Vallejo City Council
July 29, 2024

457 DEFERRED COMPENSATION PLAN, 401(a)

DEFINED CONTRIBUTION PLAN, AND RETIREMENT

HEALTH SAVINGS PROGRAM COMMITTEE

REGULAR MEETING MINUTES
9:00 A.M.

April 29, 2024

1. CALL TO ORDER
The meeting was called to order by Committee Chair Olson at 9:02 a.m.

2. PLEDGE OF ALLEGIANCE

3. ROLL CALL
Committee Members Present: Committee Chair Olson, Committee Vice Chair Brown, Sifuentes, and Long
Alternate Members Present: Peterson
Committee Members Absent: Nichelini and Nayar
Alternate Members Absent: Alberti, French, Lacey, Rolley, and Callison Staff Present: Secretary Gates

4. REPORTS

A. Report from Secretary to the Committee – None.

5. COMMUNITY FORUM
Speakers: None

6. CONSENT CALENDAR AND APPROVAL OF AGENDA

A. Approval of Minutes
Recommendation: Approval of the minutes from the January 29, 2024 regular meeting.

Action: Moved by Committee Member Brown, seconded by Committee Member Peterson and carried unanimously to approve the minutes of the January 29, 2024 meeting.

7. PRESENTATIONS

A. Presentation by Luther Hermano, Mission Square
Presentation: First Quarter 2024 Performance Review and review plan related budget.

Discussed 2024 strategy, financial planning program, Secure 2.0 updates & contribution limits, and Tech Corner.

B. Presentation by Vincent Galindo, Hyas Group
Presentation: First Quarter 2024 performance review, market commentary, current fund lineup overview, on-watch fund Vanguard US Growth Fund, fee and revenue analysis, and legal and regulatory updates

First Quarter 2024 performance Report discussed the Plans’ current investment options, and Vanguard US Growth Fund will remain on watch.

8. ACTION ITEM(S)

A. Approve Statement of Investment Policies and Guidelines Recommendation: By motion, approve updated draft Statement of Investment Policies and Guidelines.

Action: Moved by Vice Chair Brown, seconded by Committee Member Peterson and carried unanimously to approve updated Statement of Investment Policies and Guidelines.

B. Approve Education Policy Statement
Recommendation: By motion, approve updated Investment Policy Statement.

Action: Moved by Committee Member Long, seconded by Committee Member Sifuentes and carried unanimously to approve updated Investment Policy Statement.

C. Selection of New Chair and Vice Chair
Recommendation: By motion, select and approve a new Chair and Vice Chair.

Action: Chair Olson nominated Vice Chair Brown as new Chair, seconded by Committee Member Peterson and carried unanimously to approve Vice Chair Brown to new Chair.

Committee Member Peterson nominated Chair Olson as new Vice Chair, seconded by Vice Chair Brown and carried unanimously to approve Chair Olson to new Vice Chair.

9. FUTURE AGENDA AND ACTION ITEMS

A. NAGDCA 2024 Conference – September 15-18, 2024

B. Fund watch for MissionSquare Plus Fund R10, MissionSquare Plus Fund S11, and Sterling Capital Total Return Bond S6.

C. “Lunch and Learn” participant sessions

10. ADJOURNMENT

The meeting was adjourned at 10:19 a.m.

JAMES OLSON, CHAIRPERSON

ATTEST

KIMBERLY GATES, EXECUTIVE SECRETARY

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

2 MissionSquare Retirement
Agenda
Plan
Review
Accomplishments &
Results
Technology
Developments
Administrative Updates,
Enhancements, and
New Releases
2024 Strategy
Client Engagement and
Participant Engagement
Financial Planning
Program
Education & Resources
Legislative Updates
Secure 2.0 Readiness
Update

3 MissionSquare Retirement
3 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
4 MissionSquare Retirement
4 Financial Planning
James Collins | Sr. Financial Planner, Private Client
[email protected] | 202-759-7040
Additional contact for financial planning services
Your Team cont.
5 MissionSquare Retirement
49 years
MissionSquare Retirement is honored
to have partnered with you for
6 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.

7 MissionSquare Retirement
Top Diversity Employer for 2024
▪ We are honored to have been
recognized by the Equal Opportunity
Employment Journal as a Top Diversity
Employer for 2024 in the finance
sector.
▪ We received this recognition for our
diverse workforce, commitment to
inclusion, and dedication to
researching and promoting DE&I.
*Source: Data from MissionSquare HR as of May 14, 2024 At MissionSquare, we are as diverse as
the people and communities we serve.
70%
Executive team members
that are women or people
of color
67%
Employees that are
women or people of
color
Diversity*
Board of directors
members that are women
or people of color
55%

8 MissionSquare Retirement
Extensive Experience
Serving plans locally and across the nation in states like yours.

Over
$77.9B
AUM/AUA*
Over

1.9M
Public Sector
Accounts*
Over
9,800
Public Sector
Plans*
* As of March 31, 2024. Includes 457, 401, 403(b), Retirement Health Savings (RHS), Employer Investment Program (EIP) plans, affiliated IRAs: and investment-only assets. Includes assets under administration and management by MissionSquare with its subsidiaries. ** As of March 31, 2024. Includes 457, 401, 403(b), Retirement Health Savings (RHS), Employer Investment Program (EIP) plans. 1,186 participant accounts in the
City of Vallejo
with $57M in assets**

9 Plan Review
10 MissionSquare Retirement
Plan Education and Outreach
Results for Your Plan (Apr-Jun 2024)
Trends for Your Plan (2023-2024 Comparison)
Education 62
RPS
Consultations
3 CFP®
Consultations
Participation
& Savings
38 Enrollments

16.64%
Increase in Plan
Contributions
Financial
Wellness
3,566
Participant Account
Logins
15 Financial Wellness
Logins
Retention $819,778
In Rollouts

11 11
MissionSquare Retirement
Contributions and Disbursements

12 MissionSquare Retirement
Plan Balance as of 6-30-24

13 13
MissionSquare Retirement
Participant Asset Allocation

14 14
MissionSquare Retirement
14 MissionSquare Research Institute
Asset Allocation Trend

15 MissionSquare Retirement
Participant Service Usage

16 16
MissionSquare Retirement
Service Usage Details

17 2024
Strategy
18 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

19 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 postemployment
Improve financial outlook
and retirement readiness
Participation
and Savings
Drive engagement,
participation, and savings
Education
Promote plan
awareness, learning,
and new features
Financial
Wellness
20 MissionSquare Retirement
Evolving in How We Serve You
Your feedback continues to help us improve how we serve you and your participants. We thank you for your feedback — we hear you! Participant surveys invitations are emailed to a randomly selected portion of all MissionSquare participants; all plan sponsor contacts are invited to participate in the survey.

Source: MissionSquare Relationship Plan Sponsor and Participant Surveys, July 2023 and March 2024. The relationship surveys are part of the MissionSquare Voice of the Customer Program.

What you are seeking:
▪ Ease of working together.
▪ A responsive service model.
▪ Simple financial education
around retirement readiness.

How we are supporting your needs:
▪ Introduced new QDRO service.
▪ Improved service model.
▪ Increased access to CFP services.
▪ Added training and resources in the
Employer Resource Center.
21 MissionSquare Retirement
Participant and plan sponsor relationship surveys help us understand how to serve you better.

Invitation
▪ Email from MissionSquare
▪ Links to third-party platform
for survey completion
Survey
▪ 10–15 minutes to complete
▪ Topics: sentiment and
interactions
2024
Timing
Participants Random selection Additional Topics:

Financial health
July and
December
Plan Sponsor All plan contacts December
Measuring Relationships
Other Details
▪ Please continue to take post-call and event
surveys. The feedback from the calls/events
helps us improve these specific interactions.
▪ No personally identifiable information is shared
with our survey partner.
▪ This replaced an existing relationship
MissionSquare had for surveys of plan
sponsors and participants.

22 Participant
Engagement
23 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, e-Delivery, text access, or
Ask Alexa capabilities
▪ Email communications
▪ The Personal Touch
◼ MissionSquare Retirement Plans Specialists
◼ Live webinars
◼ CERTIFIED FINANCIAL PLANNER
professionals
◼ Contact center

24 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
and
Emails
RPS Workshops
and
Appointments
Financial Planning
Webinars and
CFP® Professional
Consultations
Enroll
Learn
Save
Invest
Monitor and
Update
Retire
25 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
▪ Weekly email campaign
▪ Printable flyer
▪ Email for eligible employees
▪ Banners of participant-facing websites
Campaign Microsite

26 MissionSquare Retirement
Your Retirement Plan:

Maximize Your Opportunities

27 MissionSquare Retirement
Spanish Materials & Resources
Resources: https://www.pewresearch.org/short-reads/2023/09/22/key-facts-about-us-latinos-for-national-hispanic-heritage-month/ 1 in 6 people speak Spanish in the US.
▪ Spanish speaking Retirement Plan
Specialist – One-on-One meetings
▪ Participant Call Center capabilities
▪ Website with access to retirement
and financial planning resources

28 MissionSquare Retirement
What does the
Financial Wellness Center offer?
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.

29 Updates and
Enhancement
30 MissionSquare Retirement
Back to Mission!
125%
Improvement
In Transaction
Processing
from May to
December ‘23
170
New Hires
(F/PTEs)
joined with recovery and
customer service focus
Return of
Client Advisory
Forums
98%
Client
Retention
(99% five-year average)
Defined the
Problems
(1) recordkeeping and
(2) customer service
Established EOC-
Style Function
with 140 projects
(93% completed)
21%
Increase in
Enrollment
235K enrollments ‘23
vs. 195K in ‘22
Employee Morale
increased to 2018 level
when MissionSquare
was ranked one of the
Best Employers
in DC
95%
Asset
Renewal
($4.6B ‘23 vs. $4.85B ‘22)
97%
Asset
Retention
(98% five-year average)
$78B
AUM and AUA
as of March ‘24
Up 13% YOY

1.9M
Participant
Accounts
as of March ‘24
Up 3% YOY
31 MissionSquare Retirement
What’s Ahead in 2024?
Detailed Process
Maps and SLAs Resolution Unit Enhanced Online
Functionality
Communication
and Surveys One Team Process
Digitization
New Call Center
Technology
32 Financial
Planning
Program
33 MissionSquare Retirement
Financial Planning Education Program
Financial planning services are available
to ALL participants.

Services by CFP® professionals include:
▪ Financial planning workshops
and seminars.
▪ Individual consultations.
▪ Retiree/alumni group meetings.
▪ Off-site engagements for invited participants.

Additional Employee
Benefits
Increased Understanding
and Utilization of Plan
Help in Encouraging
Employees to Retain Assets
in Plan
Better Preparation
for Retirement

34 MissionSquare Retirement
New Financial Planning Resource Page
Participants* will have access to
financial planning resources:
▪ Personalized experience
▪ Information about financial
services available
▪ Access to national webinars
▪ CFP® professional contact info
▪ Value Card — Check In on Your
Financial Goals
*Participant experience may vary based on eligibility.
35 MissionSquare Retirement
▪ In-Person Retirement Education Seminars
Financial Wellness Workshops

36 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

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

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

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

Retirement Plans Specialists
Certified Financial Planners
Financial Consultants
▪ Topics based on plan needs
▪ Cadence based on plan needs
▪ Eligibility based on plan needs
38 MissionSquare Retirement
The MoneyGuide Pro
Client Portal Experience

39 Legislative
Updates
▪ SECURE 2.0 Act
▪ Fiduciary Rule
40 MissionSquare Retirement
SECURE 2.0 Readiness Update —
Multiyear Project
The provisions in bold require action from you.

RMD to age 73
Reduction in RMD
penalty
Public safety officer —
expanded definitions
Public safety officer
insurance premium
(repeal of direct
payment)
§107
302
329
330
328
306 Elimination of “first
day of month” rule
Student loan
repayment match
(can receive match,
Plan Sponsor
verifies repayment
source)
Exclude Roth
balances for RMD
§110
325
Federally declared
disaster withdrawal
$1,000 emergency
withdrawal
Self-certification
for emergency
withdrawals
§331
115
312
314 Domestic abuse
victim withdrawal
2023
Completed
2024
Completed
2024
Planned
Optional treatment
of match as Roth
Higher catch-up
ages 60-63
§604
109
334 Long-term care
contract
distributions
2025
Planned
Roth catch-up
mandate
Amendments
required generally
by the end of 2029
for governmental
plans
§603
501
107 RMD age 75
beginning 2033
2026+
Planned
41 MissionSquare Retirement
SECURE 2.0 On the Go Video Series
NEW: Hear from MissionSquare experts in legal and government affairs as they summarize key SECURE 2.0 provisions, so you can confidently take action.

Click To View

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

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

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

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

1. Engaging new generations of talent

2. Expand retirement plan auto-features

3. Support employees’ financial security

4. Understand and address student loan debt

5. Modernize workforce systems and classifications
45 MissionSquare Retirement
Five Public Sector Workforce Trends
Sources: Continued Impact of COVID-19 on Public Sector Employee Job and Financial Outlook, Satisfaction, and Retention, State and Local Government Employees: Morale, Public Service Motivation, Financial Concerns and Retention, 35 and Under in the Public Sector Report: Why Younger Workers Enter and Why They Stay (missionsq.org), and 35 and Under in the Public Sector: Comparisons by Race and Ethnicity

1. Engage New Generations of Talent
Familiarization
Start at an early age
Promotion
Explorer programs, internships,
service projects
Engagement
Training programs, job upskilling
Motivation
Beyond salary, inclusive,
meaningful, culture,
satisfaction, stability
Considering changing jobs in:
2020: 20%
2021: 36%
Of all employees in 2022,
Among those 35 and under
in 2023, 60% are
considering changing jobs

46 MissionSquare Retirement
Five Public Sector Workforce Trends
Source: Automatic Enrollment and Automatic Escalation in State and Local Government Defined Contribution Plans and Nudging Deferral Rates within Public Sector Supplemental Retirement Plans

2. Expand Retirement Plan Auto-Features
Improve retirement savings
▪ Auto-enroll, auto-escalation, defaults
▪ Overcome decision fatigue and
choice overload
Use DC plan data to track and
support saving features
Evaluate, deterring changes, tailor
and target
Government/employer match
▪ Help sustain, incentivize, retain
▪ Increase participation
18 13
20 Auto-enrollment for State
and Local Governments
(authorization by states and
the District of Columbia)
Required or
explicitly
permitted
Permitted,
subject to
statutory
interpretation
Not statutorily
permitted
Three out of four would
choose to stay in the plan
after being defaulted
into the DC plan.
47 MissionSquare Retirement
Five Public Sector Workforce Trends
Sources: Examining the Financial Wellbeing of the U.S. Public Service Workforce, Public Sector Employee Financial Wellness Program Needs and Preferences: 2022 Survey Results, and State and Local Government Workforce Survey Report, 2023

3. Support Employees’ Financial Well-Being and Retirement Security Employees’ concerns:
▪ Personal finance issues while at work
▪ Extremely worried about inflation
▪ Considering leaving their jobs
▪ Top reason: lack of competitive salaries
Employers’ actions:
▪ Enhance the value of
salaries and benefits
▪ Financial literacy education
▪ Provide useful resources
▪ Retirement plans, health benefits,
paid time off, voluntary benefits,
continuing education, etc.

48 MissionSquare Retirement
Five Public Sector Workforce Trends
Source: Student Debt in State and Local Government: Impacts on Select Occupations and State and Local Government Employees: Morale, Public Service Motivation, Financial Concerns and Retention

4. Understand and Address Student Loan Debt
Student loan debt challenge:
▪ For state/local government
occupations
▪ Average student loan debt:
▪ Associate degree: $12,800
▪ Bachelor’s degree: $23,000
▪ Master’s degree: $37,600
Employers’ potential actions:
▪ Student loan forgiveness
(hard-to-fill positions)
▪ Employer match for student loan
payments
▪ Tuition assistance
▪ Recruitment strategies

49 MissionSquare Retirement
Five Public Sector Workforce Trends
Source: State and Local Government Workforce Survey Report 2023

5. Modernize Workforce Systems and Classifications
Survey of HR managers:

National Association of State Personnel
Executives and Public Sector HR
Association
▪ Increase in time to hire
▪ Reopen recruitments frequently
due to insufficient number of qualified
candidates
▪ Feel their employees are prepared for
retirement
Initiatives implemented:
▪ Completing a compensation or
classification study
▪ Updating job specs
▪ Post-hiring upskilling
▪ Increasing remote work options
Which of the five trends
most resonate with you?

50 MissionSquare Retirement
Research Focus

1. Retirement
Benefits
Retirement decision-making,
plan participation, impact of
financial advice, transition to
retirement

2. Health and
Financial Wellness
Wellness programs,
student debt, financial
well-being, mental and
physical health

3. State and Local
Government Workforce
Recruitment incentives,
workforce retention,
mentoring and succession
planning, talent pool, DE&I
What topics are of particular interest to you and your jurisdiction? Feel free to email us at [email protected].

51 Client
Resources
52 MissionSquare Retirement
Plan Sponsor Campaign Toolkit
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

53 MissionSquare Retirement
Employer Resource Center
The Employer Resource Center is your guide to the technology, processes, and services at MissionSquare.

Access the Employer Resource Center

54 MissionSquare Retirement
Employer Bulletin
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.

Contact us to subscribe!

55 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.

56 MissionSquare Retirement
Check out our new magazine, designed to help public sector employers build retirement confidence for their employees.

Introducing MissionSquare Exchange Magazine

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

New Plan
Administration Resources.

Systematic Distributions are now
available online.

