Vallejo City Council
April 29, 2024

457 DEFERRED COMPENSATION PLAN, 401(a)

DEFINED CONTRIBUTION PLAN, AND RETIREMENT

HEALTH SAVINGS PROGRAM COMMITTEE

REGULAR MEETING MINUTES
9:00 A.M.

January 29, 2024

1. CALL TO ORDER
The meeting was called to order by Committee Chair Olson at 9:03 a.m.

2. PLEDGE OF ALLEGIANCE

3. ROLL CALL
Committee Members Present: Committee Chair Olson, Committee Vice Chair Brown, and Sifuentes.

Alternate Members Present: French, Peterson, and Lacey.

Committee Members Absent: Malone, Nichelini, Nayar, and Long.

Alternate Members Absent: Dauzart, Alberti, Rolley, and Callison.

Staff Present: Secretary Gates

4. REPORTS

A. Report from Secretary to the Committee –  None.

5. COMMUNITY FORUM
Speakers: O’Neal

6. CONSENT CALENDAR AND APPROVAL OF AGENDA

A. Approval of Minutes
Recommendation: Approval of the minutes from the July 31, 2023 regular meeting.

Action:  Moved by Committee Member Brown, seconded by Committee Member Peterson and carried unanimously to approve the minutes of the July 31, 2023 meeting.

7. PRESENTATIONS

A. Presentation by Luther Hermano, Mission Square
 4th Quarter Plan Review
o Accomplishments & Results
 2023 Strategy
o Participant Engagement
 Quarterly Insights
o Trends & Research
 Tech Corner
o Technology and Transition Updates

B. Presentation by Vincent Galindo, Hyas Group
 4th Quarter 2023 Performance Review
o Presented 4th Quarter 2023 Performance Report and discussed the Plans’ current investment options.
 Fiduciary Education
o Presented the formal fiduciary education session “Fiduciary Fundamentals”.  Education Policy
o Draft given to Committee for review and discussion next meeting.  Legal and Regulatory Updates
o Will work with staff on plan-related budget to utilize $70,000 in funds from the Administrative Allowance Account. Will also work with performance measurement analyst to see if a ledger can be added to track the account.

8. ACTION ITEM(S)

A. Fund Watch Removal
Recommendation: Approve the removal of MFS Mid Cap Growth Fund from watch status.

Action: Moved by Committee Member Peterson, seconded by Committee Member Sifuentes and carried unanimously to remove MFS Mid Cap Growth Fund from watch status.

B. Approve New Member

Recommendation: Approve new member, Daniel Callison, to the Committee.

Action: Moved by Committee Member Peterson, seconded by Committee Member Brown and carried unanimously to add Daniel Callison as a new Committee Member

9. FUTURE AGENDA ITEMS

A. Investment Policy Statement – Q1 2024

B. Goals and Objectives - Q2 2024

C. Education Policy Statement

D. Lunch and Learns

E. Vote for new Chair and Vice Chair Committee Members

F . NAGDA Attendance

10. ADJOURNMENT

The meeting was adjourned at 10:25 a.m.

JAMES OLSON, CHAIRPERSON

ATTEST

KIMBERLY GATES, EXECUTIVE SECRETARY

Deferred
Compensation
Committee Meeting
Apr. 29, 2024
EXAMPLE for customizing to your client on Slide 3.

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
Plan
Review
Education & Outreach,
Overall Plan Health
Tech Corner
Employer Resource
Center, Enhancements,
and New Releases
2024 Strategy
Client Engagement and
Participant Engagement
Financial Planning
Program
Education & Resources
Legislative Updates
Secure 2.0 Updates &
Contribution Limits

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 (Jan-Mar 2024)
Trends for Your Plan (2023-2024 Comparison)
Education 58
Increase in RPS
Consultations
2 CFP®
Consultations
6 Seminars
Participation
& Savings
31 Enrollments

2.7%
Increase in Plan
Contributions
$17,538
Roll-Ins
Financial
Wellness

12.4%
Increase in Account
Logins
19 Financial Wellness
Logins
Retention 16.2%
Decrease
in Rollouts
7 MissionSquare Retirement
Contributions and Disbursements

8 MissionSquare Retirement
Plan Balance as of 3-31-24

9 MissionSquare Retirement
Participant Asset Allocation

10 10
MissionSquare Retirement
Asset Allocation Trend

11 MissionSquare Retirement
Participant Service Usage

12 12
MissionSquare Retirement
Service Usage Details

13 2024
Strategy
14 MissionSquare Retirement
We Value You and Your Employees
Our Mission
Delivering on our promise to
serve the public sector.

Client Success
Ongoing engagement and
measurement to continuously
improve your experience and
participant outcomes.

Technology
Continued technology
enhancements that best suit
your plan’s and participant
needs.

Expertise
Providing the expertise you
need that is solely focused on
the public sector.

15 MissionSquare Retirement
Our Strategic Outlook for 2024
Enhancing the technology to help
serve you and your participants
Engaging with you and your
participants through education
Advocating for the
public sector
Offering financial planning
for ALL participants

16 Client
Engagement
17 MissionSquare Retirement
Your Goals Align
With Our Goals
Client
Success
Provide
Positive
Experiences
Serve More
Employees
Deliver the
Right
Products &
Solutions
Promote Financial
Wellness
18 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
19 Participant
Engagement
20 MissionSquare Retirement
How We Help Your Employees
The Digital Connection
◼ Plan resource site
◼ Financial Wellness Center
◼ Personalized retirement readiness score and
income gap analysis calculator
◼ Mobile access with our mobile app, eDelivery,
text access, or Ask Alexa capabilities
◼ Email communications
The Personal Touch
◼ MissionSquare Retirement Plans Specialists
◼ Live webinars
◼ CERTIFIED FINANCIAL PLANNER™ Professionals
◼ Call center

21 MissionSquare Retirement
Secure Your
Retirement:

Celebrate Your
Savings
Investing: Focus on
Your Future
2024 Goal-Based Programs
Financial Wellness:

Ready. Set. Save.

Q1
Your Retirement
Plan: Maximize Your
Opportunities
Q2 Q3 Q4
Market Overview and Responsive Communications
Mobile App Financial Wellness
Center
E-Newsletter &
Emails
RPS Workshops
& Appointments
Financial Planning
Webinars & CFP
Consultations
Enroll
Learn
Save
Invest
Monitor &
Update
Retire
22 MissionSquare Retirement
Financial Wellness:

Ready. Set. Save.
◼ New year, new start to building
financial security
◼ Explore the Financial Wellness
Center, featuring articles, videos,
calculators, and more
◼ Simplify your retirement savings
◼ Maximize your benefits
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 MissionSquare Retirement
Financial Literacy Month
and America Saves Week
April 2024
In this national campaign, participants and eligible
employees are encouraged to take the Retire Well
Challenge and choose from five challenges based on
their financial goals. Each challenge includes an
actionable step and an educational resource.

Campaign materials include:
▪ Microsite
▪ Email campaign
▪ Printable flyer
▪ Printable poster
Campaign Microsite

25 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?

26 Financial
Planning
Program
27 MissionSquare Retirement
Financial Planning Education Program
New in 2024!
Financial planning services are available
to ALL participants
Services by CFP® professionals include:
◼ Financial planning workshops and seminars
◼ Individual consultations
◼ Retiree/alumni group meetings
◼ Offsite engagements for invited participants
Additional Employee Benefits
Increases understanding and
Utilization of Plan
Help Encourage Employees to Retain
Assets in Plan
Better Preparation for Retirement
28 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 
29 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.

30 MissionSquare Retirement
The MoneyGuide Pro Client Portal Experience

31 Client
Resources
32 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
33 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

34 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. 35 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.

36 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.

37 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.

38 Legislative
Updates
▪ SECURE 2.0 Act
▪ 2024 IRS Contribution Limits
39 MissionSquare Retirement
SECURE 2.0 Requirements
Mandatory Optional
RMDs begin at age 73 Self-certification of unforeseen emergency withdrawals RMDs exclude Roth balance Employer-matched Roth contributions Reduction in RMD penalty Elimination of 457(b) “first day of the month” rule Public Safety Officer Emergency savings opportunities
Roth Catch-Up (if offering age 50 Catch-Up) Student Loan Debt Repayment Match PSO Insurance Premiums (if withdrawal is offered)
MissionSquare is your partner in navigating the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act and optimizing its impact on public service employees. 40 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

41 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) 42 Technology
Developments
43 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
44 MissionSquare Retirement
44 Questions?
City of Vallejo, California
457(b), 401(a), and RHS Plans
March 31, 2024 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

F
IRST QUARTER 2024 MARKETS AND ECONOMIC UPDATE

GLOBAL ECONOMIC LANDSCAPE
/drawrightTh e Federal Reserve’s Summary of Economic Projections released in March 2024 kept the median expected federal funds rate forecast at

4.6% for the remaining of the year, implying three cuts by year-end, higher rates for longer, and a general view that rates may not return to pre-COVID levels, even if inflation reaches its target. Other economic phenomena such as higher domestic investment from reshoring and growth stemming from above-average immigration also have the potential to stoke demand and thereby increase interest rates.1 /drawrightA
n interesting aspect of the Federal Reserve’s governanc e tradition is its tendency to seek consensus and generally unanimity among its voting members. In fact, no Board Governor has cast a dissenting vote since 2005. In 2015 for example, some voting members of the Federal Open Markets Committee (FOMC) opposed the majority view that rate increases were necessary but were persuaded to vote in favor of them by adding the word “gradual” with respect to rate increases to the FOMC’s statement. A similar situation exists today wherein most but not all voting members agree on the next rate move. As such, it is possible the FOMC will use policy language to retain consensus.2 /drawrightTh
e Bureau of Labor Statistics' March nonfarm payrolls repo rt revealed a 303,000 increase in total positions, far surpassing consensus expectations of 214,000. This positive surprise follows an upward revision of 22,000 to job gains in the prior two months, marking a shift from a recent trend of negative revisions. Hiring in health care, government, construction, and leisure and hospitality paced this month's growth, with leisure and hospitality having now bounced back above its pre-pandemic levels. While most other industries showed limited changes in total positions, the breadth in job gains, measured by the diffusion index, increased in March. The data suggest a favorable backdrop for the labor market. The Fed faces the challenge of assessing the potential inflationary impact as it considers the future path of monetary policy.3 /drawrightW
ith Asia moving back towards the pre-pandemic era of lo w inflation, the question has been posed as to why Central Banks in the region have not been cutting interest rates. In response, it is worth noting that in many cases inflation only recently moved back towards target ranges in the region. Additionally, the strong US dollar has increased the cost of imports within this region. As such, it is possible that foreign central banks might not begin cutting rates before the Federal Reserve does.4 /drawrightTh
e European Central Bank has commented recently that wa ge dynamics are a key input for policy decisions. Germany in turn accounts for 30% of euro-area compensation. Negotiated wages within Germany, which serve as a forward-looking indicator of salary pressures, suggest increases in the range of 5.5% to 6.5% for the rest of 2024, with strong pickup in the public sector. While neighboring countries are not showing the same signs of acceleration, this dynamic may support a slower approach to monetary easing in the euro-zone.5 1 Source: Morgan Stanley, Higher for Longer, March 22, 2024 2 Source: Morgan Stanley, Building Bridges, April 5, 2024 3 Source: Morgan Stanley, Checking Labor Market Data and Previewing Inflation Data, April 9, 2024 4 Source: Morgan Stanley, The Viewpoint: What if Rate Cuts are Delayed, April 8, 2024 5 Source: Morgan Stanley, The Morgan Stanley Wage Tracker, April 9, 2024 1 FIXED INCOME MARKETS 6
/drawright In the first quarter, investors repriced their expectation s for the Fed’s potential interest rate cuts, based on revived inflationary pressures and more robust growth data. As of late December, investors had anticipated six 0.25% cuts in 2024, which would have brought the lower end of the federal funds rate band to between 3.50% and 3.75% from 5.25% currently. Subsequently, investors have reduced their expectations on the incoming data flow, trimming expectations to just three cuts for the year. Despite the shift in Fed policy expectations, risky assets rallied sharply in the first quarter, as investors interpreted the backdrop as matching a “no-landing” scenario, potentially similar to the late 1990s (after the Fed’s 1994-1995 tightening campaign).
/drawright At the start of the year, investment grade corporate b ond’s credit spreads, though already tight, contracted further as economic and credit conditions remained robust, with monetary easing on the horizon. These developments may also be foreshadowing an increase in the supply of credit. After a break in 2023, companies have returned to the market to bolster their balance sheets in case of a downturn in the economy and in response to significantly lower borrowing costs compared to 2023. A key contributor to this rise in volume was to fund higher merger and acquisition activities. At the same time, despite the tight spreads, investors continued to absorb the high issuance volume given still- attractive all-in yields in light of looming rate cuts. /drawright Leveraged loans (also known as bank loans) continued to outperform in the first quarter. Thanks to friendly primary-market conditions, the market benefited from a wave of loan refinancings, which in turn has significantly diminished near-term refinancing needs. Fund flows have trended more positively in 2024, as investors have softened their concerns of a coming maturity wall. /drawright Like US corporate bonds, Emerging Market credit spreads tightened relative to Treasuries over the first quarter. Though results were positive in aggregate and generally reflective of more benign expectations, country-by-country returns were interestingly different with a handful of countries in Latin America and Emerging Europe and North Africa posting gains of over 20% for the quarter.

EQUITY MARKETS
/drawright The S&P 500 Index delivered an outstanding 10% return i n the first quarter of 2024, an extraordinary event considering the stellar fourth quarter 2023 rally and that the Index has not sustained as much as a 3% pullback over more than five months. Within the US Large Cap space, momentum (that is, the tendency of yesterday’s winners to continue outperforming) and improving liquidity appear to have been the primary tailwinds.
7 /drawright US Small and US Mid Cap returns, while positive, once again did not match those of US Large Caps in the first quarter of 2024. Factors such as greater sensitivity to interest rates, smaller allocations to the advancing technology sector, higher debt, and lower profitability levels have constituted a performance headwind to US Small and US Mid Cap stocks relative to their larger counterparts. 8 6 Source: Morgan Stanley, Fixed Income Insights, April 2, 2024 7 Source: Morgan Stanley, Hot, Hot, Hot? April 8, 2024
8 Source: Morgan Stanley, Topics in Portfolio Construction, March 12, 2024 2 /drawright Management comments among European corporations indica te a shift in focus that is indicative of an economic landscape that may be changing positively. Mentions within corporate earnings call transcripts of headwinds such as “economic uncertainty,” “energy costs,” and “higher wages” have declined while use of the term “green shoots” has moved higher.9 /drawright The MSCI China Index returned -2.19% in the first quart er of 2024 versus 4.69% for the MSCI All-Country ex-USA Index, indicating continued headwinds to the Country’s equity markets. Corporate earnings reports within the first quarter generally fell short, with 8% of companies missing consensus earnings estimates. Analysts’ earnings expectations for most sectors also continue to be revised downwards. These bottom- up forecasts combined with softening macroeconomic data suggest that growth may remain subdued versus the past several years. 10 ALTERNATIVE INVESTMENTS
/drawright Expectations for merger and acquisition (M&A) activity appear to be increasing in tandem with those of an end of the rate-hiking cycles in the United States and Europe. Necessity and opportunity may drive more M&A in unlisted private companies, where 1,200-plus companies are currently valued at $1 billion and up and private equity managers face pressure to monetize their investments. Global listed nonfinancial companies hold $5.6 trillion in cash, while private market investors sit on $2.5 trillion of dry powder (committed but so far unallocated capital), providing fuel for activity.
11 /drawright Private credit assets under management grew from $95 bil lion to $550 billion for the ten years ending in 2023. Although the asset class entails higher borrowing costs, other aspects such as a dearth of bank lending, greater speed and execution ability, and its ability to help stave off default served as demand tailwinds. However, with confidence growing that policy tightening is behind us and that the next Federal Reserve move will be a rate cut, the conditions that contributed to deal-execution uncertainty are fading. Public credit markets, for both broadly syndicated loans and high yield bonds, are showing strong signs of revival and issuance increases. Thus, the competitive advantage of execution certainty that private credit lenders offer may become less material. 12 /drawright Gold hit an all-time on April 2, 2024 on the back of multiple sources of demand. Central banks have been buying gold at a record pace with net purchases in 2022 and 2023 totaling 27% of the cumulative amount bought since 2010. Gold’s scarcity makes it a store of value during periods of economic, financial, and geopolitical uncertainty. Second, gold is a liquid asset. For example, gold’s trading volume averaged approximately $163 billion per day in 2023—about $2 billion more than US Treasury bills. Third, gold does not carry credit or counterparty risk.

Lastly, gold offers central banks a way to diversify their foreign exchange reserves, which are dominated by the US dollar. According to the International Monetary Fund, the US dollar comprised 58% of disclosed official foreign reserves last year.13

9 Source: Morgan Stanley, Thematic Drivers on the Rise, March 19, 2024. 10 Source: Morgan Stanley, 4Q23 Interim Earnings Cuts for MSCI China – Still Net Miss but Better than 3Q So Far, March 27, 2024 11 Source: Morgan Stanley, The Return of M&A, March 4, 2024. 12 Source: Morgan Stanley, Private Credit: Public Market Competitor or Complement, March 10, 2024. 13 Source: Morgan Stanley, Gold Rush, April 3, 2024
3 Disclosure:

The views and opinions expressed in this commentary are those of the portfolio manager at the time of this writing and do not necessarily represent those of Hyas Group, Morgan Stanley, its affiliates or its other employees. Of course, these views may change without notice in response to changing circumstances and market conditions. Furthermore, this commentary contains forward-looking statements and there can be no guarantee that they will come to pass. Historical data shown represents past performance and does not guarantee comparable future results. The information and statistical data contained herein have been obtained from sources that are believed to be reliable but in no way are guaranteed by Hyas Group as to accuracy or completeness.

It is not an offer to buy or sell or a solicitation of any offer to buy or sell any security or other financial instrument or to participate in any trading strategy. This material does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it.

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

In addition to the general risks associated with real estate investments, REIT investing entails other risks such as credit and interest rate risk. Real estate investment risks can include fluctuations in the value of underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; increases in competition, property taxes, capital expenditures, or operating expenses; and other economic, political or regulatory occurrences affecting the real estate industry. Investing in commodities entails significant risks. The commodities markets may fluctuate widely based on a variety of factors including changes in supply and demand relationships; governmental programs and policies; national and international political and economic events; war and terrorist events; changes in interest and exchange rates; trading activities in commodities and related contracts; pestilence; weather; technological change; and, the price volatility of a commodity. In addition, the commodities markets are subject to temporary distortions or other disruptions due to various factors, including lack of liquidity, participation of speculators and government intervention.

For further information please contact Tom Breaden ([email protected]).

Hyas Group, 9755 SW Barnes Road, Suite 660, Portland, Oregon 97225; 503-634-1500 Hyas Group is a separate business unit within Morgan Stanley Institutional Investment Advisors LLC This report is being provided for informational purposed only. The information and opinions presented in this report do not constitute investment advice and have been obtained from sources believed by Hyas Group to be reliable. Hyas Group makes no representation as to their accuracy or completeness. All opinions expressed herein are subject to change.

