Vallejo City Council
October 28, 2024

457 DEFERRED COMPENSATION PLAN, 401(a)

DEFINED CONTRIBUTION PLAN, AND RETIREMENT

HEALTH SAVINGS PROGRAM COMMITTEE

REGULAR MEETING MINUTES
9:00 A.M.

July 29, 2024

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

2. PLEDGE OF ALLEGIANCE

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

4. REPORTS

A. Report from Secretary to the Committee – Introduction of new Human Resource Program Manager – Benefits – Jasleen Singh

5. COMMUNITY FORUM
Speakers: None

6. CONSENT CALENDAR AND APPROVAL OF AGENDA

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

Action: Moved by Committee Member Olson, seconded by Committee Member Sifuentes and carried unanimously to approve the minutes of the April 29, 2024 meeting.

7. PRESENTATIONS

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

Discussed 2024 strategic outlook and education, financial wellness, participant surveys, and introduction of QDRO Service.

B. Presentation by Vincent Galindo, Hyas Group
Presentation: Quarter 2024 performance review, legal and regulatory updates, and discuss goals and objectives.

Discussed second Quarter 2024 performance review, reviewed economic data and plan overview, and goals and objectives.

8. ACTION ITEM(S)

A. Approve Fund Watch Addition
Recommendation: By motion, approve the addition of the MissionSquare PLUS Fund R10, MissionSquare PLUS Fund S11, and Sterling Capital Total Return Bond to watch status.

Action: Moved by Vice Chair Olson, seconded by Committee Member Long and carried unanimously to approve the addition of the MissionSquare PLUS Fund R10, MissionSquare PLUS Fund S11, and Sterling Capital Total Return Bond to watch status.

B. Vote on NAGDCA Conference Attendance
Recommendation: Review and consider Committee Member attendance at the National Association of Government Defined Contribution Administrators Annual Conference for education opportunities. Select member and vote to approve expenditures for attendance (September 15-18 in Phoenix, AZ).

Action: Moved by Committee Member Olson, seconded by Committee Member Sifuentes and carried unanimously to approve the Human Resource Program manager – Benefits to attend the National Association of Government Defined Contribution Administrators Annual Conference for education opportunities and approved expenditures for attendance (September 15-18 in Phoenix, AZ).

C. Approve “Lunch and Learn” Participant Session
Recommendation: By motion, approve usage of Administrative Allowance Account to fund “Lunch and Learn” sessions for City of Vallejo employees.

Action: Moved by Committee Member Sifuentes, seconded by Committee Member Long and carried unanimously to approve the usage of Administrative Allowance Account to fund “Lunch and Learn” sessions for City of Vallejo employees.

D. Approve New Member
Recommendation: By motion, approve new members to the Committee (Attachment A).

Action: Moved by Committee Member Peterson, seconded by Committee Member Olson and carried unanimously to approve new members to the Committee (Attachment A).

9. FUTURE AGENDA AND ACTION ITEMS

A. Annual Investment Policy Statement – Q1

B. Finalize Goals and Objectives

10. ADJOURNMENT

The meeting was adjourned at 10:26 a.m.

JAMES OLSON, VICE CHAIRPERSON

ATTEST

KIMBERLY GATES, EXECUTIVE SECRETARY

Deferred
Compensation
Committee Meeting
October 28, 2024
EXAMPLE for customizing to your client on Slide 3.

2 MissionSquare Retirement
Agenda
Plan
Review
Accomplishments &
Results
Client Resources
Administrative Updates,
and Research
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
MissionSquare Update
ƒ Introducing Andre Robinson,
CEO & President of
MissionSquare
ƒ MissionSquare Foundation –
Bridgebuilder Grant
ƒ MissionSquare Retirement
Memorial Scholarship Fund –
Awards 51 Scholarship
ƒ Client Advisory Forums –
Thank You!
*As of September 30, 2024

7 MissionSquare Retirement
Experience
Over 25 years of expertise in retirement
services and investment management:
ƒ President at Voya Financial Advisors, Inc.
ƒ Head of Retail Advisory Business Development
at Voya Financial Advisors, Inc.
ƒ Relationship Manager at BNY Pershing
ƒ Director at Pershing Fund Processing
Corporation (PFPC)
Welcome - Andre Robinson
Andre Robinson
Chief Executive Officer
& President
Education & Credentials
ƒ Executive M.B.A. in Finance from
Saint Joseph’s University
ƒ B.A. in Business Administration from
Arcadia University
ƒ FINRA series 4, 6, 7, 24, 63, and 65 licenses

8 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.

9 MissionSquare Retirement
Extensive Experience
*As of September 30, 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 September 30, 2024. Includes 457, 401, 403(b), Retirement Health Savings (RHS), Employer Investment Program (EIP) plans.

Serving plans locally and across the nation in states like yours.

Over
$81.5B
AUM/AUA*
Over

1.9M
Public Sector
Accounts*
Over
9,800
Public Sector
Plans*
1,212 participant accounts in
the City of Vallejo with
$60M in assets**
10 Plan Review
11 MissionSquare Retirement
Plan Education and Outreach
Results for Your Plan (July-Sept 2024)
Trends for Your Plan (2023-2024 Comparison)
Education 56
RPS Consultations
1 CFP®
Consultations
12 Webinars

Participation
& Savings
38 Enrollments
$856,135
In Plan Contributions
$239,144
Rollins
Financial
Wellness
$24,275
+Net Cash Flow
13 Financial Wellness
Logins
2,610
Account Logins
Retention $720,308
In Rollouts
12 12
MissionSquare Retirement
Contributions and Disbursements

13 MissionSquare Retirement
Plan Balance as of 9-30-24

14 14
MissionSquare Retirement
Participant Asset Allocation

1515
MissionSquare Retirement
15 MissionSquare Research Institute
Asset Allocation Trend

16 MissionSquare Retirement
Participant Service Usage

17 17
MissionSquare Retirement
Service Usage Details

18 Client Engagement
19 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
20 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
21 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:
ƒ Ease of working together.
ƒ A responsive service model.
ƒ Simple financial education
around retirement readiness.

How we are supporting your needs:
ƒ Introduced new QDRO service.
ƒ Improved service model.
ƒ Increased access to CFP services.
ƒ Added training and resources in the
Employer Resource Center.
22 Participant
Engagement
23 MissionSquare Retirement
How We Help Your Employees
The Digital Connection
ƒ Participant resource site
ƒ Financial Wellness Center
ƒ Personalized retirement readiness score
and income gap analysis calculator
ƒ Mobile access with our mobile
app, e-Delivery, text access, or
Ask Alexa capabilities
ƒ Email communications
The Personal Touch
„ MissionSquare Retirement Plans Specialists
„ Live webinars
„ CERTIFIED FINANCIAL PLANNER® professionals
„ Contact center
24 MissionSquare Retirement
Participant
Engagement
Enroll
Learn
Save
Invest
Monitor & Update
Retire
Personalized
Partnership With You and Your Employees
25 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
26 MissionSquare Retirement
Promote National Campaigns with Ease
Leverage ready-to-use tools to promote
national campaigns to your employees.

Key Elements:
ƒ Direct access to comprehensive
resources for each campaign.
ƒ Simplify your outreach with
ready-to-use emails and flyers.
ƒ Drive higher engagement and
participation in national campaigns.
ƒ Inspire participants to take action
toward a secure financial future.

Learn More
27 MissionSquare Retirement
Celebrate Your Savings
Secure Your Retirement:

28 MissionSquare Retirement
National Retirement Security Month Campaign Plan
October 2024
In this national campaign, participants
and eligible employees are encouraged
to explore actions they can start, stop,
and continue to help get them to and
through retirement.

Campaign materials include:
ƒ Microsite
ƒ Weekly email campaign
ƒ Printable flyer
ƒ Email for eligible employees
ƒ Banners of participant-facing websites
Campaign Microsite

29 MissionSquare Retirement
Todo lo español
All Things Spanish
ƒ Spanish speaking Retirement Plan
Specialist – One-on-One meetings.
ƒ Participant Call Center capabilities.
ƒ Website with access to retirement and
financial planning tools & resources.

30 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.

31 Financial Planning
Program
32 MissionSquare Retirement
Financial Planning Education Program
Financial planning services are available
to ALL participants.

Services by CFP® professionals include:
ƒ Financial planning workshops
and seminars.
ƒ Individual consultations to discuss any
financial planning topics.
ƒ Retiree/alumni group meetings.
ƒ 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
33 MissionSquare Retirement
Services Provided by MissionSquare
CFP® Professionals
Financial Planning
Education
(For All)
Financial
Planning
(>$100K in MSQ Assets)
Personal
Planning
(>$1M in MSQ Assets)
Educational Webinars and Seminars 3 3 3
Virtual Consultations With a CFP® Professional 3 3 3
Communications on Relevant Financial Topics 3 3 3
Social Security Analysis and Strategies 3 3 3
Personalized Financial Goal Plan 3 3
Exclusive Educational Webinars 3
A Dedicated CFP® Professional 3
Kiplinger Retirement Report 3
34 MissionSquare Retirement
Participant Engagement
MissionSquare Outreach
ƒ Bi-Monthly – Financial Planning
sessions – All Participants
ƒ Monthly personalized
consultations – All Participants
ƒ Access to Financial Planning
Resources on the Participant
Resource Website
ƒ Monthly newsletter to
>$1M participants
Your Support Opportunities
ƒ Share the Talk to a CFP® Flyer in
your workplace
ƒ Engage in partnership opportunities
with Mission Square for your
separated from service employees,
as defined by you.
ƒ Promote on your internal website
ƒ Promote in your internal
communications and newsletters
35 MissionSquare Retirement
2024 Webinar Program
View the full annual schedule:
www.missionsq.org/cfpwebinars
Webinar slides Monthly Webinar Email
36 MissionSquare Retirement
Financial Planning Resource Page
Participants* will have access to
financial planning resources:
ƒ Personalized experience
ƒ Information about financial
services available
ƒ Access to national webinars
ƒ CFP® professional contact info
ƒ Value Card — Check In on Your
Financial Goals
*Participant experience may vary based on eligibility.
37 MissionSquare Retirement
The MoneyGuide Pro
Client Portal Experience

38 Legislative Updates
SECURE 2.0 Act
39 MissionSquare Retirement
SECURE 2.0 Requirements
Mandatory Optional
RMDs begin at age 73 Self-certification of unforeseen emergency withdrawals RMDs exclude Roth balance Employer-matched Roth contributions Reduction in RMD penalty Elimination of 457(b) “first day of the month” rule Public Safety Officer Student Loan Debt Repayment Match Roth Catch-Up (if offering age 50 Catch-Up)
PSO Insurance Premiums (if withdrawal is offered)
MissionSquare is your partner in navigating the provisions of the Setting Every Community Up for Retirement Enhancement (SECURE) Act and optimizing its impact on public service employees. 40 MissionSquare Retirement
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 — Recent Guidance
ƒ IRS Notice Offers Flexibility, Relief of RMD Rules
ƒ Treasury, IRS Issue FAQ Regarding SECURE 2.0
Disaster Relief, Retirement Plans
ƒ Guidance Issued for SECURE 2.0’s New Exceptions to
the 10% Early Withdrawal Penalties
ƒ IRS Releases Finalized RMD Rules
Learn More
42 MissionSquare Retirement
Steps to Amending Plan

43 Client
Resources
44 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

45 MissionSquare Retirement
Monthly 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!

46 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.

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

48 Administrative
Update
49 MissionSquare Retirement
Important Notice: 2024 Required
Minimum Distributions
2024 RMD Distributions:
ƒ Nov. 14, 2024, for anyone who has
not met their required amount
ƒ Any RMD-eligible participants
terminated after the distribution and
by Dec. 31, 2024, will receive their
required distribution before
April 1, 2025.

Reminder:

Please keep the
employment status
for all terminated
employees updated.
50 MissionSquare
Research Institute
51 MissionSquare Retirement
Founded by MissionSquare
Retirement in 2007
and formally joined
MissionSquare in 2021
Promotes excellence
in state and local
government workforce
research and other public
service organizations
Helps employers attract
and retain talented public
service employees
52 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
53 MissionSquare Retirement
State and Local Workforce
Source: https://research.missionsq.org/posts/workforce/2024-state-and-local-workforce-survey 2024 Survey Findings
Staffing
ƒ Share indicating that full-time staffing
grew by 5% or more in the past year.

Compensation
ƒ 73% saw their total compensation
as competitive
ƒ 53% offered broad-based
pay increases
ƒ 33% targeted hiring bonuses to
specific positions
Flexible Workplace Practices
ƒ 62% of those with hybrid work schedules
designate shared in-office days

54 MissionSquare Retirement
54 Questions?

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City of Vallejo, California
457(b), 401(a), and RHS Plans
September 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

THIRD QUARTER 2024 MARKETS AND ECONOMIC UPDATE

G
LOBAL ECONOMIC LANDSCAPE 1
/drawright Growth within the US remained surprisingly resilient throughout the third quarter of 2024 as consumption showed continued strength, annual growth averaged 3.1%, and labor income showed a modest uptick in August. The mix of labor market data, wherein job openings have decreased but were offset by rising earnings and increased employment in areas such as services and construction, sum up to indicate that while the job market may be cooling, it is not weakening precipitously.
/drawright Inflation within the US continued to moderate. The C ore Personal Consumption Expenditure Index, the Federal Reserve’s preferred inflation gauge, registered an annual change of 2.6% as of August, with the goods component of the price basket in deflation. In acknowledgement of progress on the pricing front, the Federal Open Market Committee reduced the Federal Funds Rate target by 0.50% in September and indicated an intention for continued moderate reductions to follow.
/drawright The Euro area exhibited sluggish growth during the t hird quarter of 2024, notably attributable to headwinds in Germany stemming from reduced labor supply and higher manufacturing costs. Quarter-end stimulus announcements from China, a major export recipient, may alleviate these pressures somewhat.

Disinflation gathered speed in this backdrop, as service inflation declined notably in France and Italy while a stronger Euro reduced the price of energy imports.
/drawright China surprised markets just before quarter-end with its September Politburo pledging to “conduct significant rate cuts,” a posture not seen since 2012, and announced measures to support the financial and housing sectors. These measures include swap and lending facilities to allow financial companies to purchase stocks, and reductions in mortgage rates and down payment requirements. While the efficacy of these measures is to be determined, they indicate that Beijing is willing to take broader measures to combat deflation.

F

IXED INCOME MARKETS
/drawright During the third quarter of 2024, the yield differen tial between two-year and ten-year Treasury securities “uninverted,” wherein the ten-year became the higher-yielding of these two. Such transitions are often viewed as indicating a return to more normal economic conditions characterized by moderate inflation and an expectation of neutral monetary policy.2
/drawright Credit spreads on high yield bonds increased in Augu st of 2024 on mounting concerns of economic slowdown but recovered by quarter-end to multi-year low levels. Improving economic data such as increasing sales, earnings, and profit margins have supported the case for reduced default risk; though these

1 Source: Morgan Stanley, The Global 360, October 2, 2024 2 Source: Morgan Stanley, Rates in a Soft Landing, September 30, 2024 1 gains have been slightly offset as cash levels have decreased to their lowest since 2019. Overall analyst expectations are for the high yield market to remain range-bound for the coming quarters.3
/drawright European credit’s experience was similar to that of the US for the third quarter of 2024, one of slowing but not malaise with total debt levels for investment- grade bonds issued by European corporations remaining near the long-term averages. While total sales growth within this bracket continued to decelerate, other aspects such as improved profitability and expectations of earnings growth indicate continued financial health. Ratings agencies reflect this still- positive environment with upgrades exceeding downgrades over the past quarter.4 /drawright Mortgage-backed securities (MBS) kept up with the br oader fixed income market over the third quarter of 2024, with the Bloomberg US MBS Index returning

5.53% versus 5.20% for the broader Bloomberg US Aggregate Bond Index. Positive recent performance notwithstanding, there is argument that this sector contains reasonable value relative to the rest of investment-grade fixed income, considering that its spread over Treasury bonds is at average long-term levels whereas credit spreads of corporate bonds are on the tighter end of their range. Prospective yields versus cash also appear poised to make MBS appear relatively favorable.5

E

QUITY MARKETS
/drawright A strong September payroll announcement and upward r evision of August helped boost quarter-end returns wherein the S&P 500 and Russell 2000 Indexes returned 5.9% and 9.3% respectively for the third quarter of 2024. Within this backdrop, the correlation between returns of the S&P 500 Index and changes in yield of the 10-Year Treasury returned to positive territory; indicating that investor concerns that rising bond yields will hurt stock market performance have diminished and that rather they may now be indicative of sound economic growth.6 /drawright Through September 27, 2024, net supply of preferred equities among US Banks has decreased by the highest extent in over five years. Large money-center banks in particular have seen their capital requirements revised downward by the Federal Reserve and have used the resulting excess to call or refinance existing preferred equity issuance whose yields were tied to short-term interest rates.7 /drawright Utilities have had quite a run, returning 30.6% for the first three quarters of 2024 and outpacing both the S&P 500 Index and the technology sector, which are up 22.1% and 30.3%, respectively. Despite their impressive gains, utilities continue to trade not only at a valuation discount to the S&P 500 but also to several other defensive sectors. Even if the economy avoids a recession, an environment that has typically benefited defensive sectors on a relative basis, falling interest rates could continue to serve as a catalyst.8 /drawright China’s efforts to finally pursue stimulus featuring both monetary and fiscal levers and addressing vulnerabilities around the residential real estate crisis have boosted equities, with the MSCI China Index up over 35% around the end of the third quarter of 2024. While short covering may have aided the stunning gains, it must be recalled that China has been in a severe bear market since February 2021. Investors have endured a radical policy reversal, with emphasis

3 Source: Morgan Stanley, Fixed Income Insights, October 1, 2024 4 Source: Morgan Stanley, European Credit Health Check, October 4, 2024 5 Source: Morgan Stanley, A Funny Thing Happened on the Way to the Friday, October 4, 2024 6 Source: Morgan Stanley, Weekly Warm-up: Resilient Jobs Data Warrants a More Cyclical Shift, October 7, 2024 7 Source: Morgan Stanley, Fixed Income Insights, Octob er 1, 2024 8 Source: Morgan Stanley, Can Utility Stocks Keep Rising, September 30, 2024 2 moving away from capital market support in favor of attempts to deflate the real estate bubble, address environmental hazards and reduce state-owned- enterprise debt, thereby diminishing consumer sentiment, increasing youth unemployment and failing to improve lackluster consumption growth.9

ALTERNATIVE INVESTMENTS
/drawright After starting the year off strongly, some investors are pondering if the recent merger and acquisition (M&A) rebound is over. While completed volumes appear to be tapering off, announced M&A volumes are up 22% year-over-year. Capital market activity as a percentage of US gross domestic product (GDP) currently sits at a multi-decade low, with the most substantial decrease being in debt markets where activity dropped from over 40% of GDP in 2020 to roughly 25% at present, indicating that continued normalization would constitute a substantial uptick in activity.10 /drawright Oil prices declined slightly over the summer, ending the season in the rage of $71-$73 per barrel, eliciting the question of if change portends economic slowdown. Some figures point to softening activity, such as increasing inventories, while others such as increased demand for jet fuel, petroleum, and gasoline indicate continued strength. Expected increases in supply from the Organization of the Petroleum Exporting Countries (OPEC) in later 2024 and into 2025 also suggest that recent price activity may be more reflective of shifting supply and demand equilibria rather than outright weakness in demand.11 /drawright Real Estate Investment Trusts (REITs) had a notable third quarter of 2024, returning 16.8% versus 5.9% for the S&P 500 Index. While this increase in stock valuations leaves the sector trading at valuations that are comparable to its longer-term averages and possibly less set for dramatic further advances, other aspects such as reduced supply and improving demand driving same-store sales, a valuation discount relative to the S&P 500 Index, and general underweight positioning by investors suggests that REITs may possess additional upside potential.12

D
isclosure:

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

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

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

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

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

Hyas Group, 9755 SW Barnes Road, Suite 660, Portland, Oregon 97225; 503-634-1500 Hyas Group is a separate business unit within Morgan Stanley Institutional Investment Advisors LLC This report is being provided for informational purposed only. The information and opinions presented in this report do not constitute investment advice and have been obtained from sources believed by Hyas Group to be reliable.

