subscribe!
The MissionSquare Employer Bulletin is a monthly newsletter that provides timely information to our clients and serves as a resource to support you in your role. 45 MissionSquare Retirement
Plan Health Dashboard
The online dashboard provides you with access to aggregated plan-level data to evaluate the performance of your MissionSquare 457(b) and/or 401(k) retirement plan(s) based on key plan metrics and compare their performance against a peer group of plans with similar characteristics. The tool is for educational purposes only.

46 MissionSquare Retirement
The Markets: Responsive Education
MissionSquare Retirement monitors market events and is here to help you stay informed with timely insights and proactive education.

Our latest Asset Allocation
Views and positioning are
informed by a subjective
assessment of the relative
attractiveness of asset
classes and subclasses over
a 12-month horizon.

Read our Market Update to
learn more about
developments in the U.S.
economy and markets —
and what our investment
team sees coming for long-
term investors.

Market Monitor Webinars
are designed to provide
timely, actionable
retirement insights in an
engaging and informative
format.

47 MissionSquare Retirement
Coming Soon – Plan Sponsor Magazine
Available in both print and digital formats, this magazine is published twice a year to provide thought leadership and insights for public sector plan sponsors and your employees.

48 MissionSquare Retirement
Technology Enhancements
We continuously aim to provide improvements to better serve you and your participants.

Enrollment process enhanced. Systematic Distributions are now available online.

Fraud prevention updated to One-
Time Passcode (OTP) requirement.
▪ Streamlined the enrollment
process
▪ New enrollees will show in
reporting going forward
▪ Employees are now able to set up
systematic distributions online
▪ Installment payments can be
chosen by the employee
▪ Increase security and reduce fraud
▪ Unregistered accounts will require
a one-time passcode
▪ If participants do not have access
to the email or phone number on
file, they will need to verify their
identity
49 MissionSquare Retirement
Online Contribution Change

50 MissionSquare Retirement
Online Contribution Change Cont.

51 51
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
52 MissionSquare Retirement
52 Questions?
City of Vallejo, California
457(b), 401(a), and RHS Plans
December 31, 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 4
Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 216,000 4,505,000 -20,493,000 114,517 Dec-23 $3.10 $4.84 $1.80 -35.8% Dec-23

3.7% 14.7% 3.4% 4.9% Dec-23 $71.90 $114.84 $16.55 -37.4% Dec-23

9.0 22.2 4.0 11.1 Dec-23 320.3 320.3 213.8 49.8%* Oct-23 $34.27 $34.27 $27.60 $30.76 Dec-23 556.1 557.4 489.9 13.5%* Dec-23 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 12/31/2023 Gas: Price per Gallon
Spot Oil
Case-Shiller Home Price Index
Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly) Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
4Q2023 Economic Data
Category
Jobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
-15%
-10%
-5%
0%
5%
10%
15%
$18,500
$19,500
$20,500
$21,500
$22,500
1Q19 4Q19 3Q20 2Q21 1Q22 4Q22 3Q23
YoY % Change$ Billion Gross Domestic Product
-10
-5
0 5
10 15
-10
-5
0 5
10 15
Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 YoY Change (%)% Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,400
$1,700
$2,000
$2,300
$2,600
$2,900
$3,200
1Q19 4Q19 3Q20 2Q21 1Q22 4Q22 3Q23
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
245
260
275
290
305
Dec-18 Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 YoY % ChangeIndex Consumer Price Index
5 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.36% 5.27% 5.27% 2.44% 1.95% 1.31%
Bloomberg US Aggregate 6.82% 5.53% 5.53% -3.31% 1.10% 1.81% Bloomberg Short US Treasury 1.46% 5.09% 5.09% 2.01% 1.89% 1.28% Bloomberg Int. US Treasury 3.99% 4.28% 4.28% -1.86% 1.02% 1.25% Bloomberg Long US Treasury 12.70% 3.06% 3.06% -11.41% -1.24% 2.28% Bloomberg US TIPS 4.71% 3.90% 3.90% -1.00% 3.15% 2.42%
Bloomberg US Credit 8.15% 8.18% 8.18% -3.21% 2.45% 2.83% Bloomberg US Mortgage-Backed 7.48% 5.05% 5.05% -2.86% 0.25% 1.38% Bloomberg US Asset-Backed 3.48% 5.54% 5.54% 0.22% 1.92% 1.81% Bloomberg US 20-Yr Municipal 10.13% 7.78% 7.78% -0.56% 2.68% 3.88% Bloomberg US High Yield 7.16% 13.45% 13.45% 1.98% 5.37% 4.60% Bloomberg Global 8.10% 5.72% 5.72% -5.51% -0.32% 0.38%
Bloomberg International 9.21% 5.72% 5.72% -7.21% -1.56% -0.79% Bloomberg Emerging Market 8.10% 9.09% 9.09% -3.13% 1.84% 3.03% 4Q2023 Bond Market Data

5.60% 5.40% 5.26%

4.79%

4.23% 4.01% 3.84% 3.88% 3.88%

4.20% 4.03%

4.12%

4.42%

4.76% 4.73%

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

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
12/31/2023 12/31/2022
0%
0%
0%
13%
13%
3%
71%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
22%
17%
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 6.30 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

9.02 1.29

0.40 11.70

1.72 0.58

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
2%
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
6 Wgt. Sector QTR YTD 1 yr.
3% Real Estate 18.83% 12.36% 12.36% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 29% Information Technology 17.17% 57.84% 57.84% S&P 500 11.69% 26.29% 26.29% 10.00% 15.69% 12.03% 13% Financials 14.03% 12.15% 12.15% Russell 1000 Value 9.50% 11.46% 11.46% 8.86% 10.91% 8.40% 9% Industrials 13.05% 18.13% 18.13% Russell 1000 Growth 14.16% 42.68% 42.68% 8.86% 19.50% 14.86% 11% Consumer Discretionary 12.42% 42.41% 42.41% Russell Mid Cap 12.82% 17.23% 17.23% 5.92% 12.68% 9.42% 9% Communication Services 10.95% 55.80% 55.80% Russell Mid Cap Value 12.11% 12.71% 12.71% 8.36% 11.16% 8.26% 2% Materials 9.69% 12.55% 12.55% Russell Mid Cap Growth 14.55% 25.87% 25.87% 1.31% 13.81% 10.57% 2% Utilities 8.56% -7.08% -7.08% Russell 2000 14.03% 16.93% 16.93% 2.22% 9.97% 7.16% 13% Health Care 6.41% 2.06% 2.06% Russell 2000 Value 15.26% 14.65% 14.65% 7.94% 10.00% 6.76% 6% Consumer Staples 5.54% 0.52% 0.52% Russell 2000 Growth 12.75% 18.66% 18.66% -3.50% 9.22% 7.16% 4% Energy -6.94% -1.33% -1.33% Russell 3000 12.07% 25.96% 25.96% 8.54% 15.16% 11.48% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 16.35% 13.96% 13.96% 7.18% 6.12% 7.00% 16% Consumer Discretionary 17.31% 24.28% 24.28%
8% Real Estate 15.46% 8.61% 8.61%
16% Financials 14.96% 8.19% 8.19%
7% Materials 14.79% 16.53% 16.53%
21% Industrials 12.37% 31.43% 31.43%
10% Information Technology 10.30% 28.69% 28.69%
2% Communication Services 10.13% -7.49% -7.49%
3% Utilities 7.79% -13.21% -13.21%
4% Consumer Staples 6.70% 15.70% 15.70%
8% Health Care 5.37% 0.52% 0.52%
5% Energy -4.71% 7.44% 7.44%
Wgt. Sector QTR YTD 1 yr.
15% Consumer Discretionary 22.57% 32.67% 32.67%
19% Financials 20.25% 5.19% 5.19%
17% Industrials 16.83% 31.84% 31.84%
8% Real Estate 16.75% 7.40% 7.40%
6% Materials 15.31% 19.98% 19.98%
10% Health Care 14.09% -2.38% -2.38%
3% Communication Services 11.28% 13.88% 13.88%
4% Consumer Staples 10.83% 14.99% 14.99%
12% Information Technology 10.24% 20.95% 20.95%
2% Utilities 9.33% -7.57% -7.57%
4% Energy -8.13% 5.02% 5.02%
4Q2023 US Equity Market Data
S&P Midcap 400 IndexS&P Smallcap 600 Index
Sectors Weights/Returns (ranked by quarter performance) Index Performance Data S&P 500 Index
Annualized

2.34%
-9.36%
-7.78%
-5.71%
-4.88%
-9.36%
-2.33%
-13.89%

1.56%
-5.96%
-40%
-30%
-20%
-10%
0%
10%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2023 2022 2021 2020 2019 Small Cap (Russell 2000) - Large Cap (S&P 500)
Performance Spread

4.26%

29.55%
-0.73%

8.00%

6.06%

29.55%
-20.99%

0.48%

35.39%

9.59%
-50%
-25%
0%
25%
50%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2023 2022 2021 2020 2019 Growth (Russell 3000 Growth) - Value (Russell 3000 Value) Performance Spread
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
GrowthSource: Morningstar
7 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 9.75% 15.62% 15.62% 1.55% 7.08% 3.83% UK 9% MSCI EAFE 10.42% 18.24% 18.24% 4.02% 8.16% 4.28% France 8% Europe 11.05% 19.89% 19.89% 5.80% 9.09% 4.13% Canada 8% United Kingdom 6.86% 14.09% 14.09% 8.76% 6.87% 2.49% China 7% Germany 13.04% 22.98% 22.98% 0.20% 6.27% 1.99% Switzerland 6% France 10.31% 21.40% 21.40% 7.94% 10.47% 5.72% Germany 6% Pacific 9.25% 15.27% 15.27% 0.95% 6.55% 4.62% Australia 5% Japan 8.19% 20.32% 20.32% 0.66% 6.91% 4.97% India 5%
Hong Kong 3.42% -14.77% -14.77% -7.93% -1.84% 2.03% Taiwan 4% Australia 15.23% 14.79% 14.79% 5.97% 9.72% 4.99%
Canada 11.23% 15.44% 15.44% 8.21% 11.22% 4.60%
MSCI EM 7.86% 9.83% 9.83% -5.08% 3.69% 2.66%
MSCI EM Latin America 17.55% 32.71% 32.71% 9.93% 6.11% 2.11% MSCI EM Asia 6.71% 7.76% 7.76% -6.90% 4.32% 4.13%
MSCI EM Eur/Mid East 6.91% 10.63% 10.63% -3.93% -0.45% -2.60% MSCI ACWI Value ex-US 8.43% 17.30% 17.30% 5.80% 6.34% 2.92% MSCI ACWI Growth ex-US 11.13% 14.03% 14.03% -2.67% 7.49% 4.55% MSCI ACWI Sm Cap ex-US 10.12% 15.66% 15.66% 1.49% 7.89% 4.88% Exchange Rates QTR 3Q23 2Q23 1Q23 4Q22 3Q22
Japanese Yen 140.92 149.43 144.47 132.75 131.81 144.71
Euro 0.90 0.94 0.92 0.92 0.93 1.02
British Pound 0.78 0.82 0.79 0.81 0.83 0.90
Swiss Franc 0.84 0.91 0.89 0.91 0.92 0.98
Chinese Yuan 7.10 7.30 7.25 6.87 6.90 7.11
4Q2023 International Market Data

10.42%

18.24%

4.02%

8.16%

4.96%

16.16%

8.64%

9.49%
-10% 0% 10% 20% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

7.86%

9.83%
-5.08%

3.69%

5.58%

9.85%
-2.53%

5.42%
-8% 0% 8% 16%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$

0.4% 0.0%
-0.1%

0.8% 1.1%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread

2.7%
-3.3%
-8.5%

1.1% 1.6%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
4%
4%
-3%
-1%
-2%
6%
-6%
-10%
-5%
-3%
4%
6%
-2%
0%
-3%
9%
10%
2%
3%
1%
3%
-2%
-3%
-1%
-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
43%
Asia
30%
Canada
8%
Emerging
19%
Regional Exposure
MSCI ACWI ex-USA
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
Performance Source: MorningstarSource: Federal Reserve Bank of St. Louis Source: Morningstar
8 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 4Q23 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

26.29%
Small Cap

14.03%
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%
Mid Cap

17.23%
Mid Cap

12.82%
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%
Small Cap

16.93%
Large Cap

11.69%
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%
Global
Balanced

16.35%
Intl

9.75%
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%
Intl

15.62%
Global
Balanced

9.75%
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

13.45%
Global
Bonds

8.10%
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

9.83%
Emerging
Markets

7.86%
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%
Global
Bonds

5.72%
High Yield

7.16%
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

5.53%
US Bonds

6.82%
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%
Cash

5.27%
TIPS

4.71%
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%
TIPS

3.90%
Cash

1.36%
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%
Commod.
-7.91%
Commod.
-4
.63%
Emerging
Markets
-53.33%
Core Real
Estate
-30.40%
Cash

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

0.25%
Cash

0.71%
Emerging
Markets
-14.58%
Cash

2.30%
Commod.
-3.12%
Global
Bonds
-4.71%
Small Cap
-20.44%
Core Real
Estate
-12.74%
Core Real
Estate
-5.01%
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
9 Section 2 | Plan Overview

Market Value: $55,050,438Hyas Group Contact
Vincent Galindo
Senior Principal
[email protected]
Fixed Income

31.15%
Loans

1.64%
Asset Allocation

22.04%
International

8.02%
Small Cap

3.18%
Mid Cap

6.12% Large Cap

27.87%
Plan Notes
Fund: None at this time.

Governance: 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. 6,700,014 12.17 MFS Mid Cap Growth R6 1Q23 Qualitative Significant manager change. Remove from watch. 1,147,624 2.08 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Overview As of December 31, 2023
10 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 47,917,998 (433,447) 3,954,083 100.00 51,438,635 Fixed Income 36.88 17,671,759 (993,674) 375,315 33.15 17,053,401 Large Cap 27.47 13,161,836 136,599 1,720,052 29.20 15,018,487 Mid Cap 6.14 2,940,164 9,888 357,527 6.43 3,307,579
Small Cap 3.20 1,535,654 (6,068) 214,563 3.39 1,744,148 International 8.27 3,961,926 13,345 402,905 8.51 4,378,175 Asset Allocation 18.04 8,646,659 326,094 882,791 19.16 9,855,543 SDBA 0.00 - 80,371 930 0.16 81,301
Plan Returns
Total 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