©Morgan Stanley, 2024 CRC6546651 04/24

4 Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 303,000 4,505,000 -20,493,000 121,933 Mar-24 $3.40 $4.84 $1.80 -29.7% Mar-24

0.0% 0.1% 0.0% 0.0% Mar-24 $81.28 $114.84 $16.55 -29.2% Mar-24

10.7 22.2 4.0 11.1 Mar-24 322.2 322.2 214.4 50.3%* Jan-24 $34.69 $34.69 $27.78 $31.11 Mar-24 559.4 559.4 492.9 13.5%* Mar-24 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 3/31/2024 Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
1Q2024 Economic Data
Category
Jobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly) Gas: Price per Gallon
Spot Oil
Case-Shiller Home Price Index
-15%
-10%
-5%
0%
5%
10%
15%
$18,500
$19,500
$20,500
$21,500
$22,500
2Q19 1Q20 4Q20 3Q21 2Q22 1Q23 4Q23
YoY % Change$ Billion Gross Domestic Product
-10%
-5%
0%
5%
10%
15%
-10%
-5%
0%
5%
10%
15%
Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 YoY % ChangeUnemployment
Rate Unemployment Rate
-90%
-60%
-30%
0%
30%
60%
90%
$1,400
$1,700
$2,000
$2,300
$2,600
$2,900
$3,200
2Q19 1Q20 4Q20 3Q21 2Q22 1Q23 4Q23
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
245
260
275
290
305
Mar-19 Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 YoY % ChangeIndex Consumer Price Index
5 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.33% 1.33% 5.45% 2.89% 2.10% 1.44%
Bloomberg US Aggregate -0.78% -0.78% 1.70% -2.46% 0.36% 1.54% Bloomberg Short US Treasury 1.23% 1.23% 5.17% 2.42% 2.00% 1.40% Bloomberg Int. US Treasury -0.36% -0.36% 1.60% -1.40% 0.63% 1.14% Bloomberg Long US Treasury -3.26% -3.26% -6.08% -8.04% -2.78% 1.25% Bloomberg US TIPS -0.08% -0.08% 0.45% -0.53% 2.49% 2.21% Bloomberg US Credit -0.41% -0.41% 4.15% -1.86% 1.39% 2.49% Bloomberg US Mortgage-Backed -1.04% -1.04% 1.39% -2.84% -0.39% 1.12% Bloomberg US Asset-Backed 0.68% 0.68% 4.32% 0.50% 1.76% 1.82% Bloomberg US 20-Yr Municipal -0.31% -0.31% 4.09% -0.56% 1.91% 3.37% Bloomberg US High Yield 1.47% 1.47% 11.15% 2.19% 4.21% 4.44% Bloomberg Global -2.08% -2.08% 0.49% -4.73% -1.17% -0.07% Bloomberg International -3.21% -3.21% -0.71% -6.53% -2.49% -1.38% Bloomberg Emerging Market 1.53% 1.53% 8.43% -1.48% 1.07% 2.90% 1Q2024 Bond Market Data

5.49% 5.46% 5.38%

5.03%

4.59% 4.40% 4.21% 4.20% 4.20% 4.45% 4.34%

4.74% 4.85% 4.94%

4.64%

4.06% 3.81% 3.60% 3.55% 3.48%

3.81% 3.67%

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
3/31/2024 3/31/2023
0%
0%
0%
13%
13%
3%
71%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
23%
17%
11%
9%
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 6.08 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

8.57 1.17

0.38 11.30

1.77 0.57

0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads
1 Yr. Ago Qtr End
2%
1%
0%
21%
26%
1%
49%
0% 20% 40% 60%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
Bloomberg US Aggregate Index
Sector Breakdown
Source: Morningstar
6 Wgt. Sector QTR YTD 1 yr.
9% Communication Services 15.82% 15.82% 49.76% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 4% Energy 13.69% 13.69% 17.67% S&P 500 10.56% 10.56% 29.88% 11.49% 15.05% 12.96% 30% Information Technology 12.69% 12.69% 46.01% Russell 1000 Value 8.99% 8.99% 20.27% 8.11% 10.32% 9.01% 13% Financials 12.46% 12.46% 33.55% Russell 1000 Growth 11.41% 11.41% 39.00% 12.50% 18.52% 15.98% 9% Industrials 10.97% 10.97% 26.70% Russell Mid Cap 8.60% 8.60% 22.35% 6.07% 11.10% 9.95% 2% Materials 8.95% 8.95% 17.57% Russell Mid Cap Value 8.23% 8.23% 20.40% 6.80% 9.94% 8.57% 12% Health Care 8.85% 8.85% 16.09% Russell Mid Cap Growth 9.50% 9.50% 26.28% 4.62% 11.82% 11.35% 6% Consumer Staples 7.52% 7.52% 7.19% Russell 2000 5.18% 5.18% 19.71% -0.10% 8.10% 7.58% 10% Consumer Discretionary 4.98% 4.98% 28.73% Russell 2000 Value 2.90% 2.90% 18.75% 2.22% 8.17% 6.87% 2% Utilities 4.57% 4.57% 0.42% Russell 2000 Growth 7.58% 7.58% 20.35% -2.68% 7.38% 7.89% 2% Real Estate -0.55% -0.55% 9.60% Russell 3000 10.02% 10.02% 29.29% 9.78% 14.34% 12.33% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT -0.39% -0.39% 10.45% 3.69% 2.99% 5.91% 9% Information Technology 18.25% 18.25% 32.77%
5% Energy 15.90% 15.90% 36.03%
5% Consumer Staples 14.25% 14.25% 27.37%
3% Utilities 13.16% 13.16% 0.66%
16% Consumer Discretionary 12.11% 12.11% 29.02%
22% Industrials 11.79% 11.79% 35.36%
16% Financials 8.26% 8.26% 26.68%
8% Health Care 7.16% 7.16% 7.26%
7% Materials 4.91% 4.91% 14.08%
7% Real Estate -2.91% -2.91% 4.42%
1% Communication Services -8.59% -8.59% -19.01%
Wgt. Sector QTR YTD 1 yr.
18% Industrials 9.66% 9.66% 34.19%
5% Energy 7.86% 7.86% 23.74%
15% Consumer Discretionary 5.76% 5.76% 24.46%
6% Materials 4.19% 4.19% 14.72%
10% Health Care 2.46% 2.46% 0.47%
7% Real Estate -0.59% -0.59% 10.76%
18% Financials -0.86% -0.86% 17.85%
3% Consumer Staples -2.45% -2.45% 3.39%
12% Information Technology -3.49% -3.49% 6.02%
3% Communication Services -3.55% -3.55% -1.13%
2% Utilities -6.08% -6.08% -12.44%
1Q2024 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
-5.38%
-10.17%
-11.60%
-6.94%
-5.38%
-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

2.61%

17.77%

3.80%

7.64%

6.57%

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 4.69% 4.69% 13.26% 1.94% 5.97% 4.25% UK 9% MSCI EAFE 5.78% 5.78% 15.32% 4.78% 7.33% 4.80% France 8% Europe 5.23% 5.23% 14.11% 6.19% 7.96% 4.44% Canada 8%
United Kingdom 3.10% 3.10% 10.86% 7.70% 5.14% 2.89% China 7% Germany 7.06% 7.06% 14.80% 1.10% 6.30% 2.72% Switzerland 6% France 5.88% 5.88% 12.15% 8.44% 9.49% 6.02% Germany 6%
Pacific 6.72% 6.72% 17.48% 2.31% 6.19% 5.58% India 5%
Japan 11.01% 11.01% 25.78% 3.69% 7.77% 6.69% Taiwan 5%
Hong Kong -11.67% -11.67% -22.86% -13.70% -6.98% 1.12% Australia 5% Australia 0.80% 0.80% 12.56% 5.07% 7.55% 4.47%
Canada 3.97% 3.97% 15.07% 6.33% 8.93% 4.85%
MSCI EM 2.37% 2.37% 8.15% -5.05% 2.22% 2.95%
MSCI EM Latin America -3.96% -3.96% 22.64% 10.46% 3.68% 1.67% MSCI EM Asia 3.35% 3.35% 6.27% -6.54% 2.82% 4.50%
MSCI EM Eur/Mid East 3.92% 3.92% 16.40% -4.73% -0.91% -1.56% MSCI ACWI Value ex-US 3.40% 3.40% 15.34% 4.58% 5.36% 3.20% MSCI ACWI Growth ex-US 5.91% 5.91% 11.22% -0.76% 6.24% 5.12% MSCI ACWI Sm Cap ex-US 2.11% 2.11% 12.80% 0.38% 6.24% 4.74% Exchange Rates QTR 4Q23 3Q23 2Q23 1Q23 4Q22
Japanese Yen 151.22 140.92 149.43 144.47 132.75 131.81
Euro 0.93 0.90 0.94 0.92 0.92 0.93
British Pound 0.79 0.78 0.82 0.79 0.81 0.83
Swiss Franc 0.90 0.84 0.91 0.89 0.91 0.92
Chinese Yuan 7.22 7.10 7.30 7.25 6.87 6.90
1Q2024 International Market Data

5.78%

15.32%

4.78%

7.33%

9.96%

18.82%

9.43%

9.36%
-10% 0% 10% 20% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

2.37%

8.15%
-5.05%

2.22%

4.49%

10.61%
-2.36%

4.38%
-8% 0% 8% 16%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-2.6%
-0.5% -1.6%

0.3% 0.5%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread

2.5%
-4.1% -5.3%

0.9% 1.9%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
-2%
-1%
-3%
-1%
-2%
-7%
-12%
-10%
-6%
-4%
-1%
2%
-3%
-1%
-3%
-7%
1%
1%
2%
0%
-2%
-5%
-3%
-1%
-1%
-20%
-10%
0%
10%
20%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
43%
Asia
31%
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 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 1Q24 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%
Large Cap

10.56%
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

8.60%
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%
Small Cap

5.18%
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

4.69%
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

4.67%
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%
Emerging
Markets

2.37%
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%
Commod.

2.19%
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

1.47%
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%
Cash

1.33%
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
-0.08%
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%
US Bonds
-0.78%
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%
Global
Bonds
-2.08%
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
-12.73%
Core Real
Estate
-2.58%
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: $57,330,497Hyas Group Contact
Vincent Galindo
Senior Principal
[email protected]
Fixed Income

29.28%
Loans

1.56%
Asset Allocation

22.23%
International

8.18%
Small Cap

2.96%
Mid Cap

6.54%
Large Cap

29.26%
Plan Notes
Fund: None at this time.

Governance: Investment Policy Statement last adopted April 2023.

Vendor Mgmt: None at this time.

Fund Notes
Fund Name Watch Status Cause Comments Recommendations Fund Assets ($) Allocation (%) MissionSquare PLUS Fund S11 Qualitative Significant manager change. Place on watch. 25,781 0.04 MissionSquare PLUS Fund R10 Qualitative Significant manager change. Place on watch. 12,342,311 21.53 Sterling Capital Total Return Bond R6 Qualitative Ownership change. Place on watch. 2,224,800 3.88 Vanguard US Growth Adm 2Q22 Quantitative Trailing Benchmark and Peer Group for 5 year period. Retain on watch. 7,042,687 12.28 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Overview As of March 31, 2024
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 51,438,635 (822,741) 2,839,363 100.00 53,455,256 Fixed Income 33.15 17,053,401 (434,430) 66,266 31.21 16,685,238 Large Cap 29.20 15,018,487 (267,492) 1,641,564 30.67 16,392,559 Mid Cap 6.43 3,307,579 55,049 318,429 6.89 3,681,056
Small Cap 3.39 1,744,148 (134,131) 83,289 3.17 1,693,306 International 8.51 4,378,175 65,767 197,482 8.68 4,641,425 Asset Allocation 19.16 9,855,543 (107,504) 531,443 19.23 10,279,483 SDBA 0.16 81,301 - 889 0.15 82,190
Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

6.65 20.18

4.64 15.36

2.66 10.68

5.52 15.88
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
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 17,053,401 (434,430) 66,266 16,685,238 31.21 - MissionSquare PLUS Fund R10 92208j709 12,533,362 (324,137) 91,083 12,300,308 23.01 215 Fidelity US Bond Index FXNAX 2,247,055 (67,296) (16,029) 2,163,730 4.05 71 Sterling Capital Total Return Bond R6 STRDX 2,272,984 (42,997) (8,788) 2,221,200 4.16 119 Large Cap 15,018,487 (267,492) 1,641,564 16,392,559 30.67 - MFS Value R6 MEIKX 1,943,440 (80,388) 169,079 2,032,131 3.80 147 Fidelity 500 Index FXAIX 6,555,837 268,351 707,673 7,531,861 14.09 218 Vanguard US Growth Adm VWUAX 6,519,210 (455,456) 764,812 6,828,566 12.77 180 Mid Cap 3,307,579 55,049 318,429 3,681,056 6.89 -
Allspring Special Mid Cap Value Fund WFPRX 683,289 (16,813) 61,309 727,784 1.36 127 Fidelity Mid Cap Index FSMDX 1,480,863 55,912 132,303 1,669,078 3.12 154 MFS Mid Cap Growth R6 OTCKX 1,143,427 15,950 124,817 1,284,194 2.40 99 Small Cap 1,744,148 (134,131) 83,289 1,693,306 3.17 -
Fidelity Small Cap Index FSSNX 1,744,148 (134,131) 83,289 1,693,306 3.17 162 International 4,378,175 65,767 197,482 4,641,425 8.68 - Vanguard International Value Inv VTRIX 769,181 19,173 32,079 820,433 1.53 124 Fidelity Total International Index FTIHX 2,773,283 108,839 124,659 3,006,781 5.62 148 Vanguard International Growth Adm VWILX 835,712 (62,245) 40,743 814,211 1.52 104 Asset Allocation 9,855,543 (107,504) 531,443 10,279,483 19.23 - Vanguard Target Retirement Income VTINX 254,844 1,203 5,545 261,593 0.49 8 Vanguard Target Retirement 2020 VTWNX 280,968 (19,111) 7,199 269,056 0.50 10 Vanguard Target Retirement 2025 VTTVX 1,265,914 10,925 48,665 1,325,503 2.48 29 Vanguard Target Retirement 2030 VTHRX 1,080,583 (43,768) 47,495 1,084,309 2.03 34 Vanguard Target Retirement 2035 VTTHX 2,322,423 25,838 122,852 2,471,113 4.62 35 Vanguard Target Retirement 2040 VFORX 974,256 28,276 58,276 1,060,807 1.98 21 Vanguard Target Retirement 2045 VTIVX 1,084,291 51,963 72,688 1,208,942 2.26 35 Vanguard Target Retirement 2050 VFIFX 1,478,778 (239,629) 88,898 1,328,046 2.48 49 Vanguard Target Retirement 2055 VFFVX 794,461 82,149 58,631 935,241 1.75 40 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
12 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 281,303 20,559 20,136 321,998 0.60 16 Vanguard Target Retirement 2065 VLXVX 37,723 (25,909) 1,059 12,874 0.02 2 SDBA 81,301 - 889 82,190 0.15 -
MissionSquare Brokerage 81,301 - 889 82,190 0.15 3
Total 51,438,635 (822,741) 2,839,363 53,455,256 100.00 - 13 Asset Allocation
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 17,626,511 36.10 17,671,759 36.88 17,053,401 33.15 16,685,238 31.21 Large Cap 13,717,572 28.09 13,161,836 27.47 15,018,487 29.20 16,392,559 30.67 Mid Cap 3,090,687 6.33 2,940,164 6.14 3,307,579 6.43 3,681,056 6.89 Small Cap 1,621,129 3.32 1,535,654 3.20 1,744,148 3.39 1,693,306 3.17 International 4,255,675 8.72 3,961,926 8.27 4,378,175 8.51 4,641,425 8.68 Asset Allocation 8,514,146 17.44 8,646,659 18.04 9,855,543 19.16 10,279,483 19.23 SDBA - 0.00 - 0.00 81,301 0.16 82,190 0.15
Total 48,825,719 100.00 47,917,998 100.00 51,438,635 100.00 53,455,256 100.00 Cash Flow Summary
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Participants 514 515 514 513
Calculated Return (%) 4.16 (2.61) 8.25 5.52
Cash Flow (+/-) $ 1,377 366,588 (433,447) (822,741)
Market Adjustment $ 1,948,363 (1,274,309) 3,954,083 2,839,363 Fee Summary
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Record Keeper Fees 0.025 12,206 0.025 11,979 0.025 12,860 0.025 13,364 Administrative Fees 0.100 48,826 0.100 47,918 0.100 51,439 0.100 53,455 Weighted Investment Fees 0.202 98,872 0.196 94,054 0.191 98,446 0.188 100,559 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
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%
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Mar-2024
Ending
Market Value $
Ending
Value %
Fixed Income 17,626,511 35.4 17,671,759 36.2 17,053,401 32.6 16,685,238 30.7 Large Cap 13,717,572 27.6 13,161,836 26.9 15,018,487 28.7 16,392,559 30.2 Mid Cap 3,090,687 6.2 2,940,164 6.0 3,307,579 6.3 3,681,056 6.8 Small Cap 1,621,129 3.3 1,535,654 3.1 1,744,148 3.3 1,693,306 3.1 International 4,255,675 8.5 3,961,926 8.1 4,378,175 8.4 4,641,425 8.5 Asset Allocation 8,514,146 17.1 8,646,659 17.7 9,855,543 18.8 10,279,483 18.9 SDBA - 0.0 - 0.0 81,301 0.2 82,190 0.2
Loans 960,667 1.9 943,600 1.9 900,195 1.7 893,136 1.6
Total 49,786,387 100.0 48,861,598 100.0 52,338,830 100.0 54,348,392 100.0 Admin Account Balance
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Admin Account $ 49,866 53,573 57,865 59,449
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
15 Plan Value Over Time
0 9,300,000
18,600,000
27,900,000
37,200,000
46,500,000
55,800,000
65,100,000
2022 2023 YTD
45,140,909
51,438,635
53,455,256
2022 2023 YTD
Beginning Market Value $ 53,098,741 45,140,909 51,438,635 Cash Flow (+/-) $ 242,294 (582,147) (822,741)
Market Adjustment $ (8,200,126) 6,879,872 2,839,363
Ending Market Value $ 45,140,909 51,438,635 53,455,256
Participants 504 514 513
Average Participant Balance $ 89,565 100,075 104,201
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of March 31, 2024
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 100.00 482,511 24,708 33,249 100.00 540,468
Fixed Income 13.75 66,340 7,465 112 13.68 73,916
Large Cap 32.13 155,028 6,655 18,590 33.35 180,273
Mid Cap 6.36 30,712 1,293 2,866 6.45 34,871
Small Cap 0.06 279 220 42 0.10 541
International 3.58 17,263 2,558 954 3.84 20,775
Asset Allocation 44.12 212,889 6,518 10,685 42.57 230,092 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

6.65 20.18

4.64 15.36

2.66 10.68

6.88 20.25
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
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 66,340 7,465 112 73,916 13.68 -
MissionSquare PLUS Fund R10 92208j709 37,430 4,271 301 42,003 7.77 4 Fidelity US Bond Index FXNAX 26,958 1,549 (194) 28,313 5.24 4 Sterling Capital Total Return Bond R6 STRDX 1,951 1,645 4 3,600 0.67 4 Large Cap 155,028 6,655 18,590 180,273 33.35 -
MFS Value R6 MEIKX 141 134 26 301 0.06 3
Fidelity 500 Index FXAIX 69,783 2,262 7,615 79,659 14.74 5 Vanguard US Growth Adm VWUAX 85,104 4,259 10,949 100,312 18.56 7 Mid Cap 30,712 1,293 2,866 34,871 6.45 -
Allspring Special Mid Cap Value Fund WFPRX 85 134 24 243 0.05 3 Fidelity Mid Cap Index FSMDX 27,977 813 2,514 31,304 5.79 4 MFS Mid Cap Growth R6 OTCKX 2,650 346 328 3,324 0.61 3
Small Cap 279 220 42 541 0.10 -
Fidelity Small Cap Index FSSNX 279 220 42 541 0.10 3
International 17,263 2,558 954 20,775 3.84 -
Vanguard International Value Inv VTRIX 143 134 17 294 0.05 3 Fidelity Total International Index FTIHX 15,655 1,850 830 18,334 3.39 4 Vanguard International Growth Adm VWILX 1,465 574 108 2,147 0.40 1 Asset Allocation 212,889 6,518 10,685 230,092 42.57 -
Vanguard Target Retirement Income VTINX - - - - 0.00 -
Vanguard Target Retirement 2020 VTWNX 12,320 2,696 412 15,428 2.85 1 Vanguard Target Retirement 2025 VTTVX 6,231 (2,124) 217 4,323 0.80 1 Vanguard Target Retirement 2030 VTHRX 130,382 (7,235) 5,449 128,595 23.79 6 Vanguard Target Retirement 2035 VTTHX 19,309 3,978 1,217 24,504 4.53 3 Vanguard Target Retirement 2040 VFORX 21,217 5,262 1,593 28,072 5.19 5 Vanguard Target Retirement 2045 VTIVX 12,555 1,911 900 15,367 2.84 5 Vanguard Target Retirement 2050 VFIFX 6,292 448 454 7,194 1.33 2 Vanguard Target Retirement 2055 VFFVX 4,585 1,581 443 6,608 1.22 2 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
19 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
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 482,511 24,708 33,249 540,468 100.00 -
20 Asset Allocation
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 66,157 14.74 65,545 15.04 66,340 13.75 73,916 13.68 Large Cap 141,583 31.54 136,289 31.27 155,028 32.13 180,273 33.35 Mid Cap 28,639 6.38 27,258 6.25 30,712 6.36 34,871 6.45 Small Cap 261 0.06 253 0.06 279 0.06 541 0.10
International 16,365 3.65 15,663 3.59 17,263 3.58 20,775 3.84 Asset Allocation 195,916 43.64 190,883 43.79 212,889 44.12 230,092 42.57 Total 448,920 100.00 435,891 100.00 482,511 100.00 540,468 100.00 Cash Flow Summary
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Participants 32 32 33 33
Calculated Return (%) 5.42 (3.17) 10.22 6.88
Cash Flow (+/-) $ 1,301 1,214 2,061 24,708
Market Adjustment $ 23,009 (14,243) 44,559 33,249
Fee Summary
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Record Keeper Fees 0.025 112 0.025 109 0.025 121 0.025 135 Administrative Fees 0.100 449 0.100 436 0.100 483 0.100 540 Weighted Investment Fees 0.118 528 0.109 477 0.108 521 0.111 599 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
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%
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Mar-2024
Ending
Market Value $
Ending
Value %
Fixed Income 66,157 14.7 65,545 15.0 66,340 13.7 73,916 13.7 Large Cap 141,583 31.5 136,289 31.3 155,028 32.1 180,273 33.4 Mid Cap 28,639 6.4 27,258 6.3 30,712 6.4 34,871 6.5
Small Cap 261 0.1 253 0.1 279 0.1 541 0.1
International 16,365 3.6 15,663 3.6 17,263 3.6 20,775 3.8 Asset Allocation 195,916 43.6 190,883 43.8 212,889 44.1 230,092 42.6 Total 448,920 100.0 435,891 100.0 482,511 100.0 540,468 100.0 Admin Account Balance
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Admin Account $ 967 1,083 1,204 1,328
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
22 Plan Value Over Time
0 100,000
200,000
300,000
400,000
500,000
600,000
700,000
2022 2023 YTD
425,460
482,511
540,468
2022 2023 YTD
Beginning Market Value $ 481,818 425,460 482,511
Cash Flow (+/-) $ 35,957 (23,650) 24,708
Market Adjustment $ (92,315) 80,701 33,249
Ending Market Value $ 425,460 482,511 540,468
Participants 35 33 33
Average Participant Balance $ 12,156 14,622 16,378
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of March 31, 2024
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 2,310,418 66,728 146,702 100.00 2,523,847
Fixed Income 1.18 27,293 (1,637) 165 1.02 25,821
Large Cap 7.36 169,941 11,322 20,404 7.99 201,668
Mid Cap 1.23 28,396 (161) 2,443 1.22 30,678
Small Cap 0.17 3,890 (471) 166 0.14 3,585
International 0.80 18,456 5,732 1,171 1.00 25,359
Asset Allocation 89.27 2,062,442 51,943 122,352 88.62 2,236,736 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter 1 Year