Fraud prevention updated to One-
Time Passcode (OTP) requirement.
▪ How to Run Loan Report guide.
▪ ACH Loans — Online Payoff.
▪ Loan Administration Quick
Reference guide.
▪ Streamlined enrollment process.
▪ Enhanced QDRO Process
▪ Alerts and Notifications for plan
sponsors and plan administrators.
▪ 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
59 MissionSquare Retirement
Enhancement to Payroll Process
What is changing?
▪ Improved visibility
and error process
▪ Upfront validations
and notifications
The communication
plan
▪ Dedicated email
announcing the
new functionality
▪ Host live and
recorded webinar
▪ Educational videos
and guides
When is this
change occurring?
▪ Late summer 2024
MissionSquare Legacy file format (pre 10/2022)

60 60
MissionSquare Retirement
Focused on You, Our Clients
Continually adding new resources to
critical functions: website accessibility,
payroll processing, and contact center
Releasing new updates to our
technology to improve functionality
and processes
Improving the client experience
61 MissionSquare Retirement
61 Questions?
City of Vallejo, California
457(b), 401(a), and RHS Plans
June 30, 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 Economic and 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 | Economic and Market Overview

Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 206,000 4,505,000 -20,493,000 122,100 Jun-24 $3.42 $4.84 $1.80 -29.4% Jun-24

4.1% 14.7% 3.4% 4.9% Jun-24 $79.77 $114.84 $16.55 -30.5% Jun-24

7.5 22.2 4.0 11.1 Jun-24 327.1 327.1 215.6 51.7%* Apr-24 $35.00 $35.00 $28.03 $31.46 Jun-24 565.7 565.7 497.6 13.7%* Jun-24 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 6/30/2024 Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
2Q2024 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
$22,500
3Q19 2Q20 1Q21 4Q21 3Q22 2Q23 1Q24
YoY % Change$ Billion Gross Domestic Product
-10%
-5%
0%
5%
10%
15%
-10%
-5%
0%
5%
10%
15%
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-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
$3,200
3Q19 2Q20 1Q21 4Q21 3Q22 2Q23 1Q24
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
245
260
275
290
305
Jun-19 Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 YoY % ChangeIndex Consumer Price Index
1 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.33% 2.68% 5.49% 3.34% 2.25% 1.57%
Bloomberg US Aggregate 0.07% -0.71% 2.63% -3.02% -0.23% 1.35% Bloomberg Short US Treasury 1.30% 2.54% 5.42% 2.86% 2.12% 1.53% Bloomberg Int. US Treasury 0.58% 0.21% 3.37% -1.41% 0.28% 1.11% Bloomberg Long US Treasury -1.81% -5.01% -5.61% -10.49% -4.26% 0.60% Bloomberg US TIPS 0.79% 0.70% 2.71% -1.33% 2.07% 1.91%
Bloomberg US Credit -0.05% -0.46% 4.42% -2.94% 0.54% 2.21% Bloomberg US Mortgage-Backed 0.07% -0.98% 2.12% -2.92% -0.76% 0.89% Bloomberg US Asset-Backed 0.98% 1.66% 5.46% 0.71% 1.62% 1.84% Bloomberg US 20-Yr Municipal 0.29% -0.03% 4.03% -1.15% 1.45% 3.04% Bloomberg US High Yield 1.09% 2.58% 10.44% 1.64% 3.92% 4.31% Bloomberg Global -1.10% -3.16% 0.93% -5.49% -2.02% -0.42% Bloomberg International -2.11% -5.26% -0.66% -7.48% -3.56% -1.86% Bloomberg Emerging Market 0.68% 2.22% 7.95% -2.22% 0.47% 2.52% 2Q2024 Bond Market Data

5.47% 5.48% 5.33% 5.09%

4.71% 4.52% 4.33% 4.33% 4.36% 4.61% 4.51%

5.24% 5.43% 5.47% 5.40%

4.87%

4.49%

4.13% 3.97% 3.81% 4.06% 3.85%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

8.00%
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr US Treasury Yield Curve
6/30/2024 6/30/2023
0%
0%
0%
13%
13%
3%
71%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
22%
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 6.09 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

9.53 1.19

0.41 9.43

1.61 0.51

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%
50%
0% 20% 40% 60%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
Bloomberg US Aggregate Index
Sector Breakdown
Source: Morningstar
2 Wgt. Sector QTR YTD 1 yr.
32% Information Technology 13.81% 28.24% 41.78% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 9% Communication Services 9.37% 26.68% 44.87% S&P 500 4.28% 15.29% 24.56% 10.01% 15.05% 12.86% 2% Utilities 4.66% 9.44% 7.82% Russell 1000 Value -2.17% 6.62% 13.06% 5.52% 9.01% 8.23% 6% Consumer Staples 1.35% 8.98% 8.15% Russell 1000 Growth 8.33% 20.70% 33.48% 11.28% 19.34% 16.33% 10% Consumer Discretionary 0.65% 5.66% 13.08% Russell Mid Cap -3.35% 4.96% 12.88% 2.37% 9.46% 9.04% 12% Health Care -0.96% 7.81% 11.68% Russell Mid Cap Value -3.40% 4.54% 11.98% 3.65% 8.49% 7.60% 2% Real Estate -1.91% -2.45% 5.60% Russell Mid Cap Growth -3.21% 5.98% 15.05% -0.08% 9.93% 10.51% 12% Financials -2.03% 10.17% 24.21% Russell 2000 -3.28% 1.73% 10.06% -2.58% 6.94% 7.00% 4% Energy -2.42% 10.93% 15.85% Russell 2000 Value -3.64% -0.85% 10.90% -0.53% 7.07% 6.23% 8% Industrials -2.90% 7.75% 15.53% Russell 2000 Growth -2.92% 4.44% 9.14% -4.86% 6.17% 7.39% 2% Materials -4.50% 4.05% 8.69% Russell 3000 3.22% 13.56% 23.13% 8.05% 14.14% 12.15% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT -0.16% -0.55% 7.15% -0.14% 2.78% 5.17% 3% Utilities 4.66% 18.42% 13.17%
2% Communication Services 3.54% -5.35% -12.27%
9% Information Technology 2.84% 21.62% 25.60%
7% Real Estate 0.37% -2.55% 2.65%
5% Consumer Staples -1.16% 12.92% 20.02%
9% Health Care -3.05% 3.89% -0.68%
16% Financials -4.11% 3.81% 20.34%
6% Energy -4.25% 10.97% 21.88%
22% Industrials -4.62% 6.63% 15.23%
15% Consumer Discretionary -7.09% 4.16% 15.49%
7% Materials -9.32% -4.86% 4.54%
Wgt. Sector QTR YTD 1 yr.
2% Utilities 0.95% -5.19% -8.10%
13% Information Technology 0.75% -2.76% -4.51%
18% Financials -0.38% -1.23% 21.59%
6% Materials -2.06% 2.04% 9.68%
7% Real Estate -2.25% -2.83% 8.26%
10% Health Care -2.71% -0.32% -3.92%
3% Consumer Staples -4.65% -6.98% -0.87%
17% Industrials -5.00% 4.18% 16.57%
3% Communication Services -5.17% -8.54% -3.85%
5% Energy -5.42% 2.02% 13.61%
14% Consumer Discretionary -7.34% -2.01% 11.59%
2Q2024 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
-7.56%
-14.50%
-12.59%
-8.10%
-5.85%
-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

10.05%

19.28%

5.18%

9.66%

7.65%

29.55%
-20.99%

0.48%

35.39%

9.59%
-60%
-30%
0%
30%
60%
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
3 Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA) Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 15% MSCI ACWI ex-US 0.96% 5.69% 11.62% 0.46% 5.55% 3.84% UK 9% MSCI EAFE -0.42% 5.34% 11.54% 2.89% 6.46% 4.33% Canada 7% Europe 0.55% 5.81% 11.68% 3.87% 7.13% 4.16% China 7%
United Kingdom 3.69% 6.91% 12.49% 6.92% 5.71% 2.66% France 7% Germany -1.39% 5.57% 10.12% -0.90% 4.55% 2.41% Switzerland 6% France -7.48% -2.04% 0.52% 2.65% 6.45% 5.02% Taiwan 6%
Pacific -2.18% 4.39% 11.03% 1.11% 5.22% 4.75% India 6%
Japan -4.27% 6.27% 13.15% 2.29% 6.62% 5.54% Germany 5%
Hong Kong 0.95% -10.83% -17.99% -14.15% -6.99% 0.41% Australia 5% Australia 1.62% 2.43% 14.08% 3.32% 6.39% 4.35%
Canada -2.14% 1.75% 8.60% 2.25% 7.43% 3.64%
MSCI EM 5.00% 7.49% 12.55% -5.07% 3.10% 2.79%
MSCI EM Latin America -12.20% -15.68% -5.59% 0.95% 0.14% -0.31% MSCI EM Asia 7.44% 11.04% 15.06% -5.45% 4.57% 4.53%
MSCI EM Eur/Mid East -1.41% 2.46% 8.50% -8.50% -2.68% -2.14% MSCI ACWI Value ex-US 1.26% 4.71% 13.45% 3.55% 5.29% 2.76% MSCI ACWI Growth ex-US 0.72% 6.68% 9.88% -2.62% 5.49% 4.74% MSCI ACWI Sm Cap ex-US 0.66% 2.78% 11.26% -1.45% 6.13% 4.44% Exchange Rates QTR 1Q24 4Q23 3Q23 2Q23 1Q23
Japanese Yen 160.88 151.22 140.92 149.43 144.47 132.75
Euro 0.93 0.93 0.90 0.94 0.92 0.92
British Pound 0.79 0.79 0.78 0.82 0.79 0.81
Swiss Franc 0.90 0.90 0.84 0.91 0.89 0.91
Chinese Yuan 7.27 7.22 7.10 7.30 7.25 6.87
2Q2024 International Market Data
-0.42%

11.54%

2.89%

6.46%

1.00%

15.08%

8.10%

8.98%
-10% 0% 10% 20%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

5.00%

12.55%
-5.07%

3.10%

6.22%

15.52%
-1.62%

5.60%
-10% 0% 10% 20%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$
-0.3% -0.4% -1.9%

0.6% 0.6%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-0.5% -3.6% -6.2%

0.2% 2.0%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
-1%
-2%
-3%
-1%
-2%
-6%
-10%
-12%
-8%
-5%
0%
-1%
-3%
0%
-3%
0%
0%
1%
2%
0%
-1%
0%
-4%
-1%
-2%
-20%
-10%
0%
10%
20%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
42%
Asia
31%
Canada
7%
Emerging
19%
Regional Exposure
MSCI ACWI ex-USA
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
Performance Source: MorningstarSource: Federal Reserve Bank of St. Louis Source: Morningstar
4 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 2Q24 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

15.29%
Emerging
Markets

5.00%
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%
Emerging
Markets

7.49%
Large Cap

4.28%
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%
Global
Balanced

5.98%
Commod.

2.89%
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

5.69%
Cash

1.33%
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%
Commod.

5.14%
Global
Balanced

1.26%
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%
Mid Cap

4.96%
High Yield

1.09%
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%
Cash

2.68%
Intl

0.96%
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

2.58%
TIPS

0.79%
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%
Small Cap

1.73%
US Bonds

0.07%
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

0.70%
Core Real
Estate
-0.67%
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
-0.71%
Global
Bonds
-1.10%
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
-3.16%
Small Cap
-3.28%
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
-3.23%
Mid Cap
-3.35%
Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills. Source: Morningstar; Core Real Estate Source: NCREIF Historical Market Returns
Ranked by Performance
5 Section 2 | Plan Overview

Market Value: $57,816,325Hyas Group Contact
Vincent Galindo
Senior Principal
[email protected]
Fixed Income

28.37%
Loans

1.59%
Asset Allocation

22.52%
International

8.05%
Small Cap

2.85%
Mid Cap

6.41%
Large Cap

30.22%
Plan Notes
Fund: None at this time.

Governance: Investment Policy Statement last adopted April 2024.

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. 25,988 0.04 MissionSquare PLUS Fund R10 Qualitative Significant manager change. Place on watch. 12,200,677 21.10 Sterling Capital Total Return Bond R6 Qualitative Ownership change. Place on watch. 2,119,291 3.67 Vanguard US Growth Adm 2Q22 Quantitative Trailing Benchmark and Peer Group for 5 year period. Retain on watch. 7,228,822 12.50 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Overview As of June 30, 2024
6 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
$
Fixed Income 31.21 16,685,238 (483,624) 96,518 30.30 16,298,132 Large Cap 30.67 16,392,559 (21,703) 694,540 31.73 17,065,395 Mid Cap 6.89 3,681,056 62,335 (108,393) 6.76 3,634,998
Small Cap 3.17 1,693,306 5,158 (55,259) 3.05 1,643,204
International 8.68 4,641,425 (74,745) 37,131 8.56 4,603,812 Asset Allocation 19.23 10,279,483 13,250 169,313 19.45 10,462,046 SDBA 0.15 82,190 - 1,077 0.15 83,267
Total 100.00 53,455,256 (499,328) 834,927 100.00 53,790,855 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

2.04 8.82

16.43 1.41

6.12 12.74

0.78 3.46

9.12 1.56

7.17 12.99
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 7 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 16,685,238 (483,624) 96,518 16,298,132 30.30 - MissionSquare PLUS Fund R10 92208j709 12,300,308 (232,151) 89,278 12,157,435 22.60 210 Fidelity US Bond Index FXNAX 2,163,730 (140,392) 2,099 2,025,436 3.77 70 Sterling Capital Total Return Bond R6 STRDX 2,221,200 (111,080) 5,141 2,115,260 3.93 115 Large Cap 16,392,559 (21,703) 694,540 17,065,395 31.73 - MFS Value R6 MEIKX 2,032,131 (12,919) (42,468) 1,976,745 3.67 144 Fidelity 500 Index FXAIX 7,531,861 222,253 336,275 8,090,388 15.04 215 Vanguard US Growth Adm VWUAX 6,828,566 (231,037) 400,733 6,998,262 13.01 181 Mid Cap 3,681,056 62,335 (108,393) 3,634,998 6.76 -
Allspring Special Mid Cap Value Fund WFPRX 727,784 29,022 (17,150) 739,656 1.38 126 Fidelity Mid Cap Index FSMDX 1,669,078 36,195 (56,705) 1,648,568 3.06 152 MFS Mid Cap Growth R6 OTCKX 1,284,194 (2,882) (34,538) 1,246,774 2.32 96 Small Cap 1,693,306 5,158 (55,259) 1,643,204 3.05 -
Fidelity Small Cap Index FSSNX 1,693,306 5,158 (55,259) 1,643,204 3.05 159 International 4,641,425 (74,745) 37,131 4,603,812 8.56 - Vanguard International Value Inv VTRIX 820,433 (6,403) (10,885) 803,146 1.49 121 Fidelity Total International Index FTIHX 3,006,781 (70,093) 29,380 2,966,068 5.51 144 Vanguard International Growth Adm VWILX 814,211 1,751 18,635 834,597 1.55 102 Asset Allocation 10,279,483 13,250 169,313 10,462,046 19.45 - Vanguard Target Retirement Income VTINX 261,593 1,201 2,350 265,143 0.49 8 Vanguard Target Retirement 2020 VTWNX 269,056 (23,662) 3,159 248,553 0.46 9 Vanguard Target Retirement 2025 VTTVX 1,325,503 13,835 16,982 1,356,320 2.52 28 Vanguard Target Retirement 2030 VTHRX 1,084,309 37,481 15,370 1,137,160 2.11 35 Vanguard Target Retirement 2035 VTTHX 2,471,113 (324,575) 32,491 2,179,029 4.05 35 Vanguard Target Retirement 2040 VFORX 1,060,807 29,208 18,934 1,108,949 2.06 21 Vanguard Target Retirement 2045 VTIVX 1,208,942 164,449 23,629 1,397,020 2.60 37 Vanguard Target Retirement 2050 VFIFX 1,328,046 (5,588) 27,921 1,350,379 2.51 49 Vanguard Target Retirement 2055 VFFVX 935,241 98,175 20,957 1,054,372 1.96 40 Vanguard Target Retirement 2060 VTTSX 321,998 17,980 7,170 347,149 0.65 19 Vanguard Target Retirement 2065 VLXVX 12,874 4,746 353 17,972 0.03 3 SDBA 82,190 - 1,077 83,267 0.15 -
MissionSquare Brokerage 82,190 - 1,077 83,267 0.15 3
Total 53,455,256 (499,328) 834,927 53,790,855 100.00 -
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2024
8 Asset Allocation
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 17,671,759 36.88 17,053,401 33.15 16,685,238 31.21 16,298,132 30.30 Large Cap 13,161,836 27.47 15,018,487 29.20 16,392,559 30.67 17,065,395 31.73 Mid Cap 2,940,164 6.14 3,307,579 6.43 3,681,056 6.89 3,634,998 6.76 Small Cap 1,535,654 3.20 1,744,148 3.39 1,693,306 3.17 1,643,204 3.05 International 3,961,926 8.27 4,378,175 8.51 4,641,425 8.68 4,603,812 8.56 Asset Allocation 8,646,659 18.04 9,855,543 19.16 10,279,483 19.23 10,462,046 19.45 SDBA - 0.00 81,301 0.16 82,190 0.15 83,267 0.15
Total 47,917,998 100.00 51,438,635 100.00 53,455,256 100.00 53,790,855 100.00 Cash Flow Summary
Sep-2023 Dec-2023 Mar-2024 Jun-2024
Participants 515 514 513 517
Calculated Return (%) (2.61) 8.25 5.52 1.56
Cash Flow (+/-) $ 366,588 (433,447) (822,741) (499,328) Market Adjustment $ (1,274,309) 3,954,083 2,839,363 834,927 Fee Summary
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Record Keeper Fees 0.025 11,979 0.025 12,860 0.025 13,364 0.025 13,448 Administrative Fees 0.100 47,918 0.100 51,439 0.100 53,455 0.100 53,791 Weighted Investment Fees 0.196 94,054 0.191 98,446 0.188 100,559 0.186 99,815 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2024
9 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%
2022 2023 Jun-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Jun-2024
Ending
Market Value $
Ending
Value %
Fixed Income 17,139,637 37.2 17,053,401 32.6 16,298,132 29.8 Large Cap 11,788,584 25.6 15,018,487 28.7 17,065,395 31.2 Mid Cap 2,971,128 6.4 3,307,579 6.3 3,634,998 6.6
Small Cap 1,663,708 3.6 1,744,148 3.3 1,643,204 3.0
International 4,050,786 8.8 4,378,175 8.4 4,603,812 8.4 Asset Allocation 7,527,066 16.3 9,855,543 18.8 10,462,046 19.1 SDBA - 0.0 81,301 0.2 83,267 0.2
Loans 929,306 2.0 900,195 1.7 916,538 1.7
Total 46,070,216 100.0 52,338,830 100.0 54,707,393 100.0 Admin Account Balance
Dec-2022 Dec-2023 Jun-2024
Admin Account $ 43,455 57,865 64,371
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2024
10 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
53,790,855
2022 2023 YTD
Beginning Market Value $ 53,098,741 45,140,909 51,438,635 Cash Flow (+/-) $ 242,294 (582,147) (1,322,069)
Market Adjustment $ (8,200,126) 6,879,872 3,674,289
Ending Market Value $ 45,140,909 51,438,635 53,790,855
Participants 504 514 517
Average Participant Balance $ 89,565 100,075 104,044
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of June 30, 2024
11 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
$
Fixed Income 13.68 73,916 1,996 367 14.08 76,279
Large Cap 33.35 180,273 769 9,511 35.16 190,554
Mid Cap 6.45 34,871 418 (1,144) 6.30 34,144
Small Cap 0.10 541 99 (18) 0.11 622
International 3.84 20,775 807 212 4.02 21,795
Asset Allocation 42.57 230,092 (15,007) 3,440 40.32 218,525 Total 100.00 540,468 (10,918) 12,368 100.00 541,918
Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