10.49 19.67

9.48 16.07

8.46 12.53

8.25 15.29
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 11 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 17,671,759 (993,674) 375,315 17,053,401 33.15 - MissionSquare PLUS Fund R10 92208j709 13,327,150 (886,846) 93,058 12,533,362 24.37 216 Fidelity US Bond Index FXNAX 2,133,976 (27,228) 140,307 2,247,055 4.37 70 Sterling Capital Total Return Bond R6 STRDX 2,210,634 (79,600) 141,951 2,272,984 4.42 120 Large Cap 13,161,836 136,599 1,720,052 15,018,487 29.20 - MFS Value R6 MEIKX 1,762,692 11,553 169,196 1,943,440 3.78 147 Fidelity 500 Index FXAIX 5,815,843 56,999 682,995 6,555,837 12.74 214 Vanguard US Growth Adm VWUAX 5,583,302 68,047 867,862 6,519,210 12.67 184 Mid Cap 2,940,164 9,888 357,527 3,307,579 6.43 -
Allspring Special Mid Cap Value Fund WFPRX 606,585 18,151 58,553 683,289 1.33 127 Fidelity Mid Cap Index FSMDX 1,339,424 (25,549) 166,988 1,480,863 2.88 153 MFS Mid Cap Growth R6 OTCKX 994,155 17,286 131,986 1,143,427 2.22 98 Small Cap 1,535,654 (6,068) 214,563 1,744,148 3.39 -
Fidelity Small Cap Index FSSNX 1,535,654 (6,068) 214,563 1,744,148 3.39 164 International 3,961,926 13,345 402,905 4,378,175 8.51 - Vanguard International Value Inv VTRIX 689,635 14,302 65,244 769,181 1.50 122 Fidelity Total International Index FTIHX 2,519,008 3,140 251,134 2,773,283 5.39 147 Vanguard International Growth Adm VWILX 753,282 (4,097) 86,527 835,712 1.62 108 Asset Allocation 8,646,659 326,094 882,791 9,855,543 19.16 - Vanguard Target Retirement Income VTINX 238,226 (729) 17,347 254,844 0.50 8 Vanguard Target Retirement 2020 VTWNX 254,059 6,247 20,661 280,968 0.55 11 Vanguard Target Retirement 2025 VTTVX 1,094,382 68,798 102,735 1,265,914 2.46 29 Vanguard Target Retirement 2030 VTHRX 929,925 58,171 92,486 1,080,583 2.10 36 Vanguard Target Retirement 2035 VTTHX 2,090,989 23,302 208,132 2,322,423 4.51 34 Vanguard Target Retirement 2040 VFORX 903,198 (20,693) 91,751 974,256 1.89 21 Vanguard Target Retirement 2045 VTIVX 931,520 50,992 101,779 1,084,291 2.11 32 Vanguard Target Retirement 2050 VFIFX 1,295,064 41,043 142,671 1,478,778 2.87 51 Vanguard Target Retirement 2055 VFFVX 647,855 71,703 74,903 794,461 1.54 38 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
12 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 230,635 23,929 26,740 281,303 0.55 15 Vanguard Target Retirement 2065 VLXVX 30,805 3,331 3,588 37,723 0.07 2 SDBA - 80,371 930 81,301 0.16 -
MissionSquare Brokerage - 80,371 930 81,301 0.16 3
Total 47,917,998 (433,447) 3,954,083 51,438,635 100.00 - 13 Asset Allocation
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 17,430,725 37.18 17,626,511 36.10 17,671,759 36.88 17,053,401 33.15 Large Cap 12,626,764 26.94 13,717,572 28.09 13,161,836 27.47 15,018,487 29.20 Mid Cap 3,101,836 6.62 3,090,687 6.33 2,940,164 6.14 3,307,579 6.43 Small Cap 1,617,079 3.45 1,621,129 3.32 1,535,654 3.20 1,744,148 3.39 International 4,218,152 9.00 4,255,675 8.72 3,961,926 8.27 4,378,175 8.51 Asset Allocation 7,881,425 16.81 8,514,146 17.44 8,646,659 18.04 9,855,543 19.16 SDBA - 0.00 - 0.00 - 0.00 81,301 0.16
Total 46,875,979 100.00 48,825,719 100.00 47,917,998 100.00 51,438,635 100.00 Cash Flow Summary
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Participants 508 514 515 514
Calculated Return (%) 4.99 4.16 (2.61) 8.25
Cash Flow (+/-) $ (516,665) 1,377 366,588 (433,447)
Market Adjustment $ 2,251,735 1,948,363 (1,274,309) 3,954,083 Fee Summary
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Record Keeper Fees 0.025 11,719 0.025 12,206 0.025 11,979 0.025 12,860 Administrative Fees 0.100 46,876 0.100 48,826 0.100 47,918 0.100 51,439 Weighted Investment Fees 0.207 97,181 0.202 98,872 0.196 94,054 0.191 98,073 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
14 Historical Asset Allocation
Fixed Income
Large Cap
Mid Cap
Small Cap
International
Asset Allocation
SDBA
Loans

0.0%

20.0%

40.0%

60.0%

80.0%
100.0%
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Mar-2023
Ending
Market Value $
Ending
Value %
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Fixed Income 17,430,725 36.4 17,626,511 35.4 17,671,759 36.2 17,053,401 32.6 Large Cap 12,626,764 26.4 13,717,572 27.6 13,161,836 26.9 15,018,487 28.7 Mid Cap 3,101,836 6.5 3,090,687 6.2 2,940,164 6.0 3,307,579 6.3 Small Cap 1,617,079 3.4 1,621,129 3.3 1,535,654 3.1 1,744,148 3.3 International 4,218,152 8.8 4,255,675 8.5 3,961,926 8.1 4,378,175 8.4 Asset Allocation 7,881,425 16.5 8,514,146 17.1 8,646,659 17.7 9,855,543 18.8 SDBA - 0.0 - 0.0 - 0.0 81,301 0.2
Loans 956,489 2.0 960,667 1.9 943,600 1.9 900,195 1.7
Total 47,832,468 100.0 49,786,387 100.0 48,861,598 100.0 52,338,830 100.0 Admin Account Balance
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Admin Account $ 46,515 49,866 53,573 57,865
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
15 Plan Value Over Time
0 9,000,000
18,000,000
27,000,000
36,000,000
45,000,000
54,000,000
63,000,000
2022 YTD
45,140,909
51,438,635
2022 YTD
Beginning Market Value $ 53,098,741 45,140,909
Cash Flow (+/-) $ 242,294 (582,147)
Market Adjustment $ (8,200,126) 6,879,872
Ending Market Value $ 45,140,909 51,438,635
Participants 504 514
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of December 31, 2023
16 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, California | 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
17 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 100.00 435,891 2,061 44,559 100.00 482,511
Fixed Income 15.04 65,545 (1,284) 2,078 13.75 66,340
Large Cap 31.27 136,289 42 18,698 32.13 155,028
Mid Cap 6.25 27,258 (35) 3,489 6.36 30,712
Small Cap 0.06 253 (9) 35 0.06 279
International 3.59 15,663 20 1,580 3.58 17,263
Asset Allocation 43.79 190,883 3,327 18,679 44.12 212,889 Plan Returns
Total 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

10.49 19.67

9.48 16.07

8.46 12.53

10.22 19.76
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 18 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 65,545 (1,284) 2,078 66,340 13.75 -
MissionSquare PLUS Fund R10 92208j709 38,442 (1,290) 279 37,430 7.76 3 Fidelity US Bond Index FXNAX 25,292 (11) 1,677 26,958 5.59 4 Sterling Capital Total Return Bond R6 STRDX 1,812 17 123 1,951 0.40 3 Large Cap 136,289 42 18,698 155,028 32.13 -
MFS Value R6 MEIKX 130 - 12 141 0.03 2
Fidelity 500 Index FXAIX 62,540 (66) 7,309 69,783 14.46 5 Vanguard US Growth Adm VWUAX 73,619 108 11,376 85,104 17.64 7 Mid Cap 27,258 (35) 3,489 30,712 6.36 -
Allspring Special Mid Cap Value Fund WFPRX 78 - 7 85 0.02 2 Fidelity Mid Cap Index FSMDX 24,834 (32) 3,175 27,977 5.80 4 MFS Mid Cap Growth R6 OTCKX 2,346 (3) 307 2,650 0.55 2
Small Cap 253 (9) 35 279 0.06 -
Fidelity Small Cap Index FSSNX 253 (9) 35 279 0.06 3
International 15,663 20 1,580 17,263 3.58 -
Vanguard International Value Inv VTRIX 130 1 12 143 0.03 2 Fidelity Total International Index FTIHX 14,234 3 1,418 15,655 3.24 4 Vanguard International Growth Adm VWILX 1,299 16 150 1,465 0.30 1 Asset Allocation 190,883 3,327 18,679 212,889 44.12 -
Vanguard Target Retirement Income VTINX - - - - 0.00 -
Vanguard Target Retirement 2020 VTWNX 11,411 (4) 912 12,320 2.55 1 Vanguard Target Retirement 2025 VTTVX 5,646 77 508 6,231 1.29 2 Vanguard Target Retirement 2030 VTHRX 118,475 603 11,303 130,382 27.02 7 Vanguard Target Retirement 2035 VTTHX 17,460 114 1,735 19,309 4.00 4 Vanguard Target Retirement 2040 VFORX 18,380 885 1,953 21,217 4.40 5 Vanguard Target Retirement 2045 VTIVX 10,925 444 1,187 12,555 2.60 4 Vanguard Target Retirement 2050 VFIFX 5,602 77 613 6,292 1.30 2 Vanguard Target Retirement 2055 VFFVX 2,984 1,131 469 4,585 0.95 2 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 2023
19 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 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 435,891 2,061 44,559 482,511 100.00 -
20 Asset Allocation
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 66,333 15.62 66,157 14.74 65,545 15.04 66,340 13.75 Large Cap 127,347 29.99 141,583 31.54 136,289 31.27 155,028 32.13 Mid Cap 27,228 6.41 28,639 6.38 27,258 6.25 30,712 6.36 Small Cap 204 0.05 261 0.06 253 0.06 279 0.06
International 15,986 3.76 16,365 3.65 15,663 3.59 17,263 3.58 Asset Allocation 187,511 44.16 195,916 43.64 190,883 43.79 212,889 44.12 Total 424,610 100.00 448,920 100.00 435,891 100.00 482,511 100.00 Cash Flow Summary
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Participants 33 32 32 33
Calculated Return (%) 6.45 5.42 (3.17) 10.22
Cash Flow (+/-) $ (28,227) 1,301 1,214 2,061
Market Adjustment $ 27,376 23,009 (14,243) 44,559
Fee Summary
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Record Keeper Fees 0.025 106 0.025 112 0.025 109 0.025 121 Administrative Fees 0.100 425 0.100 449 0.100 436 0.100 483 Weighted Investment Fees 0.117 496 0.118 528 0.109 477 0.108 521 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 2023
21 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%
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Mar-2023
Ending
Market Value $
Ending
Value %
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Fixed Income 66,333 15.6 66,157 14.7 65,545 15.0 66,340 13.7 Large Cap 127,347 30.0 141,583 31.5 136,289 31.3 155,028 32.1 Mid Cap 27,228 6.4 28,639 6.4 27,258 6.3 30,712 6.4
Small Cap 204 0.0 261 0.1 253 0.1 279 0.1
International 15,986 3.8 16,365 3.6 15,663 3.6 17,263 3.6 Asset Allocation 187,511 44.2 195,916 43.6 190,883 43.8 212,889 44.1 Loans - 0.0 - 0.0 - 0.0 - 0.0
Total 424,610 100.0 448,920 100.0 435,891 100.0 482,511 100.0 Admin Account Balance
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Admin Account $ 849 967 1,083 1,204
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 2023
22 Plan Value Over Time
0 90,000
180,000
270,000
360,000
450,000
540,000
630,000
2022 YTD
425,460
482,511
2022 YTD
Beginning Market Value $ 481,818 425,460
Cash Flow (+/-) $ 35,957 (23,650)
Market Adjustment $ (92,315) 80,701
Ending Market Value $ 425,460 482,511
Participants 35 33
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of December 31, 2023
23 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, California | 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
24 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 2,041,255 54,069 215,093 100.00 2,310,418
Fixed Income 1.21 24,722 2,229 341 1.18 27,293
Large Cap 7.01 143,063 6,658 20,221 7.36 169,941
Mid Cap 1.14 23,367 1,804 3,226 1.23 28,396
Small Cap 0.22 4,468 (959) 381 0.17 3,890
International 0.86 17,571 (719) 1,604 0.80 18,456
Asset Allocation 89.56 1,828,064 45,057 189,320 89.27 2,062,442 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

10.49 19.67

9.48 16.07

8.46 12.53

10.53 19.38
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 25 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 24,722 2,229 341 27,293 1.18 -
MissionSquare PLUS Fund S11 92211r318 24,425 512 179 25,117 1.09 11 Fidelity US Bond Index FXNAX 297 1,697 161 2,156 0.09 2 Sterling Capital Total Return Bond R6 STRDX - 20 1 20 0.00 1 Large Cap 143,063 6,658 20,221 169,941 7.36 -
MFS Value R6 MEIKX 144 43 16 203 0.01 3
Fidelity 500 Index FXAIX 62,883 3,578 7,577 74,038 3.20 24 Vanguard US Growth Adm VWUAX 80,036 3,037 12,627 95,700 4.14 22 Mid Cap 23,367 1,804 3,226 28,396 1.23 -
Allspring Special Mid Cap Value Fund WFPRX 771 182 87 1,040 0.05 3 Fidelity Mid Cap Index FSMDX 21,374 1,468 2,967 25,809 1.12 11 MFS Mid Cap Growth R6 OTCKX 1,221 153 172 1,547 0.07 3
Small Cap 4,468 (959) 381 3,890 0.17 -
Fidelity Small Cap Index FSSNX 4,468 (959) 381 3,890 0.17 6 International 17,571 (719) 1,604 18,456 0.80 -
Vanguard International Value Inv VTRIX - - - - 0.00 -
Fidelity Total International Index FTIHX 17,571 (719) 1,604 18,456 0.80 10 Vanguard International Growth Adm VWILX - - - - 0.00 -
Asset Allocation 1,828,064 45,057 189,320 2,062,442 89.27 - Vanguard Target Retirement Income VTINX 5,308 243 396 5,948 0.26 5 Vanguard Target Retirement 2020 VTWNX 63,199 (2,169) 4,934 65,963 2.86 24 Vanguard Target Retirement 2025 VTTVX 172,261 (2,095) 15,482 185,647 8.04 40 Vanguard Target Retirement 2030 VTHRX 168,890 3,805 16,312 189,007 8.18 42 Vanguard Target Retirement 2035 VTTHX 186,183 6,161 18,790 211,134 9.14 55 Vanguard Target Retirement 2040 VFORX 308,654 6,256 32,019 346,929 15.02 80 Vanguard Target Retirement 2045 VTIVX 321,663 11,513 34,802 367,978 15.93 93 Vanguard Target Retirement 2050 VFIFX 382,216 9,162 41,987 433,365 18.76 115 Vanguard Target Retirement 2055 VFFVX 187,267 8,021 20,801 216,090 9.35 88 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
26 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 29,758 3,428 3,457 36,643 1.59 31 Vanguard Target Retirement 2065 VLXVX 2,665 733 341 3,739 0.16 6 Total 2,041,255 54,069 215,093 2,310,418 100.00 -
27 Asset Allocation
Mar-2023
Ending
Market Value $
Ending
Market Value %
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Fixed Income 22,346 1.20 23,757 1.16 24,722 1.21 27,293 1.18 Large Cap 112,970 6.07 134,514 6.59 143,063 7.01 169,941 7.36 Mid Cap 21,972 1.18 23,880 1.17 23,367 1.14 28,396 1.23 Small Cap 3,514 0.19 4,327 0.21 4,468 0.22 3,890 0.17
International 16,120 0.87 17,346 0.85 17,571 0.86 18,456 0.80 Asset Allocation 1,682,854 90.49 1,836,337 90.01 1,828,064 89.56 2,062,442 89.27 Total 1,859,777 100.00 2,040,162 100.00 2,041,255 100.00 2,310,418 100.00 Cash Flow Summary
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Participants 546 564 580 595
Calculated Return (%) 6.47 5.05 (3.43) 10.53
Cash Flow (+/-) $ 48,012 86,266 71,079 54,069
Market Adjustment $ 110,120 94,119 (69,985) 215,093
Fee Summary
Mar-2023
Current % Est Asset $
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Record Keeper Fees 1.317 24,484 1.241 25,321 1.260 25,726 1.194 27,582 Weighted Investment Fees 0.086 1,605 0.087 1,771 0.085 1,739 0.085 1,968 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
28 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%
Mar-2023 Jun-2023 Sep-2023 Dec-2023
Mar-2023
Ending
Market Value $
Ending
Value %
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Fixed Income 22,346 1.2 23,757 1.2 24,722 1.2 27,293 1.2 Large Cap 112,970 6.1 134,514 6.6 143,063 7.0 169,941 7.4 Mid Cap 21,972 1.2 23,880 1.2 23,367 1.1 28,396 1.2
Small Cap 3,514 0.2 4,327 0.2 4,468 0.2 3,890 0.2
International 16,120 0.9 17,346 0.9 17,571 0.9 18,456 0.8 Asset Allocation 1,682,854 90.5 1,836,337 90.0 1,828,064 89.6 2,062,442 89.3 Total 1,859,777 100.0 2,040,162 100.0 2,041,255 100.0 2,310,418 100.0 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
29 Plan Value Over Time
0 450,000
900,000
1,350,000
1,800,000
2,250,000
2,700,000
3,150,000
2022 YTD
1,701,645
2,310,418
2022 YTD
Beginning Market Value $ 1,778,538 1,701,645
Cash Flow (+/-) $ 246,659 259,426
Market Adjustment $ (323,552) 349,348
Ending Market Value $ 1,701,645 2,310,418
Participants 535 595
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of December 31, 2023
30 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, California | 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
31 Section 6 | Fund Review