6.65 20.18

4.64 15.36

2.66 10.68

6.34 19.25
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
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 27,293 (1,637) 165 25,821 1.02 -
MissionSquare PLUS Fund S11 92211r318 25,117 479 186 25,781 1.02 11 Fidelity US Bond Index FXNAX 2,156 (2,116) (21) 20 0.00 1 Sterling Capital Total Return Bond R6 STRDX 20 - - 20 0.00 1 Large Cap 169,941 11,322 20,404 201,668 7.99 -
MFS Value R6 MEIKX 203 23 19 245 0.01 3
Fidelity 500 Index FXAIX 74,038 5,357 8,219 87,614 3.47 25 Vanguard US Growth Adm VWUAX 95,700 5,942 12,166 113,808 4.51 24 Mid Cap 28,396 (161) 2,443 30,678 1.22 -
Allspring Special Mid Cap Value Fund WFPRX 1,040 162 108 1,310 0.05 3 Fidelity Mid Cap Index FSMDX 25,809 (1,686) 2,010 26,133 1.04 11 MFS Mid Cap Growth R6 OTCKX 1,547 1,363 325 3,235 0.13 4 Small Cap 3,890 (471) 166 3,585 0.14 -
Fidelity Small Cap Index FSSNX 3,890 (471) 166 3,585 0.14 5 International 18,456 5,732 1,171 25,359 1.00 -
Vanguard International Value Inv VTRIX - - - - 0.00 -
Fidelity Total International Index FTIHX 18,456 5,732 1,171 25,359 1.00 10 Vanguard International Growth Adm VWILX - - - - 0.00 -
Asset Allocation 2,062,442 51,943 122,352 2,236,736 88.62 - Vanguard Target Retirement Income VTINX 5,948 241 134 6,322 0.25 5 Vanguard Target Retirement 2020 VTWNX 65,963 1,036 1,891 68,890 2.73 24 Vanguard Target Retirement 2025 VTTVX 185,647 5,012 7,229 197,888 7.84 42 Vanguard Target Retirement 2030 VTHRX 189,007 (837) 8,536 196,706 7.79 41 Vanguard Target Retirement 2035 VTTHX 211,134 5,457 11,283 227,875 9.03 56 Vanguard Target Retirement 2040 VFORX 346,929 6,093 20,563 373,585 14.80 81 Vanguard Target Retirement 2045 VTIVX 367,978 12,102 24,278 404,357 16.02 98 Vanguard Target Retirement 2050 VFIFX 433,365 12,509 30,372 476,247 18.87 118 Vanguard Target Retirement 2055 VFFVX 216,090 8,574 15,268 239,931 9.51 91 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
26 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Vanguard Target Retirement 2060 VTTSX 36,643 1,013 2,504 40,160 1.59 36 Vanguard Target Retirement 2065 VLXVX 3,739 743 293 4,775 0.19 6 Total 2,310,418 66,728 146,702 2,523,847 100.00 -
27 Asset Allocation
Jun-2023
Ending
Market Value $
Ending
Market Value %
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 23,757 1.16 24,722 1.21 27,293 1.18 25,821 1.02 Large Cap 134,514 6.59 143,063 7.01 169,941 7.36 201,668 7.99 Mid Cap 23,880 1.17 23,367 1.14 28,396 1.23 30,678 1.22 Small Cap 4,327 0.21 4,468 0.22 3,890 0.17 3,585 0.14
International 17,346 0.85 17,571 0.86 18,456 0.80 25,359 1.00 Asset Allocation 1,836,337 90.01 1,828,064 89.56 2,062,442 89.27 2,236,736 88.62 Total 2,040,162 100.00 2,041,255 100.00 2,310,418 100.00 2,523,847 100.00 Cash Flow Summary
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Participants 564 580 595 615
Calculated Return (%) 5.05 (3.43) 10.53 6.34
Cash Flow (+/-) $ 86,266 71,079 54,069 66,728
Market Adjustment $ 94,119 (69,985) 215,093 146,702
Fee Summary
Jun-2023
Current % Est Asset $
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Record Keeper Fees 1.241 25,321 1.260 25,726 1.194 27,582 1.159 29,256 Weighted Investment Fees 0.087 1,771 0.085 1,739 0.085 1,968 0.086 2,164 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
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%
Jun-2023 Sep-2023 Dec-2023 Mar-2024
Jun-2023
Ending
Market Value $
Ending
Value %
Sep-2023
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Mar-2024
Ending
Market Value $
Ending
Value %
Fixed Income 23,757 1.2 24,722 1.2 27,293 1.2 25,821 1.0 Large Cap 134,514 6.6 143,063 7.0 169,941 7.4 201,668 8.0 Mid Cap 23,880 1.2 23,367 1.1 28,396 1.2 30,678 1.2
Small Cap 4,327 0.2 4,468 0.2 3,890 0.2 3,585 0.1
International 17,346 0.9 17,571 0.9 18,456 0.8 25,359 1.0 Asset Allocation 1,836,337 90.0 1,828,064 89.6 2,062,442 89.3 2,236,736 88.6 Total 2,040,162 100.0 2,041,255 100.0 2,310,418 100.0 2,523,847 100.0 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
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 2023 YTD
1,701,645
2,310,418
2,523,847
2022 2023 YTD
Beginning Market Value $ 1,778,538 1,701,645 2,310,418
Cash Flow (+/-) $ 246,659 259,426 66,728
Market Adjustment $ (323,552) 349,348 146,702
Ending Market Value $ 1,701,645 2,310,418 2,523,847
Participants 535 595 615
Average Participant Balance $ 3,181 3,883 4,104
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of March 31, 2024
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 Expense Ratio 5 Year Return
Difference 5 Year Rank Watch Status Qualitative
Factors Quantitative Factors
MissionSquare PLUS Fund R10 92208j709 0.31 0.14 13 ˜ ˜
MissionSquare PLUS Fund S11 92211r318 0.31 0.18 12 ˜ ˜
Sterling Capital Total Return Bond R6 STRDX 0.36 0.62 12 ˜ ˜ MFS Value R6 MEIKX 0.44 0.53 49 ˜ ˜
Vanguard US Growth Adm VWUAX 0.20 -3.42 54 2Q22 ˜ ˜
Allspring Special Mid Cap Value Fund WFPRX 0.70 2.27 21 ˜ ˜ MFS Mid Cap Growth R6 OTCKX 0.66 -0.15 32 ˜ ˜
Vanguard International Value Inv VTRIX 0.39 1.32 44 ˜ ˜ Vanguard International Growth Adm VWILX 0.31 2.47 20 ˜ ˜ Fund Name Asset-ID Expense Ratio 5 Year Return
Difference 5 Year Rank Watch Status Qualitative
Factors Quantitative Factors
Fidelity US Bond Index FXNAX 0.03 -0.03 51 ˜ ˜
Fidelity 500 Index FXAIX 0.02 -0.01 18 ˜ ˜
Fidelity Mid Cap Index FSMDX 0.03 0.00 45 ˜ ˜
Fidelity Small Cap Index FSSNX 0.03 0.10 70 ˜ ˜
Fidelity Total International Index FTIHX 0.06 0.02 70 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of March 31, 2024
Options employing active management are expected to outperform their stated asset class or style benchmark net of all management fees over a trailing five-year time period; and to rank above the 50th percentile of the appropriate peer group for the same trailing five-year time period. Passive options are expected to track the performance of the index strategy that the option is designed to replicate, less management fees, with marginal tracking error. Certain passive investment options may engage in a method of 'Fair Value Pricing.' Discrepancies in performance between the applicable investment option and its performance benchmark that are due to 'Fair Value Pricing' and other common index fund tracking factors will be taken into consideration in evaluating performance.
32 Fund Name Asset-ID Expense Ratio 5 Year Return
Difference 5 Year Rank Watch Status Qualitative
Factors Quantitative Factors
Vanguard Target Retirement Income VTINX 0.08 -0.29 41 ˜ ˜ Vanguard Target Retirement 2020 VTWNX 0.08 -0.36 44 ˜ ˜ Vanguard Target Retirement 2025 VTTVX 0.08 -0.44 25 ˜ ˜ Vanguard Target Retirement 2030 VTHRX 0.08 -0.44 32 ˜ ˜ Vanguard Target Retirement 2035 VTTHX 0.08 -0.42 47 ˜ ˜ Vanguard Target Retirement 2040 VFORX 0.08 -0.41 51 ˜ ˜ Vanguard Target Retirement 2045 VTIVX 0.08 -0.40 42 ˜ ˜ Vanguard Target Retirement 2050 VFIFX 0.08 -0.42 39 ˜ ˜ Vanguard Target Retirement 2055 VFFVX 0.08 -0.43 44 ˜ ˜ Vanguard Target Retirement 2060 VTTSX 0.08 -0.43 47 ˜ ˜ Vanguard Target Retirement 2065 VLXVX 0.08 -0.44 63 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of March 31, 2024
Target Date funds will be evaluated based on performance of the entire suite as held within the plan(s). A target date suite will generally be viewed as being in violation of investment policy performance criteria if over one-half of the funds in the target date suite held within the plan(s) lag the prescribed performance measures within your investment policy. 33 Performance Review
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018
MissionSquare PLUS Fund R10 0.74 2.91 2.30 2.29 2.20 2.78 1.97 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 1.01 4.14 2.92 2.16 2.03 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.27) (1.23) (0.62) 0.13 0.17 (1.29) (1.03) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 18 27 20 13 11 30 8 9 17 29 11 MissionSquare PLUS Fund S11 0.98 3.16 2.38 2.34 2.22 2.77 1.96 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 1.01 4.14 2.92 2.16 2.03 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.03) (0.98) (0.54) 0.18 0.19 (1.30) (1.04) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 5 19 12 12 11 31 9 9 18 29 11 Fidelity US Bond Index (0.72) 1.69 (2.48) 0.33 1.52 5.56 (13.03) (1.79) 7.80 8.48 0.01 Blmbg. U.S. Aggregate Index (0.78) 1.70 (2.46) 0.36 1.54 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index 0.06 (0.01) (0.02) (0.03) (0.02) 0.03 (0.02) (0.24) 0.29 (0.24) 0.00 Intermediate Core Bond Rank 60 55 41 51 42 53 30 63 49 50 27 Sterling Capital Total Return Bond R6 (0.39) 2.47 (2.24) 0.98 1.99 5.97 (13.15) (1.12) 9.35 9.37 (0.27) Blmbg. U.S. Aggregate Index (0.78) 1.70 (2.46) 0.36 1.54 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index 0.39 0.77 0.22 0.62 0.45 0.44 (0.14) 0.43 1.84 0.65 (0.28) Intermediate Core Bond Rank 27 23 22 12 7 29 36 27 16 17 42 MFS Value R6 8.84 19.56 8.65 10.84 9.57 8.29 (5.80) 25.55 4.03 30.18 (9.78) Russell 1000 Value Index 8.99 20.27 8.11 10.31 9.01 11.46 (7.54) 25.16 2.80 26.54 (8.27) +/- Index (0.15) (0.71) 0.54 0.53 0.56 (3.17) 1.74 0.39 1.23 3.64 (1.51) Large Value Rank 50 61 57 49 30 75 54 57 37 8 65
Fidelity 500 Index 10.55 29.87 11.48 15.04 12.95 26.29 (18.13) 28.69 18.40 31.47 (4.40) S&P 500 Index 10.56 29.88 11.49 15.05 12.96 26.29 (18.11) 28.71 18.40 31.49 (4.38) +/- Index (0.01) (0.01) (0.01) (0.01) (0.01) 0.00 (0.02) (0.02) 0.00 (0.02) (0.02) Large Blend Rank 42 34 22 18 8 24 50 20 35 22 24
City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of March 31, 2024
34 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of March 31, 2024
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018
Vanguard US Growth Adm 12.22 40.80 3.92 15.10 14.23 45.31 (39.58) 12.45 58.74 33.51 0.75 Russell 1000 Growth Index 11.41 39.00 12.50 18.52 15.98 42.68 (29.14) 27.60 38.49 36.39 (1.51) +/- Index 0.81 1.80 (8.58) (3.42) (1.75) 2.63 (10.44) (15.15) 20.25 (2.88) 2.26 Large Growth Rank 54 35 88 54 38 21 91 87 9 43 27
Allspring Special Mid Cap Value Fund 9.15 18.66 9.79 12.21 9.87 9.62 (4.50) 28.80 3.36 35.68 (13.02) Russell Midcap Value Index 8.23 20.40 6.80 9.94 8.57 12.71 (12.03) 28.34 4.96 27.06 (12.29) +/- Index 0.92 (1.74) 2.99 2.27 1.30 (3.09) 7.53 0.46 (1.60) 8.62 (0.73) Mid-Cap Value Rank 33 66 19 21 12 80 22 50 46 2 44
Fidelity Mid Cap Index 8.61 22.35 6.07 11.10 9.95 17.21 (17.28) 22.56 17.11 30.51 (9.05) Russell Midcap Index 8.60 22.35 6.07 11.10 9.95 17.23 (17.32) 22.58 17.10 30.54 (9.06) +/- Index 0.01 0.00 0.00 0.00 0.00 (0.02) 0.04 (0.02) 0.01 (0.03) 0.01 Mid-Cap Blend Rank 63 54 57 45 14 29 70 65 25 25 27
MFS Mid Cap Growth R6 10.78 25.17 4.13 11.67 12.09 21.50 (28.29) 14.17 35.80 37.93 1.21 Russell Midcap Growth Index 9.50 26.28 4.62 11.82 11.35 25.87 (26.72) 12.73 35.59 35.47 (4.75) +/- Index 1.28 (1.11) (0.49) (0.15) 0.74 (4.37) (1.57) 1.44 0.21 2.46 5.96 Mid-Cap Growth Rank 33 34 22 32 10 42 50 38 52 21 9
Fidelity Small Cap Index 5.19 19.83 (0.02) 8.21 7.74 17.12 (20.27) 14.71 19.99 25.71 (10.88) Russell 2000 Index 5.18 19.71 (0.10) 8.10 7.58 16.93 (20.44) 14.82 19.96 25.53 (11.01) +/- Index 0.01 0.12 0.08 0.11 0.16 0.19 0.17 (0.11) 0.03 0.18 0.13 Small Blend Rank 58 42 85 70 53 38 79 88 14 33 33
Vanguard International Value Inv 4.01 11.17 2.91 6.68 4.20 16.15 (11.66) 7.97 8.99 20.39 (14.52) MSCI AC World ex USA Value (Net) 3.40 15.34 4.58 5.36 3.20 17.30 (8.59) 10.46 (0.77) 15.72 (13.97) +/- Index 0.61 (4.17) (1.67) 1.32 1.00 (1.15) (3.07) (2.49) 9.76 4.67 (0.55) Foreign Large Value Rank 58 74 82 44 31 67 72 87 5 30 27 35 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of March 31, 2024
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018
Fidelity Total International Index 4.26 12.81 1.72 6.02 - 15.51 (16.28) 8.47 11.07 21.48 (14.38) MSCI AC World ex USA IMI (Net) 4.33 13.20 1.72 6.00 4.32 15.62 (16.58) 8.53 11.12 21.63 (14.76) +/- Index (0.07) (0.39) 0.00 0.02 - (0.11) 0.30 (0.06) (0.05) (0.15) 0.38 Foreign Large Blend Rank 78 57 74 70 - 64 58 70 39 60 42 Vanguard International Growth Adm 5.29 7.46 (5.68) 8.70 7.73 14.81 (30.79) (0.74) 59.74 31.48 (12.58) MSCI AC World ex USA Growth (Net) 5.91 11.22 (0.76) 6.24 5.12 14.03 (23.05) 5.09 22.20 27.34 (14.43) +/- Index (0.62) (3.76) (4.92) 2.46 2.61 0.78 (7.74) (5.83) 37.54 4.14 1.85 Foreign Large Growth Rank 60 85 92 20 10 69 84 87 2 23 36 Vanguard Target Retirement Income 2.17 8.47 1.23 4.14 4.14 10.65 (12.74) 5.25 10.02 13.16 (1.99) Vanguard Target Income Composite Index (Net) 2.15 8.70 1.44 4.44 4.37 10.80 (12.44) 5.44 10.70 13.41 (1.97) +/- Index 0.02 (0.23) (0.21) (0.30) (0.23) (0.15) (0.30) (0.19) (0.68) (0.25) (0.02) Target-Date Retirement Rank 69 63 46 41 28 45 52 63 29 46 15 Vanguard Target Retirement 2020 2.83 10.42 1.98 5.60 5.63 12.51 (14.15) 8.17 12.04 17.63 (4.24) Vanguard Target 2020 Composite Index (Net) 2.86 10.70 2.26 5.96 5.91 12.65 (13.77) 8.43 12.85 17.87 (4.13) +/- Index (0.03) (0.28) (0.28) (0.36) (0.28) (0.14) (0.38) (0.26) (0.81) (0.24) (0.11) Target-Date 2020 Rank 81 57 49 44 27 27 42 64 41 27 40
Vanguard Target Retirement 2025 3.81 12.95 2.68 6.55 6.31 14.55 (15.55) 9.80 13.30 19.63 (5.15) Vanguard Target 2025 Composite Index (Net) 3.84 13.24 3.04 6.99 6.64 14.74 (15.02) 10.09 14.19 19.93 (5.00) +/- Index (0.03) (0.29) (0.36) (0.44) (0.33) (0.19) (0.53) (0.29) (0.89) (0.30) (0.15) Target-Date 2025 Rank 43 11 25 25 13 5 53 51 35 21 42
Vanguard Target Retirement 2030 4.54 14.78 3.34 7.36 6.87 16.03 (16.27) 11.38 14.10 21.07 (5.86) Vanguard Target 2030 Composite Index (Net) 4.52 15.09 3.71 7.80 7.20 16.26 (15.71) 11.66 14.98 21.34 (5.72) +/- Index 0.02 (0.31) (0.37) (0.44) (0.33) (0.23) (0.56) (0.28) (0.88) (0.27) (0.14) Target-Date 2030 Rank 57 18 31 32 22 6 47 56 36 34 33
36 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of March 31, 2024
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018
Vanguard Target Retirement 2035 5.24 16.37 4.02 8.17 7.43 17.14 (16.62) 12.96 14.79 22.44 (6.58) Vanguard Target 2035 Composite Index (Net) 5.14 16.61 4.36 8.59 7.75 17.43 (16.10) 13.24 15.67 22.76 (6.46) +/- Index 0.10 (0.24) (0.34) (0.42) (0.32) (0.29) (0.52) (0.28) (0.88) (0.32) (0.12) Target-Date 2035 Rank 75 53 44 47 32 25 38 79 40 47 28
Vanguard Target Retirement 2040 5.85 17.94 4.69 8.96 7.95 18.34 (16.98) 14.56 15.47 23.86 (7.32) Vanguard Target 2040 Composite Index (Net) 5.76 18.15 5.02 9.37 8.28 18.60 (16.51) 14.84 16.31 24.19 (7.22) +/- Index 0.09 (0.21) (0.33) (0.41) (0.33) (0.26) (0.47) (0.28) (0.84) (0.33) (0.10) Target-Date 2040 Rank 79 73 56 51 36 45 34 80 40 45 31
Vanguard Target Retirement 2045 6.45 19.45 5.34 9.74 8.40 19.48 (17.36) 16.16 16.30 24.94 (7.90) Vanguard Target 2045 Composite Index (Net) 6.38 19.70 5.66 10.14 8.73 19.77 (16.93) 16.45 17.02 25.37 (7.77) +/- Index 0.07 (0.25) (0.32) (0.40) (0.33) (0.29) (0.43) (0.29) (0.72) (0.43) (0.13) Target-Date 2045 Rank 83 72 49 42 31 40 31 67 35 38 38
Vanguard Target Retirement 2050 6.86 20.42 5.68 9.99 8.53 20.17 (17.46) 16.41 16.39 24.98 (7.90) Vanguard Target 2050 Composite Index (Net) 6.84 20.76 6.02 10.41 8.87 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index 0.02 (0.34) (0.34) (0.42) (0.34) (0.31) (0.39) (0.34) (0.78) (0.39) (0.13) Target-Date 2050 Rank 83 68 38 39 29 39 29 71 36 42 32
Vanguard Target Retirement 2055 6.88 20.43 5.69 9.98 8.51 20.16 (17.46) 16.44 16.32 24.98 (7.89) Vanguard Target 2055 Composite Index (Net) 6.84 20.76 6.02 10.41 8.87 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index 0.04 (0.33) (0.33) (0.43) (0.36) (0.32) (0.39) (0.31) (0.85) (0.39) (0.12) Target-Date 2055 Rank 84 68 41 44 36 44 26 76 40 45 33
Vanguard Target Retirement 2060 6.87 20.44 5.70 9.99 8.51 20.18 (17.46) 16.44 16.32 24.96 (7.87) Vanguard Target 2060 Composite Index (Net) 6.84 20.76 6.02 10.41 8.87 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index 0.03 (0.32) (0.32) (0.42) (0.36) (0.30) (0.39) (0.31) (0.85) (0.41) (0.10) Target-Date 2060 Rank 86 70 42 47 1 47 24 78 41 55 30
37 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of March 31, 2024
Performance (%)
QTR 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018
Vanguard Target Retirement 2065 6.88 20.41 5.72 9.98 - 20.15 (17.39) 16.46 16.17 24.96 (7.95) Vanguard Target 2065 Composite Index (Net) 6.84 20.76 6.02 10.41 - 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index 0.04 (0.35) (0.30) (0.43) - (0.33) (0.32) (0.29) (1.00) (0.41) (0.18) Target-Date 2065+ Rank 89 72 42 63 - 53 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%

