COUNTY OF SAN BERNARDINO Combined Retirement and RMT Plans December 31, 2020 Performance Report
COUNTY OF SAN BERNARDINO Combined Retirement and RMT Plans
December 31, 2020 Performance Report
TABLE OF CONTENTS
Section 1 Market Overview
Section 2 Plan ReviewsAll Plans – Combined County of San Bernardino 457 Deferred Compensation Plan County of San Bernardino 401(a) Defined Contribution Plan County of San Bernardino 401(k) Defined Contribution Plan County of San Bernardino PST Deferred Compensation Retirement Plan County of San Bernardino Retirement Medical Trust
Section 3 Fund Performance Section 4 Plan Fee Review
All Plans – Combined County of San Bernardino 457 Deferred Compensation Plan County of San Bernardino 401(a) Defined Contribution Plan County of San Bernardino 401(k) Defined Contribution Plan County of San Bernardino PST Deferred Compensation Retirement Plan County of San Bernardino Retirement Medical Trust
Section 5 Fund Attribution
Section 1
1
2
Recent 5-Yr High 5-Yr Low 5-Yr Avg. Date Recent 5-Yr High 5-Yr Low % Off Peak Date-140,000 4,781,000 -20,787,000 1,217 Dec-20 $2.17 $2.88 $1.79 -24.6% Dec-20
6.7% 14.7% 3.5% 5.0% Dec-20 $47.02 $70.98 $16.55 -33.8% Dec-20
16.1 19.9 4.0 10.4 Dec-20 235.5 235.5 183.0 28.7%* Oct-20
$29.81 $30.03 $25.38 $27.27 Dec-20 519.8 523.6 454.6 14.3%* Dec-20Source: Federal Reserve Bank of St. Louis and Bureau of Labor Statistics *% Off Low
Gas: Price per Gallon
Spot Oil
Case-Shiller Home Price Index
Labor Market Statistics (Monthly) Other Prices and Indexes (Monthly)
Key: Economic Series Year-Over-Year Change
Average Hourly Earnings Medical Care CPI
4Q2020 Economic Data
CategoryJobs Added/Lost Monthly
Unemployment Rate
Median Unemployment Length (Weeks)
Category
-12%-9%-6%-3%0%3%6%9%12%
$16,000
$17,000
$18,000
$19,000
$20,000
1Q16 4Q16 3Q17 2Q18 1Q19 4Q19 3Q20
YoY % Change$ Billion Gross Domestic Product
-5
0
5
10
15
-5
0
5
10
15
Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
YoY Change (%)% Unemployment Rate
-60%
-40%
-20%
0%
20%
40%
60%
$1,200
$1,450
$1,700
$1,950
$2,200
1Q16 4Q16 3Q17 2Q18 1Q19 4Q19 3Q20
YoY % Change$ Billion Corporate Profits
-4%
-2%
0%
2%
4%
6%
8%
210
230
250
270
Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19 Dec-19 Jun-20 Dec-20
YoY % ChangeIndex Consumer Price Index
3
Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.90-Day T-Bill 0.02% 0.37% 0.37% 1.48% 1.14% 0.60%BBgBarc US Aggregate 0.67% 7.51% 7.51% 5.34% 4.44% 3.84%BBgBarc Short US Treasury 0.03% 0.95% 0.95% 1.76% 1.32% 0.73%BBgBarc Int. US Treasury -0.23% 5.77% 5.77% 4.12% 2.90% 2.50%BBgBarc Long US Treasury -3.00% 17.70% 17.70% 9.88% 7.85% 7.80%BBgBarc US TIPS 1.62% 10.99% 10.99% 5.92% 5.08% 3.81%BBgBarc US Credit 2.79% 9.35% 9.35% 6.80% 6.44% 5.40%BBgBarc US Mortgage-Backed 0.24% 3.87% 3.87% 3.71% 3.05% 3.01%BBgBarc US Asset-Backed 0.36% 4.52% 4.52% 3.60% 2.87% 2.59%BBgBarc US 20-Yr Municipal 2.64% 6.19% 6.19% 5.47% 4.85% 5.96%BBgBarc US High Yield 6.45% 7.11% 7.11% 6.24% 8.59% 6.80%BBgBarc Global 3.28% 9.20% 9.20% 4.85% 4.79% 2.83%BBgBarc International 5.09% 10.11% 10.11% 4.23% 4.89% 1.99%BBgBarc Emerging Market 4.50% 6.52% 6.52% 5.53% 6.91% 6.01%
4Q2020 Bond Market Data
0.08% 0.09% 0.09% 0.10% 0.13% 0.17%0.36%
0.65%0.93%
1.45%1.65%
1.48% 1.55% 1.60% 1.59% 1.58% 1.62% 1.69%1.83% 1.92%
2.25%2.39%
0.00%
1.00%
2.00%
3.00%
4.00%
1 mo 3 mo 6 mo 1 yr 2 yr 3 yr 5 yr 7 yr 10 yr 20 yr 30 yr
US Treasury Yield Curve
12/31/2020 12/31/2019
0%
0%
0%
20%
13%
4%
63%
0% 30% 60% 90%
NR
B>
BB
BBB
A
AA
AAA
BBgBarc US Aggregate IndexCredit Quality
20%
16%
11%
10%
4%
5%
31%
2%
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
BBgBarc US Aggregate IndexMaturity Breakdown
Duration 6.68 yrs.Average Credit Quality A
Source: Morningstar Source: Morningstar Source: Morningstar Source: Federal Reserve / Bank of America
Source: Department of US Treasury
8.03
1.30
0.55
10.08
1.3
0.52
0.00 5.00 10.00 15.00
CCC
BBB
AAA
US Corporate Credit Spreads1 Yr. Ago Qtr End
1%
1%
0%
22%
29%
1%
46%
0% 50%
Other
CMBS
Non-Agency MBS
Agency MBS
Corporate
Municipal
US Government
BBgBarc US Aggregate IndexSector Breakdown
4
Wgt. Sector QTR YTD 1 yr.2% Energy 27.77% -33.68% -33.68% Index QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs.10% Financials 23.22% -1.69% -1.69% S&P 500 12.15% 18.40% 18.40% 14.18% 15.22% 13.88%8% Industrials 15.68% 11.06% 11.06% Russell 1000 Value 16.25% 2.80% 2.80% 6.07% 9.74% 10.50%3% Materials 14.47% 20.73% 20.73% Russell 1000 Growth 11.39% 38.49% 38.49% 22.99% 21.00% 17.21%11% Communication Services 13.82% 23.61% 23.61% Russell Mid Cap 19.91% 17.10% 17.10% 11.61% 13.40% 12.41%
28% Information Technology 11.81% 43.89% 43.89% Russell Mid Cap Value 20.43% 4.96% 4.96% 5.37% 9.73% 10.49%13% Consumer Discretionary 8.04% 33.30% 33.30% Russell Mid Cap Growth 19.02% 35.59% 35.59% 20.50% 18.66% 15.04%13% Health Care 8.03% 13.45% 13.45% Russell 2000 31.37% 19.96% 19.96% 10.25% 13.26% 11.20%3% Utilities 6.54% 0.48% 0.48% Russell 2000 Value 33.36% 4.63% 4.63% 3.72% 9.65% 8.66%7% Consumer Staples 6.35% 10.75% 10.75% Russell 2000 Growth 29.61% 34.63% 34.63% 16.20% 16.36% 13.48%2% Real Estate 4.94% -2.17% -2.17% Russell 3000 14.68% 20.89% 20.89% 14.49% 15.43% 13.79%
Wgt. Sector QTR YTD 1 yr. DJ US Select REIT 12.92% -11.20% -11.20% 1.54% 3.00% 7.56%17% Information Technology 34.90% 36.24% 36.24%15% Financials 32.83% -1.63% -1.63%1% Energy 31.35% -38.32% -38.32%2% Communication Services 25.90% 5.38% 5.38%14% Consumer Discretionary 22.44% 30.99% 30.99%18% Industrials 21.64% 16.49% 16.49%6% Materials 21.19% 10.65% 10.65%9% Real Estate 19.25% -11.94% -11.94%11% Health Care 19.02% 30.27% 30.27%3% Utilities 13.85% -13.87% -13.87%4% Consumer Staples 12.04% 22.23% 22.23%
Wgt. Sector QTR YTD 1 yr.3% Energy 46.52% -39.84% -39.84%6% Materials 46.04% 22.68% 22.68%15% Information Technology 41.72% 27.81% 27.81%16% Financials 33.76% -8.35% -8.35%15% Consumer Discretionary 29.54% 28.74% 28.74%12% Health Care 28.50% 31.54% 31.54%18% Industrials 27.65% 11.97% 11.97%3% Communication Services 23.24% 19.76% 19.76%8% Real Estate 21.99% -9.99% -9.99%4% Consumer Staples 19.24% 11.14% 11.14%2% Utilities 15.50% -10.70% -10.70%
4Q2020 US Equity Market DataS&
P M
idca
p 40
0 In
dex
S&P
Small
cap
600
Inde
x
Sectors Weights/Returns (ranked by quarter performance) Index Performance Data
S&P
500
Inde
x
Annualized
19.2
2%
1.56%
-3.9
3%
-1.9
6%
-2.6
8%
1.56%
-5.9
6%
-6.6
3%
-7.18
%
9.35
%
-40%
-20%
0%
20%
40%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2020 2019 2018 2017 2016
Small Cap (Russell 2000) - Large Cap (S&P 500)Performance Spread
-4.8
0%
35.3
9%
16.6
1%
10.9
3%
6.57
%
35.3
9%
9.59
%
6.46
%
16.3
9%
-11.0
1%
-40%
-20%
0%
20%
40%
60%
QTR 1 yr. 3 yrs. 5 yrs. 10 yrs. 2020 2019 2018 2017 2016
Growth (Russell 3000 Growth) - Value (Russell 3000 Value)Performance Spread
Small Beating Large
Large Beating Small
Growth Beating Value
Value Beating Growth
5
Index Performance Data (net) Top 10 Countries (MSCI AC World ex-USA)
Index (US$) QTR YTD 1 yr. 3 yrs. 5 yrs. 10 yrs. Japan 16%MSCI ACWI ex-US 17.01% 10.65% 10.65% 4.88% 8.93% 4.92% China 12%MSCI EAFE 16.05% 7.82% 7.82% 4.28% 7.45% 5.51% UK 9%Europe 15.61% 5.38% 5.38% 3.55% 6.78% 5.32% France 7%
United Kingdom 16.94% -10.47% -10.47% -2.38% 2.60% 3.03% Canada 6%Germany 11.48% 11.55% 11.55% 1.59% 6.59% 5.48% Switzerland 6%France 20.36% 4.07% 4.07% 4.51% 9.04% 5.86% Germany 6%
Pacific 16.72% 11.93% 11.93% 5.50% 8.80% 5.95% South Korea 5%Japan 15.26% 14.48% 14.48% 6.06% 8.65% 6.50% Australia 4%Hong Kong 15.46% 5.82% 5.82% 2.48% 8.43% 6.48% Taiwan 4%Australia 22.89% 8.73% 8.73% 5.56% 9.47% 4.47%
Canada 13.92% 5.32% 5.32% 3.60% 9.96% 2.21%MSCI EM 19.70% 18.31% 18.31% 6.17% 12.81% 3.63%MSCI EM Latin America 34.82% -13.80% -13.80% -1.83% 8.93% -3.44%MSCI EM Asia 18.86% 28.38% 28.38% 8.98% 14.43% 6.57%MSCI EM Eur/Mid East 14.33% -7.60% -7.60% 0.45% 7.49% -2.38%MSCI ACWI Value ex-US 20.42% -0.77% -0.77% -0.41% 5.70% 2.78%MSCI ACWI Growth ex-US 13.92% 22.20% 22.20% 10.02% 11.97% 6.94%MSCI ACWI Sm Cap ex-US 18.56% 14.24% 14.24% 4.59% 9.37% 5.95%
Exchange Rates QTR 3Q20 2Q20 1Q20 4Q19 3Q19Japanese Yen 103.19 105.58 107.77 107.53 108.67 108.11Euro 0.82 0.85 0.89 0.91 0.89 0.92British Pound 0.73 0.77 0.81 0.80 0.75 0.81Swiss Franc 0.88 0.92 0.95 0.96 0.97 1.00Chinese Yuan 6.53 6.79 7.07 7.08 6.96 7.15
4Q2020 International Market Data
16.05%
7.82%
4.28%
7.45%
11.35%
0.84%
2.98%
5.80%
0% 10% 20%
QTR
1 yr
3 yrs
5 yrs
MSCI EAFE Index Return
Local US$
19.70%
18.31%
6.17%
12.81%
16.02%
19.12%
8.14%
12.61%
0% 10% 20%
QTR
1 yr
3 yrs
5 yrs
MSCI Emerging Index ReturnLocal US$
1.5%
3.6%
-0.3%
0.4% 1.0%
-2%
0%
2%
4%
6%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex USLarge v. Small Cap
Performance Spread
-6.5%
23.0%10.4% 6.3% 4.2%
-20%
0%
20%
40%
QTR 1 yr 3 yrs 5 yrs 10 yrs
MSCI ACWI Ex USValue v. Growth
Performance Spread
4%
9%
1% 2%
-1%
2%
5%
3% 3%
-2%
6%
3%
0%
-1% -1%
4%
10%
3% 3%
1%
4%
7%
0% 0%
0%
-10%
0%
10%
QTR 1 Yr 3 Yr 5 Yr 10 Yr
Foreign Currency v. US$ ReturnsEuro Japanese Yen Pound Sterling Swiss Franc Chinese Yuan
Europe38%
Asia33%
Canada7%
Emerging22%
Regional ExposureMSCI ACWI ex-USA
Small Beating Large
Large Beating Small
Growth Beating Value
Value Beating Growth
6
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 4Q20Emerging Markets 34.00%
Emerging Markets 32.14%
Emerging Markets 39.42%
US Bonds 5.24%
Emerging Markets 78.51%
Small Cap 26.85%
Core Real Estate 14.96%
Emerging Markets 18.22%
Small Cap 38.82%
Large Cap13.68%
Core Real Estate13.95%
Small Cap21.30%
Emerging Markets37.28%
Core Real Estate7.36%
Large Cap31.49%
Small Cap19.96%
Small Cap 31.37%
Commod. 21.36%
Intl 26.65%
Intl 16.65%
Global Bonds 4.79%
High Yield 58.21%
Mid Cap 25.48%
TIPS 13.56%
Mid Cap 17.28%
Mid Cap 34.76%
Mid Cap13.21%
Large Cap1.38%
High Yield17.12%
Intl27.19%
Cash1.69%
Mid Cap30.54%
Large Cap18.40%
Mid Cap 19.91%
Core Real Estate 20.15%
Small Cap 18.37%
Commod. 16.23%
Cash 1.39%
Intl 41.45%
Emerging Markets 18.88%
US Bonds 7.84%
Intl 16.83%
Large Cap 32.39%
Core Real Estate11.44%
US Bonds0.55%
Mid Cap13.79%
Large Cap21.83%
US Bonds0.01%
Small Cap25.52%
Emerging Markets18.31%
Emerging Markets 19.70%
Intl 16.62%
Large Cap 15.79%
Core Real Estate
14.84%
TIPS -2.35%
Mid Cap 40.48%
Commod. 16.83%
Global Bonds 5.64%
Small Cap 16.35%
Intl 15.29%
US Bonds5.97%
Cash0.03%
Large Cap11.95%
Mid Cap18.52%
Global Bonds-1.20%
Intl21.51%
Mid Cap17.10%
Intl 17.01%
Mid Cap 12.65%
Core Real Estate 15.27%
TIPS 11.64%
Core Real Estate
-10.70%
Small Cap 27.17%
Core Real Estate 15.26%
High Yield 4.98%
Large Cap 16.00%
Global Balanced 14.46%
Small Cap4.89%
TIPS-1.43%
Commod.11.76
Global Balanced15.87%
TIPS-1.26%
Global Balanced18.86%
Global Balanced13.93%
Large Cap 12.15%
Large Cap 4.91%
Mid Cap 15.26%
Global Bonds 9.48%
Global Balanced -24.51%
Large Cap 26.46%
High Yield 15.12%
Large Cap 2.11%
High Yield 15.81%
Core Real Estate 12.95%
TIPS3.64%
Global Balanced-1.45%
Emerging Markets11.18%
Small Cap14.65%
High Yield-2.08%
Emerging Markets18.42%
TIPS10.99%
Commod. 10.19%
Small Cap 4.55%
Global Balanced 14.53%
Global Balanced
9.07%
High Yield -26.16%
Global Balanced 20.49%
Large Cap 15.06%
Cash 0.06%
Global Balanced 11.06%
High Yield 7.44%
Global Balanced
3.17%
Mid Cap-2.43%
Core Real Estate7.76%
High Yield7.50%
Large Cap-4.38%
High Yield14.32%
Intl10.65%
Global Balanced 9.53%
Global Balanced
4.16%
High Yield 11.85%
US Bonds 6.97%
Small Cap -33.79%
Commod. 18.91%
Intl 11.15%
Global Balanced -0.97%
Core Real Estate 9.76%
Cash 0.07%
High Yield2.45%
Global Bonds-3.15%
Global Balanced
5.38%
Global Bonds7.39%
Global Balanced-5.30%
US Bonds8.72%
Global Bonds9.20%
High Yield 6.45%
Cash 3.25%
Global Bonds 6.64%
Mid Cap 5.60%
Commod.-35.65%
TIPS 11.41%
Global Balanced 9.40%
Mid Cap -1.55%
TIPS 6.98%
US Bonds -2.02%
Global Bonds0.59%
Small Cap-4.41%
TIPS4.68%
Core Real Estate6.66%
Mid Cap-9.06%
TIPS8.43%
US Bonds7.51%
Global Bonds
3.28%
TIPS 2.84%
Cash 4.85%
Large Cap 5.49%
Large Cap -37.00%
Global Bonds 6.93%
US Bonds 6.54%
Small Cap -4.18%
Global Bonds 4.32%
Global Bonds
-2.60%
Cash0.04%
High Yield-4.46%
Intl4.50%
US Bonds3.54%
Small Cap-11.01%
Commod.7.69%
High Yield7.11%
TIPS 1.62%
High Yield 2.74%
US Bonds 4.33%
Cash 4.44%
Mid Cap -41.46%
US Bonds 5.93%
TIPS 6.31%
Commod. -13.32%
US Bonds 4.21%
Emerging Markets -2.60%
Emerging Markets-2.18%
Intl-5.66%
US Bonds2.65%
TIPS3.01%
Commod.-11.25%
Global Bonds6.84%
Cash0.37%
Core Real Estate 1.09%
US Bonds 2.43%
Commod. 2.07%
High Yield 1.87%
Intl -45.53%
Cash 0.16%
Global Bonds 5.54%
Intl -13.71%
Cash 0.08%
TIPS -8.61%
Intl-3.86%
Emerging Markets-14.90%
Global Bonds2.09%
Commod.1.70%
Intl-14.20%
Core Real Estate4.41%
Core Real Estate0.34%
US Bonds 0.67%
Global Bonds
-4.49%
TIPS 0.41%
Small Cap -1.57%
Emerging Markets -53.33%
Core Real Estate
-30.40%
Cash 0.15%
Emerging Markets -18.42%
Commod. -1.06%
Commod. -9.52%
Commod.-17.00%
Commod.-24.60%
Cash0.25%
Cash0.71%
Emerging Markets-14.58%
Cash2.30%
Commod.-3.12%
Cash 0.02%
Global Balanced is composed of 60% MSCI World Stock Index, 35% BBgBarc Global Aggregate Bond Index, and 5% US 90-Day T-Bills.