2.04 8.82

16.43 1.41

6.12 12.74

0.78 3.46

9.12 2.29

9.33 16.68
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of June 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 12 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 73,916 1,996 367 76,279 14.08 -
MissionSquare PLUS Fund R10 92208j709 42,003 928 311 43,242 7.98 4 Fidelity US Bond Index FXNAX 28,313 649 45 29,007 5.35 5 Sterling Capital Total Return Bond R6 STRDX 3,600 419 11 4,030 0.74 4 Large Cap 180,273 769 9,511 190,554 35.16 -
MFS Value R6 MEIKX 301 228 (6) 523 0.10 4
Fidelity 500 Index FXAIX 79,659 522 3,396 83,577 15.42 6 Vanguard US Growth Adm VWUAX 100,312 20 6,122 106,454 19.64 7 Mid Cap 34,871 418 (1,144) 34,144 6.30 -
Allspring Special Mid Cap Value Fund WFPRX 243 74 (6) 311 0.06 4 Fidelity Mid Cap Index FSMDX 31,304 241 (1,049) 30,496 5.63 5 MFS Mid Cap Growth R6 OTCKX 3,324 103 (90) 3,337 0.62 - Small Cap 541 99 (18) 622 0.11 -
Fidelity Small Cap Index FSSNX 541 99 (18) 622 0.11 4
International 20,775 807 212 21,795 4.02 -
Vanguard International Value Inv VTRIX 294 229 (9) 514 0.09 4 Fidelity Total International Index FTIHX 18,334 579 171 19,084 3.52 5 Vanguard International Growth Adm VWILX 2,147 (1) 50 2,197 0.41 1 Asset Allocation 230,092 (15,007) 3,440 218,525 40.32 - Vanguard Target Retirement Income VTINX - - - - 0.00 -
Vanguard Target Retirement 2020 VTWNX 15,428 (15,435) 7 - 0.00 - Vanguard Target Retirement 2025 VTTVX 4,323 (1) 54 4,376 0.81 1 Vanguard Target Retirement 2030 VTHRX 128,595 (2,252) 1,835 128,178 23.65 6 Vanguard Target Retirement 2035 VTTHX 24,504 (8) 379 24,875 4.59 3 Vanguard Target Retirement 2040 VFORX 28,072 191 494 28,758 5.31 5 Vanguard Target Retirement 2045 VTIVX 15,367 2,501 391 18,259 3.37 6 Vanguard Target Retirement 2050 VFIFX 7,194 (2) 147 7,338 1.35 2 Vanguard Target Retirement 2055 VFFVX 6,608 (2) 133 6,740 1.24 - Vanguard Target Retirement 2060 VTTSX - - - - 0.00 -
Vanguard Target Retirement 2065 VLXVX - - - - 0.00 -
Total 540,468 (10,918) 12,368 541,918 100.00 -
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of June 30, 2024
13 Asset Allocation
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 65,545 15.04 66,340 13.75 73,916 13.68 76,279 14.08 Large Cap 136,289 31.27 155,028 32.13 180,273 33.35 190,554 35.16 Mid Cap 27,258 6.25 30,712 6.36 34,871 6.45 34,144 6.30 Small Cap 253 0.06 279 0.06 541 0.10 622 0.11
International 15,663 3.59 17,263 3.58 20,775 3.84 21,795 4.02 Asset Allocation 190,883 43.79 212,889 44.12 230,092 42.57 218,525 40.32 Total 435,891 100.00 482,511 100.00 540,468 100.00 541,918 100.00 Cash Flow Summary
Sep-2023 Dec-2023 Mar-2024 Jun-2024
Participants 32 33 33 34
Calculated Return (%) (3.17) 10.22 6.88 2.29
Cash Flow (+/-) $ 1,214 2,061 24,708 (10,918)
Market Adjustment $ (14,243) 44,559 33,249 12,368
Fee Summary
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Record Keeper Fees 0.025 109 0.025 121 0.025 135 0.025 135 Administrative Fees 0.100 436 0.100 483 0.100 540 0.100 542 Weighted Investment Fees 0.109 477 0.108 521 0.111 599 0.113 611 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of June 30, 2024
14 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%
2022 2023 Jun-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Jun-2024
Ending
Market Value $
Ending
Value %
Fixed Income 107,940 24.7 66,340 13.7 76,279 14.1
Large Cap 110,015 25.2 155,028 32.1 190,554 35.2
Mid Cap 27,140 6.2 30,712 6.4 34,144 6.3
Small Cap 242 0.1 279 0.1 622 0.1
International 18,446 4.2 17,263 3.6 21,795 4.0
Asset Allocation 161,678 37.1 212,889 44.1 218,525 40.3 Loans 10,859 2.5 - 0.0 - 0.0
Total 436,320 100.0 482,511 100.0 541,918 100.0
Admin Account Balance
Dec-2022 Dec-2023 Jun-2024
Admin Account $ 737 1,204 1,467
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of June 30, 2024
15 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
541,918
2022 2023 YTD
Beginning Market Value $ 481,818 425,460 482,511
Cash Flow (+/-) $ 35,957 (23,650) 13,790
Market Adjustment $ (92,315) 80,701 45,616
Ending Market Value $ 425,460 482,511 541,918
Participants 35 33 34
Average Participant Balance $ 12,156 14,622 15,939
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of June 30, 2024
16 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
$
Fixed Income 1.02 25,821 53 189 0.98 26,063
Large Cap 7.99 201,668 5,469 10,949 8.23 218,086
Mid Cap 1.22 30,678 9,162 (1,024) 1.46 38,816
Small Cap 0.14 3,585 258 (115) 0.14 3,728
International 1.00 25,359 983 264 1.00 26,606
Asset Allocation 88.62 2,236,736 59,811 40,490 88.18 2,337,038 Total 100.00 2,523,847 75,737 50,753 100.00 2,650,337
Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year

2.04 8.82

16.43 1.41

6.12 12.74

0.78 3.46

9.12 2.01

8.48 15.79
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of June 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 17 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 25,821 53 189 26,063 0.98 -
MissionSquare PLUS Fund S11 92211r318 25,781 18 188 25,988 0.98 11 Fidelity US Bond Index FXNAX 20 - - 20 0.00 1
Sterling Capital Total Return Bond R6 STRDX 20 35 - 56 0.00 2 Large Cap 201,668 5,469 10,949 218,086 8.23 -
MFS Value R6 MEIKX 245 (20) (5) 221 0.01 2
Fidelity 500 Index FXAIX 87,614 2,309 3,837 93,760 3.54 26 Vanguard US Growth Adm VWUAX 113,808 3,181 7,117 124,106 4.68 24 Mid Cap 30,678 9,162 (1,024) 38,816 1.46 -
Allspring Special Mid Cap Value Fund WFPRX 1,310 8,549 (61) 9,798 0.37 5 Fidelity Mid Cap Index FSMDX 26,133 396 (876) 25,653 0.97 11 MFS Mid Cap Growth R6 OTCKX 3,235 217 (87) 3,364 0.13 5 Small Cap 3,585 258 (115) 3,728 0.14 -
Fidelity Small Cap Index FSSNX 3,585 258 (115) 3,728 0.14 5 International 25,359 983 264 26,606 1.00 -
Vanguard International Value Inv VTRIX - - - - 0.00 -
Fidelity Total International Index FTIHX 25,359 983 264 26,606 1.00 11 Vanguard International Growth Adm VWILX - - - - 0.00 -
Asset Allocation 2,236,736 59,811 40,490 2,337,038 88.18 - Vanguard Target Retirement Income VTINX 6,322 (226) 51 6,147 0.23 5 Vanguard Target Retirement 2020 VTWNX 68,890 1,208 739 70,837 2.67 23 Vanguard Target Retirement 2025 VTTVX 197,888 (5,741) 2,470 194,618 7.34 42 Vanguard Target Retirement 2030 VTHRX 196,706 3,971 2,824 203,502 7.68 42 Vanguard Target Retirement 2035 VTTHX 227,875 6,246 3,622 237,742 8.97 57 Vanguard Target Retirement 2040 VFORX 373,585 7,289 6,607 387,481 14.62 79 Vanguard Target Retirement 2045 VTIVX 404,357 13,482 7,985 425,824 16.07 101 Vanguard Target Retirement 2050 VFIFX 476,247 14,145 10,034 500,426 18.88 122 Vanguard Target Retirement 2055 VFFVX 239,931 11,382 5,078 256,391 9.67 97 Vanguard Target Retirement 2060 VTTSX 40,160 6,280 946 47,387 1.79 40 Vanguard Target Retirement 2065 VLXVX 4,775 1,775 134 6,684 0.25 10 Total 2,523,847 75,737 50,753 2,650,337 100.00 -
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of June 30, 2024
18 Asset Allocation
Sep-2023
Ending
Market Value $
Ending
Market Value %
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 24,722 1.21 27,293 1.18 25,821 1.02 26,063 0.98 Large Cap 143,063 7.01 169,941 7.36 201,668 7.99 218,086 8.23 Mid Cap 23,367 1.14 28,396 1.23 30,678 1.22 38,816 1.46 Small Cap 4,468 0.22 3,890 0.17 3,585 0.14 3,728 0.14
International 17,571 0.86 18,456 0.80 25,359 1.00 26,606 1.00 Asset Allocation 1,828,064 89.56 2,062,442 89.27 2,236,736 88.62 2,337,038 88.18 Total 2,041,255 100.00 2,310,418 100.00 2,523,847 100.00 2,650,337 100.00 Cash Flow Summary
Sep-2023 Dec-2023 Mar-2024 Jun-2024
Participants 580 595 615 635
Calculated Return (%) (3.43) 10.53 6.34 2.01
Cash Flow (+/-) $ 71,079 54,069 66,728 75,737
Market Adjustment $ (69,985) 215,093 146,702 50,753
Fee Summary
Sep-2023
Current % Est Asset $
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Record Keeper Fees 1.260 25,726 1.194 27,582 1.159 29,256 1.149 30,452 Weighted Investment Fees 0.085 1,739 0.085 1,968 0.086 2,164 0.088 2,328 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of June 30, 2024
19 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%
2022 2023 Jun-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Jun-2024
Ending
Market Value $
Ending
Value %
Fixed Income 21,364 1.3 27,293 1.2 26,063 1.0
Large Cap 93,477 5.5 169,941 7.4 218,086 8.2
Mid Cap 20,430 1.2 28,396 1.2 38,816 1.5
Small Cap 2,904 0.2 3,890 0.2 3,728 0.1
International 14,653 0.9 18,456 0.8 26,606 1.0
Asset Allocation 1,548,817 91.0 2,062,442 89.3 2,337,038 88.2 Total 1,701,645 100.0 2,310,418 100.0 2,650,337 100.0
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of June 30, 2024
20 Plan Value Over Time
0 500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
2022 2023 YTD
1,701,645
2,310,418
2,650,337
2022 2023 YTD
Beginning Market Value $ 1,778,538 1,701,645 2,310,418
Cash Flow (+/-) $ 246,659 259,426 142,465
Market Adjustment $ (323,552) 349,348 197,454
Ending Market Value $ 1,701,645 2,310,418 2,650,337
Participants 535 595 635
Average Participant Balance $ 3,181 3,883 4,174
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of June 30, 2024
21 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 0.05 17 ˜ ˜
MissionSquare PLUS Fund S11 92211r318 0.31 0.09 16 ˜ ˜
Sterling Capital Total Return Bond R6 STRDX 0.36 0.58 16 ˜ ˜ MFS Value R6 MEIKX 0.44 0.28 61 ˜ ˜
Vanguard US Growth Adm VWUAX 0.20 -4.15 55 2Q22 ˜ ˜
Allspring Special Mid Cap Value Fund WFPRX 0.70 2.02 23 ˜ ˜ MFS Mid Cap Growth R6 OTCKX 0.66 -0.81 43 ˜ ˜
Vanguard International Value Inv VTRIX 0.39 0.60 57 ˜ ˜ Vanguard International Growth Adm VWILX 0.31 3.03 12 ˜ ˜ 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 0.01 54 ˜ ˜
Fidelity 500 Index FXAIX 0.02 -0.01 17 ˜ ˜
Fidelity Mid Cap Index FSMDX 0.03 0.00 47 ˜ ˜
Fidelity Small Cap Index FSSNX 0.03 0.10 67 ˜ ˜
Fidelity Total International Index FTIHX 0.06 0.02 66 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of June 30, 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.
22 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 -0.28 43 ˜ ˜ Vanguard Target Retirement 2020 VTWNX 0.08 -0.34 43 ˜ ˜ Vanguard Target Retirement 2025 VTTVX 0.08 -0.43 24 ˜ ˜ Vanguard Target Retirement 2030 VTHRX 0.08 -0.42 30 ˜ ˜ Vanguard Target Retirement 2035 VTTHX 0.08 -0.41 45 ˜ ˜ Vanguard Target Retirement 2040 VFORX 0.08 -0.40 50 ˜ ˜ Vanguard Target Retirement 2045 VTIVX 0.08 -0.40 40 ˜ ˜ Vanguard Target Retirement 2050 VFIFX 0.08 -0.41 37 ˜ ˜ Vanguard Target Retirement 2055 VFFVX 0.08 -0.42 41 ˜ ˜ Vanguard Target Retirement 2060 VTTSX 0.08 -0.42 40 ˜ ˜ Vanguard Target Retirement 2065 VLXVX 0.08 -0.44 55 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of June 30, 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. 23 Performance Review
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 MissionSquare PLUS Fund R10 0.73 1.48 2.97 2.39 2.32 2.23 2.78 1.97 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 1.09 2.12 4.33 3.23 2.27 2.09 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.36) (0.64) (1.36) (0.84) 0.05 0.14 (1.29) (1.03) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 27 20 26 20 17 17 31 8 9 17 29 11 MissionSquare PLUS Fund S11 0.73 1.72 3.22 2.46 2.36 2.25 2.77 1.96 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 1.09 2.12 4.33 3.23 2.27 2.09 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.36) (0.40) (1.11) (0.77) 0.09 0.16 (1.30) (1.04) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 27 11 19 15 16 15 31 9 9 18 29 11 Fidelity US Bond Index 0.18 (0.55) 2.70 (3.03) (0.22) 1.33 5.54 (13.03) (1.79) 7.80 8.48 0.01 Blmbg. U.S. Aggregate Index 0.07 (0.71) 2.63 (3.02) (0.23) 1.35 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index 0.11 0.16 0.07 (0.01) 0.01 (0.02) 0.01 (0.02) (0.24) 0.29 (0.24) 0.00 Intermediate Core Bond Rank 48 58 63 40 54 46 56 29 63 50 51 25 Sterling Capital Total Return Bond R6 0.31 (0.08) 3.34 (2.83) 0.34 1.81 5.97 (13.15) (1.12) 9.35 9.37 (0.27) Blmbg. U.S. Aggregate Index 0.07 (0.71) 2.63 (3.02) (0.23) 1.35 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index 0.24 0.63 0.71 0.19 0.57 0.46 0.44 (0.14) 0.43 1.84 0.65 (0.28) Intermediate Core Bond Rank 20 22 28 27 16 6 30 35 27 17 17 41 MFS Value R6 (2.08) 6.58 13.01 5.93 9.29 8.97 8.29 (5.80) 25.55 4.03 30.18 (9.78) Russell 1000 Value Index (2.17) 6.62 13.06 5.52 9.01 8.23 11.46 (7.54) 25.16 2.80 26.54 (8.27) +/- Index 0.09 (0.04) (0.05) 0.41 0.28 0.74 (3.17) 1.74 0.39 1.23 3.64 (1.51) Large Value Rank 65 62 66 65 61 31 75 54 57 37 8 65
Fidelity 500 Index 4.28 15.28 24.56 10.00 15.03 12.85 26.29 (18.13) 28.69 18.40 31.47 (4.40) S&P 500 Index 4.28 15.29 24.56 10.01 15.05 12.86 26.29 (18.11) 28.71 18.40 31.49 (4.38) +/- Index 0.00 (0.01) 0.00 (0.01) (0.02) (0.01) 0.00 (0.02) (0.02) 0.00 (0.02) (0.02) Large Blend Rank 19 29 33 21 17 9 24 50 20 35 22 24
City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2024
24 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard US Growth Adm 6.10 19.07 31.89 1.81 15.20 14.35 45.31 (39.58) 12.45 58.74 33.51 0.75 Russell 1000 Growth Index 8.33 20.70 33.48 11.28 19.34 16.33 42.68 (29.14) 27.60 38.49 36.39 (1.51) +/- Index (2.23) (1.63) (1.59) (9.47) (4.14) (1.98) 2.63 (10.44) (15.15) 20.25 (2.88) 2.26 Large Growth Rank 47 50 45 89 55 43 21 91 87 9 43 27
Allspring Special Mid Cap Value Fund (2.31) 6.63 10.03 6.82 10.51 9.07 9.62 (4.50) 28.80 3.36 35.68 (13.02) Russell Midcap Value Index (3.40) 4.54 11.98 3.65 8.49 7.60 12.71 (12.03) 28.34 4.96 27.06 (12.29) +/- Index 1.09 2.09 (1.95) 3.17 2.02 1.47 (3.09) 7.53 0.46 (1.60) 8.62 (0.73) Mid-Cap Value Rank 13 15 65 15 23 9 80 22 50 46 2 44
Fidelity Mid Cap Index (3.34) 4.98 12.90 2.39 9.46 9.05 17.21 (17.28) 22.56 17.11 30.51 (9.05) Russell Midcap Index (3.35) 4.96 12.88 2.37 9.46 9.04 17.23 (17.32) 22.58 17.10 30.54 (9.06) +/- Index 0.01 0.02 0.02 0.02 0.00 0.01 (0.02) 0.04 (0.02) 0.01 (0.03) 0.01 Mid-Cap Blend Rank 32 53 49 62 47 17 29 70 65 25 25 27
MFS Mid Cap Growth R6 (2.69) 7.80 15.77 0.57 9.12 11.59 21.50 (28.29) 14.17 35.80 37.93 1.21 Russell Midcap Growth Index (3.21) 5.98 15.05 (0.08) 9.93 10.51 25.87 (26.72) 12.73 35.59 35.47 (4.75) +/- Index 0.52 1.82 0.72 0.65 (0.81) 1.08 (4.37) (1.57) 1.44 0.21 2.46 5.96 Mid-Cap Growth Rank 27 29 22 20 43 10 42 50 38 52 21 9
Fidelity Small Cap Index (3.25) 1.77 10.17 (2.48) 7.04 7.16 17.12 (20.27) 14.71 19.99 25.71 (10.88) Russell 2000 Index (3.28) 1.73 10.06 (2.58) 6.94 7.00 16.93 (20.44) 14.82 19.96 25.53 (11.01) +/- Index 0.03 0.04 0.11 0.10 0.10 0.16 0.19 0.17 (0.11) 0.03 0.18 0.13 Small Blend Rank 44 53 47 85 67 53 38 79 88 14 33 33
Vanguard International Value Inv (1.29) 2.68 6.16 1.14 5.89 3.56 16.15 (11.66) 7.97 8.99 20.39 (14.52) MSCI AC World ex USA Value (Net) 1.26 4.71 13.45 3.55 5.29 2.76 17.30 (8.59) 10.46 (0.77) 15.72 (13.97) +/- Index (2.55) (2.03) (7.29) (2.41) 0.60 0.80 (1.15) (3.07) (2.49) 9.76 4.67 (0.55) Foreign Large Value Rank 84 76 88 85 57 42 67 72 87 5 30 27 25 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Fidelity Total International Index 1.02 5.32 11.21 0.25 5.64 - 15.51 (16.28) 8.47 11.07 21.48 (14.38) MSCI AC World ex USA IMI (Net) 0.92 5.28 11.57 0.19 5.62 3.92 15.62 (16.58) 8.53 11.12 21.63 (14.76) +/- Index 0.10 0.04 (0.36) 0.06 0.02 - (0.11) 0.30 (0.06) (0.05) (0.15) 0.38 Foreign Large Blend Rank 27 53 38 72 66 - 65 59 70 39 60 43 Vanguard International Growth Adm 2.36 7.77 9.02 (7.21) 8.52 7.64 14.81 (30.79) (0.74) 59.74 31.48 (12.58) MSCI AC World ex USA Growth (Net) 0.72 6.68 9.88 (2.62) 5.49 4.74 14.03 (23.05) 5.09 22.20 27.34 (14.43) +/- Index 1.64 1.09 (0.86) (4.59) 3.03 2.90 0.78 (7.74) (5.83) 37.54 4.14 1.85 Foreign Large Growth Rank 6 29 50 90 12 8 69 84 87 2 23 36 Vanguard Target Retirement Income 0.89 3.00 7.96 0.46 3.72 3.95 10.74 (12.74) 5.25 10.02 13.16 (1.99) Vanguard Target Income Composite Index (Net) 0.91 3.09 8.14 0.68 4.00 4.18 10.80 (12.44) 5.44 10.70 13.41 (1.97) +/- Index (0.02) (0.09) (0.18) (0.22) (0.28) (0.23) (0.06) (0.30) (0.19) (0.68) (0.25) (0.02) Target-Date Retirement Rank 43 67 57 41 43 27 40 52 63 29 46 15 Vanguard Target Retirement 2020 1.05 3.91 9.24 0.94 5.15 5.35 12.51 (14.15) 8.17 12.04 17.63 (4.24) Vanguard Target 2020 Composite Index (Net) 1.06 3.95 9.47 1.21 5.50 5.62 12.65 (13.77) 8.43 12.85 17.87 (4.13) +/- Index (0.01) (0.04) (0.23) (0.27) (0.35) (0.27) (0.14) (0.38) (0.26) (0.81) (0.24) (0.11) Target-Date 2020 Rank 38 72 55 41 43 27 27 41 64 41 27 40 Vanguard Target Retirement 2025 1.26 5.11 11.02 1.51 6.12 6.03 14.55 (15.55) 9.80 13.30 19.63 (5.15) Vanguard Target 2025 Composite Index (Net) 1.28 5.17 11.31 1.86 6.54 6.35 14.74 (15.02) 10.09 14.19 19.93 (5.00) +/- Index (0.02) (0.06) (0.29) (0.35) (0.42) (0.32) (0.19) (0.53) (0.29) (0.89) (0.30) (0.15) Target-Date 2025 Rank 20 32 19 24 24 15 5 53 51 35 21 42 Vanguard Target Retirement 2030 1.37 6.00 12.39 2.07 6.95 6.58 16.03 (16.27) 11.38 14.10 21.07 (5.86) Vanguard Target 2030 Composite Index (Net) 1.42 6.01 12.62 2.42 7.37 6.91 16.26 (15.71) 11.66 14.98 21.34 (5.72) +/- Index (0.05) (0.01) (0.23) (0.35) (0.42) (0.33) (0.23) (0.56) (0.28) (0.88) (0.27) (0.14) Target-Date 2030 Rank 23 41 27 28 30 22 6 47 56 36 34 33 26 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2035 1.55 6.87 13.52 2.65 7.77 7.12 17.14 (16.62) 12.96 14.79 22.44 (6.58) Vanguard Target 2035 Composite Index (Net) 1.60 6.82 13.78 2.99 8.19 7.45 17.43 (16.10) 13.24 15.67 22.76 (6.46) +/- Index (0.05) 0.05 (0.26) (0.34) (0.42) (0.33) (0.29) (0.52) (0.28) (0.88) (0.32) (0.12) Target-Date 2035 Rank 30 62 50 39 45 35 25 38 79 40 47 28 Vanguard Target Retirement 2040 1.73 7.68 14.74 3.23 8.59 7.65 18.34 (16.98) 14.56 15.47 23.86 (7.32) Vanguard Target 2040 Composite Index (Net) 1.77 7.63 14.94 3.55 8.99 7.98 18.60 (16.51) 14.84 16.31 24.19 (7.22) +/- Index (0.04) 0.05 (0.20) (0.32) (0.40) (0.33) (0.26) (0.47) (0.28) (0.84) (0.33) (0.10) Target-Date 2040 Rank 37 65 64 48 50 38 45 34 80 40 45 31 Vanguard Target Retirement 2045 1.90 8.48 15.81 3.78 9.40 8.12 19.48 (17.36) 16.16 16.30 24.94 (7.90) Vanguard Target 2045 Composite Index (Net) 1.95 8.45 16.11 4.10 9.79 8.45 19.77 (16.93) 16.45 17.02 25.37 (7.77) +/- Index (0.05) 0.03 (0.30) (0.32) (0.39) (0.33) (0.29) (0.43) (0.29) (0.72) (0.43) (0.13) Target-Date 2045 Rank 37 69 68 45 40 31 40 31 67 35 38 38 Vanguard Target Retirement 2050 2.02 9.05 16.63 4.15 9.68 8.26 20.17 (17.46) 16.41 16.39 24.98 (7.90) Vanguard Target 2050 Composite Index (Net) 2.09 9.07 16.97 4.47 10.09 8.60 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.07) (0.02) (0.34) (0.32) (0.41) (0.34) (0.31) (0.39) (0.34) (0.78) (0.39) (0.13) Target-Date 2050 Rank 30 67 59 35 37 29 39 29 71 36 42 32 Vanguard Target Retirement 2055 2.02 9.03 16.61 4.15 9.67 8.24 20.16 (17.46) 16.44 16.32 24.98 (7.89) Vanguard Target 2055 Composite Index (Net) 2.09 9.07 16.97 4.47 10.09 8.60 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.07) (0.04) (0.36) (0.32) (0.42) (0.36) (0.32) (0.39) (0.31) (0.85) (0.39) (0.12) Target-Date 2055 Rank 32 70 62 38 41 35 44 26 76 40 45 33 Vanguard Target Retirement 2060 2.03 9.04 16.60 4.16 9.68 8.23 20.18 (17.46) 16.44 16.32 24.96 (7.87) Vanguard Target 2060 Composite Index (Net) 2.09 9.07 16.97 4.47 10.09 8.60 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.06) (0.03) (0.37) (0.31) (0.41) (0.37) (0.30) (0.39) (0.31) (0.85) (0.41) (0.10) Target-Date 2060 Rank 32 70 64 37 40 41 47 24 78 41 55 30 27 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of June 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2065 2.03 9.05 16.63 4.19 9.66 - 20.15 (17.39) 16.46 16.17 24.96 (7.95) Vanguard Target 2065 Composite Index (Net) 2.09 9.07 16.97 4.47 10.09 - 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.06) (0.02) (0.34) (0.28) (0.43) - (0.33) (0.32) (0.29) (1.00) (0.41) (0.18) Target-Date 2065+ Rank 31 73 63 40 55 - 53 17 69 59 61 7 28 Section 7 | Fee Review - 457(b) Deferred Compensation Plan