Fund Name Asset-ID Mgmt 5 Year Return Difference 5 Year Rank Watch Status Qualitative Factors Quantitative Factors MissionSquare PLUS Fund R10 92208j709 Active 0.19 - ˜ ˜ MissionSquare PLUS Fund S11 92211r318 Active 0.18 - ˜ ˜ Sterling Capital Total Return Bond R6 STRDX Active 0.60 11 ˜ ˜ MFS Value R6 MEIKX Active 0.74 41 ˜ ˜
Vanguard US Growth Adm VWUAX Active -3.59 53 2Q22 ˜ ˜
Allspring Special Mid Cap Value Fund WFPRX Active 2.43 15 ˜ ˜ MFS Mid Cap Growth R6 OTCKX Active -0.56 39 1Q23 ˜ ˜
Vanguard International Value Inv VTRIX Active 1.43 41 ˜ ˜ Vanguard International Growth Adm VWILX Active 3.13 14 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of December 31, 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. 32 Fund Name Asset-ID Mgmt Expense Ratio 5 Year Return Difference 5 Year Rank Watch Status Qualitative Factors Quantitative Factors Fidelity US Bond Index FXNAX Passive 0.03 -0.04 50 ˜ ˜
Fidelity 500 Index FXAIX Passive 0.02 -0.01 17 ˜ ˜
Fidelity Mid Cap Index FSMDX Passive 0.03 0.00 28 ˜ ˜
Fidelity Small Cap Index FSSNX Passive 0.03 0.10 64 ˜ ˜ Fidelity Total International Index FTIHX Passive 0.06 0.01 70 ˜ ˜ Vanguard Target Retirement Income VTINX Passive 0.08 -0.32 41 ˜ ˜ Vanguard Target Retirement 2020 VTWNX Passive 0.08 -0.37 38 ˜ ˜ Vanguard Target Retirement 2025 VTTVX Passive 0.08 -0.45 23 ˜ ˜ Vanguard Target Retirement 2030 VTHRX Passive 0.08 -0.46 34 ˜ ˜ Vanguard Target Retirement 2035 VTTHX Passive 0.08 -0.47 46 ˜ ˜ Vanguard Target Retirement 2040 VFORX Passive 0.08 -0.45 46 ˜ ˜ Vanguard Target Retirement 2045 VTIVX Passive 0.08 -0.44 36 ˜ ˜ Vanguard Target Retirement 2050 VFIFX Passive 0.08 -0.45 36 ˜ ˜ Vanguard Target Retirement 2055 VFFVX Passive 0.08 -0.46 37 ˜ ˜ Vanguard Target Retirement 2060 VTTSX Passive 0.08 -0.45 42 ˜ ˜ Vanguard Target Retirement 2065 VLXVX Passive 0.08 -0.47 76 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of December 31, 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. 33 Performance Review
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017
MissionSquare PLUS Fund R10 0.73 2.78 2.22 2.26 2.18 1.97 1.89 2.22 2.45 2.27 2.12 US T-Bill CMT 5 Year 1.09 4.07 2.63 2.07 1.96 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.36) (1.29) (0.41) 0.19 0.22 (1.03) 1.04 1.68 0.49 (0.48) 0.21 IM U.S. GIC/Stable Value (SA+CF) Rank 20 20 13 16 13 9 9 15 26 11 12 MissionSquare PLUS Fund S11 0.73 2.77 2.21 2.26 2.18 1.96 1.89 2.22 2.45 2.27 2.12 US T-Bill CMT 5 Year 1.09 4.07 2.63 2.07 1.96 3.00 0.85 0.54 1.96 2.75 1.91 +/- Index (0.36) (1.30) (0.42) 0.19 0.22 (1.04) 1.04 1.68 0.49 (0.48) 0.21 IM U.S. GIC/Stable Value (SA+CF) Rank 20 20 13 17 13 9 9 15 26 11 12 Fidelity US Bond Index 6.64 5.56 (3.40) 1.06 1.78 (13.03) (1.79) 7.80 8.48 0.01 3.50 Blmbg. U.S. Aggregate Index 6.82 5.53 (3.31) 1.10 1.81 (13.01) (1.55) 7.51 8.72 0.01 3.54 +/- Index (0.18) 0.03 (0.09) (0.04) (0.03) (0.02) (0.24) 0.29 (0.24) 0.00 (0.04) Intermediate Core Bond Rank 62 53 46 50 40 30 63 49 50 27 45 Sterling Capital Total Return Bond R6 6.70 5.97 (3.10) 1.70 2.27 (13.15) (1.12) 9.35 9.37 (0.27) 4.33 Blmbg. U.S. Aggregate Index 6.82 5.53 (3.31) 1.10 1.81 (13.01) (1.55) 7.51 8.72 0.01 3.54 +/- Index (0.12) 0.44 0.21 0.60 0.46 (0.14) 0.43 1.84 0.65 (0.28) 0.79 Intermediate Core Bond Rank 51 29 25 11 7 36 26 16 17 42 13 MFS Value R6 9.54 8.29 8.60 11.64 8.79 (5.80) 25.55 4.03 30.18 (9.78) 17.86 Russell 1000 Value Index 9.50 11.46 8.86 10.91 8.40 (7.54) 25.16 2.80 26.54 (8.27) 13.66 +/- Index 0.04 (3.17) (0.26) 0.73 0.39 1.74 0.39 1.23 3.64 (1.51) 4.20 Large Value Rank 51 75 72 41 34 54 56 37 8 65 30
Fidelity 500 Index 11.69 26.29 9.99 15.68 12.02 (18.13) 28.69 18.40 31.47 (4.40) 21.81 S&P 500 Index 11.69 26.29 10.00 15.69 12.03 (18.11) 28.71 18.40 31.49 (4.38) 21.83 +/- Index 0.00 0.00 (0.01) (0.01) (0.01) (0.02) (0.02) 0.00 (0.02) (0.02) (0.02) Large Blend Rank 45 24 23 17 8 50 21 35 22 24 32
City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of December 31, 2023
34 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of December 31, 2023
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017
Vanguard US Growth Adm 15.43 45.31 (0.42) 15.91 13.00 (39.58) 12.45 58.74 33.51 0.75 31.74 Russell 1000 Growth Index 14.16 42.68 8.86 19.50 14.86 (29.14) 27.60 38.49 36.39 (1.51) 30.21 +/- Index 1.27 2.63 (9.28) (3.59) (1.86) (10.44) (15.15) 20.25 (2.88) 2.26 1.53 Large Growth Rank 18 21 88 53 35 91 87 9 43 27 29
Allspring Special Mid Cap Value Fund 9.33 9.62 10.48 13.59 9.29 (4.50) 28.80 3.36 35.68 (13.02) 11.27 Russell Midcap Value Index 12.11 12.71 8.36 11.16 8.26 (12.03) 28.34 4.96 27.06 (12.29) 13.34 +/- Index (2.78) (3.09) 2.12 2.43 1.03 7.53 0.46 (1.60) 8.62 (0.73) (2.07) Mid-Cap Value Rank 88 80 38 15 10 22 50 46 2 44 78
Fidelity Mid Cap Index 12.79 17.21 5.92 12.68 9.41 (17.28) 22.56 17.11 30.51 (9.05) 18.47 Russell Midcap Index 12.82 17.23 5.92 12.68 9.42 (17.32) 22.58 17.10 30.54 (9.06) 18.52 +/- Index (0.03) (0.02) 0.00 0.00 (0.01) 0.04 (0.02) 0.01 (0.03) 0.01 (0.05) Mid-Cap Blend Rank 23 28 63 28 13 71 65 25 25 26 28
MFS Mid Cap Growth R6 13.08 21.50 (0.18) 13.25 11.02 (28.29) 14.17 35.80 37.93 1.21 26.39 Russell Midcap Growth Index 14.55 25.87 1.31 13.81 10.57 (26.72) 12.73 35.59 35.47 (4.75) 25.27 +/- Index (1.47) (4.37) (1.49) (0.56) 0.45 (1.57) 1.44 0.21 2.46 5.96 1.12 Mid-Cap Growth Rank 40 42 43 39 12 50 38 52 21 9 39
Fidelity Small Cap Index 14.05 17.12 2.32 10.07 7.32 (20.27) 14.71 19.99 25.71 (10.88) 14.85 Russell 2000 Index 14.03 16.93 2.22 9.97 7.16 (20.44) 14.82 19.96 25.53 (11.01) 14.65 +/- Index 0.02 0.19 0.10 0.10 0.16 0.17 (0.11) 0.03 0.18 0.13 0.20 Small Blend Rank 21 38 83 64 50 79 88 14 33 33 25
Vanguard International Value Inv 9.27 16.15 3.47 7.77 3.78 (11.66) 7.97 8.99 20.39 (14.52) 27.96 MSCI AC World ex USA Value (Net) 8.43 17.30 5.80 6.34 2.92 (8.59) 10.46 (0.77) 15.72 (13.97) 22.66 +/- Index 0.84 (1.15) (2.33) 1.43 0.86 (3.07) (2.49) 9.76 4.67 (0.55) 5.30 Foreign Large Value Rank 32 67 85 41 34 72 87 5 30 27 10 35 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of December 31, 2023
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017
Fidelity Total International Index 9.97 15.51 1.61 7.20 - (16.28) 8.47 11.07 21.48 (14.38) 27.63 MSCI AC World ex USA IMI (Net) 9.81 15.62 1.53 7.19 3.97 (16.58) 8.53 11.12 21.63 (14.76) 27.81 +/- Index 0.16 (0.11) 0.08 0.01 - 0.30 (0.06) (0.05) (0.15) 0.38 (0.18) Foreign Large Blend Rank 51 64 66 70 - 58 70 39 61 42 26 Vanguard International Growth Adm 11.37 14.81 (7.61) 10.62 7.09 (30.79) (0.74) 59.74 31.48 (12.58) 43.16 MSCI AC World ex USA Growth (Net) 11.12 14.03 (2.67) 7.49 4.55 (23.05) 5.09 22.20 27.34 (14.43) 32.01 +/- Index 0.25 0.78 (4.94) 3.13 2.54 (7.74) (5.83) 37.54 4.14 1.85 11.15 Foreign Large Growth Rank 58 69 93 14 9 84 87 2 23 36 6 Vanguard Target Retirement Income 7.26 10.65 0.54 4.82 4.08 (12.74) 5.25 10.02 13.16 (1.99) 8.47 Vanguard Target Income Composite Index (Net) 7.33 10.80 0.76 5.13 4.32 (12.44) 5.44 10.70 13.41 (1.97) 8.68 +/- Index (0.07) (0.15) (0.22) (0.31) (0.24) (0.30) (0.19) (0.68) (0.25) (0.02) (0.21) Target-Date Retirement Rank 58 45 40 41 21 52 63 29 46 15 53 Vanguard Target Retirement 2020 8.00 12.51 1.47 6.61 5.52 (14.15) 8.17 12.04 17.63 (4.24) 14.08 Vanguard Target 2020 Composite Index (Net) 7.97 12.65 1.74 6.98 5.81 (13.77) 8.43 12.85 17.87 (4.13) 14.22 +/- Index 0.03 (0.14) (0.27) (0.37) (0.29) (0.38) (0.26) (0.81) (0.24) (0.11) (0.14) Target-Date 2020 Rank 65 26 43 38 19 41 64 40 26 40 17
Vanguard Target Retirement 2025 8.87 14.55 2.03 7.56 6.10 (15.55) 9.80 13.30 19.63 (5.15) 15.94 Vanguard Target 2025 Composite Index (Net) 8.85 14.74 2.39 8.01 6.43 (15.02) 10.09 14.19 19.93 (5.00) 16.08 +/- Index 0.02 (0.19) (0.36) (0.45) (0.33) (0.53) (0.29) (0.89) (0.30) (0.15) (0.14) Target-Date 2025 Rank 33 5 26 23 10 53 51 35 21 42 24
Vanguard Target Retirement 2030 9.50 15.99 2.65 8.37 6.58 (16.27) 11.38 14.10 21.07 (5.86) 17.52 Vanguard Target 2030 Composite Index (Net) 9.51 16.26 3.05 8.83 6.92 (15.71) 11.66 14.98 21.34 (5.72) 17.66 +/- Index (0.01) (0.27) (0.40) (0.46) (0.34) (0.56) (0.28) (0.88) (0.27) (0.14) (0.14) Target-Date 2030 Rank 42 6 34 34 19 47 56 36 34 34 36
36 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of December 31, 2023
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2035 9.87 17.14 3.33 9.17 7.06 (16.62) 12.96 14.79 22.44 (6.58) 19.12 Vanguard Target 2035 Composite Index (Net) 9.86 17.43 3.72 9.64 7.40 (16.10) 13.24 15.67 22.76 (6.46) 19.25 +/- Index 0.01 (0.29) (0.39) (0.47) (0.34) (0.52) (0.28) (0.88) (0.32) (0.12) (0.13) Target-Date 2035 Rank 63 25 48 46 27 38 79 40 47 28 41
Vanguard Target Retirement 2040 10.23 18.34 4.02 9.99 7.52 (16.98) 14.56 15.47 23.86 (7.32) 20.71 Vanguard Target 2040 Composite Index (Net) 10.20 18.60 4.38 10.43 7.87 (16.51) 14.84 16.31 24.19 (7.22) 20.86 +/- Index 0.03 (0.26) (0.36) (0.44) (0.35) (0.47) (0.28) (0.84) (0.33) (0.10) (0.15) Target-Date 2040 Rank 73 45 58 46 30 34 80 39 45 31 28
Vanguard Target Retirement 2045 10.57 19.48 4.68 10.76 7.91 (17.36) 16.16 16.30 24.94 (7.90) 21.42 Vanguard Target 2045 Composite Index (Net) 10.54 19.77 5.03 11.20 8.25 (16.93) 16.45 17.02 25.37 (7.77) 21.55 +/- Index 0.03 (0.29) (0.35) (0.44) (0.34) (0.43) (0.29) (0.72) (0.43) (0.13) (0.13) Target-Date 2045 Rank 70 40 46 36 24 31 67 35 38 38 27
Vanguard Target Retirement 2050 10.79 20.17 4.91 10.93 7.99 (17.46) 16.41 16.39 24.98 (7.90) 21.39 Vanguard Target 2050 Composite Index (Net) 10.78 20.48 5.27 11.37 8.34 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index 0.01 (0.31) (0.36) (0.44) (0.35) (0.39) (0.34) (0.78) (0.39) (0.13) (0.16) Target-Date 2050 Rank 66 39 38 36 22 29 71 36 42 32 34
Vanguard Target Retirement 2055 10.78 20.16 4.92 10.92 7.97 (17.46) 16.44 16.32 24.98 (7.89) 21.38 Vanguard Target 2055 Composite Index (Net) 10.78 20.48 5.27 11.37 8.34 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index 0.00 (0.32) (0.35) (0.45) (0.37) (0.39) (0.31) (0.85) (0.39) (0.12) (0.17) Target-Date 2055 Rank 67 44 38 37 25 26 76 40 45 33 42
Vanguard Target Retirement 2060 10.79 20.18 4.92 10.92 7.97 (17.46) 16.44 16.32 24.96 (7.87) 21.36 Vanguard Target 2060 Composite Index (Net) 10.78 20.48 5.27 11.37 8.34 (17.07) 16.75 17.17 25.37 (7.77) 21.55 +/- Index 0.01 (0.30) (0.35) (0.45) (0.37) (0.39) (0.31) (0.85) (0.41) (0.10) (0.19) Target-Date 2060 Rank 69 47 41 42 1 24 78 41 55 30 45
37 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of December 31, 2023
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2022 2021 2020 2019 2018 2017
Vanguard Target Retirement 2065 10.79 20.15 4.95 10.91 - (17.39) 16.46 16.17 24.96 (7.95) - Vanguard Target 2065 Composite Index (Net) 10.78 20.48 5.27 11.37 - (17.07) 16.75 17.17 25.37 (7.77) - +/- Index 0.01 (0.33) (0.32) (0.46) - (0.32) (0.29) (1.00) (0.41) (0.18) - Target-Date 2065+ Rank 66 53 35 76 - 17 68 59 61 7 -
38 Section 7 | Fee Review - 457(b) Deferred Compensation Plan

Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.069%

0.138%

0.207%

0.276%

0.345%

0.414%
Mar-2023 Jun-2023 Sep-2023 Dec-2023

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.207% 0.202% 0.196% 0.191%
Mar-2023
(%)
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Total Plan Fees 0.332 0.327 0.321 0.316
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.207 0.202 0.196 0.191
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of December 31, 2023
39 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, California | 457 Deferred Compensation Plan Plan Fee Analysis