Historical Market ReturnsRanked by Performance
7
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8
Section 2
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONAll Plans - Combined Fourth Quarter 2020
Fixed Income Ticker Assets % International Ticker Assets %Stabilizer - $310,699,590 22.0% MFS International Diversification R6 MDIZX $66,661,376 4.7%Voya Fixed Account - $81,127,428 5.8% Fidelity Total International Index FTIHX $26,630,406 1.9%Voya Government Money Market A VYAXX $696,574 0.0% Total $93,291,783 6.6%Sterling Capital Total Return Bond R6 STRDX $40,199,624 2.9%Fidelity US Bond Index FXNAX $4,244,604 0.3% Asset Allocation Ticker Assets %Fidelity Intermediate Treasury Bond Index FUAMX $1,753,851 0.1% Conservative Allocation Portfolio - $31,240,456 2.2%
Total $438,721,671 31.1% Moderate Allocation Portfolio - $90,825,297 6.4%Aggressive Allocation Portfolio - $66,462,497 4.7%
Large Cap Ticker Assets % Vanguard Instl Target Retirement Income Instl VITRX $7,973,151 0.6%Fidelity 500 Index FXAIX $143,807,982 10.2% Vanguard Instl Target Retirement 2020 Instl VITWX $31,394,946 2.2%Hartford Core Equity R6 HAITX $134,989,328 9.6% Vanguard Instl Target Retirement 2025 Instl VRIVX $1,722,469 0.1%
Total $278,797,310 19.8% Vanguard Instl Target Retirement 2030 Instl VTTWX $57,873,378 4.1%Vanguard Instl Target Retirement 2035 Instl VITFX $1,346,264 0.1%
Mid Cap Ticker Assets % Vanguard Instl Target Retirement 2040 Instl VIRSX $54,180,233 3.8%Fidelity Mid Cap Index FSMDX $71,774,970 5.1% Vanguard Instl Target Retirement 2045 Instl VITLX $622,175 0.0%Baron Growth Instl BGRIX $54,910,236 3.9% Vanguard Instl Target Retirement 2050 Instl VTRLX $36,467,546 2.6%
Total $126,685,206 9.0% Vanguard Instl Target Retirement 2055 Instl VIVLX $962,790 0.1%Vanguard Instl Target Retirement 2060 Instl VILVX $317,341 0.0%
Small Cap Ticker Assets % Vanguard Instl Target Retirement 2065 Instl VSXFX $292,654 0.0%Hartford Schroders US Small Cap Opps SDR SCURX $7,148,176 0.5% Total $381,681,197 27.1%Fidelity Small Cap Index FSSNX $48,406,056 3.4%
Total $55,554,232 3.9% Miscellaneous Ticker Assets %Self-Directed Brokerage Account - $4,453,024 0.3%Participant Loans - $30,002,008 2.1%
Total $34,455,032 2.4%
TOTAL PLAN ASSETS $1,409,186,430
9
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONAll Plans - Combined Fourth Quarter 2020
HISTORICAL PLAN ALLOCATIONAsset Class 4Q20 2019 2018 2017 2016 2015 2014 2013
Fixed Income 31.1% 32.1% 36.1% N/A N/A N/A N/A N/ALarge Cap 19.8% 19.5% 18.3% N/A N/A N/A N/A N/A
Mid Cap 9.0% 8.2% 7.2% N/A N/A N/A N/A N/ASmall Cap 3.9% 4.2% 3.9% N/A N/A N/A N/A N/A
International 6.6% 7.3% 7.1% N/A N/A N/A N/A N/AAsset Allocation 27.1% 25.9% 24.2% N/A N/A N/A N/A N/A
SDBA 0.3% 0.2% 0.2% N/A N/A N/A N/A N/ALoans 2.1% 2.6% 2.9% N/A N/A N/A N/A N/A
*Excludes Fixed Income, Asset Allocation, SDBA, and Loan assets
**Excludes Asset Allocation, SDBA, and Loan assets
Fixed Income31.1%
Equity39.3%
Asset Allocation
27.1%
SDBA0.3%
Loans2.1%
90.1%
64.2%
64.2%
9.9%
31.6%
31.4%
4.2%
4.4%
4 Q 2 0
2 0 1 9
2 0 1 8
E Q U I T Y S T Y L E *
Core Growth Value
83.2%
81.4%
80.6%
16.8%
18.6%
19.4%
4 Q 2 0
2 0 1 9
2 0 1 8
B Y E Q U I T Y R E G I O N *
US Non-US
70.1%
70.6%
73.4%
29.9%
29.4%
26.6%
4 Q 2 0
2 0 1 9
2 0 1 8
A C T I V E V P A S S I V E * *
Active Passive
10
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONAll Plans - Combined Fourth Quarter 2020
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value Cash Flow
(+)Cash Flow
(-) TransferMarket
Gain/Loss Ending Value Beginning Value Net Cash Flow Market
Gain/Loss Ending Value
Fixed Income $430,847,275 $11,494,262 ($12,747,344) $6,449,649 $2,677,829 $438,721,671 4Q20 $1,261,324,688 $1,456,266 $116,403,469 $1,379,184,422
Large Cap $253,373,388 $3,429,436 ($4,571,876) ($4,253,341) $30,819,703 $278,797,310 YTD $1,207,835,855 $28,932,003 $142,416,565 $1,379,184,422
Mid Cap $106,122,988 $1,799,963 ($1,837,169) ($705,920) $21,305,345 $126,685,206 2019 $1,007,761,280 $24,519,560 $175,555,015 $1,207,835,855
Small Cap $42,925,194 $982,814 ($1,004,124) ($334,006) $12,984,354 $55,554,232 2018 N/A N/A N/A $1,007,761,280
International $83,286,018 $1,574,376 ($1,828,162) ($1,624,804) $11,884,355 $93,291,783 2017 N/A N/A N/A N/A
Asset Allocation $341,095,465 $11,917,706 ($7,753,615) $268,331 $36,153,310 $381,681,197 2016 N/A N/A N/A N/A
SDBA $3,674,361 $0 $0 $200,091 $578,573 $4,453,024 2015 N/A N/A N/A N/A
Total $1,261,324,688 $31,198,558 ($29,742,291) $0 $116,403,469 $1,379,184,422
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global
Aggregate Bond (rebalanced quarterly)
9.22
%
11.3
6%
7.57
% 12.11
%
10.13
% 14.4
0%
12.6
9% 16.4
7%
Qtr 1 Year
ReturnsCombined Plans 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed
$19,270
$22
$1,778
$21,071
$0 $15,000 $30,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
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COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION457 Deferred Compensation Plan Fourth Quarter 2020
Fixed Income Ticker Assets % International Ticker Assets %Stabilizer - $219,509,592 22.4% MFS International Diversification R6 MDIZX $57,210,189 5.8%Sterling Capital Total Return Bond R6 STRDX $34,346,235 3.5% Fidelity Total International Index FTIHX $22,316,842 2.3%Fidelity US Bond Index FXNAX $3,679,872 0.4% Total $79,527,030 8.1%Fidelity Intermediate Treasury Bond Index FUAMX $1,140,090 0.1%
Total $258,675,789 26.4% Asset Allocation Ticker Assets %Conservative Allocation Portfolio - $22,189,672 2.3%
Large Cap Ticker Assets % Moderate Allocation Portfolio - $67,881,229 6.9%Fidelity 500 Index FXAIX $115,980,637 11.8% Aggressive Allocation Portfolio - $51,862,460 5.3%Hartford Core Equity R6 HAITX $106,992,588 10.9% Vanguard Instl Target Retirement Income Instl VITRX $5,320,391 0.5%
Total $222,973,225 22.7% Vanguard Instl Target Retirement 2020 Instl VITWX $12,669,995 1.3%Vanguard Instl Target Retirement 2025 Instl VRIVX $1,070,269 0.1%
Mid Cap Ticker Assets % Vanguard Instl Target Retirement 2030 Instl VTTWX $23,093,623 2.4%Fidelity Mid Cap Index FSMDX $57,323,885 5.8% Vanguard Instl Target Retirement 2035 Instl VITFX $620,287 0.1%Baron Growth Instl BGRIX $44,516,108 4.5% Vanguard Instl Target Retirement 2040 Instl VIRSX $28,129,623 2.9%
Total $101,839,993 10.4% Vanguard Instl Target Retirement 2045 Instl VITLX $382,468 0.0%Vanguard Instl Target Retirement 2050 Instl VTRLX $27,657,109 2.8%
Small Cap Ticker Assets % Vanguard Instl Target Retirement 2055 Instl VIVLX $350,861 0.0%Hartford Schroders US Small Cap Opps SDR SCURX $5,737,038 0.6% Vanguard Instl Target Retirement 2060 Instl VILVX $265,954 0.0%Fidelity Small Cap Index FSSNX $39,794,134 4.1% Vanguard Instl Target Retirement 2065 Instl VSXFX $275,735 0.0%
Total $45,531,173 4.6% Total $241,769,676 24.6%
Miscellaneous Ticker Assets %Self-Directed Brokerage Account - $3,305,834 0.3%Participant Loans - $27,968,719 2.8%
Total $31,274,553 3.2%
TOTAL PLAN ASSETS $981,591,440
13
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION457 Deferred Compensation Plan Fourth Quarter 2020
HISTORICAL PLAN ALLOCATIONAsset Class 4Q20 2019 2018 2017 2016 2015 2014 2013
Fixed Income 26.4% 26.5% 30.2% N/A N/A N/A N/A N/ALarge Cap 22.7% 22.6% 21.4% N/A N/A N/A N/A N/A
Mid Cap 10.4% 9.5% 8.3% N/A N/A N/A N/A N/ASmall Cap 4.6% 4.9% 4.7% N/A N/A N/A N/A N/A
International 8.1% 8.9% 8.7% N/A N/A N/A N/A N/AAsset Allocation 24.6% 24.0% 22.5% N/A N/A N/A N/A N/A
SDBA 0.3% 0.2% 0.3% N/A N/A N/A N/A N/ALoans 2.8% 3.5% 3.9% N/A N/A N/A N/A N/A
*Excludes Fixed Income, Asset Allocation, SDBA, and Loan assets
**Excludes Asset Allocation, SDBA, and Loan assets
Fixed Income26.4%
Equity45.8%
Asset Allocation
24.6%
SDBA0.3%
Loans2.8%
90.1%
64.6%
64.6%
9.9%
31.3%
31.0%
4.1%
4.4%
4 Q 2 0
2 0 1 9
2 0 1 8
E Q U I T Y S T Y L E *
Core Growth Value
82.3%
80.6%
79.8%
17.7%
19.4%
20.2%
4 Q 2 0
2 0 1 9
2 0 1 8
B Y E Q U I T Y R E G I O N *
US Non-US
66.1%
66.2%
69.1%
33.9%
33.8%
30.9%
4 Q 2 0
2 0 1 9
2 0 1 8
A C T I V E V P A S S I V E * *
Active Passive
14
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION457 Deferred Compensation Plan Fourth Quarter 2020
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value Cash Flow
(+)Cash Flow
(-) TransferMarket
Gain/Loss Ending Value Beginning Value Net Cash Flow Market
Gain/Loss Ending Value
Fixed Income $249,476,707 $3,467,830 ($3,977,758) $7,931,803 $1,777,207 $258,675,789 4Q20 $861,938,349 $3,794,733 $87,889,639 $953,622,721
Large Cap $203,227,020 $2,760,993 ($3,549,163) ($4,173,588) $24,707,963 $222,973,225 YTD $834,788,633 $12,696,826 $106,137,261 $953,622,721
Mid Cap $85,531,482 $1,448,881 ($1,539,032) ($731,944) $17,130,607 $101,839,993 2019 $691,312,582 $10,850,129 $132,625,923 $834,788,633
Small Cap $35,097,148 $790,620 ($789,589) ($207,886) $10,640,880 $45,531,173 2018 N/A N/A N/A $691,312,582
International $71,005,544 $1,305,993 ($1,559,982) ($1,352,980) $10,128,455 $79,527,030 2017 N/A N/A N/A N/A
Asset Allocation $214,876,118 $9,840,170 ($4,404,231) ($1,659,936) $23,117,555 $241,769,676 2016 N/A N/A N/A N/A
SDBA $2,724,332 $0 $0 $194,531 $386,972 $3,305,834 2015 N/A N/A N/A N/A
Total $861,938,349 $19,614,487 ($15,819,754) $0 $87,889,639 $953,622,721
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global
Aggregate Bond (rebalanced quarterly)
10.17
%
12.4
6%
7.57
% 12.11
%
10.13
% 14.4
0%
12.6
9% 16.4
7%
Qtr 1 Year
Returns457 Deferred Compensation 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed
$36,579
$161
$3,730
$40,469
$0 $15,000 $30,000 $45,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
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16
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(a) Defined Contribution Plan Fourth Quarter 2020
Fixed Income Ticker Assets % International Ticker Assets %Stabilizer - $2,048,496 6.4% MFS International Diversification R6 MDIZX $155,556 0.5%Sterling Capital Total Return Bond R6 STRDX $260,378 0.8% Fidelity Total International Index FTIHX $207,248 0.6%Fidelity US Bond Index FXNAX $3,896 0.0% Total $362,804 1.1%
Fidelity Intermediate Treasury Bond Index FUAMX $23,628 0.1%Total $2,336,399 7.3% Asset Allocation Ticker Assets %
Conservative Allocation Portfolio - $740,335 2.3%
Large Cap Ticker Assets % Moderate Allocation Portfolio - $1,211,085 3.8%Fidelity 500 Index FXAIX $998,886 3.1% Aggressive Allocation Portfolio - $1,085,037 3.4%Hartford Core Equity R6 HAITX $673,891 2.1% Vanguard Instl Target Retirement Income Instl VITRX $761,126 2.4%
Total $1,672,777 5.2% Vanguard Instl Target Retirement 2020 Instl VITWX $4,251,075 13.2%Vanguard Instl Target Retirement 2025 Instl VRIVX $131,865 0.4%
Mid Cap Ticker Assets % Vanguard Instl Target Retirement 2030 Instl VTTWX $7,762,616 24.2%Fidelity Mid Cap Index FSMDX $533,593 1.7% Vanguard Instl Target Retirement 2035 Instl VITFX $179,822 0.6%Baron Growth Instl BGRIX $441,607 1.4% Vanguard Instl Target Retirement 2040 Instl VIRSX $7,024,789 21.9%
Total $975,200 3.0% Vanguard Instl Target Retirement 2045 Instl VITLX $191,947 0.6%Vanguard Instl Target Retirement 2050 Instl VTRLX $2,772,968 8.6%
Small Cap Ticker Assets % Vanguard Instl Target Retirement 2055 Instl VIVLX $153,332 0.5%Hartford Schroders US Small Cap Opps SDR SCURX $116,803 0.4% Vanguard Instl Target Retirement 2060 Instl VILVX $50,479 0.2%Fidelity Small Cap Index FSSNX $300,862 0.9% Vanguard Instl Target Retirement 2065 Instl VSXFX $7,136 0.0%
Total $417,665 1.3% Total $26,323,610 82.0%
TOTAL PLAN ASSETS $32,088,454
17
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(a) Defined Contribution Plan Fourth Quarter 2020
HISTORICAL PLAN ALLOCATIONAsset Class 4Q20 2019 2018 2017 2016 2015 2014 2013
Fixed Income 7.3% 6.7% 8.7% N/A N/A N/A N/A N/ALarge Cap 5.2% 4.9% 4.3% N/A N/A N/A N/A N/A
Mid Cap 3.0% 2.6% 2.0% N/A N/A N/A N/A N/ASmall Cap 1.3% 1.4% 1.2% N/A N/A N/A N/A N/A
International 1.1% 1.4% 1.7% N/A N/A N/A N/A N/AAsset Allocation 82.0% 83.1% 82.0% N/A N/A N/A N/A N/A
*Excludes Fixed Income and Asset Allocation assets
**Excludes Asset Allocation assets
Fixed Income7.3%
Equity10.7%
Asset Allocation
82.0%
87.1%
64.2%
65.2%
12.9%
28.9%
26.1%
6.9%
8.6%
4 Q 2 0
2 0 1 9
2 0 1 8
E Q U I T Y S T Y L E *
Core Growth Value
89.4%
86.3%
81.4%
10.6%
13.7%
18.6%
4 Q 2 0
2 0 1 9
2 0 1 8
B Y E Q U I T Y R E G I O N *
US Non-US
64.1%
64.2%
69.0%
35.9%
35.8%
31.0%
4 Q 2 0
2 0 1 9
2 0 1 8
A C T I V E V P A S S I V E * *
Active Passive
18
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(a) Defined Contribution Plan Fourth Quarter 2020
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value Cash Flow
(+)Cash Flow
(-) TransferMarket
Gain/Loss Ending Value Beginning Value Net Cash Flow Market
Gain/Loss Ending Value
Fixed Income $2,181,278 $58,726 ($35,330) $116,785 $14,940 $2,336,399 4Q20 $28,155,641 $904,509 $3,028,304 $32,088,454
Large Cap $1,471,250 $58,926 ($20,371) ($17,646) $180,619 $1,672,777 YTD $24,643,848 $3,622,525 $3,822,081 $32,088,454
Mid Cap $803,879 $31,521 ($9,946) ($14,834) $164,580 $975,200 2019 $18,802,415 $1,890,811 $3,950,623 $24,643,848
Small Cap $301,407 $16,855 ($4,441) $11,984 $91,859 $417,665 2018 N/A N/A N/A $18,802,415
International $314,564 $11,713 ($7,206) ($4,271) $48,004 $362,804 2017 N/A N/A N/A N/A
Asset Allocation $23,083,265 $1,002,226 ($198,164) ($92,019) $2,528,302 $26,323,610 2016 N/A N/A N/A N/A
Total $28,155,641 $1,179,966 ($275,458) $0 $3,028,304 $32,088,454
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global
Aggregate Bond (rebalanced quarterly)
10.5
9% 13.0
7%
7.57
% 12.11
%
10.13
% 14.4
0%
12.6
9% 16.4
7%
Qtr 1 Year
Returns401(a) Defined Contribution 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed
$1,789
$57
$192
$2,039
$0 $1,500 $3,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
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20
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(k) Defined Contribution Plan Fourth Quarter 2020
Fixed Income Ticker Assets % International Ticker Assets %Stabilizer - $48,585,585 25.9% MFS International Diversification R6 MDIZX $8,593,455 4.6%Sterling Capital Total Return Bond R6 STRDX $4,813,520 2.6% Fidelity Total International Index FTIHX $3,745,404 2.0%Fidelity US Bond Index FXNAX $519,350 0.3% Total $12,338,859 6.6%Fidelity Intermediate Treasury Bond Index FUAMX $524,531 0.3%
Total $54,442,985 29.0% Asset Allocation Ticker Assets %Conservative Allocation Portfolio - $6,803,451 3.6%
Large Cap Ticker Assets % Moderate Allocation Portfolio - $16,870,626 9.0%Fidelity 500 Index FXAIX $23,980,216 12.8% Aggressive Allocation Portfolio - $7,683,384 4.1%Hartford Core Equity R6 HAITX $23,927,475 12.7% Vanguard Instl Target Retirement Income Instl VITRX $465,031 0.2%
Total $47,907,691 25.5% Vanguard Instl Target Retirement 2020 Instl VITWX $1,845,248 1.0%Vanguard Instl Target Retirement 2025 Instl VRIVX $304,684 0.2%
Mid Cap Ticker Assets % Vanguard Instl Target Retirement 2030 Instl VTTWX $2,855,410 1.5%Fidelity Mid Cap Index FSMDX $11,384,735 6.1% Vanguard Instl Target Retirement 2035 Instl VITFX $497,171 0.3%Baron Growth Instl BGRIX $7,922,306 4.2% Vanguard Instl Target Retirement 2040 Instl VIRSX $2,639,753 1.4%
Total $19,307,041 10.3% Vanguard Instl Target Retirement 2045 Instl VITLX $45,992 0.0%Vanguard Instl Target Retirement 2050 Instl VTRLX $1,759,130 0.9%
Small Cap Ticker Assets % Vanguard Instl Target Retirement 2055 Instl VIVLX $437,372 0.2%Hartford Schroders US Small Cap Opps SDR SCURX $1,052,573 0.6% Vanguard Instl Target Retirement 2060 Instl VILVX $0 0.0%Fidelity Small Cap Index FSSNX $7,224,667 3.8% Vanguard Instl Target Retirement 2065 Instl VSXFX $5,182 0.0%
Total $8,277,240 4.4% Total $42,212,435 22.5%
Miscellaneous Ticker Assets %Self-Directed Brokerage Account - $1,147,190 0.6%Participant Loans - $2,033,289 1.1%
Total $3,180,479 1.7%
TOTAL PLAN ASSETS $187,666,730
21
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(k) Defined Contribution Plan Fourth Quarter 2020
HISTORICAL PLAN ALLOCATIONAsset Class 4Q20 2019 2018 2017 2016 2015 2014 2013
Fixed Income 29.0% 29.7% 32.9% N/A N/A N/A N/A N/ALarge Cap 25.5% 24.8% 23.1% N/A N/A N/A N/A N/A
Mid Cap 10.3% 9.6% 8.7% N/A N/A N/A N/A N/ASmall Cap 4.4% 4.8% 4.5% N/A N/A N/A N/A N/A
International 6.6% 7.4% 7.0% N/A N/A N/A N/A N/AAsset Allocation 22.5% 22.1% 22.1% N/A N/A N/A N/A N/A
SDBA 0.6% 0.3% 0.3% N/A N/A N/A N/A N/ALoans 1.1% 1.3% 1.4% N/A N/A N/A N/A N/A
*Excludes Fixed Income, Asset Allocation, SDBA, and Loan assets
**Excludes Asset Allocation, SDBA, and Loan assets
Fixed Income29.0%
Equity46.8%
Asset Allocation
22.5%
SDBA0.6%
Loans1.1%
91.0%
63.2%
62.9%
9.0%
32.5%
33.0%
4.2%
4.1%
4 Q 2 0
2 0 1 9
2 0 1 8
E Q U I T Y S T Y L E *
Core Growth Value
86.0%
84.1%
83.8%
14.0%
15.9%
16.2%
4 Q 2 0
2 0 1 9
2 0 1 8
B Y E Q U I T Y R E G I O N *
US Non-US
66.7%
66.7%
69.4%
33.3%
33.3%
30.6%
4 Q 2 0
2 0 1 9
2 0 1 8
A C T I V E V P A S S I V E * *
Active Passive
22
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATION401(k) Defined Contribution Plan Fourth Quarter 2020
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value Cash Flow
(+)Cash Flow
(-) TransferMarket
Gain/Loss Ending Value Beginning Value Net Cash Flow Market
Gain/Loss Ending Value
Fixed Income $53,161,630 $573,332 ($1,347,738) $1,712,777 $342,984 $54,442,985 4Q20 $169,212,791 $74,659 $16,345,992 $185,633,441
Large Cap $43,153,072 $609,518 ($777,983) ($334,759) $5,257,842 $47,907,691 YTD $163,277,656 $2,858,713 $19,497,072 $185,633,441
Mid Cap $16,035,394 $318,946 ($172,626) ($125,181) $3,250,508 $19,307,041 2019 $136,406,428 $1,816,408 $25,054,820 $163,277,656
Small Cap $6,522,777 $175,340 ($177,936) ($196,472) $1,953,530 $8,277,240 2018 N/A N/A N/A $136,406,428
International $11,035,539 $256,670 ($228,718) ($299,811) $1,575,179 $12,338,859 2017 N/A N/A N/A N/A
Asset Allocation $38,354,348 $1,075,311 ($229,457) ($762,115) $3,774,348 $42,212,435 2016 N/A N/A N/A N/A
SDBA $950,029 $0 $0 $5,560 $191,601 $1,147,190 2015 N/A N/A N/A N/A
Total $169,212,791 $3,009,116 ($2,934,457) $0 $16,345,992 $185,633,441
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global
Aggregate Bond (rebalanced quarterly)
9.66
%
11.6
0%
7.57
% 12.11
%
10.13
% 14.4
0%
12.6
9% 16.4
7%
Qtr 1 Year
Returns401(k) Defined Contribution 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed
$150,679
$66
$14,556
$165,301
$0 $100,000 $200,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
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COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONPST Deferred Compensation Retirement Plan Fourth Quarter 2020
HISTORICAL PLAN CASH FLOWSFixed Income Ticker Assets % Beginning Value Net Cash Flow Market Gain/Loss Ending Value
Stabilizer - $40,555,917 100.0% 4Q20 $40,157,573 $176,936 $221,408 $40,555,917Total $40,555,917 100.0% YTD $37,906,246 $1,699,237 $950,434 $40,555,917
2019 $36,665,327 $292,121 $948,798 $37,906,246
2018 N/A N/A N/A $36,665,327
2017 N/A N/A N/A N/A
2016 N/A N/A N/A N/A
TOTAL PLAN ASSETS $40,555,917
$5,174
$23
$29
$5,225
$0 $2,500 $5,000 $7,500
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account BalanceFixed Income
100.0%
25
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26
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONRetirement Medical Trust Fourth Quarter 2020
Fixed Income Ticker Assets % International Ticker Assets %Voya Fixed Account - $81,127,428 48.5% MFS International Diversification R6 MDIZX $702,177 0.4%Voya Government Money Market A VYAXX $696,574 0.4% Fidelity Total International Index FTIHX $360,913 0.2%Sterling Capital Total Return Bond R6 STRDX $779,491 0.5% Total $1,063,090 0.6%Fidelity US Bond Index FXNAX $41,486 0.0%Fidelity Intermediate Treasury Bond Index FUAMX $65,601 0.0% Asset Allocation Ticker Assets %
Total $82,710,581 49.4% Conservative Allocation Portfolio - $1,506,998 0.9%Moderate Allocation Portfolio - $4,862,357 2.9%
Large Cap Ticker Assets % Aggressive Allocation Portfolio - $5,831,616 3.5%Fidelity 500 Index FXAIX $2,848,243 1.7% Vanguard Instl Target Retirement Income Instl VITRX $1,426,602 0.9%Hartford Core Equity R6 HAITX $3,395,374 2.0% Vanguard Instl Target Retirement 2020 Instl VITWX $12,628,629 7.5%