Annualized Plan Cost
Record Keeper Fees
Administrative Fees
Weighted Investment Fees

0.000%

0.069%

0.138%

0.207%

0.276%

0.345%

0.414%
2022 2023 Jun-2024

0.025% 0.025% 0.025%

0.100% 0.100% 0.100%

0.206% 0.192% 0.186%
2022
(%)
2023
(%)
Jun-2024
(%)
Total Plan Fees 0.331 0.317 0.311
Record Keeper Fees 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100
Weighted Investment Fees 0.206 0.192 0.186
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 2024
29 Asset-ID
Market Value
As of 06/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 12,157,435 0.310 37,688 Fidelity US Bond Index FXNAX 2,025,436 0.025 506
Sterling Capital Total Return Bond R6 STRDX 2,115,260 0.360 7,615 MFS Value R6 MEIKX 1,976,745 0.440 8,698
Fidelity 500 Index FXAIX 8,090,388 0.015 1,214
Vanguard US Growth Adm VWUAX 6,998,262 0.200 13,997
Allspring Special Mid Cap Value Fund WFPRX 739,656 0.700 5,178 Fidelity Mid Cap Index FSMDX 1,648,568 0.025 412
MFS Mid Cap Growth R6 OTCKX 1,246,774 0.660 8,229
Fidelity Small Cap Index FSSNX 1,643,204 0.025 411
Vanguard International Value Inv VTRIX 803,146 0.390 3,132 Fidelity Total International Index FTIHX 2,966,068 0.060 1,780 Vanguard International Growth Adm VWILX 834,597 0.310 2,587 Vanguard Target Retirement Income VTINX 265,143 0.080 212 Vanguard Target Retirement 2020 VTWNX 248,553 0.080 199 Vanguard Target Retirement 2025 VTTVX 1,356,320 0.080 1,085 Vanguard Target Retirement 2030 VTHRX 1,137,160 0.080 910 Vanguard Target Retirement 2035 VTTHX 2,179,029 0.080 1,743 Vanguard Target Retirement 2040 VFORX 1,108,949 0.080 887 Vanguard Target Retirement 2045 VTIVX 1,397,020 0.080 1,118 Vanguard Target Retirement 2050 VFIFX 1,350,379 0.080 1,080 Vanguard Target Retirement 2055 VFFVX 1,054,372 0.080 843 Vanguard Target Retirement 2060 VTTSX 347,149 0.080 278 Vanguard Target Retirement 2065 VLXVX 17,972 0.080 14
Total 53,707,588 0.186 99,815
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 2024
30 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of June 30, 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 13,448 3,362 26
Administrative Fees 0.100 53,791 13,448 104
31 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%
2022 2023 Jun-2024

0.025% 0.025% 0.025%

0.100% 0.100% 0.100%

0.123%

0.108% 0.113%
2022
(%)
2023
(%)
Jun-2024
(%)
Total Plan Fees 0.248 0.233 0.238
Record Keeper Fees 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100
Weighted Investment Fees 0.123 0.108 0.113
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 2024
32 Asset-ID
Market Value
As of 06/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 43,242 0.310 134
Fidelity US Bond Index FXNAX 29,007 0.025 7
Sterling Capital Total Return Bond R6 STRDX 4,030 0.360 15 MFS Value R6 MEIKX 523 0.440 2
Fidelity 500 Index FXAIX 83,577 0.015 13
Vanguard US Growth Adm VWUAX 106,454 0.200 213
Allspring Special Mid Cap Value Fund WFPRX 311 0.700 2
Fidelity Mid Cap Index FSMDX 30,496 0.025 8
MFS Mid Cap Growth R6 OTCKX 3,337 0.660 22
Fidelity Small Cap Index FSSNX 622 0.025 -
Vanguard International Value Inv VTRIX 514 0.390 2
Fidelity Total International Index FTIHX 19,084 0.060 11 Vanguard International Growth Adm VWILX 2,197 0.310 7
Vanguard Target Retirement Income VTINX - 0.080 -
Vanguard Target Retirement 2020 VTWNX - 0.080 -
Vanguard Target Retirement 2025 VTTVX 4,376 0.080 4
Vanguard Target Retirement 2030 VTHRX 128,178 0.080 103 Vanguard Target Retirement 2035 VTTHX 24,875 0.080 20
Vanguard Target Retirement 2040 VFORX 28,758 0.080 23
Vanguard Target Retirement 2045 VTIVX 18,259 0.080 15
Vanguard Target Retirement 2050 VFIFX 7,338 0.080 6
Vanguard Target Retirement 2055 VFFVX 6,740 0.080 5
Vanguard Target Retirement 2060 VTTSX - 0.080 -
Vanguard Target Retirement 2065 VLXVX - 0.080 -
Total 541,918 0.113 611
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 2024
33 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of June 30, 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 0.100 542 135 16
34 Section 9 | Fee Review - Retirement Health Savings

Annualized Plan Cost
Record Keeper Fees
Weighted Investment Fees

0.000%

0.300%

0.600%

0.900%

1.200%

1.500%

1.800%

2.100%
2022 2023 Jun-2024

1.380%

1.194% 1.149%

0.085%

0.085% 0.088%
2022
(%)
2023
(%)
Jun-2024
(%)
Total Plan Fees 1.465 1.279 1.237
Record Keeper Fees 1.380 1.194 1.149
Weighted Investment Fees 0.085 0.085 0.088
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 2024
35 Asset-ID
Market Value
As of 06/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund S11 92211r318 25,988 0.310 81
Fidelity US Bond Index FXNAX 20 0.025 -
Sterling Capital Total Return Bond R6 STRDX 56 0.360 -
MFS Value R6 MEIKX 221 0.440 1
Fidelity 500 Index FXAIX 93,760 0.015 14
Vanguard US Growth Adm VWUAX 124,106 0.200 248
Allspring Special Mid Cap Value Fund WFPRX 9,798 0.700 69 Fidelity Mid Cap Index FSMDX 25,653 0.025 6
MFS Mid Cap Growth R6 OTCKX 3,364 0.660 22
Fidelity Small Cap Index FSSNX 3,728 0.025 1
Vanguard International Value Inv VTRIX - 0.390 -
Fidelity Total International Index FTIHX 26,606 0.060 16 Vanguard International Growth Adm VWILX - 0.310 -
Vanguard Target Retirement Income VTINX 6,147 0.080 5
Vanguard Target Retirement 2020 VTWNX 70,837 0.080 57
Vanguard Target Retirement 2025 VTTVX 194,618 0.080 156 Vanguard Target Retirement 2030 VTHRX 203,502 0.080 163 Vanguard Target Retirement 2035 VTTHX 237,742 0.080 190 Vanguard Target Retirement 2040 VFORX 387,481 0.080 310 Vanguard Target Retirement 2045 VTIVX 425,824 0.080 341 Vanguard Target Retirement 2050 VFIFX 500,426 0.080 400 Vanguard Target Retirement 2055 VFFVX 256,391 0.080 205 Vanguard Target Retirement 2060 VTTSX 47,387 0.080 38
Vanguard Target Retirement 2065 VLXVX 6,684 0.080 5
Total 2,650,337 0.088 2,328
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 2024
36 City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of June 30, 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 1.149 30,452 7,613 48
37 CITY OF VALLEJO, CA | 457(b), 401(a), and RHS Plans Plan Fee Analysis As of June 30, 2024
Administrative Account Summary
Period Beginning Balance Contributions* Growth Distributions Ending Balance 1Q24 $59,069 $12,426 $486 ($11,204) $60,777
2Q24 $60,777 $13,075 $361 ($8,504) $65,709
*Excess revenue is deposited into the administrative allowance account in the period following the calculation. This administrative allowance account is held at MissionSquare. 38 Section 10 | Fund Attributions

Allspring Special Mid
Cap Value R6 (USD)
Morningstar
Medalist RatingTM
´
05-31-2024
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
374 US Fund Mid-
Cap Value
Performance 06-30-2024
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 -2.31 — — 6.63
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 10.03 6.82 10.51 9.07 10.75
Std 06-30-2024 10.03 — 10.51 9.07 10.75
Total Return 10.03 6.82 10.51 9.07 10.75
+/- Std Index -14.53 -3.20 -4.53 -3.79 —
+/- Cat Index -1.95 3.16 2.02 1.46 —
% Rank Cat 66 18 28 9
No. in Cat 392 374 360 281
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
374 funds 360 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 17.13 20.35 16.77
Mean 6.82 10.51 9.07
Sharpe Ratio 0.27 0.48 0.51
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap
Value TR USD
Alpha -1.94 2.86
Beta 0.85 0.86
R-Squared 77.78 96.86
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 06-24 2 2 2 2 2 2 2 2 2 5 2 2
94 92 94 93 94 99 95 98 98 96 98 98
Growth of $10,000
Allspring Special Mid Cap
Value R6
36,062
Category Average
29,236
Standard Index
47,544
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 49.06 NAV/Price

39.13 12.12 -2.65 21.68 11.27 -13.02 35.68 3.36 28.80 -4.50 9.62 6.63 Total Return %

6.75 -1.57 -4.03 9.72 -10.56 -8.64 4.20 -15.03 0.09 13.61 -16.66 -8.66 +/- 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 2.09 +/- Category Index — 24 24 20 71 50 2 49 53 20 78 — % Rank Cat
— 460 471 399 405 417 422 415 413 405 397 396 No. of Funds in Cat Portfolio Analysis 06-30-2024
Asset Allocation % Net % Long % Short %
Cash 1.83 1.83 0.00
US Stocks 95.87 95.87 0.00
Non-US Stocks 2.30 2.30 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 0.67 1.15
P/C Ratio TTM 10.2 0.56 1.05
P/B Ratio TTM 2.2 0.47 1.15
Geo Avg Mkt Cap
$mil
18835 0.06 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 97.7 0.98
Greater Europe 1.6 3.06
Greater Asia 0.8 17.16
Share Chg
since
05-2024
Share
Amount
Holdings :
10 Total Stocks , 0 Total Fixed-Income,
27% Turnover Ratio
Net Assets
%
Y 5 mil AerCap Holdings NV 3.63
4 mil CBRE Group Inc Class A 3.26
Y 4 mil Arch Capital Group Ltd 3.25
Y 919,100 Carlisle Companies Inc 3.04
11 mil Keurig Dr Pepper Inc 3.01
2 mil Jacobs Solutions Inc 2.83
2 mil Republic Services Inc 2.80
1 mil L3Harris Technologies Inc 2.72
1 mil Vulcan Materials Co 2.69
Y 2 mil Allstate Corp 2.58
Sector Weightings Stocks % Rel Std Index
h Cyclical 45.1 1.72
r Basic Materials 6.8 3.49
t Consumer Cyclical 10.2 1.01
y Financial Services 16.9 1.40
u Real Estate 11.2 5.21
j Sensitive 33.7 0.62
i Communication Services 0.0 0.00
o Energy 5.9 1.60
p Industrials 21.2 2.80
a Technology 6.6 0.20
k Defensive 21.3 1.07
s Consumer Defensive 5.0 0.87
d Healthcare 9.9 0.84
f Utilities 6.4 2.69
Operations
Family: Allspring Global Investments
Manager: Multiple
Tenure: 15.5 Years
Objective: Growth
Base Currency: USD
Ticker: WFPRX
ISIN: US94987W5132
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 06-28-2013
Type: MF
Total Assets: $12,915.30 mil
Release date 06-30-2024 | 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®

39 Fidelity 500 Index (USD)
Morningstar
Medalist RatingTM
Œ
05-31-2024
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 1,302 US Fund
Large Blend
Performance 06-30-2024
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 4.28 — — 15.28
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 24.56 10.00 15.03 12.85 13.38
Std 06-30-2024 24.56 — 15.03 12.85 13.38
Total Return 24.56 10.00 15.03 12.85 13.38
+/- Std Index 0.00 -0.01 -0.01 -0.01 —
+/- Cat Index 0.68 1.26 0.42 0.34 —
% Rank Cat 32 20 18 8
No. in Cat 1415 1302 1192 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 % 0.01
12b1 Expense % NA
Gross Expense Ratio % 0.02
Risk and Return Profile
3 Yr 5 Yr 10 Yr
1,302 funds 1,192 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 17.86 18.08 15.31
Mean 10.00 15.03 12.85
Sharpe Ratio 0.44 0.74 0.77
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 0.05%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
47,488
Category Average
37,744
Standard Index
47,544
Investment Style
Equity/Stocks %

65.49 72.85 71.80 78.35 93.45 87.10 112.02 130.17 165.32 133.12 165.49 190.20 NAV/Price