0.066%

0.132%

0.198%

0.264%

0.330%

0.396%
Jun-2023 Sep-2023 Dec-2023 Mar-2024

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.202% 0.196% 0.192% 0.188%
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Mar-2024
(%)
Total Plan Fees 0.327 0.321 0.317 0.313
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.202 0.196 0.192 0.188
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of March 31, 2024
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 03/31/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 12,300,308 0.310 38,131 Fidelity US Bond Index FXNAX 2,163,730 0.025 541
Sterling Capital Total Return Bond R6 STRDX 2,221,200 0.360 7,996 MFS Value R6 MEIKX 2,032,131 0.440 8,941
Fidelity 500 Index FXAIX 7,531,861 0.015 1,130
Vanguard US Growth Adm VWUAX 6,828,566 0.200 13,657
Allspring Special Mid Cap Value Fund WFPRX 727,784 0.700 5,094 Fidelity Mid Cap Index FSMDX 1,669,078 0.025 417
MFS Mid Cap Growth R6 OTCKX 1,284,194 0.660 8,476
Fidelity Small Cap Index FSSNX 1,693,306 0.025 423
Vanguard International Value Inv VTRIX 820,433 0.390 3,200 Fidelity Total International Index FTIHX 3,006,781 0.060 1,804 Vanguard International Growth Adm VWILX 814,211 0.310 2,524 Vanguard Target Retirement Income VTINX 261,593 0.080 209 Vanguard Target Retirement 2020 VTWNX 269,056 0.080 215 Vanguard Target Retirement 2025 VTTVX 1,325,503 0.080 1,060 Vanguard Target Retirement 2030 VTHRX 1,084,309 0.080 867 Vanguard Target Retirement 2035 VTTHX 2,471,113 0.080 1,977 Vanguard Target Retirement 2040 VFORX 1,060,807 0.080 849 Vanguard Target Retirement 2045 VTIVX 1,208,942 0.080 967 Vanguard Target Retirement 2050 VFIFX 1,328,046 0.080 1,062 Vanguard Target Retirement 2055 VFFVX 935,241 0.080 748 Vanguard Target Retirement 2060 VTTSX 321,998 0.080 258 Vanguard Target Retirement 2065 VLXVX 12,874 0.080 10
Total 53,373,066 0.188 100,559
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of March 31, 2024
41 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of March 31, 2024
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 13,364 3,341 26
Administrative Fees 0.100 53,455 13,364 104
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%
Jun-2023 Sep-2023 Dec-2023 Mar-2024

0.025% 0.025% 0.025% 0.025%

0.100% 0.100% 0.100% 0.100%

0.118% 0.109% 0.108% 0.111%
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Mar-2024
(%)
Total Plan Fees 0.243 0.234 0.233 0.236
Record Keeper Fees 0.025 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100 0.100
Weighted Investment Fees 0.118 0.109 0.108 0.111
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of March 31, 2024
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 03/31/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 42,003 0.310 130
Fidelity US Bond Index FXNAX 28,313 0.025 7
Sterling Capital Total Return Bond R6 STRDX 3,600 0.360 13 MFS Value R6 MEIKX 301 0.440 1
Fidelity 500 Index FXAIX 79,659 0.015 12
Vanguard US Growth Adm VWUAX 100,312 0.200 201
Allspring Special Mid Cap Value Fund WFPRX 243 0.700 2
Fidelity Mid Cap Index FSMDX 31,304 0.025 8
MFS Mid Cap Growth R6 OTCKX 3,324 0.660 22
Fidelity Small Cap Index FSSNX 541 0.025 -
Vanguard International Value Inv VTRIX 294 0.390 1
Fidelity Total International Index FTIHX 18,334 0.060 11 Vanguard International Growth Adm VWILX 2,147 0.310 7
Vanguard Target Retirement Income VTINX - 0.080 -
Vanguard Target Retirement 2020 VTWNX 15,428 0.080 12
Vanguard Target Retirement 2025 VTTVX 4,323 0.080 3
Vanguard Target Retirement 2030 VTHRX 128,595 0.080 103 Vanguard Target Retirement 2035 VTTHX 24,504 0.080 20
Vanguard Target Retirement 2040 VFORX 28,072 0.080 22
Vanguard Target Retirement 2045 VTIVX 15,367 0.080 12
Vanguard Target Retirement 2050 VFIFX 7,194 0.080 6
Vanguard Target Retirement 2055 VFFVX 6,608 0.080 5
Vanguard Target Retirement 2060 VTTSX - 0.080 -
Vanguard Target Retirement 2065 VLXVX - 0.080 -
Total 540,468 0.111 599
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of March 31, 2024
45 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of March 31, 2024
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 0.025 135 34 4
Administrative Fees 0.100 540 135 16
46 Section 9 | Fee Review - Retirement Health Savings

Annualized Plan Cost
Record Keeper Fees
Weighted Investment Fees

0.000%

0.281%

0.562%

0.843%

1.124%

1.405%

1.686%
Jun-2023 Sep-2023 Dec-2023 Mar-2024

1.241% 1.260% 1.194% 1.159%

0.087% 0.085%

0.085% 0.086%
Jun-2023
(%)
Sep-2023
(%)
Dec-2023
(%)
Mar-2024
(%)
Total Plan Fees 1.328 1.345 1.279 1.245
Record Keeper Fees 1.241 1.260 1.194 1.159
Weighted Investment Fees 0.087 0.085 0.085 0.086
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of March 31, 2024
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 03/31/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund S11 92211r318 25,781 0.310 80
Fidelity US Bond Index FXNAX 20 0.025 -
Sterling Capital Total Return Bond R6 STRDX 20 0.360 -
MFS Value R6 MEIKX 245 0.440 1
Fidelity 500 Index FXAIX 87,614 0.015 13
Vanguard US Growth Adm VWUAX 113,808 0.200 228
Allspring Special Mid Cap Value Fund WFPRX 1,310 0.700 9 Fidelity Mid Cap Index FSMDX 26,133 0.025 7
MFS Mid Cap Growth R6 OTCKX 3,235 0.660 21
Fidelity Small Cap Index FSSNX 3,585 0.025 1
Vanguard International Value Inv VTRIX - 0.390 -
Fidelity Total International Index FTIHX 25,359 0.060 15 Vanguard International Growth Adm VWILX - 0.310 -
Vanguard Target Retirement Income VTINX 6,322 0.080 5
Vanguard Target Retirement 2020 VTWNX 68,890 0.080 55
Vanguard Target Retirement 2025 VTTVX 197,888 0.080 158 Vanguard Target Retirement 2030 VTHRX 196,706 0.080 157 Vanguard Target Retirement 2035 VTTHX 227,875 0.080 182 Vanguard Target Retirement 2040 VFORX 373,585 0.080 299 Vanguard Target Retirement 2045 VTIVX 404,357 0.080 323 Vanguard Target Retirement 2050 VFIFX 476,247 0.080 381 Vanguard Target Retirement 2055 VFFVX 239,931 0.080 192 Vanguard Target Retirement 2060 VTTSX 40,160 0.080 32
Vanguard Target Retirement 2065 VLXVX 4,775 0.080 4
Total 2,523,847 0.086 2,164
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of March 31, 2024
49 City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of March 31, 2024
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 1.159 29,256 7,314 48
50 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Fee Analysis As of March 31, 2024
Administrative Account Summary
Period Beginning Balance Contributions* Growth Distributions Ending Balance 1Q24 $59,069 $12,426 $486 ($11,204) $60,777
*Excess revenue is deposited into the administrative allowance account in the period following the calculation. This administrative allowance account is held at MissionSquare. 51 Section 10 | Fund Attributions

Allspring Special Mid
Cap Value R6 (USD)
Morningstar
Medalist RatingTM
´
02-29-2024
Analyst-Driven %

55.00 Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell Mid Cap Value
TR USD
US Fund Mid-Cap Value
380 US Fund Mid-
Cap Value
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -2.27 -10.19 -4.62 14.08 -4.50
2023 0.83 5.36 -5.62 9.33 9.62
2024 9.15 — — — 9.15
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 18.66 9.79 12.21 9.87 11.26
Std 03-31-2024 18.66 — 12.21 9.87 11.26
Total Return 18.66 9.79 12.21 9.87 11.26
+/- Std Index -11.22 -1.70 -2.84 -3.09 —
+/- Cat Index -1.73 2.99 2.27 1.30 —
% Rank Cat 66 23 24 10
No. in Cat 399 380 363 281
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 % 0.70
Risk and Return Profile
3 Yr 5 Yr 10 Yr
380 funds 363 funds 281 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 17.22 20.53 16.68
Mean 9.79 12.21 9.87
Sharpe Ratio 0.46 0.56 0.56
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha -0.31 3.10
Beta 0.86 0.87
R-Squared 76.93 95.90
12-Month Yield —
Potential Cap Gains Exp 17.01%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 2 2 2 2 2 2 2 2 2 5 2 2
94 92 94 93 94 99 95 98 98 96 98 99
Growth of $10,000
Allspring Special Mid Cap
Value R6
36,915
Category Average
30,380
Standard Index
45,591
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 50.22 NAV/Price

39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -4.50 9.62 9.15 Total Return %

6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 -16.66 -1.41 +/- Standard Index _ & & & ( * & * ( & ) _ Performance Quartile
(within category)

5.68 -2.63 2.13 1.69 -2.07 -0.74 8.62 -1.60 0.46 7.53 -3.09 0.93 +/- Category Index — 24 24 20 71 50 2 49 53 20 78 — % Rank Cat
— 460 471 399 405 417 422 415 413 405 397 404 No. of Funds in Cat Portfolio Analysis 03-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.94 0.94 0.00
US Stocks 96.68 96.68 0.00
Non-US Stocks 2.38 2.38 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.00 0.00
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 17.9 0.70 1.16
P/C Ratio TTM 11.4 0.65 1.17
P/B Ratio TTM 2.3 0.51 1.20
Geo Avg Mkt Cap
$mil
19595 0.07 1.37
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 97.6 0.98
Greater Europe 1.4 2.70
Greater Asia 1.0 23.68
Share Chg
since
02-2024
Share
Amount
Holdings :
10 Total Stocks , 0 Total Fixed-Income,
27% Turnover Ratio
Net Assets
%
Y 6 mil AerCap Holdings NV 3.73
Y 1 mil Carlisle Companies Inc 3.70
5 mil CBRE Group Inc Class A 3.31
5 mil Arch Capital Group Ltd 3.25
Y 2 mil Republic Services Inc 3.15
Y 2 mil Allstate Corp 3.15
1 mil Vulcan Materials Co 2.99
7 mil LKQ Corp 2.94
3 mil Jacobs Solutions Inc 2.91
11 mil Keurig Dr Pepper Inc 2.63
Sector Weightings Stocks % Rel Std Index
h Cyclical 44.8 1.62
r Basic Materials 6.4 2.99
t Consumer Cyclical 10.6 1.01
y Financial Services 16.6 1.31
u Real Estate 11.1 4.87
j Sensitive 34.8 0.67
i Communication Services 0.1 0.01
o Energy 6.3 1.60
p Industrials 22.1 2.65
a Technology 6.3 0.21
k Defensive 20.4 0.99
s Consumer Defensive 4.6 0.77
d Healthcare 9.9 0.80
f Utilities 6.0 2.71
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 15.3 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $13,006.33 mil
Release date 03-31-2024 | 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®

52 Fidelity 500 Index (USD)
Morningstar
Medalist RatingTM
Œ
02-29-2024
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 1,293 US Fund
Large Blend
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -4.60 -16.10 -4.89 7.56 -18.13
2023 7.50 8.73 -3.27 11.69 26.29
2024 10.55 — — — 10.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 29.87 11.48 15.04 12.95 13.29
Std 03-31-2024 29.87 — 15.04 12.95 13.29
Total Return 29.87 11.48 15.04 12.95 13.29
+/- Std Index -0.01 -0.01 -0.01 -0.01 —
+/- Cat Index 0.01 1.03 0.28 0.27 —
% Rank Cat 32 22 21 8
No. in Cat 1422 1293 1179 888
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
1,293 funds 1,179 funds 888 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 17.59 18.36 15.16
Mean 11.48 15.04 12.95
Sharpe Ratio 0.54 0.74 0.79
MPT Statistics Standard Index Best Fit Index
S&P 500 TR USD
Alpha -0.01 -0.01
Beta 1.00 1.00
R-Squared 100.00 100.00
12-Month Yield —
Potential Cap Gains Exp 39.12%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 7 7
99 99 99 100 99 100 99 100 100 100 100 100
Growth of $10,000
Fidelity 500 Index
45,539
Category Average
36,860
Standard Index
45,591
Investment Style
Equity/Stocks %

65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 165.49 182.95 NAV/Price

32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 26.29 10.55 Total Return % -0.01 -0.03 0.00 0.01 -0.02 -0.02 -0.01 0.00 -0.01 -0.02 0.00 -0.01 +/- Standard Index * & & * * & & * & ( * _ Performance Quartile
(within category)
-0.74 0.42 0.47 -0.09 0.12 0.38 0.05 -2.57 2.24 1.00 -0.24 0.25 +/- Category Index 41 18 20 26 28 25 23 37 23 51 26 — % Rank Cat
1559 1568 1606 1409 1396 1402 1387 1363 1382 1358 1430 1482 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 0.03 0.32 0.29
US Stocks 99.39 99.39 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 100.00 100.29 0.29
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 24.8 0.97 1.05
P/C Ratio TTM 17.0 0.97 1.03
P/B Ratio TTM 4.4 0.97 0.93
Geo Avg Mkt Cap
$mil
270109 0.98 0.82
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 1.01
Greater Asia 0.0 1.02
Share Chg
since
01-2024
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 89 mil Microsoft Corp 7.16
T 175 mil Apple Inc 6.15
T 30 mil NVIDIA Corp 4.55
T 109 mil Amazon.com Inc 3.74
T 27 mil Meta Platforms Inc Class A 2.53
T 71 mil Alphabet Inc Class A 1.91
T 22 mil Berkshire Hathaway Inc Class B 1.73
T 60 mil Alphabet Inc Class C 1.62
T 10 mil Eli Lilly and Co 1.40
T 5 mil Broadcom Inc 1.33
T 33 mil Tesla Inc 1.30
T 35 mil JPMorgan Chase & Co 1.25
T 11 mil UnitedHealth Group Inc 1.06
T 19 mil Visa Inc Class A 1.05
T 48 mil Exxon Mobil Corp 0.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.7 1.00
r Basic Materials 2.1 0.97
t Consumer Cyclical 10.8 1.03
y Financial Services 12.5 0.99
u Real Estate 2.3 1.02
j Sensitive 51.7 1.00
i Communication Services 8.9 0.99
o Energy 3.7 0.94
p Industrials 8.2 0.99
a Technology 30.8 1.01
k Defensive 20.6 1.00
s Consumer Defensive 5.9 1.00
d Healthcare 12.6 1.01
f Utilities 2.1 0.97
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 15.3 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: $534,035.50 mil
Release date 03-31-2024
©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 Mid Cap Index
(USD)
Morningstar
Medalist RatingTM
Œ
02-29-2024
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
392 US Fund Mid-
Cap Blend
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.69 -16.85 -3.42 9.21 -17.28
2023 4.05 4.75 -4.65 12.79 17.21
2024 8.61 — — — 8.61
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 22.35 6.07 11.10 9.95 12.53
Std 03-31-2024 22.35 — 11.10 9.95 12.53
Total Return 22.35 6.07 11.10 9.95 12.53
+/- Std Index -7.53 -5.42 -3.95 -3.01 —
+/- Cat Index 0.01 0.01 0.00 0.00 —
% Rank Cat 53 60 46 20
No. in Cat 423 392 360 252
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
392 funds 360 funds 252 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.50 21.17 17.25
Mean 6.07 11.10 9.95
Sharpe Ratio 0.25 0.50 0.55
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -5.20 0.01
Beta 1.05 1.00
R-Squared 90.31 100.00
12-Month Yield —
Potential Cap Gains Exp 10.94%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 5 5 5 5 5 5 5 5 5 5 5 5
99 98 99 99 100 98 99 100 100 100 100 100
Growth of $10,000
Fidelity Mid Cap Index
35,996
Category Average
30,640
Standard Index
45,591
Investment Style
Equity/Stocks %

15.83 17.45 16.32 18.17 20.98 18.63 23.63 27.01 31.99 25.92 29.95 32.53 NAV/Price

34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 17.21 8.61 Total Return %

2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 -9.07 -1.94 +/- Standard Index * & * ( & * & & ( ) * _ Performance Quartile
(within category)

0.02 -0.10 0.00 0.07 -0.05 0.01 -0.03 0.01 -0.02 0.03 -0.01 0.02 +/- Category Index 45 7 27 59 24 29 18 21 67 76 34 — % Rank Cat
399 369 432 427 443 464 404 407 391 405 420 438 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 0.05 0.41 0.36
US Stocks 98.57 98.57 0.00
Non-US Stocks 1.38 1.38 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.36 0.36
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.7 0.77 1.10
P/C Ratio TTM 13.1 0.75 1.08
P/B Ratio TTM 2.8 0.63 1.09
Geo Avg Mkt Cap
$mil
20802 0.08 1.67
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.1 1.00
Greater Europe 0.8 1.59
Greater Asia 0.1 1.32
Share Chg
since
01-2024
Share
Amount
Holdings :
811 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
T 639,259 CrowdStrike Holdings Inc Class A 0.62
T 382,753 Parker Hannifin Corp 0.62
T 2 mil KKR & Co Inc Ordinary Shares 0.59
T 682,000 Trane Technologies PLC Class A 0.58
T 2 mil Amphenol Corp Class A 0.57
T 1 mil Phillips 66 0.57
T 158,683 TransDigm Group Inc 0.56
T 3 mil Marvell Technology Inc 0.55
T 2 mil Apollo Global Management Inc Class 0.53
T 2 mil PACCAR Inc 0.51
T 259,500 Cintas Corp 0.49
T 963,480 Constellation Energy Corp 0.49
T 558 E-mini S&P MidCap 400 Future Mar 24 0.49
T 634,188 Arthur J. Gallagher & Co 0.47
T 746,154 Hilton Worldwide Holdings Inc 0.46
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.1 1.34
r Basic Materials 4.5 2.10
t Consumer Cyclical 11.1 1.06
y Financial Services 13.9 1.10
u Real Estate 7.5 3.31
j Sensitive 44.6 0.86
i Communication Services 3.5 0.39
o Energy 4.8 1.22
p Industrials 19.3 2.32
a Technology 17.0 0.56
k Defensive 18.3 0.89
s Consumer Defensive 3.3 0.55
d Healthcare 10.1 0.81
f Utilities 4.9 2.24
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.6 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $34,938.38 mil
Release date 03-31-2024
©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 Small Cap Index
(USD)
Morningstar
Medalist RatingTM
´
02-29-2024
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 584 US Fund Small
Blend
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -7.47 -17.18 -2.08 6.25 -20.27
2023 2.81 5.24 -5.09 14.05 17.12
2024 5.19 — — — 5.19
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 19.83 -0.02 8.21 7.74 10.96
Std 03-31-2024 19.83 — 8.21 7.74 10.96
Total Return 19.83 -0.02 8.21 7.74 10.96
+/- Std Index -10.05 -11.51 -6.84 -5.22 —
+/- Cat Index 0.12 0.09 0.10 0.16 —
% Rank Cat 44 88 75 56
No. in Cat 610 584 552 384
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
584 funds 552 funds 384 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg Avg +Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.39 23.87 20.30
Mean -0.02 8.21 7.74
Sharpe Ratio -0.04 0.36 0.40
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -10.65 0.09
Beta 1.04 1.00
R-Squared 73.51 100.00
12-Month Yield —
Potential Cap Gains Exp -2.43%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 6 6 6 6 9 6 6 6 6 6 6 6
99 99 98 83 99 100 100 100 99 99 99 100
Growth of $10,000
Fidelity Small Cap Index
29,630
Category Average
27,775
Standard Index
45,591
Investment Style
Equity/Stocks %

16.54 16.79 15.46 18.36 20.32 17.24 21.03 24.98 27.56 21.70 25.04 26.34 NAV/Price

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

6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 -9.17 -5.36 +/- Standard Index * * * * & * * & ) ) * _ Performance Quartile
(within category)