Hyas Group makes no representation as to their accuracy or completeness. All opinions expressed herein are subject to change. ©Morgan Stanley, 2024 CRC 7172091 10/24

9 Source: Morgan Stanley, China Rebound in Context, October 7, 2024 10 Source: Morgan Stanley, Is the Capital Markets Rebou nd Over? September 16, 2024 11 Source: Morgan Stanley, Are Oil Prices Signaling Recession, September 9, 2024 12 Source: Morgan Stanley, What’s Next Post Notable 3Q Outperformance? October 7, 2024 3 Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date 254,000 4,505,000 -20,493,000 123,200 Sep-24 $3.20 $4.84 $1.80 -33.9% Sep-24

4.1% 14.8% 3.4% 4.9% Sep-24 $70.24 $114.84 $16.55 -38.8% Sep-24

10.7 22.2 4.0 11.1 Sep-24 331.3 331.3 216.7 52.9%* Jul-24 $35.36 $35.36 $28.23 $31.81 Sep-24 563.7 565.7 501.7 12.3%* Aug-24 Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low Morningstar data as of 9/30/2024 Key: Economic Series Year-Over-Year Change Average Hourly Earnings Medical Care CPI
3Q2024 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
$23,500
4Q19 3Q20 2Q21 1Q22 4Q22 3Q23 2Q24
YoY % Change$ Billion Gross Domestic Product
-10%
-5%
0%
5%
10%
15%
-10%
-5%
0%
5%
10%
15%
Sep-19 Mar-20 Sep-20 Mar-21 Sep-21 Mar-22 Sep-22 Mar-23 Sep-23 Mar-24 Sep-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
$3,500
4Q19 3Q20 2Q21 1Q22 4Q22 3Q23 2Q24
YoY % Change$ Billion Corporate Profits
-2%
0%
2%
4%
6%
8%
10%
245
260
275
290
305
320
Aug-19 Feb-20 Aug-20 Feb-21 Aug-21 Feb-22 Aug-22 Feb-23 Aug-23 Feb-24 Aug-24 YoY % ChangeIndex Consumer Price Index
4 Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.
90-Day T-Bill 1.28% 4.00% 5.42% 3.78% 2.41% 1.70%
Bloomberg US Aggregate 5.20% 4.45% 11.57% -1.39% 0.33% 1.84% Bloomberg Short US Treasury 1.50% 4.08% 5.60% 3.36% 2.31% 1.68% Bloomberg Int. US Treasury 3.97% 4.19% 8.35% -0.12% 0.82% 1.50% Bloomberg Long US Treasury 7.82% 2.42% 15.43% -8.36% -4.28% 1.09% Bloomberg US TIPS 4.12% 4.85% 9.79% -0.57% 2.62% 2.54%
Bloomberg US Credit 5.71% 5.23% 13.81% -1.12% 1.07% 2.79% Bloomberg US Mortgage-Backed 5.53% 4.50% 12.32% -1.20% 0.04% 1.41% Bloomberg US Asset-Backed 3.35% 5.07% 8.73% 1.81% 2.10% 2.18% Bloomberg US 20-Yr Municipal 2.72% 2.69% 13.10% -0.11% 1.54% 3.11% Bloomberg US High Yield 5.28% 8.00% 15.74% 3.10% 4.72% 5.04% Bloomberg Global 6.98% 3.60% 11.99% -3.06% -0.83% 0.57% Bloomberg International 8.52% 2.81% 12.28% -4.42% -1.86% -0.50% Bloomberg Emerging Market 5.82% 8.17% 16.93% -0.18% 1.35% 3.18% 3Q2024 Bond Market Data

4.93% 4.73%

4.38%

3.98%

3.66% 3.58% 3.58% 3.67% 3.81%

4.19% 4.14%

5.55% 5.55% 5.53% 5.46%

5.03% 4.80% 4.60% 4.61% 4.59%

4.92% 4.73%

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
9/30/2024 9/30/2023
0%
0%
0%
13%
12%
3%
71%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
Bloomberg US Aggregate Index
Credit Quality
22%
17%
11%
10%
4%
7%
28%
1%
0% 20% 40%
1-3 yrs.
3-5 yrs.
5-7 yrs.
7-10 yrs.
10-15 yrs.
15-20 yrs.
20-30 yrs.
30+ yrs
Bloomberg US Aggregate Index
Maturity Breakdown
Duration 5.97 yrs.Average Credit Quality AA
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America Source: Department of US Treasury

8.02 1.16

0.34 9.23

1.53 0.47

0.00 5.00 10.00
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
5 Wgt. Sector QTR YTD 1 yr.
3% Utilities 19.37% 30.63% 41.82% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. 2% Real Estate 17.17% 14.31% 35.83% S&P 500 5.89% 22.08% 36.35% 11.91% 15.98% 13.38% 9% Industrials 11.55% 20.20% 35.89% Russell 1000 Value 9.43% 16.68% 27.76% 9.03% 10.69% 9.23% 13% Financials 10.66% 21.91% 39.01% Russell 1000 Growth 3.19% 24.55% 42.19% 12.02% 19.74% 16.52% 2% Materials 9.70% 14.14% 25.20% Russell Mid Cap 9.21% 14.63% 29.33% 5.75% 11.30% 10.19% 6% Consumer Staples 8.96% 18.74% 25.32% Russell Mid Cap Value 10.08% 15.08% 29.01% 7.39% 10.33% 8.93% 10% Consumer Discretionary 7.80% 13.91% 28.06% Russell Mid Cap Growth 6.54% 12.91% 29.33% 2.32% 11.48% 11.30% 12% Health Care 6.07% 14.35% 21.69% Russell 2000 9.27% 11.17% 26.76% 1.84% 9.39% 8.78% 9% Communication Services 1.68% 28.81% 42.91% Russell 2000 Value 10.15% 9.22% 25.88% 3.77% 9.29% 8.22% 32% Information Technology 1.61% 30.31% 52.68% Russell 2000 Growth 8.41% 13.22% 27.66% -0.35% 8.82% 8.95% 3% Energy -2.32% 8.36% 0.85% Russell 3000 6.23% 20.63% 35.19% 10.29% 15.26% 12.83% Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 15.56% 14.92% 33.71% 4.36% 4.41% 7.03% 7% Real Estate 16.69% 13.71% 31.30%
17% Financials 13.58% 17.91% 35.55%
3% Utilities 11.16% 31.64% 41.90%
7% Materials 9.76% 4.43% 19.87%
1% Communication Services 9.13% 3.29% 13.76%
23% Industrials 7.93% 15.08% 29.32%
14% Consumer Discretionary 5.94% 10.34% 29.44%
10% Health Care 5.19% 9.29% 15.16%
4% Consumer Staples -0.17% 12.74% 20.29%
9% Information Technology -0.54% 20.96% 33.42%
5% Energy -9.08% 0.89% -3.86%
Wgt. Sector QTR YTD 1 yr.
3% Communication Services 26.73% 15.91% 28.98%
8% Real Estate 18.45% 15.10% 34.38%
19% Financials 15.94% 14.51% 37.71%
2% Utilities 13.24% 7.37% 17.39%
14% Consumer Discretionary 10.52% 8.30% 32.74%
18% Industrials 10.31% 14.92% 34.25%
11% Health Care 8.46% 8.12% 23.35%
6% Materials 7.55% 9.75% 26.56%
3% Consumer Staples 7.55% 0.04% 10.87%
12% Information Technology 2.42% -0.41% 9.79%
4% Energy -6.31% -4.42% -12.20%
3Q2024 US Equity Market Data
S&P Midcap 400 IndexS&P Smallcap 600 Index
Sectors Weights/Returns (ranked by quarter performance) Index Performance Data S&P 500 Index
Annualized

3.39%
-9.59%
-10.07%
-6.59%
-4.59%
-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
-6.05%

13.82%

2.61%

8.48%

6.86%

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
6 Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA) Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 14% MSCI ACWI ex-US 8.06% 14.21% 25.35% 4.14% 7.59% 5.22% UK 9% MSCI EAFE 7.26% 12.99% 24.77% 5.48% 8.20% 5.71% China 9% Europe 6.58% 12.77% 25.23% 6.66% 8.90% 5.59% Canada 8%
United Kingdom 7.94% 15.41% 23.32% 9.79% 7.89% 4.10% France 7% Germany 10.73% 16.89% 32.13% 4.02% 7.59% 4.69% Switzerland 6% France 7.68% 5.49% 16.36% 5.94% 8.42% 6.73% India 6%
Pacific 8.47% 13.24% 23.72% 3.36% 6.89% 6.00% Germany 6% Japan 5.72% 12.35% 21.55% 2.67% 7.15% 6.38% Taiwan 5%
Hong Kong 24.43% 10.95% 14.75% -4.57% -0.33% 2.90% Australia 5% Australia 11.52% 14.23% 31.63% 8.25% 9.04% 6.37%
Canada 12.00% 13.95% 26.75% 7.10% 9.79% 5.30%
MSCI EM 8.72% 16.86% 26.05% 0.40% 5.75% 4.02%
MSCI EM Latin America 3.75% -12.52% 2.83% 7.16% 2.05% 0.62% MSCI EM Asia 9.47% 21.55% 29.71% 0.77% 7.22% 5.64%
MSCI EM Eur/Mid East 4.21% 6.77% 14.15% -9.52% -1.04% -0.73% MSCI ACWI Value ex-US 9.26% 14.40% 24.04% 7.49% 7.79% 4.28% MSCI ACWI Growth ex-US 6.92% 14.06% 26.75% 0.81% 7.09% 5.97% MSCI ACWI Sm Cap ex-US 8.90% 11.93% 23.25% 1.39% 8.21% 6.08% Exchange Rates QTR 2Q24 1Q24 4Q23 3Q23 2Q23
Japanese Yen 143.25 160.88 151.22 140.92 149.43 144.47
Euro 0.90 0.93 0.93 0.90 0.94 0.92
British Pound 0.75 0.79 0.79 0.78 0.82 0.79
Swiss Franc 0.84 0.90 0.90 0.84 0.91 0.89
Chinese Yuan 7.02 7.27 7.22 7.10 7.30 7.25
3Q2024 International Market Data

7.26%

24.77%

5.48%

8.20%

0.82%

17.53%

7.92%

8.78%
0% 10% 20% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$

8.72%

26.05%

0.40%

5.75%

6.62%

24.95%

2.85%

7.42%
0% 10% 20% 30%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index Return
Local US$

0.8%
-2.1% -2.7%

0.6% 0.9%
-10%
-5%
0%
5%
10%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Large v. Small Cap
Performance Spread
-2.3%

2.7%
-6.7%
-0.7%

1.7%
-20%
-10%
0%
10%
20%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex US
Value v. Growth
Performance Spread
4%
5%
-1%
0%
-1%
12%
4%
-8%
-5%
-3%
6%
10%
0%
2%
-2%
7%
8%
3%
3%
1%
4%
4%
-3%
0%
-1%
-20%
-10%
0%
10%
20%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ Returns
Euro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan Europe
41%
Asia
30%
Canada
8%
Emerging
21%
Regional Exposure
MSCI ACWI ex-USA
Small
Beating
Large
Large
Beating
Small
Growth
Beating
Value
Value
Beating
Growth
Performance Source: MorningstarSource: Federal Reserve Bank of St. Louis Source: Morningstar
7 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 YTD 3Q24 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

22.08%
Small Cap

9.27%
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

16.86%
Mid Cap

9.21%
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%
Mid Cap

14.63%
Emerging
Markets

8.72%
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

14.21%
Intl

8.06%
Small Cap

27.17%
Core Real
Estate

15.26%
High Yield

4.98%
Large Cap

16.00%
Global
Balanced

14.46%
Small Cap

4.89%
TIPS
-1.43%
Commod.

11.76%
Global
Balanced

15.87%
TIPS
-1.26%
Global
Balanced

18.86%
Global
Balanced

13.93%
Small Cap

14.82%
TIPS
-11.85%
Intl

15.62%
Global
Balanced

12.69%
Global
Bonds

6.98%
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%
Small Cap

11.17%
Global
Balanced

6.33%
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%
High Yield

8.00%
Large Cap

5.89%
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%
Commod.

5.86%
High Yield

5.28%
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%
TIPS

4.85%
US Bonds

5.20%
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%
US Bonds

4.45%
TIPS

4.12%
US Bonds

5.93%
TIPS

6.31%
Commod.
-13.32%
US Bonds

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

2.65%
TIPS

3.01%
Commod.
-11.25%
Global
Bonds

6.84%
Cash

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

3.90%
Cash

4.00%
Cash

1.28%
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

3.60%
Commod.

0.68%
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
-3.19%
Core Real
Estate

0.03%
Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills. Source: Morningstar; Core Real Estate Source: NCREIF Historical Market Returns
Ranked by Performance
8 Section 2 | Plan Overview

Market Value: $60,840,281Hyas Group Contact
Vincent Galindo
Senior Principal
[email protected]
Fixed Income

24.00%
Loans

1.54%
Asset Allocation

23.24%
International

9.19%
Small Cap

2.92%
Mid Cap

7.09%
Large Cap

32.02%
Plan Notes
Fund: None at this time.

Governance: Investment Policy Statement last adopted April 2024.

Vendor Mgmt: It was recently announced that MissionSquare's Board appointed Fund Notes
Fund Name Watch Status Reasoning Quarter Notes Recommendation Fund Assets ($) Allocation (%) MissionSquare PLUS Fund S11 2Q24 Qualitative Significant manager change. Karen Chong-Wulff has stepped into CIO role which may pull attention away from PM duties.

Retain watch status. 26,612 0.04
MissionSquare PLUS Fund R10 2Q24 Qualitative Significant manager change. Karen Chong-Wulff has stepped into CIO role which may pull attention away from PM duties.

Retain watch status. 11,287,339 18.55
Sterling Capital Total Return Bond R6 2Q24 Qualitative Ownership change. The closure of sale to Guardian Capital Group occured without known incident.

Remove watch status. 1,770,121 2.91
MFS Value R6 Quantitative Trailing Benchmark and Peer Group for 5 year period. Place on watch. 2,239,433 3.68 Vanguard US Growth Adm 2Q22 Quantitative Performance in compliance as of 3Q24. Target of high and moderate growth rate companies hurt performance
substantially in 4Q21 & 1Q22. Underweight many top mega stocks. Portfolio typically has average market cap lower than benchmark and peer group.

Retain watch status. 7,337,980 12.06
MFS Mid Cap Growth R6 Quantitative Trailing Benchmark and peer Group for 5 year period. Place on watch. 1,359,719 2.23 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Overview As of September 30, 2024
9 Andre Robinson their new CEO and President.

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 30.30 16,298,132 (2,081,580) 283,913 25.65 14,500,465 Large Cap 31.73 17,065,395 987,407 990,794 33.69 19,043,596 Mid Cap 6.76 3,634,998 294,261 300,738 7.48 4,229,997
Small Cap 3.05 1,643,204 (24,887) 152,398 3.13 1,770,716 International 8.56 4,603,812 535,535 399,621 9.80 5,538,968 Asset Allocation 19.45 10,462,046 226,965 675,377 20.10 11,364,389 SDBA 0.15 83,267 - 1,075 0.15 84,341
Total 100.00 53,790,855 (62,299) 2,803,916 100.00 56,532,472 Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year 3 Years

6.46 15.85

28.00 6.826.24

12.73 23.42

4.81 6.01

9.68 18.95

2.77 5.21

12.76 22.07

4.38 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of September 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 10 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 16,298,132 (2,081,580) 283,913 14,500,465 25.65 - MissionSquare PLUS Fund R10 92208j709 12,157,435 (1,003,787) 92,714 11,246,363 19.89 210 Fidelity US Bond Index FXNAX 2,025,436 (631,584) 93,386 1,487,238 2.63 71 Sterling Capital Total Return Bond R6 STRDX 2,115,260 (446,210) 97,813 1,766,863 3.13 117 Large Cap 17,065,395 987,407 990,794 19,043,596 33.69 - MFS Value R6 MEIKX 1,976,745 89,757 171,555 2,238,058 3.96 145 Fidelity 500 Index FXAIX 8,090,388 1,078,108 542,726 9,711,223 17.18 214 Vanguard US Growth Adm VWUAX 6,998,262 (180,459) 276,512 7,094,315 12.55 190 Mid Cap 3,634,998 294,261 300,738 4,229,997 7.48 -
Allspring Special Mid Cap Value Fund WFPRX 739,656 11,264 68,655 819,575 1.45 128 Fidelity Mid Cap Index FSMDX 1,648,568 241,509 167,958 2,058,035 3.64 150 MFS Mid Cap Growth R6 OTCKX 1,246,774 41,488 64,126 1,352,388 2.39 106 Small Cap 1,643,204 (24,887) 152,398 1,770,716 3.13 -
Fidelity Small Cap Index FSSNX 1,643,204 (24,887) 152,398 1,770,716 3.13 158 International 4,603,812 535,535 399,621 5,538,968 9.80 - Vanguard International Value Inv VTRIX 803,146 24,363 70,617 898,125 1.59 121 Fidelity Total International Index FTIHX 2,966,068 540,050 268,110 3,774,228 6.68 144 Vanguard International Growth Adm VWILX 834,597 (28,878) 60,895 866,615 1.53 100 Asset Allocation 10,462,046 226,965 675,377 11,364,389 20.10 - Vanguard Target Retirement Income VTINX 265,143 (57,657) 12,544 220,030 0.39 7 Vanguard Target Retirement 2020 VTWNX 248,553 4,815 13,482 266,850 0.47 9 Vanguard Target Retirement 2025 VTTVX 1,356,320 (65,528) 77,851 1,368,644 2.42 28 Vanguard Target Retirement 2030 VTHRX 1,137,160 40,262 71,541 1,248,963 2.21 35 Vanguard Target Retirement 2035 VTTHX 2,179,029 33,032 138,587 2,350,648 4.16 38 Vanguard Target Retirement 2040 VFORX 1,108,949 26,374 70,344 1,205,667 2.13 23 Vanguard Target Retirement 2045 VTIVX 1,397,020 54,686 94,062 1,545,768 2.73 39 Vanguard Target Retirement 2050 VFIFX 1,350,379 (14,737) 90,620 1,426,262 2.52 50 Vanguard Target Retirement 2055 VFFVX 1,054,372 211,008 81,329 1,346,710 2.38 40 Vanguard Target Retirement 2060 VTTSX 347,149 (10,384) 23,594 360,358 0.64 23 Vanguard Target Retirement 2065 VLXVX 17,972 5,094 1,423 24,489 0.04 3 SDBA 83,267 - 1,075 84,341 0.15 -
MissionSquare Brokerage 83,267 - 1,075 84,341 0.15 3
Total 53,790,855 (62,299) 2,803,916 56,532,472 100.00 - City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of September 30, 2024
11 Asset Allocation
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Sep-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 17,053,401 33.15 16,685,238 31.21 16,298,132 30.30 14,500,465 25.65 Large Cap 15,018,487 29.20 16,392,559 30.67 17,065,395 31.73 19,043,596 33.69 Mid Cap 3,307,579 6.43 3,681,056 6.89 3,634,998 6.76 4,229,997 7.48 Small Cap 1,744,148 3.39 1,693,306 3.17 1,643,204 3.05 1,770,716 3.13 International 4,378,175 8.51 4,641,425 8.68 4,603,812 8.56 5,538,968 9.80 Asset Allocation 9,855,543 19.16 10,279,483 19.23 10,462,046 19.45 11,364,389 20.10 SDBA 81,301 0.16 82,190 0.15 83,267 0.15 84,341 0.15
Total 51,438,635 100.00 53,455,256 100.00 53,790,855 100.00 56,532,472 100.00 Cash Flow Summary
Dec-2023 Mar-2024 Jun-2024 Sep-2024
Participants 514 513 517 526
Calculated Return (%) 8.25 5.52 1.56 5.21
Cash Flow (+/-) $ (433,447) (822,741) (499,328) (62,299) Market Adjustment $ 3,954,083 2,839,363 834,927 2,803,916 Fee Summary
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Sep-2024
Current % Est Asset $
Record Keeper Fees 0.025 12,860 0.025 13,364 0.025 13,448 0.025 14,133 Administrative Fees 0.100 51,439 0.100 53,455 0.100 53,791 0.100 56,532 Weighted Investment Fees 0.191 98,446 0.188 100,559 0.186 99,815 0.177 100,254 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of September 30, 2024
12 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 Sep-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Sep-2024
Ending
Market Value $
Ending
Value %
Fixed Income 17,139,637 37.2 17,053,401 32.6 14,500,465 25.2 Large Cap 11,788,584 25.6 15,018,487 28.7 19,043,596 33.1 Mid Cap 2,971,128 6.4 3,307,579 6.3 4,229,997 7.4
Small Cap 1,663,708 3.6 1,744,148 3.3 1,770,716 3.1
International 4,050,786 8.8 4,378,175 8.4 5,538,968 9.6 Asset Allocation 7,527,066 16.3 9,855,543 18.8 11,364,389 19.8 SDBA - 0.0 81,301 0.2 84,341 0.1
Loans 929,306 2.0 900,195 1.7 936,166 1.6
Total 46,070,216 100.0 52,338,830 100.0 57,468,638 100.0 Admin Account Balance
Dec-2022 Dec-2023 Sep-2024
Admin Account $ 43,455 57,865 69,602
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of September 30, 2024
13 Plan Value Over Time
0 10,900,000
21,800,000
32,700,000
43,600,000
54,500,000
65,400,000
76,300,000
2022 2023 YTD
45,140,909
51,438,635
56,532,472
2022 2023 YTD
Beginning Market Value $ 53,098,741 45,140,909 51,438,635 Cash Flow (+/-) $ 242,294 (582,147) (1,384,369)
Market Adjustment $ (8,200,126) 6,879,872 6,478,205
Ending Market Value $ 45,140,909 51,438,635 56,532,472
Participants 504 514 526
Average Participant Balance $ 89,565 100,075 107,476
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Review As of September 30, 2024
14 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 14.08 76,279 (5,405) 2,000 12.65 72,874
Large Cap 35.16 190,554 2,532 9,361 35.15 202,447
Mid Cap 6.30 34,144 608 3,012 6.56 37,764
Small Cap 0.11 622 148 57 0.14 826
International 4.02 21,795 1,983 1,758 4.43 25,536
Asset Allocation 40.32 218,525 4,133 13,902 41.07 236,560 Total 100.00 541,918 3,998 30,090 100.00 576,006
Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year 3 Years