32.37 13.66 1.38 11.97 21.81 -4.40 31.47 18.40 28.69 -18.13 26.29 15.28 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 1.05 +/- 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 1457 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.02 0.05 0.03
US Stocks 99.39 99.39 0.00
Non-US Stocks 0.60 0.60 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.03 0.03
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 25.7 0.97 1.07
P/C Ratio TTM 17.5 0.96 0.99
P/B Ratio TTM 4.5 0.97 0.92
Geo Avg Mkt Cap
$mil
293433 0.91 0.79
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 0.6 1.07
Greater Asia 0.0 0.93
Share Chg
since
04-2024
Share
Amount
Holdings :
503 Total Stocks , 0 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 90 mil Microsoft Corp 6.95
T 177 mil Apple Inc 6.29
T 30 mil NVIDIA Corp 6.10
T 111 mil Amazon.com Inc 3.63
T 27 mil Meta Platforms Inc Class A 2.31
T 72 mil Alphabet Inc Class A 2.29
T 60 mil Alphabet Inc Class C 1.93
T 22 mil Berkshire Hathaway Inc Class B 1.70
T 10 mil Eli Lilly and Co 1.47
T 35 mil JPMorgan Chase & Co 1.32
T 5 mil Broadcom Inc 1.32
T 55 mil Exxon Mobil Corp 1.19
T 34 mil Tesla Inc 1.11
T 11 mil UnitedHealth Group Inc 1.03
T 19 mil Visa Inc Class A 0.97
Sector Weightings Stocks % Rel Std Index
h Cyclical 26.8 1.02
r Basic Materials 2.1 1.07
t Consumer Cyclical 10.0 0.99
y Financial Services 12.5 1.04
u Real Estate 2.2 1.01
j Sensitive 52.7 0.98
i Communication Services 9.3 0.99
o Energy 3.9 1.06
p Industrials 8.0 1.06
a Technology 31.5 0.94
k Defensive 20.6 1.04
s Consumer Defensive 6.0 1.04
d Healthcare 12.0 1.02
f Utilities 2.6 1.09
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 15.5 Years
Objective: Growth and Income
Base Currency: USD
Ticker: FXAIX
ISIN: US3159117502
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 05-04-2011
Type: MF
Total Assets: $561,293.82 mil
Release date 06-30-2024
©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®

40 Fidelity Mid Cap Index
(USD)
Morningstar
Medalist RatingTM
Œ
05-31-2024
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
397 US Fund Mid-
Cap Blend
Performance 06-30-2024
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 -3.34 — — 4.98
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.90 2.39 9.46 9.05 11.98
Std 06-30-2024 12.90 — 9.46 9.05 11.98
Total Return 12.90 2.39 9.46 9.05 11.98
+/- Std Index -11.66 -7.63 -5.59 -3.81 —
+/- Cat Index 0.02 0.01 0.00 0.00 —
% Rank Cat 51 66 47 25
No. in Cat 425 397 364 251
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
397 funds 364 funds 251 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 19.67 20.95 17.36
Mean 2.39 9.46 9.05
Sharpe Ratio 0.04 0.43 0.50
MPT Statistics Standard Index Best Fit Index
Russell Mid Cap TR
USD
Alpha -7.21 0.01
Beta 1.04 1.00
R-Squared 88.86 100.00
12-Month Yield —
Potential Cap Gains Exp 18.30%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
34,792
Category Average
29,619
Standard Index
47,544
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 31.43 NAV/Price

34.78 13.11 -2.44 13.86 18.47 -9.05 30.51 17.11 22.56 -17.28 17.21 4.98 Total Return %

2.39 -0.57 -3.83 1.90 -3.36 -4.67 -0.98 -1.29 -6.14 0.83 -9.07 -10.31 +/- 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 05-31-2024
Asset Allocation % Net % Long % Short %
Cash -0.09 0.17 0.26
US Stocks 98.68 98.68 0.00
Non-US Stocks 1.41 1.41 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.26 0.26
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 20.5 0.77 1.10
P/C Ratio TTM 13.3 0.73 1.11
P/B Ratio TTM 2.8 0.61 1.01
Geo Avg Mkt Cap
$mil
21310 0.07 1.66
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 0.9 1.68
Greater Asia 0.1 1.20
Share Chg
since
04-2024
Share
Amount
Holdings :
808 Total Stocks , 0 Total Fixed-Income,
8% Turnover Ratio
Net Assets
%
T 2 mil Amphenol Corp Class A 0.69
T 704,667 Trane Technologies PLC Class A 0.67
T 163,921 TransDigm Group Inc 0.64
T 995,024 Constellation Energy Corp 0.63
T 2 mil KKR & Co Inc Ordinary Shares 0.61
T 395,461 Parker Hannifin Corp 0.61
T 660,514 CrowdStrike Holdings Inc Class A 0.60
T 1 mil Phillips 66 0.56
T 2 mil Apollo Global Management Inc Class 0.54
T 3 mil Marvell Technology Inc 0.53
T 268,032 Cintas Corp 0.53
T 2 mil Welltower Inc 0.52
T 2 mil PACCAR Inc 0.49
T 663,143 Arthur J. Gallagher & Co 0.49
T 3 mil Carrier Global Corp Ordinary Shares 0.47
Sector Weightings Stocks % Rel Std Index
h Cyclical 37.5 1.43
r Basic Materials 4.5 2.30
t Consumer Cyclical 11.1 1.10
y Financial Services 14.3 1.19
u Real Estate 7.6 3.54
j Sensitive 44.3 0.82
i Communication Services 3.4 0.37
o Energy 5.2 1.42
p Industrials 19.5 2.57
a Technology 16.2 0.49
k Defensive 18.2 0.92
s Consumer Defensive 3.2 0.55
d Healthcare 9.4 0.80
f Utilities 5.6 2.38
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.8 Years
Objective: Growth
Base Currency: USD
Ticker: FSMDX
ISIN: US3161462656
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $34,110.47 mil
Release date 06-30-2024
©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®

41 Fidelity Small Cap Index
(USD)
Morningstar
Medalist RatingTM
´
05-31-2024
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 573 US Fund Small
Blend
Performance 06-30-2024
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 -3.25 — — 1.77
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 10.17 -2.48 7.04 7.16 10.45
Std 06-30-2024 10.17 — 7.04 7.16 10.45
Total Return 10.17 -2.48 7.04 7.16 10.45
+/- Std Index -14.39 -12.49 -8.00 -5.70 —
+/- Cat Index 0.11 0.11 0.10 0.16 —
% Rank Cat 49 87 73 54
No. in Cat 600 573 544 388
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
573 funds 544 funds 388 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg Avg +Avg
Morningstar Return -Avg -Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 21.94 23.71 20.39
Mean -2.48 7.04 7.16
Sharpe Ratio -0.16 0.31 0.36
MPT Statistics Standard Index Best Fit Index
Russell 2000 TR
USD
Alpha -11.77 0.11
Beta 1.06 1.00
R-Squared 74.03 100.00
12-Month Yield —
Potential Cap Gains Exp 4.74%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 6 6 6 6 9 6 6 6 6 6 6 6
99 99 98 83 99 100 100 100 99 99 99 99
Growth of $10,000
Fidelity Small Cap Index
28,667
Category Average
26,874
Standard Index
47,544
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 25.45 NAV/Price

39.02 5.19 -4.24 21.63 14.85 -10.88 25.71 19.99 14.71 -20.27 17.12 1.77 Total Return %

6.64 -8.50 -5.63 9.67 -6.98 -6.49 -5.78 1.59 -13.99 -2.16 -9.17 -13.52 +/- 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 0.04 +/- Category Index 33 40 44 40 22 33 30 14 93 84 46 — % Rank Cat
681 737 780 750 802 769 702 671 630 611 615 607 No. of Funds in Cat Portfolio Analysis 04-30-2024
Asset Allocation % Net % Long % Short %
Cash 0.00 0.73 0.72
US Stocks 98.25 98.25 0.00
Non-US Stocks 1.75 1.75 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.00 0.00 0.00
Total 100.00 100.72 0.72
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.4 0.58 0.95
P/C Ratio TTM 9.0 0.49 0.80
P/B Ratio TTM 1.9 0.41 0.83
Geo Avg Mkt Cap
$mil
2680 0.01 0.49
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 99.2 1.00
Greater Europe 0.6 1.07
Greater Asia 0.3 5.86
Share Chg
since
03-2024
Share
Amount
Holdings :
1,937 Total Stocks , 0 Total Fixed-Income,
9% Turnover Ratio
Net Assets
%
Y 504,540 Super Micro Computer Inc 1.75
T 1,866 E-mini Russell 2000 Index Future J 0.75
T 159 mil Fidelity Cash Central Fund 0.64
Y 147,309 MicroStrategy Inc Class A 0.64
Y 351,450 Comfort Systems USA Inc 0.44
Y 486,169 Onto Innovation Inc 0.37
Y 705,617 Weatherford International PLC Ordi 0.35
Y 535,500 e.l.f. Beauty Inc 0.35
Y 1 mil Carvana Co Class A 0.34
Y 1 mil Viking Therapeutics Inc 0.33
Y 2 mil APi Group Corp 0.32
Y 896,270 Light & Wonder Inc Ordinary Shares 0.32
Y 1 mil ATI Inc 0.31
Y 5 mil Permian Resources Corp Class A 0.31
Y 425,902 Simpson Manufacturing Co Inc 0.30
Sector Weightings Stocks % Rel Std Index
h Cyclical 36.1 1.38
r Basic Materials 5.0 2.55
t Consumer Cyclical 10.1 1.00
y Financial Services 14.3 1.19
u Real Estate 6.7 3.12
j Sensitive 42.2 0.78
i Communication Services 1.9 0.21
o Energy 7.3 2.00
p Industrials 16.0 2.12
a Technology 16.9 0.51
k Defensive 21.7 1.09
s Consumer Defensive 4.0 0.70
d Healthcare 15.0 1.28
f Utilities 2.7 1.14
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 12.8 Years
Objective: Small Company
Base Currency: USD
Ticker: FSSNX
ISIN: US3161461823
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 09-08-2011
Type: MF
Total Assets: $26,863.18 mil
Release date 06-30-2024
©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®

42 Fidelity Total
International Index (USD)
Morningstar
Medalist RatingTM
Œ
05-31-2024
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
Blend679 US Fund
Foreign Large Blend
Performance 06-30-2024
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 1.02 — — 5.32
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 11.21 0.25 5.64 — 6.30
Std 06-30-2024 11.21 — 5.64 — 6.30
Total Return 11.21 0.25 5.64 — 6.30
+/- Std Index -0.42 -0.21 0.09 — —
+/- Cat Index -0.42 -0.21 0.09 — —
% Rank Cat 43 72 61 —
No. in Cat 734 679 639 —
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
679 funds 639 funds
421 funds
Morningstar RatingTM 2Q 3Q —
Morningstar Risk -Avg Avg —
Morningstar Return -Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 17.07 17.81 —
Mean 0.25 5.64 —
Sharpe Ratio -0.10 0.27 —
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha -0.04 -0.04
Beta 1.04 1.04
R-Squared 98.55 98.55
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 06-24 0 0 0 4 4 4 4 4 4 4 4 4
— — — 96 97 90 95 99 97 98 98 97
Growth of $10,000
Fidelity Total International
Index
16,995
Category Average
16,660
Standard Index
17,144
Investment Style
Equity/Stocks %
— — — 10.00 12.53 10.50 12.42 13.57 14.34 11.71 13.15 13.85 NAV/Price — — — — 27.63 -14.38 21.48 11.07 8.47 -16.28 15.51 5.32 Total Return % — — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 -0.37 +/- Standard Index _ _ _ _ & * ( * ( ( ( _ Performance Quartile
(within category)
— — — — 0.44 -0.19 -0.03 0.42 0.65 -0.27 -0.11 -0.37 +/- Category Index — — — — 22 49 53 32 69 60 68 — % Rank Cat
— — — — 756 741 732 785 767 744 744 743 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash -0.01 2.56 2.57
US Stocks 1.13 1.13 0.00
Non-US Stocks 98.73 98.73 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.15 0.15 0.00
Total 100.00 102.57 2.57
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 15.6 0.99 0.99
P/C Ratio TTM 9.4 0.96 0.96
P/B Ratio TTM 1.7 0.96 0.89
Geo Avg Mkt Cap
$mil
32537 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 10.1 1.01
Greater Europe 45.1 0.99
Greater Asia 44.8 1.00
Share Chg
since
04-2024
Share
Amount
Holdings :
5,054 Total Stocks , 0 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
Y 315 mil Fidelity Cash Central Fund 2.46
T 10 mil Taiwan Semiconductor Manufacturing 2.00
Y 2,088 MSCI EAFE Index Future June 24 1.93
T 1 mil Novo Nordisk A/S Class B 1.40
T 163,908 ASML Holding NV 1.22
T 3 mil Tencent Holdings Ltd 0.97
T 1 mil Nestle SA 0.90
Y 2,014 MSCI Emerging Market Index Future 0.83
T 2 mil Samsung Electronics Co Ltd 0.79
T 629,773 AstraZeneca PLC 0.76
T 3 mil Shell PLC 0.74
T 4 mil Toyota Motor Corp 0.73
T 112,146 Lvmh Moet Hennessy Louis Vuitton SE 0.70
T 831,990 Novartis AG Registered Shares 0.67
T 423,953 SAP SE 0.60
Sector Weightings Stocks % Rel Std Index
h Cyclical 41.7 1.02
r Basic Materials 7.8 1.11
t Consumer Cyclical 11.0 1.05
y Financial Services 20.0 0.93
u Real Estate 2.9 1.55
j Sensitive 39.1 0.99
i Communication Services 5.4 0.94
o Energy 5.6 0.98
p Industrials 14.9 1.10
a Technology 13.3 0.91
k Defensive 19.2 0.97
s Consumer Defensive 7.1 0.99
d Healthcare 9.2 0.95
f Utilities 2.9 1.02
Operations
Family: Fidelity Investments
Manager: Multiple
Tenure: 8.1 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: FTIHX
ISIN: US31635V6386
Minimum Initial Purchase: $0
Purchase Constraints: —
Incept: 06-07-2016
Type: MF
Total Assets: $12,872.47 mil
Release date 06-30-2024
©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®

43 Fidelity U.S. Bond Index
(USD)
Morningstar
Medalist RatingTM
Œ
05-31-2024
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 Bond418 US Fund
Intermediate Core
Bond
Performance 06-30-2024
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 6.62 5.54
2024 -0.73 0.18 — — -0.55
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 2.70 -3.03 -0.22 1.33 1.88
Std 06-30-2024 2.70 — -0.22 1.33 1.88
Total Return 2.70 -3.03 -0.22 1.33 1.88
+/- Std Index 0.06 0.00 0.01 -0.02 —
+/- Cat Index 0.06 0.00 0.01 -0.02 —
% Rank Cat 63 45 50 42
No. in Cat 457 418 374 265
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
418 funds 374 funds 265 funds
Morningstar RatingTM 3Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 7.41 6.22 4.90
Mean -3.03 -0.22 1.33
Sharpe Ratio -0.85 -0.38 -0.03
MPT Statistics Standard Index Best Fit Index
Bloomberg US Agg
Bond TR USD
Alpha -0.03 -0.03
Beta 1.00 1.00
R-Squared 99.89 99.89
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 06-24 4 4 4 4 4 4 4 4 4 4 4 4
98 96 99 99 97 99 96 98 98 99 98 99
Growth of $10,000
Fidelity U.S. Bond Index
11,605
Category Average
11,515
Standard Index
11,639
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 10.20 NAV/Price -2.19 5.99 0.63 2.52 3.50 0.01 8.48 7.80 -1.79 -13.03 5.54 -0.55 Total Return % -0.17 0.02 0.08 -0.13 -0.04 0.00 -0.23 0.29 -0.25 -0.02 0.01 0.16 +/- 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 0.01 0.16 +/- Category Index 69 26 18 66 57 29 49 41 63 33 56 — % Rank Cat
1079 1038 1042 985 986 1019 430 415 423 453 471 468 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.64 0.82 0.18
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 99.36 99.46 0.11
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 — — —
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 5.93
Avg Wtd Coupon —
Avg Wtd Price 90.43
Credit Quality Breakdown 05-31-2024 Bond %
AAA 72.69
AA 4.56
A 11.90
BBB 10.85
BB 0.00
B 0.00
Below B 0.00
NR 0.00
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
04-2024
Share
Amount
Holdings :
0 Total Stocks , 8,921 Total Fixed-Income,
34% Turnover Ratio
Net Assets
%
R 714 mil United States Treasury Notes 4.875% 1.26
724 mil United States Treasury Notes 1.5% 1.09
648 mil United States Treasury Notes 2.75% 1.01
603 mil United States Treasury Notes 2.625% 0.97
525 mil United States Treasury Notes 4.5% 0.93
Y 620 mil Federal Home Loan Mortgage Corp. 0.85
477 mil United States Treasury Notes 4.625% 0.84
T 463 mil Fidelity Cash Central Fund 0.82
444 mil United States Treasury Notes 3.875% 0.75
421 mil United States Treasury Notes 4.25% 0.74
407 mil United States Treasury Notes 4.875% 0.72
414 mil United States Treasury Notes 3.5% 0.71
396 mil United States Treasury Notes 4.125% 0.69
T 407 mil United States Treasury Bonds 4.25% 0.68
380 mil United States Treasury Notes 1.5% 0.62
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: 10.2 Years
Objective: Multisector Bond
Base Currency: USD
Ticker: FXNAX
ISIN: US3161463563
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-04-2011
Type: MF
Total Assets: $56,655.87 mil
Release date 06-30-2024
©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®

44 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
510 US Fund Mid-
Cap Growth
Performance 06-30-2024
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 -2.69 — — 7.80
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.77 0.57 9.12 11.59 13.07
Std 06-30-2024 15.77 — 9.12 11.59 13.07
Total Return 15.77 0.57 9.12 11.59 13.07
+/- Std Index -8.79 -9.44 -5.93 -1.26 —
+/- Cat Index 0.71 0.65 -0.81 1.08 —
% Rank Cat 25 27 44 9
No. in Cat 531 510 473 380
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield — —
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

Current performance may be lower or higher than return data quoted herein. For performance data current to the most recent month-end, please call 800-225-2606 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
510 funds 473 funds 380 funds
Morningstar RatingTM 4Q 4Q 5Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return +Avg Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 20.46 19.94 16.77
Mean 0.57 9.12 11.59
Sharpe Ratio -0.04 0.42 0.65
MPT Statistics Standard Index Best Fit Index
Morningstar US Mid
Broad Growth TR
USD
Alpha -9.10 0.13
Beta 1.08 0.95
R-Squared 88.33 94.97
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 06-24 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
42,102
Category Average
33,097
Standard Index
47,544
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 31.50 NAV/Price

37.27 8.95 4.60 4.75 26.39 1.21 37.93 35.80 14.17 -28.29 21.50 7.80 Total Return %

4.88 -4.74 3.21 -7.21 4.56 5.60 6.44 17.40 -14.54 -10.18 -4.79 -7.49 +/- 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 1.82 +/- Category Index — 32 9 55 31 9 17 40 46 60 45 — % Rank Cat
— 749 733 644 617 605 618 604 588 586 553 534 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.76 0.76 0.00
US Stocks 88.62 88.62 0.00
Non-US Stocks 10.62 10.62 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 37.8 1.42 1.21
P/C Ratio TTM 25.2 1.39 1.18
P/B Ratio TTM 6.4 1.37 1.25
Geo Avg Mkt Cap
$mil
26677 0.08 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 92.0 0.93
Greater Europe 7.5 14.44
Greater Asia 0.5 11.11
Share Chg
since
04-2024
Share
Amount
Holdings :
90 Total Stocks , 0 Total Fixed-Income,
30% Turnover Ratio
Net Assets
%
Y 658,264 Monolithic Power Systems Inc 3.44
5 mil Howmet Aerospace Inc 3.09
1 mil Vulcan Materials Co 2.60
Y 1 mil Cadence Design Systems Inc 2.51
486,287 ASM International NV 2.43
Y 2 mil AMETEK Inc 2.39
2 mil Take-Two Interactive Software Inc 2.33
6 mil Copart Inc 2.19
1 mil Verisk Analytics Inc 2.14
2 mil Wolters Kluwer NV 2.07
692,498 Gartner Inc 2.06
2 mil Westinghouse Air Brake Technologie 1.96
917,070 Spotify Technology SA 1.93
478,331 Synopsys Inc 1.90
512,892 MSCI Inc 1.80
Sector Weightings Stocks % Rel Std Index
h Cyclical 25.6 0.98
r Basic Materials 3.1 1.59
t Consumer Cyclical 11.3 1.11
y Financial Services 9.5 0.79
u Real Estate 1.7 0.79
j Sensitive 56.3 1.04
i Communication Services 5.8 0.62
o Energy 2.7 0.74
p Industrials 24.1 3.19
a Technology 23.7 0.71
k Defensive 18.1 0.91
s Consumer Defensive 2.2 0.38
d Healthcare 15.7 1.34
f Utilities 0.2 0.09
Operations
Family: MFS
Manager: Multiple
Tenure: 15.7 Years
Objective: Growth
Base Currency: USD
Ticker: OTCKX
ISIN: US5529875545
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 01-02-2013
Type: MF
Total Assets: $14,728.20 mil
Release date 06-30-2024 | 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®