0.20 0.30 0.17 0.32 0.20 0.14 0.18 0.03 -0.11 0.16 0.19 0.01 +/- Category Index 33 40 44 40 22 33 30 14 93 84 46 — % Rank Cat
681 737 780 750 802 769 702 671 630 611 615 620 No. of Funds in Cat Portfolio Analysis 01-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.01 0.45 0.44
US Stocks 98.17 98.17 0.00
Non-US Stocks 1.82 1.82 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.44 0.44
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.3 0.56 0.87
P/C Ratio TTM 8.4 0.48 0.75
P/B Ratio TTM 1.9 0.42 0.84
Geo Avg Mkt Cap
$mil
2452 0.01 0.47
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.2 1.00
Greater Europe 0.6 1.07
Greater Asia 0.3 6.61
Share Chg
since
12-2023
Share
Amount
Holdings :
1,960 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
T 469,088 Super Micro Computer Inc 1.00
Y 1,173 E-mini Russell 2000 Index Future M 0.46
Y 91 mil Fidelity Cash Central Fund 0.37
T 546,099 e.l.f. Beauty Inc 0.35
T 495,643 Onto Innovation Inc 0.32
T 372,427 Fabrinet 0.32
T 434,384 Simpson Manufacturing Co Inc 0.32
T 358,116 Comfort Systems USA Inc 0.31
T 1 mil Rambus Inc 0.31
T 922,567 Light & Wonder Inc Ordinary Shares 0.30
T 941,112 Cytokinetics Inc 0.30
T 1 mil BellRing Brands Inc Class A 0.30
T 376,192 Qualys Inc 0.29
T 2 mil Immunogen Inc 0.29
T 607,390 UFP Industries Inc 0.28
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.1 1.34
r Basic Materials 4.8 2.24
t Consumer Cyclical 10.2 0.97
y Financial Services 14.9 1.17
u Real Estate 7.2 3.14
j Sensitive 40.6 0.78
i Communication Services 2.1 0.23
o Energy 6.8 1.72
p Industrials 15.4 1.85
a Technology 16.3 0.53
k Defensive 22.3 1.08
s Consumer Defensive 4.1 0.70
d Healthcare 15.5 1.25
f Utilities 2.6 1.20
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.6 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: $26,783.70 mil
Release date 03-31-2024
©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 Total
International Index (USD)
Morningstar
Medalist RatingTM
Œ
02-29-2024
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
Blend696 US Fund
Foreign Large Blend
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -6.21 -13.16 -10.45 14.78 -16.28
2023 6.75 2.48 -3.98 9.97 15.51
2024 4.26 — — — 4.26
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.81 1.72 6.02 — 6.37
Std 03-31-2024 12.81 — 6.02 — 6.37
Total Return 12.81 1.72 6.02 — 6.37
+/- Std Index -0.44 -0.21 0.05 — —
+/- Cat Index -0.44 -0.21 0.05 — —
% Rank Cat 63 74 66 —
No. in Cat 748 696 646 —
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
696 funds 646 funds
425 funds
Morningstar RatingTM 2Q 3Q —
Morningstar Risk -Avg Avg —
Morningstar Return -Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 17.02 18.08 —
Mean 1.72 6.02 —
Sharpe Ratio 0.01 0.30 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha -0.13 -0.13
Beta 1.03 1.03
R-Squared 98.72 98.72
12-Month Yield —
Potential Cap Gains Exp -9.20%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 0 0 0 4 4 4 4 4 4 4 4 4
— — — 96 97 90 95 99 97 98 98 96
Growth of $10,000
Fidelity Total International
Index
16,823
Category Average
16,635
Standard Index
16,981
Investment Style
Equity/Stocks %
— — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 13.15 13.71 NAV/Price — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 15.51 4.26 Total Return % — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 -0.43 +/- Standard Index _ _ _ _ & * ( * ( ( ( _ Performance Quartile
(within category)
— — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 -0.43 +/- Category Index — — — — 22 49 53 32 69 60 68 — % Rank Cat
— — — — 756 741 732 785 767 744 744 761 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 0.01 3.68 3.67
US Stocks 1.31 1.31 0.00
Non-US Stocks 98.50 98.50 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.17 0.18 0.01
Total 100.00 103.67 3.67
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.7 0.96 0.96
P/C Ratio TTM 9.1 0.94 0.94
P/B Ratio TTM 1.7 0.93 0.90
Geo Avg Mkt Cap
$mil
31219 0.64 0.54
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 10.3 0.96
Greater Europe 44.5 0.98
Greater Asia 45.2 1.03
Share Chg
since
01-2024
Share
Amount
Holdings :
5,030 Total Stocks , 0 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 420 mil Fidelity Cash Central Fund 3.56
T 2,600 MSCI EAFE Index Future Mar 24 2.52
9 mil Taiwan Semiconductor Manufacturing 1.75
1 mil Novo Nordisk A/S Class B 1.27
154,853 ASML Holding NV 1.24
T 2,495 MSCI Emerging Markets Index Future 1.07
1 mil Nestle SA 0.90
2 mil Samsung Electronics Co Ltd 0.86
4 mil Toyota Motor Corp 0.83
106,038 Lvmh Moet Hennessy Louis Vuitton SE 0.82
3 mil Tencent Holdings Ltd 0.76
785,152 Novartis AG Registered Shares 0.67
3 mil Shell PLC 0.66
400,895 SAP SE 0.64
595,222 AstraZeneca PLC 0.64
Sector Weightings Stocks % Rel Std Index
h Cyclical 41.8 1.00
r Basic Materials 7.6 1.03
t Consumer Cyclical 11.6 1.03
y Financial Services 19.7 0.94
u Real Estate 2.9 1.42
j Sensitive 38.9 1.00
i Communication Services 5.3 0.96
o Energy 5.4 0.95
p Industrials 14.7 1.07
a Technology 13.5 0.97
k Defensive 19.3 0.99
s Consumer Defensive 7.3 0.99
d Healthcare 9.2 0.98
f Utilities 2.8 1.01
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 7.8 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $12,443.94 mil
Release date 03-31-2024
©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 Fidelity U.S. Bond Index
(USD)
Morningstar
Medalist RatingTM
Œ
02-29-2024
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 Bond426 US Fund
Intermediate Core
Bond
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.88 -4.66 -4.69 1.68 -13.03
2023 3.06 -0.83 -3.15 6.64 5.56
2024 -0.72 — — — -0.72
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 1.69 -2.48 0.33 1.52 1.91
Std 03-31-2024 1.69 — 0.33 1.52 1.91
Total Return 1.69 -2.48 0.33 1.52 1.91
+/- Std Index -0.01 -0.03 -0.03 -0.03 —
+/- Cat Index -0.01 -0.03 -0.03 -0.03 —
% Rank Cat 61 46 49 39
No. in Cat 470 426 385 275
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
426 funds 385 funds 275 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 7.23 6.14 4.82
Mean -2.48 0.33 1.52
Sharpe Ratio -0.73 -0.27 0.03
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.04 -0.04
Beta 1.00 1.00
R-Squared 99.90 99.90
12-Month Yield —
Potential Cap Gains Exp -13.50%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
98 96 99 99 97 99 96 98 98 99 98 98
Growth of $10,000
Fidelity U.S. Bond Index
11,587
Category Average
11,490
Standard Index
11,631
Investment Style
Fixed-Income/Bond %

11.36 11.73 11.49 11.49 11.59 11.28 11.91 12.45 11.98 10.18 10.43 10.27 NAV/Price -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 5.56 -0.72 Total Return % -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.03 0.05 +/- Standard Index ( * & ( ( * * * ( * ( _ Performance Quartile
(within category)
-0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.03 0.05 +/- Category Index 69 26 18 66 57 29 49 41 63 33 54 — % Rank Cat
1079 1038 1042 985 986 1019 430 415 423 453 471 484 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 1.54 1.54 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.46 98.46 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 6.00
Avg Wtd Coupon —
Avg Wtd Price 90.93
Credit Quality Breakdown 02-29-2024 Bond %
AAA 72.55
AA 4.58
A 12.18
BBB 10.68
BB 0.00
B 0.00
Below B 0.01
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
01-2024
Share
Amount
Holdings :
0 Total Stocks , 8,903 Total Fixed-Income,
34% Turnover Ratio
Net Assets
%
798 mil United States Treasury Notes 2.75% 1.24
724 mil United States Treasury Notes 1.5% 1.07
T 610 mil Fidelity Cash Central Fund 1.06
603 mil United States Treasury Notes 2.625% 0.96
T 525 mil United States Treasury Notes 4.5% 0.93
Y 630 mil Federal Home Loan Mortgage Corp. 2% 0.86
444 mil United States Treasury Notes 3.875% 0.75
R 421 mil United States Treasury Notes 4.25% 0.72
407 mil United States Treasury Notes 4.875% 0.71
414 mil United States Treasury Notes 3.5% 0.70
396 mil United States Treasury Notes 4.125% 0.68
380 mil United States Treasury Notes 1.5% 0.61
362 mil United States Treasury Notes 2.75% 0.60
334 mil United States Treasury Notes 4% 0.57
353 mil United States Treasury Notes 0.375% 0.57
Sector Weightings Stocks % Rel Std Index
h Cyclical — —
r Basic Materials — —
t Consumer Cyclical — —
y Financial Services — —
u Real Estate — —
j Sensitive — —
i Communication Services — —
o Energy — —
p Industrials — —
a Technology — —
k Defensive — —
s Consumer Defensive — —
d Healthcare — —
f Utilities — —
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 9.9 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $57,777.66 mil
Release date 03-31-2024
©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 Mid Cap Growth R6
(USD)
Morningstar
Medalist RatingTM
„
01-30-2024
Analyst-Driven %
100.00
Data Coverage %
100.00
Morningstar RatingTM Standard Index Category Index Morningstar Cat QQQQQ S&P 500 TR USD Russell Mid Cap Growth
TR USD
US Fund Mid-Cap Growth
520 US Fund Mid-
Cap Growth
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -15.56 -17.34 -4.10 7.13 -28.29
2023 7.53 5.22 -5.03 13.08 21.50
2024 10.78 — — — 10.78
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 25.17 4.13 11.67 12.09 13.66
Std 03-31-2024 25.17 — 11.67 12.09 13.66
Total Return 25.17 4.13 11.67 12.09 13.66
+/- Std Index -4.71 -7.37 -3.38 -0.87 —
+/- Cat Index -1.11 -0.49 -0.15 0.74 —
% Rank Cat 37 30 33 9
No. in Cat 549 520 489 393
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
520 funds 489 funds 393 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk Avg -Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 20.49 20.02 16.65
Mean 4.13 11.67 12.09
Sharpe Ratio 0.16 0.55 0.69
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Brd Grt TR USD
Alpha -7.21 -0.55
Beta 1.09 0.94
R-Squared 88.31 94.98
12-Month Yield —
Potential Cap Gains Exp 28.42%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 8 8 8 8 8 8 8 8 8 8 8 8
98 98 96 99 98 97 98 99 99 98 97 99
Growth of $10,000
MFS Mid Cap Growth R6
43,265
Category Average
34,273
Standard Index
45,591
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 32.37 NAV/Price

37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 21.50 10.78 Total Return %

4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 -4.79 0.22 +/- Standard Index _ * & ( * & & * * ( * _ Performance Quartile
(within category)

1.53 -2.95 4.80 -2.58 1.12 5.96 2.46 0.21 1.44 -1.57 -4.37 1.28 +/- Category Index — 32 9 55 31 9 17 40 46 60 45 — % Rank Cat
— 749 733 644 617 605 618 604 588 586 553 553 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 0.91 0.91 0.00
US Stocks 89.91 89.91 0.00
Non-US Stocks 9.18 9.18 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 38.4 1.50 1.26
P/C Ratio TTM 26.4 1.51 1.19
P/B Ratio TTM 6.7 1.48 1.22
Geo Avg Mkt Cap
$mil
28444 0.10 1.26
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 93.6 0.94
Greater Europe 6.5 12.17
Greater Asia 0.0 0.00
Share Chg
since
01-2024
Share
Amount
Holdings :
88 Total Stocks , 0 Total Fixed-Income,
30% Turnover Ratio
Net Assets
%
Y 730,796 Monolithic Power Systems Inc 3.59
Y 1 mil Cadence Design Systems Inc 3.11
Y 1 mil Vulcan Materials Co 2.64
Y 2 mil AMETEK Inc 2.59
Y 5 mil Howmet Aerospace Inc 2.36
Y 603,698 MSCI Inc 2.31
Y 1 mil Verisk Analytics Inc 2.31
Y 572,968 Synopsys Inc 2.24
Y 6 mil Copart Inc 2.24
T 701,648 Gartner Inc 2.23
Y 527,830 ASM International NV 2.20
Y 2 mil Wolters Kluwer NV 2.10
T 2 mil Take-Two Interactive Software Inc 2.08
Y 102,075 Constellation Software Inc 1.94
Y 1 mil Steris PLC 1.87
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.0 0.98
r Basic Materials 3.1 1.46
t Consumer Cyclical 12.7 1.21
y Financial Services 9.0 0.71
u Real Estate 2.2 0.96
j Sensitive 54.6 1.05
i Communication Services 4.7 0.52
o Energy 1.3 0.33
p Industrials 22.6 2.72
a Technology 26.0 0.85
k Defensive 18.4 0.89
s Consumer Defensive 1.2 0.20
d Healthcare 17.2 1.38
f Utilities 0.0 0.00
Operations
Family: MFS
Manager: Multiple
Tenure: 15.4 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $14,430.01 mil
Release date 03-31-2024 | 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®

58 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
1,118 US Fund
Large Value
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -3.61 -9.88 -4.55 13.60 -5.80
2023 -1.42 3.61 -3.21 9.54 8.29
2024 8.84 — — — 8.84
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 19.56 8.65 10.84 9.57 8.59
Std 03-31-2024 19.56 — 10.84 9.57 8.59
Total Return 19.56 8.65 10.84 9.57 8.59
+/- Std Index -10.32 -2.85 -4.21 -3.39 —
+/- Cat Index -0.70 0.54 0.53 0.56 —
% Rank Cat 60 56 52 34
No. in Cat 1204 1118 1058 816
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 02-29-24 1.74 1 1.73

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
1,118 funds 1,058 funds 816 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.52 17.25 14.53
Mean 8.65 10.84 9.57
Sharpe Ratio 0.42 0.56 0.60
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Val TR USD
Alpha -1.18 -1.26
Beta 0.81 0.96
R-Squared 84.76 97.10
12-Month Yield 1.70%
Potential Cap Gains Exp 45.93%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 1 1 1 1 1 1 1 1 4 1 1
99 99 99 99 99 99 99 99 99 99 99 99
Growth of $10,000
MFS Value R6
34,365
Category Average
31,180
Standard Index
45,591
Investment Style
Equity/Stocks %

33.20 34.94 32.79 36.05 40.56 35.30 44.41 44.82 54.33 47.45 47.23 51.17 NAV/Price

35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 8.29 8.84 Total Return %

3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 -18.00 -1.71 +/- Standard Index & * & ( * ( & * ( ( ( _ Performance Quartile
(within category)

3.43 -2.77 3.40 -3.09 4.20 -1.51 3.64 1.23 0.39 1.74 -3.17 -0.14 +/- Category Index 12 49 11 51 29 67 9 38 57 51 73 — % Rank Cat
1213 1290 1378 1268 1260 1244 1209 1200 1207 1229 1217 1241 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 0.94 0.94 0.00
US Stocks 92.20 92.20 0.00
Non-US Stocks 6.86 6.86 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 20.8 0.81 1.17
P/C Ratio TTM 13.1 0.75 1.18
P/B Ratio TTM 2.9 0.64 1.18
Geo Avg Mkt Cap
$mil
106239 0.39 0.95
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 93.7 0.94
Greater Europe 6.3 11.92
Greater Asia 0.0 0.00
Share Chg
since
01-2024
Share
Amount
Holdings :
73 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 15 mil JPMorgan Chase & Co 4.76
Y 10 mil Progressive Corp 3.23
Y 5 mil The Cigna Group 3.08
Y 7 mil Marsh & McLennan Companies Inc 2.53
Y 13 mil ConocoPhillips 2.52
Y 3 mil McKesson Corp 2.45
Y 33 mil Comcast Corp Class A 2.39
Y 4 mil Aon PLC Class A 2.26
Y 8 mil Johnson & Johnson 2.21
Y 5 mil Lowe's Companies Inc 2.18
Y 5 mil Union Pacific Corp 2.15
Y 3 mil Accenture PLC Class A 2.14
Y 5 mil American Express Co 1.98
Y 2 mil Northrop Grumman Corp 1.96
Y 4 mil General Dynamics Corp 1.93
Sector Weightings Stocks % Rel Std Index
h Cyclical 35.0 1.27
r Basic Materials 3.0 1.39
t Consumer Cyclical 3.6 0.34
y Financial Services 26.3 2.07
u Real Estate 2.2 0.95
j Sensitive 34.6 0.67
i Communication Services 2.6 0.29
o Energy 5.8 1.47
p Industrials 17.6 2.12
a Technology 8.6 0.28
k Defensive 30.4 1.48
s Consumer Defensive 8.0 1.35
d Healthcare 15.3 1.23
f Utilities 7.1 3.24
Operations
Family: MFS
Manager: Multiple
Tenure: 17.9 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $58,258.44 mil
Release date 03-31-2024
©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®

59 Fund profile & characteristics
Fund Net Assets $11.1 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.07
Market/Book Value Ratio 94.85%
Maturing GIC Issuers 10
Wrap Providers 7
Issuer Contracts 74
Fixed Income Managers 9
Holdings over 4,000
Sector allocation
Agencies 0.22%
Asset-Backed 7.99%
Cash & Cash Equivalents 3.92%
Credits 24.91%
Maturing GICs 21.60%
Mortgage-Backed 23.51%
Municipals 0.56%
Other 0.02%
Treasuries 12.12%
Wrap Providers 5.15%
Structure
Tier 1 - Cash Buffer 4.1%
Tier 2 - Shorter Duration Focus 9.3%
Tier 3 - Laddered Maturity Focus 21.6%
Tier 4 - Total Return Focus 65.0%
Maturity allocation
0-1 Yrs 16.0%
1-2 Yrs 13.4%
2-3 Yrs 11.9%
3-4 Yrs 10.4%
4-5 Yrs 14.4%
5+ Yrs 33.9%
Portfolio management
Investment Adviser:

MissionSquare Investments
Portfolio Managers:

Karen Chong-Wulff, CFA, CAIA, Managing Vice President,
Managed Fund Since 2007
Oliver Meng, CFA, CAIA, FRM, Director, Senior Fund Manager, Managed Fund Since 2021
Wayne Wicker, CFA, Senior Vice President and Chief Investment Officer, Managed Fund Since 2004
Investment objective
The PLUS Fund‘s investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs.

Fund goals
Key goals are to seek to preserve capital, by limiting risk of loss of principal and delivering stable returns, and to meet liquidity needs of those who invest in the PLUS Fund.

Investment strategy
MissionSquare Investments employs a structured, multi-product, multi- manager approach in managing the Fund. The Fund invests primarily in a diversified and tiered portfolio of stable value investment contracts and in fixed income securities, fixed income mutual funds, and fixed income commingled trust funds (“fixed income assets”) that back certain stable value investment contracts. In addition, the Fund invests in money market mutual funds, as well as cash and cash equivalents. The Fund’s portfolio may include different types of investments with a variety of negotiated terms and maturities and is diversified across sectors and issuers. The composition of the Fund‘s portfolio and its allocations to various stable value investments and fixed income investment sectors, across the fund’s multiple tiers, is determined based on prevailing economic and capital market conditions, relative value analysis, liquidity needs, and other factors. The Fund invests in stable value investment contracts to seek to achieve, over the long run, returns higher than those of money market funds and short-term bank rates and relatively stable returns compared to short-to-intermediate term fixed income funds. The Fund generally will not track shorter-term interest rates as closely as money market mutual funds, because of its longer maturity, potential adverse market changes, and provisions in stable value contracts held by the Fund. In addition, while the Fund‘s returns are generally expected to follow interest rate trends over time, they typically will do so on a lagged basis.

Issuers
Traditional GIC (19.8%)
Metropolitan Tower Life 4.6%
Principal Life 4.5%
Minnesota Life 4.3%
Metropolitan Life 3.3%
United of Omaha 1.2%
New York Life 1.0%
Protective Life 0.5%
Jackson National Life 0.3%
Prudential 0.2%
Synthetic GIC (55.1%)
Transamerica Life 13.9%
Pacific Life 13.9%
Prudential 13.2%
Metropolitan Tower Life 8.0%
Principal Life 6.2%
Separate Account GIC (21.0%)
Massachusetts Mutual Life 9.7%
New York Life 9.5%
Lincoln National Life 1.8%

Performance as of 12/31/2023
Performance Crediting
Rate 3

Total
estimated
expenses Share Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 3.22% 3.10% 3.10% 2.53% 2.58% 2.49% 0.21% Morningstar US CIT Stable Value Peer
Percentile4 — — 14% 7% 7% 1% —
Morningstar US CIT Stable Value Number
of Funds
4 — — 15 15 15 14 —
R105/ 92208J709 2.90% 2.78% 2.78% 2.22% 2.26% 2.18% 0.52% R95/ 92208J600 2.85% 2.73% 2.73% 2.16% 2.21% 2.13% 0.57% R85/ 92208J501 2.79% 2.68% 2.68% 2.11% 2.16% 2.08% 0.62% R75/ 92208J402 2.74% 2.63% 2.63% 2.06% 2.11% 2.03% 0.67% R5/ 92208J303 2.64% 2.52% 2.52% 1.96% 2.01% 1.92% 0.77% R3/ 92208J204 2.34% 2.23% 2.23% 1.67% 1.71% 1.63% 1.06% R1/ 92208J105 2.07% 1.96% 1.96% 1.40% 1.45% 1.37% 1.32% ICE BofA US 3 Month Treasury Bill Index — 5.01% 5.01% 2.15% 1.88% 1.25% — Morningstar US CIT Stable Value Index6,7 — 2.10% 2.68% 2.08% 2.22% 2.03% — Standard Deviation (Gross) — — 0.07 0.13 0.10 0.08 —
PLUS Fund Gross total fee is 0.21% of assets. The fees included in the gross return consist of: (i) third-party manager fees of 0.08% of assets; (ii) third-party wrap provider fees of 0.11% of assets; (iii) third-party custody fees of 0.01% of assets; and (iv) third-party acquired fund fees of 0.01% of assets. The gross return is reported in a manner consistent with stable value industry reporting practices. Fees are subject to change due to fixed income manager, wrap, allocation, or other changes. Periods greater than one year represent annualized performance and past performance, as shown, is no guarantee of future results. Current performance may be lower or higher than the performance shown. For current performance, contact MissionSquare Retirement by calling 800- 669-7400 or by visiting www.missionsq.org if you are a plan administration client, or www.investments.missionsq.org for institutions. * The PLUS Fund includes additional share classes that are made available to clients based on asset size. For additional information, please contact the MissionSquare Investment Only team by calling us at 833-747-5601 or emailing us at [email protected].

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

Fact sheetInstitutional only December 2023

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

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

Investment risks
Stable Value Risk, Interest Rate Risk, Credit Risk, Stable Value Issuer Risk, Liquidity Risk, Reinvestment Risk, Call Risk, Mortgage-Backed Securities Risk, Asset-Backed Securities Risk, Securities Lending Risk, Derivative Instruments Risk, Large Investor Risk. See the Fund’s Disclosure Memorandum for risk descriptions.