0.025% 0.025%

0.100% 0.100%

0.230%

0.206%
40 Asset-ID
Market Value
As of 12/31/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 12,533,362 0.310 38,853 Fidelity US Bond Index FXNAX 2,247,055 0.025 562
Sterling Capital Total Return Bond R6 STRDX 2,272,984 0.350 7,955 MFS Value R6 MEIKX 1,943,440 0.440 8,551
Fidelity 500 Index FXAIX 6,555,837 0.015 983
Vanguard US Growth Adm VWUAX 6,519,210 0.200 13,038
Allspring Special Mid Cap Value Fund WFPRX 683,289 0.690 4,715 Fidelity Mid Cap Index FSMDX 1,480,863 0.025 370
MFS Mid Cap Growth R6 OTCKX 1,143,427 0.660 7,547
Fidelity Small Cap Index FSSNX 1,744,148 0.025 436
Vanguard International Value Inv VTRIX 769,181 0.380 2,923 Fidelity Total International Index FTIHX 2,773,283 0.060 1,664 Vanguard International Growth Adm VWILX 835,712 0.310 2,591 Vanguard Target Retirement Income VTINX 254,844 0.080 204 Vanguard Target Retirement 2020 VTWNX 280,968 0.080 225 Vanguard Target Retirement 2025 VTTVX 1,265,914 0.080 1,013 Vanguard Target Retirement 2030 VTHRX 1,080,583 0.080 864 Vanguard Target Retirement 2035 VTTHX 2,322,423 0.080 1,858 Vanguard Target Retirement 2040 VFORX 974,256 0.080 779 Vanguard Target Retirement 2045 VTIVX 1,084,291 0.080 867 Vanguard Target Retirement 2050 VFIFX 1,478,778 0.080 1,183 Vanguard Target Retirement 2055 VFFVX 794,461 0.080 636 Vanguard Target Retirement 2060 VTTSX 281,303 0.080 225 Vanguard Target Retirement 2065 VLXVX 37,723 0.080 30
Total 51,357,334 0.191 98,073
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of December 31, 2023
41 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of December 31, 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 12,860 3,215 25
Adminstrative Fees 0.100 51,439 12,860 100
42 Section 8 | Fee Review - 401(a) Defined Contribution Plan

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%
Mar-2023 Jun-2023 Sep-2023 Dec-2023

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.117% 0.118% 0.109% 0.108%
Mar-2023
(%)
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Total Plan Fees 0.242 0.243 0.234 0.233
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.117 0.118 0.109 0.108
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of December 31, 2023
43 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, California | 401(a) Defined Contribution Plan Plan Fee Analysis

0.025% 0.025%

0.100% 0.100%

0.153%

0.123%
44 Asset-ID
Market Value
As of 12/31/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 37,430 0.310 116
Fidelity US Bond Index FXNAX 26,958 0.025 7
Sterling Capital Total Return Bond R6 STRDX 1,951 0.350 7 MFS Value R6 MEIKX 141 0.440 1
Fidelity 500 Index FXAIX 69,783 0.015 10
Vanguard US Growth Adm VWUAX 85,104 0.200 170
Allspring Special Mid Cap Value Fund WFPRX 85 0.690 1
Fidelity Mid Cap Index FSMDX 27,977 0.025 7
MFS Mid Cap Growth R6 OTCKX 2,650 0.660 17
Fidelity Small Cap Index FSSNX 279 0.025 -
Vanguard International Value Inv VTRIX 143 0.380 1
Fidelity Total International Index FTIHX 15,655 0.060 9 Vanguard International Growth Adm VWILX 1,465 0.310 5
Vanguard Target Retirement Income VTINX - 0.080 -
Vanguard Target Retirement 2020 VTWNX 12,320 0.080 10
Vanguard Target Retirement 2025 VTTVX 6,231 0.080 5
Vanguard Target Retirement 2030 VTHRX 130,382 0.080 104 Vanguard Target Retirement 2035 VTTHX 19,309 0.080 15
Vanguard Target Retirement 2040 VFORX 21,217 0.080 17
Vanguard Target Retirement 2045 VTIVX 12,555 0.080 10
Vanguard Target Retirement 2050 VFIFX 6,292 0.080 5
Vanguard Target Retirement 2055 VFFVX 4,585 0.080 4
Vanguard Target Retirement 2060 VTTSX - 0.080 -
Vanguard Target Retirement 2065 VLXVX - 0.080 -
Total 482,511 0.108 521
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of December 31, 2023
45 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of December 31, 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 0.025 121 30 4
Adminstrative Fees 0.100 483 121 15
46 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%
Mar-2023 Jun-2023 Sep-2023 Dec-2023

1.317% 1.241% 1.260% 1.194%

0.086%

0.087% 0.085%

0.085%
Mar-2023
(%)
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Total Plan Fees 1.403 1.328 1.345 1.279
Record Keeper Fees 1.317 1.241 1.260 1.194
Weighted Investment Fees 0.086 0.087 0.085 0.085
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of December 31, 2023
47 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, California | Retirement Health Savings Plan Plan Fee Analysis

1.231%

1.380%

0.096%

0.085%
48 Asset-ID
Market Value
As of 12/31/2023
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund S11 92211r318 25,117 0.310 78
Fidelity US Bond Index FXNAX 2,156 0.025 1
Sterling Capital Total Return Bond R6 STRDX 20 0.350 -
MFS Value R6 MEIKX 203 0.440 1
Fidelity 500 Index FXAIX 74,038 0.015 11
Vanguard US Growth Adm VWUAX 95,700 0.200 191
Allspring Special Mid Cap Value Fund WFPRX 1,040 0.690 7 Fidelity Mid Cap Index FSMDX 25,809 0.025 6
MFS Mid Cap Growth R6 OTCKX 1,547 0.660 10
Fidelity Small Cap Index FSSNX 3,890 0.025 1
Vanguard International Value Inv VTRIX 143 0.380 1
Vanguard International Value Inv VTRIX - 0.380 -
Fidelity Total International Index FTIHX 18,456 0.060 11 Vanguard International Growth Adm VWILX - 0.310 -
Vanguard Target Retirement Income VTINX 5,948 0.080 5
Vanguard Target Retirement 2020 VTWNX 65,963 0.080 53
Vanguard Target Retirement 2025 VTTVX 185,647 0.080 149 Vanguard Target Retirement 2030 VTHRX 189,007 0.080 151 Vanguard Target Retirement 2035 VTTHX 211,134 0.080 169 Vanguard Target Retirement 2040 VFORX 346,929 0.080 278 Vanguard Target Retirement 2045 VTIVX 367,978 0.080 294 Vanguard Target Retirement 2050 VFIFX 433,365 0.080 347 Vanguard Target Retirement 2055 VFFVX 216,090 0.080 173 Vanguard Target Retirement 2060 VTTSX 36,643 0.080 29
Vanguard Target Retirement 2065 VLXVX 3,739 0.080 3
Total Plan 2,310,418 0.085 1,968
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of December 31, 2023
49 City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of December 31, 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 1.194 27,582 6,895 46
50 Section 10 | Fund Attributions

Allspring Special Mid
Cap Value R6 (USD)
Morningstar
Medalist RatingTM
´
11-30-2023
Analyst-Driven %

55.00 Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQ S&P 500 TR USD Russell Mid Cap Value
TR USD
US Fund Mid-Cap Value
383 US Fund Mid-
Cap Value
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 11.20 6.08 -0.72 9.98 28.80
2022 -2.27 -10.19 -4.62 14.08 -4.50
2023 0.83 5.36 -5.62 9.33 9.62
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 9.62 10.48 13.59 9.29 10.61
Std 12-31-2023 9.62 — 13.59 9.29 10.61
Total Return 9.62 10.48 13.59 9.29 10.61
+/- Std Index -16.67 0.47 -2.10 -2.74 —
+/- Cat Index -3.09 2.11 2.43 1.03 —
% Rank Cat 78 45 17 11
No. in Cat 397 383 363 274
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
Gross Expense Ratio % 0.69
Risk and Return Profile
3 Yr 5 Yr 10 Yr
383 funds 363 funds 274 funds
Morningstar RatingTM 3Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.44 20.76 16.64
Mean 10.48 13.59 9.29
Sharpe Ratio 0.52 0.63 0.54
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha 1.47 2.50
Beta 0.88 0.87
R-Squared 76.77 95.74
12-Month Yield —
Potential Cap Gains Exp 17.01%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 2 2 2 2 2 2 2 2 2 2 5 2
96 94 92 94 93 94 99 95 98 98 96 98
Growth of $10,000
Allspring Special Mid Cap
Value R6
40,216
Category Average
32,830
Standard Index
47,838
Investment Style
Equity/Stocks %
— 31.65 32.27 30.05 36.03 38.35 32.47 42.22 43.31 50.60 44.41 46.01 NAV/Price

18.91 39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -4.50 9.62 Total Return %

2.91 6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 -16.67 +/- 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 -3.09 +/- Category Index — — 24 24 20 71 50 2 49 53 20 78 % Rank Cat
— — 460 471 399 405 417 422 415 413 405 397 No. of Funds in Cat Portfolio Analysis 12-31-2023
Asset Allocation % Net % Long % Short %
Cash 1.86 1.86 0.00
US Stocks 95.01 95.01 0.00
Non-US Stocks 3.14 3.14 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 18.4 0.78 1.25
P/C Ratio TTM 11.0 0.67 1.18
P/B Ratio TTM 2.2 0.53 1.14
Geo Avg Mkt Cap
$mil
18665 0.08 1.36
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 96.8 0.97
Greater Europe 2.1 4.00
Greater Asia 1.1 26.76
Share Chg
since
11-2023
Share
Amount
Holdings :
10 Total Stocks , 0 Total Fixed-Income,
27% Turnover Ratio
Net Assets
%
Y 3 mil Republic Services Inc 3.76
Y 6 mil AerCap Holdings NV 3.62
Y 1 mil Carlisle Companies Inc 3.55
4 mil CBRE Group Inc Class A 3.32
3 mil Jacobs Solutions Inc 3.08
3 mil Allstate Corp 3.05
Y 2 mil Vulcan Materials Co 3.04
T 11 mil Keurig Dr Pepper Inc 2.99
7 mil LKQ Corp 2.76
5 mil Arch Capital Group Ltd 2.74
Sector Weightings Stocks % Rel Std Index
h Cyclical 44.0 1.56
r Basic Materials 6.5 2.98
t Consumer Cyclical 10.0 0.91
y Financial Services 15.8 1.26
u Real Estate 11.7 4.65
j Sensitive 36.0 0.71
i Communication Services 0.0 0.00
o Energy 5.9 1.52
p Industrials 23.0 2.75
a Technology 7.1 0.24
k Defensive 20.0 0.95
s Consumer Defensive 5.1 0.84
d Healthcare 8.7 0.69
f Utilities 6.2 2.65
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 15.0 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $12,358.80 mil
Release date 12-31-2023 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2024 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® 500 Index
(USD)
Morningstar
Medalist RatingTM
Œ
11-30-2023
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 1,298 US Fund
Large Blend
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 6.18 8.55 0.58 11.02 28.69
2022 -4.60 -16.10 -4.89 7.56 -18.13
2023 7.50 8.73 -3.27 11.69 26.29
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 26.29 9.99 15.68 12.02 12.67
Std 12-31-2023 26.29 — 15.68 12.02 12.67
Total Return 26.29 9.99 15.68 12.02 12.67
+/- Std Index 0.00 -0.01 -0.01 -0.01 —
+/- Cat Index -0.24 1.02 0.16 0.22 —
% Rank Cat 26 26 20 9
No. in Cat 1430 1298 1191 897
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
Gross Expense Ratio % 0.02
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,298 funds 1,191 funds 897 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 17.54 18.52 15.19
Mean 9.99 15.68 12.02
Sharpe Ratio 0.49 0.78 0.74
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 12-23 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
47,779
Category Average
38,530
Standard Index
47,838
Investment Style
Equity/Stocks %

50.49 65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 165.49 NAV/Price

15.99 32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 26.29 Total Return % -0.01 -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.02 0.00 +/- Standard Index * * & & * * & & * & ( * 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 -0.24 +/- Category Index 35 41 18 20 26 28 25 23 37 23 51 26 % Rank Cat
1686 1559 1568 1606 1409 1396 1402 1387 1363 1382 1358 1430 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash 0.04 0.09 0.05
US Stocks 99.38 99.38 0.00
Non-US Stocks 0.58 0.58 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.05 0.05
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 22.6 0.96 1.00
P/C Ratio TTM 15.7 0.96 0.95
P/B Ratio TTM 4.0 0.96 0.86
Geo Avg Mkt Cap
$mil
237554 0.98 0.84
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.4 1.00
Greater Europe 0.5 1.02
Greater Asia 0.0 0.98
Share Chg
since
10-2023
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 87 mil Microsoft Corp 7.33
T 171 mil Apple Inc 7.27
T 106 mil Amazon.com Inc 3.45
T 29 mil NVIDIA Corp 3.01
T 69 mil Alphabet Inc Class A 2.05
T 26 mil Meta Platforms Inc Class A 1.89
T 59 mil Alphabet Inc Class C 1.76
T 32 mil Tesla Inc 1.73
T 21 mil Berkshire Hathaway Inc Class B 1.71
T 11 mil UnitedHealth Group Inc 1.33
T 9 mil Eli Lilly and Co 1.23
T 34 mil JPMorgan Chase & Co 1.18
T 47 mil Exxon Mobil Corp 1.08
T 19 mil Visa Inc Class A 1.07
T 5 mil Broadcom Inc 1.06
Sector Weightings Stocks % Rel Std Index
h Cyclical 28.0 0.99
r Basic Materials 2.2 1.00
t Consumer Cyclical 10.9 0.99
y Financial Services 12.5 1.00
u Real Estate 2.4 0.97
j Sensitive 50.6 1.00
i Communication Services 8.6 1.00
o Energy 4.1 1.06
p Industrials 8.2 0.97
a Technology 29.7 1.00
k Defensive 21.4 1.01
s Consumer Defensive 6.3 1.03
d Healthcare 12.7 1.00
f Utilities 2.4 1.02
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 15.0 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: $471,907.04 mil
Release date 12-31-2023
©2024 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® Mid Cap Index
(USD)
Morningstar
Medalist RatingTM
Œ
11-30-2023
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
385 US Fund Mid-
Cap Blend
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 8.15 7.47 -0.93 6.44 22.56
2022 -5.69 -16.85 -3.42 9.21 -17.28
2023 4.05 4.75 -4.65 12.79 17.21
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 17.21 5.92 12.68 9.41 12.05
Std 12-31-2023 17.21 — 12.68 9.41 12.05
Total Return 17.21 5.92 12.68 9.41 12.05
+/- Std Index -9.07 -4.08 -3.01 -2.62 —
+/- Cat Index -0.01 0.00 0.00 -0.01 —
% Rank Cat 34 66 32 17
No. in Cat 420 385 363 241
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
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
385 funds 363 funds 241 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.38 21.49 17.23
Mean 5.92 12.68 9.41
Sharpe Ratio 0.26 0.57 0.53
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -3.90 0.00
Beta 1.05 1.00
R-Squared 89.94 100.00
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 12-23 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
38,847
Category Average
32,498
Standard Index
47,838
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 29.95 NAV/Price

17.22 34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 17.21 Total Return %

1.21 2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 -9.07 +/- 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 -0.01 +/- Category Index 41 45 7 27 59 24 29 18 21 67 76 34 % Rank Cat
412 399 369 432 427 443 464 404 407 391 405 420 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash 0.04 0.15 0.11
US Stocks 98.41 98.41 0.00
Non-US Stocks 1.55 1.55 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.11 0.11
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.5 0.74 1.08
P/C Ratio TTM 11.9 0.73 1.01
P/B Ratio TTM 2.6 0.62 0.95
Geo Avg Mkt Cap
$mil
18325 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 98.9 0.99
Greater Europe 0.9 1.69
Greater Asia 0.2 5.61
Share Chg
since
10-2023
Share
Amount
Holdings :
814 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
T 1 mil Phillips 66 0.60
T 369,328 Parker Hannifin Corp 0.56
T 2 mil Amphenol Corp Class A 0.53
T 611,943 Arthur J. Gallagher & Co 0.53
T 658,079 Trane Technologies PLC Class A 0.52
T 151,496 TransDigm Group Inc 0.51
T 608,325 CrowdStrike Holdings Inc Class A 0.50
T 2 mil Aflac Inc 0.50
T 2 mil KKR & Co Inc Ordinary Shares 0.49
T 2 mil Apollo Global Management Inc Class 0.48
T 250,398 Cintas Corp 0.48
T 2 mil Marvell Technology Inc 0.48
T 1 mil PACCAR Inc 0.47
T 1 mil Welltower Inc 0.46
T 2 mil Microchip Technology Inc 0.45
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.2 1.32
r Basic Materials 4.6 2.10
t Consumer Cyclical 10.9 0.99
y Financial Services 13.7 1.10
u Real Estate 8.0 3.16
j Sensitive 43.7 0.86
i Communication Services 3.7 0.43
o Energy 5.3 1.35
p Industrials 18.3 2.19
a Technology 16.4 0.55
k Defensive 19.1 0.91
s Consumer Defensive 3.3 0.55
d Healthcare 10.4 0.82
f Utilities 5.4 2.32
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.3 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $31,271.04 mil
Release date 12-31-2023
©2024 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® Small Cap
Index (USD)
Morningstar
Medalist RatingTM
´
11-30-2023
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 593 US Fund Small
Blend
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 12.73 4.26 -4.40 2.10 14.71
2022 -7.47 -17.18 -2.08 6.25 -20.27
2023 2.81 5.24 -5.09 14.05 17.12
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 17.12 2.32 10.07 7.32 10.73
Std 12-31-2023 17.12 — 10.07 7.32 10.73
Total Return 17.12 2.32 10.07 7.32 10.73
+/- Std Index -9.17 -7.68 -5.62 -4.72 —
+/- Cat Index 0.19 0.10 0.10 0.16 —
% Rank Cat 46 87 71 54
No. in Cat 615 593 557 391
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
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
593 funds 557 funds 391 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg Avg +Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.41 24.21 20.24
Mean 2.32 10.07 7.32
Sharpe Ratio 0.10 0.44 0.39
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -6.76 0.09
Beta 1.02 1.00
R-Squared 70.28 100.00
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 12-23 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
32,781
Category Average
30,302
Standard Index
47,838
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 25.04 NAV/Price