45 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
1,099 US Fund
Large Value
Performance 06-30-2024
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 -2.08 — — 6.58
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 13.01 5.93 9.29 8.97 8.34
Std 06-30-2024 13.01 — 9.29 8.97 8.34
Total Return 13.01 5.93 9.29 8.97 8.34
+/- Std Index -11.55 -4.08 -5.76 -3.89 —
+/- Cat Index -0.05 0.40 0.28 0.74 —
% Rank Cat 67 63 62 34
No. in Cat 1180 1099 1035 809
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 05-31-24 1.71 1 1.70

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
1,099 funds 1,035 funds 809 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.60 16.95 14.63
Mean 5.93 9.29 8.97
Sharpe Ratio 0.23 0.47 0.55
MPT Statistics Standard Index Best Fit Index
Russell 1000 Value
TR USD
Alpha -2.68 0.47
Beta 0.81 0.93
R-Squared 84.49 97.14
12-Month Yield 1.80%
Potential Cap Gains Exp 45.93%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 4 1 1 1 1 1 1 1 1 4 1 1
99 99 99 99 99 99 99 99 99 99 99 100
Growth of $10,000
MFS Value R6
33,652
Category Average
30,734
Standard Index
47,544
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 49.86 NAV/Price

35.95 10.68 -0.42 14.25 17.86 -9.78 30.18 4.03 25.55 -5.80 8.29 6.58 Total Return %

3.57 -3.01 -1.81 2.29 -3.97 -5.39 -1.30 -14.37 -3.15 12.31 -18.00 -8.71 +/- 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 -0.04 +/- 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 1207 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 0.41 0.41 0.00
US Stocks 92.46 92.46 0.00
Non-US Stocks 7.13 7.13 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 21.0 0.79 1.13
P/C Ratio TTM 13.6 0.75 1.18
P/B Ratio TTM 2.9 0.63 1.17
Geo Avg Mkt Cap
$mil
112913 0.35 0.93
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 93.4 0.94
Greater Europe 6.6 12.65
Greater Asia 0.0 0.00
Share Chg
since
04-2024
Share
Amount
Holdings :
72 Total Stocks , 0 Total Fixed-Income,
12% Turnover Ratio
Net Assets
%
Y 15 mil JPMorgan Chase & Co 5.06
Y 10 mil Progressive Corp 3.51
Y 5 mil The Cigna Group 3.08
Y 3 mil McKesson Corp 2.61
Y 13 mil ConocoPhillips 2.55
Y 7 mil Marsh & McLennan Companies Inc 2.37
Y 6 mil Analog Devices Inc 2.22
T 4 mil General Dynamics Corp 2.21
T 9 mil Johnson & Johnson 2.14
Y 5 mil American Express Co 2.11
Y 4 mil Aon PLC Class A 2.10
Y 5 mil Lowe's Companies Inc 1.95
Y 12 mil Morgan Stanley 1.95
Y 4 mil Chubb Ltd 1.93
Y 5 mil Union Pacific Corp 1.92
Sector Weightings Stocks % Rel Std Index
h Cyclical 34.8 1.33
r Basic Materials 3.0 1.52
t Consumer Cyclical 3.2 0.32
y Financial Services 26.9 2.24
u Real Estate 1.8 0.83
j Sensitive 33.4 0.62
i Communication Services 1.2 0.13
o Energy 6.7 1.82
p Industrials 17.0 2.25
a Technology 8.6 0.26
k Defensive 31.8 1.60
s Consumer Defensive 8.6 1.50
d Healthcare 15.0 1.28
f Utilities 8.2 3.45
Operations
Family: MFS
Manager: Multiple
Tenure: 18.2 Years
Objective: Growth
Base Currency: USD
Ticker: MEIKX
ISIN: US55273H3536
Minimum Initial Purchase: $0
Purchase Constraints: A
Incept: 05-01-2006
Type: MF
Total Assets: $59,703.64 mil
Release date 06-30-2024
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/37 /39 /32 /i255 /28 /20 /21 /21 /32/i255 /141 /i255/142/143/144 /144 /143 /145 /146 /147 /148 /149 /150 /151 /152 /i255 /154 /155 /156 /147 /i255 /157 /149 /146 /158 /i255/23 /61 /55 /19 /i255 /58 /159 /79 /79 /19 /127 /104 /121 /123 /118 /i255 /160 /161 /160 /162/90 /91 /94 /95 /106 /95 /103 /95 /106 /102 /91 /104 /99 /i255 /102 /91 /99 /100 /163/15/4 /4 /15 /14 /1 /164 /165 /16 /9 /8 /3 /i255 /0 /1 /2 /3 /4 /5/6/3/1 /5 /4 /i255 /166 /166 /166 /i255/168/169/i255 /170 /171 /172 /173 /174 /175 /176 /i255 /177 /174 /178 /179 /179 /174 /180 /i255/168/181/180 /i255/182/171/183 /184 /173 /185 /186 /174 /175 /185 /180 /i255/187/170/i255 /188 /189 /189 /189 /188 /190 /191 /188 /191 /189 /15 /1 /2 /3 /4 /5/6/3/1 /5 /4 /192/6/15/4 /4 /15 /14 /1 /4 /165 /192 /14 /8 /10 /193 /194 /195 /196 /195 /197 /198 /196 /196 /196 /196 /198 /196 /199 /200 /201 48 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
05-31-2024
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 Bond418 US Fund
Intermediate Core
Bond
Performance 06-30-2024
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 0.31 — — -0.08
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 3.34 -2.83 0.34 — 1.44
Std 06-30-2024 3.34 — 0.34 — 1.44
Total Return 3.34 -2.83 0.34 1.81 1.44
+/- Std Index 0.70 0.19 0.58 0.47 —
+/- Cat Index 0.70 0.19 0.58 0.47 —
% Rank Cat 35 32 18 8
No. in Cat 457 418 374 265
Subsidized Unsubsidized
7-day Yield 07-16-24 0.45 1 —
30-day SEC Yield 05-31-24 4.56 1 4.51

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
418 funds 374 funds
265 funds
Morningstar RatingTM 4Q 4Q 5W
Morningstar Risk -Avg Avg -Avg
Morningstar Return +Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 7.09 6.24 4.81
Mean -2.83 0.34 1.81
Sharpe Ratio -0.87 -0.28 0.06
MPT Statistics Standard Index Best Fit Index
Morningstar US
Core Bd TR USD
Alpha -0.18 -0.01
Beta 0.94 0.96
R-Squared 98.30 98.42
12-Month Yield 4.02%
Potential Cap Gains Exp -17.41%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
12,387
Category Average
11,515
Standard Index
11,639
Investment Style
Fixed-Income/Bond %
— — — — — 10.22 10.82 11.35 10.87 9.18 9.38 9.18 NAV/Price -0.97 5.99 0.54 3.75 4.33 -0.27 9.37 9.35 -1.12 -13.15 5.97 -0.08 Total Return %

1.05 0.03 -0.01 1.10 0.79 -0.28 0.65 1.84 0.42 -0.14 0.44 0.63 +/- 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 0.63 +/- Category Index — — — — — — 17 10 23 40 33 — % Rank Cat
— — — — — — 430 415 423 453 471 468 No. of Funds in Cat Portfolio Analysis 06-30-2024
Asset Allocation % Net % Long % Short %
Cash 1.16 1.16 0.00
US Stocks 0.00 0.00 0.00
Non-US Stocks 0.00 0.00 0.00
Bonds 98.84 98.84 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 8.68
Avg Eff Duration 6.14
Avg Wtd Coupon 4.33
Avg Wtd Price 92.95
Credit Quality Breakdown 06-30-2024 Bond %
AAA 39.22
AA 33.49
A 12.02
BBB 15.16
BB 0.00
B 0.10
Below B 0.00
NR 0.01
Regional Exposure Stocks % Rel Std Index
Americas — —
Greater Europe — —
Greater Asia — —
Share Chg
since
05-2024
Share
Amount
Holdings :
0 Total Stocks , 323 Total Fixed-Income,
48% Turnover Ratio
Net Assets
%
T 133 mil United States Treasury Bonds 2.5% 6.52
Y 96 mil United States Treasury Notes 4.125% 6.48
T 33 mil United States Treasury Notes 4% 2.20
Y 20 mil Fnma Pass-Thru I 6% 1.38
21 mil ONEMAIN FINANCIAL ISSUANCE TRUST 1 1.29
Y 16 mil Fnma Pass-Thru I 1.09
Y 16 mil Federal Home Loan Mortgage Corp. 5 1.09
16 mil HERTZ VEHICLE FINANCING III LLC 1. 0.98
T 14 mil Federated Hermes Treasury Obl IS 0.92
13 mil ONEMAIN DIRECT AUTO RECEIVABLES TR 0.89
Y 14 mil Fnma Pass-Thru I 0.88
Y 12 mil Fnma Pass-Thru I 0.84
Y 11 mil Federal Home Loan Mortgage Corp. 0.79
Y 11 mil Government National Mortgage Assoc 0.78
12 mil FORD CREDIT AUTO OWNER TRUST 1.53% 0.75
Sector Weightings Stocks % Rel Std Index
h Cyclical — —
r Basic Materials — —
t Consumer Cyclical — —
y Financial Services — —
u Real Estate — —
j Sensitive — —
i Communication Services — —
o Energy — —
p Industrials — —
a Technology — —
k Defensive — —
s Consumer Defensive — —
d Healthcare — —
f Utilities — —
Release date 06-30-2024 | 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®

49 Sterling Capital Total
Return Bond R6 (USD)
Morningstar
Medalist RatingTM
‰
05-31-2024
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 Bond418 US Fund
Intermediate Core
Bond
Operations
Family: Sterling Capital Funds
Manager: Multiple
Tenure: 16.5 Years
Objective: Growth and Income
Base Currency: USD
Ticker: STRDX
ISIN: US85918D6242
Minimum Initial Purchase: $10 mil
Min Auto Investment Plan: $10 mil
Purchase Constraints: A
Incept: 02-01-2018
Type: MF
Total Assets: $1,487.91 mil
Release date 06-30-2024 | 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®

50 Vanguard International
Growth Adm (USD)
Morningstar
Medalist RatingTM
„
06-21-2024
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
Growth NR USD
US Fund Foreign Large
Growth383 US Fund
Foreign Large
Growth
Performance 06-30-2024
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 5.28 2.36 — — 7.77
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 9.02 -7.21 8.52 7.64 7.64
Std 06-30-2024 9.02 — 8.52 7.64 7.64
Total Return 9.02 -7.21 8.52 7.64 7.64
+/- Std Index -2.61 -7.67 2.97 3.80 —
+/- Cat Index -0.87 -4.59 3.03 2.91 —
% Rank Cat 53 88 17 10
No. in Cat 398 383 331 221
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 331 funds 221 funds
Morningstar RatingTM 2Q 3Q 4Q
Morningstar Risk +Avg High High
Morningstar Return -Avg +Avg High
3 Yr 5 Yr 10 Yr
Standard Deviation 23.03 22.61 19.25
Mean -7.21 8.52 7.64
Sharpe Ratio -0.36 0.37 0.40
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
Growth NR USD
Alpha -6.17 -2.82
Beta 1.31 1.23
R-Squared 86.18 92.93
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 06-24 7 7 7 7 7 7 7 7 7 7 7 7
96 96 95 93 96 95 97 98 98 97 96 96
Growth of $10,000
Vanguard International
Growth Adm
26,326
Category Average
19,587
Standard Index
17,743
Investment Style
Equity/Stocks %

74.22 68.47 67.06 67.33 95.58 79.22 102.79 160.29 139.30 90.40 101.81 109.72 NAV/Price

23.12 -5.51 -0.54 1.84 43.16 -12.58 31.48 59.74 -0.74 -30.79 14.81 7.77 Total Return %

7.83 -1.64 5.12 -2.65 15.97 1.61 9.97 49.09 -8.57 -14.79 -0.81 2.08 +/- 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 1.09 +/- Category Index 15 65 67 12 6 31 22 4 89 82 69 — % Rank Cat
278 341 361 363 399 439 469 447 450 443 417 404 No. of Funds in Cat Portfolio Analysis 03-31-2024
Asset Allocation % Net % Long % Short %
Cash 2.66 3.67 1.01
US Stocks 19.33 19.33 0.00
Non-US Stocks 77.19 77.19 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.82 0.82 0.00
Total 100.00 101.01 1.01
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 25.2 1.60 1.11
P/C Ratio TTM 14.5 1.47 0.94
P/B Ratio TTM 3.7 2.06 1.05
Geo Avg Mkt Cap
$mil
67065 1.31 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 27.5 2.76
Greater Europe 47.6 1.05
Greater Asia 24.9 0.56
Share Chg
since
12-2023
Share
Amount
Holdings :
124 Total Stocks , 0 Total Fixed-Income,
14% Turnover Ratio
Net Assets
%
Y 2 mil ASML Holding NV 4.92
Y 1 mil MercadoLibre Inc 4.46
T 80 mil Taiwan Semiconductor Manufacturing 4.31
1 mil Adyen NV 3.85
Y 6 mil Spotify Technology SA 3.81
Y 2 mil NVIDIA Corp 3.26
Y 2 mil Ferrari NV 2.33
Y 26 mil Tencent Holdings Ltd 2.31
61 mil Atlas Copco AB Class A 2.29
Y 9 mil Moderna Inc 2.18
T 32 mil Vestas Wind Systems A/S 2.01
Y 2 mil argenx SE 1.90
7 mil EXOR NV 1.87
T 44 mil Coupang Inc Ordinary Shares - Clas 1.75
Y 6 mil PDD Holdings Inc ADR 1.68
Sector Weightings Stocks % Rel Std Index
h Cyclical 29.1 0.71
r Basic Materials 0.6 0.08
t Consumer Cyclical 19.9 1.90
y Financial Services 8.6 0.40
u Real Estate 0.0 0.00
j Sensitive 51.3 1.30
i Communication Services 7.8 1.36
o Energy 1.8 0.31
p Industrials 14.0 1.04
a Technology 27.7 1.90
k Defensive 19.6 1.00
s Consumer Defensive 4.2 0.59
d Healthcare 14.8 1.53
f Utilities 0.6 0.20
Operations
Family: Vanguard
Manager: Multiple
Tenure: 14.6 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VWILX
ISIN: US9219105015
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $44,223.60 mil
Release date 06-30-2024
©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®

51 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
Value330 US Fund
Foreign Large Value
Performance 06-30-2024
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 -1.29 — — 2.68
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 6.16 1.14 5.89 3.56 8.23
Std 06-30-2024 6.16 — 5.89 3.56 8.23
Total Return 6.16 1.14 5.89 3.56 8.23
+/- Std Index -5.47 0.68 0.35 -0.28 —
+/- Cat Index -7.29 -2.41 0.60 0.79 —
% Rank Cat 88 81 56 41
No. in Cat 356 330 302 197
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
330 funds 302 funds 197 funds
Morningstar RatingTM 2Q 3Q 3Q
Morningstar Risk Avg Avg Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 17.24 19.16 16.11
Mean 1.14 5.89 3.56
Sharpe Ratio -0.05 0.27 0.20
MPT Statistics Standard Index Best Fit Index
MSCI ACWI Ex USA
NR USD
Alpha 0.85 0.85
Beta 1.03 1.03
R-Squared 94.51 94.51
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 06-24 4 4 4 4 4 4 1 1 4 4 4 4
95 91 91 93 94 94 95 100 94 96 95 93
Growth of $10,000
Vanguard International Value
Inv
18,184
Category Average
17,331
Standard Index
17,743
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 41.44 NAV/Price

22.15 -6.69 -6.44 4.46 27.96 -14.52 20.39 8.99 7.97 -11.66 16.15 2.68 Total Return %

6.86 -2.82 -0.78 -0.04 0.77 -0.33 -1.12 -1.67 0.15 4.34 0.53 -3.01 +/- 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 -2.03 +/- Category Index 43 53 79 30 8 34 21 5 87 75 71 — % Rank Cat
338 348 358 337 317 315 346 352 348 354 380 367 No. of Funds in Cat Portfolio Analysis 03-31-2024
Asset Allocation % Net % Long % Short %
Cash 5.16 6.44 1.28
US Stocks 3.97 3.97 0.00
Non-US Stocks 90.44 90.44 0.00
Bonds 0.00 0.00 0.00
Other/Not Clsfd 0.44 0.44 0.00
Total 100.00 101.28 1.28
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 14.8 0.94 1.23
P/C Ratio TTM 9.2 0.94 1.42
P/B Ratio TTM 1.8 0.97 1.37
Geo Avg Mkt Cap
$mil
34655 0.68 0.90
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity —
Avg Eff Duration —
Avg Wtd Coupon —
Avg Wtd Price —
Credit Quality Breakdown — Bond %
AAA —
AA —
A —
BBB —
BB —
B —
Below B —
NR —
Regional Exposure Stocks % Rel Std Index
Americas 12.1 1.21
Greater Europe 51.3 1.13
Greater Asia 36.7 0.82
Share Chg
since
12-2023
Share
Amount
Holdings :
203 Total Stocks , 0 Total Fixed-Income,
29% Turnover Ratio
Net Assets
%
T 12 mil Taiwan Semiconductor Manufacturing 1.98
Y 2 mil Ryanair Holdings PLC ADR 1.83
T 6 mil Tencent Holdings Ltd 1.77
Y 1 mil Airbus SE 1.45
T 728,845 Roche Holding AG 1.32
Y 21 mil Alibaba Group Holding Ltd Ordinary 1.32
Y 28 mil BP PLC 1.25
Y 4 mil RELX PLC 1.13
Y 784,422 SAP SE 1.08
Y 1 mil Novo Nordisk A/S Class B 1.04
Y 18 mil HSBC Holdings PLC 1.01
Y 2 mil Basf SE 1.01
T 679,816 Air Liquide SA 1.00
T 2 mil CRH PLC 1.00
Y 5 mil Compass Group PLC 0.95
Sector Weightings Stocks % Rel Std Index
h Cyclical 44.2 1.08
r Basic Materials 10.2 1.45
t Consumer Cyclical 15.4 1.47
y Financial Services 17.8 0.83
u Real Estate 0.7 0.40
j Sensitive 40.3 1.02
i Communication Services 4.3 0.74
o Energy 4.6 0.81
p Industrials 20.2 1.49
a Technology 11.3 0.77
k Defensive 15.5 0.79
s Consumer Defensive 5.7 0.80
d Healthcare 8.7 0.90
f Utilities 1.1 0.37
Operations
Family: Vanguard
Manager: Multiple
Tenure: 14.2 Years
Objective: Foreign Stock
Base Currency: USD
Ticker: VTRIX
ISIN: US9219392035
Minimum Initial Purchase: $3,000
Purchase Constraints: —
Incept: 05-16-1983
Type: MF
Total Assets: $13,319.21 mil
Release date 06-30-2024
©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®