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

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

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

Contact information
Investment Only Investment Consultant Relations
Andrew Whiting
202-731-2143
[email protected]
Michael McAtamney
202-759-7036
[email protected]

1. Credit Quality is calculated by MissionSquare Investments (MSQI) and is only one factor that may be considered in assessing the risks of a fixed income portfolio, and it does not provide a complete picture of the credit risks or the dispersion of those risks within a portfolio. MSQI calculates the average based on the Moody‘s, S&P , Fitch (M/S&P/F) or a combination of the three credit ratings of the underlying securities or wrap providers. Moody’s, S&P , and Fitch are Nationally Recognized Statistical Rating Organizations and are not affiliated with MSQI.

2. Effective duration measures the interest rate sensitivity of the underlying portfolio. For the portion of the Fund invested in Maturing GICs, effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes. If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs, the Fund‘s overall December 31, 2023 duration would be 3.61.

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

4. Data derived by MissionSquare Investment Advisers, LLC based on information from Morningstar. Percentage ranks and comparisons are based on the Morningstar US CIT Stable Value universe representing the majority of the U.S. collective investment trust stable-value fund pooled universe. and gross returns that do not include plan administration fees, advisor expenses, or other stable value fund costs. Actual performance experienced by participants would be commensurately lower. Past performance is no guarantee of future results. MissionSquare Investments does not independently verify Morningstar data. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a universe will always receive a rank of 1.

5. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.

6. The Morningstar US CIT Stable Value Index measures the performance of approximately 75% of the U.S. collective investment trust stable-value fund pooled universe and is the stable value industry benchmark used by many institutional investors, consultants, advisers, and plan sponsors for monitoring stable value pooled funds.

7. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2023 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

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

Fact sheet | MissionSquar e PLUS Fund FACT SHEET December 2023Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-1223
61 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
02-29-2024
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 Bond426 US Fund
Intermediate Core
Bond
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -6.15 -4.69 -4.42 1.57 -13.15
2023 3.01 -0.53 -3.08 6.70 5.97
2024 -0.39 — — — -0.39
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 2.47 -2.24 0.98 — 1.45
Std 03-31-2024 2.47 — 0.98 — 1.45
Total Return 2.47 -2.24 0.98 1.99 1.45
+/- Std Index 0.77 0.22 0.62 0.44 —
+/- Cat Index 0.77 0.22 0.62 0.44 —
% Rank Cat 31 29 14 8
No. in Cat 470 426 385 275
Subsidized Unsubsidized
7-day Yield 04-11-24 0.47 1 —
30-day SEC Yield 03-28-24 4.34 1 4.26

1. Contractual waiver; Expires 01-31-2025
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 % 0.51
Risk and Return Profile
3 Yr 5 Yr 10 Yr
426 funds 385 funds
275 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk -Avg Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 6.88 6.14 4.71
Mean -2.24 0.98 1.99
Sharpe Ratio -0.73 -0.16 0.13
MPT Statistics Standard Index Best Fit Index
Morningstar US
Core Bd TR USD
Alpha -0.12 0.05
Beta 0.94 0.96
R-Squared 98.27 98.40
12-Month Yield 3.81%
Potential Cap Gains Exp -17.41%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 5 5 5 5 5 5 5 5 5 4 5 5
96 97 97 95 97 98 96 96 97 98 99 99
Growth of $10,000
Sterling Capital Total Return
Bond R6
12,349
Category Average
11,490
Standard Index
11,631
Investment Style
Fixed-Income/Bond %
— — — — — 10.22 10.82 11.35 10.87 9.18 9.38 9.25 NAV/Price -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 5.97 -0.39 Total Return %

1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.44 0.39 +/- Standard Index _ _ _ _ _ _ & & & * * _ Performance Quartile
(within category)

1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.44 0.39 +/- Category Index — — — — — — 17 10 23 40 33 — % Rank Cat
— — — — — — 430 415 423 453 471 484 No. of Funds in Cat Portfolio Analysis 03-31-2024 Top Holdings 02-29-2024
Asset Allocation % 02-29-2024 Net % Long % Short %
Cash 1.41 1.41 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.59 98.59 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 4.25
Avg Wtd Price 93.77
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
02-2024
Share
Amount
Holdings :
0 Total Stocks , 317 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
T 197 mil United States Treasury Notes 4.125% 13.51
T 96 mil United States Treasury Bonds 2.5% 4.83
Y 31 mil United States Treasury Notes 2.625% 2.00
Y 20 mil Fnma Pass-Thru I 6% 1.43
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.30
Y 17 mil Fnma Pass-Thru I 5% 1.15
Y 16 mil Federal Home Loan Mortgage Corp. 5 1.13
Y 15 mil Federated Hermes Treasury Obl IS 1.05
16 mil HERTZ VEHICLE FINANCING III LLC 1. 0.99
Y 13 mil Fnma Pass-Thru I 5.5% 0.92
Y 15 mil Fnma Pass-Thru I 0.91
13 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 0.90
Y 12 mil Federal Home Loan Mortgage Corp. 0.84
Y 12 mil Government National Mortgage Assoc 0.82
Y 12 mil Federal Home Loan Mortgage Corp. 4% 0.76
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 03-31-2024 | 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 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
02-29-2024
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 Bond426 US Fund
Intermediate Core
Bond
Operations
Family: Sterling Capital Funds
Manager: Multiple
Tenure: 16.3 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $1 mil
Min Auto Investment Plan: $1 mil
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,425.76 mil
Release date 03-31-2024 | 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®

63 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
Growth383 US Fund
Foreign Large
Growth
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -16.45 -18.13 -10.16 12.62 -30.79
2023 12.50 0.88 -9.17 11.37 14.81
2024 5.29 — — — 5.29
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 7.46 -5.68 8.70 7.73 7.62
Std 03-31-2024 7.46 — 8.70 7.73 7.62
Total Return 7.46 -5.68 8.70 7.73 7.62
+/- Std Index -5.80 -7.62 2.74 3.47 —
+/- Cat Index -3.76 -4.92 2.47 2.61 —
% Rank Cat 84 91 28 11
No. in Cat 407 383 327 223
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
383 funds 327 funds 223 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk +Avg High High
Morningstar Return Low +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 22.89 23.08 19.11
Mean -5.68 8.70 7.73
Sharpe Ratio -0.28 0.38 0.41
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha -6.63 -3.69
Beta 1.28 1.22
R-Squared 84.22 92.68
12-Month Yield —
Potential Cap Gains Exp 23.04%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 7 7 7 7 7 7 7 7 7 7 7 0
96 96 95 93 96 95 97 98 98 97 96 —
Growth of $10,000
Vanguard International
Growth Adm
25,722
Category Average
19,639
Standard Index
17,574
Investment Style
Equity/Stocks %

74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 101.81 107.20 NAV/Price

23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 14.81 5.29 Total Return %

7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 -0.81 0.61 +/- Standard Index & ( ( & & * & & ) ) ( _ Performance Quartile
(within category)

7.63 -2.86 0.71 1.72 11.15 1.84 4.14 37.54 -5.84 -7.74 0.78 -0.62 +/- Category Index 15 65 67 12 6 31 22 4 89 82 69 — % Rank Cat
278 341 361 363 399 439 469 447 450 443 417 416 No. of Funds in Cat Portfolio Analysis 12-31-2023
Asset Allocation % Net % Long % Short %
Cash 2.55 3.23 0.68
US Stocks 14.95 14.95 0.00
Non-US Stocks 81.72 81.72 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.78 0.78 0.00
Total 100.00 100.68 0.68
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 22.2 1.45 0.99
P/C Ratio TTM 14.6 1.50 0.91
P/B Ratio TTM 3.6 1.96 1.03
Geo Avg Mkt Cap
$mil
58576 1.20 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 23.6 2.20
Greater Europe 48.3 1.06
Greater Asia 28.1 0.64
Share Chg
since
09-2023
Share
Amount
Holdings :
122 Total Stocks , 0 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 1 mil MercadoLibre Inc 5.13
Y 3 mil ASML Holding NV 4.83
Y 8 mil Spotify Technology SA 3.36
T 76 mil Taiwan Semiconductor Manufacturing 3.31
Y 1 mil Adyen NV 3.00
Y 30 mil Tencent Holdings Ltd 2.57
61 mil Atlas Copco AB Class A 2.37
T 31 mil Vestas Wind Systems A/S 2.22
Y 7 mil PDD Holdings Inc ADR 2.18
Y 2 mil argenx SE 2.16
9 mil Moderna Inc 2.13
Y 3 mil Ferrari NV 2.10
2 mil NVIDIA Corp 1.98
Y 92 mil AIA Group Ltd 1.82
2 mil Genmab A/S 1.78
Sector Weightings Stocks % Rel Std Index
h Cyclical 31.5 0.76
r Basic Materials 0.7 0.09
t Consumer Cyclical 21.4 1.90
y Financial Services 9.4 0.45
u Real Estate 0.0 0.00
j Sensitive 47.9 1.24
i Communication Services 7.1 1.31
o Energy 1.5 0.26
p Industrials 14.9 1.09
a Technology 24.4 1.76
k Defensive 20.6 1.05
s Consumer Defensive 4.9 0.67
d Healthcare 15.1 1.61
f Utilities 0.6 0.22
Operations
Family: Vanguard
Manager: Multiple
Tenure: 14.3 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VWILX
ISIN: US9219105015
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $44,528.44 mil
Release date 03-31-2024
©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 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
Value338 US Fund
Foreign Large Value
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.10 -11.38 -9.27 15.76 -11.66
2023 8.67 3.37 -5.38 9.27 16.15
2024 4.01 — — — 4.01
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 11.17 2.91 6.68 4.20 8.32
Std 03-31-2024 11.17 — 6.68 4.20 8.32
Total Return 11.17 2.91 6.68 4.20 8.32
+/- Std Index -2.09 0.97 0.71 -0.05 —
+/- Cat Index -4.18 -1.68 1.32 1.01 —
% Rank Cat 74 80 46 32
No. in Cat 372 338 316 205
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 % 0.39
Risk and Return Profile
3 Yr 5 Yr 10 Yr
338 funds 316 funds 205 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.22 19.41 16.04
Mean 2.91 6.68 4.20
Sharpe Ratio 0.08 0.32 0.25
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 1.07 1.07
Beta 1.02 1.02
R-Squared 94.84 94.84
12-Month Yield —
Potential Cap Gains Exp -0.26%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 1 1 4 4 4 0
95 91 91 93 94 94 95 100 94 96 95 —
Growth of $10,000
Vanguard International Value
Inv
18,421
Category Average
17,325
Standard Index
17,574
Investment Style
Equity/Stocks %

37.38 33.95 31.09 31.75 39.88 32.10 37.53 40.25 41.58 35.74 40.36 41.98 NAV/Price

22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 16.15 4.01 Total Return %

6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 0.53 -0.67 +/- Standard Index * ( ) * & * & & ) ( ( _ Performance Quartile
(within category)

7.11 -1.59 3.62 -4.46 5.30 -0.55 4.68 9.76 -2.48 -3.07 -1.15 0.61 +/- Category Index 43 53 79 30 8 34 21 5 87 75 71 — % Rank Cat
338 348 358 337 317 315 346 352 348 354 380 384 No. of Funds in Cat Portfolio Analysis 12-31-2023
Asset Allocation % Net % Long % Short %
Cash 4.25 4.88 0.62
US Stocks 3.49 3.49 0.00
Non-US Stocks 91.84 91.84 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.42 0.42 0.00
Total 100.00 100.62 0.62
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 13.4 0.88 1.17
P/C Ratio TTM 9.4 0.96 1.46
P/B Ratio TTM 1.8 0.97 1.39
Geo Avg Mkt Cap
$mil
33817 0.69 0.91
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 10.9 1.02
Greater Europe 50.2 1.10
Greater Asia 38.9 0.89
Share Chg
since
09-2023
Share
Amount
Holdings :
201 Total Stocks , 0 Total Fixed-Income,
29% Turnover Ratio
Net Assets
%
Y 25 mil Alibaba Group Holding Ltd Ordinary 1.79
T 2 mil Ryanair Holdings PLC ADR 1.75
T 12 mil Taiwan Semiconductor Manufacturing 1.63
Y 26 mil HSBC Holdings PLC 1.56
T 5 mil Tencent Holdings Ltd 1.46
T 640,012 Roche Holding AG 1.36
Y 20 mil AIA Group Ltd 1.30
Y 1 mil Airbus SE 1.27
T 29 mil BP PLC 1.25
Y 1 mil Novo Nordisk A/S Class B 1.13
Y 4 mil RELX PLC 1.10
Y 8 mil Engie SA 1.06
2 mil Samsung Electronics Co Ltd 1.04
Y 2 mil Holcim Ltd 1.04
T 3 mil Basf SE 0.99
Sector Weightings Stocks % Rel Std Index
h Cyclical 43.6 1.04
r Basic Materials 10.0 1.35
t Consumer Cyclical 15.5 1.37
y Financial Services 17.3 0.82
u Real Estate 0.8 0.38
j Sensitive 39.7 1.03
i Communication Services 4.2 0.76
o Energy 4.5 0.80
p Industrials 18.7 1.37
a Technology 12.3 0.88
k Defensive 16.7 0.85
s Consumer Defensive 6.4 0.88
d Healthcare 8.7 0.93
f Utilities 1.5 0.55
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.9 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VTRIX
ISIN: US9219392035
Minimum Initial Purchase: $3,000
Purchase Constraints: —
Incept: 05-16-1983
Type: MF
Total Assets: $13,936.09 mil
Release date 03-31-2024
©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 2020 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.06 -9.20 -5.12 4.97 -14.15
2023 4.77 2.15 -2.65 8.00 12.51
2024 2.83 — — — 2.83
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 10.42 1.98 5.60 5.63 5.99
Std 03-31-2024 10.42 — 5.60 5.63 5.99
Total Return 10.42 1.98 5.60 5.63 5.99
+/- Std Index -2.35 -0.66 -0.82 -0.29 —
+/- Cat Index 0.82 0.79 0.53 0.59 —
% Rank Cat 65 53 42 30
No. in Cat 138 133 124 67
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.93 2.88
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 124 funds 67 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 10.08 10.19 8.43
Mean 1.98 5.60 5.63
Sharpe Ratio -0.05 0.38 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.82 -0.34
Beta 0.80 1.02
R-Squared 97.98 99.46
12-Month Yield 2.77%
Potential Cap Gains Exp 13.84%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 5 4 4 4 4
36 38 40 42 43 47 48 50 50 53 56 53
Growth of $10,000
Vanguard Target Retirement
2020 Fund
20,388
Category Average
18,031
Standard Index
20,713
Investment Style
Fixed-Income/Bond %

27.11 28.46 27.15 28.26 31.38 28.63 32.53 34.29 31.02 25.36 26.87 27.63 NAV/Price

15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 12.51 2.83 Total Return %

1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 -0.71 -1.08 +/- Standard Index & & & * & * * * ( * * _ Performance Quartile
(within category)

2.87 1.24 1.20 -0.71 1.29 -0.08 -0.10 -1.28 -0.87 2.62 1.20 0.10 +/- Category Index 18 1 23 29 17 42 28 46 68 39 38 — % Rank Cat
222 228 237 221 234 250 233 178 171 150 144 148 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.32 12.46 10.13
US Stocks 23.42 23.42 0.00
Non-US Stocks 15.58 15.58 0.00
Bonds 58.62 58.63 0.01
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 110.14 10.14
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.1 1.02 0.96
P/C Ratio TTM 12.5 1.03 0.95
P/B Ratio TTM 2.5 1.08 0.93
Geo Avg Mkt Cap
$mil
84067 1.52 0.92
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.39
Avg Eff Duration 5.65
Avg Wtd Coupon 2.57
Avg Wtd Price 92.92
Credit Quality Breakdown 02-29-2024 Bond %
AAA 65.88
AA 8.11
A 13.51
BBB 11.81
BB 0.00
B 0.00
Below B 0.39
NR 0.29
Regional Exposure Stocks % Rel Std Index
Americas 63.9 1.02
Greater Europe 17.6 0.99
Greater Asia 18.5 0.93
Share Chg
since
01-2024
Share
Amount
Holdings :
10,083 Total Stocks , 18,473 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 1,350 mil Vanguard Total Bond Market II Idx 33.14
Y 39 mil Vanguard Total Stock Mkt Idx Instl 23.48
Y 325 mil Vanguard Total Intl Stock Index Inv 16.01
T 213 mil Vanguard Total Intl Bd II Idx Insl 14.65
Y 191 mil Vanguard Shrt-Term Infl-Prot Sec I 11.93
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.87
r Basic Materials 4.4 0.88
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.94
u Real Estate 2.9 0.44
j Sensitive 46.2 1.14
i Communication Services 7.0 1.20
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.1 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.96
d Healthcare 11.2 1.04
f Utilities 2.4 0.80
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $38,372.56 mil
Release date 03-31-2024
©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 2025 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2025197 US Fund
Target-Date 2025
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.51 -10.72 -5.59 6.03 -15.55
2023 5.28 3.02 -2.99 8.87 14.55
2024 3.81 — — — 3.81
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.95 2.68 6.55 6.31 6.64
Std 03-31-2024 12.95 — 6.55 6.31 6.64
Total Return 12.95 2.68 6.55 6.31 6.64
+/- Std Index 0.18 0.03 0.13 0.40 —
+/- Cat Index 2.43 1.29 1.06 0.84 —
% Rank Cat 19 27 31 14
No. in Cat 202 197 173 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.78 2.73
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
197 funds 173 funds 107 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 11.66 11.87 9.76
Mean 2.68 6.55 6.31
Sharpe Ratio 0.03 0.42 0.53
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha -0.03 0.09
Beta 0.93 0.90
R-Squared 98.57 99.33
12-Month Yield 2.62%
Potential Cap Gains Exp 16.43%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
69 67 66 64 62 61 60 60 54 53 51 48
Growth of $10,000
Vanguard Target Retirement
2025 Fund
22,174
Category Average
19,787
Standard Index
20,713
Investment Style
Equity/Stocks %

15.75 16.53 15.62 16.35 18.50 17.01 19.84 21.54 20.34 16.68 18.38 19.08 NAV/Price

18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 14.55 3.81 Total Return %

3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 1.32 -0.10 +/- Standard Index & & & & & * & * ( ( & _ Performance Quartile
(within category)

1.87 1.13 1.21 -0.91 1.40 -0.25 0.26 -0.37 -0.30 2.03 2.40 0.75 +/- Category Index 24 4 24 23 21 42 22 40 57 52 11 — % Rank Cat
181 185 206 195 208 226 232 214 220 219 208 213 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.31 10.85 8.54
US Stocks 31.40 31.40 0.00
Non-US Stocks 20.75 20.75 0.00
Bonds 45.48 45.49 0.01
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 108.55 8.55
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.1 1.02 0.97
P/C Ratio TTM 12.5 1.03 0.95
P/B Ratio TTM 2.5 1.08 0.94
Geo Avg Mkt Cap
$mil
84290 1.53 0.88
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.86
Avg Eff Duration 5.95
Avg Wtd Coupon 2.75
Avg Wtd Price 92.47
Credit Quality Breakdown 02-29-2024 Bond %
AAA 62.78
AA 8.82
A 14.75
BBB 12.92
BB 0.00
B 0.00
Below B 0.42
NR 0.31
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.5 0.99
Greater Asia 18.5 0.93
Share Chg
since
01-2024
Share
Amount
Holdings :
10,552 Total Stocks , 18,336 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
Y 104 mil Vanguard Total Stock Mkt Idx Instl 31.47
T 2,302 mil Vanguard Total Bond Market II Idx 28.26
Y 865 mil Vanguard Total Intl Stock Index Inv 21.33
T 359 mil Vanguard Total Intl Bd II Idx Insl 12.32
T 182 mil Vanguard Shrt-Term Infl-Prot Sec I 5.68
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.87
r Basic Materials 4.4 0.87
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.94
u Real Estate 2.9 0.44
j Sensitive 46.3 1.14
i Communication Services 7.0 1.20
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.1 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.96
d Healthcare 11.2 1.04
f Utilities 2.4 0.80
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $77,474.61 mil
Release date 03-31-2024
©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 2030 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2030199 US Fund
Target-Date 2030
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.65 -11.67 -5.93 6.81 -16.27
2023 5.67 3.56 -3.20 9.53 16.03
2024 4.54 — — — 4.54
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.78 3.34 7.36 6.87 6.74
Std 03-31-2024 14.78 — 7.36 6.87 6.74
Total Return 14.78 3.34 7.36 6.87 6.74
+/- Std Index 2.00 0.70 0.94 0.96 —
+/- Cat Index 2.77 1.41 1.19 0.81 —
% Rank Cat 24 33 36 23
No. in Cat 205 199 171 105
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-10-24 2.67 2.62
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
199 funds 171 funds 105 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 12.73 13.09 10.78
Mean 3.34 7.36 6.87
Sharpe Ratio 0.09 0.45 0.54
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.71 0.84
Beta 1.02 0.98
R-Squared 98.64 99.38
12-Month Yield 2.48%
Potential Cap Gains Exp 15.05%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
76 74 73 71 70 68 68 68 63 61 60 57
Growth of $10,000
Vanguard Target Retirement
2030 Fund
23,830
Category Average
21,343
Standard Index
20,713
Investment Style
Equity/Stocks %

27.64 29.04 27.72 29.20 33.63 30.82 36.45 40.55 38.42 31.37 35.48 37.09 NAV/Price

20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 16.03 4.54 Total Return %

6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 2.80 0.63 +/- Standard Index & & * * * * * * ( * & _ Performance Quartile
(within category)