Total $6,243,617 3.7% Vanguard Instl Target Retirement 2025 Instl VRIVX $215,651 0.1%Vanguard Instl Target Retirement 2030 Instl VTTWX $24,161,728 14.4%
Mid Cap Ticker Assets % Vanguard Instl Target Retirement 2035 Instl VITFX $48,983 0.0%Fidelity Mid Cap Index FSMDX $2,532,757 1.5% Vanguard Instl Target Retirement 2040 Instl VIRSX $16,386,069 9.8%Baron Growth Instl BGRIX $2,030,215 1.2% Vanguard Instl Target Retirement 2045 Instl VITLX $1,768 0.0%
Total $4,562,972 2.7% Vanguard Instl Target Retirement 2050 Instl VTRLX $4,278,339 2.6%Vanguard Instl Target Retirement 2055 Instl VIVLX $21,225 0.0%
Small Cap Ticker Assets % Vanguard Instl Target Retirement 2060 Instl VILVX $907 0.0%Hartford Schroders US Small Cap Opps SDR SCURX $241,762 0.1% Vanguard Instl Target Retirement 2065 Instl VSXFX $4,602 0.0%Fidelity Small Cap Index FSSNX $1,086,393 0.6% Total $71,375,475 42.7%
Total $1,328,155 0.8%TOTAL PLAN ASSETS $167,283,890
27
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONRetirement Medical Trust Fourth Quarter 2020
HISTORICAL PLAN ALLOCATIONAsset Class 4Q20 2019 2018 2017 2016 2015 2014 2013
Fixed Income 49.4% 54.2% 59.5% N/A N/A N/A N/A N/ALarge Cap 3.7% 3.3% 2.8% N/A N/A N/A N/A N/A
Mid Cap 2.7% 2.4% 2.0% N/A N/A N/A N/A N/ASmall Cap 0.8% 0.9% 0.7% N/A N/A N/A N/A N/A
International 0.6% 0.7% 0.6% N/A N/A N/A N/A N/AAsset Allocation 42.7% 38.6% 34.3% N/A N/A N/A N/A N/A
*Excludes Fixed Income and Asset Allocation assets
**Excludes Asset Allocation assets
Fixed Income49.4%
Equity7.9%
Asset Allocation
42.7%
84.6%
56.3%
58.6%
15.4%
37.6%
35.7%
6.1%
5.7%
4 Q 2 0
2 0 1 9
2 0 1 8
E Q U I T Y S T Y L E *
Core Growth Value
91.9%
90.8%
90.6%
8.1%
9.2%
9.4%
4 Q 2 0
2 0 1 9
2 0 1 8
B Y E Q U I T Y R E G I O N *
US Non-US
92.8%
93.9%
94.9%
7.2%
6.1%
5.1%
4 Q 2 0
2 0 1 9
2 0 1 8
A C T I V E V P A S S I V E * *
Active Passive
28
COUNTY OF SAN BERNARDINO PLAN ASSET ALLOCATIONRetirement Medical Trust Fourth Quarter 2020
PLAN LEVEL CASH FLOWS HISTORICAL PLAN CASH FLOWS
Beginning Value Cash Flow
(+)Cash Flow
(-) TransferMarket
Gain/Loss Ending Value Beginning Value Net Cash Flow Market
Gain/Loss Ending Value
Fixed Income $85,870,088 $5,892,713 ($6,061,793) ($3,311,717) $321,291 $82,710,581 4Q20 $161,860,333 ($3,494,570) $8,918,127 $167,283,890
Large Cap $5,522,045 $0 ($224,360) $272,652 $673,280 $6,243,617 YTD $147,219,470 $8,054,702 $12,009,718 $167,283,890
Mid Cap $3,752,233 $615 ($115,566) $166,039 $759,650 $4,562,972 2019 $124,574,529 $9,670,091 $12,974,851 $147,219,470
Small Cap $1,003,862 $0 ($32,159) $58,367 $298,085 $1,328,155 2018 N/A N/A N/A $124,574,529
International $930,371 $0 ($32,256) $32,258 $132,717 $1,063,090 2017 N/A N/A N/A N/A
Asset Allocation $64,781,734 $0 ($2,921,764) $2,782,400 $6,733,105 $71,375,475 2016 N/A N/A N/A N/A
Total $161,860,333 $5,893,328 ($9,387,898) $0 $8,918,127 $167,283,890
Equity Indices: Russell 3000, MSCI ACWI ex USA; Fixed Indices: US Treasury 3 Mo T-Bill, BBgBarc Global
Aggregate Bond (rebalanced quarterly)
5.57
%
7.39
%
7.57
% 12.11
%
10.13
% 14.4
0%
12.6
9% 16.4
7%
Qtr 1 Year
ReturnsRMT Plan 40 Equity/60 Fixed 60 Equity/40 Fixed 80 Equity/20 Fixed
$9,375
($202)
$517
$9,689
($5,000) $5,000 $15,000
Beginning Avg. Balance
Avg. Net Cash Flow
Avg. Mkt. Gain/Loss
Ending Avg. Balance
Average Account Balance
29
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30
Section 3
COUNTY OF SAN BERNARDINO INVESTMENT POLICY STATEMENT COMPLIANCE REPORTAll Plans - Combined Fourth Quarter 2020
Key: ℗ Pass / ● Fail Performance
FactorsQualitative
FactorsOn-Watch
Date Initiated NotesStabilizer ℗ ℗ -
Voya Fixed Account ℗ ℗ -Voya Government Money Market A ℗ ℗ -
Sterling Capital Total Return Bond R6 ℗ ℗ -Fidelity US Bond Index ℗ ℗ -
Fidelity Intermediate Treasury Bond Index ℗ ℗ -
Fidelity 500 Index ℗ ℗ -Hartford Core Equity R6 ℗ ℗ -
Fidelity Mid Cap Index ℗ ℗ -Baron Growth Instl ℗ ℗ -
Hartford Schroders US Small Cap Opps SDR ℗ ℗ -Fidelity Small Cap Index ℗ ℗ -
MFS International Diversification R6 ℗ ℗ -Fidelity Total International Index ℗ ℗ -
Conservative Allocation Portfolio ℗ ℗ -Moderate Allocation Portfolio ℗ ℗ -
Aggressive Allocation Portfolio ℗ ℗ -Vanguard Instl Target Retirement Income Instl ℗ ℗ -
Vanguard Instl Target Retirement 2020 Instl ℗ ℗ -Vanguard Instl Target Retirement 2025 Instl ℗ ℗ -Vanguard Instl Target Retirement 2030 Instl ℗ ℗ -Vanguard Instl Target Retirement 2035 Instl ℗ ℗ -
Proposed Investment Policy Status
31
COUNTY OF SAN BERNARDINO INVESTMENT POLICY STATEMENT COMPLIANCE REPORTAll Plans - Combined Fourth Quarter 2020
Key: ℗ Pass / ● Fail Performance
FactorsQualitative
FactorsOn-Watch
Date Initiated Notes
Proposed Investment Policy Status
Vanguard Instl Target Retirement 2040 Instl ℗ ℗ -Vanguard Instl Target Retirement 2045 Instl ℗ ℗ -Vanguard Instl Target Retirement 2050 Instl ℗ ℗ -Vanguard Instl Target Retirement 2055 Instl ℗ ℗ -Vanguard Instl Target Retirement 2060 Instl ℗ ℗ -Vanguard Instl Target Retirement 2065 Instl ℗ ℗ -
32
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Stabilizer 0.55 2.42 2.42 2.50 2.47 2.40 2.59 2.50 N/A N/A N/A N/A5 Yr Constant Maturity US Treasury Yield 0.09 0.54 0.54 1.74 1.72 1.52 1.96 2.75 1.91 1.44 1.53 1.64
+/- Index 0.46 1.88 1.88 0.76 0.75 0.88 0.63 (0.25) - - - -US Stable Value 8 4 4 5 4 9 8 8 N/A N/A N/A N/A
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Voya Fixed Account 0.42 1.75 1.75 1.97 2.09 2.40 1.85 1.90 N/A N/A N/A N/A
5 Yr Constant Maturity US Treasury Yield 0.09 0.54 0.54 1.74 1.72 1.52 1.96 2.75 1.91 1.44 1.53 1.64+/- Index 0.33 1.21 1.21 0.23 0.37 0.88 (0.11) (0.85) - - - -
US Stable Value 49 63 63 51 20 9 83 43 N/A N/A N/A N/A
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Voya Government Money Market A 0.00 0.27 0.27 1.22 0.80 0.41 1.88 1.51 0.26 0.08 0.02 0.01
US 90 Day T-Bill 0.02 0.36 0.36 1.45 1.12 0.59 2.06 1.94 0.93 0.32 0.05 0.03+/- Index (0.02) (0.09) (0.09) (0.23) (0.32) (0.18) (0.18) (0.43) (0.67) (0.24) (0.03) (0.02)
US Money Market - Taxable 27 53 53 45 50 47 45 44 77 41 24 46
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Sterling Capital Total Return Bond R6 1.67 9.35 9.35 6.05 5.24 4.44 9.37 -0.27 4.33 3.75 0.54 5.99
BBgBarc Capital US Aggregate Bond Index 0.67 7.51 7.51 5.34 4.44 3.84 8.72 0.01 3.54 2.65 0.55 5.97+/- Index 1.00 1.84 1.84 0.71 0.81 0.60 0.65 (0.28) 0.79 1.10 (0.01) 0.02
US Fund Intermediate Core Bond 8 10 10 10 6 10 17 42 7 7 28 26
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity US Bond Index 0.75 7.80 7.80 5.36 4.41 3.82 8.48 0.01 3.50 2.52 0.63 5.99
BBgBarc Capital US Aggregate Bond Index 0.67 7.51 7.51 5.34 4.44 3.84 8.72 0.01 3.54 2.65 0.55 5.97+/- Index 0.08 0.29 0.29 0.02 (0.02) (0.02) (0.23) 0.00 (0.04) (0.13) 0.08 0.02
US Fund Intermediate Core Bond 60 41 41 36 42 45 49 29 57 66 18 26
33
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Fidelity Intermediate Treasury Bond Index -0.81 9.10 9.10 5.81 4.10 3.95 7.25 1.23 2.20 0.97 1.67 6.41BBgBarc US Treasury 5-10 Year Index -0.80 9.09 9.09 5.87 4.17 4.05 7.48 1.22 2.17 1.18 1.84 6.42
+/- Index 0.00 0.01 0.01 (0.07) (0.08) (0.10) (0.23) 0.01 0.03 (0.21) (0.17) (0.01)US Fund Intermediate Government 91 4 4 1 1 3 1 9 N/A N/A N/A N/A
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity 500 Index 12.14 18.40 18.40 14.17 15.21 13.87 31.47 -4.40 21.81 11.97 1.38 13.66
S&P 500 Index 12.15 18.40 18.40 14.18 15.22 13.88 31.49 -4.38 21.83 11.96 1.38 13.69+/- Index (0.01) 0.00 0.00 (0.01) (0.01) (0.01) (0.01) (0.02) (0.02) 0.01 0.00 (0.03)
US Fund Large Blend 53 36 36 23 19 11 23 25 28 26 20 18
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Hartford Core Equity R6 12.49 18.49 18.49 16.03 15.07 14.97 33.89 -1.55 22.17 5.75 6.90 15.89
S&P 500 Index 12.15 18.40 18.40 14.18 15.22 13.88 31.49 -4.38 21.83 11.96 1.38 13.69+/- Index 0.34 0.09 0.09 1.85 (0.14) 1.09 2.40 2.83 0.34 (6.21) 5.52 2.20
US Fund Large Blend 45 34 34 5 23 1 6 5 26 93 1 2
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity Mid Cap Index 19.89 17.11 17.11 11.60 13.40 - 30.51 -9.05 18.47 13.86 -2.44 13.11
Russell Mid Cap Index 19.91 17.10 17.10 11.61 13.40 12.41 30.54 -9.06 18.52 13.80 -2.44 13.22+/- Index (0.02) 0.01 0.01 0.00 0.00 - (0.03) 0.01 (0.05) 0.07 0.00 (0.10)
US Fund Mid-Cap Blend 60 22 22 20 17 - 18 29 24 59 27 7
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Baron Growth Instl 21.10 33.05 33.05 22.08 19.76 15.06 40.50 -2.67 27.35 6.31 -4.06 4.66
Russell Mid Cap Growth Index 19.02 35.59 35.59 20.50 18.66 15.04 35.47 -4.75 25.27 7.33 -0.20 11.90+/- Index 2.08 (2.53) (2.53) 1.59 1.10 0.01 5.03 2.08 2.09 (1.02) (3.86) (7.24)
US Fund Mid-Cap Growth 38 53 53 32 26 26 6 22 25 44 79 73
34
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Hartford Schroders US Small Cap Opps SDR 26.06 8.14 8.14 8.43 11.83 10.47 32.06 -10.72 14.81 19.49 -1.37 8.50Russell 2000 Index 31.37 19.96 19.96 10.25 13.26 11.20 25.52 -11.01 14.65 21.31 -4.41 4.89
+/- Index (5.32) (11.82) (11.82) (1.81) (1.43) (0.73) 6.53 0.29 0.16 (1.82) 3.04 3.60US Fund Small Blend 72 68 68 28 30 36 4 32 81 63 15 13
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity Small Cap Index 31.28 19.99 19.99 10.36 13.43 - 25.71 -10.88 14.85 21.63 -4.24 5.19
Russell 2000 Index 31.37 19.96 19.96 10.25 13.26 11.20 25.52 -11.01 14.65 21.31 -4.41 4.89+/- Index (0.09) 0.03 0.03 0.12 0.17 - 0.18 0.14 0.20 0.32 0.17 0.30
US Fund Small Blend 22 14 14 13 8 - 30 33 22 40 44 40
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014MFS International Diversification R6 13.65 15.43 15.43 9.04 11.59 7.70 26.09 -10.92 30.25 2.47 0.11 -3.86
MSCI ACWI Ex-USA (Net) Index 17.01 10.65 10.65 4.88 8.93 4.92 21.51 -14.20 27.19 4.50 -5.66 -3.87+/- Index (3.37) 4.78 4.78 4.16 2.66 2.78 4.58 3.27 3.05 (2.03) 5.77 0.00
US Fund Foreign Large Blend 80 14 14 3 2 3 10 15 6 29 31 26
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Fidelity Total International Index 16.81 11.07 11.07 4.93 - - 21.48 -14.38 27.63 - - -
MSCI ACWI Ex-USA IMI (Net) Index 17.22 11.12 11.12 4.83 8.98 5.06 21.63 -14.76 27.81 4.41 -4.60 -3.89+/- Index (0.41) (0.04) (0.04) 0.09 - - (0.16) 0.37 (0.18) - - -
US Fund Foreign Large Blend 33 32 32 37 - - 53 49 22 - - -
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Conservative Allocation Portfolio 5.17 8.17 8.17 5.75 6.53 5.93 9.55 -0.82 N/A N/A N/A N/A
Dow Jones Conservative Index 4.02 8.05 8.05 5.11 4.81 3.92 8.13 -0.62 5.73 3.01 -0.63 3.86+/- Index 1.15 0.12 0.12 0.64 1.72 2.01 1.42 (0.20) - - - -
US Fund Conservative Allocation 82 60 60 59 64 63 93 1 N/A N/A N/A N/A
35
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Moderate Allocation Portfolio 9.93 10.28 10.28 7.20 8.78 8.02 18.64 -6.01 N/A N/A N/A N/ADow Jones Moderate Index 11.11 12.24 12.24 8.06 9.36 7.59 18.60 -5.21 15.15 7.67 -1.21 5.35
+/- Index (1.18) (1.96) (1.96) (0.86) (0.58) 0.43 0.04 (0.80) - - - -US Fund Moderate Allocation 48 54 54 46 43 41 44 50 N/A N/A N/A N/A
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Aggressive Allocation Portfolio 12.99 12.42 12.42 8.46 10.56 8.64 23.80 -8.33 N/A N/A N/A N/A
Dow Jones Aggressive Index 17.92 15.99 15.99 10.12 12.79 10.31 27.13 -9.45 23.20 10.98 -2.56 6.59+/- Index (4.93) (3.57) (3.57) (1.66) (2.23) (1.67) (3.33) 1.12 - - - -
US Fund Aggressive Allocation 50 66 66 52 45 52 39 50 N/A N/A N/A N/A
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement Income Instl 5.19 10.18 10.18 6.93 6.92 5.91 13.20 -1.98 8.54 5.29 -0.13 5.58
Vanguard Retirement Income Index 5.23 10.70 10.70 7.16 7.10 6.09 13.40 -1.98 8.67 5.35 0.12 5.76+/- Index (0.04) (0.52) (0.52) (0.23) (0.18) (0.18) (0.20) 0.00 (0.13) (0.06) (0.25) (0.18)
US Fund Target-Date Retirement 58 24 24 18 26 13 46 10 58 38 11 15
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2020 Instl 7.88 12.09 12.09 8.11 9.07 7.97 17.69 -4.21 14.13 7.04 -0.63 7.16
Vanguard Retirement 2020 Index 7.93 12.86 12.86 8.44 9.31 8.22 17.87 -4.14 14.22 7.17 -0.40 7.37+/- Index (0.05) (0.77) (0.77) (0.33) (0.24) (0.25) (0.18) (0.07) (0.09) (0.13) (0.23) (0.21)
US Fund Target-Date 2020 47 36 36 18 18 11 22 41 13 27 27 1
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2025 Instl 9.36 13.34 13.34 8.81 9.94 8.58 19.67 -5.02 15.94 7.56 -0.80 7.22
Vanguard Retirement 2025 Index 9.45 14.19 14.19 9.16 10.21 8.85 19.93 -5.01 16.08 7.66 -0.58 7.45+/- Index (0.09) (0.85) (0.85) (0.35) (0.27) (0.27) (0.26) (0.01) (0.14) (0.10) (0.22) (0.23)
US Fund Target-Date 2025 40 32 32 18 16 12 17 38 22 23 30 5Longer term Institutional share class performance for Vanguard Target Date funds may represent Investor share class performance adjusted for the difference in expense ratios.
36
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Vanguard Instl Target Retirement 2030 Instl 10.54 14.10 14.10 9.19 10.57 9.09 21.14 -5.82 17.57 7.97 -0.97 7.23Vanguard Retirement 2030 Index 10.62 14.96 14.96 9.55 10.83 9.34 21.33 -5.74 17.65 8.11 -0.80 7.51
+/- Index (0.08) (0.86) (0.86) (0.36) (0.26) (0.25) (0.19) (0.08) (0.08) (0.14) (0.17) (0.28)US Fund Target-Date 2030 44 35 35 22 25 15 28 32 32 29 36 9
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2035 Instl 11.64 14.80 14.80 9.55 11.16 9.56 22.56 -6.56 19.14 8.39 -1.21 7.29
Vanguard Retirement 2035 Index 11.77 15.67 15.67 9.92 11.44 9.82 22.76 -6.48 19.24 8.55 -1.02 7.57+/- Index (0.13) (0.87) (0.87) (0.37) (0.28) (0.26) (0.20) (0.08) (0.10) (0.16) (0.19) (0.28)
US Fund Target-Date 2035 61 38 38 29 32 18 39 28 38 27 40 9
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2040 Instl 12.78 15.44 15.44 9.86 11.74 9.95 23.93 -7.31 20.73 8.81 -1.52 7.22
Vanguard Retirement 2040 Index 12.92 16.31 16.31 10.25 12.04 10.23 24.19 -7.22 20.87 8.98 -1.25 7.61+/- Index (0.14) (0.87) (0.87) (0.39) (0.30) (0.28) (0.26) (0.09) (0.14) (0.17) (0.27) (0.39)
US Fund Target-Date 2040 61 39 39 29 27 17 40 29 27 21 51 15
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2045 Instl 13.91 16.17 16.17 10.21 12.12 10.15 25.07 -7.87 21.47 8.94 -1.51 7.22
Vanguard Retirement 2045 Index 14.08 17.03 17.03 10.61 12.41 10.41 25.36 -7.77 21.54 9.13 -1.25 7.61+/- Index (0.17) (0.86) (0.86) (0.40) (0.29) (0.26) (0.29) (0.10) (0.07) (0.19) (0.26) (0.39)
US Fund Target-Date 2045 50 37 37 27 23 17 32 37 23 25 48 13
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2050 Instl 14.03 16.33 16.33 10.26 12.14 10.15 25.05 -7.87 21.47 8.95 -1.51 7.25
Vanguard Retirement 2050 Index 14.19 17.18 17.18 10.65 12.44 10.43 25.36 -7.77 21.54 9.13 -1.25 7.61+/- Index (0.16) (0.85) (0.85) (0.39) (0.30) (0.28) (0.31) (0.10) (0.07) (0.18) (0.26) (0.36)
US Fund Target-Date 2050 59 35 35 27 24 19 36 30 30 28 51 19Longer term Institutional share class performance for Vanguard Target Date funds may represent Investor share class performance adjusted for the difference in expense ratios.
37
COUNTY OF SAN BERNARDINO PERFORMANCE REVIEWAll Plans - Combined Fourth Quarter 2020
AnnualizedQTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014
Vanguard Instl Target Retirement 2055 Instl 14.02 16.36 16.36 10.28 12.16 10.16 25.06 -7.84 21.47 8.94 -1.66 7.25Vanguard Retirement 2055 Index 14.19 17.18 17.18 10.65 12.44 10.43 25.36 -7.77 21.54 9.13 -1.25 7.61
+/- Index (0.17) (0.82) (0.82) (0.37) (0.28) (0.27) (0.30) (0.07) (0.07) (0.19) (0.41) (0.36)US Fund Target-Date 2055 66 39 39 28 26 24 39 30 40 28 53 17
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2060 Instl 14.02 16.40 16.40 10.30 12.16 - 25.13 -7.88 21.42 8.94 -1.61 7.23
Vanguard Retirement 2060 Index 14.19 17.18 17.18 10.65 12.44 - 25.36 -7.77 21.54 9.13 -1.25 7.61+/- Index (0.17) (0.78) (0.78) (0.35) (0.28) - (0.23) (0.11) (0.12) (0.19) (0.36) (0.38)
US Fund Target-Date 2060+ 71 41 41 30 35 - 47 29 43 21 77 10
QTR YTD 1Yr 3Yr 5Yr 10Yr 2019 2018 2017 2016 2015 2014Vanguard Instl Target Retirement 2065 Instl 14.01 16.18 16.18 10.25 - - 25.15 -7.84 - - - -
Vanguard Retirement 2065 Index 14.19 17.18 17.18 10.65 - - 25.36 -7.77 - - - -+/- Index (0.18) (0.99) (0.99) (0.40) - - (0.21) (0.07) - - - -
US Fund Target-Date 2060+ 71 42 42 38 - - 52 30 - - - -
Longer term Institutional share class performance for Vanguard Target Date funds may represent Investor share class performance adjusted for the difference in expense ratios.
38
Section 4
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISAll Plans - Combined Fourth Quarter 2020
*Beginning July 1, 2020 revenue received is 0.132% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$61
$61
$61
$61
$62
$52
$52
$52
$56
$38
$38
$38
$31
$32
$27
$28
$26
$28
$21,2
18
$21,1
21
$21,3
73
$21,5
08
$22,
056
$18,
442
$19,
180
$19,
503
$21,0
71
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$10,000
$20,000
$30,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.46
9%
0.46
9%
0.46
5%
0.42
8%
0.42
4%
0.42
8%
0.41
6%
0.40
5%
0.39
9%0.48
6%
0.48
5%
0.48
3%
0.40
3%
0.40
2%
0.39
6%
0.37
1%
0.35
9%
0.35
6%
0.00%
0.25%
0.50%
0.75%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.29
0%
0.28
9%
0.28
6%
0.28
4%
0.28
0%
0.28
3%
0.27
1%
0.27
0%
0.26
7%
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.00%
0.20%
0.40%
0.60%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
39
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISAll Plans - Combined Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostStabilizer - $310,699,590 0.34% 0.132% $1,056,379 $409,298Voya Fixed Account** - $81,127,428 0.41% 0.132% $332,622 $106,873Voya Government Money Market A VYAXX $696,574 0.41% 0.132% $2,856 $918Sterling Capital Total Return Bond R6 STRDX $40,199,624 0.35% 0.132% $140,699 $52,957Fidelity US Bond Index FXNAX $4,244,604 0.03% 0.132% $1,061 $5,592Fidelity Intermediate Treasury Bond Index FUAMX $1,753,851 0.03% 0.132% $526 $2,310Fidelity 500 Index FXAIX $143,807,982 0.02% 0.132% $21,571 $189,445Hartford Core Equity R6 HAITX $134,989,328 0.39% 0.132% $526,458 $177,827Fidelity Mid Cap Index FSMDX $71,774,970 0.03% 0.132% $17,944 $94,552Baron Growth Instl* BGRIX $54,910,236 0.89% 0.132% $488,701 $72,336Hartford Schroders US Small Cap Opps SDR SCURX $7,148,176 1.03% 0.132% $73,626 $9,417Fidelity Small Cap Index FSSNX $48,406,056 0.03% 0.132% $12,102 $63,767MFS International Diversification R6 MDIZX $66,661,376 0.75% 0.132% $499,960 $87,816Fidelity Total International Index FTIHX $26,630,406 0.06% 0.132% $15,978 $35,081Conservative Allocation Portfolio - $31,240,456 0.25% 0.132% $78,101 $41,154Moderate Allocation Portfolio* - $90,825,297 0.17% 0.132% $154,403 $119,648Aggressive Allocation Portfolio* - $66,462,497 0.11% 0.132% $73,109 $87,554Vanguard Instl Target Retirement Income Instl VITRX $7,973,151 0.09% 0.132% $7,176 $10,503Vanguard Instl Target Retirement 2020 Instl VITWX $31,394,946 0.09% 0.132% $28,255 $41,358Vanguard Instl Target Retirement 2025 Instl VRIVX $1,722,469 0.09% 0.132% $1,550 $2,269Vanguard Instl Target Retirement 2030 Instl VTTWX $57,873,378 0.09% 0.132% $52,086 $76,239Vanguard Instl Target Retirement 2035 Instl VITFX $1,346,264 0.09% 0.132% $1,212 $1,773Vanguard Instl Target Retirement 2040 Instl VIRSX $54,180,233 0.09% 0.132% $48,762 $71,374Vanguard Instl Target Retirement 2045 Instl VITLX $622,175 0.09% 0.132% $560 $820Vanguard Instl Target Retirement 2050 Instl VTRLX $36,467,546 0.09% 0.132% $32,821 $48,040Vanguard Instl Target Retirement 2055 Instl VIVLX $962,790 0.09% 0.132% $867 $1,268Vanguard Instl Target Retirement 2060 Instl VILVX $317,341 0.09% 0.132% $286 $418Vanguard Instl Target Retirement 2065 Instl VSXFX $292,654 0.09% 0.132% $263 $386Self-Directed Brokerage Account - $4,453,024 - 0.000% - $0
TOTAL $1,379,184,422 $3,669,934 $1,810,995Plan Administration Cost Quarter Annualized
Contracted Revenue to Voya (9.5 bps excluding SDBA - est): $326,499 $1,305,995Additional Administrative Allowance ($505,000): $126,250 $505,000
Total Plan Administration Cost (13.2 bps excluding SDBA - est): $452,749 $1,810,995
Annualized
*Revenue derived from funds credited to participant accounts in which they are held. For fee reporting purposes, the credit has been used to offset the reported fund expense ratio.**No explicit expense ratio given for Voya Fixed Account. An expense ratio of 0.41% is assumed for reporting purposes.