16.38 39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -20.27 17.12 Total Return %

0.38 6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 -9.17 +/- 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 0.19 +/- Category Index 34 33 40 44 40 22 33 30 14 93 84 46 % Rank Cat
662 681 737 780 750 802 769 702 671 630 611 615 No. of Funds in Cat Portfolio Analysis 10-31-2023
Asset Allocation % Net % Long % Short %
Cash -0.15 0.75 0.90
US Stocks 98.25 98.25 0.00
Non-US Stocks 1.80 1.80 0.00
Bonds 0.10 0.10 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.90 0.90
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 11.5 0.49 0.71
P/C Ratio TTM 7.5 0.46 0.69
P/B Ratio TTM 1.6 0.38 0.69
Geo Avg Mkt Cap
$mil
2032 0.01 0.40
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.1 1.00
Greater Europe 0.6 1.19
Greater Asia 0.3 6.73
Share Chg
since
09-2023
Share
Amount
Holdings :
1,980 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
Y 144 mil Fidelity® Cash Central Fund 0.71
Y 1,428 E-mini Russell 2000 Index Future D 0.59
T 447,199 Super Micro Computer Inc 0.53
T 1 mil Matador Resources Co 0.33
T 403,695 Chord Energy Corp Ordinary Shares 0.33
T 879,300 Light & Wonder Inc Ordinary Shares 0.32
T 1 mil Murphy Oil Corp 0.32
T 685,067 Weatherford International PLC Ordi 0.32
T 341,179 Comfort Systems USA Inc 0.31
T 580,391 Selective Insurance Group Inc 0.30
T 2 mil ChampionX Corp 0.29
T 810,610 HealthEquity Inc 0.29
T 1 mil Rambus Inc 0.28
T 371,810 Applied Industrial Technologies Inc 0.28
T 353,870 SPS Commerce Inc 0.28
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.7 1.30
r Basic Materials 4.7 2.16
t Consumer Cyclical 10.1 0.92
y Financial Services 14.5 1.16
u Real Estate 7.3 2.91
j Sensitive 41.6 0.82
i Communication Services 2.2 0.25
o Energy 8.4 2.17
p Industrials 15.5 1.85
a Technology 15.5 0.52
k Defensive 21.8 1.03
s Consumer Defensive 4.4 0.73
d Healthcare 14.4 1.13
f Utilities 3.0 1.27
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.3 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: $25,414.91 mil
Release date 12-31-2023
©2024 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® Total
International Index (USD)
Morningstar
Medalist RatingTM
Œ
11-30-2023
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
Blend698 US Fund
Foreign Large Blend
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.91 5.53 -3.02 2.01 8.47
2022 -6.21 -13.16 -10.45 14.78 -16.28
2023 6.75 2.48 -3.98 9.97 15.51
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.51 1.61 7.20 — 6.00
Std 12-31-2023 15.51 — 7.20 — 6.00
Total Return 15.51 1.61 7.20 — 6.00
+/- Std Index -0.11 0.06 0.11 — —
+/- Cat Index -0.11 0.06 0.11 — —
% Rank Cat 68 70 65 —
No. in Cat 744 698 642 —
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
Gross Expense Ratio % 0.06
Risk and Return Profile
3 Yr 5 Yr 10 Yr
698 funds 642 funds
421 funds
Morningstar RatingTM 2Q 3Q —
Morningstar Risk -Avg Avg —
Morningstar Return -Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 16.88 18.26 —
Mean 1.61 7.20 —
Sharpe Ratio 0.03 0.36 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.14 0.14
Beta 1.03 1.03
R-Squared 98.77 98.77
12-Month Yield —
Potential Cap Gains Exp -9.20%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 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
16,136
Category Average
15,804
Standard Index
16,221
Investment Style
Equity/Stocks %
— — — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 13.15 NAV/Price — — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 15.51 Total Return % — — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 +/- Standard Index _ _ _ _ _ & * ( * ( ( ( Performance Quartile
(within category)
— — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 +/- Category Index — — — — — 22 49 53 32 69 60 68 % Rank Cat
— — — — — 756 741 732 785 767 744 744 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash -0.07 2.73 2.80
US Stocks 0.67 0.67 0.00
Non-US Stocks 99.22 99.22 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.18 0.19 0.01
Total 100.00 102.81 2.81
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.2 0.97 0.99
P/C Ratio TTM 8.7 0.94 0.90
P/B Ratio TTM 1.6 0.93 0.89
Geo Avg Mkt Cap
$mil
28892 0.64 0.51
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 10.6 0.97
Greater Europe 44.4 0.98
Greater Asia 45.0 1.03
Share Chg
since
10-2023
Share
Amount
Holdings :
5,032 Total Stocks , 0 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
Y 284 mil Fidelity® Cash Central Fund 2.63
Y 2,065 MSCI EAFE Index Future Dec 23 2.03
T 9 mil Taiwan Semiconductor Manufacturing 1.56
T 1 mil Novo Nordisk A/S Class B 1.16
T 1 mil Nestle SA 1.06
T 3 mil Tencent Holdings Ltd 0.97
T 151,634 ASML Holding NV 0.96
T 2 mil Samsung Electronics Co Ltd 0.95
Y 1,952 MSCI Emerging Markets Index Future 0.89
T 3 mil Shell PLC 0.75
T 103,814 Lvmh Moet Hennessy Louis Vuitton SE 0.74
T 4 mil Toyota Motor Corp 0.70
T 769,160 Novartis AG Registered Shares 0.70
T 582,965 AstraZeneca PLC 0.69
T 257,051 Roche Holding AG 0.64
Sector Weightings Stocks % Rel Std Index
h Cyclical 41.8 1.00
r Basic Materials 8.1 1.02
t Consumer Cyclical 11.2 1.03
y Financial Services 19.5 0.93
u Real Estate 3.0 1.36
j Sensitive 38.1 1.01
i Communication Services 5.4 1.02
o Energy 5.7 1.00
p Industrials 14.3 1.05
a Technology 12.7 0.97
k Defensive 20.1 0.99
s Consumer Defensive 7.8 0.99
d Healthcare 9.3 0.98
f Utilities 3.0 0.99
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 7.6 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $11,519.09 mil
Release date 12-31-2023
©2024 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 Fidelity® US Bond Index
(USD)
Morningstar
Medalist RatingTM
Œ
11-30-2023
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 Bond425 US Fund
Intermediate Core
Bond
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -3.48 1.85 0.02 -0.12 -1.79
2022 -5.88 -4.66 -4.69 1.68 -13.03
2023 3.06 -0.83 -3.15 6.64 5.56
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.56 -3.40 1.06 1.78 2.01
Std 12-31-2023 5.56 — 1.06 1.78 2.01
Total Return 5.56 -3.40 1.06 1.78 2.01
+/- Std Index 0.03 -0.08 -0.04 -0.03 —
+/- Cat Index 0.03 -0.08 -0.04 -0.03 —
% Rank Cat 54 49 48 36
No. in Cat 471 425 385 277
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
Gross Expense Ratio % 0.03
Risk and Return Profile
3 Yr 5 Yr 10 Yr
425 funds 385 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 7.24 6.17 4.81
Mean -3.40 1.06 1.78
Sharpe Ratio -0.80 -0.12 0.11
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.09 -0.09
Beta 1.00 1.00
R-Squared 99.91 99.91
12-Month Yield —
Potential Cap Gains Exp -13.50%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
93 98 96 99 99 97 99 96 98 98 99 99
Growth of $10,000
Fidelity® US Bond Index
12,166
Category Average
12,340
Standard Index
12,216
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 10.43 NAV/Price

4.23 -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 5.56 Total Return %

0.02 -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.03 +/- 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 0.03 +/- Category Index 82 69 26 18 66 57 29 49 41 63 33 54 % Rank Cat
1165 1079 1038 1042 985 986 1019 430 415 423 453 471 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash 1.36 1.36 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.64 98.64 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration 6.03
Avg Wtd Coupon —
Avg Wtd Price 89.49
Credit Quality Breakdown 11-30-2023 Bond %
AAA 71.95
AA 4.80
A 12.38
BBB 10.86
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
10-2023
Share
Amount
Holdings :
0 Total Stocks , 8,908 Total Fixed-Income,
34% Turnover Ratio
Net Assets
%
Y 798 mil United States Treasury Notes 2.75% 1.26
724 mil United States Treasury Notes 1.5% 1.09
603 mil United States Treasury Notes 2.625% 0.98
Y 638 mil Federal Home Loan Mortgage Corp. 2% 0.89
461 mil United States Treasury Notes 3% 0.80
480 mil United States Treasury Notes 1.5% 0.78
T 444 mil United States Treasury Notes 3.875% 0.76
430 mil United States Treasury Notes 0.5% 0.72
414 mil United States Treasury Notes 3.5% 0.72
396 mil United States Treasury Notes 4.125% 0.70
R 356 mil Fidelity® Cash Central Fund 0.64
362 mil United States Treasury Notes 2.75% 0.61
334 mil United States Treasury Notes 4% 0.59
353 mil United States Treasury Notes 0.375% 0.58
337 mil United States Treasury Notes 2.25% 0.56
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: 9.7 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $58,461.98 mil
Release date 12-31-2023
©2024 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 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
523 US Fund Mid-
Cap Growth
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -2.40 7.99 2.28 5.91 14.17
2022 -15.56 -17.34 -4.10 7.13 -28.29
2023 7.53 5.22 -5.03 13.08 21.50
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 21.50 -0.18 13.25 11.02 12.93
Std 12-31-2023 21.50 — 13.25 11.02 12.93
Total Return 21.50 -0.18 13.25 11.02 12.93
+/- Std Index -4.79 -10.18 -2.43 -1.01 —
+/- Cat Index -4.37 -1.49 -0.56 0.45 —
% Rank Cat 45 51 40 11
No. in Cat 553 523 492 395
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
Gross Expense Ratio % 0.67
Risk and Return Profile
3 Yr 5 Yr 10 Yr
523 funds 492 funds 395 funds
Morningstar RatingTM 3Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 20.09 20.28 16.65
Mean -0.18 13.25 11.02
Sharpe Ratio -0.03 0.62 0.63
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Brd Grt TR USD
Alpha -9.80 -2.29
Beta 1.06 0.94
R-Squared 86.46 94.75
12-Month Yield —
Potential Cap Gains Exp 28.42%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 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
45,374
Category Average
35,693
Standard Index
47,838
Investment Style
Equity/Stocks %
— 14.14 14.38 14.64 14.56 16.98 16.49 22.56 30.39 33.54 24.05 29.22 NAV/Price

16.18 37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 21.50 Total Return %

0.18 4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 -4.79 +/- 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 -4.37 +/- Category Index — — 32 9 55 31 9 17 40 46 60 45 % Rank Cat
— — 749 733 644 617 605 618 604 588 586 553 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash 2.76 2.76 0.00
US Stocks 88.18 88.18 0.00
Non-US Stocks 9.07 9.07 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 29.1 1.23 1.04
P/C Ratio TTM 22.6 1.38 1.06
P/B Ratio TTM 5.5 1.32 0.98
Geo Avg Mkt Cap
$mil
27180 0.11 1.30
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 94.0 0.95
Greater Europe 5.1 9.66
Greater Asia 0.9 22.68
Share Chg
since
10-2023
Share
Amount
Holdings :
86 Total Stocks , 0 Total Fixed-Income,
30% Turnover Ratio
Net Assets
%
2 mil Arthur J. Gallagher & Co 3.34
771,308 Monolithic Power Systems Inc 3.25
2 mil Cadence Design Systems Inc 3.24
2 mil Verisk Analytics Inc 2.91
Y 2 mil AMETEK Inc 2.51
605,770 MSCI Inc 2.42
T 574,934 Synopsys Inc 2.40
T 6 mil Copart Inc 2.39
1 mil Vulcan Materials Co 2.39
T 2 mil Take-Two Interactive Software Inc 2.36
T 673,856 Gartner Inc 2.25
T 5 mil Howmet Aerospace Inc 2.11
529,641 ASM International NV 2.08
115,391 Constellation Software Inc 2.08
2 mil Wolters Kluwer NV 2.06
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.2 0.96
r Basic Materials 2.9 1.32
t Consumer Cyclical 11.9 1.08
y Financial Services 10.0 0.80
u Real Estate 2.4 0.94
j Sensitive 54.8 1.08
i Communication Services 5.0 0.58
o Energy 2.6 0.68
p Industrials 21.7 2.59
a Technology 25.5 0.86
k Defensive 18.1 0.86
s Consumer Defensive 1.8 0.29
d Healthcare 16.3 1.29
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 15.2 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $13,513.36 mil
Release date 12-31-2023 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2024 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 MFS Value R6 (USD)
Morningstar
Medalist RatingTM
Œ
08-02-2023
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
1,131 US Fund
Large Value
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 8.69 5.66 0.67 8.60 25.55
2022 -3.61 -9.88 -4.55 13.60 -5.80
2023 -1.42 3.61 -3.21 9.54 8.29
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 8.29 8.60 11.64 8.79 8.19
Std 12-31-2023 8.29 — 11.64 8.79 8.19
Total Return 8.29 8.60 11.64 8.79 8.19
+/- Std Index -18.00 -1.40 -4.04 -3.24 —
+/- Cat Index -3.17 -0.26 0.74 0.39 —
% Rank Cat 73 73 45 37
No. in Cat 1217 1131 1075 821
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 12-31-23 1.86 1 1.85

1. Contractual waiver; Expires 12-31-2024
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 800-225-2606 or visit
http://www.mfs.com.