6.46 15.85

28.00 6.826.24

12.73 23.42

4.81 6.01

9.68 18.95

2.77 5.55

15.40 27.19

5.38 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of September 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 15 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 76,279 (5,405) 2,000 72,874 12.65 -
MissionSquare PLUS Fund R10 92208j709 43,242 (2,587) 321 40,976 7.11 3 Fidelity US Bond Index FXNAX 29,007 (1,855) 1,487 28,640 4.97 5 Sterling Capital Total Return Bond R6 STRDX 4,030 (964) 192 3,258 0.57 3 Large Cap 190,554 2,532 9,361 202,447 35.15 -
MFS Value R6 MEIKX 523 530 53 1,106 0.19 4
Fidelity 500 Index FXAIX 83,577 1,831 4,938 90,347 15.69 6 Vanguard US Growth Adm VWUAX 106,454 172 4,369 110,994 19.27 9 Mid Cap 34,144 608 3,012 37,764 6.56 -
Allspring Special Mid Cap Value Fund WFPRX 311 57 29 397 0.07 4 Fidelity Mid Cap Index FSMDX 30,496 482 2,819 33,797 5.87 5 MFS Mid Cap Growth R6 OTCKX 3,337 69 165 3,570 0.62 5
Small Cap 622 148 57 826 0.14 -
Fidelity Small Cap Index FSSNX 622 148 57 826 0.14 4
International 21,795 1,983 1,758 25,536 4.43 -
Vanguard International Value Inv VTRIX 514 491 59 1,064 0.18 4 Fidelity Total International Index FTIHX 19,084 1,493 1,535 22,112 3.84 5 Vanguard International Growth Adm VWILX 2,197 (1) 163 2,359 0.41 1 Asset Allocation 218,525 4,133 13,902 236,560 41.07 -
Vanguard Target Retirement Income VTINX - - - - 0.00 -
Vanguard Target Retirement 2020 VTWNX - - - - 0.00 -
Vanguard Target Retirement 2025 VTTVX 4,376 (1) 256 4,631 0.80 1 Vanguard Target Retirement 2030 VTHRX 128,178 717 7,931 136,826 23.75 6 Vanguard Target Retirement 2035 VTTHX 24,875 353 1,575 26,803 4.65 4 Vanguard Target Retirement 2040 VFORX 28,758 (9) 1,848 30,597 5.31 5 Vanguard Target Retirement 2045 VTIVX 18,259 2,703 1,333 22,295 3.87 8 Vanguard Target Retirement 2050 VFIFX 7,338 373 507 8,218 1.43 2 Vanguard Target Retirement 2055 VFFVX 6,740 (2) 454 7,191 1.25 2 Vanguard Target Retirement 2060 VTTSX - - - - 0.00 -
Vanguard Target Retirement 2065 VLXVX - - - - 0.00 -
Total 541,918 3,998 30,090 576,006 100.00 -
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of September 30, 2024
16 Asset Allocation
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Sep-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 66,340 13.75 73,916 13.68 76,279 14.08 72,874 12.65 Large Cap 155,028 32.13 180,273 33.35 190,554 35.16 202,447 35.15 Mid Cap 30,712 6.36 34,871 6.45 34,144 6.30 37,764 6.56 Small Cap 279 0.06 541 0.10 622 0.11 826 0.14
International 17,263 3.58 20,775 3.84 21,795 4.02 25,536 4.43 Asset Allocation 212,889 44.12 230,092 42.57 218,525 40.32 236,560 41.07 Total 482,511 100.00 540,468 100.00 541,918 100.00 576,006 100.00 Cash Flow Summary
Dec-2023 Mar-2024 Jun-2024 Sep-2024
Participants 33 33 34 37
Calculated Return (%) 10.22 6.88 2.29 5.55
Cash Flow (+/-) $ 2,061 24,708 (10,918) 3,998
Market Adjustment $ 44,559 33,249 12,368 30,090
Fee Summary
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Sep-2024
Current % Est Asset $
Record Keeper Fees 0.025 121 0.025 135 0.025 135 0.025 144 Administrative Fees 0.100 483 0.100 540 0.100 542 0.100 576 Weighted Investment Fees 0.108 521 0.111 599 0.113 611 0.110 635 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of September 30, 2024
17 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 Sep-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Sep-2024
Ending
Market Value $
Ending
Value %
Fixed Income 107,940 24.7 66,340 13.7 72,874 12.7
Large Cap 110,015 25.2 155,028 32.1 202,447 35.1
Mid Cap 27,140 6.2 30,712 6.4 37,764 6.6
Small Cap 242 0.1 279 0.1 826 0.1
International 18,446 4.2 17,263 3.6 25,536 4.4
Asset Allocation 161,678 37.1 212,889 44.1 236,560 41.1 Loans 10,859 2.5 - 0.0 - 0.0
Total 436,320 100.0 482,511 100.0 576,006 100.0
Admin Account Balance
Dec-2022 Dec-2023 Sep-2024
Admin Account $ 737 1,204 1,612
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of September 30, 2024
18 Plan Value Over Time
0 120,000
240,000
360,000
480,000
600,000
720,000
2022 2023 YTD
425,460
482,511
576,006
2022 2023 YTD
Beginning Market Value $ 481,818 425,460 482,511
Cash Flow (+/-) $ 35,957 (23,650) 17,789
Market Adjustment $ (92,315) 80,701 75,706
Ending Market Value $ 425,460 482,511 576,006
Participants 35 33 37
Average Participant Balance $ 12,156 14,622 15,568
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Review As of September 30, 2024
19 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 0.98 26,063 428 200 0.93 26,691
Large Cap 8.23 218,086 7,213 10,892 8.20 236,192
Mid Cap 1.46 38,816 818 3,454 1.50 43,088
Small Cap 0.14 3,728 358 358 0.15 4,444
International 1.00 26,606 801 2,130 1.03 29,538
Asset Allocation 88.18 2,337,038 51,291 151,755 88.20 2,540,084 Total 100.00 2,650,337 60,909 168,789 100.00 2,880,036
Plan Returns
Total Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed 1 Quarter Year To Date 1 Year 3 Years

6.46 15.85

28.00 6.826.24

12.73 23.42

4.81 6.01

9.68 18.95

2.77 6.36

15.38 27.53

5.84 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of September 30, 2024
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, Bloomberg Global Aggregate Bond (rebalanced quarterly). 20 Asset-ID Beg Balance $ Cash Flow
(+/-) Gain/Loss End Balance $ End Alloc % Participants
Fixed Income 26,063 428 200 26,691 0.93 -
MissionSquare PLUS Fund S11 92211r318 25,988 429 196 26,612 0.92 11 Fidelity US Bond Index FXNAX 20 - 1 20 0.00 1
Sterling Capital Total Return Bond R6 STRDX 56 - 3 58 0.00 2 Large Cap 218,086 7,213 10,892 236,192 8.20 -
MFS Value R6 MEIKX 221 29 20 270 0.01 2
Fidelity 500 Index FXAIX 93,760 3,841 5,651 103,252 3.59 26 Vanguard US Growth Adm VWUAX 124,106 3,343 5,222 132,671 4.61 24 Mid Cap 38,816 818 3,454 43,088 1.50 -
Allspring Special Mid Cap Value Fund WFPRX 9,798 168 901 10,867 0.38 5 Fidelity Mid Cap Index FSMDX 25,653 427 2,379 28,459 0.99 11 MFS Mid Cap Growth R6 OTCKX 3,364 223 174 3,762 0.13 5
Small Cap 3,728 358 358 4,444 0.15 -
Fidelity Small Cap Index FSSNX 3,728 358 358 4,444 0.15 5 International 26,606 801 2,130 29,538 1.03 -
Vanguard International Value Inv VTRIX - - - - 0.00 -
Fidelity Total International Index FTIHX 26,606 801 2,130 29,538 1.03 11 Vanguard International Growth Adm VWILX - - - - 0.00 -
Asset Allocation 2,337,038 51,291 151,755 2,540,084 88.20 - Vanguard Target Retirement Income VTINX 6,147 467 326 6,940 0.24 5 Vanguard Target Retirement 2020 VTWNX 70,837 1,048 3,830 75,715 2.63 23 Vanguard Target Retirement 2025 VTTVX 194,618 4,404 11,510 210,532 7.31 43 Vanguard Target Retirement 2030 VTHRX 203,502 3,798 12,697 219,997 7.64 44 Vanguard Target Retirement 2035 VTTHX 237,742 (10,395) 14,239 241,586 8.39 59 Vanguard Target Retirement 2040 VFORX 387,481 6,557 25,107 419,144 14.55 81 Vanguard Target Retirement 2045 VTIVX 425,824 12,506 28,424 466,754 16.21 100 Vanguard Target Retirement 2050 VFIFX 500,426 13,892 34,091 548,408 19.04 124 Vanguard Target Retirement 2055 VFFVX 256,391 8,375 17,487 282,254 9.80 96 Vanguard Target Retirement 2060 VTTSX 47,387 8,450 3,512 59,348 2.06 45 Vanguard Target Retirement 2065 VLXVX 6,684 2,191 531 9,406 0.33 13 Total 2,650,337 60,909 168,789 2,880,036 100.00 -
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of September 30, 2024
21 Asset Allocation
Dec-2023
Ending
Market Value $
Ending
Market Value %
Mar-2024
Ending
Market Value $
Ending
Market Value %
Jun-2024
Ending
Market Value $
Ending
Market Value %
Sep-2024
Ending
Market Value $
Ending
Market Value %
Fixed Income 27,293 1.18 25,821 1.02 26,063 0.98 26,691 0.93 Large Cap 169,941 7.36 201,668 7.99 218,086 8.23 236,192 8.20 Mid Cap 28,396 1.23 30,678 1.22 38,816 1.46 43,088 1.50 Small Cap 3,890 0.17 3,585 0.14 3,728 0.14 4,444 0.15
International 18,456 0.80 25,359 1.00 26,606 1.00 29,538 1.03 Asset Allocation 2,062,442 89.27 2,236,736 88.62 2,337,038 88.18 2,540,084 88.20 Total 2,310,418 100.00 2,523,847 100.00 2,650,337 100.00 2,880,036 100.00 Cash Flow Summary
Dec-2023 Mar-2024 Jun-2024 Sep-2024
Participants 595 615 635 649
Calculated Return (%) 10.53 6.34 2.01 6.36
Cash Flow (+/-) $ 54,069 66,728 75,737 60,909
Market Adjustment $ 215,093 146,702 50,753 168,789
Fee Summary
Dec-2023
Current % Est Asset $
Mar-2024
Current % Est Asset $
Jun-2024
Current % Est Asset $
Sep-2024
Current % Est Asset $
Record Keeper Fees 1.194 27,582 1.159 29,256 1.149 30,452 1.113 32,066 Weighted Investment Fees 0.085 1,968 0.086 2,164 0.088 2,328 0.088 2,524 City of Vallejo, California | Retirement Health Savings Plan Plan Review As of September 30, 2024
22 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 Sep-2024
Dec-2022
Ending
Market Value $
Ending
Value %
Dec-2023
Ending
Market Value $
Ending
Value %
Sep-2024
Ending
Market Value $
Ending
Value %
Fixed Income 21,364 1.3 27,293 1.2 26,691 0.9
Large Cap 93,477 5.5 169,941 7.4 236,192 8.2
Mid Cap 20,430 1.2 28,396 1.2 43,088 1.5
Small Cap 2,904 0.2 3,890 0.2 4,444 0.2
International 14,653 0.9 18,456 0.8 29,538 1.0
Asset Allocation 1,548,817 91.0 2,062,442 89.3 2,540,084 88.2 Total 1,701,645 100.0 2,310,418 100.0 2,880,036 100.0
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of September 30, 2024
23 Plan Value Over Time
0 600,000
1,200,000
1,800,000
2,400,000
3,000,000
3,600,000
2022 2023 YTD
1,701,645
2,310,418
2,880,036
2022 2023 YTD
Beginning Market Value $ 1,778,538 1,701,645 2,310,418
Cash Flow (+/-) $ 246,659 259,426 203,374
Market Adjustment $ (323,552) 349,348 366,244
Ending Market Value $ 1,701,645 2,310,418 2,880,036
Participants 535 595 649
Average Participant Balance $ 3,181 3,883 4,438
City of Vallejo, California | Retirement Health Savings Plan Plan Review As of September 30, 2024
24 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 -0.03 17 2Q24 ˜ ˜ MissionSquare PLUS Fund S11 92211r318 0.31 0.01 16 2Q24 ˜ ˜ Sterling Capital Total Return Bond R6 STRDX 0.36 0.56 18 2Q24 ˜ ˜ MFS Value R6 MEIKX 0.44 -0.17 65 ˜ ˜
Vanguard US Growth Adm VWUAX 0.20 -3.23 50 2Q22 ˜ ˜
Allspring Special Mid Cap Value Fund WFPRX 0.70 1.55 28 ˜ ˜ MFS Mid Cap Growth R6 OTCKX 0.66 -1.28 53 ˜ ˜
Vanguard International Value Inv VTRIX 0.39 0.10 53 ˜ ˜ Vanguard International Growth Adm VWILX 0.31 3.67 7 ˜ ˜ 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 0.00 55 ˜ ˜
Fidelity 500 Index FXAIX 0.02 -0.01 18 ˜ ˜
Fidelity Mid Cap Index FSMDX 0.03 0.00 41 ˜ ˜
Fidelity Small Cap Index FSSNX 0.03 0.09 58 ˜ ˜
Fidelity Total International Index FTIHX 0.06 -0.05 57 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of September 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.
25 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 -0.30 51 ˜ ˜ Vanguard Target Retirement 2020 VTWNX 0.08 -0.36 48 ˜ ˜ Vanguard Target Retirement 2025 VTTVX 0.08 -0.45 26 ˜ ˜ Vanguard Target Retirement 2030 VTHRX 0.08 -0.46 29 ˜ ˜ Vanguard Target Retirement 2035 VTTHX 0.08 -0.46 47 ˜ ˜ Vanguard Target Retirement 2040 VFORX 0.08 -0.45 51 ˜ ˜ Vanguard Target Retirement 2045 VTIVX 0.08 -0.44 38 ˜ ˜ Vanguard Target Retirement 2050 VFIFX 0.08 -0.47 33 ˜ ˜ Vanguard Target Retirement 2055 VFFVX 0.08 -0.47 38 ˜ ˜ Vanguard Target Retirement 2060 VTTSX 0.08 -0.47 40 ˜ ˜ Vanguard Target Retirement 2065 VLXVX 0.08 -0.48 56 ˜ ˜ City of Vallejo, California | 457(b), 401(a), and RHS Plans Manager Scorecard As of September 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. 26 Performance Review
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 MissionSquare PLUS Fund R10 0.75 2.24 2.99 2.49 2.35 2.25 2.78 1.97 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 0.93 3.07 4.20 3.48 2.38 2.15 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.18) (0.83) (1.21) (0.99) (0.03) 0.10 (1.29) (1.03) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 29 25 24 17 17 15 31 8 9 17 29 11 MissionSquare PLUS Fund S11 0.74 2.48 3.23 2.56 2.39 2.27 2.77 1.96 1.89 2.22 2.45 2.27 US T-Bill CMT 5 Year 0.93 3.07 4.20 3.48 2.38 2.15 4.07 3.00 0.85 0.54 1.96 2.75 +/- Index (0.19) (0.59) (0.97) (0.92) 0.01 0.12 (1.30) (1.04) 1.04 1.68 0.49 (0.48) IM U.S. GIC/Stable Value (SA+CF) Rank 32 16 17 12 16 14 31 9 9 18 29 11 Fidelity US Bond Index 5.17 4.59 11.52 (1.39) 0.34 1.82 5.54 (13.03) (1.79) 7.80 8.48 0.01 Blmbg. U.S. Aggregate Index 5.20 4.45 11.57 (1.39) 0.33 1.84 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index (0.03) 0.14 (0.05) 0.00 0.01 (0.02) 0.01 (0.02) (0.24) 0.29 (0.24) 0.00 Intermediate Core Bond Rank 42 56 62 39 55 46 56 29 63 50 51 25 Sterling Capital Total Return Bond R6 5.00 4.92 11.95 (1.25) 0.89 2.31 5.97 (13.15) (1.12) 9.35 9.37 (0.27) Blmbg. U.S. Aggregate Index 5.20 4.45 11.57 (1.39) 0.33 1.84 5.53 (13.01) (1.55) 7.51 8.72 0.01 +/- Index (0.20) 0.47 0.38 0.14 0.56 0.47 0.44 (0.14) 0.43 1.84 0.65 (0.28) Intermediate Core Bond Rank 74 29 38 29 18 8 30 35 27 17 17 41 MFS Value R6 8.44 15.57 26.60 8.59 10.52 9.89 8.29 (5.80) 25.55 4.03 30.18 (9.78) Russell 1000 Value Index 9.43 16.68 27.76 9.03 10.69 9.23 11.46 (7.54) 25.16 2.80 26.54 (8.27) +/- Index (0.99) (1.11) (1.16) (0.44) (0.17) 0.66 (3.17) 1.74 0.39 1.23 3.64 (1.51) Large Value Rank 42 55 56 72 65 29 75 54 57 37 8 65
Fidelity 500 Index 5.88 22.06 36.33 11.90 15.96 13.37 26.29 (18.13) 28.69 18.40 31.47 (4.40) S&P 500 Index 5.89 22.08 36.35 11.91 15.98 13.38 26.29 (18.11) 28.71 18.40 31.49 (4.38) +/- Index (0.01) (0.02) (0.02) (0.01) (0.02) (0.01) 0.00 (0.02) (0.02) 0.00 (0.02) (0.02) Large Blend Rank 42 24 25 20 18 7 24 50 21 35 22 24
City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of September 30, 2024
27 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of September 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard US Growth Adm 4.10 23.96 43.09 3.67 16.51 14.71 45.31 (39.58) 12.45 58.74 33.51 0.75 Russell 1000 Growth Index 3.19 24.55 42.19 12.02 19.74 16.52 42.68 (29.14) 27.60 38.49 36.39 (1.51) +/- Index 0.91 (0.59) 0.90 (8.35) (3.23) (1.81) 2.63 (10.44) (15.15) 20.25 (2.88) 2.26 Large Growth Rank 35 38 27 87 50 38 21 91 87 9 43 27
Allspring Special Mid Cap Value Fund 9.15 16.39 27.24 10.25 11.88 10.37 9.62 (4.50) 28.80 3.36 35.68 (13.02) Russell Midcap Value Index 10.08 15.08 29.01 7.39 10.33 8.93 12.71 (12.03) 28.34 4.96 27.06 (12.29) +/- Index (0.93) 1.31 (1.77) 2.86 1.55 1.44 (3.09) 7.53 0.46 (1.60) 8.62 (0.73) Mid-Cap Value Rank 49 17 39 18 28 7 80 22 50 46 2 44
Fidelity Mid Cap Index 9.20 14.63 29.29 5.76 11.30 10.19 17.21 (17.28) 22.56 17.11 30.51 (9.05) Russell Midcap Index 9.21 14.63 29.33 5.75 11.30 10.19 17.23 (17.32) 22.58 17.10 30.54 (9.06) +/- Index (0.01) 0.00 (0.04) 0.01 0.00 0.00 (0.02) 0.04 (0.02) 0.01 (0.03) 0.01 Mid-Cap Blend Rank 24 35 23 61 41 18 29 70 65 25 25 27
MFS Mid Cap Growth R6 4.92 13.11 27.90 1.43 10.20 12.05 21.50 (28.29) 14.17 35.80 37.93 1.21 Russell Midcap Growth Index 6.54 12.91 29.33 2.32 11.48 11.30 25.87 (26.72) 12.73 35.59 35.47 (4.75) +/- Index (1.62) 0.20 (1.43) (0.89) (1.28) 0.75 (4.37) (1.57) 1.44 0.21 2.46 5.96 Mid-Cap Growth Rank 72 44 35 32 53 12 42 50 38 52 21 9
Fidelity Small Cap Index 9.27 11.21 26.84 1.97 9.48 8.93 17.12 (20.27) 14.71 19.99 25.71 (10.88) Russell 2000 Index 9.27 11.17 26.76 1.84 9.39 8.78 16.93 (20.44) 14.82 19.96 25.53 (11.01) +/- Index 0.00 0.04 0.08 0.13 0.09 0.15 0.19 0.17 (0.11) 0.03 0.18 0.13 Small Blend Rank 35 44 29 78 58 45 38 79 88 14 33 33
Vanguard International Value Inv 8.40 11.30 21.61 5.20 7.89 5.01 16.15 (11.66) 7.97 8.99 20.39 (14.52) MSCI AC World ex USA Value (Net) 9.26 14.40 24.04 7.49 7.79 4.28 17.30 (8.59) 10.46 (0.77) 15.72 (13.97) +/- Index (0.86) (3.10) (2.43) (2.29) 0.10 0.73 (1.15) (3.07) (2.49) 9.76 4.67 (0.55) Foreign Large Value Rank 36 74 59 81 53 39 67 72 86 5 31 27 28 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of September 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Fidelity Total International Index 7.87 13.61 24.93 3.87 7.61 - 15.51 (16.28) 8.47 11.07 21.48 (14.38) MSCI AC World ex USA IMI (Net) 8.18 13.90 25.06 3.74 7.66 5.33 15.62 (16.58) 8.53 11.12 21.63 (14.76) +/- Index (0.31) (0.29) (0.13) 0.13 (0.05) - (0.11) 0.30 (0.06) (0.05) (0.15) 0.38 Foreign Large Blend Rank 32 36 41 61 57 - 64 58 70 39 61 43 Vanguard International Growth Adm 7.43 15.77 28.94 (3.65) 10.76 8.97 14.81 (30.79) (0.74) 59.74 31.48 (12.58) MSCI AC World ex USA Growth (Net) 6.92 14.06 26.75 0.81 7.09 5.97 14.03 (23.05) 5.09 22.20 27.34 (14.43) +/- Index 0.51 1.71 2.19 (4.46) 3.67 3.00 0.78 (7.74) (5.83) 37.54 4.14 1.85 Foreign Large Growth Rank 32 18 31 86 7 8 69 84 87 2 23 36 Vanguard Target Retirement Income 5.12 8.27 16.22 2.19 4.45 4.51 10.74 (12.74) 5.25 10.02 13.16 (1.99) Vanguard Target Income Composite Index (Net) 5.14 8.40 16.34 2.39 4.75 4.74 10.80 (12.44) 5.44 10.70 13.41 (1.97) +/- Index (0.02) (0.13) (0.12) (0.20) (0.30) (0.23) (0.06) (0.30) (0.19) (0.68) (0.25) (0.02) Target-Date Retirement Rank 47 66 62 47 51 34 40 52 62 29 45 15 Vanguard Target Retirement 2020 5.37 9.49 18.25 2.86 6.01 5.99 12.51 (14.15) 8.17 12.04 17.63 (4.24) Vanguard Target 2020 Composite Index (Net) 5.41 9.61 18.34 3.11 6.37 6.27 12.65 (13.77) 8.43 12.85 17.87 (4.13) +/- Index (0.04) (0.12) (0.09) (0.25) (0.36) (0.28) (0.14) (0.38) (0.26) (0.81) (0.24) (0.11) Target-Date 2020 Rank 60 76 74 41 48 33 27 40 65 41 27 40 Vanguard Target Retirement 2025 5.85 11.26 21.13 3.68 7.09 6.74 14.55 (15.55) 9.80 13.30 19.63 (5.15) Vanguard Target 2025 Composite Index (Net) 5.89 11.40 21.26 4.01 7.55 7.06 14.74 (15.02) 10.09 14.19 19.93 (5.00) +/- Index (0.04) (0.14) (0.13) (0.33) (0.46) (0.32) (0.19) (0.53) (0.29) (0.89) (0.30) (0.15) Target-Date 2025 Rank 28 25 26 18 26 17 5 52 51 35 21 42 Vanguard Target Retirement 2030 6.17 12.54 23.27 4.40 8.04 7.35 16.03 (16.27) 11.38 14.10 21.07 (5.86) Vanguard Target 2030 Composite Index (Net) 6.27 12.70 23.41 4.74 8.50 7.68 16.26 (15.71) 11.66 14.98 21.34 (5.72) +/- Index (0.10) (0.16) (0.14) (0.34) (0.46) (0.33) (0.23) (0.56) (0.28) (0.88) (0.27) (0.14) Target-Date 2030 Rank 14 23 24 19 29 25 6 47 55 36 35 33 29 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of September 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2035 6.30 13.61 24.76 5.07 8.95 7.93 17.14 (16.62) 12.96 14.79 22.44 (6.58) Vanguard Target 2035 Composite Index (Net) 6.44 13.75 24.96 5.41 9.41 8.26 17.43 (16.10) 13.24 15.67 22.76 (6.46) +/- Index (0.14) (0.14) (0.20) (0.34) (0.46) (0.33) (0.29) (0.52) (0.28) (0.88) (0.32) (0.12) Target-Date 2035 Rank 19 50 62 33 47 34 26 38 79 40 47 28 Vanguard Target Retirement 2040 6.43 14.61 26.33 5.75 9.85 8.49 18.34 (16.98) 14.56 15.47 23.86 (7.32) Vanguard Target 2040 Composite Index (Net) 6.61 14.80 26.51 6.07 10.30 8.83 18.60 (16.51) 14.84 16.31 24.19 (7.22) +/- Index (0.18) (0.19) (0.18) (0.32) (0.45) (0.34) (0.26) (0.47) (0.28) (0.84) (0.33) (0.10) Target-Date 2040 Rank 25 67 69 47 51 38 45 34 81 40 45 31 Vanguard Target Retirement 2045 6.57 15.60 27.82 6.39 10.74 8.97 19.48 (17.36) 16.16 16.30 24.94 (7.90) Vanguard Target 2045 Composite Index (Net) 6.77 15.86 28.08 6.72 11.18 9.32 19.77 (16.93) 16.45 17.02 25.37 (7.77) +/- Index (0.20) (0.26) (0.26) (0.33) (0.44) (0.35) (0.29) (0.43) (0.29) (0.72) (0.43) (0.13) Target-Date 2045 Rank 25 65 68 44 38 33 40 31 67 35 39 38 Vanguard Target Retirement 2050 6.71 16.36 28.91 6.83 11.05 9.13 20.17 (17.46) 16.41 16.39 24.98 (7.90) Vanguard Target 2050 Composite Index (Net) 6.91 16.68 29.26 7.17 11.52 9.49 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.20) (0.32) (0.35) (0.34) (0.47) (0.36) (0.31) (0.39) (0.34) (0.78) (0.39) (0.13) Target-Date 2050 Rank 21 47 57 30 33 31 39 29 71 36 42 33 Vanguard Target Retirement 2055 6.73 16.37 28.92 6.84 11.05 9.11 20.16 (17.46) 16.44 16.32 24.98 (7.89) Vanguard Target 2055 Composite Index (Net) 6.91 16.68 29.26 7.17 11.52 9.49 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.18) (0.31) (0.34) (0.33) (0.47) (0.38) (0.32) (0.39) (0.31) (0.85) (0.39) (0.12) Target-Date 2055 Rank 25 53 63 33 38 38 43 25 76 41 45 33 Vanguard Target Retirement 2060 6.72 16.37 28.93 6.84 11.05 9.11 20.18 (17.46) 16.44 16.32 24.96 (7.87) Vanguard Target 2060 Composite Index (Net) 6.91 16.68 29.26 7.17 11.52 9.49 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.19) (0.31) (0.33) (0.33) (0.47) (0.38) (0.30) (0.39) (0.31) (0.85) (0.41) (0.10) Target-Date 2060 Rank 25 53 62 32 40 60 46 24 78 41 56 30 30 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Review As of September 30, 2024
Performance (%)
QTR YTD 1 Yr 3 Yr 5 Yr 10 Yr 2023 2022 2021 2020 2019 2018 Vanguard Target Retirement 2065 6.74 16.39 28.95 6.87 11.04 - 20.15 (17.39) 16.46 16.17 24.96 (7.95) Vanguard Target 2065 Composite Index (Net) 6.91 16.68 29.26 7.17 11.52 - 20.48 (17.07) 16.75 17.17 25.37 (7.77) +/- Index (0.17) (0.29) (0.31) (0.30) (0.48) - (0.33) (0.32) (0.29) (1.00) (0.41) (0.18) Target-Date 2065+ Rank 23 56 61 34 56 - 53 17 68 60 61 7 31 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 Sep-2024