40
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS457 Deferred Compensation Plan Fourth Quarter 2020
*Revenue received is 0.131% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$122
$121
$125
$124
$124
$97
$97
$102
$108
$77
$77
$80
$64
$66
$50
$52
$51
$53
$42,
962
$42,
637
$44,
564
$44,
556
$45,
493
$34,
879
$35,
959
$37,
994
$40,
469
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$20,000
$40,000
$60,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.46
4%
0.46
4%
0.46
0%
0.42
3%
0.41
9%
0.42
2%
0.41
4%
0.40
4%
0.39
9%0.47
7%
0.47
6%
0.47
3%
0.39
2%
0.39
1%
0.39
3%
0.35
7%
0.34
4%
0.34
1%
0.00%
0.25%
0.50%
0.75%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
1%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.28
5%
0.28
4%
0.28
1%
0.27
8%
0.27
4%
0.27
8%
0.26
9%
0.26
9%
0.26
8%
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
1%
0.00%
0.20%
0.40%
0.60%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
41
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS457 Deferred Compensation Plan Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostStabilizer - $219,509,592 0.34% 0.131% $746,333 $288,466Sterling Capital Total Return Bond R6 STRDX $34,346,235 0.35% 0.131% $120,212 $45,136Fidelity US Bond Index FXNAX $3,679,872 0.03% 0.131% $920 $4,836Fidelity Intermediate Treasury Bond Index FUAMX $1,140,090 0.03% 0.131% $342 $1,498Fidelity 500 Index FXAIX $115,980,637 0.02% 0.131% $17,397 $152,415Hartford Core Equity R6 HAITX $106,992,588 0.39% 0.131% $417,271 $140,603Fidelity Mid Cap Index FSMDX $57,323,885 0.03% 0.131% $14,331 $75,332Baron Growth Instl* BGRIX $44,516,108 0.89% 0.131% $396,193 $58,500Hartford Schroders US Small Cap Opps SDR SCURX $5,737,038 1.03% 0.131% $59,091 $7,539Fidelity Small Cap Index FSSNX $39,794,134 0.03% 0.131% $9,949 $52,295MFS International Diversification R6 MDIZX $57,210,189 0.75% 0.131% $429,076 $75,182Fidelity Total International Index FTIHX $22,316,842 0.06% 0.131% $13,390 $29,327Conservative Allocation Portfolio - $22,189,672 0.25% 0.131% $55,474 $29,160Moderate Allocation Portfolio* - $67,881,229 0.17% 0.131% $115,398 $89,205Aggressive Allocation Portfolio* - $51,862,460 0.11% 0.131% $57,049 $68,154Vanguard Instl Target Retirement Income Instl VITRX $5,320,391 0.09% 0.131% $4,788 $6,992Vanguard Instl Target Retirement 2020 Instl VITWX $12,669,995 0.09% 0.131% $11,403 $16,650Vanguard Instl Target Retirement 2025 Instl VRIVX $1,070,269 0.09% 0.131% $963 $1,406Vanguard Instl Target Retirement 2030 Instl VTTWX $23,093,623 0.09% 0.131% $20,784 $30,348Vanguard Instl Target Retirement 2035 Instl VITFX $620,287 0.09% 0.131% $558 $815Vanguard Instl Target Retirement 2040 Instl VIRSX $28,129,623 0.09% 0.131% $25,317 $36,966Vanguard Instl Target Retirement 2045 Instl VITLX $382,468 0.09% 0.131% $344 $503Vanguard Instl Target Retirement 2050 Instl VTRLX $27,657,109 0.09% 0.131% $24,891 $36,345Vanguard Instl Target Retirement 2055 Instl VIVLX $350,861 0.09% 0.131% $316 $461Vanguard Instl Target Retirement 2060 Instl VILVX $265,954 0.09% 0.131% $239 $350Vanguard Instl Target Retirement 2065 Instl VSXFX $275,735 0.09% 0.131% $248 $362Self-Directed Brokerage Account - $3,305,834 - 0.000% - $0
TOTAL $953,622,721 $2,542,279 $1,248,848
Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $312,212 $1,248,848
Contracted Revenue (est): $225,700 $902,801Net Excess/(Deficit) (est): $86,512 $346,047
Annualized
*Revenue derived from funds credited to participant accounts in which they are held. For fee reporting purposes, the credit has been used to offset the reported fund expense ratio.
42
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS401(a) Defined Contribution Plan Fourth Quarter 2020
*Revenue received is 0.132% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$3 $3 $3 $3 $3 $2 $2 $2 $3
$4 $4 $4 $3 $3
$2 $3 $2 $3
$1,9
50
$1,9
65
$2,0
97
$2,16
9
$2,2
60
$1,6
31
$1,7
75
$1,8
18 $2,0
39
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$1,000
$2,000
$3,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.32
7%
0.32
5%
0.32
2%
0.28
7%
0.28
7%
0.28
9%
0.28
3%
0.27
1%
0.26
7%
0.47
7%
0.47
6%
0.47
3%
0.39
2%
0.39
2%
0.39
4%
0.35
7%
0.34
5%
0.34
1%
0.00%
0.20%
0.40%
0.60%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)
Weighted Total Expense Ratio Average Total Expense Ratio
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.14
7%
0.14
5%
0.14
2%
0.14
2%
0.14
2%
0.14
4%
0.13
8%
0.13
6%
0.13
5%
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.00%
0.20%
0.40%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
43
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS401(a) Defined Contribution Plan Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostStabilizer - $2,048,496 0.34% 0.132% $6,965 $2,696Sterling Capital Total Return Bond R6 STRDX $260,378 0.35% 0.132% $911 $343Fidelity US Bond Index FXNAX $3,896 0.03% 0.132% $1 $5Fidelity Intermediate Treasury Bond Index FUAMX $23,628 0.03% 0.132% $7 $31Fidelity 500 Index FXAIX $998,886 0.02% 0.132% $150 $1,315Hartford Core Equity R6 HAITX $673,891 0.39% 0.132% $2,628 $887Fidelity Mid Cap Index FSMDX $533,593 0.03% 0.132% $133 $702Baron Growth Instl* BGRIX $441,607 0.89% 0.132% $3,930 $581Hartford Schroders US Small Cap Opps SDR SCURX $116,803 1.03% 0.132% $1,203 $154Fidelity Small Cap Index FSSNX $300,862 0.03% 0.132% $75 $396MFS International Diversification R6 MDIZX $155,556 0.75% 0.132% $1,167 $205Fidelity Total International Index FTIHX $207,248 0.06% 0.132% $124 $273Conservative Allocation Portfolio - $740,335 0.25% 0.132% $1,851 $974Moderate Allocation Portfolio* - $1,211,085 0.17% 0.132% $2,059 $1,594Aggressive Allocation Portfolio* - $1,085,037 0.11% 0.132% $1,194 $1,428Vanguard Instl Target Retirement Income Instl VITRX $761,126 0.09% 0.132% $685 $1,002Vanguard Instl Target Retirement 2020 Instl VITWX $4,251,075 0.09% 0.132% $3,826 $5,595Vanguard Instl Target Retirement 2025 Instl VRIVX $131,865 0.09% 0.132% $119 $174Vanguard Instl Target Retirement 2030 Instl VTTWX $7,762,616 0.09% 0.132% $6,986 $10,217Vanguard Instl Target Retirement 2035 Instl VITFX $179,822 0.09% 0.132% $162 $237Vanguard Instl Target Retirement 2040 Instl VIRSX $7,024,789 0.09% 0.132% $6,322 $9,246Vanguard Instl Target Retirement 2045 Instl VITLX $191,947 0.09% 0.132% $173 $253Vanguard Instl Target Retirement 2050 Instl VTRLX $2,772,968 0.09% 0.132% $2,496 $3,650Vanguard Instl Target Retirement 2055 Instl VIVLX $153,332 0.09% 0.132% $138 $202Vanguard Instl Target Retirement 2060 Instl VILVX $50,479 0.09% 0.132% $45 $66Vanguard Instl Target Retirement 2065 Instl VSXFX $7,136 0.09% 0.132% $6 $9
TOTAL $32,088,454 $43,357 $42,233
Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $10,558 $42,233
Contracted Revenue (est): $7,621 $30,484Net Excess/(Deficit) (est): $2,937 $11,749
Annualized
*Revenue derived from funds credited to participant accounts in which they are held. For fee reporting purposes, the credit has been used to offset the reported fund expense ratio.
44
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS401(k) Defined Contribution Plan Fourth Quarter 2020
*Revenue received is 0.131% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$395
$390
$401
$399
$408
$395
$388
$404
$442
$242
$240
$250
$201
$209
$200
$207
$201 $2
16
$135
,092
$133
,696
$139
,415
$139
,285
$144
,466
$138
,421
$143
,524
$150
,278
$165
,301
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$50,000
$100,000
$150,000
$200,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.47
2%
0.47
2%
0.46
8%
0.43
2%
0.42
8%
0.43
1%
0.41
6%
0.40
5%
0.40
0%0.47
7%
0.47
6%
0.47
3%
0.39
2%
0.39
1%
0.39
3%
0.35
7%
0.34
4%
0.34
1%
0.00%
0.25%
0.50%
0.75%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio
0.17
9%
0.17
9%
0.17
9%
0.14
5%
0.14
5%
0.14
4%
0.14
4%
0.13
5%
0.13
1%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
4%
0.09
4%
0.09
4%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.29
3%
0.29
3%
0.28
9%
0.28
7%
0.28
3%
0.28
6%
0.27
2%
0.27
0%
0.26
9%
0.17
9%
0.17
9%
0.17
9%
0.14
5%
0.14
5%
0.14
4%
0.14
4%
0.13
5%
0.13
1%
0.00%
0.20%
0.40%
0.60%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
45
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSIS401(k) Defined Contribution Plan Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostStabilizer - $48,585,585 0.34% 0.131% $165,191 $63,772Sterling Capital Total Return Bond R6 STRDX $4,813,520 0.35% 0.131% $16,847 $6,318Fidelity US Bond Index FXNAX $519,350 0.03% 0.131% $130 $682Fidelity Intermediate Treasury Bond Index FUAMX $524,531 0.03% 0.131% $157 $688Fidelity 500 Index FXAIX $23,980,216 0.02% 0.131% $3,597 $31,476Hartford Core Equity R6 HAITX $23,927,475 0.39% 0.131% $93,317 $31,406Fidelity Mid Cap Index FSMDX $11,384,735 0.03% 0.131% $2,846 $14,943Baron Growth Instl* BGRIX $7,922,306 0.89% 0.131% $70,509 $10,399Hartford Schroders US Small Cap Opps SDR SCURX $1,052,573 1.03% 0.131% $10,841 $1,382Fidelity Small Cap Index FSSNX $7,224,667 0.03% 0.131% $1,806 $9,483MFS International Diversification R6 MDIZX $8,593,455 0.75% 0.131% $64,451 $11,279Fidelity Total International Index FTIHX $3,745,404 0.06% 0.131% $2,247 $4,916Conservative Allocation Portfolio - $6,803,451 0.25% 0.131% $17,009 $8,930Moderate Allocation Portfolio* - $16,870,626 0.17% 0.131% $28,680 $22,144Aggressive Allocation Portfolio* - $7,683,384 0.11% 0.131% $8,452 $10,085Vanguard Instl Target Retirement Income Instl VITRX $465,031 0.09% 0.131% $419 $610Vanguard Instl Target Retirement 2020 Instl VITWX $1,845,248 0.09% 0.131% $1,661 $2,422Vanguard Instl Target Retirement 2025 Instl VRIVX $304,684 0.09% 0.131% $274 $400Vanguard Instl Target Retirement 2030 Instl VTTWX $2,855,410 0.09% 0.131% $2,570 $3,748Vanguard Instl Target Retirement 2035 Instl VITFX $497,171 0.09% 0.131% $447 $653Vanguard Instl Target Retirement 2040 Instl VIRSX $2,639,753 0.09% 0.131% $2,376 $3,465Vanguard Instl Target Retirement 2045 Instl VITLX $45,992 0.09% 0.131% $41 $60Vanguard Instl Target Retirement 2050 Instl VTRLX $1,759,130 0.09% 0.131% $1,583 $2,309Vanguard Instl Target Retirement 2055 Instl VIVLX $437,372 0.09% 0.131% $394 $574Vanguard Instl Target Retirement 2060 Instl VILVX $0 0.09% 0.131% $0 $0Vanguard Instl Target Retirement 2065 Instl VSXFX $5,182 0.09% 0.131% $5 $7Self-Directed Brokerage Account - $1,147,190 - 0.000% - $0
TOTAL $185,633,441 $495,850 $242,150
Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $60,538 $242,150
Contracted Revenue (est): $43,815 $175,262Net Excess/(Deficit) (est): $16,722 $66,888
Annualized
*Revenue derived from funds credited to participant accounts in which they are held. For fee reporting purposes, the credit has been used to offset the reported fund expense ratio.
46
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISPST Deferred Compensation Retirement Plan Fourth Quarter 2020
*Revenue received is 0.132% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$26
$26
$26
$25
$25
$25
$20
$18
$18
$11
$11
$10
$8 $8 $8
$8 $7 $7
$5,9
12
$5,9
13
$5,8
29
$5,7
24
$5,7
33
$5,7
58
$5,8
52
$5,3
92
$5,2
25
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$4,000
$8,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.62
0%
0.62
0%
0.62
0%
0.58
5%
0.58
5%
0.58
5%
0.48
5%
0.47
5%
0.47
2%0.62
0%
0.62
0%
0.62
0%
0.58
5%
0.58
5%
0.58
5%
0.48
5%
0.47
5%
0.47
2%
0.00%
0.30%
0.60%
0.90%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.44
0%
0.44
0%
0.44
0%
0.44
0%
0.44
0%
0.44
0%
0.34
0%
0.34
0%
0.34
0%
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.00%
0.25%
0.50%
0.75%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
47
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISPST Deferred Compensation Retirement Plan Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostStabilizer - $40,555,917 0.34% 0.132% $137,890 $53,378
TOTAL $40,555,917 $137,890 $53,378
Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $13,345 $53,378
Contracted Revenue (est): $9,632 $38,528Net Excess/(Deficit) (est): $3,712 $14,850
Annualized
48
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISRetirement Medical Trust Fourth Quarter 2020
*Revenue received is 0.132% annually on all assets excluding SDBA. Contracted revenue is 0.095% annually on all assets excluding SDBA.
$24
$24
$23
$23
$24
$24
$25
$26
$26
$15
$15
$14
$12
$12
$12 $13
$13
$13
$8,2
10
$8,3
21
$7,8
54
$8,0
49
$8,3
34
$8,3
13
$8,9
19
$9,3
75
$9,6
89
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20$0
$4,000
$8,000
$12,000
Average Participant Balance and Cost ($)Avg. Invest Cost Avg. Admin Cost Avg. Part Balance
0.47
2%
0.47
1%
0.47
3%
0.43
6%
0.43
2%
0.43
4%
0.42
9%
0.41
4%
0.40
1%0.48
0%
0.47
9%
0.47
7%
0.39
7%
0.39
6%
0.39
8%
0.35
9%
0.34
7%
0.35
1%
0.00%
0.25%
0.50%
0.75%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Plan Cost (%)Weighted Total Expense Ratio Average Total Expense Ratio
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.12
0%
0.12
0%
0.12
0%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.09
5%
0.00%
0.10%
0.20%
0.30%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Contracted Revenue v. Revenue Received* (as a % of total assets)
Revenue Received Contracted Revenue
0.29
2%
0.29
1%
0.29
3%
0.29
1%
0.28
7%
0.28
9%
0.28
4%
0.27
9%
0.26
9%
0.18
0%
0.18
0%
0.18
0%
0.14
5%
0.14
5%
0.14
5%
0.14
5%
0.13
5%
0.13
2%
0.00%
0.20%
0.40%
0.60%
4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20
Annualized Investment Cost Summary(as a % of total assets)
Avg. Admin Cost per Participant Avg. Investment Cost per Participant
49
COUNTY OF SAN BERNARDINO PLAN FEE ANALYSISRetirement Medical Trust Fourth Quarter 2020
Fund Ticker Quarter End Assets Net Expense Ratio Admin FeeEst. Total Invest.
CostEst. Total Admin.
CostVoya Fixed Account** - $81,127,428 0.41% 0.132% $332,622 $106,777Voya Government Money Market A VYAXX $696,574 0.41% 0.132% $2,856 $917Sterling Capital Total Return Bond R6 STRDX $779,491 0.35% 0.132% $2,728 $1,026Fidelity US Bond Index FXNAX $41,486 0.03% 0.132% $10 $55Fidelity Intermediate Treasury Bond Index FUAMX $65,601 0.03% 0.132% $20 $86Fidelity 500 Index FXAIX $2,848,243 0.02% 0.132% $427 $3,749Hartford Core Equity R6 HAITX $3,395,374 0.39% 0.132% $13,242 $4,469Fidelity Mid Cap Index FSMDX $2,532,757 0.03% 0.132% $633 $3,334Baron Growth Instl* BGRIX $2,030,215 0.89% 0.132% $18,069 $2,672Hartford Schroders US Small Cap Opps SDR SCURX $241,762 1.03% 0.132% $2,490 $318Fidelity Small Cap Index FSSNX $1,086,393 0.03% 0.132% $272 $1,430MFS International Diversification R6 MDIZX $702,177 0.75% 0.132% $5,266 $924Fidelity Total International Index FTIHX $360,913 0.06% 0.132% $217 $475Conservative Allocation Portfolio - $1,506,998 0.25% 0.132% $3,767 $1,983Moderate Allocation Portfolio* - $4,862,357 0.17% 0.132% $8,266 $6,400Aggressive Allocation Portfolio* - $5,831,616 0.11% 0.132% $6,415 $7,675Vanguard Instl Target Retirement Income Instl VITRX $1,426,602 0.09% 0.132% $1,284 $1,878Vanguard Instl Target Retirement 2020 Instl VITWX $12,628,629 0.09% 0.132% $11,366 $16,621Vanguard Instl Target Retirement 2025 Instl VRIVX $215,651 0.09% 0.132% $194 $284Vanguard Instl Target Retirement 2030 Instl VTTWX $24,161,728 0.09% 0.132% $21,746 $31,801Vanguard Instl Target Retirement 2035 Instl VITFX $48,983 0.09% 0.132% $44 $64Vanguard Instl Target Retirement 2040 Instl VIRSX $16,386,069 0.09% 0.132% $14,747 $21,567Vanguard Instl Target Retirement 2045 Instl VITLX $1,768 0.09% 0.132% $2 $2Vanguard Instl Target Retirement 2050 Instl VTRLX $4,278,339 0.09% 0.132% $3,851 $5,631Vanguard Instl Target Retirement 2055 Instl VIVLX $21,225 0.09% 0.132% $19 $28Vanguard Instl Target Retirement 2060 Instl VILVX $907 0.09% 0.132% $1 $1Vanguard Instl Target Retirement 2065 Instl VSXFX $4,602 0.09% 0.132% $4 $6
TOTAL $167,283,890 $450,558 $220,172
Plan Administration Cost Quarter AnnualizedPlan Generated Revenue (est): $55,043 $220,172
Contracted Revenue (est): $39,730 $158,920Net Excess/(Deficit) (est): $15,313 $61,252
Annualized
*Revenue derived from funds credited to participant accounts in which they are held. For fee reporting purposes, the credit has been used to offset the reported fund expense ratio.**No explicit expense ratio given for the Voya Fixed Account. An expense ratio of 0.41% is assumed for reporting purposes.