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.44
12b1 Expense % NA
Gross Expense Ratio % 0.45
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,131 funds 1,075 funds 821 funds
Morningstar RatingTM 2Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.83 17.47 14.61
Mean 8.60 11.64 8.79
Sharpe Ratio 0.44 0.61 0.56
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Val TR USD
Alpha -0.14 -1.42
Beta 0.83 0.97
R-Squared 84.38 97.09
12-Month Yield 1.78%
Potential Cap Gains Exp 45.93%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 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
36,806
Category Average
32,804
Standard Index
47,838
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 47.23 NAV/Price

16.57 35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 8.29 Total Return %

0.57 3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 -18.00 +/- 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 -3.17 +/- Category Index 27 12 49 11 51 29 67 9 38 57 51 73 % Rank Cat
1208 1213 1290 1378 1268 1260 1244 1209 1200 1207 1229 1217 No. of Funds in Cat Portfolio Analysis 11-30-2023
Asset Allocation % Net % Long % Short %
Cash 0.76 0.77 0.00
US Stocks 92.00 92.00 0.00
Non-US Stocks 7.23 7.23 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 18.7 0.79 1.13
P/C Ratio TTM 12.4 0.76 1.09
P/B Ratio TTM 2.7 0.65 1.08
Geo Avg Mkt Cap
$mil
94078 0.39 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 93.3 0.94
Greater Europe 6.7 12.78
Greater Asia 0.0 0.00
Share Chg
since
10-2023
Share
Amount
Holdings :
72 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 16 mil JPMorgan Chase & Co 4.36
Y 10 mil Progressive Corp 2.90
Y 14 mil ConocoPhillips 2.83
Y 8 mil Marsh & McLennan Companies Inc 2.73
Y 6 mil The Cigna Group 2.63
Y 4 mil Aon PLC Class A 2.57
Y 34 mil Comcast Corp Class A 2.55
Y 3 mil McKesson Corp 2.42
Y 3 mil Northrop Grumman Corp 2.38
Y 8 mil Johnson & Johnson 2.31
Y 5 mil Union Pacific Corp 2.08
Y 3 mil Accenture PLC Class A 2.08
Y 5 mil Chubb Ltd 2.00
Y 6 mil Lowe's Companies Inc 1.96
Y 6 mil Analog Devices Inc 1.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.7 1.23
r Basic Materials 3.5 1.62
t Consumer Cyclical 3.4 0.31
y Financial Services 25.8 2.06
u Real Estate 2.1 0.82
j Sensitive 34.3 0.68
i Communication Services 3.4 0.40
o Energy 5.9 1.53
p Industrials 16.6 1.99
a Technology 8.3 0.28
k Defensive 31.0 1.47
s Consumer Defensive 8.0 1.32
d Healthcare 15.0 1.18
f Utilities 7.9 3.38
Operations
Family: MFS
Manager: Multiple
Tenure: 17.7 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $56,634.56 mil
Release date 12-31-2023
©2024 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®

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Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
11-30-2023
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 Bond425 US Fund
Intermediate Core
Bond
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -3.00 2.16 0.04 -0.26 -1.12
2022 -6.15 -4.69 -4.42 1.57 -13.15
2023 3.01 -0.53 -3.08 6.70 5.97
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 5.97 -3.10 1.70 — 1.58
Std 12-31-2023 5.97 — 1.70 — 1.58
Total Return 5.97 -3.10 1.70 2.27 1.58
+/- Std Index 0.44 0.22 0.60 0.46 —
+/- Cat Index 0.44 0.22 0.60 0.46 —
% Rank Cat 33 29 11 7
No. in Cat 471 425 385 277
Subsidized Unsubsidized
7-day Yield 01-12-24 0.42 1 —
30-day SEC Yield 12-29-23 4.19 1 4.10

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
Gross Expense Ratio % 0.48
Risk and Return Profile
3 Yr 5 Yr 10 Yr
425 funds 385 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 6.85 6.15 4.70
Mean -3.10 1.70 2.27
Sharpe Ratio -0.80 -0.02 0.22
MPT Statistics Standard Index Best Fit Index
Morningstar US
Core Bd TR USD
Alpha -0.16 0.02
Beta 0.94 0.95
R-Squared 98.29 98.38
12-Month Yield 3.57%
Potential Cap Gains Exp -19.17%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 5 5 5 5 5 5 5 5 5 5 4 5
97 96 97 97 95 97 98 96 96 97 98 99
Growth of $10,000
Sterling Capital Total Return
Bond R6
13,158
Category Average
12,340
Standard Index
12,216
Investment Style
Fixed-Income/Bond %
— — — — — — 10.22 10.82 11.35 10.87 9.18 9.38 NAV/Price

6.14 -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 5.97 Total Return %

1.93 1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.44 +/- 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 0.44 +/- Category Index — — — — — — — 17 10 23 40 33 % Rank Cat
— — — — — — — 430 415 423 453 471 No. of Funds in Cat
Portfolio Analysis 12-31-2023
Asset Allocation % Net % Long % Short %
Cash 0.58 0.58 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 99.42 99.42 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM — — —
P/C Ratio TTM — — —
P/B Ratio TTM — — —
Geo Avg Mkt Cap
$mil
— — —
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.85
Avg Eff Duration 6.21
Avg Wtd Coupon 4.03
Avg Wtd Price 95.04
Credit Quality Breakdown 12-31-2023 Bond %
AAA 39.60
AA 35.08
A 12.92
BBB 12.25
BB 0.03
B 0.12
Below B 0.00
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
11-2023
Share
Amount
Holdings :
0 Total Stocks , 312 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
T 195 mil United States Treasury Notes 4.125% 14.00
79 mil United States Treasury Bonds 2.5% 4.22
Y 35 mil United States Treasury Notes 2.625% 2.30
Y 20 mil Fnma Pass-Thru I 6% 1.49
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.32
Y 17 mil Fnma Pass-Thru I 5% 1.20
Y 17 mil Federal Home Loan Mortgage Corp. 5 1.19
16 mil HERTZ VEHICLE FINANCING III LLC 1. 1.01
Y 15 mil Fnma Pass-Thru I 0.97
13 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 0.92
Y 12 mil Federal Home Loan Mortgage Corp. 6% 0.87
Y 12 mil Government National Mortgage Assoc 0.84
Y 12 mil Federal Home Loan Mortgage Corp. 4% 0.80
12 mil FORD CREDIT AUTO OWNER TRUST 1.53% 0.77
Y 12 mil Fnma Pass-Thru I 3.5% 0.75
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 12-31-2023 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2024 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 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
11-30-2023
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 Bond425 US Fund
Intermediate Core
Bond
Operations
Family: Sterling Capital Funds
Manager: Multiple
Tenure: 16.0 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $10 mil
Min Auto Investment Plan: $10 mil
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,422.14 mil
Release date 12-31-2023 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. ©2024 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
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
Growth394 US Fund
Foreign Large
Growth
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -1.03 7.49 -4.05 -2.76 -0.74
2022 -16.45 -18.13 -10.16 12.62 -30.79
2023 12.50 0.88 -9.17 11.37 14.81
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.81 -7.61 10.62 7.09 7.46
Std 12-31-2023 14.81 — 10.62 7.09 7.46
Total Return 14.81 -7.61 10.62 7.09 7.46
+/- Std Index -0.81 -9.16 3.54 3.26 —
+/- Cat Index 0.78 -4.94 3.13 2.54 —
% Rank Cat 69 92 18 10
No. in Cat 417 394 336 229
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 % 0.29
12b1 Expense % NA
Gross Expense Ratio % 0.31
Risk and Return Profile
3 Yr 5 Yr 10 Yr
394 funds 336 funds 229 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk +Avg High High
Morningstar Return Low +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 22.73 23.20 19.17
Mean -7.61 10.62 7.09
Sharpe Ratio -0.35 0.46 0.38
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha -8.32 -3.48
Beta 1.26 1.22
R-Squared 81.69 91.63
12-Month Yield —
Potential Cap Gains Exp 23.04%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 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
29,358
Category Average
21,771
Standard Index
19,613
Investment Style
Equity/Stocks %

61.28 74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 101.81 NAV/Price

20.18 23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 14.81 Total Return %

3.35 7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 -0.81 +/- 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 0.78 +/- Category Index 24 15 65 67 12 6 31 22 4 89 82 69 % Rank Cat
250 278 341 361 363 399 439 469 447 450 443 417 No. of Funds in Cat Portfolio Analysis 09-30-2023
Asset Allocation % Net % Long % Short %
Cash 2.05 2.87 0.83
US Stocks 15.46 15.46 0.00
Non-US Stocks 81.58 81.58 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.92 0.92 0.00
Total 100.00 100.83 0.83
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 20.4 1.49 0.96
P/C Ratio TTM 13.2 1.42 0.85
P/B Ratio TTM 3.3 1.92 0.99
Geo Avg Mkt Cap
$mil
54714 1.21 0.85
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 23.7 2.17
Greater Europe 47.1 1.04
Greater Asia 29.2 0.67
Share Chg
since
06-2023
Share
Amount
Holdings :
121 Total Stocks , 0 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 2 mil MercadoLibre Inc 5.17
Y 3 mil ASML Holding NV 4.84
T 9 mil Spotify Technology SA 3.27
T 3 mil argenx SE 3.08
31 mil Tencent Holdings Ltd 2.96
Y 72 mil Taiwan Semiconductor Manufacturing 2.88
9 mil Moderna Inc 2.38
2 mil Genmab A/S 2.12
3 mil Ferrari NV 2.09
T 61 mil Atlas Copco AB Class A 1.99
T 95 mil AIA Group Ltd 1.88
Y 1 mil Adyen NV 1.87
2 mil NVIDIA Corp 1.87
Y 2 mil Kering SA 1.83
48 mil Meituan Class B 1.69
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.5 0.80
r Basic Materials 0.5 0.07
t Consumer Cyclical 22.8 2.10
y Financial Services 10.1 0.49
u Real Estate 0.0 0.00
j Sensitive 43.4 1.15
i Communication Services 7.5 1.41
o Energy 1.8 0.32
p Industrials 13.9 1.02
a Technology 20.1 1.54
k Defensive 23.2 1.14
s Consumer Defensive 4.8 0.61
d Healthcare 17.6 1.86
f Utilities 0.7 0.25
Operations
Family: Vanguard
Manager: Multiple
Tenure: 14.1 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VWILX
ISIN: US9219105015
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $43,558.23 mil
Release date 12-31-2023
©2024 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 International
Value Inv (USD)
Morningstar
Medalist RatingTM
´
10-04-2023
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
Value NR USD
US Fund Foreign Large
Value341 US Fund
Foreign Large Value
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 5.74 3.97 -3.66 1.95 7.97
2022 -5.10 -11.38 -9.27 15.76 -11.66
2023 8.67 3.37 -5.38 9.27 16.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.15 3.47 7.77 3.78 8.27
Std 12-31-2023 16.15 — 7.77 3.78 8.27
Total Return 16.15 3.47 7.77 3.78 8.27
+/- Std Index 0.53 1.93 0.69 -0.04 —
+/- Cat Index -1.15 -2.33 1.43 0.86 —
% Rank Cat 71 84 42 37
No. in Cat 380 341 320 204
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
Gross Expense Ratio % 0.38
Risk and Return Profile
3 Yr 5 Yr 10 Yr
341 funds 320 funds 204 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.31 19.50 16.14
Mean 3.47 7.77 3.78
Sharpe Ratio 0.14 0.38 0.23
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
xUS Val TME NR
USD
Alpha 2.03 -2.58
Beta 1.03 1.06
R-Squared 93.30 94.49
12-Month Yield —
Potential Cap Gains Exp -0.26%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 1 1 4 4 4
95 95 91 91 93 94 94 95 100 94 96 95
Growth of $10,000
Vanguard International Value
Inv
21,284
Category Average
19,406
Standard Index
19,613
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 40.36 NAV/Price

20.18 22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 16.15 Total Return %

3.35 6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 0.53 +/- 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 -1.15 +/- Category Index 16 43 53 79 30 8 34 21 5 87 75 71 % Rank Cat
369 338 348 358 337 317 315 346 352 348 354 380 No. of Funds in Cat Portfolio Analysis 09-30-2023
Asset Allocation % Net % Long % Short %
Cash 4.69 5.08 0.38
US Stocks 5.01 5.01 0.00
Non-US Stocks 89.90 89.90 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.40 0.40 0.00
Total 100.00 100.38 0.38
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.1 0.96 1.28
P/C Ratio TTM 8.6 0.93 1.32
P/B Ratio TTM 1.7 1.00 1.38
Geo Avg Mkt Cap
$mil
32727 0.73 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 11.7 1.07
Greater Europe 50.3 1.11
Greater Asia 38.0 0.87
Share Chg
since
06-2023
Share
Amount
Holdings :
196 Total Stocks , 0 Total Fixed-Income,
29% Turnover Ratio
Net Assets
%
T 26 mil Alibaba Group Holding Ltd Ordinary 2.15
Y 28 mil HSBC Holdings PLC 1.69
1 mil Airbus SE 1.49
T 5 mil Tencent Holdings Ltd 1.47
T 6 mil Shell PLC 1.44
T 11 mil Taiwan Semiconductor Manufacturing 1.38
T 629,539 Roche Holding AG 1.32
2 mil Ryanair Holdings PLC ADR 1.31
Y 26 mil BP PLC 1.29
T 20 mil AIA Group Ltd 1.27
Y 2 mil Holcim Ltd 1.21
5 mil RELX PLC 1.20
Y 2 mil TotalEnergies SE 1.17
1 mil Novartis AG Registered Shares 1.11
851,695 Air Liquide SA 1.10
Sector Weightings Stocks % Rel Std Index
h Cyclical 43.4 1.04
r Basic Materials 10.5 1.31
t Consumer Cyclical 16.0 1.47
y Financial Services 16.2 0.77
u Real Estate 0.8 0.38
j Sensitive 40.1 1.06
i Communication Services 4.9 0.91
o Energy 6.7 1.18
p Industrials 18.0 1.33
a Technology 10.5 0.80
k Defensive 16.5 0.81
s Consumer Defensive 6.1 0.78
d Healthcare 8.4 0.88
f Utilities 2.0 0.65
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.7 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VTRIX
ISIN: US9219392035
Minimum Initial Purchase: $3,000
Purchase Constraints: —
Incept: 05-16-1983
Type: MF
Total Assets: $13,671.29 mil
Release date 12-31-2023
©2024 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 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
2020133 US Fund
Target-Date 2020
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 1.28 4.20 -0.41 2.91 8.17
2022 -5.06 -9.20 -5.12 4.97 -14.15
2023 4.77 2.15 -2.65 8.00 12.51
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.51 1.47 6.61 5.52 5.91
Std 12-31-2023 12.51 — 6.61 5.52 5.91
Total Return 12.51 1.47 6.61 5.52 5.91
+/- Std Index -0.71 -0.60 -0.78 -0.20 —
+/- Cat Index 1.20 1.13 0.46 0.52 —
% Rank Cat 38 48 40 19
No. in Cat 144 133 128 64
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.98 2.98
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
133 funds 128 funds 64 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 10.04 10.35 8.49
Mean 1.47 6.61 5.52
Sharpe Ratio -0.05 0.48 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.78 0.15
Beta 0.80 1.02
R-Squared 97.94 99.39
12-Month Yield 2.85%
Potential Cap Gains Exp 13.84%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 5 4 4 4
33 36 38 40 42 43 47 48 50 50 53 53
Growth of $10,000
Vanguard Target Retirement
2020 Fund
22,275
Category Average
19,451
Standard Index
22,334
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 26.87 NAV/Price

12.35 15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 12.51 Total Return %

0.31 1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 -0.71 +/- 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 1.20 +/- Category Index 36 18 1 23 29 17 42 28 46 68 39 38 % Rank Cat
208 222 228 237 221 234 250 233 178 171 150 144 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.31 12.75 10.44
US Stocks 23.75 23.75 0.00
Non-US Stocks 15.82 15.82 0.00
Bonds 58.07 58.12 0.05
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 110.49 10.49
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.97
P/C Ratio TTM 12.1 1.04 0.94
P/B Ratio TTM 2.4 1.10 0.93
Geo Avg Mkt Cap
$mil
79331 1.57 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.57
Avg Eff Duration 5.78
Avg Wtd Coupon 2.50
Avg Wtd Price 93.84
Credit Quality Breakdown 11-30-2023 Bond %
AAA 65.16
AA 8.34
A 13.79
BBB 12.12
BB 0.00
B 0.00
Below B 0.38
NR 0.20
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.03
Greater Europe 17.6 0.99
Greater Asia 18.5 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
10,271 Total Stocks , 18,320 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 1,351 mil Vanguard Total Bond Market II Idx 32.90
Y 44 mil Vanguard Total Stock Mkt Idx Instl 23.87
Y 343 mil Vanguard Total Intl Stock Index Inv 16.20
T 209 mil Vanguard Total Intl Bd II Idx Insl 14.48
189 mil Vanguard Shrt-Term Infl-Prot Sec I 11.82
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.2 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.4 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.97
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $38,939.83 mil
Release date 12-31-2023
©2024 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 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
2025194 US Fund
Target-Date 2025
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 1.86 4.79 -0.65 3.55 9.80
2022 -5.51 -10.72 -5.59 6.03 -15.55
2023 5.28 3.02 -2.99 8.87 14.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.55 2.03 7.56 6.10 6.53
Std 12-31-2023 14.55 — 7.56 6.10 6.53
Total Return 14.55 2.03 7.56 6.10 6.53
+/- Std Index 1.32 -0.04 0.18 0.38 —
+/- Cat Index 2.40 1.44 0.89 0.70 —
% Rank Cat 11 31 28 10
No. in Cat 208 194 177 104
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.79 2.79
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
194 funds 177 funds 104 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 11.60 12.05 9.82
Mean 2.03 7.56 6.10
Sharpe Ratio 0.02 0.50 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha -0.10 0.34
Beta 0.93 0.90
R-Squared 98.58 99.30
12-Month Yield 2.72%
Potential Cap Gains Exp 16.43%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
70 69 67 66 64 62 61 60 60 54 53 48
Growth of $10,000
Vanguard Target Retirement
2025 Fund
24,199
Category Average
21,570
Standard Index
22,334
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 18.38 NAV/Price

13.29 18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 14.55 Total Return %