0.025% 0.025% 0.025%

0.100% 0.100% 0.100%

0.206% 0.192% 0.178%
2022
(%)
2023
(%)
Sep-2024
(%)
Total Plan Fees 0.331 0.317 0.303
Record Keeper Fees 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100
Weighted Investment Fees 0.206 0.192 0.178
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of September 30, 2024
32 Asset-ID
Market Value
As of 09/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 11,246,363 0.310 34,864 Fidelity US Bond Index FXNAX 1,487,238 0.025 372
Sterling Capital Total Return Bond R6 STRDX 1,766,863 0.360 6,361 MFS Value R6 MEIKX 2,238,058 0.440 9,847
Fidelity 500 Index FXAIX 9,711,223 0.015 1,457
Vanguard US Growth Adm VWUAX 7,094,315 0.200 14,189
Allspring Special Mid Cap Value Fund WFPRX 819,575 0.700 5,737 Fidelity Mid Cap Index FSMDX 2,058,035 0.025 515
MFS Mid Cap Growth R6 OTCKX 1,352,388 0.660 8,926
Fidelity Small Cap Index FSSNX 1,770,716 0.025 443
Vanguard International Value Inv VTRIX 898,125 0.390 3,503 Fidelity Total International Index FTIHX 3,774,228 0.060 2,265 Vanguard International Growth Adm VWILX 866,615 0.310 2,687 Vanguard Target Retirement Income VTINX 220,030 0.080 176 Vanguard Target Retirement 2020 VTWNX 266,850 0.080 213 Vanguard Target Retirement 2025 VTTVX 1,368,644 0.080 1,095 Vanguard Target Retirement 2030 VTHRX 1,248,963 0.080 999 Vanguard Target Retirement 2035 VTTHX 2,350,648 0.080 1,881 Vanguard Target Retirement 2040 VFORX 1,205,667 0.080 965 Vanguard Target Retirement 2045 VTIVX 1,545,768 0.080 1,237 Vanguard Target Retirement 2050 VFIFX 1,426,262 0.080 1,141 Vanguard Target Retirement 2055 VFFVX 1,346,710 0.080 1,077 Vanguard Target Retirement 2060 VTTSX 360,358 0.080 288 Vanguard Target Retirement 2065 VLXVX 24,489 0.080 20
Total 56,448,130 0.178 100,254
City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of September 30, 2024
33 City of Vallejo, California | 457(b) Deferred Compensation Plan Plan Fee Analysis As of September 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
$
Quarterly Charge
$
Annual Per Participant Charge
$
Record Keeper Fees 0.025 14,133 3,533 27
Administrative Fees 0.100 56,532 14,133 107
34 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 Sep-2024

0.025% 0.025% 0.025%

0.100% 0.100% 0.100%

0.123%

0.108% 0.110%
2022
(%)
2023
(%)
Sep-2024
(%)
Total Plan Fees 0.248 0.233 0.235
Record Keeper Fees 0.025 0.025 0.025
Administrative Fees 0.100 0.100 0.100
Weighted Investment Fees 0.123 0.108 0.110
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of September 30, 2024
35 Asset-ID
Market Value
As of 09/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund R10 92208j709 40,976 0.310 127
Fidelity US Bond Index FXNAX 28,640 0.025 7
Sterling Capital Total Return Bond R6 STRDX 3,258 0.360 12 MFS Value R6 MEIKX 1,106 0.440 5
Fidelity 500 Index FXAIX 90,347 0.015 14
Vanguard US Growth Adm VWUAX 110,994 0.200 222
Allspring Special Mid Cap Value Fund WFPRX 397 0.700 3
Fidelity Mid Cap Index FSMDX 33,797 0.025 8
MFS Mid Cap Growth R6 OTCKX 3,570 0.660 24
Fidelity Small Cap Index FSSNX 826 0.025 -
Vanguard International Value Inv VTRIX 1,064 0.390 4
Fidelity Total International Index FTIHX 22,112 0.060 13 Vanguard International Growth Adm VWILX 2,359 0.310 7
Vanguard Target Retirement Income VTINX - 0.080 -
Vanguard Target Retirement 2020 VTWNX - 0.080 -
Vanguard Target Retirement 2025 VTTVX 4,631 0.080 4
Vanguard Target Retirement 2030 VTHRX 136,826 0.080 109 Vanguard Target Retirement 2035 VTTHX 26,803 0.080 21
Vanguard Target Retirement 2040 VFORX 30,597 0.080 24
Vanguard Target Retirement 2045 VTIVX 22,295 0.080 18
Vanguard Target Retirement 2050 VFIFX 8,218 0.080 7
Vanguard Target Retirement 2055 VFFVX 7,191 0.080 6
Vanguard Target Retirement 2060 VTTSX - 0.080 -
Vanguard Target Retirement 2065 VLXVX - 0.080 -
Total 576,006 0.110 635
City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of September 30, 2024
36 City of Vallejo, California | 401(a) Defined Contribution Plan Plan Fee Analysis As of September 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
$
Quarterly Charge
$
Annual Per Participant Charge
$
Record Keeper Fees 0.025 144 36 4
Administrative Fees 0.100 576 144 16
37 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 Sep-2024

1.380%

1.194% 1.113%

0.085%

0.085%

0.088%
2022
(%)
2023
(%)
Sep-2024
(%)
Total Plan Fees 1.465 1.279 1.201
Record Keeper Fees 1.380 1.194 1.113
Weighted Investment Fees 0.085 0.085 0.088
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of September 30, 2024
38 Asset-ID
Market Value
As of 09/30/2024
$
Net
Expense Ratio
(%)
Net
Estimated Expense
$
MissionSquare PLUS Fund S11 92211r318 26,612 0.310 82
Fidelity US Bond Index FXNAX 20 0.025 -
Sterling Capital Total Return Bond R6 STRDX 58 0.360 -
MFS Value R6 MEIKX 270 0.440 1
Fidelity 500 Index FXAIX 103,252 0.015 15
Vanguard US Growth Adm VWUAX 132,671 0.200 265
Allspring Special Mid Cap Value Fund WFPRX 10,867 0.700 76 Fidelity Mid Cap Index FSMDX 28,459 0.025 7
MFS Mid Cap Growth R6 OTCKX 3,762 0.660 25
Fidelity Small Cap Index FSSNX 4,444 0.025 1
Vanguard International Value Inv VTRIX - 0.390 -
Fidelity Total International Index FTIHX 29,538 0.060 18 Vanguard International Growth Adm VWILX - 0.310 -
Vanguard Target Retirement Income VTINX 6,940 0.080 6
Vanguard Target Retirement 2020 VTWNX 75,715 0.080 61
Vanguard Target Retirement 2025 VTTVX 210,532 0.080 168 Vanguard Target Retirement 2030 VTHRX 219,997 0.080 176 Vanguard Target Retirement 2035 VTTHX 241,586 0.080 193 Vanguard Target Retirement 2040 VFORX 419,144 0.080 335 Vanguard Target Retirement 2045 VTIVX 466,754 0.080 373 Vanguard Target Retirement 2050 VFIFX 548,408 0.080 439 Vanguard Target Retirement 2055 VFFVX 282,254 0.080 226 Vanguard Target Retirement 2060 VTTSX 59,348 0.080 47
Vanguard Target Retirement 2065 VLXVX 9,406 0.080 8
Total 2,880,036 0.088 2,524
City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of September 30, 2024
39 City of Vallejo, California | Retirement Health Savings Plan Plan Fee Analysis As of September 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
$
Quarterly Charge
$
Annual Per Participant Charge
$
Record Keeper Fees 1.113 32,066 8,017 49
40 City of Vallejo, California | 457(b), 401(a), and RHS Plans Plan Fee Analysis As of September 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
3Q24 $65,709 $13,325 $685 ($8,504) $71,214
*Excess revenue is deposited into the administrative allowance account in the period following the calculation. This administrative allowance account is held at MissionSquare. 41 Section 10 | Fund Attributions

Fund profile & characteristics
Fund Net Assets $10.6 Billion
Inception Date January 2, 1991
Credit Quality1 Aa3/AA-/AA
Effective Duration2 3.19
Market/Book Value Ratio 93.95%
Maturing GIC Issuers 10
Wrap Providers 7
Issuer Contracts 68
Fixed Income Managers 9
Holdings over 4,000
Sector allocation
Agencies 0.22%
Asset-Backed 8.93%
Cash & Cash Equivalents 3.49%
Credits 26.44%
Maturing GICs 19.02%
Mortgage-Backed 23.50%
Municipals 0.48%
Other 0.03%
Treasuries 11.84%
Wrap Providers 6.05%
Structure
Tier 1 - Cash Buffer 4.4%
Tier 2 - Shorter Duration Focus 10.0%
Tier 3 - Laddered Maturity Focus 19.0%
Tier 4 - Total Return Focus 66.7%
Maturity allocation
0-1 Yrs 17.8%
1-2 Yrs 11.3%
2-3 Yrs 10.9%
3-4 Yrs 10.9%
4-5 Yrs 14.1%
5+ Yrs 35.0%
Portfolio management
Investment Adviser:

MissionSquare Investments
Portfolio Managers:

Karen Chong-Wulff, CFA, CAIA, Acting Chief Investment Officer, Managed Fund Since 2007
Oliver Meng, CFA, CAIA, FRM, Acting Head of Fixed Income, Managed Fund Since 2021
Investment objective
The PLUS Fund‘s investment objective is to seek to offer a competitive level of income consistent with providing capital preservation and meeting liquidity needs.