50
Section 5
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51
Baron Growth Instl Fund Fact Sheet
BGRIX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations BGRIX +/- Category
Materials 0.0% -2.1%
Communication Services 4.0% -1.7% Asset Allocation Morningstar Style Box
Consumer Discretionary 22.6% 8.5% Value Core Growth
Consumer Staples 0.0% -3.1%
Healthcare 13.8% -7.7%
Industrials 2.8% -9.8%
Real Estate 12.2% 8.8%
Technology 15.7% -13.5%
Energy 0.0% -0.5%
Financial Services 28.9% 21.6% 0.0% 97.6%
Utilities 0.0% -0.5% 0.0% 2.0%
Other 0.0% 0.0% 0.0% 0.1%
0.5%
7.2%
0.5%
0.0%
54.73%
$13,352
39.00
5.31
0.65% 0.21%
-0.89
0.48
-$6,766
29.65%
12.6%
3.4%
29.2%
14.2%
26.17 Years
Category
2.1%
5.7%
3.1%
21.6%
+/- CategoryBGRIX
Sm
all
Lar
ge
Mid
Baron Growth Instl
Ronald Baron
$8,443,333,991
5/29/2009
1.040%
BGRIX
US Fund Mid-Cap Growth
Russell Mid Cap Growth TR USD
21.1%
33.1% 33.1%
22.1% 19.8%15.1%
19.0%
35.6% 35.6%
20.5% 18.7%15.0%
QTR YTD 1 Year 3 Year 5 Year 10 Year
BGRIX Benchmark
33.1%40.5%
-2.7%
27.4%
6.3%
-4.1%
35.6% 35.5%
-4.8%
25.3%
7.3%
-0.2%
2020 2019 2018 2017 2016 2015
BGRIX Benchmark
52
Baron Growth Instl Fund Fact Sheet
BGRIX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
21.10% 33.05% 33.05% 22.08% 19.76% 15.06% 4Q20 3Q20 2Q20 1Q20
19.02% 35.59% 35.59% 20.50% 18.66% 15.04% 21.10% 10.95% 27.46% -22.30%
+/- Benchmark 2.08% -2.53% -2.53% 1.59% 1.10% 0.01% 19.02% 9.37% 30.26% -20.04%
Peer Group Rank 32 61 61 37 30 30 +/- Benchmark 2.08% 1.57% -2.81% -2.26%
Annual Performance 2020 2019 2018 2017 2016 2015
33.05% 40.50% -2.67% 27.35% 6.31% -4.06% 4Q19 3Q19 2Q19 1Q19
35.59% 35.47% -4.75% 25.27% 7.33% -0.20% 8.65% -0.69% 7.03% 21.67%
+/- Benchmark -2.53% 5.03% 2.08% 2.09% -1.02% -3.86% 8.17% -0.67% 5.40% 19.62%
Peer Group Rank 61 8 27 31 42 86 +/- Benchmark 0.48% -0.02% 1.62% 2.05%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
19.76% 15.58% 11.17% 5.67% 12.18% 11.89% -18.53% 7.94% 8.01% 2.47%
18.66% 15.53% 11.60% 5.61% 11.60% 11.12% -15.99% 7.57% 3.16% 2.17%
+/- Benchmark 1.10% 0.06% -0.43% 0.06% 0.57% 0.78% +/- Benchmark -2.54% 0.36% 4.85% 0.30%
Peer Group Rank 30 36 38 38 32 26
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.35% 3.23% 6.06% 10.41%
Alpha 0.49 0.00 0.30 0.00 0.20 0.00 6.81% 5.28% 4.21% 6.89%
Beta 1.07 1.00 1.06 1.00 1.00 1.00 +/- Benchmark -1.45% -2.05% 1.85% 3.51%
Standard Deviation 23.98 21.75 19.64 17.90 16.65 15.92
Sharpe Ratio 0.89 0.90 0.96 0.98 0.89 0.93
Information Ratio 0.28 - 0.21 - 0.00 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 19.18 18.98 17.59 17.49 14.49 14.43 -0.08% 2.59% 3.38% 0.31%
Upside Capture Ratio 109.78 100.00 106.59 100.00 99.67 100.00 0.46% 4.59% 1.56% 0.58%
Downside Capture Ratio 111.62 100.00 107.58 100.00 99.28 100.00 +/- Benchmark -0.53% -2.00% 1.82% -0.27%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
53
Baron G
rowth Instl (U
SD)
Morningstar A
nalyst RatingTM
„08-20-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQ
S&P 500 TR USD
Russell Mid Cap
Growth TR USD
US Fund Mid-Cap
Growth
564 US Fund Mid-Cap Grow
th
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
20182.47
8.017.94
-18.53-2.67
201921.67
7.03-0.69
8.6540.50
2020-22.30
27.4610.95
21.1033.05
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
33.0522.08
19.7615.06
17.05Std 12-31-2020
33.05—
19.7615.06
17.05Total Return
33.0522.08
19.7615.06
17.05
+/- Std Index14.66
7.904.54
1.17—
+/- Cat Index-2.53
1.591.10
0.01—
% Rank Cat
5232
2626
No. in Cat
604564
504383
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-992-2766 or visit
ww
w.baronfunds.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %1.00
12b1 Expense %0.00
Net Expense Ratio %
1.04G
ross Expense Ratio %1.04
Risk and Return Profile3 Yr
5 Yr10 Yr
564 funds504 funds
383 funds
Morningstar Rating
TM3Q
4Q3Q
Morningstar Risk
+Avg+Avg
AvgM
orningstar Return+Avg
+Avg+Avg
3 Yr5 Yr
10 Yr
Standard Deviation23.99
19.6416.65
Mean
22.0819.76
15.06Sharpe Ratio
0.890.96
0.89
MPT Statistics
Standard IndexBest Fit Index
Morningstar US M
idCap TR USD
Alpha5.36
8.08Beta
1.191.06
R-Squared87.15
93.33
12-Month Yield
—Potential Cap Gains Exp
79.51%
88
88
88
88
88
88
9596
9997
9596
9899
10099
100100
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Baron Growth Instl
67,944Category Average60,241Standard Index53,403
__
&&
&(
)*
&&
&(
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
41.3751.43
51.3554.06
73.1273.24
64.3160.82
69.5563.17
85.69108.85
NAV/Price
34.4424.32
1.5116.74
38.694.66
-4.066.31
27.35-2.67
40.5033.05
Total Return %
7.979.25
-0.600.74
6.30-9.03
-5.44-5.65
5.521.72
9.0214.66
+/- Standard Index
-11.85-2.07
3.160.94
2.94-7.24
-3.86-1.02
2.092.08
5.03-2.53
+/- Category Index
——
1624
1973
7944
2522
652
% Rank Cat
——
751737
703749
733644
617605
618604
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.00
0.000.00
US Stocks97.60
97.600.00
Non-US Stocks
2.012.01
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.39
0.390.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM39.0
1.381.01
P/C Ratio TTM28.2
1.711.11
P/B Ratio TTM5.3
1.330.86
Geo Avg Mkt Cap
$mil
133520.08
0.66
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
98.00.99
Greater Europe2.0
2.32Greater Asia
0.00.00
Share Chgsince09-2020
ShareAm
ountHoldings :50 Total Stocks , 0 Total Fixed-Incom
e,2%
Turnover Ratio
Net Assets%
Y2 m
ilM
SCI Inc8.91
Y617,500
CoStar Group Inc6.57
Y2 m
ilVail Resorts Inc
6.426 m
ilPenn N
ational Gaming Inc
6.22
Y1 m
ilAnsys Inc
5.59
Y852,500
IDEXX Laboratories Inc4.91
Y1 m
ilFactSet Research System
s Inc4.59
Y9 m
ilIridium
Comm
unications Inc4.00
Y9 m
ilArch Capital Group Ltd
3.833 m
ilChoice Hotels International Inc
3.69
850,000Bio-Techne Corp
3.112 m
ilGartner Inc A
2.951 m
ilM
orningstar Inc2.93
Y1 m
ilBright Horizons Fam
ily Solutions I2.73
Y2 m
ilPrim
erica Inc2.70
Sector Weightings
Stocks %Rel Std Index
hCyclical
63.72.08
rBasic M
aterials0.0
0.00t
Consumer Cyclical
22.61.81
yFinancial Services
28.92.14
uReal Estate
12.25.04
jSensitive
22.50.49
iCom
munication Services
4.00.37
oEnergy
0.00.00
pIndustrials
2.80.32
aTechnology
15.70.65
kD
efensive13.8
0.59
sConsum
er Defensive0.0
0.00d
Healthcare13.8
1.02f
Utilities0.0
0.00
Operations
Family:
Baron Capital GroupM
anager:M
ultipleTenure:
26.1 YearsObjective:
Growth
Base Currency:USD
Ticker:BGRIX
ISIN:
US0682787041M
inimum
Initial Purchase:$1 m
il
Purchase Constraints:A
Incept:05-29-2009
Type:M
FTotal Assets:
$8,661.69 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
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portant disclosures at the end of this report.
ß®
54
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55
Fidelity® 500 Index Fund Fact Sheet
FXAIX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations FXAIX +/- Category
Materials 2.3% -0.3%
Communication Services 10.7% 0.6% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.5% 1.3% Value Core Growth
Consumer Staples 7.0% -0.9%
Healthcare 13.6% -1.0%
Industrials 8.8% -1.5%
Real Estate 2.4% 0.0%
Technology 24.2% 1.4%
Energy 2.3% 0.3%
Financial Services 13.5% -0.2% 0.4% 98.7%
Utilities 2.8% 0.3% 0.0% 0.9%
Other 0.0% 0.0% 0.0% 0.0%
2.0%
13.7%
2.4%
0.0%
27.34%
$176,967
28.34
4.01
1.65% -0.14%
-0.25
3.52
-$56,246
-23.00%
10.2%
2.4%
22.8%
11.2%
12.08 Years
Category
2.6%
10.1%
7.9%
14.6%
+/- CategoryFXAIX
Sm
all
Lar
geM
id
Fidelity® 500 Index
Louis Bottari
$284,622,982,548
5/4/2011
0.015%
FXAIX
US Fund Large Blend
S&P 500 TR USD
12.1%
18.4% 18.4%
14.2% 15.2% 13.9%12.1%
18.4% 18.4%
14.2% 15.2% 13.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FXAIX Benchmark
18.4%
31.5%
-4.4%
21.8%
12.0%
1.4%
18.4%
31.5%
-4.4%
21.8%
12.0%
1.4%
2020 2019 2018 2017 2016 2015
FXAIX Benchmark
56
Fidelity® 500 Index Fund Fact Sheet
FXAIX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
12.14% 18.40% 18.40% 14.17% 15.21% 13.87% 4Q20 3Q20 2Q20 1Q20
12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 12.14% 8.94% 20.53% -19.59%
+/- Benchmark -0.01% 0.00% 0.00% -0.01% -0.01% -0.01% 12.15% 8.93% 20.54% -19.60%
Peer Group Rank 50 33 33 21 16 10 +/- Benchmark -0.01% 0.01% -0.01% 0.00%
Annual Performance 2020 2019 2018 2017 2016 2015
18.40% 31.47% -4.40% 21.81% 11.97% 1.38% 4Q19 3Q19 2Q19 1Q19
18.40% 31.49% -4.38% 21.83% 11.96% 1.38% 9.06% 1.69% 4.30% 13.65%
+/- Benchmark 0.00% -0.01% -0.02% -0.02% 0.01% 0.00% 9.07% 1.70% 4.30% 13.65%
Peer Group Rank 33 23 24 32 29 25 +/- Benchmark -0.01% 0.00% 0.00% 0.00%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
15.21% 14.14% 10.72% 6.72% 11.69% 10.83% -13.53% 7.71% 3.43% -0.77%
15.22% 14.15% 10.73% 6.73% 11.70% 10.84% -13.52% 7.71% 3.43% -0.76%
+/- Benchmark -0.01% -0.01% -0.01% -0.01% -0.01% -0.01% +/- Benchmark -0.01% 0.00% 0.00% -0.01%
Peer Group Rank 16 11 9 9 9 12
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 6.65% 4.47% 3.09% 6.05%
Alpha -0.01 0.00 -0.01 0.00 -0.01 0.00 6.64% 4.48% 3.09% 6.07%
Beta 1.00 1.00 1.00 1.00 1.00 1.00 +/- Benchmark 0.00% -0.01% 0.01% -0.02%
Standard Deviation 18.79 18.79 15.25 15.26 13.54 13.54
Sharpe Ratio 0.72 0.72 0.93 0.93 0.99 0.99
Information Ratio -1.00 - -0.66 - -0.49 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 12.65 12.66 14.04 14.05 13.26 13.27 3.83% 3.85% 2.46% 1.35%
Upside Capture Ratio 99.98 100.00 99.97 100.00 99.98 100.00 3.82% 3.85% 2.46% 1.35%
Downside Capture Ratio 100.02 100.00 100.00 100.00 100.03 100.00 +/- Benchmark 0.00% 0.00% 0.00% 0.00%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
57
Fidelity® 500 Index (U
SD)
Morningstar A
nalyst RatingTM
Œ03-03-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
S&P 500 TR USD
Russell 1000 TRUSD
US Fund Large Blend1,232 US Fund Large Blend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.77
3.437.71
-13.53-4.40
201913.65
4.301.69
9.0631.47
2020-19.59
20.538.94
12.1418.40
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
18.4014.17
15.21—
13.51Std 12-31-2020
18.40—
15.21—
13.51Total Return
18.4014.17
15.2113.87
13.51
+/- Std Index0.00
-0.01-0.01
-0.01—
+/- Cat Index-2.57
-0.65-0.39
-0.14—
% Rank Cat
3723
1911
No. in Cat
13631232
1072814
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-835-5092 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.02
12b1 Expense %N
AN
et Expense Ratio %0.02
Gross Expense Ratio %
0.02
Risk and Return Profile3 Yr
5 Yr10 Yr
1232 funds1072 funds
814 funds
Morningstar Rating
TM4Q
4Q5W
Morningstar Risk
AvgAvg
AvgM
orningstar Return+Avg
+Avg+Avg
3 Yr5 Yr
10 Yr
Standard Deviation18.79
15.2613.54
Mean
14.1715.21
13.87Sharpe Ratio
0.720.93
0.99
MPT Statistics
Standard IndexBest Fit Index
S&P 500 TR USD
Alpha-0.01
-0.01Beta
1.001.00
R-Squared100.00
100.00
12-Month Yield
—Potential Cap Gains Exp
35.69%
44
44
44
44
44
44
99100
9999
9999
99100
99100
99100
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Fidelity® 500 Index
53,329Category Average43,696Standard Index53,403
__
_*
*&
&*
*&
&*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
44.5050.49
65.4972.85
71.8078.35
93.4587.10
112.02130.17
NAV/Price
26.5114.98
2.1015.99
32.3713.66
1.3811.97
21.81-4.40
31.4718.40
Total Return %
0.05-0.09
-0.01-0.01
-0.01-0.03
0.000.01
-0.02-0.02
-0.010.00
+/- Standard Index
-1.92-1.12
0.60-0.43
-0.740.42
0.47-0.09
0.120.38
0.05-2.57
+/- Category Index
——
—35
4118
2026
2825
2337
% Rank Cat
——
—1686
15591568
16061409
13961402
13871363
No. of Funds in Cat
Portfolio Analysis 11-30-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.31
0.310.00
US Stocks98.76
98.760.00
Non-US Stocks
0.930.93
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM27.2
0.961.10
P/C Ratio TTM15.8
0.960.98
P/B Ratio TTM3.8
0.950.89
Geo Avg Mkt Cap
$mil
1656770.94
0.71
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
99.11.00
Greater Europe0.9
1.02Greater Asia
0.01.00
Share Chgsince10-2020
ShareAm
ountHoldings :505 Total Stocks , 0 Total Fixed-Incom
e,4%
Turnover Ratio
Net Assets%
T146 m
ilApple Inc
6.32
T69 m
ilM
icrosoft Corp5.35
T4 m
ilAm
azon.com Inc
4.46
T22 m
ilFacebook Inc A
2.20
T3 m
ilAlphabet Inc A
1.74
T3 m
ilAlphabet Inc Class C
1.71
T18 m
ilBerkshire Hathaw
ay Inc Class B1.50
T24 m
ilJohnson &
Johnson1.26
T28 m
ilJPM
organ Chase & Co
1.19
T15 m
ilVisa Inc Class A
1.17
T23 m
ilProcter &
Gamble Co
1.14
T6 m
ilN
VIDIA Corp1.09
T9 m
ilUnitedHealth Group Inc
1.06
T10 m
ilThe Hom
e Depot Inc0.99
T8 m
ilM
astercard Inc A0.98
Sector Weightings
Stocks %Rel Std Index
hCyclical
29.40.96
rBasic M
aterials2.3
1.01t
Consumer Cyclical
11.10.89
yFinancial Services
13.51.00
uReal Estate
2.51.04
jSensitive
46.61.01
iCom
munication Services
11.01.02
oEnergy
2.31.01
pIndustrials
9.11.04
aTechnology
24.21.00
kD
efensive24.0
1.03
sConsum
er Defensive7.3
1.05d
Healthcare13.8
1.02f
Utilities2.9
1.05
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:12.0 Years
Objective:Grow
th and Income
Base Currency:USD
Ticker:FXAIX
ISIN:
US3159117502M
inimum
Initial Purchase:$0
Purchase Constraints:A
Incept:05-04-2011
Type:M
FTotal Assets:
$287,097.06 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
58
Fidelity® Interm Trs Bd Index Fund Fact Sheet
FUAMX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Eff Duration
Average Eff Maturity
Average Credit Quality
Average Coupon
Sector Allocations FUAMX +/- Category
Government 99.6% 47.8%
Municipal 0.0% -0.6% Asset Allocation Morningstar Style Box
Bank Loan 0.0% 0.0% Low IR Sens Mod IR Sens Ext IR Sens
Convertible 0.0% -0.2%
Corporate Bond 0.0% -1.1%
Preferred Stock 0.0% 0.0%
Agency MBS 0.0% -39.5%
Non-Agency RMBS 0.0% -0.1%
Commercial MBS 0.0% -0.2%
Asset-Backed 0.0% -1.4% 0.4% 0.0%
Cash & Equivalents 0.4% -4.6% 99.6% 0.0%
Other 0.0% -0.1% 0.0% 0.0%
0.2%
1.4%
5.0%
0.1%
36.07%
6.65
-
AAA
1.82% -0.17%
AA (Cat Avg.)
-
2.48
-33.23%
0.0%
39.5%
0.1%
0.0%
6.75 Years
Category
51.8%
0.6%
0.2%
1.1%
+/- CategoryFUAMX
Low
Qu
al
Hig
h Q
ual
Med
Qu
al
Fidelity® Interm Trs Bd Index
Brandon Bettencourt
$4,345,342,207
10/4/2017
0.030%
FUAMX
US Fund Intermediate Government
BBgBarc US Treasury 5-10 Yr TR USD-0.8%
9.1% 9.1%
5.8%4.1% 4.0%
-0.8%
9.1% 9.1%
5.9%4.2% 4.0%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FUAMX Benchmark
9.1%
7.2%
1.2%2.2%
1.0%1.7%
9.1%7.5%
1.2%2.2%
1.2% 1.8%
2020 2019 2018 2017 2016 2015
FUAMX Benchmark
59
Fidelity® Interm Trs Bd Index Fund Fact Sheet
FUAMX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
-0.81% 9.10% 9.10% 5.81% 4.10% 3.95% 4Q20 3Q20 2Q20 1Q20
-0.80% 9.09% 9.09% 5.87% 4.17% 4.05% -0.81% 0.26% 0.74% 8.91%
+/- Benchmark 0.00% 0.01% 0.01% -0.07% -0.08% -0.10% -0.80% 0.35% 0.86% 8.66%
Peer Group Rank 93 7 7 1 1 1 +/- Benchmark 0.00% -0.09% -0.12% 0.25%
Annual Performance 2020 2019 2018 2017 2016 2015
9.10% 7.25% 1.23% 2.20% 0.97% 1.67% 4Q19 3Q19 2Q19 1Q19
9.09% 7.48% 1.22% 2.17% 1.18% 1.84% -0.91% 2.16% 3.46% 2.40%
+/- Benchmark 0.01% -0.23% 0.01% 0.03% -0.21% -0.16% -0.76% 2.12% 3.53% 2.44%
Peer Group Rank 7 1 3 16 60 11 +/- Benchmark -0.15% 0.04% -0.06% -0.04%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
4.10% 3.98% 4.47% 3.94% 2.64% 3.28% 3.49% -0.50% -0.13% -1.56%
4.17% 4.07% 4.52% 4.00% 2.75% 3.38% 3.40% -0.53% -0.08% -1.51%
+/- Benchmark -0.08% -0.09% -0.05% -0.06% -0.11% -0.09% +/- Benchmark 0.09% 0.03% -0.06% -0.04%
Peer Group Rank 1 1 1 1 2 1
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark -0.43% 0.39% 1.22% 1.01%
Alpha -0.12 0.00 -0.14 0.00 -0.17 0.00 -0.42% 0.46% 1.23% 0.88%
Beta 1.01 1.00 1.02 1.00 1.02 1.00 +/- Benchmark -0.01% -0.07% -0.02% 0.13%
Standard Deviation 4.54 4.47 4.48 4.37 4.54 4.42
Sharpe Ratio 0.94 0.97 0.66 0.70 0.74 0.78
Information Ratio -0.22 - -0.27 - -0.27 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 4.23 4.36 2.86 3.00 3.26 3.43 -4.78% -0.44% 2.25% 4.16%
Upside Capture Ratio 99.93 100.00 101.14 100.00 101.32 100.00 -4.57% -0.41% 2.29% 4.08%
Downside Capture Ratio 101.77 100.00 104.56 100.00 105.01 100.00 +/- Benchmark -0.21% -0.03% -0.04% 0.08%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
60
Fidelity® Interm
Trs Bd
Index (USD
)M
orningstar Quantitative
RatingTM
‰Q
09-30-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQQ
BBgBarc US AggBond TR USD
BBgBarc USGovernm
ent TRUSD
US Fund Intermediate
Government
224 US Fund Intermediate
Government
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-1.56
-0.13-0.50
3.491.23
20192.40
3.462.16
-0.917.25
20208.91
0.740.26
-0.819.10
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
9.105.81
——
5.22Std 12-31-2020
9.10—
——
5.22Total Return
9.105.81
4.103.95
5.22
+/- Std Index1.60
0.47-0.34
0.11—
+/- Cat Index1.16
0.630.34
0.69—
% Rank Cat
43
33
No. in Cat
234224
203180
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-544-8544 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.03
12b1 Expense %N
AN
et Expense Ratio %0.03
Gross Expense Ratio %
0.03
Risk and Return Profile3 Yr
5 Yr10 Yr
224 funds203 funds
180 funds
Morningstar Rating
TM5Q
5W5W
Morningstar Risk
HighHigh
HighM
orningstar ReturnHigh
HighHigh
3 Yr5 Yr
10 Yr
Standard Deviation4.54
4.484.54
Mean
5.814.10
3.95Sharpe Ratio
0.940.66
0.75
MPT Statistics
Standard IndexBest Fit Index
BBgBarcInterm
ediateTreasury TR USD
Alpha0.43
-0.28Beta
1.021.76
R-Squared57.90
98.02
12-Month Yield
—Potential Cap Gains Exp
6.77%
77
77
47
74
44
44
100100
100100
10098
100100
100100
97100
4k 10k
20k
40k
60k80k100k
Investment Style
Fixed-Income
Bond %
Grow
th of $10,000
Fidelity® Interm
Trs Bd Index15,205Category Average14,243Standard Index16,450
__
__
__
__
_&
&&
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
——
10.6710.56
11.0811.72
NAV/Price
-4.948.58
13.043.41
-4.706.41
1.670.97
2.201.23
7.259.10
Total Return %
-10.872.04
5.20-0.81
-2.670.45
1.12-1.68
-1.341.22
-1.471.60
+/- Standard Index
-2.743.06
4.021.39
-2.101.50
0.81-0.08
-0.100.35
0.421.16
+/- Category Index
——
——
——
——
—9
14
% Rank Cat
——
——
——
——
—235
232234
No. of Funds in Cat
Portfolio Analysis 11-30-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.50
0.500.00
US Stocks0.00
0.000.00
Non-US Stocks
0.000.00
0.00Bonds
99.5099.50
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM—
——
P/C Ratio TTM—
——
P/B Ratio TTM—
——
Geo Avg Mkt Cap
$mil
——
—
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
6.57Avg W
td Coupon—
Avg Wtd Price
108.48
Credit Quality B
reakdown 10-31-2020
Bond %
AAA100.00
AA0.00
A0.00
BBB0.00
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
——
Greater Europe—
—Greater Asia
——
Share Chgsince10-2020
ShareAm
ountHoldings :0 Total Stocks , 54 Total Fixed-Incom
e,58%
Turnover Ratio
Net Assets%
T232 m
ilUnited States Treasury N
otes 0.62%4.91
186 mil
United States Treasury Notes 2.88%
4.67166 m
ilUnited States Treasury N
otes 3.12%4.24
158 mil
United States Treasury Notes 1.5%
3.63
Y169 m
ilUnited States Treasury N
otes 0.62%3.57
140 mil
United States Treasury Notes 2.25%
3.37129 m
ilUnited States Treasury N
otes 2.62%3.21
T118 m
ilUnited States Treasury N
otes 2.75%2.93
110 mil
United States Treasury Notes 2.88%
2.75106 m
ilUnited States Treasury N
otes 2.25%2.53
118 mil
United States Treasury Notes 0.5%
2.53106 m
ilUnited States Treasury N
otes 2.25%2.52
Y108 m
ilUnited States Treasury N
otes 1.62%2.50
116 mil
United States Treasury Notes 0.5%
2.49102 m
ilUnited States Treasury N
otes 2.38%2.46
Sector Weightings
Stocks %Rel Std Index
hCyclical
——
rBasic M
aterials—
—t
Consumer Cyclical
——
yFinancial Services
——
uReal Estate
——
jSensitive
——
iCom
munication Services
——
oEnergy
——
pIndustrials
——
aTechnology
——
kD
efensive—
—
sConsum
er Defensive—
—d
Healthcare—
—f
Utilities—
—
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:6.7 Years