0.85 1.16 1.27 -1.41 0.93 -0.03 -0.17 0.41 -0.31 1.67 2.70 0.92 +/- Category Index 25 5 31 32 34 37 32 38 61 44 12 — % Rank Cat
222 228 237 221 234 239 241 224 221 221 211 216 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.13 9.81 7.68
US Stocks 37.39 37.39 0.00
Non-US Stocks 24.01 24.01 0.00
Bonds 36.42 36.43 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 107.69 7.69
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.2 1.02 0.97
P/C Ratio TTM 12.6 1.03 0.95
P/B Ratio TTM 2.6 1.08 0.92
Geo Avg Mkt Cap
$mil
85305 1.55 0.87
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.02
Avg Wtd Price 91.74
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.82
AA 9.95
A 16.73
BBB 14.67
BB 0.00
B 0.00
Below B 0.48
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 64.6 1.04
Greater Europe 17.2 0.97
Greater Asia 18.1 0.91
Share Chg
since
01-2024
Share
Amount
Holdings :
10,719 Total Stocks , 18,194 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
Y 147 mil Vanguard Total Stock Mkt Idx Instl 37.48
T 2,497 mil Vanguard Total Bond Market II Idx 25.85
Y 1,186 mil Vanguard Total Intl Stock Index Inv 24.67
T 384 mil Vanguard Total Intl Bd II Idx Insl 11.11
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.87
r Basic Materials 4.3 0.87
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.93
u Real Estate 2.9 0.44
j Sensitive 46.3 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.2 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.1 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $92,795.07 mil
Release date 03-31-2024
©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 2035 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2035190 US Fund
Target-Date 2035
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.66 -12.41 -6.09 7.45 -16.62
2023 5.94 4.10 -3.33 9.87 17.14
2024 5.24 — — — 5.24
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.37 4.02 8.17 7.43 7.50
Std 03-31-2024 16.37 — 8.17 7.43 7.50
Total Return 16.37 4.02 8.17 7.43 7.50
+/- Std Index 3.59 1.38 1.75 1.52 —
+/- Cat Index 2.25 1.16 1.05 0.71 —
% Rank Cat 52 43 48 33
No. in Cat 201 190 170 104
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.55 2.50
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 170 funds 104 funds
Morningstar RatingTM 4Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.56 14.17 11.74
Mean 4.02 8.17 7.43
Sharpe Ratio 0.14 0.48 0.55
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 1.44 1.58
Beta 1.08 1.05
R-Squared 98.49 99.23
12-Month Yield 2.35%
Potential Cap Gains Exp 18.28%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
83 81 81 79 77 75 75 75 70 69 68 65
Growth of $10,000
Vanguard Target Retirement
2035 Fund
25,574
Category Average
23,624
Standard Index
20,713
Investment Style
Equity/Stocks %

16.98 17.84 16.84 17.74 20.69 18.82 22.52 25.22 23.84 19.35 22.12 23.28 NAV/Price

22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 17.14 5.24 Total Return %

8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.85 3.92 1.33 +/- Standard Index & & * * * * * * ) * * _ Performance Quartile
(within category)

0.79 1.44 1.32 -1.80 0.60 0.24 -0.60 1.41 -0.67 1.13 2.30 0.81 +/- Category Index 23 10 37 32 35 32 42 43 79 37 35 — % Rank Cat
181 185 205 195 208 221 229 207 213 212 207 212 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.14 8.27 6.13
US Stocks 42.41 42.41 0.00
Non-US Stocks 26.37 26.37 0.00
Bonds 29.03 29.04 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 106.14 6.14
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.2 1.02 0.97
P/C Ratio TTM 12.6 1.04 0.96
P/B Ratio TTM 2.6 1.09 0.94
Geo Avg Mkt Cap
$mil
86440 1.57 0.89
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.02
Avg Wtd Price 91.75
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.81
AA 9.96
A 16.73
BBB 14.67
BB 0.00
B 0.00
Below B 0.48
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 65.3 1.05
Greater Europe 16.9 0.95
Greater Asia 17.8 0.89
Share Chg
since
01-2024
Share
Amount
Holdings :
10,856 Total Stocks , 17,871 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 172 mil Vanguard Total Stock Mkt Idx Instl 42.52
Y 1,343 mil Vanguard Total Intl Stock Index Inv 27.08
T 2,051 mil Vanguard Total Bond Market II Idx 20.60
T 315 mil Vanguard Total Intl Bd II Idx Insl 8.86
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.8 0.86
r Basic Materials 4.3 0.86
t Consumer Cyclical 11.1 1.02
y Financial Services 15.5 0.93
u Real Estate 2.9 0.44
j Sensitive 46.4 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.85
p Industrials 11.6 0.94
a Technology 23.4 1.35
k Defensive 19.8 0.98
s Consumer Defensive 6.1 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $96,066.97 mil
Release date 03-31-2024
©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 2040 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2040193 US Fund
Target-Date 2040
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.66 -13.17 -6.33 8.20 -16.98
2023 6.21 4.57 -3.34 10.23 18.34
2024 5.85 — — — 5.85
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 17.94 4.69 8.96 7.95 7.46
Std 03-31-2024 17.94 — 8.96 7.95 7.46
Total Return 17.94 4.69 8.96 7.95 7.46
+/- Std Index 5.17 2.05 2.53 2.04 —
+/- Cat Index 1.59 0.83 0.92 0.68 —
% Rank Cat 70 55 50 41
No. in Cat 198 193 171 105
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.44 2.39
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
193 funds 171 funds 105 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.38 15.26 12.69
Mean 4.69 8.96 7.95
Sharpe Ratio 0.19 0.50 0.55
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.18 -1.78
Beta 1.15 0.86
R-Squared 98.16 99.33
12-Month Yield 2.25%
Potential Cap Gains Exp 18.87%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
89 88 88 86 84 83 82 83 76 76 75 73
Growth of $10,000
Vanguard Target Retirement
2040 Fund
27,182
Category Average
24,695
Standard Index
20,713
Investment Style
Equity/Stocks %

28.32 29.76 28.45 30.21 35.77 32.31 39.13 44.27 42.03 34.00 39.30 41.60 NAV/Price

24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 18.34 5.85 Total Return %

10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 5.11 1.94 +/- Standard Index & & * * & * * * ) * * _ Performance Quartile
(within category)

1.32 1.63 1.25 -1.88 0.84 0.33 -0.49 2.38 -0.80 0.39 2.00 0.53 +/- Category Index 15 12 43 27 25 37 43 40 81 36 47 — % Rank Cat
218 227 237 221 234 239 241 218 215 216 205 209 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.09 6.66 4.58
US Stocks 47.07 47.07 0.00
Non-US Stocks 29.10 29.10 0.00
Bonds 21.69 21.70 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 104.58 4.58
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.3 1.02 0.98
P/C Ratio TTM 12.6 1.04 0.96
P/B Ratio TTM 2.6 1.09 0.94
Geo Avg Mkt Cap
$mil
86643 1.57 0.93
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.02
Avg Wtd Price 91.74
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.83
AA 9.95
A 16.73
BBB 14.67
BB 0.00
B 0.00
Below B 0.48
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 65.4 1.05
Greater Europe 16.8 0.95
Greater Asia 17.7 0.89
Share Chg
since
01-2024
Share
Amount
Holdings :
10,986 Total Stocks , 17,333 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 169 mil Vanguard Total Stock Mkt Idx Instl 47.20
T 1,311 mil Vanguard Total Intl Stock Index Inv 29.89
T 1,357 mil Vanguard Total Bond Market II Idx 15.40
T 208 mil Vanguard Total Intl Bd II Idx Insl 6.61
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.8 0.86
r Basic Materials 4.3 0.86
t Consumer Cyclical 11.1 1.02
y Financial Services 15.5 0.93
u Real Estate 2.9 0.44
j Sensitive 46.5 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.85
p Industrials 11.6 0.94
a Technology 23.4 1.35
k Defensive 19.8 0.98
s Consumer Defensive 6.1 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $85,087.01 mil
Release date 03-31-2024
©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 2045 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2045190 US Fund
Target-Date 2045
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.67 -13.93 -6.51 8.89 -17.36
2023 6.49 5.10 -3.45 10.57 19.48
2024 6.45 — — — 6.45
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 19.45 5.34 9.74 8.40 8.20
Std 03-31-2024 19.45 — 9.74 8.40 8.20
Total Return 19.45 5.34 9.74 8.40 8.20
+/- Std Index 6.67 2.69 3.31 2.49 —
+/- Cat Index 1.50 0.77 1.09 0.82 —
% Rank Cat 71 51 44 35
No. in Cat 195 190 170 104
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.33 2.29
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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 170 funds 104 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.25 16.36 13.46
Mean 5.34 9.74 8.40
Sharpe Ratio 0.23 0.52 0.56
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 2.89 -1.31
Beta 1.22 0.92
R-Squared 97.76 99.59
12-Month Yield 2.14%
Potential Cap Gains Exp 21.33%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
89 88 89 88 88 88 89 90 84 84 82 81
Growth of $10,000
Vanguard Target Retirement
2045 Fund
28,336
Category Average
26,275
Standard Index
20,713
Investment Style
Equity/Stocks %

17.76 18.65 17.78 18.89 22.50 20.21 24.70 28.19 28.38 22.82 26.66 28.38 NAV/Price

24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 19.48 6.45 Total Return %

10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 6.26 2.54 +/- Standard Index * & * * * * * * ( * * _ Performance Quartile
(within category)

1.30 1.91 1.45 -1.97 0.89 0.27 -0.03 3.35 -0.20 -0.29 2.10 0.49 +/- Category Index 26 12 42 28 26 43 43 36 68 31 46 — % Rank Cat
180 185 206 195 208 221 229 207 213 212 201 206 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.11 5.27 3.16
US Stocks 51.67 51.67 0.00
Non-US Stocks 31.53 31.53 0.00
Bonds 14.64 14.64 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 103.17 3.17
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.3 1.03 0.98
P/C Ratio TTM 12.7 1.04 0.97
P/B Ratio TTM 2.6 1.10 0.96
Geo Avg Mkt Cap
$mil
87106 1.58 0.97
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.01
Avg Wtd Price —
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.51
AA 10.11
A 16.83
BBB 14.71
BB 0.00
B 0.00
Below B 0.49
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 65.7 1.05
Greater Europe 16.7 0.94
Greater Asia 17.6 0.88
Share Chg
since
01-2024
Share
Amount
Holdings :
11,062 Total Stocks , 16,437 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 179 mil Vanguard Total Stock Mkt Idx Instl 51.82
T 1,373 mil Vanguard Total Intl Stock Index Inv 32.38
T 877 mil Vanguard Total Bond Market II Idx 10.29
T 139 mil Vanguard Total Intl Bd II Idx Insl 4.57
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.7 0.86
r Basic Materials 4.3 0.85
t Consumer Cyclical 11.1 1.02
y Financial Services 15.5 0.93
u Real Estate 2.9 0.44
j Sensitive 46.5 1.14
i Communication Services 7.0 1.22
o Energy 4.4 0.85
p Industrials 11.6 0.93
a Technology 23.4 1.36
k Defensive 19.8 0.98
s Consumer Defensive 6.1 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $82,605.48 mil
Release date 03-31-2024
©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 2050 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2050191 US Fund
Target-Date 2050
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.65 -14.21 -6.64 9.23 -17.46
2023 6.64 5.36 -3.46 10.79 20.17
2024 6.86 — — — 6.86
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.42 5.68 9.99 8.53 7.81
Std 03-31-2024 20.42 — 9.99 8.53 7.81
Total Return 20.42 5.68 9.99 8.53 7.81
+/- Std Index 7.64 3.04 3.57 2.62 —
+/- Cat Index 1.77 0.84 1.12 0.87 —
% Rank Cat 70 38 39 30
No. in Cat 196 191 171 105
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.26 2.22
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
191 funds 171 funds 105 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.64 16.58 13.59
Mean 5.68 9.99 8.53
Sharpe Ratio 0.25 0.53 0.56
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.26 -1.04
Beta 1.25 0.94
R-Squared 97.60 99.64
12-Month Yield 2.07%
Potential Cap Gains Exp 18.04%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
89 88 89 88 88 88 89 91 87 88 88 87
Growth of $10,000
Vanguard Target Retirement
2050 Fund
28,654
Category Average
26,324
Standard Index
20,713
Investment Style
Equity/Stocks %

28.19 29.62 28.49 30.39 36.20 32.52 39.77 45.45 46.90 37.80 44.44 47.49 NAV/Price

24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 20.17 6.86 Total Return %

10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 6.94 2.95 +/- Standard Index * & * * * * * * ( * * _ Performance Quartile
(within category)

1.51 2.18 1.62 -2.04 0.61 0.51 -0.10 3.48 -0.19 -0.55 2.32 0.62 +/- Category Index 30 16 45 29 38 37 47 37 74 29 45 — % Rank Cat
202 212 226 213 230 239 241 217 215 213 202 207 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 1.98 3.99 2.01
US Stocks 54.03 54.03 0.00
Non-US Stocks 34.46 34.46 0.00
Bonds 9.47 9.47 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 102.02 2.02
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.2 1.02 0.98
P/C Ratio TTM 12.6 1.03 0.96
P/B Ratio TTM 2.6 1.08 0.95
Geo Avg Mkt Cap
$mil
85541 1.55 0.98
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.02
Avg Wtd Price —
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.77
AA 9.98
A 16.75
BBB 14.68
BB 0.00
B 0.00
Below B 0.48
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 64.8 1.04
Greater Europe 17.2 0.97
Greater Asia 18.1 0.91
Share Chg
since
01-2024
Share
Amount
Holdings :
11,099 Total Stocks , 15,067 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
Y 157 mil Vanguard Total Stock Mkt Idx Instl 54.17
T 1,255 mil Vanguard Total Intl Stock Index Inv 35.40
T 478 mil Vanguard Total Bond Market II Idx 6.71
T 74 mil Vanguard Total Intl Bd II Idx Insl 2.90
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.87
r Basic Materials 4.3 0.86
t Consumer Cyclical 11.1 1.02
y Financial Services 15.5 0.93
u Real Estate 2.9 0.44
j Sensitive 46.4 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.3 1.35
k Defensive 19.7 0.98
s Consumer Defensive 6.1 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $69,280.07 mil
Release date 03-31-2024
©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 2055 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2055190 US Fund
Target-Date 2055
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.69 -14.19 -6.63 9.23 -17.46
2023 6.64 5.36 -3.46 10.78 20.16
2024 6.88 — — — 6.88
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.43 5.69 9.98 8.51 10.12
Std 03-31-2024 20.43 — 9.98 8.51 10.12
Total Return 20.43 5.69 9.98 8.51 10.12
+/- Std Index 7.65 3.05 3.56 2.60 —
+/- Cat Index 1.74 0.88 1.13 0.90 —
% Rank Cat 69 43 47 37
No. in Cat 195 190 170 98
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.26 2.22
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 170 funds 98 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk Low -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.64 16.58 13.59
Mean 5.69 9.98 8.51
Sharpe Ratio 0.25 0.53 0.56
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.27 -1.04
Beta 1.25 0.94
R-Squared 97.62 99.65
12-Month Yield 2.04%
Potential Cap Gains Exp 12.12%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
89 88 89 88 88 88 89 91 86 88 88 87
Growth of $10,000
Vanguard Target Retirement
2055 Fund
28,610
Category Average
27,270
Standard Index
20,713
Investment Style
Equity/Stocks %

30.35 31.98 30.83 32.91 39.23 35.30 43.19 49.34 52.22 42.17 49.59 53.00 NAV/Price

24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 20.16 6.88 Total Return %

10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 6.94 2.96 +/- Standard Index * & ( * * * ( * ) & * _ Performance Quartile
(within category)

1.84 2.45 1.62 -2.03 0.43 0.68 -0.07 3.41 -0.06 -0.53 2.26 0.63 +/- Category Index 36 16 53 27 48 37 51 41 78 24 49 — % Rank Cat
130 156 238 193 206 221 229 207 213 212 201 206 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 1.89 3.91 2.02
US Stocks 53.71 53.71 0.00
Non-US Stocks 34.77 34.77 0.00
Bonds 9.57 9.57 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 102.02 2.02
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.2 1.02 0.98
P/C Ratio TTM 12.5 1.03 0.97
P/B Ratio TTM 2.5 1.08 0.95
Geo Avg Mkt Cap
$mil
85021 1.54 0.99
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.02
Avg Wtd Price —
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.88
AA 9.93
A 16.71
BBB 14.66
BB 0.00
B 0.00
Below B 0.47
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 64.5 1.03
Greater Europe 17.3 0.97
Greater Asia 18.2 0.92
Share Chg
since
01-2024
Share
Amount
Holdings :
11,132 Total Stocks , 15,101 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 103 mil Vanguard Total Stock Mkt Idx Instl 53.85
T 837 mil Vanguard Total Intl Stock Index Inv 35.72
T 320 mil Vanguard Total Bond Market II Idx 6.80
T 49 mil Vanguard Total Intl Bd II Idx Insl 2.91
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.87
r Basic Materials 4.3 0.87
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.93
u Real Estate 2.9 0.44
j Sensitive 46.3 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.2 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.95
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $45,933.61 mil
Release date 03-31-2024
©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 2060 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
2060189 US Fund
Target-Date 2060
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.68 -14.19 -6.64 9.23 -17.46
2023 6.64 5.39 -3.48 10.79 20.18
2024 6.87 — — — 6.87
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.44 5.70 9.99 8.51 9.91
Std 03-31-2024 20.44 — 9.99 8.51 9.91
Total Return 20.44 5.70 9.99 8.51 9.91
+/- Std Index 7.66 3.05 3.56 2.60 —
+/- Cat Index 1.88 0.99 1.22 0.99 —
% Rank Cat 72 46 52 1
No. in Cat 194 189 158 8
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 2.27 2.23
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
189 funds 158 funds 8 funds
Morningstar RatingTM 3Q 3Q —
Morningstar Risk Low -Avg —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.63 16.57 13.59
Mean 5.70 9.99 8.51
Sharpe Ratio 0.25 0.53 0.56
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.28 -1.03
Beta 1.25 0.94
R-Squared 97.60 99.64
12-Month Yield 2.00%
Potential Cap Gains Exp 8.59%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
88 88 89 88 88 88 89 91 86 87 88 87
Growth of $10,000
Vanguard Target Retirement
2060 Fund
28,608
Category Average
27,972
Standard Index
20,713
Investment Style
Equity/Stocks %

26.75 28.20 27.21 29.04 34.63 31.18 38.16 43.59 48.04 38.83 45.69 48.83 NAV/Price

24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 20.18 6.87 Total Return %

10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 6.96 2.96 +/- 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 0.69 +/- Category Index 1 1 71 21 53 34 66 42 81 25 54 — % Rank Cat
1 9 43 106 160 201 216 257 208 212 200 205 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.03 4.08 2.05
US Stocks 53.46 53.46 0.00
Non-US Stocks 34.95 34.95 0.00
Bonds 9.50 9.50 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 102.05 2.05
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.1 1.02 1.00
P/C Ratio TTM 12.5 1.03 1.00
P/B Ratio TTM 2.5 1.08 1.00
Geo Avg Mkt Cap
$mil
84677 1.54 1.09
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.43
Avg Wtd Coupon 3.01
Avg Wtd Price —
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.57
AA 10.08
A 16.81
BBB 14.70
BB 0.00
B 0.00
Below B 0.48
NR 0.35
Regional Exposure Stocks % Rel Std Index
Americas 64.2 1.03
Greater Europe 17.4 0.98
Greater Asia 18.3 0.92
Share Chg
since
01-2024
Share
Amount
Holdings :
11,132 Total Stocks , 15,091 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 56 mil Vanguard Total Stock Mkt Idx Instl 53.59
T 464 mil Vanguard Total Intl Stock Index Inv 35.91
T 174 mil Vanguard Total Bond Market II Idx 6.69
T 27 mil Vanguard Total Intl Bd II Idx Insl 2.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.87
r Basic Materials 4.4 0.87
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.93
u Real Estate 2.9 0.44
j Sensitive 46.3 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.2 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.96
d Healthcare 11.2 1.04
f Utilities 2.4 0.79
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $25,462.17 mil
Release date 03-31-2024
©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 2065 Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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+137 US Fund
Target-Date 2065+
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -5.63 -14.20 -6.60 9.24 -17.39
2023 6.64 5.34 -3.46 10.79 20.15
2024 6.88 — — — 6.88
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 20.41 5.72 9.98 — 9.19
Std 03-31-2024 20.41 — 9.98 — 9.19
Total Return 20.41 5.72 9.98 — 9.19
+/- Std Index 7.64 3.08 3.55 — —
+/- Cat Index 1.85 1.01 1.21 — —
% Rank Cat 76 45 78 —
No. in Cat 189 137 9 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 03-31-24 2.28 2.24
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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
137 funds 9 funds
—
Morningstar RatingTM 3Q — —
Morningstar Risk Low — —
Morningstar Return Avg — —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.62 16.57 —
Mean 5.72 9.98 —
Sharpe Ratio 0.25 0.53 —
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.30 -1.01
Beta 1.24 0.94
R-Squared 97.58 99.66
12-Month Yield 1.93%
Potential Cap Gains Exp 2.08%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 0 0 0 0 4 4 4 4 4 4 4 4
— — — — 88 88 89 90 86 87 88 86
Growth of $10,000
Vanguard Target Retirement
2065 Fund
17,786
Category Average
17,688
Standard Index
14,904
Investment Style
Equity/Stocks %
— — — — 21.70 19.61 24.05 27.50 31.42 25.44 29.95 32.01 NAV/Price — — — — — -7.95 24.96 16.17 16.46 -17.39 20.15 6.88 Total Return % — — — — — -3.19 5.94 3.35 6.26 -2.62 6.93 2.97 +/- Standard Index _ _ _ _ _ & ) ( ) & ( _ Performance Quartile
(within category)
— — — — — 0.75 0.00 3.28 0.13 -0.41 2.28 0.70 +/- Category Index — — — — — 25 79 63 76 16 63 — % Rank Cat
— — — — — 16 17 53 134 162 175 200 No. of Funds in Cat
Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.27 4.35 2.08
US Stocks 53.27 53.27 0.00
Non-US Stocks 34.99 34.99 0.00
Bonds 9.41 9.42 0.00
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 102.08 2.08
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.1 1.02 1.00
P/C Ratio TTM 12.5 1.03 0.99
P/B Ratio TTM 2.5 1.08 0.99
Geo Avg Mkt Cap
$mil
84513 1.53 1.03
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.59
Avg Eff Duration 6.44
Avg Wtd Coupon 3.01
Avg Wtd Price —
Credit Quality Breakdown 02-29-2024 Bond %
AAA 57.23
AA 10.26
A 16.92
BBB 14.74
BB 0.00
B 0.00
Below B 0.50
NR 0.36
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
01-2024
Share
Amount
Holdings :
11,132 Total Stocks , 15,042 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 16 mil Vanguard Total Stock Mkt Idx Instl 53.40
T 129 mil Vanguard Total Intl Stock Index Inv 35.95
T 47 mil Vanguard Total Bond Market II Idx 6.56
T 8 mil Vanguard Total Intl Bd II Idx Insl 2.99
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.87
r Basic Materials 4.4 0.87
t Consumer Cyclical 11.1 1.02
y Financial Services 15.6 0.93
u Real Estate 2.9 0.44
j Sensitive 46.3 1.14
i Communication Services 7.0 1.21
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.2 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.96
d Healthcare 11.2 1.04
f Utilities 2.4 0.80
Operations
Family: Vanguard
Manager: Multiple
Tenure: 6.8 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $7,160.41 mil
Release date 03-31-2024
©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 Target
Retirement Income Fund
(USD)
Morningstar
Medalist RatingTM
„
03-04-2024
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
Retirement145 US Fund
Target-Date
Retirement
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -4.77 -7.37 -4.64 3.74 -12.74
2023 4.23 1.36 -2.35 7.26 10.65
2024 2.17 — — — 2.17
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 8.47 1.23 4.14 4.14 4.91
Std 03-31-2024 8.47 — 4.14 4.14 4.91
Total Return 8.47 1.23 4.14 4.14 4.91
+/- Std Index -4.31 -1.41 -2.28 -1.77 —
+/- Cat Index -0.48 -0.63 -0.56 -0.10 —
% Rank Cat 64 48 47 30
No. in Cat 147 145 127 79
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-11-24 3.05 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
145 funds 127 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 8.51 7.83 6.09
Mean 1.23 4.14 4.14
Sharpe Ratio -0.16 0.29 0.46
MPT Statistics Standard Index Best Fit Index
Morningstar US Con
Tgt Alloc NR USD
Alpha -1.64 0.70
Beta 0.67 1.06
R-Squared 95.77 98.94
12-Month Yield 3.02%
Potential Cap Gains Exp 7.40%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 4 4 4 4 4 4 4 4 4 4 4 4
66 66 68 68 67 69 67 68 64 65 65 61
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,132
Category Average
15,443
Standard Index
20,713
Investment Style
Fixed-Income/Bond %