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

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

Issuers
Traditional GIC (17.1%)
Principal Life 4.1%
Minnesota Life 4.0%
Metropolitan Tower Life 3.2%
Metropolitan Life 2.4%
United of Omaha 1.3%
New York Life 1.1%
Protective Life 0.5%
Jackson National Life 0.4%
Prudential 0.2%
Synthetic GIC (56.5%)
Pacific Life 14.3%
Transamerica Life 14.2%
Prudential 13.5%
Metropolitan Tower Life 8.1%
Principal Life 6.4%
Separate Account GIC (22.1%)
Massachusetts Mutual Life 10.4%
New York Life 9.8%
Lincoln National Life 1.9%

Performance as of 06/30/2024
Performance Crediting
Rate 3

Total
estimated
expenses Share Class/CUSIP YTD 1 Year 3 Year 5 Year 10 Year PLUS Fund (Gross) / – 3.32% 1.63% 3.29% 2.71% 2.63% 2.54% 0.21% Morningstar US CIT Stable Value Peer
Percentile4 — — 14% 14% 7% 7% —
Morningstar US CIT Stable Value Number
of Funds
4 — — 15 15 15 15 —
R105/ 92208J709 2.99% 1.48% 2.97% 2.39% 2.32% 2.23% 0.52% R95/ 92208J600 2.94% 1.45% 2.92% 2.34% 2.27% 2.17% 0.57% R85/ 92208J501 2.88% 1.42% 2.86% 2.29% 2.22% 2.12% 0.62% R75/ 92208J402 2.84% 1.40% 2.81% 2.24% 2.16% 2.07% 0.67% R5/ 92208J303 2.73% 1.35% 2.71% 2.13% 2.06% 1.97% 0.77% R3/ 92208J204 2.44% 1.20% 2.41% 1.84% 1.77% 1.67% 1.06% R1/ 92208J105 2.17% 1.07% 2.15% 1.57% 1.50% 1.41% 1.32% ICE BofA US 3 Month Treasury Bill Index — 2.63% 5.40% 3.03% 2.16% 1.51% — Morningstar US CIT Stable Value Index6,7 — 1.47% 2.99% 2.35% 2.30% 2.13% — Standard Deviation (Gross) — — 0.02 0.14 0.12 0.09 —
PLUS Fund Gross total fee is 0.21% of assets. The fees included in the gross return consist of: (i) third-party manager fees of 0.08% of assets; (ii) third-party wrap provider fees of 0.11% of assets; (iii) third-party custody fees of 0.01% of assets; and (iv) third-party acquired fund fees of 0.01% of assets. The gross return is reported in a manner consistent with stable value industry reporting practices. Fees are subject to change due to fixed income manager, wrap, allocation, or other changes. Periods greater than one year represent annualized performance and past performance, as shown, is no guarantee of future results. Current performance may be lower or higher than the performance shown. For current performance, contact MissionSquare Retirement by calling 800- 669-7400 or by visiting www.missionsq.org if you are a plan administration client, or www.investments.missionsq.org for institutions. * The PLUS Fund includes additional share classes that are made available to clients based on asset size. For additional information, please contact the MissionSquare Investment Only team by calling us at 833-747-5601 or emailing us at [email protected].

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

Fact sheetInstitutional only June 2024

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

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

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

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

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

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

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

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

2. Effective duration measures the interest rate sensitivity of the underlying portfolio. For the portion of the Fund invested in Maturing GICs, effective duration is not applicable and a duration of zero is assigned since their current values are not impacted by interest rate changes. If a duration based on weighted average maturity or cash flows is assigned to the Maturing GICs, the Fund‘s overall June 30, 2024 duration would be 3.66.

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

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

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

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

7. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2024 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

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

Fact sheet | MissionSquar e PLUS Fund FACT SHEET June 2024Institutional only MissionSquare Investments 777 N. Capitol Street, NE, Washington, DC 20002-4240 investments.missionsq.org FS7071-0000-0624
43 Fund Investment Policy
The investment seeks to provide investment results that correspond to the aggregate price and interest performance of the debt securities in the Bloomberg U.S. Aggregate Bond Index.

The fund normally invests at least 80% of the fund's assets in bonds included in the Bloomberg U.S. Aggregate Bond Index. Its manager uses statistical sampling techniques based on duration, maturity, interest rate sensitivity, security structure, and credit quality to attempt to replicate the returns of the Bloomberg U.S. Aggregate Bond Index using a smaller number of securities. The fund invests in Fidelity's central funds.

Fund Information
Fidelity U.S. Bond Index
Portfolio Manager Bettencourt,B/Munclinger,R
PM Tenure 10 Years 4 Months
Fund Style Intermediate Core Bond
Fund Family Fidelity Investments
Ticker FXNAX
Fund Inception 05/04/2011
Fund Assets $60,038 Million
Net Expense(%) 0.03 % Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.17 4.59 11.52 -1.39 0.34 1.46 1.82 5.12 0.03 04/01/1990 Benchmark 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 5.19 -
Excess -0.03 0.14 -0.05 0.00 0.01 -0.01 -0.02 -0.07 -Fund Characteristics As of 09/30/2024 Avg. Coupon 3.39 %
Avg. Effective Maturity -
Avg. Effective Duration 6.01 Years
Avg. Credit Quality AA
Yield To Maturity -
SEC Yield 3.95 %
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 5.54 -13.03 -1.79 7.80 8.48 0.01 3.50
Benchmark 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54
Excess 0.01 -0.02 -0.24 0.29 -0.24 0.00 -0.04
Quality Allocation As of 06/30/2024
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA Fund Information
2023 2022 2021 2020 2019 2018 2017
Fund Information
Fund Assets (all share classes) 57,619 Million 58,041 Million 57,683 Million 58,102 Million 48,478 Million 41,834 Million 35,860 Million Portfolio Assets 57,619 Million 58,041 Million 57,683 Million 58,102 Million 48,478 Million 36,181 Million 17,492 Million Total Number of Holdings 9343 9070 8318 2281 2090 1909 1839 Fidelity U.S. Bond Index
Benchmark: Blmbg. U.S. Aggregate Index
As of September 30, 2024
Peer Group: Intermediate Core Bond
Data Source Morningstar
44 Maturity Distribution As of 08/31/2024 Asset Allocation As of 08/31/2024 Fixed Income Sector Allocation As of 08/31/2024 Fixed Income Regional Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.4%

6.4%

93.2%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0%
Over 30 Years
20 to 30 Years
15 to 20 Years
10 to 15 Years
7 to 10 Years
5 to 7 Years
3 to 5 Years
1 to 3 Years
Under 1 Year
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Not Classified
Asia Emerging
Asia Developed
Australasia
Japan
Middle East
Africa
Europe Emerging
Europe Ex Euro
Eurozone
United Kingdom
Latin America
Canada
United States
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Options/Warrants
Futures/Forwards
Swaps
Cash Equiv
ABS
Covered Bond
CMBS
Non-Agency MBS
Agency MBS
Preferred
Corp. Bond
Convertible
Bank Loan
Muni-Tax Adv.

Muni-Taxable
Gov.-Related
Government
Fidelity U.S. Bond Index
Benchmark: Blmbg. U.S. Aggregate Index
As of September 30, 2024
Peer Group: Intermediate Core Bond
Data Source Morningstar
45 Fund Investment Policy
The investment seeks a high level of current income and a competitive total return.

The fund normally invests at least 80% of its net assets plus borrowings for investment purposes in a diversified portfolio of bonds, including: securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, corporate bonds, asset-backed securities, mortgage-backed securities, including commercial mortgage-backed securities and collateralized mortgage obligations, municipal securities, and convertible securities.

Fund Information
Sterling Capital Total Return Bond R6
Portfolio Manager Brown,P/Montgomery,M
PM Tenure 16 Years 8 Months
Fund Style Intermediate Core Bond
Fund Family Sterling Capital Funds
Ticker STRDX
Fund Inception 02/01/2018
Fund Assets $1,511 Million
Net Expense(%) 0.36 % Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.00 4.92 11.95 -1.25 0.89 1.96 2.31 4.44 0.36 01/01/2000 Benchmark 5.20 4.45 11.57 -1.39 0.33 1.47 1.84 4.10 -
Excess -0.20 0.47 0.38 0.14 0.56 0.49 0.47 0.34 -Fund Characteristics As of 09/30/2024 Avg. Coupon 4.33 %
Avg. Effective Maturity 8.68 Years
Avg. Effective Duration 6.14 Years
Avg. Credit Quality A
Yield To Maturity 5.47 %
SEC Yield 4.31 %
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 5.97 -13.15 -1.12 9.35 9.37 -0.27 4.33
Benchmark 5.53 -13.01 -1.55 7.51 8.72 0.01 3.54
Excess 0.44 -0.14 0.43 1.84 0.65 -0.28 0.79
Quality Allocation As of 06/30/2024
Fund Peer Avg

0.0% 15.0% 30.0% 45.0%
Not Rated
Below B
B
BB
BBB
A
AA
AAA Fund Information
2023 2022 2021 2020 2019 2018 2017
Fund Information
Fund Assets (all share classes) 1,458 Million 1,056 Million 1,431 Million 1,748 Million 1,621 Million 1,230 Million 1,142 Million Portfolio Assets 385 Million 249 Million 323 Million 601 Million 414 Million 286 Million - Total Number of Holdings 365 323 419 451 393 420 412
Sterling Capital Total Return Bond R6
Benchmark: Blmbg. U.S. Aggregate Index
As of September 30, 2024
Peer Group: Intermediate Core Bond
Data Source Morningstar
46 Maturity Distribution As of 07/31/2024 Asset Allocation As of 07/31/2024 Fixed Income Sector Allocation As of 07/31/2024 Fixed Income Regional Allocation As of 07/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

1.1%

4.3%

94.6%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Over 30 Years
20 to 30 Years
15 to 20 Years
10 to 15 Years
7 to 10 Years
5 to 7 Years
3 to 5 Years
1 to 3 Years
Under 1 Year
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Not Classified
Asia Emerging
Asia Developed
Australasia
Japan
Middle East
Africa
Europe Emerging
Europe Ex Euro
Eurozone
United Kingdom
Latin America
Canada
United States
Fund Peer Avg

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%
Options/Warrants
Futures/Forwards
Swaps
Cash Equiv
ABS
Covered Bond
CMBS
Non-Agency MBS
Agency MBS
Preferred
Corp. Bond
Convertible
Bank Loan
Muni-Tax Adv.

Muni-Taxable
Gov.-Related
Government
Sterling Capital Total Return Bond R6
Benchmark: Blmbg. U.S. Aggregate Index
As of September 30, 2024
Peer Group: Intermediate Core Bond
Data Source Morningstar
47 Fund Investment Policy
The investment seeks capital appreciation.

The fund normally invests the fund's assets primarily in equity securities. Equity securities include common stocks and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS focuses on investing the fund's assets in the stocks of companies the advisor believes are undervalued compared to their perceived worth (value companies).

Fund Information
Portfolio Assets : $21,424 Million Fund Family : MFS
Portfolio Manager : Cannan,K/Chitkara,N Ticker : MEIKX
PM Tenure : 18 Years 4 Months Inception Date : 05/01/2006 Fund Style : Large Value Fund Assets : $61,045 Million
Portfolio Turnover : 12%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 8.44 15.57 26.60 8.59 10.52 9.60 9.89 10.21 0.44 02/01/1996 Benchmark 9.43 16.68 27.76 9.03 10.69 9.53 9.23 9.03 -
Excess -0.99 -1.11 -1.16 -0.44 -0.17 0.07 0.66 1.18 -
Fund Characteristics As of 09/30/2024
Total Securities 74
Avg. Market Cap $119,528 Million
P/E 18.1
P/B 2.6
Div. Yield 2.3%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 8.29 -5.80 25.55 4.03 30.18 -9.78 17.86
Benchmark 11.46 -7.54 25.16 2.80 26.54 -8.27 13.66
Excess -3.17 1.74 0.39 1.23 3.64 -1.51 4.20
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 8.44 (42) 15.57 (55) 26.60 (56) 8.59 (72) 10.52 (65) 9.89 (29)¢ Benchmark 9.43 (21) 16.68 (41) 27.76 (43) 9.03 (62) 10.69 (60) 9.23 (50)˜ 5th Percentile 10.54 21.07 33.67 12.66 14.43 11.39
1st Quartile 9.26 17.85 29.45 10.79 12.34 10.01
Median 8.05 15.92 27.06 9.66 11.12 9.23
3rd Quartile 6.72 14.05 24.65 8.43 10.05 8.55
95th Percentile 4.62 9.97 20.09 5.99 7.70 7.09
Population 1,366 1,358 1,347 1,276 1,243 1,123
Top Ten Securities As of 08/31/2024
JPMorgan Chase & Co 4.8 %
Progressive Corp 3.9 %
The Cigna Group 3.2 %
Marsh & McLennan Companies Inc 2.4 %
McKesson Corp 2.4 %
Aon PLC Class A 2.4 %
ConocoPhillips 2.3 %
Johnson & Johnson 2.3 %
General Dynamics Corp 2.2 %
American Express Co 2.1 %
Total 27.9 %
MFS Value R6
Benchmark: Russell 1000 Value Index
As of September 30, 2024
Peer Group: Large Value
Data Source Morningstar
48 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.9%

6.5%

92.6%
Giant Large Medium Small Micro

14.0%15.0%

71.0%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
MFS Value R6
Benchmark: Russell 1000 Value Index
As of September 30, 2024
Peer Group: Large Value
Data Source Morningstar
49 Fund Investment Policy
The investment seeks to provide investment results that correspond to the total return performance of common stocks publicly traded in the United States.

The fund normally invests at least 80% of assets in common stocks included in the S&P 500® Index, which broadly represents the performance of common stocks publicly traded in the United States. It lends securities to earn income.

Fund Information
Portfolio Assets : $599,395 Million Fund Family : Fidelity Investments Portfolio Manager : Team Managed Ticker : FXAIX
PM Tenure : 15 Years 8 Months Inception Date : 05/04/2011 Fund Style : Large Blend Fund Assets : $599,395 Million Portfolio Turnover : 2%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.88 22.06 36.33 11.90 15.96 14.48 13.37 10.95 0.02 03/01/1988 Benchmark 6.08 21.18 35.68 10.83 15.64 14.18 13.10 11.12 - Excess -0.20 0.88 0.65 1.07 0.32 0.30 0.27 -0.17 -
Fund Characteristics As of 09/30/2024
Total Securities 508
Avg. Market Cap $315,860 Million
P/E 22.9
P/B 4.2
Div. Yield 1.5%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 26.29 -18.13 28.69 18.40 31.47 -4.40 21.81
Benchmark 26.53 -19.13 26.45 20.96 31.43 -4.78 21.69
Excess -0.24 1.00 2.24 -2.56 0.04 0.38 0.12
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 5.88 (42) 22.06 (24) 36.33 (25) 11.90 (20) 15.96 (18) 13.37 (7)¢ Benchmark 6.08 (35) 21.18 (43) 35.68 (39) 10.83 (48) 15.64 (29) 13.10 (17)˜ 5th Percentile 8.96 24.52 39.29 13.37 17.15 13.52
1st Quartile 6.41 22.02 36.32 11.73 15.72 12.89
Median 5.79 20.58 34.79 10.73 14.87 12.11
3rd Quartile 4.94 17.84 31.15 9.11 13.19 11.23
95th Percentile 3.29 12.81 23.99 6.35 10.43 9.32
Population 1,717 1,695 1,679 1,558 1,469 1,273
Top Ten Securities As of 08/31/2024
Apple Inc 6.9 %
Microsoft Corp 6.5 %
NVIDIA Corp 6.2 %
Amazon.com Inc 3.4 %
Meta Platforms Inc Class A 2.4 %
Alphabet Inc Class A 2.0 %
Berkshire Hathaway Inc Class B 1.8 %
Alphabet Inc Class C 1.7 %
Eli Lilly and Co 1.6 %
Broadcom Inc 1.5 %
Total 34.1 %
Fidelity 500 Index
Benchmark: Russell 1000 Index
As of September 30, 2024
Peer Group: Large Blend
Data Source Morningstar
50 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

0.6%

99.4%
Giant Large Medium Small Micro

46.8%

0.5%

18.0%

34.7%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Fidelity 500 Index
Benchmark: Russell 1000 Index
As of September 30, 2024
Peer Group: Large Blend
Data Source Morningstar
51 Fund Investment Policy
The investment seeks to provide long-term capital appreciation.

The fund invests mainly in large-capitalization stocks of U.S. companies considered to have above-average earnings growth potential and reasonable stock prices in comparison with expected earnings. Under normal circumstances, at least 80% of its assets will be invested in securities issued by U.S. companies.

The manager uses multiple investment advisors. It is non- diversified.

Fund Information
Portfolio Assets : $36,050 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VWUAX
PM Tenure : 13 Years 11 Months Inception Date : 08/13/2001 Fund Style : Large Growth Fund Assets : $46,170 Million Portfolio Turnover : 37%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 4.10 23.96 43.09 3.67 16.51 15.68 14.71 9.63 0.20 09/01/1961 Benchmark 3.19 24.55 42.19 12.02 19.74 18.20 16.52 - -
Excess 0.91 -0.59 0.90 -8.35 -3.23 -2.52 -1.81 - -
Fund Characteristics As of 09/30/2024
Total Securities 120
Avg. Market Cap $453,866 Million
P/E 36.4
P/B 8.7
Div. Yield 0.4%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 45.31 -39.58 12.45 58.74 33.51 0.75 31.74
Benchmark 42.68 -29.14 27.60 38.49 36.39 -1.51 30.21
Excess 2.63 -10.44 -15.15 20.25 -2.88 2.26 1.53
Trailing Returns vs Peers
-20.0

0.0 20.0

40.0 60.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 4.10 (35) 23.96 (38) 43.09 (27) 3.67 (87) 16.51 (50) 14.71 (38)¢ Benchmark 3.19 (51) 24.55 (31) 42.19 (37) 12.02 (7) 19.74 (11) 16.52 (7)˜ 5th Percentile 7.20 29.31 47.46 12.27 20.65 16.74
1st Quartile 4.83 25.36 43.25 9.96 18.03 15.19
Median 3.20 22.81 40.20 8.24 16.48 14.15
3rd Quartile 2.02 19.03 36.05 5.76 14.65 12.87
95th Percentile 0.74 13.78 28.39 -1.06 10.70 10.41
Population 1,384 1,373 1,365 1,311 1,262 1,156
Top Ten Securities As of 06/30/2024
NVIDIA Corp 10.2 %
Microsoft Corp 8.4 %
Apple Inc 8.2 %
Amazon.com Inc 7.9 %
Alphabet Inc Class C 4.7 %
Meta Platforms Inc Class A 4.2 %
Eli Lilly and Co 3.1 %
Netflix Inc 2.9 %
Broadcom Inc 2.4 %
Tesla Inc 2.0 %
Total 54.0 %
Vanguard US Growth Admiral™
Benchmark: Russell 1000 Growth Index
As of September 30, 2024
Peer Group: Large Growth
Data Source Morningstar
52 Market Capitalization As of 06/30/2024 Asset Allocation As of 06/30/2024 Sector Allocation As of 06/30/2024 Region Allocation As of 06/30/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

1.9%

3.5%

94.6%
Giant Large Medium Small Micro

0.5%

3.1%

14.1%

21.7%

60.7%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard US Growth Admiral™
Benchmark: Russell 1000 Growth Index
As of September 30, 2024
Peer Group: Large Growth
Data Source Morningstar
53 Fund Investment Policy
The investment seeks long-term capital appreciation.