Objective:Governm
ent Bond - Treasury
Base Currency:USD
Ticker:FUAM
XISIN
:US31635V2575
Minim
um Initial Purchase:
$0
Purchase Constraints:—
Incept:10-04-2017
Type:M
FTotal Assets:
$4,517.20 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
61
Fidelity® Mid Cap Index Fund Fact Sheet
FSMDX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations FSMDX +/- Category
Materials 4.0% -0.3%
Communication Services 5.5% 1.0% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.6% -1.4% Value Core Growth
Consumer Staples 4.4% -0.2%
Healthcare 12.8% 0.5%
Industrials 14.4% -1.7%
Real Estate 7.6% 0.3%
Technology 20.3% 1.7%
Energy 2.7% 0.9%
Financial Services 10.9% -2.4% 0.3% 98.0%
Utilities 5.0% 1.7% 0.0% 1.7%
Other 0.0% 0.0% 0.0% 0.0%
1.8%
13.3%
3.3%
0.0%
4.38%
$16,857
26.13
3.05
1.51% 0.23%
0.28
1.15
$5,591
-12.57%
16.1%
7.3%
18.6%
14.1%
9.42 Years
Category
4.3%
4.5%
4.6%
12.2%
+/- CategoryFSMDX
Sm
all
Lar
ge
Mid
Fidelity® Mid Cap Index
Louis Bottari
$18,409,825,194
9/8/2011
0.025%
FSMDX
US Fund Mid-Cap Blend
Russell Mid Cap TR USD
19.9%17.1% 17.1%
11.6% 13.4%
19.9%17.1% 17.1%
11.6% 13.4% 12.4%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FSMDX Benchmark
17.1%
30.5%
-9.0%
18.5%13.9%
-2.4%
17.1%
30.5%
-9.1%
18.5%13.8%
-2.4%
2020 2019 2018 2017 2016 2015
FSMDX Benchmark
62
Fidelity® Mid Cap Index Fund Fact Sheet
FSMDX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
19.89% 17.11% 17.11% 11.60% 13.40% - 4Q20 3Q20 2Q20 1Q20
19.91% 17.10% 17.10% 11.61% 13.40% 12.41% 19.89% 7.49% 24.55% -27.04%
+/- Benchmark -0.02% 0.01% 0.01% 0.00% 0.00% - 19.91% 7.46% 24.61% -27.07%
Peer Group Rank 60 23 23 20 18 - +/- Benchmark -0.02% 0.03% -0.06% 0.03%
Annual Performance 2020 2019 2018 2017 2016 2015
17.11% 30.51% -9.05% 18.47% 13.86% -2.44% 4Q19 3Q19 2Q19 1Q19
17.10% 30.54% -9.06% 18.52% 13.80% -2.44% 7.06% 0.44% 4.14% 16.53%
+/- Benchmark 0.01% -0.03% 0.01% -0.05% 0.07% 0.00% 7.06% 0.48% 4.13% 16.54%
Peer Group Rank 23 24 26 27 57 33 +/- Benchmark 0.00% -0.04% 0.01% 0.00%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
13.40% 10.13% 6.75% 1.86% 9.33% 9.09% -15.32% 4.97% 2.80% -0.48%
13.40% 10.13% 6.76% 1.85% 9.33% 9.10% -15.37% 5.00% 2.82% -0.46%
+/- Benchmark 0.00% 0.00% -0.01% 0.01% 0.00% -0.01% +/- Benchmark 0.06% -0.02% -0.02% -0.02%
Peer Group Rank 18 18 15 14 14 15
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 6.08% 3.44% 2.71% 5.12%
Alpha 0.00 0.00 0.01 0.00 - 0.00 6.07% 3.47% 2.70% 5.15%
Beta 1.00 1.00 1.00 1.00 - 1.00 +/- Benchmark 0.01% -0.04% 0.01% -0.03%
Standard Deviation 22.11 22.13 18.05 18.08 - 15.70
Sharpe Ratio 0.54 0.54 0.73 0.72 - 0.79
Information Ratio -0.04 - 0.03 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 10.10 10.09 12.24 12.23 - 11.80 3.19% 4.56% 3.19% 2.27%
Upside Capture Ratio 99.89 100.00 99.87 100.00 - 100.00 3.21% 4.52% 3.18% 2.24%
Downside Capture Ratio 99.86 100.00 99.76 100.00 - 100.00 +/- Benchmark -0.01% 0.04% 0.01% 0.02%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
63
Fidelity® M
id Cap Index(U
SD)
Morningstar Q
uantitativeRating
TM
„Q
09-30-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
S&P 500 TR USD
Russell Mid Cap TR
USDUS Fund M
id-CapBlend
374 US Fund Mid-Cap Blend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.48
2.804.97
-15.32-9.05
201916.53
4.140.44
7.0630.51
2020-27.04
24.557.49
19.8917.11
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
17.1111.60
13.40—
14.09Std 12-31-2020
17.11—
13.40—
14.09Total Return
17.1111.60
13.40—
14.09
+/- Std Index-1.29
-2.57-1.82
——
+/- Cat Index0.01
0.000.00
——
% Rank Cat
2120
17—
No. in Cat
407374
309—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-544-8544 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.03
12b1 Expense %N
AN
et Expense Ratio %0.03
Gross Expense Ratio %
0.03
Risk and Return Profile3 Yr
5 Yr10 Yr
374 funds309 funds
215 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation22.11
18.06—
Mean
11.6013.40
—Sharpe Ratio
0.540.73
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar US M
idCap TR USD
Alpha-3.35
-0.83Beta
1.131.01
R-Squared92.38
99.84
12-Month Yield
—Potential Cap Gains Exp
-2.48%
00
55
55
55
55
55
——
9499
9998
9999
10098
99100
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Fidelity® M
id Cap Index36,709Category Average29,765Standard Index40,187
__
_*
*&
*(
&*
&&
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
10.3911.96
15.8317.45
16.3218.17
20.9818.63
23.6327.01
NAV/Price
——
—17.22
34.7813.11
-2.4413.86
18.47-9.05
30.5117.11
Total Return %
——
—1.21
2.39-0.57
-3.831.90
-3.36-4.67
-0.98-1.29
+/- Standard Index
——
—-0.06
0.02-0.10
0.000.07
-0.050.01
-0.030.01
+/- Category Index
——
—41
457
2759
2429
1821
% Rank Cat
——
—412
399369
432427
443464
404407
No. of Funds in Cat
Portfolio Analysis 11-30-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks98.16
98.160.00
Non-US Stocks
1.661.66
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM25.0
0.881.00
P/C Ratio TTM13.3
0.811.07
P/B Ratio TTM2.9
0.731.05
Geo Avg Mkt Cap
$mil
161720.09
1.44
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
98.50.99
Greater Europe0.8
0.91Greater Asia
0.715.43
Share Chgsince10-2020
ShareAm
ountHoldings :817 Total Stocks , 0 Total Fixed-Incom
e,14%
Turnover Ratio
Net Assets%
T262,423
Twilio Inc A
0.49
T546,980
Moderna Inc
0.49
T217,680
Lululemon Athletica Inc
0.47
T341,602
DocuSign Inc0.45
T760,591
IHS Markit Ltd
0.44
T297,443
KLA Corp0.44
T161,186
IDEXX Laboratories Inc0.43
T250,828
Spotify Technology SA0.43
T553,166
Amphenol Corp Class A
0.42
T149,559
Align Technology Inc0.42
T79,171
The Trade Desk Inc A0.42
T255,933
Veeva Systems Inc Class A
0.41
T592,759
Agilent Technologies Inc0.40
T53,363
Chipotle Mexican Grill Inc Class A
0.40
T1 m
ilTw
itter Inc0.40
Sector Weightings
Stocks %Rel Std Index
hCyclical
34.91.14
rBasic M
aterials3.9
1.70t
Consumer Cyclical
12.71.01
yFinancial Services
10.80.80
uReal Estate
7.63.15
jSensitive
42.50.92
iCom
munication Services
5.40.50
oEnergy
2.61.15
pIndustrials
14.81.69
aTechnology
19.60.81
kD
efensive22.6
0.97
sConsum
er Defensive4.5
0.65d
Healthcare12.8
0.94f
Utilities5.2
1.90
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:9.3 Years
Objective:Grow
th
Base Currency:USD
Ticker:FSM
DXISIN
:US3161462656
Minim
um Initial Purchase:
$0
Purchase Constraints:A
Incept:09-08-2011
Type:M
FTotal Assets:
$18,122.40 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
64
Fidelity® Small Cap Index Fund Fact Sheet
FSSNX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations FSSNX +/- Category
Materials 3.9% -0.5%
Communication Services 2.4% -0.1% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.1% -0.7% Value Core Growth
Consumer Staples 3.9% -0.3%
Healthcare 21.1% 6.0%
Industrials 15.5% -3.0%
Real Estate 7.5% 0.5%
Technology 14.0% -0.9%
Energy 1.8% -0.3%
Financial Services 14.6% -1.2% 0.0% 99.1%
Utilities 3.3% 0.7% 0.0% 0.8%
Other 0.0% 0.0% 0.0% 0.0%
2.0%
15.8%
2.6%
0.0%
3.90%
$1,893
17.30
1.84
1.68% 0.48%
-0.58
-3.46
-$2,406
-20.44%
18.5%
7.0%
15.0%
12.8%
9.42 Years
Category
4.3%
2.5%
4.2%
15.2%
+/- CategoryFSSNX
Sm
all
Lar
geM
id
Fidelity® Small Cap Index
Louis Bottari
$17,653,180,130
9/8/2011
0.025%
FSSNX
US Fund Small Blend
Russell 2000 TR USD
31.3%
20.0% 20.0%
10.4%13.4%
31.4%
20.0% 20.0%
10.2%13.3% 11.2%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FSSNX Benchmark
20.0%25.7%
-10.9%
14.9%21.6%
-4.2%
20.0%25.5%
-11.0%
14.6%21.3%
-4.4%
2020 2019 2018 2017 2016 2015
FSSNX Benchmark
65
Fidelity® Small Cap Index Fund Fact Sheet
FSSNX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
31.28% 19.99% 19.99% 10.36% 13.43% - 4Q20 3Q20 2Q20 1Q20
31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 31.28% 4.98% 25.49% -30.62%
+/- Benchmark -0.09% 0.03% 0.03% 0.12% 0.17% - 31.37% 4.93% 25.42% -30.61%
Peer Group Rank 20 12 12 14 8 - +/- Benchmark -0.09% 0.05% 0.07% -0.01%
Annual Performance 2020 2019 2018 2017 2016 2015
19.99% 25.71% -10.88% 14.85% 21.63% -4.24% 4Q19 3Q19 2Q19 1Q19
19.96% 25.52% -11.01% 14.65% 21.31% -4.41% 10.01% -2.34% 2.13% 14.56%
+/- Benchmark 0.03% 0.18% 0.14% 0.20% 0.32% 0.17% 9.94% -2.40% 2.10% 14.58%
Peer Group Rank 12 35 36 25 47 52 +/- Benchmark 0.07% 0.06% 0.04% -0.02%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
13.43% 8.19% 4.47% -0.07% 8.43% 8.39% -20.17% 3.63% 7.79% -0.05%
13.26% 8.00% 4.29% -0.25% 8.23% 8.19% -20.20% 3.58% 7.75% -0.08%
+/- Benchmark 0.17% 0.18% 0.18% 0.17% 0.20% 0.20% +/- Benchmark 0.03% 0.05% 0.03% 0.03%
Peer Group Rank 8 12 16 22 28 32
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 3.38% 5.71% 2.52% 2.51%
Alpha 0.11 0.00 0.16 0.00 - 0.00 3.34% 5.67% 2.46% 2.47%
Beta 1.00 1.00 1.00 1.00 - 1.00 +/- Benchmark 0.04% 0.04% 0.06% 0.04%
Standard Deviation 25.62 25.63 21.53 21.54 - 18.88
Sharpe Ratio 0.45 0.45 0.64 0.63 - 0.63
Information Ratio 1.40 - 1.79 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.85 8.73 12.26 12.09 - 10.59 8.89% 9.06% 3.90% -1.42%
Upside Capture Ratio 100.20 100.00 100.30 100.00 - 100.00 8.83% 9.05% 3.79% -1.52%
Downside Capture Ratio 99.89 100.00 99.75 100.00 - 100.00 +/- Benchmark 0.05% 0.01% 0.11% 0.10%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
66
Fidelity® Sm
all Cap Index(U
SD)
Morningstar Q
uantitativeRating
TM
´Q
09-30-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
S&P 500 TR USD
Russell 2000 TRUSD
US Fund Small Blend
629 US Fund Small Blend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.05
7.793.63
-20.17-10.88
201914.56
2.13-2.34
10.0125.71
2020-30.62
25.494.98
31.2819.99
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
19.9910.36
13.43—
13.59Std 12-31-2020
19.99—
13.43—
13.59Total Return
19.9910.36
13.43—
13.59
+/- Std Index1.59
-3.81-1.79
——
+/- Cat Index0.03
0.120.17
——
% Rank Cat
1413
8—
No. in Cat
671629
517—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-544-8544 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.03
12b1 Expense %N
AN
et Expense Ratio %0.03
Gross Expense Ratio %
0.03
Risk and Return Profile3 Yr
5 Yr10 Yr
629 funds517 funds
367 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
High—
3 Yr5 Yr
10 Yr
Standard Deviation25.62
21.53—
Mean
10.3613.43
—Sharpe Ratio
0.460.64
—
MPT Statistics
Standard IndexBest Fit Index
Russell 2000 TRUSD
Alpha-5.48
0.11Beta
1.271.00
R-Squared86.33
100.00
12-Month Yield
—Potential Cap Gains Exp
-14.47%
00
66
66
66
96
66
——
9498
9999
9883
99100
100100
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Fidelity® Sm
all Cap Index35,264Category Average29,048Standard Index40,187
__
_*
**
**
&*
*&
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
10.6612.15
16.5416.79
15.4618.36
20.3217.24
21.0324.98
NAV/Price
——
—16.38
39.025.19
-4.2421.63
14.85-10.88
25.7119.99
Total Return %
——
—0.38
6.64-8.50
-5.639.67
-6.98-6.49
-5.781.59
+/- Standard Index
——
—0.03
0.200.30
0.170.32
0.200.14
0.180.03
+/- Category Index
——
—34
3340
4440
2233
3014
% Rank Cat
——
—662
681737
780750
802769
702671
No. of Funds in Cat
Portfolio Analysis 10-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.01
0.010.00
US Stocks99.15
99.150.00
Non-US Stocks
0.840.84
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM17.3
0.610.83
P/C Ratio TTM7.8
0.470.80
P/B Ratio TTM1.8
0.460.76
Geo Avg Mkt Cap
$mil
18930.01
0.44
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
99.71.01
Greater Europe0.1
0.17Greater Asia
0.13.32
Share Chgsince07-2020
ShareAm
ountHoldings :2,010 Total Stocks , 0 Total Fixed-Incom
e,17%
Turnover Ratio
Net Assets%
T324,667
MyoKardia Inc
0.59
T974,267
Penn National Gam
ing Inc0.43
T239,678
Mirati Therapeutics Inc
0.42
T935,402
Sunrun Inc0.40
T1 m
ilCaesars Entertainm
ent Inc0.39
T179,496
Deckers Outdoor Corp0.37
T1 m
ilDarling Ingredients Inc
0.36
T194,710
LHC Group Inc0.34
T163,167
Lithia Motors Inc Class A
0.30
T175,824
iRhythm Technologies Inc
0.30
T367,921
Ultragenyx Pharmaceutical Inc
0.30
T645,271
Arrowhead Pharm
aceuticals Inc0.30
T243,213
Churchill Downs Inc
0.29
T353,887
Blueprint Medicines Corp
0.29
T344,607
Tetra Tech Inc0.28
Sector Weightings
Stocks %Rel Std Index
hCyclical
38.01.24
rBasic M
aterials3.9
1.70t
Consumer Cyclical
12.10.97
yFinancial Services
14.61.08
uReal Estate
7.53.10
jSensitive
33.70.73
iCom
munication Services
2.40.22
oEnergy
1.80.78
pIndustrials
15.51.76
aTechnology
14.00.58
kD
efensive28.3
1.22
sConsum
er Defensive3.9
0.55d
Healthcare21.1
1.56f
Utilities3.3
1.20
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:9.3 Years
Objective:Sm
all Company
Base Currency:USD
Ticker:FSSN
XISIN
:US3161461823
Minim
um Initial Purchase:
$0
Purchase Constraints:A
Incept:09-08-2011
Type:M
FTotal Assets:
$16,442.50 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
67
Fidelity® Total International Index Fund Fact Sheet
FTIHX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations FTIHX +/- Category
Materials 8.3% 0.5%
Communication Services 7.4% 0.3% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.3% 1.1% Value Core Growth
Consumer Staples 8.7% -1.6%
Healthcare 9.6% -2.6%
Industrials 12.6% -2.1%
Real Estate 3.7% 1.2%
Technology 13.0% 1.1%
Energy 4.1% 1.0%
Financial Services 17.0% 1.0% 1.3% 0.7%
Utilities 3.3% 0.1% 0.0% 97.9%
Other 0.0% 0.0% 0.0% 0.1%
3.1%
16.0%
3.3%
0.0%
10.51%
$29,672
20.10
1.74
2.41% -0.04%
-0.19
-1.01
-$19,904
-4.41%
14.7%
2.4%
11.9%
11.2%
4.67 Years
Category
7.9%
7.1%
10.3%
12.2%
+/- CategoryFTIHX
Sm
all
Lar
geM
id
Fidelity® Total International Index
Multiple
$6,017,445,939
6/7/2016
0.060%
FTIHX
US Fund Foreign Large Blend
MSCI ACWI Ex USA IMI NR USD
16.8%
11.1% 11.1%
4.9%
17.2%
11.1% 11.1%
4.8%
9.0%
5.1%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FTIHX Benchmark
11.1%21.5%
-14.4%
27.6%
11.1%
21.6%
-14.8%
27.8%
4.4%
-4.6%
2020 2019 2018 2017 2016 2015
FTIHX Benchmark
68
Fidelity® Total International Index Fund Fact Sheet
FTIHX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
16.81% 11.07% 11.07% 4.93% - - 4Q20 3Q20 2Q20 1Q20
17.22% 11.12% 11.12% 4.83% 8.98% 5.06% 16.81% 6.78% 17.41% -24.15%
+/- Benchmark -0.41% -0.04% -0.04% 0.09% - - 17.22% 6.80% 16.96% -24.11%
Peer Group Rank 36 39 39 39 - - +/- Benchmark -0.41% -0.01% 0.45% -0.05%
Annual Performance 2020 2019 2018 2017 2016 2015
11.07% 21.48% -14.38% 27.63% - - 4Q19 3Q19 2Q19 1Q19
11.12% 21.63% -14.76% 27.81% 4.41% -4.60% 9.02% -1.68% 2.85% 10.19%
+/- Benchmark -0.04% -0.16% 0.37% -0.18% - - 9.20% -1.72% 2.74% 10.31%
Peer Group Rank 39 60 41 27 - - +/- Benchmark -0.18% 0.04% 0.11% -0.12%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
- - - - - - -11.71% 0.33% -2.96% -0.40%
8.98% 6.31% 2.30% -0.66% 5.71% 3.05% -11.88% 0.39% -2.61% -1.06%
+/- Benchmark - - - - - - +/- Benchmark 0.17% -0.06% -0.35% 0.66%
Peer Group Rank - - - - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 4.96% 6.11% 5.91% 8.20%
Alpha 0.12 0.00 - 0.00 - 0.00 5.23% 6.27% 5.85% 7.99%
Beta 0.99 1.00 - 1.00 - 1.00 +/- Benchmark -0.27% -0.16% 0.07% 0.21%
Standard Deviation 18.45 18.53 - 15.66 - 15.25
Sharpe Ratio 0.27 0.26 - 0.55 - 0.36
Information Ratio 0.06 - - - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 3.44 3.32 - 7.81 - 4.44 -2.36% 6.85% - -
Upside Capture Ratio 99.43 100.00 - 100.00 - 100.00 -1.57% 7.05% -0.68% -0.23%
Downside Capture Ratio 98.95 100.00 - 100.00 - 100.00 +/- Benchmark -0.79% -0.20% - -
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
69
Fidelity® Total International
Index (USD
)M
orningstar Quantitative
RatingTM
„Q
09-30-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQ
MSCI ACW
I ExUSA N
R USDM
SCI ACWI Ex
USA NR USD
US Fund Foreign LargeBlend
676 US Fund Foreign LargeBlend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.40
-2.960.33
-11.71-14.38
201910.19
2.85-1.68
9.0221.48
2020-24.15
17.416.78
16.8111.07
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
11.074.93
——
8.99Std 12-31-2020
11.07—
——
8.99Total Return
11.074.93
——
8.99
+/- Std Index0.42
0.05—
——
+/- Cat Index0.42
0.05—
——
% Rank Cat
3237
——
No. in Cat
785676
——
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-835-5092 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.06
12b1 Expense %N
AN
et Expense Ratio %0.06
Gross Expense Ratio %
0.06
Risk and Return Profile3 Yr
5 Yr10 Yr
676 funds586 funds
382 funds
Morningstar Rating
TM3Q
——
Morningstar Risk
Avg—
—M
orningstar ReturnAvg
——
3 Yr5 Yr
10 Yr
Standard Deviation18.45
——
Mean
4.93—
—Sharpe Ratio
0.27—
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar Gbl
Mkts xUS GR USD
Alpha0.06
-0.61Beta
1.011.00
R-Squared99.07
99.28
12-Month Yield
—Potential Cap Gains Exp
1.03%
00
00
00
04
44
44
——
——
——
—96
9790
9598
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Fidelity® Total International
Index15,383Category Average14,702Standard Index15,491
__
__
__
__
&*
(*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
—10.00
12.5310.50
12.4213.57
NAV/Price
——
——
——
——
27.63-14.38
21.4811.07
Total Return %
——
——
——
——
0.44-0.19
-0.030.42
+/- Standard Index
——
——
——
——
0.44-0.19
-0.030.42
+/- Category Index
——
——
——
——
2249
5332
% Rank Cat
——
——
——
——
756741
732785
No. of Funds in Cat
Portfolio Analysis 11-30-2020
Asset A
llocation %N
et %Long %
Short %
Cash1.86
1.860.00
US Stocks0.70
0.700.00
Non-US Stocks
97.3497.34
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.11
0.110.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM19.5
0.960.92
P/C Ratio TTM9.6
0.930.89
P/B Ratio TTM1.7
0.930.86
Geo Avg Mkt Cap
$mil
286970.65
0.58
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
9.41.00
Greater Europe42.6
1.00Greater Asia
48.01.00
Share Chgsince10-2020
ShareAm
ountHoldings :4,694 Total Stocks , 2 Total Fixed-Incom
e,4%
Turnover Ratio
Net Assets%
360,217Alibaba Group Holding Ltd ADR
1.735 m
ilTaiw
an Semiconductor M
anufacturing1.46
1 mil
Tencent Holdings Ltd1.46
R74 m
ilFidelity Revere Str Tr
1.35
T729
MSCI EAFE Index Future Dec 20
1.35
565,737N
estle SA1.16
876,192Sam
sung Electronics Co Ltd0.96
134,247Roche Holding AG Dividend Right Ce
0.80421,172
Novartis AG
0.70
R588
MSCI Em
erging Markets Index TAS Fu
0.64
81,209ASM
L Holding NV
0.6452,871
LVMH M
oet Hennessy Louis Vuitton SE0.55
498,656Unilever PLC
0.55401,692
Toyota Motor Corp
0.49251,081
AstraZeneca PLC0.48
Sector Weightings
Stocks %Rel Std Index
hCyclical
41.41.01
rBasic M
aterials8.1
1.00t
Consumer Cyclical
12.41.02
yFinancial Services
17.20.95
uReal Estate
3.71.39
jSensitive
36.71.00
iCom
munication Services
7.50.95
oEnergy
4.20.94
pIndustrials
12.71.12
aTechnology
12.30.94
kD
efensive21.9
0.98
sConsum
er Defensive8.9
0.97d
Healthcare9.7
0.99f
Utilities3.3
0.99
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:4.6 Years
Objective:Foreign Stock
Base Currency:USD
Ticker:FTIHX
ISIN:
US31635V6386M
inimum
Initial Purchase:$0
Purchase Constraints:—
Incept:06-07-2016
Type:M
FTotal Assets:
$5,794.35 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
70
Fidelity® US Bond Index Fund Fact Sheet
FXNAX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Eff Duration
Average Eff Maturity
Average Credit Quality
Average Coupon
Sector Allocations FXNAX +/- Category
Government 45.1% 17.7%
Municipal 0.5% -0.4% Asset Allocation Morningstar Style Box
Bank Loan 0.0% -0.2% Low IR Sens Mod IR Sens Ext IR Sens
Convertible 0.8% -0.6%
Corporate Bond 24.7% -3.9%
Preferred Stock 0.0% 0.0%
Agency MBS 25.9% 0.5%
Non-Agency RMBS 0.0% -0.3%
Commercial MBS 1.2% -0.9%
Asset-Backed 0.1% -5.1% 1.6% 0.0%
Cash & Equivalents 1.6% -5.1% 88.5% 0.0%
Other 0.0% -1.6% 9.1% 0.0%
2.1%
5.3%
6.7%
1.6%
17.27%
5.75
-
AA
2.71% 0.06%
A (Cat Avg.)