12.50 12.91 12.45 12.81 13.55 12.75 14.05 14.93 14.46 12.24 13.01 13.23 NAV/Price

5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 10.65 2.17 Total Return % -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 -2.57 -1.75 +/- Standard Index ( & & * ( & * * ( ( * _ Performance Quartile
(within category)
-0.58 1.45 1.12 -0.73 -0.07 0.21 -0.11 -0.54 -2.37 -0.50 0.58 -0.34 +/- Category Index 56 19 7 41 62 21 49 36 65 54 48 — % Rank Cat
293 272 172 171 175 187 183 168 167 161 152 157 No. of Funds in Cat Portfolio Analysis 02-29-2024
Asset Allocation % Net % Long % Short %
Cash 2.38 13.50 11.12
US Stocks 17.72 17.72 0.00
Non-US Stocks 11.83 11.83 0.00
Bonds 68.03 68.03 0.01
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 111.13 11.13
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.1 1.01 0.98
P/C Ratio TTM 12.5 1.03 0.97
P/B Ratio TTM 2.5 1.07 0.99
Geo Avg Mkt Cap
$mil
83932 1.52 1.00
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.17
Avg Eff Duration 5.50
Avg Wtd Coupon 2.49
Avg Wtd Price 93.15
Credit Quality Breakdown 02-29-2024 Bond %
AAA 67.55
AA 7.69
A 12.86
BBB 11.26
BB 0.00
B 0.00
Below B 0.37
NR 0.27
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.02
Greater Europe 17.6 0.99
Greater Asia 18.6 0.93
Share Chg
since
01-2024
Share
Amount
Holdings :
9,600 Total Stocks , 18,598 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
T 1,412 mil Vanguard Total Bond Market II Idx 36.81
Y 28 mil Vanguard Total Stock Mkt Idx Instl 17.76
Y 248 mil Vanguard Shrt-Term Infl-Prot Sec I 16.46
Y 221 mil Vanguard Total Intl Bd II Idx Insl 16.09
Y 232 mil Vanguard Total Intl Stock Index Inv 12.16
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.0 0.87
r Basic Materials 4.4 0.88
t Consumer Cyclical 11.1 1.03
y Financial Services 15.6 0.94
u Real Estate 2.9 0.44
j Sensitive 46.2 1.14
i Communication Services 7.0 1.20
o Energy 4.4 0.86
p Industrials 11.7 0.94
a Technology 23.1 1.34
k Defensive 19.7 0.98
s Consumer Defensive 6.2 0.96
d Healthcare 11.1 1.04
f Utilities 2.4 0.80
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.2 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $36,262.44 mil
Release date 03-31-2024
©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 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
1,111 US Fund
Large Growth
Performance 03-31-2024
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2022 -15.08 -27.19 -1.64 -0.65 -39.58
2023 15.82 13.28 -4.05 15.43 45.31
2024 12.22 — — — 12.22
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 40.80 3.92 15.10 14.23 8.34
Std 03-31-2024 40.80 — 15.10 14.23 8.34
Total Return 40.80 3.92 15.10 14.23 8.34
+/- Std Index 10.92 -7.57 0.05 1.27 —
+/- Cat Index 1.80 -8.58 -3.41 -1.75 —
% Rank Cat 32 88 52 32
No. in Cat 1191 1111 1037 807
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 04-10-24 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
1,111 funds 1,037 funds 807 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg +Avg +Avg
Morningstar Return -Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 24.47 24.01 19.16
Mean 3.92 15.10 14.23
Sharpe Ratio 0.16 0.62 0.72
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -8.03 -6.11
Beta 1.25 1.09
R-Squared 81.17 95.78
12-Month Yield 0.33%
Potential Cap Gains Exp 19.29%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 03-24 7 7 7 7 7 7 7 7 7 7 7 0
97 95 94 95 95 94 95 97 97 95 98 —
Growth of $10,000
Vanguard US Growth
Admiral™
51,694
Category Average
44,761
Standard Index
45,591
Investment Style
Equity/Stocks %

74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 146.69 164.62 NAV/Price

35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 45.31 12.22 Total Return %

3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 19.03 1.67 +/- Standard Index * & & ) & & * & ) ) & _ Performance Quartile
(within category)

2.23 0.15 2.94 -7.66 1.53 2.26 -2.88 20.24 -15.14 -10.44 2.64 0.81 +/- Category Index 30 18 12 82 23 21 37 7 86 92 21 — % Rank Cat
1712 1710 1681 1463 1363 1405 1360 1289 1237 1235 1200 1214 No. of Funds in Cat Portfolio Analysis 12-31-2023
Asset Allocation % Net % Long % Short %
Cash 1.88 1.90 0.02
US Stocks 91.61 91.61 0.00
Non-US Stocks 6.39 6.39 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.12 0.12 0.00
Total 100.00 100.02 0.02
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 39.3 1.54 1.17
P/C Ratio TTM 26.7 1.53 1.14
P/B Ratio TTM 8.8 1.97 1.02
Geo Avg Mkt Cap
$mil
280586 1.02 0.56
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 97.2 0.98
Greater Europe 2.8 5.31
Greater Asia 0.0 0.00
Share Chg
since
09-2023
Share
Amount
Holdings :
118 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
Y 9 mil Microsoft Corp 8.46
Y 19 mil Amazon.com Inc 7.28
Y 13 mil Apple Inc 6.11
Y 5 mil NVIDIA Corp 5.96
T 13 mil Alphabet Inc Class C 4.52
T 4 mil Meta Platforms Inc Class A 3.50
Y 3 mil Mastercard Inc Class A 2.70
Y 4 mil Tesla Inc 2.28
T 11 mil Shopify Inc Registered Shs -A- Sub 2.13
T 1 mil Eli Lilly and Co 2.08
T 2 mil Netflix Inc 2.04
T 1 mil UnitedHealth Group Inc 1.77
T 5 mil Advanced Micro Devices Inc 1.76
T 9 mil The Trade Desk Inc Class A 1.68
Y 2 mil Visa Inc Class A 1.38
Sector Weightings Stocks % Rel Std Index
h Cyclical 27.3 0.99
r Basic Materials 0.0 0.00
t Consumer Cyclical 16.3 1.55
y Financial Services 8.3 0.66
u Real Estate 2.7 1.19
j Sensitive 60.8 1.17
i Communication Services 13.6 1.51
o Energy 0.0 0.00
p Industrials 3.1 0.38
a Technology 44.1 1.44
k Defensive 11.9 0.58
s Consumer Defensive 1.2 0.21
d Healthcare 10.6 0.85
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.5 Years
Objective: Growth
Base Currency: USD
Ticker: VWUAX
ISIN: US9219106005
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $43,791.61 mil
Release date 03-31-2024
©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®

77 Standardized and Tax Adjusted Returns Disclosure Statement The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

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

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

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

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

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

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

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

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

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

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

Annualized returns 03-31-2024
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 — — 18.66 12.21 9.87 11.26 06-28-2013 NA NA 0.70 0.70 NA Fidelity 500 Index — — 29.87 15.04 12.95 13.29 05-04-2011 NA NA 0.02 0.02 NA Fidelity Mid Cap Index — — 22.35 11.10 9.95 12.53 09-08-2011 NA NA 0.03 0.03 NA Fidelity Small Cap Index — — 19.83 8.21 7.74 10.96 09-08-2011 NA NA 0.03 0.03 NA Fidelity Total International Index — — 12.81 6.02 — 6.37 06-07-2016 NA NA 0.06 0.06 NA Fidelity U.S. Bond Index — — 1.69 0.33 1.52 1.91 05-04-2011 NA NA 0.03 0.03 NA MFS Mid Cap Growth R6 — — 25.17 11.67 12.09 13.66 01-02-2013 NA NA 0.661 0.67 NA Release date 03-31-2024
©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®

78 Annualized returns 03-31-2024
Standardized Returns (%) 7-day Yield
Subsidized
7-day Yield
Unsubsidized
1Yr 5Yr 10Yr Since
Inception
Inception
Date
Max Front
Load %
Max Back
Load %
Net Exp
Ratio %
Gross Exp
Ratio %
Max
Redemption %
as of date as of date
MFS Value R6 — — 19.56 10.84 9.57 8.59 05-01-2006 NA NA 0.442 0.45 NA Sterling Capital Total Return Bond R6 — — 2.47 0.98 — 1.45 02-01-2018 NA NA 0.363 0.51 NA Vanguard International Growth Adm — — 7.46 8.70 7.73 7.62 08-13-2001 NA NA 0.31 0.31 NA Vanguard International Value Inv — — 11.17 6.68 4.20 8.32 05-16-1983 NA NA 0.39 0.39 NA Vanguard Target Retirement 2020 Fund — — 10.42 5.60 5.63 5.99 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2025 Fund — — 12.95 6.55 6.31 6.64 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2030 Fund — — 14.78 7.36 6.87 6.74 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2035 Fund — — 16.37 8.17 7.43 7.50 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2040 Fund — — 17.94 8.96 7.95 7.46 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2045 Fund — — 19.45 9.74 8.40 8.20 10-27-2003 NA NA 0.08 0.08 NA Vanguard Target Retirement 2050 Fund — — 20.42 9.99 8.53 7.81 06-07-2006 NA NA 0.08 0.08 NA Vanguard Target Retirement 2055 Fund — — 20.43 9.98 8.51 10.12 08-18-2010 NA NA 0.08 0.08 NA Vanguard Target Retirement 2060 Fund — — 20.44 9.99 8.51 9.91 01-19-2012 NA NA 0.08 0.08 NA Vanguard Target Retirement 2065 Fund — — 20.41 9.98 — 9.19 07-12-2017 NA NA 0.08 0.08 NA Vanguard Target Retirement Income Fund — — 8.47 4.14 4.14 4.91 10-27-2003 NA NA 0.08 0.08 NA Vanguard US Growth Admiral™ — — 40.80 15.10 14.23 8.34 08-13-2001 NA NA 0.20 0.20 NA Bloomberg US Agg Bond TR USD 1.70 0.36 1.54 — 01-03-1980 Morningstar Gbl Allocation TR USD 14.24 6.32 5.65 — 06-18-2013 Morningstar Lifetime Mod 2020 TR USD 9.60 5.07 5.04 — 02-18-2009 Morningstar Lifetime Mod 2025 TR USD 10.52 5.49 5.48 — 02-18-2009 Morningstar Lifetime Mod 2030 TR USD 12.01 6.18 6.06 — 02-18-2009 Morningstar Lifetime Mod 2035 TR USD 14.12 7.12 6.72 — 02-18-2009 Morningstar Lifetime Mod 2040 TR USD 16.35 8.04 7.27 — 02-18-2009 Morningstar Lifetime Mod 2045 TR USD 17.95 8.65 7.59 — 02-18-2009 Morningstar Lifetime Mod 2050 TR USD 18.65 8.87 7.66 — 02-18-2009 Morningstar Lifetime Mod 2055 TR USD 18.69 8.85 7.61 — 02-18-2009 Morningstar Lifetime Mod 2060 TR USD 18.56 8.77 — — 06-23-2014 Morningstar Lifetime Mod Incm TR
USD

8.95 4.71 4.24 — 02-18-2009
Morningstar Mod Tgt Risk TR USD 12.77 6.42 5.91 — 02-18-2009 Morningstar US Con Tgt Alloc NR USD 8.11 — — — 06-30-2020 Morningstar US Core Bd TR USD 1.56 — — — 05-01-2019
Morningstar US LM Brd Growth TR
USD

37.41 — — — 12-21-2020
Morningstar US LM Brd Val TR USD 23.12 — — — 12-21-2020 Morningstar US Mid Brd Grt TR USD 23.96 — — — 12-21-2020 Morningstar US Mod Con Tgt Alloc NR
USD

11.78 — — — 06-30-2020
MSCI ACWI Ex USA Growth NR USD 11.22 6.24 5.12 — 01-01-2001 MSCI ACWI Ex USA NR USD 13.26 5.97 4.25 — 01-01-2001
MSCI ACWI Ex USA Value NR USD 15.34 5.36 3.20 — 01-01-2001 MSCI ACWI NR USD 23.22 10.92 8.66 — 01-01-2001
MSCI EAFE NR USD 15.32 7.33 4.80 — 03-31-1986
Russell 1000 Growth TR USD 39.00 18.52 15.98 — 01-01-1987 Russell 1000 TR USD 29.87 14.76 12.68 — 12-31-1978
Russell 1000 Value TR USD 20.27 10.32 9.01 — 01-01-1987 Russell 2000 TR USD 19.71 8.10 7.58 — 01-01-1984
Russell Mid Cap Growth TR USD 26.28 11.82 11.35 — 02-01-1995 Russell Mid Cap TR USD 22.35 11.10 9.95 — 12-31-1978
Russell Mid Cap Value TR USD 20.40 9.94 8.57 — 12-31-1985 S&P 500 TR USD 29.88 15.05 12.96 — 01-30-1970
USTREAS T-Bill Auction Ave 3 Mon 5.57 2.16 1.48 — 02-28-1941

1. Contractual waiver; Expires 12-31-2024

2. Contractual waiver; Expires 12-31-2024

3. Contractual waiver; Expires 01-31-2025
Release date 03-31-2024
©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®

79 Annualized returns 03-31-2024
Return after Tax (%) On Distribution On Distribution and Sales of Shares 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception Allspring Special Mid Cap Value R6 16.76 10.46 8.27 9.52 06-28-2013 11.60 9.27 7.47 8.63 Fidelity 500 Index 29.04 14.44 12.23 12.54 05-04-2011 17.60 11.87 10.48 10.96 Fidelity Mid Cap Index 21.64 10.31 9.08 11.72 09-08-2011 13.19 8.58 7.80 10.30 Fidelity Small Cap Index 19.11 7.53 6.80 10.06 09-08-2011 11.70 6.28 5.90 8.84 Fidelity Total International Index 11.54 5.22 — 5.61 06-07-2016 7.54 4.45 — 4.77 Fidelity U.S. Bond Index 0.91 -0.32 0.64 0.98 05-04-2011 1.49 0.25 0.92 1.19 MFS Mid Cap Growth R6 25.17 11.40 11.14 12.80 01-02-2013 14.90 9.30 9.64 11.19 MFS Value R6 16.86 9.21 8.04 7.28 05-01-2006 12.58 8.12 7.24 6.66 Sterling Capital Total Return Bond R6 0.88 -0.39 — 0.07 02-01-2018 1.44 0.21 — 0.56 Vanguard International Growth Adm 6.93 7.37 6.71 6.66 08-13-2001 4.69 6.86 6.11 6.22 Vanguard International Value Inv 10.32 5.82 3.33 6.42 05-16-1983 6.96 5.02 3.04 6.25 Vanguard Target Retirement 2020 Fund 8.53 3.51 4.04 4.83 06-07-2006 6.86 4.05 4.10 4.61 Vanguard Target Retirement 2025 Fund 11.65 4.94 5.00 5.69 10-27-2003 8.07 4.86 4.70 5.25 Vanguard Target Retirement 2030 Fund 13.87 5.91 5.71 5.86 06-07-2006 8.99 5.54 5.21 5.34 Vanguard Target Retirement 2035 Fund 15.51 6.66 6.21 6.64 10-27-2003 9.94 6.20 5.68 6.08 Vanguard Target Retirement 2040 Fund 17.13 7.45 6.81 6.61 06-07-2006 10.88 6.85 6.16 6.01 Vanguard Target Retirement 2045 Fund 18.68 8.45 7.37 7.44 10-27-2003 11.78 7.50 6.55 6.75 Vanguard Target Retirement 2050 Fund 19.67 8.83 7.59 7.07 06-07-2006 12.36 7.72 6.68 6.33 Vanguard Target Retirement 2055 Fund 19.69 8.96 7.68 9.37 08-18-2010 12.36 7.72 6.68 8.28 Vanguard Target Retirement 2060 Fund 19.72 9.16 7.78 9.23 01-19-2012 12.36 7.72 6.69 8.02 Vanguard Target Retirement 2065 Fund 19.72 9.40 — 8.64 07-12-2017 12.34 7.76 — 7.20 Vanguard Target Retirement Income Fund 6.96 2.74 2.92 3.76 10-27-2003 5.26 2.83 2.84 3.54 Vanguard US Growth Admiral™ 40.68 13.87 12.72 7.64 08-13-2001 24.22 11.98 11.41 6.95 Release date 03-31-2024
©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®

80 Mutual Fund Detail Report
Disclosure Statement
The Mutual Fund Detail Report is supplemental sales literature, and therefore must be preceded or accompanied by the mutual fund’s current prospectus or an equivalent statement. Please read this information carefully. In all cases, this disclosure statement should accompany the Mutual Fund Detail Report.

Morningstar is not itself a FINRA-member firm.

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

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

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

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

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

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

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

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

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

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

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

A unit investment trust (UIT) is an investment company organized under a trust agreement between a sponsor and trustee. UITs typically purchase a fixed portfolio of securities and then sell units in the trust to investors. The major difference between a UIT and a mutual fund is that a mutual fund is actively managed, while a UIT is not. On a periodic basis, UITs usually distribute to the unit holder their pro rata share of the trust's net investment income and net realized capital gains, if any. If the trust is one that invests only in tax-free securities, then the income from the trust is also tax-free. UITs generally make one public offering of a fixed number of units. However, in some cases, the sponsor will maintain a secondary market that allows existing unit holders to sell their units and for new investors to buy units. A one-time initial sales charge is deducted from an investment made into the trust. UIT investors may also pay creation and development fees, organization costs, and/or trustee and operation expenses. UIT units may be redeemed by the sponsor at their net Release date 03-31-2024
©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®

81 asset value minus a deferred sales charge, and sold to other investors. UITs have set termination dates, at which point the underlying securities are sold and the sales proceeds are paid to the investor. Typically, a UIT investment is rolled over into successive trusts as part of a long-term strategy. A rollover fee may be charged for the exercise of rollover purchases. There are tax consequences associated with rolling over an investment from one trust to the next.

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

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

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

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

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

While the inclusion of pre-inception data provides valuable insight into the probable long-term behavior of newer share classes of a fund, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structures of a retail share class will vary from that of an institutional share class, as retail shares tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. The underlying investments in the share classes used to calculate the pre-performance string will likely vary from the underlying investments held in the fund after inception. Calculation methodologies utilized by Morningstar may differ from those applied by other entities, including the fund itself.

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

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

Mr. Davidson is guided by the Morningstar, Inc. Code of Ethics in carrying out his responsibilities. Morningstar’s Research, Investment, and Analytics Group includes manager research employees of various Morningstar, Inc. subsidiaries who prepare analysis on investment products and quantitative research employees of Morningstar, Inc. or its subsidiaries who aim to help investors by providing innovative research, models, and software. In the United States, research employees are employed by Morningstar Research Services LLC, which is registered with the U.S. Securities and Exchange Commission. 12b1 Expense %
A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is often used as a commission to brokers for selling the fund. The amount of the fee is taken from a fund’s returns.

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

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

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

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

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

Asset allocation and other breakdowns may be rescaled accordingly so that percentages total to 100 percent. (Morningstar used discretion to determine if Release date 03-31-2024
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