The fund normally invests at least 80% of its net assets in equity securities of medium-capitalization companies. It invests principally in equity securities of medium-capitalization companies, which the manager defines as securities of companies with market capitalizations within the range of the Russell Midcap® Index at the time of purchase.

Fund Information
Portfolio Assets : $3,788 Million Fund Family : Allspring Global Investments Portfolio Manager : Tringas,J/VanCronkhite,B/Zweck,S Ticker : WFPRX PM Tenure : 15 Years 8 Months Inception Date : 06/28/2013 Fund Style : Mid-Cap Value Fund Assets : $14,237 Million Portfolio Turnover : 27%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 9.15 16.39 27.24 10.25 11.88 10.35 10.37 11.88 0.70 01/01/1999 Benchmark 10.08 15.08 29.01 7.39 10.33 8.82 8.93 9.46 - Excess -0.93 1.31 -1.77 2.86 1.55 1.53 1.44 2.42 -
Fund Characteristics As of 09/30/2024
Total Securities 66
Avg. Market Cap $20,160 Million
P/E 16.6
P/B 2.2
Div. Yield 2.0%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 9.62 -4.50 28.80 3.36 35.68 -13.02 11.27
Benchmark 12.71 -12.03 28.34 4.96 27.06 -12.29 13.34
Excess -3.09 7.53 0.46 -1.60 8.62 -0.73 -2.07
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 9.15 (49) 16.39 (17) 27.24 (39) 10.25 (18) 11.88 (28) 10.37 (7)¢ Benchmark 10.08 (23) 15.08 (31) 29.01 (24) 7.39 (71) 10.33 (53) 8.93 (42)˜ 5th Percentile 11.49 17.70 34.21 12.00 14.59 10.57
1st Quartile 9.97 15.79 28.79 9.79 11.96 9.39
Median 9.09 12.87 26.05 8.70 10.52 8.75
3rd Quartile 8.02 10.97 23.15 6.87 9.17 7.87
95th Percentile 6.13 7.89 18.81 4.51 7.66 6.21
Population 473 472 468 458 451 409
Top Ten Securities As of 08/31/2024
Allspring Government MMkt Select 4.3 %
CBRE Group Inc Class A 3.8 %
Arch Capital Group Ltd 3.3 %
AerCap Holdings NV 3.2 %
Keurig Dr Pepper Inc 3.0 %
Allstate Corp 2.8 %
Republic Services Inc 2.7 %
L3Harris Technologies Inc 2.6 %
Vulcan Materials Co 2.5 %
American Electric Power Co Inc 2.5 %
Total 30.5 %
Allspring Special Mid Cap Value R6
Benchmark: Russell Midcap Value Index
As of September 30, 2024
Peer Group: Mid-Cap Value
Data Source Morningstar
54 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

4.3%

2.1%

93.6%
Giant Large Medium Small Micro

7.9%

24.8%

67.4%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Allspring Special Mid Cap Value R6
Benchmark: Russell Midcap Value Index
As of September 30, 2024
Peer Group: Mid-Cap Value
Data Source Morningstar
55 Fund Investment Policy
The investment seeks to provide investment results that correspond to the total return of stocks of mid-capitalization United States companies.

The fund invests normally at least 80% of its assets in securities included in the Russell Midcap® Index. It lends securities to earn income.

Fund Information
Portfolio Assets : $36,379 Million Fund Family : Fidelity Investments Portfolio Manager : Team Managed Ticker : FSMDX
PM Tenure : 13 Years Inception Date : 09/08/2011
Fund Style : Mid-Cap Blend Fund Assets : $36,379 Million Portfolio Turnover : 8%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 9.20 14.63 29.29 5.76 11.30 10.48 10.19 13.18 0.03 10/01/2011 Benchmark 9.21 14.63 29.33 5.75 11.30 10.48 10.19 13.18 - Excess -0.01 0.00 -0.04 0.01 0.00 0.00 0.00 0.00 -
Fund Characteristics As of 09/30/2024
Total Securities 815
Avg. Market Cap $20,845 Million
P/E 18.6
P/B 2.6
Div. Yield 1.7%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 17.21 -17.28 22.56 17.11 30.51 -9.05 18.47
Benchmark 17.23 -17.32 22.58 17.10 30.54 -9.06 18.52
Excess -0.02 0.04 -0.02 0.01 -0.03 0.01 -0.05
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 9.20 (24) 14.63 (35) 29.29 (23) 5.76 (61) 11.30 (41) 10.19 (18)¢ Benchmark 9.21 (23) 14.63 (35) 29.33 (22) 5.75 (61) 11.30 (41) 10.19 (18)˜ 5th Percentile 11.33 20.30 36.00 10.29 13.97 11.67
1st Quartile 9.17 15.75 29.05 7.76 11.62 10.03
Median 8.03 13.33 26.81 6.59 11.09 9.42
3rd Quartile 6.98 12.08 24.82 4.45 10.11 8.24
95th Percentile 5.64 7.62 19.55 1.21 7.10 7.00
Population 497 493 483 460 428 351
Top Ten Securities As of 08/31/2024
Palantir Technologies Inc Ordinary 0.6 %
Arthur J. Gallagher & Co 0.5 %
Aflac Inc 0.5 %
D.R. Horton Inc 0.5 %
Williams Companies Inc 0.5 %
Simon Property Group Inc 0.5 %
ONEOK Inc 0.5 %
Hilton Worldwide Holdings Inc 0.5 %
Realty Income Corp 0.5 %
Bank of New York Mellon Corp 0.4 %
Total 4.9 %
Fidelity Mid Cap Index
Benchmark: Russell Midcap Index
As of September 30, 2024
Peer Group: Mid-Cap Blend
Data Source Morningstar
56 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.1%

1.7%

98.2%
Giant Large Medium Small Micro

0.4%

3.1%

0.3%

18.0%

78.2%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Fidelity Mid Cap Index
Benchmark: Russell Midcap Index
As of September 30, 2024
Peer Group: Mid-Cap Blend
Data Source Morningstar
57 Fund Investment Policy
The investment seeks capital appreciation.

The fund invests at least 80% of the fund's net assets in issuers with medium market capitalizations. MFS generally defines medium market capitalization issuers as issuers with market capitalizations similar to those of issuers included in the Russell Midcap® Growth Index over the last 13 months at the time of purchase.

Fund Information
Portfolio Assets : $7,968 Million Fund Family : MFS
Portfolio Manager : Braz,E/Fischman,E Ticker : OTCKX
PM Tenure : 15 Years 10 Months Inception Date : 01/02/2013 Fund Style : Mid-Cap Growth Fund Assets : $15,038 Million Portfolio Turnover : 30%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 4.92 13.11 27.90 1.43 10.20 12.21 12.05 8.67 0.66 01/01/1994 Benchmark 6.54 12.91 29.33 2.32 11.48 11.88 11.30 10.09 - Excess -1.62 0.20 -1.43 -0.89 -1.28 0.33 0.75 -1.42 -
Fund Characteristics As of 09/30/2024
Total Securities 92
Avg. Market Cap $27,338 Million
P/E 34.1
P/B 5.8
Div. Yield 0.6%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 21.50 -28.29 14.17 35.80 37.93 1.21 26.39
Benchmark 25.87 -26.72 12.73 35.59 35.47 -4.75 25.27
Excess -4.37 -1.57 1.44 0.21 2.46 5.96 1.12
Trailing Returns vs Peers
-20.0

0.0 20.0

40.0 60.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 4.92 (72) 13.11 (44) 27.90 (35) 1.43 (32) 10.20 (53) 12.05 (12)¢ Benchmark 6.54 (41) 12.91 (45) 29.33 (29) 2.32 (23) 11.48 (23) 11.30 (25)˜ 5th Percentile 11.32 20.75 40.07 7.54 14.90 13.25
1st Quartile 8.05 15.85 30.17 2.06 11.39 11.28
Median 6.00 12.17 26.06 -0.19 10.46 10.42
3rd Quartile 4.73 8.65 22.02 -3.15 8.76 9.42
95th Percentile 1.82 3.46 15.63 -8.91 6.08 7.59
Population 616 614 614 605 579 532
Top Ten Securities As of 08/31/2024
Monolithic Power Systems Inc 3.5 %
Howmet Aerospace Inc 3.4 %
Take-Two Interactive Software Inc 2.2 %
Bright Horizons Family Solutions 2.2 %
Verisk Analytics Inc 2.2 %
MSCI Inc 2.2 %
Tyler Technologies Inc 2.2 %
Gartner Inc 2.2 %
Spotify Technology SA 2.1 %
Wolters Kluwer NV 2.1 %
Total 24.3 %
MFS Mid Cap Growth R6
Benchmark: Russell Midcap Growth Index
As of September 30, 2024
Peer Group: Mid-Cap Growth
Data Source Morningstar
58 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

2.9%

10.0%

87.0%
Giant Large Medium Small Micro

2.0%

18.4%

10.8%

68.8%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
MFS Mid Cap Growth R6
Benchmark: Russell Midcap Growth Index
As of September 30, 2024
Peer Group: Mid-Cap Growth
Data Source Morningstar
59 Fund Investment Policy
The investment seeks to provide investment results that correspond to the total return of stocks of small-capitalization United States companies.

The fund invests normally at least 80% of its assets in securities included in the Russell 2000® Index. It lends securities to earn income.

Fund Information
Portfolio Assets : $27,450 Million Fund Family : Fidelity Investments Portfolio Manager : Team Managed Ticker : FSSNX
PM Tenure : 13 Years Inception Date : 09/08/2011
Fund Style : Small Blend Fund Assets : $27,450 Million
Portfolio Turnover : 9%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 9.27 11.21 26.84 1.97 9.48 7.47 8.93 11.67 0.03 10/01/2011 Benchmark 9.27 11.17 26.76 1.84 9.39 7.36 8.78 11.53 -
Excess 0.00 0.04 0.08 0.13 0.09 0.11 0.15 0.14 -
Fund Characteristics As of 09/30/2024
Total Securities 1,998
Avg. Market Cap $2,592 Million
P/E 15.8
P/B 1.8
Div. Yield 1.5%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 17.12 -20.27 14.71 19.99 25.71 -10.88 14.85
Benchmark 16.93 -20.44 14.82 19.96 25.53 -11.01 14.65
Excess 0.19 0.17 -0.11 0.03 0.18 0.13 0.20
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 9.27 (35) 11.21 (44) 26.84 (29) 1.97 (78) 9.48 (58) 8.93 (45)¢ Benchmark 9.27 (35) 11.17 (45) 26.76 (30) 1.84 (80) 9.39 (61) 8.78 (51)˜ 5th Percentile 10.79 17.61 33.09 9.23 13.60 10.64
1st Quartile 9.63 12.87 27.27 5.93 11.67 9.52
Median 8.86 10.87 25.44 3.90 9.93 8.82
3rd Quartile 7.57 8.97 22.79 2.16 8.75 8.06
95th Percentile 4.95 5.50 17.33 0.25 6.76 6.27
Population 709 701 696 677 662 571
Top Ten Securities As of 07/31/2024
E-mini Russell 2000 Index Future 0.9 %
Fidelity Cash Central Fund 0.8 %
Insmed Inc 0.4 %
FTAI Aviation Ltd 0.4 %
Sprouts Farmers Market Inc 0.4 %
Vaxcyte Inc Ordinary Shares 0.3 %
Applied Industrial Technologies 0.3 %
Fluor Corp 0.3 %
Fabrinet 0.3 %
SPS Commerce Inc 0.3 %
Total 4.3 %
Fidelity Small Cap Index
Benchmark: Russell 2000 Index
As of September 30, 2024
Peer Group: Small Blend
Data Source Morningstar
60 Market Capitalization As of 07/31/2024 Asset Allocation As of 07/31/2024 Sector Allocation As of 07/31/2024 Region Allocation As of 07/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.7%

98.3%
Giant Large Medium Small Micro

0.2%

2.2%

41.5%

56.1%
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Fidelity Small Cap Index
Benchmark: Russell 2000 Index
As of September 30, 2024
Peer Group: Small Blend
Data Source Morningstar
61 Fund Investment Policy
The investment seeks to provide long-term capital appreciation.

The fund invests mainly in common stocks of companies located outside the United States that are considered by one of the fund’s advisors to be undervalued. Such stocks, called value stocks, often are out of favor in periods when investors are drawn to companies with strong prospects for growth. It invests in large-, mid-, and small-capitalization companies and is expected to diversify its assets in countries across developed and emerging markets. The fund uses multiple investment advisors.

Fund Information
Portfolio Assets : $13,975 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTRIX
PM Tenure : 14 Years 4 Months Inception Date : 05/16/1983 Fund Style : Foreign Large Value Fund Assets : $13,975 Million Portfolio Turnover : 29%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 8.40 11.30 21.61 5.20 7.89 5.46 5.01 8.42 0.39 06/01/1983 Benchmark 9.26 14.40 24.04 7.49 7.79 4.87 4.28 - -
Excess -0.86 -3.10 -2.43 -2.29 0.10 0.59 0.73 - -
Fund Characteristics As of 09/30/2024
Total Securities 246
Avg. Market Cap $34,513 Million
P/E 12.3
P/B 1.6
Div. Yield 3.7%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 16.15 -11.66 7.97 8.99 20.39 -14.52 27.96
Benchmark 17.30 -8.59 10.46 -0.77 15.72 -13.97 22.66
Excess -1.15 -3.07 -2.49 9.76 4.67 -0.55 5.30
Trailing Returns vs Peers
-10.0

0.0 10.0

20.0 30.0

40.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 8.40 (36) 11.30 (74) 21.61 (59) 5.20 (81) 7.89 (53) 5.01 (39)¢ Benchmark 9.26 (22) 14.40 (25) 24.04 (23) 7.49 (41) 7.79 (56) 4.28 (68)˜ 5th Percentile 12.07 16.54 27.88 10.17 10.53 6.71
1st Quartile 9.06 14.24 23.86 8.61 9.42 5.41
Median 7.89 12.63 22.12 7.05 7.97 4.70
3rd Quartile 6.68 11.19 20.46 5.71 7.05 3.92
95th Percentile 4.78 6.95 14.61 2.06 5.57 2.83
Population 406 406 403 384 362 311
Top Ten Securities As of 06/30/2024
Tencent Holdings Ltd 2.7 %
Taiwan Semiconductor Manufacturing 2.5 %
Roche Holding AG 1.7 %
Ryanair Holdings PLC ADR 1.4 %
Alibaba Group Holding Ltd Ordinary 1.4 %
HSBC Holdings PLC 1.2 %
BP PLC 1.2 %
RELX PLC 1.2 %
Novo Nordisk A/S Class B 1.2 %
Unilever PLC 1.1 %
Total 15.5 %
Vanguard International Value Inv
Benchmark: MSCI AC World ex USA Value (Net)
As of September 30, 2024
Peer Group: Foreign Large Value
Data Source Morningstar
62 Market Capitalization As of 06/30/2024 Asset Allocation As of 06/30/2024 Sector Allocation As of 06/30/2024 Equity Regional Allocation As of 06/30/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

2.9%0.4%

3.9%

0.3%

92.5%
Giant Large Medium Small Micro

42.9%

2.3%

21.0%

33.9%
Fund Peer Avg

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%
Not Classified
Asia Emerging
Asia Developed
Australasia
Japan
Middle East
Africa
Europe Emerging
Europe Ex Euro
Eurozone
United Kingdom
Latin America
Canada
United States
Fund Peer Avg

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard International Value Inv
Benchmark: MSCI AC World ex USA Value (Net)
As of September 30, 2024
Peer Group: Foreign Large Value
Data Source Morningstar
63 Fund Investment Policy
The investment seeks to provide investment results that correspond to the total return of foreign developed and emerging stock markets.

The fund normally invests at least 80% of assets in securities included in the MSCI ACWI (All Country World Index) ex USA Investable Market Index and in depositary receipts representing securities included in the index. The MSCI ACWI (All Country World Index) ex USA Investable Market Index is a market capitalization-weighted index designed to measure the investable equity market performance for global investors of large, mid, and small-cap stocks in developed and emerging markets, excluding the U.S.

Fund Information
Portfolio Assets : $14,089 Million Fund Family : Fidelity Investments Portfolio Manager : Team Managed Ticker : FTIHX
PM Tenure : 8 Years 3 Months Inception Date : 06/07/2016 Fund Style : Foreign Large Blend Fund Assets : $14,089 Million Portfolio Turnover : 4%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 7.87 13.61 24.93 3.87 7.61 5.40 - 7.62 0.06 07/01/2016 Benchmark 8.06 14.21 25.35 4.14 7.59 5.44 5.22 7.75 -
Excess -0.19 -0.60 -0.42 -0.27 0.02 -0.04 - -0.13 -
Fund Characteristics As of 09/30/2024
Total Securities 5,064
Avg. Market Cap $34,402 Million
P/E 14.1
P/B 1.6
Div. Yield 3.3%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 15.51 -16.28 8.47 11.07 21.48 -14.38 27.63
Benchmark 15.62 -16.00 7.82 10.65 21.51 -14.20 27.19
Excess -0.11 -0.28 0.65 0.42 -0.03 -0.18 0.44
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 7.87 (32) 13.61 (36) 24.93 (41) 3.87 (61) 7.61 (57) -¢ Benchmark 8.06 (26) 14.21 (26) 25.35 (31) 4.14 (53) 7.59 (59) 5.22 (59)˜ 5th Percentile 9.75 17.50 29.24 7.03 10.73 7.30
1st Quartile 8.09 14.26 25.80 5.44 8.58 5.94
Median 7.12 12.96 24.46 4.25 7.78 5.40
3rd Quartile 5.93 11.65 22.06 3.14 7.09 4.82
95th Percentile 3.27 8.01 18.29 0.22 5.48 3.49
Population 832 828 822 781 751 599
Top Ten Securities As of 08/31/2024
Taiwan Semiconductor Manufacturing 2.2 %
Fidelity Cash Central Fund 2.0 %
MSCI EAFE Index Future Sept 24 1.6 %
Novo Nordisk AS Class B 1.4 %
ASML Holding NV 1.1 %
Tencent Holdings Ltd 1.0 %
Nestle SA 0.9 %
AstraZeneca PLC 0.8 %
Samsung Electronics Co Ltd 0.8 %
Novartis AG Registered Shares 0.7 %
Total 12.5 %
Fidelity Total International Index
Benchmark: MSCI AC World ex USA (Net)
As of September 30, 2024
Peer Group: Foreign Large Blend
Data Source Morningstar
64 Market Capitalization As of 08/31/2024 Asset Allocation As of 08/31/2024 Sector Allocation As of 08/31/2024 Equity Regional Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.6%0.0%

0.2%

99.3%
Giant Large Medium Small Micro

45.6%

0.1%

3.8%

17.8%

32.7%
Fund Peer Avg

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%
Not Classified
Asia Emerging
Asia Developed
Australasia
Japan
Middle East
Africa
Europe Emerging
Europe Ex Euro
Eurozone
United Kingdom
Latin America
Canada
United States
Fund Peer Avg

0.0% 4.0% 8.0% 12.0% 16.0% 20.0% 24.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Fidelity Total International Index
Benchmark: MSCI AC World ex USA (Net)
As of September 30, 2024
Peer Group: Foreign Large Blend
Data Source Morningstar
65 Fund Investment Policy
The investment seeks to provide long-term capital appreciation.

The fund invests mainly in the stocks of companies located outside the United States and is expected to diversify its assets in countries across developed and emerging markets. In selecting stocks, the fund's advisors evaluate foreign markets around the world and choose large-, mid-, and small-capitalization companies considered to have above-average growth potential.

The manager uses multiple investment advisors.