1.25 3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 1.32 +/- 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 2.40 +/- Category Index 43 24 4 24 23 21 42 22 40 57 52 11 % Rank Cat
154 181 185 206 195 208 226 232 214 220 219 208 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.21 11.23 9.02
US Stocks 31.66 31.66 0.00
Non-US Stocks 20.98 20.98 0.00
Bonds 45.11 45.15 0.04
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 109.06 9.06
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.96
P/C Ratio TTM 12.1 1.04 0.94
P/B Ratio TTM 2.5 1.10 0.93
Geo Avg Mkt Cap
$mil
79424 1.57 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.08
Avg Eff Duration 6.13
Avg Wtd Coupon 2.68
Avg Wtd Price 93.51
Credit Quality Breakdown 11-30-2023 Bond %
AAA 61.65
AA 9.19
A 15.18
BBB 13.35
BB 0.00
B 0.00
Below B 0.42
NR 0.21
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.6 0.98
Greater Asia 18.4 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
10,668 Total Stocks , 18,176 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
Y 114 mil Vanguard Total Stock Mkt Idx Instl 31.82
T 2,257 mil Vanguard Total Bond Market II Idx 28.31
Y 883 mil Vanguard Total Intl Stock Index Inv 21.48
Y 349 mil Vanguard Total Intl Bd II Idx Insl 12.48
T 154 mil Vanguard Shrt-Term Infl-Prot Sec I 4.98
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.4 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.97
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $76,495.54 mil
Release date 12-31-2023
©2024 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 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
2030196 US Fund
Target-Date 2030
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 2.49 5.25 -0.78 4.06 11.38
2022 -5.65 -11.67 -5.93 6.81 -16.27
2023 5.67 3.56 -3.20 9.53 16.03
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.03 2.66 8.37 6.58 6.57
Std 12-31-2023 16.03 — 8.37 6.58 6.57
Total Return 16.03 2.66 8.37 6.58 6.57
+/- Std Index 2.80 0.60 0.99 0.86 —
+/- Cat Index 2.70 1.39 0.93 0.65 —
% Rank Cat 12 36 39 16
No. in Cat 211 196 175 102
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.66 2.66
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
196 funds 175 funds 102 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 12.65 13.27 10.85
Mean 2.66 8.37 6.58
Sharpe Ratio 0.07 0.52 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.62 1.10
Beta 1.02 0.98
R-Squared 98.71 99.33
12-Month Yield 2.59%
Potential Cap Gains Exp 15.05%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
78 76 74 73 71 70 68 68 68 63 61 57
Growth of $10,000
Vanguard Target Retirement
2030 Fund
26,042
Category Average
23,142
Standard Index
22,334
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 35.48 NAV/Price

14.24 20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 16.03 Total Return %

2.20 6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 2.80 +/- 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 2.70 +/- Category Index 38 25 5 31 32 34 37 32 38 61 44 12 % Rank Cat
208 222 228 237 221 234 239 241 224 221 221 211 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 1.96 9.89 7.93
US Stocks 37.50 37.50 0.00
Non-US Stocks 24.27 24.27 0.00
Bonds 36.22 36.26 0.04
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 107.97 7.97
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.9 1.04 0.97
P/C Ratio TTM 12.1 1.05 0.94
P/B Ratio TTM 2.5 1.10 0.91
Geo Avg Mkt Cap
$mil
79985 1.59 0.88
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.56
Avg Wtd Coupon 2.91
Avg Wtd Price 93.08
Credit Quality Breakdown 11-30-2023 Bond %
AAA 57.39
AA 10.16
A 16.89
BBB 14.87
BB 0.00
B 0.00
Below B 0.46
NR 0.23
Regional Exposure Stocks % Rel Std Index
Americas 64.4 1.04
Greater Europe 17.4 0.97
Greater Asia 18.2 0.91
Share Chg
since
11-2023
Share
Amount
Holdings :
10,834 Total Stocks , 18,041 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
Y 155 mil Vanguard Total Stock Mkt Idx Instl 37.69
T 2,337 mil Vanguard Total Bond Market II Idx 25.56
Y 1,172 mil Vanguard Total Intl Stock Index Inv 24.85
T 352 mil Vanguard Total Intl Bd II Idx Insl 10.98
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.88
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.5 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.96
p Industrials 11.4 0.92
a Technology 22.4 1.40
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.3 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $88,434.74 mil
Release date 12-31-2023
©2024 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 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
2035187 US Fund
Target-Date 2035
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.17 5.65 -0.87 4.55 12.96
2022 -5.66 -12.41 -6.09 7.45 -16.62
2023 5.94 4.10 -3.33 9.87 17.14
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 17.14 3.33 9.17 7.06 7.32
Std 12-31-2023 17.14 — 9.17 7.06 7.32
Total Return 17.14 3.33 9.17 7.06 7.32
+/- Std Index 3.92 1.27 1.79 1.34 —
+/- Cat Index 2.31 0.95 0.76 0.57 —
% Rank Cat 35 45 49 30
No. in Cat 207 187 174 101
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.56 2.56
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
187 funds 174 funds 101 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.48 14.37 11.81
Mean 3.33 9.17 7.06
Sharpe Ratio 0.13 0.55 0.53
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 1.35 1.86
Beta 1.08 1.05
R-Squared 98.63 99.14
12-Month Yield 2.48%
Potential Cap Gains Exp 18.28%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
85 83 81 81 79 77 75 75 75 70 69 65
Growth of $10,000
Vanguard Target Retirement
2035 Fund
27,984
Category Average
25,668
Standard Index
22,334
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 22.12 NAV/Price

15.16 22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 17.14 Total Return %

3.12 8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.85 3.92 +/- 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 2.31 +/- Category Index 40 23 10 37 32 35 32 42 43 79 37 35 % Rank Cat
154 181 185 205 195 208 221 229 207 213 212 207 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.10 8.44 6.33
US Stocks 42.32 42.32 0.00
Non-US Stocks 26.81 26.81 0.00
Bonds 28.71 28.74 0.03
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 106.37 6.37
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.9 1.05 0.97
P/C Ratio TTM 12.2 1.05 0.95
P/B Ratio TTM 2.5 1.11 0.93
Geo Avg Mkt Cap
$mil
80902 1.60 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.56
Avg Wtd Coupon 2.91
Avg Wtd Price 93.08
Credit Quality Breakdown 11-30-2023 Bond %
AAA 57.38
AA 10.16
A 16.89
BBB 14.87
BB 0.00
B 0.00
Below B 0.46
NR 0.23
Regional Exposure Stocks % Rel Std Index
Americas 65.0 1.05
Greater Europe 17.1 0.96
Greater Asia 17.9 0.89
Share Chg
since
11-2023
Share
Amount
Holdings :
10,947 Total Stocks , 17,718 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 178 mil Vanguard Total Stock Mkt Idx Instl 42.54
Y 1,317 mil Vanguard Total Intl Stock Index Inv 27.44
T 1,880 mil Vanguard Total Bond Market II Idx 20.21
T 286 mil Vanguard Total Intl Bd II Idx Insl 8.76
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.86
r Basic Materials 4.5 0.88
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.94
u Real Estate 3.1 0.44
j Sensitive 45.6 1.17
i Communication Services 7.0 1.23
o Energy 4.7 0.96
p Industrials 11.4 0.92
a Technology 22.5 1.40
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.95
d Healthcare 11.3 0.97
f Utilities 2.6 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $90,413.94 mil
Release date 12-31-2023
©2024 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 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
2040190 US Fund
Target-Date 2040
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 3.82 6.11 -0.98 5.02 14.56
2022 -5.66 -13.17 -6.33 8.20 -16.98
2023 6.21 4.57 -3.34 10.23 18.34
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 18.34 4.02 9.99 7.52 7.22
Std 12-31-2023 18.34 — 9.99 7.52 7.22
Total Return 18.34 4.02 9.99 7.52 7.22
+/- Std Index 5.11 1.95 2.61 1.80 —
+/- Cat Index 2.00 0.51 0.69 0.57 —
% Rank Cat 47 57 49 33
No. in Cat 205 190 175 102
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.46 2.46
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
190 funds 175 funds 102 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.30 15.47 12.76
Mean 4.02 9.99 7.52
Sharpe Ratio 0.17 0.57 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.10 -1.38
Beta 1.15 0.86
R-Squared 98.37 99.39
12-Month Yield 2.38%
Potential Cap Gains Exp 18.87%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 88 86 84 83 82 83 76 76 73
Growth of $10,000
Vanguard Target Retirement
2040 Fund
29,674
Category Average
26,524
Standard Index
22,334
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 39.30 NAV/Price

15.56 24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 18.34 Total Return %

3.52 10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 5.11 +/- 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 2.00 +/- Category Index 31 15 12 43 27 25 37 43 40 81 36 47 % Rank Cat
204 218 227 237 221 234 239 241 218 215 216 205 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 1.83 6.59 4.76
US Stocks 46.73 46.73 0.00
Non-US Stocks 29.68 29.68 0.00
Bonds 21.71 21.73 0.02
Other/Not Clsfd 0.05 0.06 0.00
Total 100.00 104.78 4.78
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.9 1.05 0.98
P/C Ratio TTM 12.2 1.05 0.95
P/B Ratio TTM 2.5 1.11 0.93
Geo Avg Mkt Cap
$mil
80912 1.60 0.94
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.56
Avg Wtd Coupon 2.92
Avg Wtd Price 93.08
Credit Quality Breakdown 11-30-2023 Bond %
AAA 57.48
AA 10.11
A 16.86
BBB 14.86
BB 0.00
B 0.00
Below B 0.46
NR 0.23
Regional Exposure Stocks % Rel Std Index
Americas 65.0 1.05
Greater Europe 17.1 0.96
Greater Asia 17.9 0.89
Share Chg
since
11-2023
Share
Amount
Holdings :
11,048 Total Stocks , 17,195 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 172 mil Vanguard Total Stock Mkt Idx Instl 46.97
Y 1,279 mil Vanguard Total Intl Stock Index Inv 30.38
T 1,253 mil Vanguard Total Bond Market II Idx 15.34
T 188 mil Vanguard Total Intl Bd II Idx Insl 6.56
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.86
r Basic Materials 4.5 0.88
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.94
u Real Estate 3.1 0.44
j Sensitive 45.6 1.17
i Communication Services 7.0 1.23
o Energy 4.7 0.96
p Industrials 11.4 0.92
a Technology 22.5 1.41
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.95
d Healthcare 11.3 0.97
f Utilities 2.6 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $79,409.73 mil
Release date 12-31-2023
©2024 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 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
2045187 US Fund
Target-Date 2045
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.47 6.55 -1.08 5.49 16.16
2022 -5.67 -13.93 -6.51 8.89 -17.36
2023 6.49 5.10 -3.45 10.57 19.48
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 19.48 4.68 10.76 7.91 7.97
Std 12-31-2023 19.48 — 10.76 7.91 7.97
Total Return 19.48 4.68 10.76 7.91 7.97
+/- Std Index 6.26 2.61 3.37 2.19 —
+/- Cat Index 2.10 0.43 0.91 0.72 —
% Rank Cat 46 48 39 26
No. in Cat 201 187 174 101
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.37 2.37
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
187 funds 174 funds 101 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.16 16.57 13.52
Mean 4.68 10.76 7.91
Sharpe Ratio 0.21 0.58 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.84 -0.86
Beta 1.21 0.92
R-Squared 98.01 99.62
12-Month Yield 2.28%
Potential Cap Gains Exp 21.33%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 90 84 84 81
Growth of $10,000
Vanguard Target Retirement
2045 Fund
30,766
Category Average
28,323
Standard Index
22,334
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 26.66 NAV/Price

15.58 24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 19.48 Total Return %

3.54 10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 6.26 +/- 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 2.10 +/- Category Index 43 26 12 42 28 26 43 43 36 68 31 46 % Rank Cat
145 180 185 206 195 208 221 229 207 213 212 201 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.11 5.22 3.11
US Stocks 51.04 51.04 0.00
Non-US Stocks 32.48 32.48 0.00
Bonds 14.32 14.33 0.02
Other/Not Clsfd 0.05 0.06 0.00
Total 100.00 103.13 3.13
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.9 1.05 0.98
P/C Ratio TTM 12.2 1.05 0.95
P/B Ratio TTM 2.5 1.11 0.94
Geo Avg Mkt Cap
$mil
80929 1.60 0.96
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.55
Avg Wtd Coupon 2.92
Avg Wtd Price —
Credit Quality Breakdown 11-30-2023 Bond %
AAA 57.62
AA 10.04
A 16.81
BBB 14.84
BB 0.00
B 0.00
Below B 0.46
NR 0.23
Regional Exposure Stocks % Rel Std Index
Americas 65.0 1.05
Greater Europe 17.1 0.96
Greater Asia 17.9 0.89
Share Chg
since
11-2023
Share
Amount
Holdings :
11,115 Total Stocks , 16,230 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 180 mil Vanguard Total Stock Mkt Idx Instl 51.31
T 1,340 mil Vanguard Total Intl Stock Index Inv 33.24
T 793 mil Vanguard Total Bond Market II Idx 10.14
T 118 mil Vanguard Total Intl Bd II Idx Insl 4.31
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.86
r Basic Materials 4.5 0.88
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.94
u Real Estate 3.1 0.44
j Sensitive 45.6 1.17
i Communication Services 7.0 1.23
o Energy 4.7 0.96
p Industrials 11.4 0.92
a Technology 22.5 1.41
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.95
d Healthcare 11.3 0.97
f Utilities 2.6 0.83
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $76,283.32 mil
Release date 12-31-2023
©2024 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 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
2050188 US Fund
Target-Date 2050
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.53 6.61 -1.11 5.63 16.41
2022 -5.65 -14.21 -6.64 9.23 -17.46
2023 6.64 5.36 -3.46 10.79 20.17
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.17 4.91 10.93 7.99 7.51
Std 12-31-2023 20.17 — 10.93 7.99 7.51
Total Return 20.17 4.91 10.93 7.99 7.51
+/- Std Index 6.94 2.84 3.55 2.27 —
+/- Cat Index 2.32 0.39 0.90 0.75 —
% Rank Cat 45 41 40 23
No. in Cat 202 188 175 102
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.31 2.31
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
188 funds 175 funds 102 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.53 16.77 13.64
Mean 4.91 10.93 7.99
Sharpe Ratio 0.23 0.59 0.54
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.11 -0.68
Beta 1.24 0.94
R-Squared 97.94 99.67
12-Month Yield 2.22%
Potential Cap Gains Exp 18.04%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 87 88 87
Growth of $10,000
Vanguard Target Retirement
2050 Fund
30,992
Category Average
28,091
Standard Index
22,334
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 44.44 NAV/Price

15.58 24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 20.17 Total Return %

3.54 10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 6.94 +/- 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 2.32 +/- Category Index 44 30 16 45 29 38 37 47 37 74 29 45 % Rank Cat
177 202 212 226 213 230 239 241 217 215 213 202 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 1.90 3.90 2.00
US Stocks 53.40 53.40 0.00
Non-US Stocks 35.14 35.14 0.00
Bonds 9.49 9.50 0.01
Other/Not Clsfd 0.06 0.07 0.00
Total 100.00 102.01 2.01
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.97
P/C Ratio TTM 12.1 1.05 0.95
P/B Ratio TTM 2.5 1.10 0.93
Geo Avg Mkt Cap
$mil
79662 1.58 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.54
Avg Wtd Coupon 2.93
Avg Wtd Price —
Credit Quality Breakdown 11-30-2023 Bond %
AAA 58.17
AA 9.75
A 16.63
BBB 14.78
BB 0.00
B 0.00
Below B 0.44
NR 0.22
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.5 0.98
Greater Asia 18.4 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
11,166 Total Stocks , 14,930 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
Y 156 mil Vanguard Total Stock Mkt Idx Instl 53.67
T 1,200 mil Vanguard Total Intl Stock Index Inv 35.98
T 443 mil Vanguard Total Bond Market II Idx 6.84
T 62 mil Vanguard Total Intl Bd II Idx Insl 2.74
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.5 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.96
p Industrials 11.4 0.93
a Technology 22.3 1.40
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $63,170.02 mil
Release date 12-31-2023
©2024 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 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
2055187 US Fund
Target-Date 2055
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.54 6.61 -1.11 5.65 16.44
2022 -5.69 -14.19 -6.63 9.23 -17.46
2023 6.64 5.36 -3.46 10.78 20.16
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.16 4.92 10.92 7.97 9.77
Std 12-31-2023 20.16 — 10.92 7.97 9.77
Total Return 20.16 4.92 10.92 7.97 9.77
+/- Std Index 6.94 2.85 3.54 2.25 —
+/- Cat Index 2.26 0.42 0.91 0.79 —
% Rank Cat 49 40 43 25
No. in Cat 201 187 174 87
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.31 2.31
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
187 funds 174 funds 87 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Low -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.53 16.77 13.64
Mean 4.92 10.92 7.97
Sharpe Ratio 0.23 0.59 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.12 -0.68
Beta 1.24 0.94
R-Squared 97.96 99.67
12-Month Yield 2.18%
Potential Cap Gains Exp 12.12%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
89 89 88 89 88 88 88 89 91 86 88 87
Growth of $10,000
Vanguard Target Retirement
2055 Fund
30,940
Category Average
29,195
Standard Index
22,334
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 49.59 NAV/Price