52 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 06-30-2024
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 1.05 — — 3.91
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 9.24 0.94 5.15 5.35 5.97
Std 06-30-2024 9.24 — 5.15 5.35 5.97
Total Return 9.24 0.94 5.15 5.35 5.97
+/- Std Index -1.10 -0.14 -0.67 -0.21 —
+/- Cat Index 0.76 1.26 0.62 0.64 —
% Rank Cat 60 45 43 30
No. in Cat 144 133 123 70
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.89 3.00
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 123 funds 70 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 10.20 10.08 8.49
Mean 0.94 5.15 5.35
Sharpe Ratio -0.19 0.32 0.47
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Con Tgt Alloc
NR USD
Alpha -0.70 -0.50
Beta 0.80 1.02
R-Squared 98.02 99.47
12-Month Yield 2.74%
Potential Cap Gains Exp 13.84%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 4 4 4 4 4 4 4 5 4 4 4 4
36 38 40 42 43 47 48 50 50 53 56 56
Growth of $10,000
Vanguard Target Retirement
2020 Fund
20,602
Category Average
18,195
Standard Index
20,768
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 27.92 NAV/Price

15.85 7.11 -0.68 6.95 14.08 -4.24 17.63 12.04 8.17 -14.15 12.51 3.91 Total Return %

1.54 2.22 1.11 -1.62 -0.58 0.52 -1.39 -0.78 -2.02 0.62 -0.71 -0.28 +/- 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 0.42 +/- Category Index 18 1 23 29 17 42 28 46 68 39 38 — % Rank Cat
222 228 237 221 234 250 233 178 171 150 144 145 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.70 10.24 8.54
US Stocks 22.72 22.72 0.00
Non-US Stocks 15.11 15.11 0.00
Bonds 60.42 60.47 0.05
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 108.58 8.58
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.95
P/C Ratio TTM 12.8 1.02 0.93
P/B Ratio TTM 2.6 1.06 0.92
Geo Avg Mkt Cap
$mil
87101 1.48 0.83
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.40
Avg Eff Duration 5.63
Avg Wtd Coupon 2.72
Avg Wtd Price 92.42
Credit Quality Breakdown 03-31-2024 Bond %
AAA 65.98
AA 7.96
A 13.51
BBB 11.90
BB 0.00
B 0.00
Below B 0.37
NR 0.27
Regional Exposure Stocks % Rel Std Index
Americas 63.8 1.03
Greater Europe 17.5 1.01
Greater Asia 18.6 0.91
Share Chg
since
04-2024
Share
Amount
Holdings :
10,100 Total Stocks , 18,801 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
T 1,358 mil Vanguard Total Bond Market II Idx 33.85
Y 36 mil Vanguard Total Stock Mkt Idx Instl 22.82
Y 294 mil Vanguard Total Intl Stock Index Inv 15.49
T 208 mil Vanguard Total Intl Bd II Idx Insl 14.55
193 mil Vanguard Shrt-Term Infl-Prot Sec I 12.51
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.99
t Consumer Cyclical 10.8 1.00
y Financial Services 15.8 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.5 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.86
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTWNX
ISIN: US92202E8057
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $37,323.51 mil
Release date 06-30-2024
©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 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
2025196 US Fund
Target-Date 2025
Performance 06-30-2024
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 1.26 — — 5.11
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 11.02 1.51 6.12 6.03 6.62
Std 06-30-2024 11.02 — 6.12 6.03 6.62
Total Return 11.02 1.51 6.12 6.03 6.62
+/- Std Index 0.68 0.43 0.29 0.47 —
+/- Cat Index 1.99 1.75 1.19 0.90 —
% Rank Cat 23 24 29 14
No. in Cat 207 196 171 110
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.76 2.83
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
196 funds 171 funds 110 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Avg Avg Avg
Morningstar Return +Avg +Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 11.79 11.74 9.83
Mean 1.51 6.12 6.03
Sharpe Ratio -0.10 0.37 0.48
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 0.23 0.03
Beta 0.93 0.90
R-Squared 98.59 99.42
12-Month Yield 2.58%
Potential Cap Gains Exp 16.43%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
22,453
Category Average
19,980
Standard Index
20,768
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 19.32 NAV/Price

18.14 7.17 -0.85 7.48 15.94 -5.15 19.63 13.30 9.80 -15.55 14.55 5.11 Total Return %

3.83 2.28 0.94 -1.09 1.28 -0.39 0.60 0.47 -0.39 -0.77 1.32 0.93 +/- 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 1.32 +/- Category Index 24 4 24 23 21 42 22 40 57 52 11 — % Rank Cat
181 185 206 195 208 226 232 214 220 219 208 209 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.59 8.77 7.17
US Stocks 30.94 30.94 0.00
Non-US Stocks 20.43 20.43 0.00
Bonds 46.98 47.02 0.04
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 107.21 7.21
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.94
P/C Ratio TTM 12.8 1.02 0.93
P/B Ratio TTM 2.6 1.06 0.91
Geo Avg Mkt Cap
$mil
87374 1.49 0.78
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.86
Avg Eff Duration 5.94
Avg Wtd Coupon 2.88
Avg Wtd Price 91.99
Credit Quality Breakdown 03-31-2024 Bond %
AAA 62.71
AA 8.76
A 14.81
BBB 13.02
BB 0.00
B 0.00
Below B 0.41
NR 0.30
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.5 1.01
Greater Asia 18.6 0.91
Share Chg
since
04-2024
Share
Amount
Holdings :
10,636 Total Stocks , 18,611 Total Fixed-Income,
6% Turnover Ratio
Net Assets
%
Y 100 mil Vanguard Total Stock Mkt Idx Instl 31.08
T 2,340 mil Vanguard Total Bond Market II Idx 28.58
Y 811 mil Vanguard Total Intl Stock Index Inv 20.94
T 360 mil Vanguard Total Intl Bd II Idx Insl 12.33
T 194 mil Vanguard Shrt-Term Infl-Prot Sec I 6.17
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 1.00
y Financial Services 15.8 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.86
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTVX
ISIN: US92202E4098
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $76,516.44 mil
Release date 06-30-2024
©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 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
2030198 US Fund
Target-Date 2030
Performance 06-30-2024
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 4.57 1.37 — — 6.00
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 12.39 2.07 6.95 6.58 6.72
Std 06-30-2024 12.39 — 6.95 6.58 6.72
Total Return 12.39 2.07 6.95 6.58 6.72
+/- Std Index 2.05 0.99 1.12 1.03 —
+/- Cat Index 2.35 1.85 1.33 0.89 —
% Rank Cat 28 28 35 20
No. in Cat 210 198 169 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.69 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
198 funds 169 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 12.88 12.93 10.86
Mean 2.07 6.95 6.58
Sharpe Ratio -0.04 0.41 0.50
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 1.05 0.82
Beta 1.02 0.99
R-Squared 98.66 99.46
12-Month Yield 2.45%
Potential Cap Gains Exp 15.05%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
24,164
Category Average
21,576
Standard Index
20,768
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 37.61 NAV/Price

20.49 7.17 -1.03 7.85 17.52 -5.86 21.07 14.10 11.38 -16.27 16.03 6.00 Total Return %

6.18 2.28 0.76 -0.72 2.87 -1.10 2.05 1.28 1.19 -1.49 2.80 1.82 +/- 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 1.61 +/- Category Index 25 5 31 32 34 37 32 38 61 44 12 — % Rank Cat
222 228 237 221 234 239 241 224 221 221 211 212 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.31 7.85 6.54
US Stocks 36.57 36.57 0.00
Non-US Stocks 24.10 24.10 0.00
Bonds 37.97 38.01 0.04
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 106.58 6.58
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.94
P/C Ratio TTM 12.8 1.02 0.93
P/B Ratio TTM 2.6 1.06 0.89
Geo Avg Mkt Cap
$mil
87432 1.49 0.75
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.44
Avg Wtd Coupon 3.15
Avg Wtd Price 91.24
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.47
AA 9.99
A 16.89
BBB 14.86
BB 0.00
B 0.00
Below B 0.47
NR 0.33
Regional Exposure Stocks % Rel Std Index
Americas 64.0 1.03
Greater Europe 17.4 1.01
Greater Asia 18.5 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
10,860 Total Stocks , 18,506 Total Fixed-Income,
3% Turnover Ratio
Net Assets
%
Y 143 mil Vanguard Total Stock Mkt Idx Instl 36.73
T 2,626 mil Vanguard Total Bond Market II Idx 26.32
Y 1,165 mil Vanguard Total Intl Stock Index Inv 24.71
T 404 mil Vanguard Total Intl Bd II Idx Insl 11.34
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.8 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTHRX
ISIN: US92202E8883
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $93,950.39 mil
Release date 06-30-2024
©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 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 06-30-2024
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 1.55 — — 6.87
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 13.52 2.65 7.77 7.12 7.48
Std 06-30-2024 13.52 — 7.77 7.12 7.48
Total Return 13.52 2.65 7.77 7.12 7.48
+/- Std Index 3.18 1.57 1.95 1.57 —
+/- Cat Index 1.92 1.55 1.20 0.79 —
% Rank Cat 47 32 44 38
No. in Cat 206 190 168 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.55 2.60
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 168 funds 107 funds
Morningstar RatingTM 4Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return +Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 13.72 13.98 11.83
Mean 2.65 7.77 7.12
Sharpe Ratio 0.01 0.44 0.51
MPT Statistics Standard Index Best Fit Index
Morningstar Gbl
Allocation TR USD
Alpha 1.83 1.59
Beta 1.09 1.05
R-Squared 98.50 99.29
12-Month Yield 2.32%
Potential Cap Gains Exp 18.28%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
25,969
Category Average
23,923
Standard Index
20,768
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 23.64 NAV/Price

22.82 7.24 -1.26 8.26 19.12 -6.58 22.44 14.79 12.96 -16.62 17.14 6.87 Total Return %

8.52 2.35 0.53 -0.31 4.46 -1.82 3.41 1.97 2.77 -1.85 3.92 2.68 +/- 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 1.54 +/- Category Index 23 10 37 32 35 32 42 43 79 37 35 — % Rank Cat
181 185 205 195 208 221 229 207 213 212 207 208 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.48 6.70 5.21
US Stocks 41.45 41.45 0.00
Non-US Stocks 26.77 26.77 0.00
Bonds 30.24 30.27 0.03
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 105.24 5.24
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.95
P/C Ratio TTM 12.8 1.02 0.93
P/B Ratio TTM 2.6 1.07 0.91
Geo Avg Mkt Cap
$mil
88181 1.50 0.78
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.44
Avg Wtd Coupon 3.15
Avg Wtd Price 91.24
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.69
AA 9.87
A 16.82
BBB 14.83
BB 0.00
B 0.00
Below B 0.46
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 64.5 1.04
Greater Europe 17.2 1.00
Greater Asia 18.3 0.89
Share Chg
since
04-2024
Share
Amount
Holdings :
11,012 Total Stocks , 18,164 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 169 mil Vanguard Total Stock Mkt Idx Instl 41.64
Y 1,348 mil Vanguard Total Intl Stock Index Inv 27.44
T 2,178 mil Vanguard Total Bond Market II Idx 20.96
T 335 mil Vanguard Total Intl Bd II Idx Insl 9.03
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.8 0.88
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.2 1.36
o Energy 4.8 0.99
p Industrials 11.7 0.95
a Technology 22.7 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTHX
ISIN: US92202E5087
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $98,178.92 mil
Release date 06-30-2024
©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 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 06-30-2024
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 1.73 — — 7.68
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 14.74 3.23 8.59 7.65 7.46
Std 06-30-2024 14.74 — 8.59 7.65 7.46
Total Return 14.74 3.23 8.59 7.65 7.46
+/- Std Index 4.40 2.15 2.76 2.09 —
+/- Cat Index 1.42 1.14 1.05 0.76 —
% Rank Cat 61 47 50 42
No. in Cat 204 193 169 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.42 2.48
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 169 funds 107 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 14.55 15.03 12.78
Mean 3.23 8.59 7.65
Sharpe Ratio 0.06 0.47 0.52
MPT Statistics Standard Index Best Fit Index
Morningstar US
Mod Agg Tgt Alloc
NR USD
Alpha 2.60 -1.40
Beta 1.15 1.02
R-Squared 98.18 99.33
12-Month Yield 2.21%
Potential Cap Gains Exp 18.87%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
27,652
Category Average
25,049
Standard Index
20,768
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 42.32 NAV/Price

24.37 7.15 -1.59 8.73 20.71 -7.32 23.86 15.47 14.56 -16.98 18.34 7.68 Total Return %

10.07 2.26 0.21 0.16 6.05 -2.57 4.83 2.65 4.37 -2.20 5.11 3.50 +/- 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 1.30 +/- Category Index 15 12 43 27 25 37 43 40 81 36 47 — % Rank Cat
218 227 237 221 234 239 241 218 215 216 205 206 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.57 5.49 3.92
US Stocks 46.06 46.06 0.00
Non-US Stocks 29.60 29.60 0.00
Bonds 22.72 22.74 0.02
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 103.94 3.94
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.96
P/C Ratio TTM 12.8 1.02 0.94
P/B Ratio TTM 2.6 1.07 0.91
Geo Avg Mkt Cap
$mil
88356 1.51 0.84
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.44
Avg Wtd Coupon 3.15
Avg Wtd Price 91.24
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.70
AA 9.87
A 16.82
BBB 14.83
BB 0.00
B 0.00
Below B 0.46
NR 0.32
Regional Exposure Stocks % Rel Std Index
Americas 64.6 1.04
Greater Europe 17.2 0.99
Greater Asia 18.2 0.89
Share Chg
since
04-2024
Share
Amount
Holdings :
11,198 Total Stocks , 17,637 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 167 mil Vanguard Total Stock Mkt Idx Instl 46.27
Y 1,322 mil Vanguard Total Intl Stock Index Inv 30.34
T 1,452 mil Vanguard Total Bond Market II Idx 15.75
T 223 mil Vanguard Total Intl Bd II Idx Insl 6.78
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.8 0.88
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.4 1.11
i Communication Services 7.2 1.36
o Energy 4.8 0.99
p Industrials 11.7 0.95
a Technology 22.7 1.16
k Defensive 19.9 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFORX
ISIN: US92202E8701
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $87,254.29 mil
Release date 06-30-2024
©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 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 06-30-2024
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 1.90 — — 8.48
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 15.81 3.78 9.40 8.12 8.20
Std 06-30-2024 15.81 — 9.40 8.12 8.20
Total Return 15.81 3.78 9.40 8.12 8.20
+/- Std Index 5.47 2.70 3.57 2.56 —
+/- Cat Index 1.20 0.99 1.21 0.90 —
% Rank Cat 65 46 42 35
No. in Cat 201 190 168 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.30 2.36
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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 168 funds 107 funds
Morningstar RatingTM 3Q 4Q 4Q
Morningstar Risk -Avg -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.41 16.10 13.55
Mean 3.78 9.40 8.12
Sharpe Ratio 0.10 0.50 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.36 -1.53
Beta 1.22 0.92
R-Squared 97.78 99.55
12-Month Yield 2.10%
Potential Cap Gains Exp 21.33%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 4 4 4 4 4 4 4 4 4 4 4 4
89 88 89 88 88 88 89 90 84 84 82 80
Growth of $10,000
Vanguard Target Retirement
2045 Fund
28,875
Category Average
26,689
Standard Index
20,768
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 28.92 NAV/Price

24.37 7.16 -1.57 8.87 21.42 -7.90 24.94 16.30 16.16 -17.36 19.48 8.48 Total Return %

10.06 2.27 0.22 0.30 6.77 -3.14 5.91 3.48 5.97 -2.58 6.26 4.29 +/- 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 1.30 +/- Category Index 26 12 42 28 26 43 43 36 68 31 46 — % Rank Cat
180 185 206 195 208 221 229 207 213 212 201 203 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.83 4.56 2.73
US Stocks 50.16 50.16 0.00
Non-US Stocks 32.49 32.49 0.00
Bonds 15.47 15.48 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 102.74 2.74
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.96
P/C Ratio TTM 12.8 1.02 0.94
P/B Ratio TTM 2.6 1.07 0.92
Geo Avg Mkt Cap
$mil
88071 1.50 0.85
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.45
Avg Wtd Coupon 3.14
Avg Wtd Price —
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.12
AA 10.17
A 17.00
BBB 14.90
BB 0.00
B 0.00
Below B 0.48
NR 0.34
Regional Exposure Stocks % Rel Std Index
Americas 64.4 1.04
Greater Europe 17.3 1.00
Greater Asia 18.3 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
11,277 Total Stocks , 16,747 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
Y 177 mil Vanguard Total Stock Mkt Idx Instl 50.39
T 1,415 mil Vanguard Total Intl Stock Index Inv 33.30
T 953 mil Vanguard Total Bond Market II Idx 10.61
T 152 mil Vanguard Total Intl Bd II Idx Insl 4.74
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.8 0.88
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.36
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTIVX
ISIN: US92202E6077
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $85,117.83 mil
Release date 06-30-2024
©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®

58 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 06-30-2024
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 6.89 2.02 — — 9.05
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.63 4.15 9.68 8.26 7.82
Std 06-30-2024 16.63 — 9.68 8.26 7.82
Total Return 16.63 4.15 9.68 8.26 7.82
+/- Std Index 6.29 3.07 3.86 2.70 —
+/- Cat Index 1.44 1.08 1.25 0.96 —
% Rank Cat 56 36 38 29
No. in Cat 202 191 169 107
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.20 2.27
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
191 funds 169 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 15.82 16.33 13.69
Mean 4.15 9.68 8.26
Sharpe Ratio 0.12 0.51 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.83 -1.19
Beta 1.25 0.94
R-Squared 97.62 99.59
12-Month Yield 2.03%
Potential Cap Gains Exp 18.04%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
29,239
Category Average
26,753
Standard Index
20,768
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 48.46 NAV/Price

24.34 7.18 -1.58 8.85 21.39 -7.90 24.98 16.39 16.41 -17.46 20.17 9.05 Total Return %