Fund Information
Portfolio Assets : $39,419 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VWILX
PM Tenure : 14 Years 9 Months Inception Date : 08/13/2001 Fund Style : Foreign Large Growth Fund Assets : $46,431 Million Portfolio Turnover : 14%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 7.43 15.77 28.94 -3.65 10.76 8.28 8.97 10.41 0.31 10/01/1981 Benchmark 6.92 14.06 26.75 0.81 7.09 5.77 5.97 - -
Excess 0.51 1.71 2.19 -4.46 3.67 2.51 3.00 - -
Fund Characteristics As of 09/30/2024
Total Securities 164
Avg. Market Cap $75,658 Million
P/E 23.5
P/B 3.4
Div. Yield 1.2%
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 14.81 -30.79 -0.74 59.74 31.48 -12.58 43.16
Benchmark 14.03 -23.05 5.09 22.20 27.34 -14.43 32.01
Excess 0.78 -7.74 -5.83 37.54 4.14 1.85 11.15
Trailing Returns vs Peers
-25.0
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 7.43 (32) 15.77 (18) 28.94 (31) -3.65 (86) 10.76 (7) 8.97 (8)¢ Benchmark 6.92 (35) 14.06 (35) 26.75 (45) 0.81 (46) 7.09 (60) 5.97 (58)˜ 5th Percentile 10.86 18.88 34.43 5.92 11.11 9.12
1st Quartile 7.93 15.02 29.57 3.09 9.02 7.39
Median 6.14 12.70 26.16 -0.01 7.47 6.26
3rd Quartile 4.90 10.88 23.83 -2.07 6.33 5.36
95th Percentile 2.41 7.41 19.97 -5.64 4.65 4.42
Population 469 461 460 449 422 356
Top Ten Securities As of 06/30/2024
Taiwan Semiconductor Manufacturing 5.2 %
ASML Holding NV 5.1 %
MercadoLibre Inc 4.8 %
Spotify Technology SA 3.8 %
NVIDIA Corp 3.3 %
Adyen NV 2.9 %
Atlas Copco AB Class A 2.5 %
Moderna Inc 2.3 %
PDD Holdings Inc ADR 2.2 %
Tencent Holdings Ltd 2.2 %
Total 34.3 %
Vanguard International Growth Adm
Benchmark: MSCI AC World ex USA Growth (Net)
As of September 30, 2024
Peer Group: Foreign Large Growth
Data Source Morningstar
66 Market Capitalization As of 06/30/2024 Asset Allocation As of 06/30/2024 Sector Allocation As of 06/30/2024 Equity Regional Allocation As of 06/30/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

19.2%

0.2%

1.7%

0.5%

78.4%
Giant Large Medium Small Micro

0.1%

1.8%

15.4%

28.2%

54.5%
Fund Peer Avg

0.0% 8.0% 16.0% 24.0% 32.0% 40.0%
Not Classified
Asia Emerging
Asia Developed
Australasia
Japan
Middle East
Africa
Europe Emerging
Europe Ex Euro
Eurozone
United Kingdom
Latin America
Canada
United States
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard International Growth Adm
Benchmark: MSCI AC World ex USA Growth (Net)
As of September 30, 2024
Peer Group: Foreign Large Growth
Data Source Morningstar
67 Fund Investment Policy
The investment seeks to provide current income and some capital appreciation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors currently in retirement. Its indirect bond holdings are a diversified mix of short-, intermediate-, and long-term U.S. government, U.S. agency, and investment-grade U.S. corporate bonds; inflation- protected public obligations issued by the U.S. Treasury; mortgage-backed and asset-backed securities; and government, agency, corporate, and securitized investment-grade foreign bonds issued in currencies other than the U.S. dollar.

Fund Information
Portfolio Assets : $36,539 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTINX
PM Tenure : 11 Years 7 Months Inception Date : 10/27/2003 Fund Style : Target-Date Retirement Fund Assets : $36,539 Million Portfolio Turnover : 4%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.12 8.27 16.22 2.19 4.45 4.61 4.51 5.07 0.08 11/01/2003 Benchmark 5.57 9.23 17.18 2.70 5.32 5.17 4.75 5.65 -
Excess -0.45 -0.96 -0.96 -0.51 -0.87 -0.56 -0.24 -0.58 - Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 10.74 -12.74 5.25 10.02 13.16 -1.99 8.47
Benchmark 10.07 -12.24 7.62 10.56 13.27 -2.20 8.55
Excess 0.67 -0.50 -2.37 -0.54 -0.11 0.21 -0.08Fund Characteristics As of 09/30/2024 Total Securities 7
Avg. Market Cap $95,457
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 2.71 %
Avg. Effective Maturity 7.19
Years
Avg. Effective Duration 5.47
Years
Avg. Credit Quality A
Yield To Maturity 4.63 %
SEC Yield 3.12 %
Trailing Returns vs Peers
-4.0

4.0 12.0

20.0 28.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 5.12 (47) 8.27 (66) 16.22 (62) 2.19 (47) 4.45 (51) 4.51 (34)¢ Benchmark 5.57 (18) 9.23 (36) 17.18 (50) 2.70 (24) 5.32 (7) 4.75 (19)˜ 5th Percentile 5.87 10.42 19.16 3.77 5.48 5.16
1st Quartile 5.44 9.53 18.47 2.62 4.82 4.60
Median 5.07 8.79 16.95 2.06 4.45 4.14
3rd Quartile 4.69 7.25 14.19 1.39 3.40 3.66
95th Percentile 4.52 6.57 13.30 0.89 2.80 3.08
Population 157 157 156 148 137 115
Top Ten Securities As of 08/31/2024
Vanguard Total Bond Market II Idx 36.5 %
Vanguard Total Stock Mkt Idx Instl 18.0 %
Vanguard Shrt-Term Infl-Prot Sec 16.7 %
Vanguard Total Intl Bd II Idx Insl 15.8 %
Vanguard Total Intl Stock Index 12.3 %
Total 99.3 %
Vanguard Target Retirement Income Fund
Benchmark: Morningstar Lifetime Mod Incm TR USD
As of September 30, 2024
Peer Group: Target-Date Retirement
Data Source Morningstar
68 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

17.9%

12.0%

0.0%

1.9%

0.0%

17.8%

50.4%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement Income Fund
Benchmark: Morningstar Lifetime Mod Incm TR USD
As of September 30, 2024
Peer Group: Target-Date Retirement
Data Source Morningstar
69 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2020 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $37,873 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTWNX
PM Tenure : 11 Years 7 Months Inception Date : 06/07/2006 Fund Style : Target-Date 2020 Fund Assets : $37,873 Million Portfolio Turnover : 3%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.37 9.49 18.25 2.86 6.01 5.89 5.99 6.13 0.08 07/01/2006 Benchmark 6.18 9.88 19.61 1.79 5.51 5.65 5.54 6.03 -
Excess -0.81 -0.39 -1.36 1.07 0.50 0.24 0.45 0.10 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 12.51 -14.15 8.17 12.04 17.63 -4.24 14.08
Benchmark 11.31 -16.77 9.04 13.32 17.73 -4.16 12.79
Excess 1.20 2.62 -0.87 -1.28 -0.10 -0.08 1.29Fund Characteristics As of 09/30/2024 Total Securities 7
Avg. Market Cap $95,686
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 2.78 %
Avg. Effective Maturity 7.37
Years
Avg. Effective Duration 5.59
Years
Avg. Credit Quality A
Yield To Maturity 4.65 %
SEC Yield 3 %
Trailing Returns vs Peers
-4.0

4.0 12.0

20.0 28.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 5.37 (60) 9.49 (76) 18.25 (74) 2.86 (41) 6.01 (48) 5.99 (33)¢ Benchmark 6.18 (9) 9.88 (57) 19.61 (39) 1.79 (92) 5.51 (72) 5.54 (60)˜ 5th Percentile 6.28 11.05 20.56 4.05 6.99 6.40
1st Quartile 5.66 10.52 19.96 3.14 6.47 6.07
Median 5.45 10.04 19.10 2.73 5.99 5.70
3rd Quartile 5.22 9.49 18.23 2.31 5.25 5.23
95th Percentile 4.79 8.77 17.00 1.61 4.47 4.57
Population 158 158 158 150 141 109
Top Ten Securities As of 08/31/2024
Vanguard Total Bond Market II Idx 33.6 %
Vanguard Total Stock Mkt Idx Instl 22.8 %
Vanguard Total Intl Stock Index 15.5 %
Vanguard Total Intl Bd II Idx Insl 14.6 %
Vanguard Shrt-Term Infl-Prot Sec 12.8 %
Total 99.2 %
Vanguard Target Retirement 2020 Fund
Benchmark: Morningstar Lifetime Mod 2020 TR USD
As of September 30, 2024
Peer Group: Target-Date 2020
Data Source Morningstar
70 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

22.8%

15.2%

0.0%

1.7%

0.0%

16.4%

43.9%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2020 Fund
Benchmark: Morningstar Lifetime Mod 2020 TR USD
As of September 30, 2024
Peer Group: Target-Date 2020
Data Source Morningstar
71 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2025 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $78,755 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTTVX
PM Tenure : 11 Years 7 Months Inception Date : 10/27/2003 Fund Style : Target-Date 2025 Fund Assets : $78,755 Million Portfolio Turnover : 6%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 5.85 11.26 21.13 3.68 7.09 6.73 6.74 6.78 0.08 11/01/2003 Benchmark 6.45 10.50 20.94 2.01 5.96 6.05 6.00 7.32 -
Excess -0.60 0.76 0.19 1.67 1.13 0.68 0.74 -0.54 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 14.55 -15.55 9.80 13.30 19.63 -5.15 15.94
Benchmark 12.15 -17.58 10.10 13.67 19.36 -4.90 14.54
Excess 2.40 2.03 -0.30 -0.37 0.27 -0.25 1.40Fund Characteristics As of 09/30/2024 Total Securities 7
Avg. Market Cap $95,882
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 2.93 %
Avg. Effective Maturity 7.79
Years
Avg. Effective Duration 5.86
Years
Avg. Credit Quality A
Yield To Maturity 4.68 %
SEC Yield 2.79 %
Trailing Returns vs Peers
-4.0

4.0 12.0

20.0 28.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 5.85 (28) 11.26 (25) 21.13 (26) 3.68 (18) 7.09 (26) 6.74 (17)¢ Benchmark 6.45 (2) 10.50 (58) 20.94 (31) 2.01 (94) 5.96 (74) 6.00 (56)˜ 5th Percentile 6.17 11.75 22.17 4.28 7.69 7.01
1st Quartile 5.88 11.25 21.13 3.50 7.10 6.62
Median 5.61 10.67 20.35 3.08 6.60 6.11
3rd Quartile 5.30 9.94 19.22 2.58 5.89 5.76
95th Percentile 4.69 8.65 17.09 1.87 4.17 4.48
Population 218 216 215 207 187 157
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 31.0 %
Vanguard Total Bond Market II Idx 28.6 %
Vanguard Total Intl Stock Index 21.0 %
Vanguard Total Intl Bd II Idx Insl 12.3 %
Vanguard Shrt-Term Infl-Prot Sec 6.4 %
Total 99.3 %
Vanguard Target Retirement 2025 Fund
Benchmark: Morningstar Lifetime Mod 2025 TR USD
As of September 30, 2024
Peer Group: Target-Date 2025
Data Source Morningstar
72 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

30.9%

0.0%

1.4%

0.0%

13.9%

33.2%

20.5%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2025 Fund
Benchmark: Morningstar Lifetime Mod 2025 TR USD
As of September 30, 2024
Peer Group: Target-Date 2025
Data Source Morningstar
73 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2030 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $99,058 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTHRX
PM Tenure : 11 Years 7 Months Inception Date : 06/07/2006 Fund Style : Target-Date 2030 Fund Assets : $99,058 Million Portfolio Turnover : 3%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.17 12.54 23.27 4.40 8.04 7.42 7.35 6.90 0.08 07/01/2006 Benchmark 6.73 11.42 22.56 2.62 6.74 6.66 6.62 6.70 -
Excess -0.56 1.12 0.71 1.78 1.30 0.76 0.73 0.20 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 16.03 -16.27 11.38 14.10 21.07 -5.86 17.52
Benchmark 13.33 -17.94 11.69 13.69 21.24 -5.82 16.59
Excess 2.70 1.67 -0.31 0.41 -0.17 -0.04 0.93Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $95,876
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 3.22 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.34
Years
Avg. Credit Quality A
Yield To Maturity 4.73 %
SEC Yield 2.66 %
Trailing Returns vs Peers
-4.0

4.0 12.0

20.0 28.0

36.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.17 (14) 12.54 (23) 23.27 (24) 4.40 (19) 8.04 (29) 7.35 (25)¢ Benchmark 6.73 (2) 11.42 (71) 22.56 (54) 2.62 (92) 6.74 (84) 6.62 (72)˜ 5th Percentile 6.45 13.08 23.79 5.00 8.69 7.85
1st Quartile 6.02 12.51 23.22 4.24 8.12 7.35
Median 5.81 12.02 22.65 3.80 7.59 6.93
3rd Quartile 5.52 11.26 21.42 3.33 7.00 6.49
95th Percentile 4.72 10.06 19.36 2.40 5.83 5.44
Population 224 222 221 212 190 153
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 36.8 %
Vanguard Total Bond Market II Idx 26.3 %
Vanguard Total Intl Stock Index 24.9 %
Vanguard Total Intl Bd II Idx Insl 11.3 %
Total 99.3 %
Vanguard Target Retirement 2030 Fund
Benchmark: Morningstar Lifetime Mod 2030 TR USD
As of September 30, 2024
Peer Group: Target-Date 2030
Data Source Morningstar
74 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

36.7%

0.0%

1.1%

0.0%

12.8%

25.1%

24.3%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2030 Fund
Benchmark: Morningstar Lifetime Mod 2030 TR USD
As of September 30, 2024
Peer Group: Target-Date 2030
Data Source Morningstar
75 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2035 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $104,179 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTTHX
PM Tenure : 11 Years 7 Months Inception Date : 10/27/2003 Fund Style : Target-Date 2035 Fund Assets : $104,179 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.30 13.61 24.76 5.07 8.95 8.07 7.93 7.64 0.08 11/01/2003 Benchmark 6.99 12.70 24.54 3.66 7.83 7.42 7.33 8.18 -
Excess -0.69 0.91 0.22 1.41 1.12 0.65 0.60 -0.54 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 17.14 -16.62 12.96 14.79 22.44 -6.58 19.12
Benchmark 14.84 -17.75 13.63 13.38 23.04 -6.82 18.52
Excess 2.30 1.13 -0.67 1.41 -0.60 0.24 0.60Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $96,833
Million
P/E 18.0
P/B 2.5
Div. Yield 2.2%
Avg. Coupon 3.22 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.35
Years
Avg. Credit Quality A
Yield To Maturity 4.73 %
SEC Yield 2.51 %
Trailing Returns vs Peers
-10.0

0.0 10.0

20.0 30.0

40.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.30 (19) 13.61 (50) 24.76 (62) 5.07 (33) 8.95 (47) 7.93 (34)¢ Benchmark 6.99 (1) 12.70 (77) 24.54 (66) 3.66 (90) 7.83 (91) 7.33 (74)˜ 5th Percentile 6.68 15.14 26.91 6.52 10.10 8.75
1st Quartile 6.21 14.03 25.71 5.21 9.25 8.08
Median 6.02 13.60 25.07 4.75 8.85 7.71
3rd Quartile 5.77 12.80 23.71 4.32 8.35 7.30
95th Percentile 4.78 11.29 21.29 3.29 7.35 6.46
Population 215 215 214 200 180 151
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 41.7 %
Vanguard Total Intl Stock Index 27.5 %
Vanguard Total Bond Market II Idx 21.1 %
Vanguard Total Intl Bd II Idx Insl 9.1 %
Total 99.4 %
Vanguard Target Retirement 2035 Fund
Benchmark: Morningstar Lifetime Mod 2035 TR USD
As of September 30, 2024
Peer Group: Target-Date 2035
Data Source Morningstar
76 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

41.5%

0.0%

1.2%

0.0%

10.3%

20.1%

26.9%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0% 36.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2035 Fund
Benchmark: Morningstar Lifetime Mod 2035 TR USD
As of September 30, 2024
Peer Group: Target-Date 2035
Data Source Morningstar
77 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2040 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $93,115 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VFORX
PM Tenure : 11 Years 7 Months Inception Date : 06/07/2006 Fund Style : Target-Date 2040 Fund Assets : $93,115 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.43 14.61 26.33 5.75 9.85 8.72 8.49 7.67 0.08 07/01/2006 Benchmark 7.21 14.06 26.49 4.80 8.91 8.15 7.94 7.49 -
Excess -0.78 0.55 -0.16 0.95 0.94 0.57 0.55 0.18 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 18.34 -16.98 14.56 15.47 23.86 -7.32 20.71
Benchmark 16.34 -17.37 15.35 13.09 24.35 -7.65 19.87
Excess 2.00 0.39 -0.79 2.38 -0.49 0.33 0.84Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $97,731
Million
P/E 18.1
P/B 2.5
Div. Yield 2.2%
Avg. Coupon 3.22 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.34
Years
Avg. Credit Quality A
Yield To Maturity 4.73 %
SEC Yield 2.37 %
Trailing Returns vs Peers
-10.0

0.0 10.0

20.0 30.0

40.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.43 (25) 14.61 (67) 26.33 (69) 5.75 (47) 9.85 (51) 8.49 (38)¢ Benchmark 7.21 (1) 14.06 (77) 26.49 (67) 4.80 (82) 8.91 (89) 7.94 (72)˜ 5th Percentile 6.84 17.19 29.59 7.41 11.35 9.38
1st Quartile 6.40 15.60 28.15 6.14 10.35 8.73
Median 6.15 15.01 27.20 5.64 9.87 8.26
3rd Quartile 5.89 14.12 25.81 5.07 9.27 7.84
95th Percentile 4.81 12.77 23.29 3.53 8.21 6.98
Population 218 216 215 204 184 152
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 46.4 %
Vanguard Total Intl Stock Index 30.0 %
Vanguard Total Bond Market II Idx 16.0 %
Vanguard Total Intl Bd II Idx Insl 6.9 %
Total 99.3 %
Vanguard Target Retirement 2040 Fund
Benchmark: Morningstar Lifetime Mod 2040 TR USD
As of September 30, 2024
Peer Group: Target-Date 2040
Data Source Morningstar
78 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

46.3%

0.0%

1.3%

0.0%

7.8%

15.3%

29.4%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2040 Fund
Benchmark: Morningstar Lifetime Mod 2040 TR USD
As of September 30, 2024
Peer Group: Target-Date 2040
Data Source Morningstar
79 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2045 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $91,013 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTIVX
PM Tenure : 11 Years 7 Months Inception Date : 10/27/2003 Fund Style : Target-Date 2045 Fund Assets : $91,013 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.57 15.60 27.82 6.39 10.74 9.33 8.97 8.35 0.08 11/01/2003 Benchmark 7.37 15.07 27.90 5.61 9.63 8.61 8.29 8.72 -
Excess -0.80 0.53 -0.08 0.78 1.11 0.72 0.68 -0.37 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 19.48 -17.36 16.16 16.30 24.94 -7.90 21.42
Benchmark 17.39 -17.06 16.36 12.95 24.97 -8.17 20.53
Excess 2.09 -0.30 -0.20 3.35 -0.03 0.27 0.89Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $97,338
Million
P/E 18.1
P/B 2.5
Div. Yield 2.2%
Avg. Coupon 3.21 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.35
Years
Avg. Credit Quality A
Yield To Maturity 4.74 %
SEC Yield 2.24 %
Trailing Returns vs Peers
-10.0

0.0 10.0

20.0 30.0

40.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.57 (25) 15.60 (65) 27.82 (68) 6.39 (44) 10.74 (38) 8.97 (33)¢ Benchmark 7.37 (1) 15.07 (77) 27.90 (67) 5.61 (73) 9.63 (88) 8.29 (73)˜ 5th Percentile 7.01 18.06 31.43 8.06 11.66 9.52
1st Quartile 6.56 16.40 29.33 6.66 10.92 9.10
Median 6.29 16.00 28.65 6.23 10.53 8.66
3rd Quartile 5.95 15.10 27.24 5.58 10.05 8.26
95th Percentile 4.91 13.98 25.49 4.52 9.25 7.61
Population 210 210 209 198 180 151
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 50.5 %
Vanguard Total Intl Stock Index 32.9 %
Vanguard Total Bond Market II Idx 10.9 %
Vanguard Total Intl Bd II Idx Insl 4.8 %
Total 99.2 %
Vanguard Target Retirement 2045 Fund
Benchmark: Morningstar Lifetime Mod 2045 TR USD
As of September 30, 2024
Peer Group: Target-Date 2045
Data Source Morningstar
80 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.6%