-
0.12
-29.51%
0.0%
25.4%
0.3%
0.2%
6.75 Years
Category
27.4%
0.9%
1.4%
28.6%
+/- CategoryFXNAX
Low
Qu
al
Hig
h Q
ual
Med
Qu
al
Fidelity® US Bond Index
Brandon Bettencourt
$58,101,680,320
5/4/2011
0.025%
FXNAX
US Fund Intermediate Core Bond
BBgBarc US Agg Bond TR USD0.8%
7.8% 7.8%
5.4%4.4% 3.8%
0.7%
7.5% 7.5%
5.3%4.4% 3.8%
QTR YTD 1 Year 3 Year 5 Year 10 Year
FXNAX Benchmark
7.8% 8.5%
0.0%
3.5%2.5%
0.6%
7.5%8.7%
0.0%
3.5%2.6%
0.5%
2020 2019 2018 2017 2016 2015
FXNAX Benchmark
71
Fidelity® US Bond Index Fund Fact Sheet
FXNAX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
0.75% 7.80% 7.80% 5.36% 4.41% 3.82% 4Q20 3Q20 2Q20 1Q20
0.67% 7.51% 7.51% 5.34% 4.44% 3.84% 0.75% 0.43% 2.77% 3.66%
+/- Benchmark 0.08% 0.29% 0.29% 0.02% -0.02% -0.02% 0.67% 0.62% 2.90% 3.15%
Peer Group Rank 67 49 49 39 47 48 +/- Benchmark 0.08% -0.19% -0.13% 0.51%
Annual Performance 2020 2019 2018 2017 2016 2015
7.80% 8.48% 0.01% 3.50% 2.52% 0.63% 4Q19 3Q19 2Q19 1Q19
7.51% 8.72% 0.01% 3.54% 2.65% 0.55% 0.06% 2.27% 2.97% 2.96%
+/- Benchmark 0.29% -0.23% 0.00% -0.04% -0.13% 0.08% 0.18% 2.27% 3.08% 2.94%
Peer Group Rank 49 49 25 43 55 23 +/- Benchmark -0.12% 0.00% -0.11% 0.01%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
4.41% 4.14% 4.32% 3.39% 2.99% 3.33% 1.70% 0.07% -0.22% -1.51%
4.44% 4.18% 4.30% 3.36% 3.05% 3.38% 1.64% 0.02% -0.16% -1.46%
+/- Benchmark -0.02% -0.04% 0.02% 0.03% -0.06% -0.05% +/- Benchmark 0.06% 0.05% -0.06% -0.05%
Peer Group Rank 47 42 25 8 37 29
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 0.37% 0.87% 1.33% 0.89%
Alpha 0.01 0.00 -0.07 0.00 -0.11 0.00 0.39% 0.85% 1.45% 0.82%
Beta 1.00 1.00 1.02 1.00 1.03 1.00 +/- Benchmark -0.02% 0.03% -0.12% 0.07%
Standard Deviation 3.43 3.40 3.22 3.16 3.03 2.93
Sharpe Ratio 1.11 1.11 1.00 1.03 1.06 1.10
Information Ratio 0.06 - -0.08 - -0.08 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 3.84 3.82 3.19 3.27 3.12 3.23 -3.14% 0.42% 2.24% 3.09%
Upside Capture Ratio 100.16 100.00 100.46 100.00 101.77 100.00 -2.98% 0.46% 2.21% 3.03%
Downside Capture Ratio 99.72 100.00 102.31 100.00 105.71 100.00 +/- Benchmark -0.16% -0.04% 0.03% 0.06%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
72
Fidelity® U
S Bond Index
(USD
)M
orningstar Analyst Rating
TM
Œ04-01-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQ
BBgBarc US AggBond TR USD
BBgBarc US AggBond TR USD
US Fund Intermediate
Core Bond380 US Fund Interm
ediateCore Bond
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-1.51
-0.220.07
1.700.01
20192.96
2.972.27
0.068.48
20203.66
2.770.43
0.757.80
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
7.805.36
4.41—
3.74Std 12-31-2020
7.80—
4.41—
3.74Total Return
7.805.36
4.413.82
3.74
+/- Std Index0.29
0.02-0.02
-0.02—
+/- Cat Index0.29
0.02-0.02
-0.02—
% Rank Cat
4135
4246
No. in Cat
415380
330252
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-544-8544 or visit
ww
w.institutional.fidelity.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.03
12b1 Expense %N
AN
et Expense Ratio %0.03
Gross Expense Ratio %
0.03
Risk and Return Profile3 Yr
5 Yr10 Yr
380 funds330 funds
252 funds
Morningstar Rating
TM3Q
3Q3W
Morningstar Risk
-AvgAvg
AvgM
orningstar ReturnAvg
AvgAvg
3 Yr5 Yr
10 Yr
Standard Deviation3.43
3.223.03
Mean
5.364.41
3.82Sharpe Ratio
1.111.00
1.06
MPT Statistics
Standard IndexBest Fit Index
BBgBarc US AggBond TR USD
Alpha0.01
0.01Beta
1.001.00
R-Squared99.00
99.00
12-Month Yield
—Potential Cap Gains Exp
0.01%
44
44
44
44
44
44
8492
9693
9896
9999
9799
9697
4k 10k
20k
40k
60k80k100k
Investment Style
Fixed-Income
Bond %
Grow
th of $10,000
Fidelity® US Bond Index
16,456Category Average17,722Standard Index16,450
__
_)
(*
&(
(*
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
11.7811.89
11.3611.73
11.4911.49
11.5911.28
11.9112.45
NAV/Price
6.456.29
7.794.23
-2.195.99
0.632.52
3.500.01
8.487.80
Total Return %
0.52-0.25
-0.060.02
-0.170.02
0.08-0.13
-0.040.00
-0.230.29
+/- Standard Index
0.52-0.25
-0.060.02
-0.170.02
0.08-0.13
-0.040.00
-0.230.29
+/- Category Index
——
—82
6926
1866
5729
4941
% Rank Cat
——
—1165
10791038
1042985
9861019
430415
No. of Funds in Cat
Portfolio Analysis 11-30-2020
Asset A
llocation %N
et %Long %
Short %
Cash2.34
2.340.00
US Stocks0.00
0.000.00
Non-US Stocks
0.000.00
0.00Bonds
96.7997.05
0.25Other/N
ot Clsfd0.86
0.860.00
Total100.00
100.250.25
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM—
——
P/C Ratio TTM—
——
P/B Ratio TTM—
——
Geo Avg Mkt Cap
$mil
——
—
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
5.73Avg W
td Coupon—
Avg Wtd Price
110.46
Credit Quality B
reakdown 10-31-2020
Bond %
AAA72.61
AA4.56
A12.36
BBB10.30
BB0.14
B0.00
Below B
0.00N
R0.03
Regional ExposureStocks %
Rel Std Index
Americas
——
Greater Europe—
—Greater Asia
——
Share Chgsince10-2020
ShareAm
ountHoldings :0 Total Stocks , 2,251 Total Fixed-Incom
e,59%
Turnover Ratio
Net Assets%
Y1,464 m
ilFannie M
ae 3% 30 Year
2.71
Y1,091 m
ilFannie M
ae 3.5% 30 Year
2.04
T1,159 m
ilFidelity Revere Str Tr
2.03
T1,084 m
ilFreddie M
ac 2.5% 30 Year
1.99
Y1,068 m
ilGinnie M
ae 3% 30 Year
1.96
Y958 m
ilGinnie M
ae 3.5% 30 Year
1.80
Y933 m
ilFannie M
ae 4% 30 Year
1.76
T777 m
ilUm
bs 2% 30 Year
1.41749 m
ilUnited States Treasury N
otes 1.5%1.39
Y729 m
ilFreddie M
ac 3% 30 Year
1.34
Y714 m
ilFreddie M
ac 3.5% 30 Year
1.33694 m
ilUnited States Treasury N
otes 0.12%1.21
611 mil
United States Treasury Notes 2.25%
1.19659 m
ilUnited States Treasury N
otes 0.12%1.15
T494 m
ilGinnie M
ae 2.5% 30 Year
0.91
Sector Weightings
Stocks %Rel Std Index
hCyclical
——
rBasic M
aterials—
—t
Consumer Cyclical
——
yFinancial Services
——
uReal Estate
——
jSensitive
——
iCom
munication Services
——
oEnergy
——
pIndustrials
——
aTechnology
——
kD
efensive—
—
sConsum
er Defensive—
—d
Healthcare—
—f
Utilities—
—
Operations
Family:
Fidelity Investments
Manager:
Multiple
Tenure:6.7 Years
Objective:M
ultisector Bond
Base Currency:USD
Ticker:FXN
AXISIN
:US3161463563
Minim
um Initial Purchase:
$0
Purchase Constraints:A
Incept:05-04-2011
Type:M
FTotal Assets:
$57,443.14 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
73
Hartford Core Equity R6 Fund Fact Sheet
HAITX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations HAITX +/- Category
Materials 2.1% -0.5%
Communication Services 11.3% 1.1% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 1.0% Value Core Growth
Consumer Staples 8.8% 1.0%
Healthcare 14.2% -0.4%
Industrials 8.5% -1.7%
Real Estate 1.5% -0.9%
Technology 24.8% 2.0%
Energy 0.9% -1.1%
Financial Services 13.0% -0.7% 1.6% 97.4%
Utilities 2.6% 0.2% 0.0% 0.9%
Other 0.0% 0.0% 0.0% 0.0%
2.0%
13.7%
2.4%
0.0%
31.60%
$161,048
29.50
4.23
1.36% -0.43%
-0.03
4.68
-$72,165
-18.73%
10.2%
2.4%
22.8%
11.2%
22.83 Years
Category
2.6%
10.1%
7.9%
14.6%
+/- CategoryHAITX
Sm
all
Lar
geM
id
Hartford Core Equity R6
Mammen Chally
$10,329,562,587
3/31/2015
0.390%
HAITX
US Fund Large Blend
S&P 500 TR USD
12.5%
18.5% 18.5%16.0% 15.1% 15.0%
12.1%
18.4% 18.4%
14.2% 15.2% 13.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
HAITX Benchmark
18.5%
33.9%
-1.6%
22.2%
5.8% 6.9%
18.4%
31.5%
-4.4%
21.8%12.0%
1.4%
2020 2019 2018 2017 2016 2015
HAITX Benchmark
74
Hartford Core Equity R6 Fund Fact Sheet
HAITX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
12.49% 18.49% 18.49% 16.03% 15.07% 14.97% 4Q20 3Q20 2Q20 1Q20
12.15% 18.40% 18.40% 14.18% 15.22% 13.88% 12.49% 9.77% 19.10% -19.42%
+/- Benchmark 0.34% 0.09% 0.09% 1.85% -0.14% 1.09% 12.15% 8.93% 20.54% -19.60%
Peer Group Rank 43 31 31 5 19 1 +/- Benchmark 0.34% 0.84% -1.45% 0.17%
Annual Performance 2020 2019 2018 2017 2016 2015
18.49% 33.89% -1.55% 22.17% 5.75% 6.90% 4Q19 3Q19 2Q19 1Q19
18.40% 31.49% -4.38% 21.83% 11.96% 1.38% 9.06% 2.49% 5.44% 13.61%
+/- Benchmark 0.09% 2.41% 2.83% 0.33% -6.21% 5.51% 9.07% 1.70% 4.30% 13.65%
Peer Group Rank 31 6 6 28 92 2 +/- Benchmark -0.01% 0.79% 1.14% -0.04%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
15.07% 13.81% 10.81% 7.23% 12.73% 12.35% -11.97% 7.62% 2.78% 1.10%
15.22% 14.15% 10.73% 6.73% 11.70% 10.84% -13.52% 7.71% 3.43% -0.76%
+/- Benchmark -0.14% -0.34% 0.08% 0.50% 1.03% 1.51% +/- Benchmark 1.55% -0.09% -0.65% 1.86%
Peer Group Rank 19 19 8 4 2 2
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 7.77% 2.89% 3.72% 6.22%
Alpha 2.14 0.00 0.52 0.00 1.57 0.00 6.64% 4.48% 3.09% 6.07%
Beta 0.95 1.00 0.95 1.00 0.95 1.00 +/- Benchmark 1.12% -1.59% 0.64% 0.15%
Standard Deviation 17.96 18.79 14.61 15.26 13.03 13.54
Sharpe Ratio 0.83 0.72 0.96 0.93 1.09 0.99
Information Ratio 0.96 - -0.07 - 0.49 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 15.25 12.66 14.66 14.05 15.12 13.27 1.94% 1.48% 2.36% -0.13%
Upside Capture Ratio 98.25 100.00 95.21 100.00 98.95 100.00 3.82% 3.85% 2.46% 1.35%
Downside Capture Ratio 89.30 100.00 91.36 100.00 90.16 100.00 +/- Benchmark -1.88% -2.37% -0.10% -1.47%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
75
Hartford Core Equity R6
(USD
)M
orningstar Analyst Rating
TM
´09-09-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
S&P 500 TR USD
Russell 1000 TRUSD
US Fund Large Blend1,232 US Fund Large Blend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
20181.10
2.787.62
-11.97-1.55
201913.61
5.442.49
9.0633.89
2020-19.42
19.109.77
12.4918.49
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
18.4916.03
15.07—
13.61Std 12-31-2020
18.49—
15.07—
13.61Total Return
18.4916.03
15.0714.97
13.61
+/- Std Index0.09
1.85-0.14
1.09—
+/- Cat Index-2.47
1.21-0.52
0.96—
% Rank Cat
355
231
No. in Cat
13631232
1072814
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 888-843-7824 or visit
ww
w.hartfordfunds.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.34
12b1 Expense %N
AN
et Expense Ratio %0.39
Gross Expense Ratio %
0.39
Risk and Return Profile3 Yr
5 Yr10 Yr
1232 funds1072 funds
814 funds
Morningstar Rating
TM5Q
4Q5W
Morningstar Risk
-Avg-Avg
-AvgM
orningstar ReturnHigh
+AvgHigh
3 Yr5 Yr
10 Yr
Standard Deviation17.96
14.6113.03
Mean
16.0315.07
14.97Sharpe Ratio
0.840.96
1.09
MPT Statistics
Standard IndexBest Fit Index
S&P 500 TR USD
Alpha2.14
2.14Beta
0.950.95
R-Squared99.11
99.11
12-Month Yield
—Potential Cap Gains Exp
22.01%
44
77
77
74
74
44
100100
9899
9996
9297
9894
9898
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Hartford Core Equity R658,123Category Average43,696Standard Index53,403
__
__
__
__
_&
&*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
23.8024.77
29.1627.18
35.4241.63
NAV/Price
25.8114.49
1.4717.29
35.6315.89
6.905.75
22.17-1.55
33.8918.49
Total Return %
-0.66-0.57
-0.641.29
3.252.20
5.51-6.21
0.332.83
2.410.09
+/- Standard Index
-2.63-1.61
-0.030.87
2.522.65
5.98-6.30
0.483.23
2.47-2.47
+/- Category Index
——
——
——
——
—7
735
% Rank Cat
——
——
——
——
—1402
13871363
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Top Holdings 11-30-2020
Asset A
llocation % 11-30-2020
Net %
Long %Short %
Cash3.54
3.540.00
US Stocks95.57
95.570.00
Non-US Stocks
0.890.89
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM29.5
1.041.19
P/C Ratio TTM19.3
1.171.20
P/B Ratio TTM4.2
1.060.99
Geo Avg Mkt Cap
$mil
1610480.91
0.69
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
99.11.00
Greater Europe0.9
1.09Greater Asia
0.00.00
Share Chgsince11-2020
ShareAm
ountHoldings :68 Total Stocks , 0 Total Fixed-Incom
e,22%
Turnover Ratio
Net Assets%
4 mil
Apple Inc4.91
130,900Am
azon.com Inc
4.21235,809
Alphabet Inc A4.20
2 mil
Microsoft Corp
3.61
T914,632
Facebook Inc A2.57
2 mil
Procter & Gam
ble Co2.25
T1 m
ilThe W
alt Disney Co2.23
R59,150
Future on S&P 500 Index Dec20
2.182 m
ilJPM
organ Chase & Co
2.11585,212
UnitedHealth Group Inc2.00
T2 m
ilM
erck & Co Inc
1.816 m
ilBank of Am
erica Corp1.75
666,466Salesforce.com
Inc1.66
486,210M
astercard Inc A1.66
Y343,095
Thermo Fisher Scientific Inc
1.62
Sector Weightings
Stocks %Rel Std Index
hCyclical
28.80.94
rBasic M
aterials2.1
0.92t
Consumer Cyclical
12.20.98
yFinancial Services
13.00.96
uReal Estate
1.50.62
jSensitive
45.50.99
iCom
munication Services
11.31.05
oEnergy
0.90.39
pIndustrials
8.50.97
aTechnology
24.81.03
kD
efensive25.7
1.10
sConsum
er Defensive8.8
1.27d
Healthcare14.2
1.05f
Utilities2.6
0.96
Operations
Family:
Hartford Mutual Funds
Manager:
Multiple
Tenure:22.8 Years
Objective:Grow
th
Base Currency:USD
Ticker:HAITX
ISIN:
US41664R1840M
inimum
Initial Purchase:$0
Purchase Constraints:A
Incept:03-31-2015
Type:M
FTotal Assets:
$10,308.63 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
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ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
76
Hartford Schroders US Small Cap Opps SDR Fund Fact Sheet
SCURX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations SCURX +/- Category
Materials 8.2% 3.8%
Communication Services 2.2% -0.3% Asset Allocation Morningstar Style Box
Consumer Discretionary 15.8% 3.0% Value Core Growth
Consumer Staples 4.2% 0.1%
Healthcare 11.3% -3.9%
Industrials 13.0% -5.5%
Real Estate 3.2% -3.8%
Technology 19.1% 4.1%
Energy 3.1% 1.0%
Financial Services 17.4% 1.6% 4.3% 94.0%
Utilities 2.5% -0.2% 0.0% 1.8%
Other 0.0% 0.0% 0.0% 0.0%
2.0%
15.8%
2.6%
0.0%
14.54%
$3,219
26.80
2.42
1.23% 0.03%
0.00
6.04
-$1,081
-9.81%
18.5%
7.0%
15.0%
12.8%
3.08 Years
Category
4.3%
2.5%
4.2%
15.2%
+/- CategorySCURX
Sm
all
Lar
geM
id
Hartford Schroders US Small Cap Opps SDR
Robert Kaynor
$295,960,003
9/28/2015
1.030%
SCURX
US Fund Small Blend
Russell 2000 TR USD
26.1%
8.1% 8.1% 8.4%11.8% 10.5%
31.4%
20.0% 20.0%
10.2%13.3% 11.2%
QTR YTD 1 Year 3 Year 5 Year 10 Year
SCURX Benchmark
8.1%
32.1%
-10.7%
14.8%19.5%
-1.4%
20.0%25.5%
-11.0%
14.6%21.3%
-4.4%
2020 2019 2018 2017 2016 2015
SCURX Benchmark
77
Hartford Schroders US Small Cap Opps SDR Fund Fact Sheet
SCURX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
26.06% 8.14% 8.14% 8.43% 11.83% 10.47% 4Q20 3Q20 2Q20 1Q20
31.37% 19.96% 19.96% 10.25% 13.26% 11.20% 26.06% 4.86% 21.22% -32.51%
+/- Benchmark -5.32% -11.82% -11.82% -1.81% -1.43% -0.73% 31.37% 4.93% 25.42% -30.61%
Peer Group Rank 73 67 67 28 32 36 +/- Benchmark -5.32% -0.07% -4.20% -1.90%
Annual Performance 2020 2019 2018 2017 2016 2015
8.14% 32.06% -10.72% 14.81% 19.49% -1.37% 4Q19 3Q19 2Q19 1Q19
19.96% 25.52% -11.01% 14.65% 21.31% -4.41% 9.33% 0.72% 6.02% 13.12%
+/- Benchmark -11.82% 6.53% 0.29% 0.16% -1.82% 3.04% 9.94% -2.40% 2.10% 14.58%
Peer Group Rank 67 3 33 26 69 14 +/- Benchmark -0.61% 3.12% 3.92% -1.47%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
11.83% 7.41% 4.52% 0.55% 9.79% 9.60% -16.99% 4.34% 4.69% -1.54%
13.26% 8.00% 4.29% -0.25% 8.23% 8.19% -20.20% 3.58% 7.75% -0.08%
+/- Benchmark -1.43% -0.60% 0.23% 0.80% 1.56% 1.41% +/- Benchmark 3.21% 0.76% -3.06% -1.46%
Peer Group Rank 32 25 14 12 6 8
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 3.93% 3.47% 2.75% 3.90%
Alpha -1.04 0.00 -0.10 0.00 0.55 0.00 3.34% 5.67% 2.46% 2.47%
Beta 0.91 1.00 0.89 1.00 0.87 1.00 +/- Benchmark 0.59% -2.20% 0.29% 1.43%
Standard Deviation 23.77 25.63 19.47 21.54 16.66 18.88
Sharpe Ratio 0.40 0.45 0.62 0.63 0.65 0.63
Information Ratio -0.36 - -0.31 - -0.18 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 7.59 8.73 12.04 12.09 11.39 10.59 7.61% 6.26% 2.70% 1.75%
Upside Capture Ratio 91.88 100.00 89.40 100.00 87.05 100.00 8.83% 9.05% 3.79% -1.52%
Downside Capture Ratio 95.31 100.00 89.72 100.00 83.98 100.00 +/- Benchmark -1.22% -2.78% -1.09% 3.26%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
78
Hartford Schroders U
S Small
Cap Opps SD
R (USD
)M
orningstar Analyst Rating
TM
´02-11-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
S&P 500 TR USD
Russell 2000 TRUSD
US Fund Small Blend
629 US Fund Small Blend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-1.54
4.694.34
-16.99-10.72
201913.12
6.020.72
9.3332.06
2020-32.51
21.224.86
26.068.14
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
8.148.43
11.83—
12.03Std 12-31-2020
8.14—
11.83—
12.03Total Return
8.148.43
11.8310.47
12.03
+/- Std Index-10.26
-5.75-3.39
-3.41—
+/- Cat Index-11.82
-1.81-1.43
-0.73—
% Rank Cat
6727
3136
No. in Cat
671629
517367
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 888-843-7824 or visit
ww
w.hartfordfunds.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.90
12b1 Expense %N
AN
et Expense Ratio %1.03
Gross Expense Ratio %
1.10
Risk and Return Profile3 Yr
5 Yr10 Yr
629 funds517 funds
367 funds
Morningstar Rating
TM4Q
4Q4W
Morningstar Risk
-Avg-Avg
LowM
orningstar Return+Avg
+AvgAvg
3 Yr5 Yr
10 Yr
Standard Deviation23.77
19.4716.66
Mean
8.4311.83
10.47Sharpe Ratio
0.400.62
0.65
MPT Statistics
Standard IndexBest Fit Index
Morningstar US