10.04 2.29 0.22 0.28 6.73 -3.14 5.96 3.57 6.22 -2.68 6.94 4.86 +/- 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 1.52 +/- Category Index 30 16 45 29 38 37 47 37 74 29 45 — % Rank Cat
202 212 226 213 230 239 241 217 215 213 202 204 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.78 3.51 1.74
US Stocks 53.36 53.36 0.00
Non-US Stocks 35.07 35.07 0.00
Bonds 9.74 9.75 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 101.74 1.74
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.96
P/C Ratio TTM 12.8 1.02 0.95
P/B Ratio TTM 2.6 1.07 0.93
Geo Avg Mkt Cap
$mil
87544 1.49 0.88
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.45
Avg Wtd Coupon 3.14
Avg Wtd Price —
Credit Quality Breakdown 03-31-2024 Bond %
AAA 56.97
AA 10.24
A 17.04
BBB 14.91
BB 0.00
B 0.00
Below B 0.48
NR 0.34
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.4 1.01
Greater Asia 18.5 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
11,370 Total Stocks , 15,298 Total Fixed-Income,
2% Turnover Ratio
Net Assets
%
T 159 mil Vanguard Total Stock Mkt Idx Instl 53.60
Y 1,287 mil Vanguard Total Intl Stock Index Inv 35.95
T 503 mil Vanguard Total Bond Market II Idx 6.65
T 81 mil Vanguard Total Intl Bd II Idx Insl 3.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFIFX
ISIN: US92202E8628
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 06-07-2006
Type: MF
Total Assets: $71,845.76 mil
Release date 06-30-2024
©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 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 06-30-2024
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 2.02 — — 9.03
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.61 4.15 9.67 8.24 10.09
Std 06-30-2024 16.61 — 9.67 8.24 10.09
Total Return 16.61 4.15 9.67 8.24 10.09
+/- Std Index 6.27 3.07 3.84 2.68 —
+/- Cat Index 1.38 1.11 1.26 0.99 —
% Rank Cat 63 40 43 34
No. in Cat 201 190 168 101
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.19 2.27
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
190 funds 168 funds 101 funds
Morningstar RatingTM 4Q 4Q 4Q
Morningstar Risk Low -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.83 16.34 13.69
Mean 4.15 9.67 8.24
Sharpe Ratio 0.12 0.51 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.84 -1.19
Beta 1.25 0.94
R-Squared 97.65 99.58
12-Month Yield 2.00%
Potential Cap Gains Exp 12.12%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
29,187
Category Average
27,726
Standard Index
20,768
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 54.07 NAV/Price

24.33 7.19 -1.72 8.88 21.38 -7.89 24.98 16.32 16.44 -17.46 20.16 9.03 Total Return %

10.02 2.31 0.07 0.31 6.72 -3.13 5.95 3.50 6.25 -2.68 6.94 4.85 +/- 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 1.52 +/- Category Index 36 16 53 27 48 37 51 41 78 24 49 — % Rank Cat
130 156 238 193 206 221 229 207 213 212 201 203 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.70 3.43 1.74
US Stocks 53.40 53.40 0.00
Non-US Stocks 35.04 35.04 0.00
Bonds 9.82 9.83 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 101.75 1.75
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.96
P/C Ratio TTM 12.8 1.02 0.95
P/B Ratio TTM 2.6 1.07 0.93
Geo Avg Mkt Cap
$mil
87595 1.49 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.45
Avg Wtd Coupon 3.14
Avg Wtd Price —
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.10
AA 10.18
A 17.00
BBB 14.90
BB 0.00
B 0.00
Below B 0.48
NR 0.34
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.4 1.00
Greater Asia 18.5 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
11,370 Total Stocks , 15,329 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 106 mil Vanguard Total Stock Mkt Idx Instl 53.64
T 855 mil Vanguard Total Intl Stock Index Inv 35.92
T 339 mil Vanguard Total Bond Market II Idx 6.73
T 54 mil Vanguard Total Intl Bd II Idx Insl 3.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VFFVX
ISIN: US92202E8479
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 08-18-2010
Type: MF
Total Assets: $47,929.03 mil
Release date 06-30-2024
©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®

60 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 06-30-2024
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 2.03 — — 9.04
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.60 4.16 9.68 8.23 9.88
Std 06-30-2024 16.60 — 9.68 8.23 9.88
Total Return 16.60 4.16 9.68 8.23 9.88
+/- Std Index 6.26 3.08 3.85 2.68 —
+/- Cat Index 1.48 1.23 1.34 1.08 —
% Rank Cat 66 41 45 50
No. in Cat 200 189 159 13
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 2.20 2.27
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
189 funds 159 funds 13 funds
Morningstar RatingTM 4Q 3Q 3Q
Morningstar Risk Low -Avg -Avg
Morningstar Return Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 15.81 16.32 13.68
Mean 4.16 9.68 8.23
Sharpe Ratio 0.12 0.51 0.53
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.84 -1.18
Beta 1.25 0.94
R-Squared 97.63 99.59
12-Month Yield 1.96%
Potential Cap Gains Exp 8.59%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 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
29,188
Category Average
28,442
Standard Index
20,768
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 49.82 NAV/Price

24.35 7.16 -1.68 8.84 21.36 -7.87 24.96 16.32 16.44 -17.46 20.18 9.04 Total Return %

10.04 2.27 0.11 0.27 6.70 -3.11 5.93 3.50 6.25 -2.68 6.96 4.85 +/- 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 1.62 +/- Category Index 1 1 71 21 53 34 66 42 81 25 54 — % Rank Cat
1 9 43 106 160 201 216 257 208 212 200 202 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.82 3.55 1.73
US Stocks 53.34 53.34 0.00
Non-US Stocks 35.02 35.02 0.00
Bonds 9.76 9.77 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 101.74 1.74
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.98
P/C Ratio TTM 12.8 1.02 0.98
P/B Ratio TTM 2.6 1.07 0.99
Geo Avg Mkt Cap
$mil
87574 1.49 1.03
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.45
Avg Wtd Coupon 3.14
Avg Wtd Price —
Credit Quality Breakdown 03-31-2024 Bond %
AAA 57.27
AA 10.09
A 16.95
BBB 14.88
BB 0.00
B 0.00
Below B 0.47
NR 0.34
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.4 1.01
Greater Asia 18.5 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
11,370 Total Stocks , 15,329 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 59 mil Vanguard Total Stock Mkt Idx Instl 53.58
T 479 mil Vanguard Total Intl Stock Index Inv 35.90
T 189 mil Vanguard Total Bond Market II Idx 6.68
T 30 mil Vanguard Total Intl Bd II Idx Insl 3.01
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTTSX
ISIN: US92202E8396
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 01-19-2012
Type: MF
Total Assets: $26,933.34 mil
Release date 06-30-2024
©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®

61 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 06-30-2024
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 2.03 — — 9.05
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 16.63 4.19 9.66 — 9.16
Std 06-30-2024 16.63 — 9.66 — 9.16
Total Return 16.63 4.19 9.66 — 9.16
+/- Std Index 6.29 3.10 3.83 — —
+/- Cat Index 1.50 1.25 1.33 — —
% Rank Cat 66 44 61 —
No. in Cat 195 137 29 —
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 06-24-24 2.28 2.28
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 29 funds
—
Morningstar RatingTM 4Q 3Q —
Morningstar Risk Low Low —
Morningstar Return Avg Avg —
3 Yr 5 Yr 10 Yr
Standard Deviation 15.81 16.32 —
Mean 4.19 9.66 —
Sharpe Ratio 0.12 0.51 —
MPT Statistics Standard Index Best Fit Index

MSCI ACWI NR
USD
Alpha 3.86 -1.15
Beta 1.25 0.94
R-Squared 97.61 99.59
12-Month Yield 1.89%
Potential Cap Gains Exp 2.08%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 0 0 0 0 4 4 4 4 4 4 4 4
— — — — 88 88 89 90 86 87 88 87
Growth of $10,000
Vanguard Target Retirement
2065 Fund
18,147
Category Average
17,994
Standard Index
14,943
Investment Style
Equity/Stocks %
— — — — 21.70 19.61 24.05 27.50 31.42 25.44 29.95 32.66 NAV/Price — — — — — -7.95 24.96 16.17 16.46 -17.39 20.15 9.05 Total Return % — — — — — -3.19 5.94 3.35 6.26 -2.62 6.93 4.86 +/- Standard Index _ _ _ _ _ & ) ( ) & ( _ Performance Quartile
(within category)
— — — — — 0.75 0.00 3.28 0.13 -0.41 2.28 1.63 +/- Category Index — — — — — 25 79 63 76 16 63 — % Rank Cat
— — — — — 16 17 53 134 162 175 197 No. of Funds in Cat
Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.77 3.62 1.85
US Stocks 53.39 53.39 0.00
Non-US Stocks 35.09 35.09 0.00
Bonds 9.69 9.70 0.01
Other/Not Clsfd 0.06 0.06 0.00
Total 100.00 101.86 1.86
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.9 1.02 0.97
P/C Ratio TTM 12.8 1.02 0.97
P/B Ratio TTM 2.6 1.07 0.97
Geo Avg Mkt Cap
$mil
87528 1.49 1.00
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 8.62
Avg Eff Duration 6.45
Avg Wtd Coupon 3.14
Avg Wtd Price —
Credit Quality Breakdown 03-31-2024 Bond %
AAA 56.95
AA 10.25
A 17.05
BBB 14.92
BB 0.00
B 0.00
Below B 0.49
NR 0.34
Regional Exposure Stocks % Rel Std Index
Americas 64.1 1.03
Greater Europe 17.4 1.01
Greater Asia 18.5 0.90
Share Chg
since
04-2024
Share
Amount
Holdings :
11,370 Total Stocks , 15,289 Total Fixed-Income,
1% Turnover Ratio
Net Assets
%
T 17 mil Vanguard Total Stock Mkt Idx Instl 53.62
T 138 mil Vanguard Total Intl Stock Index Inv 35.98
T 53 mil Vanguard Total Bond Market II Idx 6.61
T 9 mil Vanguard Total Intl Bd II Idx Insl 3.00
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.98
t Consumer Cyclical 10.8 0.99
y Financial Services 15.7 0.97
u Real Estate 2.8 0.43
j Sensitive 46.3 1.10
i Communication Services 7.1 1.35
o Energy 4.8 0.99
p Industrials 11.8 0.95
a Technology 22.6 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.85
Operations
Family: Vanguard
Manager: Multiple
Tenure: 7.0 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VLXVX
ISIN: US92202E6804
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 07-12-2017
Type: MF
Total Assets: $7,813.34 mil
Release date 06-30-2024
©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®

62 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
Retirement143 US Fund
Target-Date
Retirement
Performance 06-30-2024
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 7.34 10.74
2024 2.09 0.89 — — 3.00
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 7.96 0.46 3.72 3.95 4.90
Std 06-30-2024 7.96 — 3.72 3.95 4.90
Total Return 7.96 0.46 3.72 3.95 4.90
+/- Std Index -2.37 -0.62 -2.10 -1.61 —
+/- Cat Index -0.51 -0.40 -0.65 -0.07 —
% Rank Cat 58 43 48 31
No. in Cat 152 143 125 81
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-15-24 3.00 3.10
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics.

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

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

Fees and Expenses
Sales Charges
Front-End Load % NA
Deferred Load % NA
Fund Expenses
Management Fees % 0.00
12b1 Expense % NA
Gross Expense Ratio % 0.08
Risk and Return Profile
3 Yr 5 Yr 10 Yr
143 funds 125 funds 81 funds
Morningstar RatingTM 3Q 3Q 4Q
Morningstar Risk Avg Avg -Avg
Morningstar Return Avg Avg +Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 8.66 7.87 6.17
Mean 0.46 3.72 3.95
Sharpe Ratio -0.30 0.21 0.40
MPT Statistics Standard Index Best Fit Index
Morningstar US Con
Tgt Alloc NR USD
Alpha -1.52 0.62
Beta 0.67 1.06
R-Squared 95.83 98.96
12-Month Yield 3.27%
Potential Cap Gains Exp 7.40%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 4 4 4 4 4 4 4 4 4 4 4 4
66 66 68 68 67 69 67 68 64 65 65 63
Growth of $10,000
Vanguard Target Retirement
Income Fund
16,276
Category Average
15,579
Standard Index
20,768
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 13.02 13.24 NAV/Price

5.87 5.54 -0.17 5.25 8.47 -1.99 13.16 10.02 5.25 -12.74 10.74 3.00 Total Return % -8.44 0.65 1.62 -3.32 -6.18 2.77 -5.87 -2.80 -4.94 2.03 -2.49 -1.19 +/- 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 0.67 -0.47 +/- Category Index 56 19 7 41 62 21 49 36 65 54 41 — % Rank Cat
293 272 172 171 175 187 183 168 167 161 152 153 No. of Funds in Cat Portfolio Analysis 05-31-2024
Asset Allocation % Net % Long % Short %
Cash 1.81 11.13 9.32
US Stocks 17.49 17.49 0.00
Non-US Stocks 11.73 11.73 0.00
Bonds 68.92 68.97 0.05
Other/Not Clsfd 0.05 0.05 0.00
Total 100.00 109.37 9.37
Equity Style
Value Blend Growth
Large Mid Small Portfolio Statistics Port
Avg
Rel
Index
Rel
Cat
P/E Ratio TTM 19.8 1.02 0.95
P/C Ratio TTM 12.8 1.02 0.95
P/B Ratio TTM 2.6 1.06 0.96
Geo Avg Mkt Cap
$mil
86819 1.48 0.91
Fixed-Income Style
Ltd Mod Ext
High Med Low
Avg Eff Maturity 7.19
Avg Eff Duration 5.49
Avg Wtd Coupon 2.65
Avg Wtd Price 92.63
Credit Quality Breakdown 03-31-2024 Bond %
AAA 67.48
AA 7.60
A 12.92
BBB 11.38
BB 0.00
B 0.00
Below B 0.35
NR 0.26
Regional Exposure Stocks % Rel Std Index
Americas 63.7 1.02
Greater Europe 17.6 1.02
Greater Asia 18.7 0.91
Share Chg
since
04-2024
Share
Amount
Holdings :
9,602 Total Stocks , 18,874 Total Fixed-Income,
4% Turnover Ratio
Net Assets
%
Y 1,415 mil Vanguard Total Bond Market II Idx 37.04
Y 26 mil Vanguard Total Stock Mkt Idx Instl 17.57
Y 246 mil Vanguard Shrt-Term Infl-Prot Sec I 16.78
T 216 mil Vanguard Total Intl Bd II Idx Insl 15.84
Y 217 mil Vanguard Total Intl Stock Index Inv 12.02
Sector Weightings Stocks % Rel Std Index
h Cyclical 33.9 0.89
r Basic Materials 4.5 0.99
t Consumer Cyclical 10.8 1.00
y Financial Services 15.8 0.97
u Real Estate 2.8 0.43
j Sensitive 46.2 1.10
i Communication Services 7.1 1.35
o Energy 4.8 1.00
p Industrials 11.8 0.95
a Technology 22.5 1.16
k Defensive 19.8 1.00
s Consumer Defensive 6.2 1.01
d Healthcare 11.0 1.04
f Utilities 2.6 0.86
Operations
Family: Vanguard
Manager: Multiple
Tenure: 11.4 Years
Objective: Asset Allocation
Base Currency: USD
Ticker: VTINX
ISIN: US92202E1029
Minimum Initial Purchase: $1,000
Purchase Constraints: —
Incept: 10-27-2003
Type: MF
Total Assets: $35,659.19 mil
Release date 06-30-2024
©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®

63 Vanguard US Growth
Admiral™ (USD)
Morningstar
Medalist RatingTM
„
06-20-2024
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
1,092 US Fund
Large Growth
Performance 06-30-2024
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 6.10 — — 19.07
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept
Load-adj Mthly 31.89 1.81 15.20 14.35 8.53
Std 06-30-2024 31.89 — 15.20 14.35 8.53
Total Return 31.89 1.81 15.20 14.35 8.53
+/- Std Index 7.33 -8.21 0.15 1.49 —
+/- Cat Index -1.60 -9.48 -4.15 -1.98 —
% Rank Cat 42 87 52 39
No. in Cat 1162 1092 1019 794
Subsidized Unsubsidized
7-day Yield — —
30-day SEC Yield 07-16-24 0.20 0.20
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
1,092 funds 1,019 funds 794 funds
Morningstar RatingTM 2Q 2Q 3Q
Morningstar Risk +Avg +Avg +Avg
Morningstar Return -Avg Avg Avg
3 Yr 5 Yr 10 Yr
Standard Deviation 24.23 23.89 19.32
Mean 1.81 15.20 14.35
Sharpe Ratio 0.05 0.62 0.71
MPT Statistics Standard Index Best Fit Index
Morningstar US LM
Brd Growth TR USD
Alpha -8.27 -6.63
Beta 1.23 1.08
R-Squared 83.09 95.87
12-Month Yield 0.31%
Potential Cap Gains Exp 19.29%
4k
10k
20k
40k
60k
80k
100k
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 06-24 7 7 7 7 7 7 7 7 7 7 7 7
97 95 94 95 95 94 95 97 97 95 98 98
Growth of $10,000
Vanguard US Growth
Admiral™
54,850
Category Average
46,963
Standard Index
47,544
Investment Style
Equity/Stocks %

74.25 77.39 77.07 75.37 94.59 86.92 111.41 169.97 168.46 101.32 146.69 174.67 NAV/Price

35.71 13.20 8.61 -0.59 31.74 0.75 33.51 58.74 12.45 -39.58 45.31 19.07 Total Return %

3.33 -0.49 7.22 -12.55 9.91 5.13 2.02 40.34 -16.25 -21.47 19.03 3.78 +/- 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 -1.63 +/- 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 1179 No. of Funds in Cat Portfolio Analysis 03-31-2024
Asset Allocation % Net % Long % Short %
Cash 2.44 2.44 0.00
US Stocks 93.67 93.67 0.00
Non-US Stocks 3.90 3.90 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 40.6 1.53 1.16
P/C Ratio TTM 27.5 1.52 1.13
P/B Ratio TTM 9.4 2.04 1.09
Geo Avg Mkt Cap
$mil
328524 1.02 0.61
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 97.4 0.98
Greater Europe 2.6 4.96
Greater Asia 0.0 0.00
Share Chg
since
12-2023
Share
Amount
Holdings :
118 Total Stocks , 0 Total Fixed-Income,
37% Turnover Ratio
Net Assets
%
Y 9 mil Microsoft Corp 8.46
T 20 mil Amazon.com Inc 8.07
Y 4 mil NVIDIA Corp 8.03
T 5 mil Meta Platforms Inc Class A 5.08
Y 12 mil Apple Inc 4.49
Y 11 mil Alphabet Inc Class C 3.64
T 2 mil Eli Lilly and Co 2.71
T 2 mil Netflix Inc 2.47
T 11 mil Shopify Inc Registered Shs -A- Sub 1.98
Y 2 mil Mastercard Inc Class A 1.93
Y 9 mil The Trade Desk Inc Class A 1.79
Y 4 mil Advanced Micro Devices Inc 1.70
T 445,724 Broadcom Inc 1.34
Y 7 mil Uber Technologies Inc 1.30
Y 2 mil Salesforce Inc 1.28
Sector Weightings Stocks % Rel Std Index
h Cyclical 26.5 1.01
r Basic Materials 0.0 0.00
t Consumer Cyclical 16.2 1.60
y Financial Services 7.8 0.65
u Real Estate 2.6 1.20
j Sensitive 62.1 1.15
i Communication Services 14.5 1.55
o Energy 0.0 0.00
p Industrials 2.9 0.38
a Technology 44.7 1.34
k Defensive 11.4 0.57
s Consumer Defensive 1.1 0.19
d Healthcare 10.3 0.88
f Utilities 0.0 0.00
Operations
Family: Vanguard
Manager: Multiple
Tenure: 13.8 Years
Objective: Growth
Base Currency: USD
Ticker: VWUAX
ISIN: US9219106005
Minimum Initial Purchase: $50,000
Purchase Constraints: A
Incept: 08-13-2001
Type: MF
Total Assets: $45,557.20 mil
Release date 06-30-2024
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