0.1%

5.4%

10.4%

32.2%

50.4%
Fund Peer Avg

0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2045 Fund
Benchmark: Morningstar Lifetime Mod 2045 TR USD
As of September 30, 2024
Peer Group: Target-Date 2045
Data Source Morningstar
81 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2050 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $77,441 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VFIFX
PM Tenure : 11 Years 7 Months Inception Date : 06/07/2006 Fund Style : Target-Date 2050 Fund Assets : $77,441 Million Portfolio Turnover : 2%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.71 16.36 28.91 6.83 11.05 9.55 9.13 8.01 0.08 07/01/2006 Benchmark 7.46 15.54 28.55 5.97 9.92 8.77 8.39 7.72 -
Excess -0.75 0.82 0.36 0.86 1.13 0.78 0.74 0.29 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 20.17 -17.46 16.41 16.39 24.98 -7.90 21.39
Benchmark 17.85 -16.91 16.60 12.91 25.09 -8.41 20.78
Excess 2.32 -0.55 -0.19 3.48 -0.11 0.51 0.61Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $96,110
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 3.21 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.36
Years
Avg. Credit Quality A
Yield To Maturity 4.74 %
SEC Yield 2.14 %
Trailing Returns vs Peers
-10.0

0.0 10.0

20.0 30.0

40.0 Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.71 (21) 16.36 (47) 28.91 (57) 6.83 (30) 11.05 (33) 9.13 (31)¢ Benchmark 7.46 (1) 15.54 (75) 28.55 (67) 5.97 (68) 9.92 (89) 8.39 (76)˜ 5th Percentile 7.10 18.38 32.70 8.43 11.67 9.62
1st Quartile 6.65 16.81 29.96 6.98 11.16 9.19
Median 6.28 16.33 29.12 6.40 10.74 8.81
3rd Quartile 5.95 15.52 28.04 5.72 10.28 8.42
95th Percentile 4.95 14.47 26.51 4.77 9.52 7.76
Population 214 213 212 201 183 151
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 53.6 %
Vanguard Total Intl Stock Index 36.0 %
Vanguard Total Bond Market II Idx 6.6 %
Vanguard Total Intl Bd II Idx Insl 3.0 %
Total 99.2 %
Vanguard Target Retirement 2050 Fund
Benchmark: Morningstar Lifetime Mod 2050 TR USD
As of September 30, 2024
Peer Group: Target-Date 2050
Data Source Morningstar
82 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.7%

0.1%

3.3%

6.3%

35.2%

53.4%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2050 Fund
Benchmark: Morningstar Lifetime Mod 2050 TR USD
As of September 30, 2024
Peer Group: Target-Date 2050
Data Source Morningstar
83 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2055 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $52,016 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VFFVX
PM Tenure : 11 Years 7 Months Inception Date : 08/18/2010 Fund Style : Target-Date 2055 Fund Assets : $52,016 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.73 16.37 28.92 6.84 11.05 9.54 9.11 10.71 0.08 09/01/2010 Benchmark 7.52 15.60 28.66 5.98 9.93 8.74 8.36 9.93 -
Excess -0.79 0.77 0.26 0.86 1.12 0.80 0.75 0.78 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 20.16 -17.46 16.44 16.32 24.98 -7.89 21.38
Benchmark 17.90 -16.93 16.50 12.91 25.05 -8.57 20.95
Excess 2.26 -0.53 -0.06 3.41 -0.07 0.68 0.43Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $96,160
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 3.21 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.36
Years
Avg. Credit Quality A
Yield To Maturity 4.74 %
SEC Yield 2.14 %
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.73 (25) 16.37 (53) 28.92 (63) 6.84 (33) 11.05 (38) 9.11 (38)¢ Benchmark 7.52 (1) 15.60 (79) 28.66 (69) 5.98 (71) 9.93 (91) 8.36 (83)˜ 5th Percentile 7.09 18.88 33.92 8.94 11.76 9.73
1st Quartile 6.73 16.87 30.01 7.00 11.28 9.25
Median 6.29 16.40 29.27 6.44 10.85 8.86
3rd Quartile 5.97 15.71 28.15 5.79 10.44 8.49
95th Percentile 5.03 14.66 26.72 4.93 9.64 8.05
Population 209 209 208 198 180 140
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 53.6 %
Vanguard Total Intl Stock Index 36.0 %
Vanguard Total Bond Market II Idx 6.7 %
Vanguard Total Intl Bd II Idx Insl 3.0 %
Total 99.3 %
Vanguard Target Retirement 2055 Fund
Benchmark: Morningstar Lifetime Mod 2055 TR USD
As of September 30, 2024
Peer Group: Target-Date 2055
Data Source Morningstar
84 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.6%

0.1%

3.4%

6.4%

35.2%

53.5%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 6.0% 12.0% 18.0% 24.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2055 Fund
Benchmark: Morningstar Lifetime Mod 2055 TR USD
As of September 30, 2024
Peer Group: Target-Date 2055
Data Source Morningstar
85 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2060 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $29,576 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VTTSX
PM Tenure : 11 Years 7 Months Inception Date : 01/19/2012 Fund Style : Target-Date 2060 Fund Assets : $29,576 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.72 16.37 28.93 6.84 11.05 9.55 9.11 10.22 0.08 02/01/2012 Benchmark 7.57 15.55 28.62 5.91 9.87 8.66 8.28 9.28 -
Excess -0.85 0.82 0.31 0.93 1.18 0.89 0.83 0.94 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 20.18 -17.46 16.44 16.32 24.96 -7.87 21.36
Benchmark 17.86 -16.98 16.33 12.89 24.96 -8.69 21.06
Excess 2.32 -0.48 0.11 3.43 0.00 0.82 0.30Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $96,110
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 3.21 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.36
Years
Avg. Credit Quality A
Yield To Maturity 4.74 %
SEC Yield 2.14 %
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.72 (25) 16.37 (53) 28.93 (62) 6.84 (32) 11.05 (40) 9.11 (60)¢ Benchmark 7.57 (1) 15.55 (80) 28.62 (69) 5.91 (73) 9.87 (92) 8.28 (94)˜ 5th Percentile 7.07 19.30 35.11 9.29 11.95 9.75
1st Quartile 6.70 16.93 30.03 7.04 11.32 9.46
Median 6.29 16.39 29.26 6.39 10.85 9.15
3rd Quartile 5.97 15.73 28.25 5.78 10.42 8.85
95th Percentile 4.96 14.63 27.03 4.95 9.71 8.10
Population 209 209 208 198 171 43
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 53.6 %
Vanguard Total Intl Stock Index 36.0 %
Vanguard Total Bond Market II Idx 6.6 %
Vanguard Total Intl Bd II Idx Insl 3.0 %
Total 99.2 %
Vanguard Target Retirement 2060 Fund
Benchmark: Morningstar Lifetime Mod 2060 TR USD
As of September 30, 2024
Peer Group: Target-Date 2060
Data Source Morningstar
86 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.7%

0.1%

3.3%

6.3%

35.2%

53.4%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0% 75.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2060 Fund
Benchmark: Morningstar Lifetime Mod 2060 TR USD
As of September 30, 2024
Peer Group: Target-Date 2060
Data Source Morningstar
87 Fund Investment Policy
The investment seeks to provide capital appreciation and current income consistent with its current asset allocation.

The fund invests in a mix of Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2065 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.

Fund Information
Portfolio Assets : $8,843 Million Fund Family : Vanguard Portfolio Manager : Team Managed Ticker : VLXVX
PM Tenure : 7 Years 2 Months Inception Date : 07/12/2017 Fund Style : Target-Date 2065+ Fund Assets : $8,843 Million Portfolio Turnover : 1%
Trailing Performance
QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception Expense Ratio
Inception
Date
Manager 6.74 16.39 28.95 6.87 11.04 9.53 - 9.66 0.08 08/01/2017 Benchmark 7.62 15.46 28.51 5.81 9.79 8.47 8.21 8.61 -
Excess -0.88 0.93 0.44 1.06 1.25 1.06 - 1.05 -
Calendar Year Performance
2023 2022 2021 2020 2019 2018 2017
Manager 20.15 -17.39 16.46 16.17 24.96 -7.95 -
Benchmark 17.78 -17.00 16.10 12.88 24.74 -9.25 21.06
Excess 2.37 -0.39 0.36 3.29 0.22 1.30 -Fund Characteristics As of 09/30/2024 Total Securities 6
Avg. Market Cap $96,158
Million
P/E 18.0
P/B 2.4
Div. Yield 2.2%
Avg. Coupon 3.21 %
Avg. Effective Maturity 8.55
Years
Avg. Effective Duration 6.36
Years
Avg. Credit Quality A
Yield To Maturity 4.74 %
SEC Yield 2.14 %
Trailing Returns vs Peers
-10.0

5.0 20.0

35.0 50.0
Return
QTD YTD 1 Year 3 Years 5 Years 10 Years
Manager 6.74 (23) 16.39 (56) 28.95 (61) 6.87 (34) 11.04 (56) -¢ Benchmark 7.62 (1) 15.46 (83) 28.51 (71) 5.81 (73) 9.79 (100) 8.21 (-)˜ 5th Percentile 7.05 20.01 35.89 9.73 11.92 -
1st Quartile 6.65 17.05 30.12 7.25 11.53 -
Median 6.20 16.46 29.27 6.45 11.16 -
3rd Quartile 6.00 15.93 28.27 5.77 10.71 -
95th Percentile 5.61 14.41 26.26 4.91 10.03 -
Population 246 202 201 153 35 0
Top Ten Securities As of 08/31/2024
Vanguard Total Stock Mkt Idx Instl 53.6 %
Vanguard Total Intl Stock Index 35.9 %
Vanguard Total Bond Market II Idx 6.6 %
Vanguard Total Intl Bd II Idx Insl 3.0 %
Total 99.1 %
Vanguard Target Retirement 2065 Fund
Benchmark: Morningstar Lifetime Mod 2065 TR USD
As of September 30, 2024
Peer Group: Target-Date 2065+
Data Source Morningstar
88 Fixed Income Sector Allocation As of 08/31/2024 Asset Allocation As of 08/31/2024 Equity Sector Allocation As of 08/31/2024 Region Allocation As of 08/31/2024 US Stock Non-US Stock US Bond Non-US Bond
Other Cash Preferred Convertible

0.0%

1.8%

0.1%

3.3%

6.3%

35.2%

53.4%
Fund Peer Avg

0.0% 15.0% 30.0% 45.0% 60.0%
Other
Cash & Equiv
Securitized
Corporate
Municipal
Government
Fund Peer Avg

0.0% 20.0% 40.0% 60.0% 80.0% 100.0%
Emerging Market
Developed Country
Fund Peer Avg

0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0%
Real Estate
Utilities
Comm.

Technology
Financials
Health Care
Con Staples
Con Disc
Industrials
Materials
Energy
Vanguard Target Retirement 2065 Fund
Benchmark: Morningstar Lifetime Mod 2065 TR USD
As of September 30, 2024
Peer Group: Target-Date 2065+
Data Source Morningstar
89 Important Disclosures:

The material in this Report is intended solely for the use of the persons to whom it has been delivered. This information is being provided as a part of the services you receive from your Hyas Group Consultant and does not supersede or replace your customer account statement provided by your custodian (“Custodial Statement”). Information in this Report may vary from the information in your Custodial Statement as a result of differences in accounting procedures, reporting dates, or valuation methodologies of certain securities. The market values reflected in this Report may vary slightly from the market values in your Custodial Statement. The information in this Report is as of the date(s) noted and subject to daily market fluctuation.

Sources of Information. Material in this Report has been obtained from sources that we believe to be reliable, but we do not guarantee its accuracy, completeness, or timeliness. The performance produced herein is calculated utilizing custodian data downloads and manually entered material. Although we take every precaution to ensure accuracy, we are not able to guarantee complete accuracy.

No Tax or Legal Advice. When Hyas Group, its affiliates and Hyas Group Consultants provide “investment advice” regarding a retirement or welfare benefit plan account, an individual retirement account or a Coverdell education savings account (“Retirement Account”), Hyas Group is a “fiduciary” as those terms are defined under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and/or the Internal Revenue Code of 1986 (the “Code”), as applicable. When Hyas Group provides investment education or otherwise does not provide “investment advice”, Hyas Group will not be considered a “fiduciary” under ERISA and/or the Code. Tax laws are complex and subject to change. Hyas Group does not provide tax or legal advice.

Key Asset Class Risk Disclosures. Investing involves market risk, including possible loss of principal. Please refer to Hyas Group’s Form ADV Brochure for more information about the risks associated with certain investment products. The Hyas Group’s Form ADV Brochure is available upon request.

ALL MUTUAL FUND PRODUCTS AND EXCHANGE-TRADED FUNDS ARE SOLD BY PROSPECTUS, WHICH CONTAINS MORE COMPLETE INFORMATION ABOUT A FUND, ITS EXPENSES AND MATERIAL RISKS RELATED TO THAT FUND’S INVESTMENT STRATEGY.

PLEASE CONTACT YOUR HYAS GROUP CONSULTANT FOR A COPY OF A FUND’S PROSPECTUS.

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Performance. Performance results illustrated herein do not reflect a deduction of any investment advisory fees charged by Hyas Group or any investment manager but do include the fund’s internal expenses. Performance results are annualized for time periods greater than one year and include all cash and cash equivalents, realized and unrealized capital gains and losses, and dividends, interest, and income. The investment results depicted herein represent historical performance. As a result of recent market activity, current performance may vary from the figures shown. Past performance is not a guarantee of future results.

The underlying fund’s internal expenses (also known as the expense ratio) generally covers investment management fees, marketing, and distribution fees (also known as 12b-1 fees) and other operating expenses of the fund. The expense ratios being displayed for mutual funds reflect each fund's prospectus "net" expenses as provided by Morningstar. Such "net" expenses are subject to change and may increase at any time.

To learn more about the Hyas Group advisory services, please see the Hyas Group ADV Brochure for more information. It is available from your Hyas Group Consultant.

Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund by visiting the fund company website. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total 90 returns include reinvestment of dividends and capital gains and are net of all fund fees and expenses.

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

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

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

The "Investment Policy Statement Compliance Report" indicates funds that are on the Plan's Watch List, as based on investment monitoring criteria which is provided to Hyas Group by the plan sponsor. The plan sponsor should inform its Hyas Group Consultant of any changes to the plan's investment policy.

Fund data provided by Morningstar.

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

Peer Groups are used for comparison purposes to compare and illustrate a clients investment portfolio versus its peer across various quantitative metrics like performance and risk. Peer Group comparison is conceptually another form of benchmark comparison whereby the actual investment can be ranked versus its peer across various quantitative metrics. All Peer Group data are provided by Investment Metrics, LLC. The URL below provides all the definitions and methodology about the various Peer Groups https://www.invmetrics.com/style-peer-groups Peer Group Ranking Methodology. A percentile rank denotes the value of a product in which a certain percent of observations falls within a peer group. The range of percentile rankings is between 1 and 100, where 1 represents a high statistical value and 100 represents a low statistical value. The 30th percentile, for example, is the value in which 30% of the highest observations may be found, the 65th percentile is the value in which 65% of the highest observations may be found, and so on.

Percentile rankings are calculated based on a normalized distribution ranging from 1 to 100 for all products in each peer group, where a ranking of 1 denotes a high statistical value and a ranking of 100 denotes a low statistical value. It is important to note that the same ranking methodology applies to all statistics, implying that a ranking of 1 will always mean highest value across all statistics.

For example, consider a risk/return assessment using standard deviation as a measure of risk. A percentile ranking equal to 1 for return denotes highest return, whereas a percentile ranking of 1 for standard deviation denotes highest risk among peers.

In addition, values may be used to demonstrate quartile rankings. For example, the third quartile is also known as the 75th percentile, and the median is the 50th percentile.

Hyas Group is a separate business unit within Morgan Stanley Institutional Advisors LLC. 91 City of Vallejo, California
Sample Goals and Objectives

Investments with returns that beat the market
Conduct an employee survey every two years to find out what is good and what needs fixing Provide opportunity for all investors
100% participation rate regardless risk tolerance and/or knowledge Make sure there is something for everyone
Advisory services to assist participants offered through the record keeper Too many investment options (choice) may not be good
Looking for security that investments will grow
Build a strong plan
Enhance match as opposed to paying fees
Reduce or eliminate roll-outs and encourage roll-ins
Would like a diverse investment group with healthy returns Would like to see consistency and education
Compliance with best practices and law
Would like to see committee involved and understand responsibilities (know the documents, understand market climate get and stay educated through regular training at committee level) Would like to communicate regularly with participants
Noted a huge group of long-tenured employees will be courted by outside advisors to roll-out Wants to see participation rate go up
Would like to analyze the non-participant data: are they new? Thinks employees view CalPERS as the plan and the 457 as the supplement Like to see more education
Current tools seemed to be geared for highly knowledgeable; she wants tools for all Worries about the number of funds and loads
Do all the target date fund vintages mean something? Are they necessary? On admin side, worries about compliance, best practices and wants to make sure processes are in place Likes fiduciary knowledgeable committee
More participation but that may mean more education around deferred compensation We can probably do more/better education
Get as many people to participate
With changes to CalPERS and different tiers, deferred comp is more important Education may be a goal in and of itself but it may be a subset of increasing participation Find out why employees are not participating
Have education around budgeting and benefits of saving as much as possible Funds should outperform benchmarks over market cycle
Target education around CalPERS and their tiers as well as different life stages Look at participation but also retirement readiness in general for all employees

Investment Policy Statement
Meet regularly to monitor lineup and investment options Select a broad array of investment options providing different levels of risk and historical return Options must represent major asset classes and represent both growth and value in equity classes Committee will select options based generally upon administrative, pricing and other agreeable criteria, that have competitive expense ratios, that are offered by companies that have a reputation as being among the industry’s leaders and must have at least three years of history

Active funds should beat their respective benchmarks by the fees they are charging over a market cycle Passive funds should track their respective benchmarks minus the fees they are charging over a market cycle Terminate a fund when it is no longer appropriate to hold the option in the plan Review and update the IPS on a regular basis

Fiduciary Standards
Follow duty of loyalty: Make decisions that benefit participants and beneficiaries Follow duty of prudence: follow a prudent process
Follow plan documents: know the contents and update them when appropriate Duty to diversify: offer a broad menu from a risk and return standpoint Duty to monitor investments and fees

Generally, the basic functions and responsibilities are covered above but include:
 Fiduciary review of investments
 Fiduciary review of service providers
 Authorize changes to investments
 Authorize changes to investment providers
 Create or approve design of education/counseling programs  Review and approval of hardship withdrawal requests
 Monitoring of fees and expenses
 Design the plan and fee allocation to be fair to all participants  Establish appropriate rules and policies for participants  Enforce plan rules consistently
 Communicate rules, policies and amendments to participants  Review plan documents at least annually to ensure compliance  Review trust, custodial and other service agreements regularly  Establish roles, rules and procedures for Committee functions  Follow a prudent process when making decisions
 Select and train qualified people to serve on Committee  Hold regular meetings
 Document decisions and keep minutes of fiduciary meetings  Create an Investment Policy Statement (IPS) that reflects the plan objective and clarifies the responsibilities of all parties
 Determine types of investment options to be offered:
 Number of asset classes
 Diversification
 Target-date funds
 Managed accounts
 Develop criteria for selecting, monitoring and removing investments and investment managers/advice providers
 Set guidelines for appropriate actions
 All contracts should be in best interest of plan participants  Competitive bid or search process should be based on objective criteria  Follow a prudent process and be able to justify contract awards  Establish appropriate performance standards
 Evaluate contractors regularly
 Have reasonable basis for determining appropriateness of provider