15.58 24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 20.16 Total Return %

3.54 10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 6.94 +/- 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 2.26 +/- Category Index 48 36 16 53 27 48 37 51 41 78 24 49 % Rank Cat
102 130 156 238 193 206 221 229 207 213 212 201 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 1.91 3.88 1.97
US Stocks 53.34 53.34 0.00
Non-US Stocks 35.09 35.09 0.00
Bonds 9.60 9.61 0.01
Other/Not Clsfd 0.06 0.07 0.00
Total 100.00 101.99 1.99
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.98
P/C Ratio TTM 12.1 1.04 0.95
P/B Ratio TTM 2.5 1.10 0.93
Geo Avg Mkt Cap
$mil
79533 1.58 0.99
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.54
Avg Wtd Coupon 2.93
Avg Wtd Price —
Credit Quality Breakdown 11-30-2023 Bond %
AAA 58.37
AA 9.65
A 16.57
BBB 14.76
BB 0.00
B 0.00
Below B 0.43
NR 0.22
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.5 0.98
Greater Asia 18.4 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
11,166 Total Stocks , 14,985 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 102 mil Vanguard Total Stock Mkt Idx Instl 53.61
T 783 mil Vanguard Total Intl Stock Index Inv 35.93
T 294 mil Vanguard Total Bond Market II Idx 6.96
T 41 mil Vanguard Total Intl Bd II Idx Insl 2.73
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.5 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.96
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $41,500.39 mil
Release date 12-31-2023
©2024 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 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 QQQ Morningstar Mod Tgt
Risk TR USD
Morningstar Lifetime
Mod 2060 TR USD
US Fund Target-Date
2060181 US Fund
Target-Date 2060
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.54 6.61 -1.11 5.66 16.44
2022 -5.68 -14.19 -6.64 9.23 -17.46
2023 6.64 5.39 -3.48 10.79 20.18
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.18 4.92 10.92 7.97 9.52
Std 12-31-2023 20.18 — 10.92 7.97 9.52
Total Return 20.18 4.92 10.92 7.97 9.52
+/- Std Index 6.96 2.86 3.54 2.25 —
+/- Cat Index 2.32 0.51 0.98 0.87 —
% Rank Cat 54 44 49 1
No. in Cat 200 181 162 8
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.31 2.31
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
181 funds 162 funds 8 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk Low -Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.52 16.75 13.63
Mean 4.92 10.92 7.97
Sharpe Ratio 0.23 0.59 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.12 -0.67
Beta 1.24 0.94
R-Squared 97.95 99.67
12-Month Yield 2.14%
Potential Cap Gains Exp 8.59%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 4 4 4 4 4 4 4 4 4 4 4 4
89 88 88 89 88 88 88 89 91 86 87 87
Growth of $10,000
Vanguard Target Retirement
2060 Fund
29,464
Category Average
28,574
Standard Index
21,503
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 45.69 NAV/Price — 24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 20.18 Total Return % — 10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 6.96 +/- 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 2.32 +/- Category Index — 1 1 71 21 53 34 66 42 81 25 54 % Rank Cat
— 1 9 43 106 160 201 216 257 208 212 200 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.00 3.98 1.99
US Stocks 53.26 53.26 0.00
Non-US Stocks 35.10 35.10 0.00
Bonds 9.58 9.59 0.01
Other/Not Clsfd 0.06 0.07 0.00
Total 100.00 102.00 2.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.99
P/C Ratio TTM 12.1 1.04 0.96
P/B Ratio TTM 2.5 1.10 0.96
Geo Avg Mkt Cap
$mil
79477 1.58 1.07
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.54
Avg Wtd Coupon 2.93
Avg Wtd Price —
Credit Quality Breakdown 11-30-2023 Bond %
AAA 58.16
AA 9.76
A 16.64
BBB 14.78
BB 0.00
B 0.00
Below B 0.44
NR 0.22
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.6 0.98
Greater Asia 18.4 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
11,166 Total Stocks , 14,965 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 55 mil Vanguard Total Stock Mkt Idx Instl 53.53
T 425 mil Vanguard Total Intl Stock Index Inv 35.94
T 159 mil Vanguard Total Bond Market II Idx 6.92
T 22 mil Vanguard Total Intl Bd II Idx Insl 2.75
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.5 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.97
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $22,579.01 mil
Release date 12-31-2023
©2024 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 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+123 US Fund
Target-Date 2065+
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 4.55 6.61 -1.11 5.66 16.46
2022 -5.63 -14.20 -6.60 9.24 -17.39
2023 6.64 5.34 -3.46 10.79 20.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.15 4.95 10.91 — 8.44
Std 12-31-2023 20.15 — 10.91 — 8.44
Total Return 20.15 4.95 10.91 — 8.44
+/- Std Index 6.92 2.88 3.52 — —
+/- Cat Index 2.28 0.53 0.97 — —
% Rank Cat 63 45 85 —
No. in Cat 175 123 9 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 12-31-23 2.32 2.32
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
123 funds 9 funds
—
Morningstar RatingTM 3Q — —
Morningstar Risk Low — —
Morningstar Return Avg — —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.52 16.77 —
Mean 4.95 10.91 —
Sharpe Ratio 0.23 0.59 —
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.14 -0.65
Beta 1.24 0.94
R-Squared 97.92 99.69
12-Month Yield 2.06%
Potential Cap Gains Exp 2.08%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 0 0 0 0 0 4 4 4 4 4 4 4
— — — — — 88 88 89 90 86 87 87
Growth of $10,000
Vanguard Target Retirement
2065 Fund
16,641
Category Average
16,411
Standard Index
14,343
Investment Style
Equity/Stocks %
— — — — — 21.70 19.61 24.05 27.50 31.42 25.44 29.95 NAV/Price — — — — — — -7.95 24.96 16.17 16.46 -17.39 20.15 Total Return % — — — — — — -3.19 5.94 3.35 6.26 -2.62 6.92 +/- Standard Index _ _ _ _ _ _ & ) ( ) & ( Performance Quartile
(within category)
— — — — — — 0.75 0.00 3.28 0.13 -0.41 2.28 +/- Category Index — — — — — — 25 79 63 76 16 63 % Rank Cat
— — — — — — 16 17 53 134 162 175 No. of Funds in Cat
Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.23 4.21 1.98
US Stocks 53.16 53.16 0.00
Non-US Stocks 35.08 35.08 0.00
Bonds 9.46 9.47 0.01
Other/Not Clsfd 0.06 0.07 0.00
Total 100.00 101.99 1.99
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 1.00
P/C Ratio TTM 12.1 1.04 0.98
P/B Ratio TTM 2.5 1.10 0.98
Geo Avg Mkt Cap
$mil
79517 1.58 1.03
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.73
Avg Eff Duration 6.54
Avg Wtd Coupon 2.93
Avg Wtd Price —
Credit Quality Breakdown 11-30-2023 Bond %
AAA 58.19
AA 9.75
A 16.63
BBB 14.78
BB 0.00
B 0.00
Below B 0.44
NR 0.22
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.6 0.98
Greater Asia 18.4 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
11,166 Total Stocks , 14,930 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 15 mil Vanguard Total Stock Mkt Idx Instl 53.43
T 114 mil Vanguard Total Intl Stock Index Inv 35.92
T 42 mil Vanguard Total Bond Market II Idx 6.81
T 6 mil Vanguard Total Intl Bd II Idx Insl 2.74
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.1 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.4 0.95
u Real Estate 3.1 0.44
j Sensitive 45.5 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.96
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 6.5 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $6,143.18 mil
Release date 12-31-2023
©2024 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 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
Retirement146 US Fund
Target-Date
Retirement
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 0.08 3.23 -0.13 2.01 5.25
2022 -4.77 -7.37 -4.64 3.74 -12.74
2023 4.23 1.36 -2.35 7.34 10.74
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 10.74 0.56 4.83 4.09 4.87
Std 12-31-2023 10.74 — 4.83 4.09 4.87
Total Return 10.74 0.56 4.83 4.09 4.87
+/- Std Index -2.49 -1.50 -2.55 -1.63 —
+/- Cat Index 0.67 -0.74 -0.59 -0.09 —
% Rank Cat 41 39 40 26
No. in Cat 152 146 130 79
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 2.99 2.99
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
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
146 funds 130 funds 79 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 8.48 7.93 6.10
Mean 0.56 4.83 4.09
Sharpe Ratio -0.19 0.39 0.47
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -1.78 -1.00
Beta 0.67 0.86
R-Squared 95.45 98.87
12-Month Yield 2.95%
Potential Cap Gains Exp 7.40%
4k
10k
20k
40k
60k
80k
100k
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 12-23 7 4 4 4 4 4 4 4 4 4 4 4
61 66 66 68 68 67 69 67 68 64 65 61
Growth of $10,000
Vanguard Target Retirement
Income Fund
17,102
Category Average
16,437
Standard Index
22,334
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 13.02 NAV/Price

8.23 5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 10.74 Total Return % -3.82 -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 -2.49 +/- 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 0.67 +/- Category Index 67 56 19 7 41 62 21 49 36 65 54 41 % Rank Cat
281 293 272 172 171 175 187 183 168 167 161 152 No. of Funds in Cat Portfolio Analysis 12-31-2023 Top Holdings 11-30-2023
Asset Allocation % 11-30-2023 Net % Long % Short %
Cash 2.44 14.06 11.63
US Stocks 17.59 17.59 0.00
Non-US Stocks 11.72 11.72 0.00
Bonds 68.22 68.27 0.06
Other/Not Clsfd 0.04 0.04 0.00
Total 100.00 111.69 11.69
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.8 1.04 0.99
P/C Ratio TTM 12.1 1.04 0.96
P/B Ratio TTM 2.4 1.10 0.98
Geo Avg Mkt Cap
$mil
79291 1.57 1.02
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.34
Avg Eff Duration 5.63
Avg Wtd Coupon 2.42
Avg Wtd Price 93.99
Credit Quality Breakdown 11-30-2023 Bond %
AAA 66.78
AA 7.94
A 13.15
BBB 11.57
BB 0.00
B 0.00
Below B 0.36
NR 0.19
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.03
Greater Europe 17.6 0.99
Greater Asia 18.5 0.92
Share Chg
since
11-2023
Share
Amount
Holdings :
9,703 Total Stocks , 18,467 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 1,430 mil Vanguard Total Bond Market II Idx 37.18
Y 31 mil Vanguard Total Stock Mkt Idx Instl 17.68
Y 245 mil Vanguard Shrt-Term Infl-Prot Sec I 16.40
Y 217 mil Vanguard Total Intl Bd II Idx Insl 16.10
Y 238 mil Vanguard Total Intl Stock Index Inv 12.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.2 0.86
r Basic Materials 4.6 0.89
t Consumer Cyclical 11.0 1.00
y Financial Services 15.5 0.95
u Real Estate 3.1 0.44
j Sensitive 45.4 1.17
i Communication Services 6.9 1.23
o Energy 4.8 0.97
p Industrials 11.4 0.93
a Technology 22.3 1.39
k Defensive 20.4 0.95
s Consumer Defensive 6.5 0.96
d Healthcare 11.2 0.97
f Utilities 2.6 0.84
Operations
Family: Vanguard
Manager: Multiple
Tenure: 10.9 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $36,503.97 mil
Release date 12-31-2023
©2024 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 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
1,118 US Fund
Large Growth
Performance 12-31-2023
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2021 -1.28 12.85 -1.40 2.37 12.45
2022 -15.08 -27.19 -1.64 -0.65 -39.58
2023 15.82 13.28 -4.05 15.43 45.31
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 45.31 -0.42 15.91 13.00 7.88
Std 12-31-2023 45.31 — 15.91 13.00 7.88
Total Return 45.31 -0.42 15.91 13.00 7.88
+/- Std Index 19.03 -10.43 0.23 0.97 —
+/- Cat Index 2.64 -9.29 -3.59 -1.86 —
% Rank Cat 21 89 51 31
No. in Cat 1200 1118 1031 810
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 01-12-24 0.24 0.24
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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 % 0.19
12b1 Expense % NA
Gross Expense Ratio % 0.20
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,118 funds 1,031 funds 810 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg +Avg +Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 24.13 24.14 19.21
Mean -0.42 15.91 13.00
Sharpe Ratio 0.00 0.65 0.67
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -10.41 -6.77
Beta 1.21 1.09
R-Squared 77.40 94.71
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 12-23 7 7 7 7 7 7 7 7 7 7 7 7
98 97 95 94 95 95 94 95 97 97 95 97
Growth of $10,000
Vanguard US Growth
Admiral™
54,605
Category Average
46,085
Standard Index
47,838
Investment Style
Equity/Stocks %

55.01 74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 146.69 NAV/Price

18.54 35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 45.31 Total Return %

2.54 3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 19.03 +/- 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 2.64 +/- Category Index 16 30 18 12 82 23 21 37 7 86 92 21 % Rank Cat
1681 1712 1710 1681 1463 1363 1405 1360 1289 1237 1235 1200 No. of Funds in Cat Portfolio Analysis 09-30-2023
Asset Allocation % Net % Long % Short %
Cash 3.06 3.06 0.00
US Stocks 91.00 91.00 0.00
Non-US Stocks 5.79 5.79 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.15 0.15 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 37.3 1.58 1.19
P/C Ratio TTM 24.5 1.49 1.12
P/B Ratio TTM 7.9 1.88 0.98
Geo Avg Mkt Cap
$mil
251350 1.04 0.57
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 96.7 0.97
Greater Europe 3.3 6.35
Greater Asia 0.0 0.00
Share Chg
since
06-2023
Share
Amount
Holdings :
119 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
Y 9 mil Microsoft Corp 8.19
T 20 mil Amazon.com Inc 7.06
Y 14 mil Apple Inc 6.55
Y 5 mil NVIDIA Corp 6.55
T 13 mil Alphabet Inc Class C 4.65
T 4 mil Meta Platforms Inc Class A 3.33
Y 3 mil Mastercard Inc Class A 3.13
T 4 mil Tesla Inc 2.98
Y 9 mil The Trade Desk Inc Class A 1.96
T 1 mil Eli Lilly and Co 1.82
Y 1 mil UnitedHealth Group Inc 1.68
Y 2 mil Visa Inc Class A 1.57
T 10 mil Shopify Inc Registered Shs -A- Sub 1.52
Y 11 mil Uber Technologies Inc 1.48
T 1 mil Netflix Inc 1.25
Sector Weightings Stocks % Rel Std Index
h Cyclical 28.6 1.01
r Basic Materials 0.0 0.00
t Consumer Cyclical 17.7 1.61
y Financial Services 8.8 0.71
u Real Estate 2.0 0.81
j Sensitive 58.3 1.15
i Communication Services 12.6 1.47
o Energy 0.4 0.10
p Industrials 3.0 0.36
a Technology 42.3 1.42
k Defensive 13.1 0.62
s Consumer Defensive 1.9 0.30
d Healthcare 11.2 0.89
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.3 Years
Objective: Growth
Base Currency: USD
Ticker: VWUAX
ISIN: US9219106005
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $39,783.97 mil
Release date 12-31-2023
©2024 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 Standardized and Tax Adjusted Returns Disclosure Statement The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

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

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

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

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

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

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

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

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

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

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

Annualized returns 12-31-2023
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 — — 9.62 13.59 9.29 10.61 06-28-2013 NA NA 0.70 0.70 NA Fidelity® 500 Index — — 26.29 15.68 12.02 12.67 05-04-2011 NA NA 0.02 0.02 NA Fidelity® Mid Cap Index — — 17.21 12.68 9.41 12.05 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Small Cap Index — — 17.12 10.07 7.32 10.73 09-08-2011 NA NA 0.03 0.03 NA Fidelity® Total International Index — — 15.51 7.20 — 6.00 06-07-2016 NA NA 0.06 0.06 NA Fidelity® US Bond Index — — 5.56 1.06 1.78 2.01 05-04-2011 NA NA 0.03 0.03 NA MFS Mid Cap Growth R6 — — 21.50 13.25 11.02 12.93 01-02-2013 NA NA 0.661 0.67 NA Release date 12-31-2023
©2024 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®