Small Cap TR USD
Alpha-6.50
0.07Beta
1.180.92
R-Squared87.29
97.63
12-Month Yield
—Potential Cap Gains Exp
9.95%
96
66
69
99
96
66
8989
9190
9294
9292
9394
9596
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Hartford Schroders US Small
Cap Opps SDR43,321Category Average40,048Standard Index53,403
__
__
__
_(
_*
&(
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
22.9225.91
27.2722.03
27.6529.84
NAV/Price
32.3320.91
-4.4312.45
34.628.50
-1.3719.49
14.81-10.72
32.068.14
Total Return %
5.875.84
-6.55-3.55
2.23-5.19
-2.757.53
-7.03-6.34
0.57-10.26
+/- Standard Index
5.16-5.95
-0.26-3.90
-4.203.60
3.04-1.82
0.160.29
6.53-11.82
+/- Category Index
——
——
——
—63
—32
467
% Rank Cat
——
——
——
—750
—769
702671
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Top Holdings 11-30-2020
Asset A
llocation % 11-30-2020
Net %
Long %Short %
Cash4.69
4.690.00
US Stocks93.89
93.890.00
Non-US Stocks
1.431.43
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM26.8
0.951.29
P/C Ratio TTM12.3
0.751.26
P/B Ratio TTM2.4
0.611.00
Geo Avg Mkt Cap
$mil
32190.02
0.75
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
100.01.01
Greater Europe0.0
0.00Greater Asia
0.00.00
Share Chgsince11-2020
ShareAm
ountHoldings :112 Total Stocks , 27 Total Fixed-Incom
e,53%
Turnover Ratio
Net Assets%
T12 m
ilM
organ Stanley InstlLqdty TrsSecs4.69
Y66,506
ASGN Inc
1.98
T151,323
Envista Holdings Corp Ordinary Sha1.71
Y79,517
Terminix Global Holdings Inc
1.4858,781
Houlihan Lokey Inc Class A1.45
85,231Perform
ance Food Group Co1.41
Y124,471
ON Sem
iconductor Corp1.36
49,546W
NS (Holdings) Ltd ADR
1.33
Y72,204
Darling Ingredients Inc1.33
37,112Science Applications International
1.31
20,855Valm
ont Industries Inc1.29
Y35,299
Catalent Inc1.29
Y50,262
Semtech Corp
1.29
T49,904
Syneos Health Inc A1.25
Y71,841
Perficient Inc1.24
Sector Weightings
Stocks %Rel Std Index
hCyclical
44.71.46
rBasic M
aterials8.2
3.61t
Consumer Cyclical
15.81.27
yFinancial Services
17.41.29
uReal Estate
3.21.33
jSensitive
37.40.81
iCom
munication Services
2.20.21
oEnergy
3.11.34
pIndustrials
13.01.48
aTechnology
19.10.79
kD
efensive18.0
0.77
sConsum
er Defensive4.2
0.61d
Healthcare11.3
0.83f
Utilities2.5
0.90
Operations
Family:
Hartford Mutual Funds
Manager:
Robert KaynorTenure:
3.0 YearsObjective:
Growth
Base Currency:USD
Ticker:SCURX
ISIN:
US41665H2682M
inimum
Initial Purchase:$5 m
il
Purchase Constraints:A
Incept:09-28-2015
Type:M
FTotal Assets:
$295.37 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
79
MFS Intl Diversification R6 Fund Fact Sheet
MDIZX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations MDIZX +/- Category
Materials 7.9% 0.1%
Communication Services 8.8% 1.7% Asset Allocation Morningstar Style Box
Consumer Discretionary 9.0% -2.2% Value Core Growth
Consumer Staples 14.4% 4.1%
Healthcare 8.5% -3.7%
Industrials 15.6% 1.0%
Real Estate 2.4% 0.0%
Technology 14.6% 2.7%
Energy 1.9% -1.2%
Financial Services 14.5% -1.5% 3.2% 4.5%
Utilities 2.3% -0.9% 0.0% 92.3%
Other 0.0% 0.0% 0.0% 0.0%
3.1%
16.0%
3.3%
0.0%
N/A (Fund of Funds)
$38,068
24.55
2.45
2.04% -0.41%
0.52
3.44
-$11,509
-
14.7%
2.4%
11.9%
11.2%
2.42 Years
Category
7.9%
7.1%
10.3%
12.2%
+/- CategoryMDIZX
Sm
all
Lar
geM
id
MFS Intl Diversification R6
Camille Humphries Lee
$32,972,860,556
10/2/2017
0.750%
MDIZX
US Fund Foreign Large Blend
MSCI ACWI Ex USA NR USD
13.6%15.4% 15.4%
9.0%11.6%
7.7%
17.0%
10.7% 10.7%
4.9%
8.9%
4.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
MDIZX Benchmark
15.4%
26.1%
-10.9%
30.2%
2.5% 0.1%
10.7%
21.5%
-14.2%
27.2%
4.5%
-5.7%
2020 2019 2018 2017 2016 2015
MDIZX Benchmark
80
MFS Intl Diversification R6 Fund Fact Sheet
MDIZX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
13.65% 15.43% 15.43% 9.04% 11.59% 7.70% 4Q20 3Q20 2Q20 1Q20
17.01% 10.65% 10.65% 4.88% 8.93% 4.92% 13.65% 7.97% 17.21% -19.74%
+/- Benchmark -3.37% 4.78% 4.78% 4.16% 2.66% 2.78% 17.01% 6.25% 16.12% -23.36%
Peer Group Rank 80 18 18 5 2 4 +/- Benchmark -3.37% 1.72% 1.09% 3.61%
Annual Performance 2020 2019 2018 2017 2016 2015
15.43% 26.09% -10.92% 30.25% 2.47% 0.11% 4Q19 3Q19 2Q19 1Q19
10.65% 21.51% -14.20% 27.19% 4.50% -5.66% 9.37% -1.15% 4.11% 12.02%
+/- Benchmark 4.78% 4.58% 3.27% 3.05% -2.03% 5.77% 8.92% -1.80% 2.98% 10.31%
Peer Group Rank 18 19 10 9 30 35 +/- Benchmark 0.45% 0.65% 1.13% 1.71%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
11.59% 9.57% 5.98% 2.79% 8.46% 6.04% -11.72% 1.31% -0.25% -0.15%
8.93% 6.23% 2.26% -0.64% 5.51% 2.90% -11.46% 0.71% -2.61% -1.18%
+/- Benchmark 2.66% 3.34% 3.71% 3.43% 2.95% 3.14% +/- Benchmark -0.26% 0.61% 2.36% 1.03%
Peer Group Rank 2 1 1 1 1 2
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.82% 4.77% 8.78% 7.99%
Alpha 4.17 0.00 3.32 0.00 3.09 0.00 5.00% 6.16% 5.78% 7.86%
Beta 0.88 1.00 0.87 1.00 0.87 1.00 +/- Benchmark 0.82% -1.39% 2.99% 0.13%
Standard Deviation 16.21 18.19 13.75 15.39 13.53 15.16
Sharpe Ratio 0.52 0.27 0.78 0.56 0.57 0.35
Information Ratio 1.15 - 0.71 - 0.78 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.57 3.36 11.98 7.75 8.14 4.31 -4.68% 6.06% 1.10% 0.26%
Upside Capture Ratio 97.56 100.00 96.75 100.00 94.25 100.00 -1.25% 6.91% -0.64% -0.38%
Downside Capture Ratio 80.10 100.00 80.80 100.00 78.44 100.00 +/- Benchmark -3.43% -0.85% 1.74% 0.63%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
81
MFS Intl D
iversification R6(U
SD)
Morningstar A
nalyst RatingTM
„07-20-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQQ
MSCI ACW
I ExUSA N
R USDM
SCI ACWI Ex
USA NR USD
US Fund Foreign LargeBlend
676 US Fund Foreign LargeBlend
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.15
-0.251.31
-11.72-10.92
201912.02
4.11-1.15
9.3726.09
2020-19.74
17.217.97
13.6515.43
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
15.439.04
——
10.23Std 12-31-2020
15.43—
——
10.23Total Return
15.439.04
11.597.70
10.23
+/- Std Index4.78
4.162.66
2.78—
+/- Cat Index4.78
4.162.66
2.78—
% Rank Cat
143
24
No. in Cat
785676
586382
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield
——
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-225-2606 or visit
http://ww
w.m
fs.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.75
Gross Expense Ratio %
0.77
Risk and Return Profile3 Yr
5 Yr10 Yr
676 funds586 funds
382 funds
Morningstar Rating
TM5Q
5W5W
Morningstar Risk
-Avg-Avg
LowM
orningstar ReturnHigh
HighHigh
3 Yr5 Yr
10 Yr
Standard Deviation16.21
13.7513.53
Mean
9.0411.59
7.70Sharpe Ratio
0.520.78
0.57
MPT Statistics
Standard IndexBest Fit Index
MSCI ACW
I Ex USAGrow
th NR USD
Alpha4.17
-0.57Beta
0.880.96
R-Squared96.91
97.44
12-Month Yield
—Potential Cap Gains Exp
5.17%
44
74
77
77
77
74
9797
9897
9797
9897
9797
9797
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
MFS Intl Diversification R6
32,111Category Average23,334Standard Index25,412
__
__
__
__
_&
&&
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
——
19.8717.14
21.0723.91
NAV/Price
34.6613.57
-9.1718.39
17.26-3.86
0.112.47
30.25-10.92
26.0915.43
Total Return %
-6.792.42
4.541.56
1.970.00
5.77-2.03
3.053.27
4.584.78
+/- Standard Index
-6.792.42
4.541.56
1.970.00
5.77-2.03
3.053.27
4.584.78
+/- Category Index
——
——
——
——
—15
1014
% Rank Cat
——
——
——
——
—741
732785
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash1.90
3.191.29
US Stocks4.61
4.610.00
Non-US Stocks
93.4993.49
0.00Bonds
0.000.00
0.00Other/N
ot Clsfd0.00
0.000.00
Total100.00
101.291.29
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM24.5
1.201.16
P/C Ratio TTM14.2
1.381.31
P/B Ratio TTM2.5
1.361.27
Geo Avg Mkt Cap
$mil
380680.86
0.77
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
—Avg Eff Duration
—Avg W
td Coupon—
Avg Wtd Price
—
Credit Quality B
reakdown —
Bond %
AAA—
AA—
A—
BBB—
BB—
B—
Below B
—N
R—
Regional ExposureStocks %
Rel Std Index
Americas
10.41.10
Greater Europe48.8
1.15Greater Asia
40.70.85
Share Chgsince11-2020
ShareAm
ountHoldings :583 Total Stocks , 0 Total Fixed-Incom
e,6%
Turnover Ratio
Net Assets%
T399 m
ilM
FS Research International R627.45
T137 m
ilM
fs Emerging M
arkets Equity R617.59
T112 m
ilM
fs International Growth R6
14.98
T92 m
ilM
FS International Intrinsic Value14.97
T397 m
ilM
fs International Large Cap Value14.96
T84 m
ilM
fs International New
Discovery R69.99
Sector Weightings
Stocks %Rel Std Index
hCyclical
33.80.83
rBasic M
aterials7.9
0.99t
Consumer Cyclical
9.00.74
yFinancial Services
14.50.80
uReal Estate
2.40.89
jSensitive
41.01.11
iCom
munication Services
8.81.12
oEnergy
1.90.44
pIndustrials
15.61.38
aTechnology
14.61.12
kD
efensive25.2
1.13
sConsum
er Defensive14.4
1.58d
Healthcare8.5
0.86f
Utilities2.3
0.70
Operations
Family:
MFS
Manager:
Camille Lee
Tenure:2.3 Years
Objective:Grow
th
Base Currency:USD
Ticker:M
DIZXISIN
:US5527435441
Minim
um Initial Purchase:
$0
Purchase Constraints:A
Incept:10-02-2017
Type:M
FTotal Assets:
$32,993.35 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
82
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84
Sterling Capital Total Return Bond R6 Fund Fact Sheet
STRDX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Eff Duration
Average Eff Maturity
Average Credit Quality
Average Coupon
Sector Allocations STRDX +/- Category
Government 2.1% -25.3%
Municipal 3.9% 3.1% Asset Allocation Morningstar Style Box
Bank Loan 0.0% -0.2% Low IR Sens Mod IR Sens Ext IR Sens
Convertible 1.6% 0.2%
Corporate Bond 40.6% 12.0%
Preferred Stock 0.0% 0.0%
Agency MBS 25.5% 0.1%
Non-Agency RMBS 0.6% 0.3%
Commercial MBS 12.9% 10.7%
Asset-Backed 10.7% 5.4% 2.0% 0.0%
Cash & Equivalents 2.0% -4.6% 90.9% 0.0%
Other 0.0% -1.6% 5.2% 0.0%
2.1%
5.3%
6.7%
1.6%
9.82%
6.17
8.17
A
3.26% 0.61%
A (Cat Avg.)
0.70
0.54
-36.96%
0.0%
25.4%
0.3%
0.2%
13.08 Years
Category
27.4%
0.9%
1.4%
28.6%
+/- CategorySTRDX
Low
Qu
alH
igh
Qu
al
Med
Qu
al
Sterling Capital Total Return Bond R6
Mark M. Montgomery
$1,751,866,912
2/1/2018
0.350%
STRDX
US Fund Intermediate Core Bond
BBgBarc US Agg Bond TR USD 1.7%
9.3% 9.3%
6.0%5.2%
4.4%
0.7%
7.5% 7.5%
5.3%4.4% 3.8%
QTR YTD 1 Year 3 Year 5 Year 10 Year
STRDX Benchmark
9.3% 9.4%
-0.3%
4.3% 3.8%
0.5%
7.5%8.7%
0.0%
3.5% 2.6%0.5%
2020 2019 2018 2017 2016 2015
STRDX Benchmark
85
Sterling Capital Total Return Bond R6 Fund Fact Sheet
STRDX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
1.67% 9.35% 9.35% 6.05% 5.24% 4.44% 4Q20 3Q20 2Q20 1Q20
0.67% 7.51% 7.51% 5.34% 4.44% 3.84% 1.67% 1.59% 5.10% 0.73%
+/- Benchmark 1.00% 1.84% 1.84% 0.71% 0.81% 0.60% 0.67% 0.62% 2.90% 3.15%
Peer Group Rank 8 15 15 12 7 11 +/- Benchmark 1.00% 0.97% 2.21% -2.42%
Annual Performance 2020 2019 2018 2017 2016 2015
9.35% 9.37% -0.27% 4.33% 3.75% 0.54% 4Q19 3Q19 2Q19 1Q19
7.51% 8.72% 0.01% 3.54% 2.65% 0.55% 0.14% 2.19% 3.53% 3.23%
+/- Benchmark 1.84% 0.65% -0.28% 0.79% 1.10% -0.01% 0.18% 2.27% 3.08% 2.94%
Peer Group Rank 15 19 42 9 12 27 +/- Benchmark -0.04% -0.08% 0.45% 0.29%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
5.24% 4.82% 4.65% 3.31% 3.49% 3.74% 1.06% 0.24% -0.15% -1.40%
4.44% 4.18% 4.30% 3.36% 3.05% 3.38% 1.64% 0.02% -0.16% -1.46%
+/- Benchmark 0.81% 0.64% 0.35% -0.05% 0.44% 0.37% +/- Benchmark -0.57% 0.22% 0.00% 0.06%
Peer Group Rank 7 8 9 13 6 6
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 0.64% 1.02% 1.62% 0.99%
Alpha 0.47 0.00 0.76 0.00 0.66 0.00 0.39% 0.85% 1.45% 0.82%
Beta 1.06 1.00 1.01 1.00 0.97 1.00 +/- Benchmark 0.25% 0.17% 0.18% 0.17%
Standard Deviation 3.98 3.40 3.47 3.16 3.12 2.93
Sharpe Ratio 1.12 1.11 1.16 1.03 1.21 1.10
Information Ratio 0.41 - 0.56 - 0.47 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 4.28 3.82 4.04 3.27 3.92 3.23 -2.57% 1.03% 2.63% 2.70%
Upside Capture Ratio 115.14 100.00 113.45 100.00 109.67 100.00 -2.98% 0.46% 2.21% 3.03%
Downside Capture Ratio 119.76 100.00 104.91 100.00 100.21 100.00 +/- Benchmark 0.40% 0.58% 0.42% -0.33%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
86
Sterling Capital Total ReturnB
ond R6 (USD
)M
orningstar Quantitative
RatingTM
‰Q
09-30-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
WWWWW
BBgBarc US AggBond TR USD
BBgBarc US AggBond TR USD
US Fund Intermediate
Core Bond380 US Fund Interm
ediateCore Bond
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-1.40
-0.150.24
1.06-0.27
20193.23
3.532.19
0.149.37
20200.73
5.101.59
1.679.35
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
9.35—
——
6.63Std 12-31-2020
9.35—
——
6.63Total Return
9.356.05
5.244.44
6.63
+/- Std Index1.84
0.710.81
0.60—
+/- Cat Index1.84
0.710.81
0.60—
% Rank Cat
109
610
No. in Cat
415380
330252
SubsidizedUnsubsidized
7-day Yield 01-28-212.53
1—
30-day SEC Yield 12-31-201.73
11.40
1. Contractual waiver; Expires 01-31-2021
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-228-1872 or visit
ww
w.sterlingcapitalfunds.com
.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.37
12b1 Expense %0.00
Net Expense Ratio %
0.35G
ross Expense Ratio %0.58
Risk and Return Profile3 Yr
5 Yr10 Yr
380 funds330 funds
252 funds
Morningstar Rating
TM5W
5W5W
Morningstar Risk
+Avg+Avg
+AvgM
orningstar ReturnHigh
HighHigh
3 Yr5 Yr
10 Yr
Standard Deviation3.98
3.473.12
Mean
6.055.24
4.44Sharpe Ratio
1.121.16
1.22
MPT Statistics
Standard IndexBest Fit Index
Alpha0.47
—Beta
1.06—
R-Squared80.95
—
12-Month Yield
2.74%Potential Cap Gains Exp
5.03%
55
55
55
55
55
55
9898
9497
9697
9795
9798
9696
4k 10k
20k
40k
60k80k100k
Investment Style
Fixed-Income
Bond %
Grow
th of $10,000
Sterling Capital Total ReturnBond R618,616Category Average17,722Standard Index16,450
__
__
__
__
__
&&
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
——
—10.22
10.8211.35
NAV/Price
11.707.98
6.736.14
-0.975.99
0.543.75
4.33-0.27
9.379.35
Total Return %
5.771.44
-1.111.93
1.050.03
-0.011.10
0.79-0.28
0.651.84
+/- Standard Index
5.771.44
-1.111.93
1.050.03
-0.011.10
0.79-0.28
0.651.84
+/- Category Index
——
——
——
——
——
1710
% Rank Cat
——
——
——
——
——
430415
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash2.04
2.040.00
US Stocks0.00
0.000.00
Non-US Stocks
0.000.00
0.00Bonds
96.1096.10
0.00Other/N
ot Clsfd1.86
1.860.00
Total100.00
100.000.00
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM—
——
P/C Ratio TTM—
——
P/B Ratio TTM—
——
Geo Avg Mkt Cap
$mil
——
—
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.17Avg Eff Duration
6.17Avg W
td Coupon3.26
Avg Wtd Price
109.55
Credit Quality B
reakdown 12-31-2020
Bond %
AAA52.98
AA6.85
A17.99
BBB21.62
BB0.32
B0.20
Below B
0.04N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
——
Greater Europe—
—Greater Asia
——
Share Chgsince11-2020
ShareAm
ountHoldings :0 Total Stocks , 469 Total Fixed-Incom
e,60%
Turnover Ratio
Net Assets%
Y28 m
ilFederated Herm
es Treasury Obl IS1.60
Y18 m
ilFederal Hom
e Loan Mortgage Corpora
1.1119 m
ilFORD CREDIT AUTO OW
NER TRUST 1.06%
1.10
Y17 m
ilFederal N
ational Mortgage Associat
1.02
Y18 m
ilFederal N
ational Mortgage Associat
1.02
Y17 m
ilFederal Hom
e Loan Mortgage Corpora
1.0116 m
ilBAN
K 2020-BNK27 2.14%
0.97
Y18 m
ilUnited States Treasury Bonds 1.25%
0.94
Y15 m
ilFnm
a Pass-Thru I 3%0.92
16 mil
SANTAN
DER DRIVE AUTO RECEIVABLES T0.90
Y14 m
ilFnm
a Pass-Thru I 3.5%0.85
Y14 m
ilFnm
a Pass-Thru I 2.5%0.83
13 mil
WELLS FARGO COM
MERCIAL M
ORTGAGE TR0.75
13 mil
Enterprise Fleet Financing, LLC 3.0.75
11 mil
Morgan Stanley Cap I Tst 2018-H3 4
0.75
Sector Weightings
Stocks %Rel Std Index
hCyclical
——
rBasic M
aterials—
—t
Consumer Cyclical
——
yFinancial Services
——
uReal Estate
——
jSensitive
——
iCom
munication Services
——
oEnergy
——
pIndustrials
——
aTechnology
——
kD
efensive—
—
sConsum
er Defensive—
—d
Healthcare—
—f
Utilities—
—
Operations
Family:
Sterling Capital FundsM
anager:M
ultipleTenure:
13.0 YearsObjective:
Growth and Incom
e
Base Currency:USD
Ticker:STRDX
ISIN:
US85918D6242M
inimum
Initial Purchase:$0
Purchase Constraints:A
Incept:02-01-2018
Type:M
FTotal Assets:
$1,750.11 mil
Release date 12-31-2020 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for m
ore information.
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
87
Vanguard Instl Trgt Retire 2020 Instl Fund Fact Sheet
VITWX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VITWX +/- Category
Materials 4.7% 0.4%
Communication Services 9.2% 0.3% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.3% Value Core Growth
Consumer Staples 7.4% 0.4%
Healthcare 12.3% -0.1%
Industrials 10.9% 0.3%
Real Estate 3.5% -1.7%
Technology 19.0% -0.4%
Energy 3.0% 0.3%
Financial Services 14.8% 0.2% 0.7% 29.1%
Utilities 3.0% -0.1% 35.5% 19.9%
Other 0.0% 0.0% 14.4% 0.0%
2.7%
14.6%
3.0%
0.0%
N/A (Fund of Funds)
$61,806
23.82
2.50
1.93% 0.08%
-0.21
-1.18
-$5,655
-
10.7%
5.3%
19.4%
11.9%
5.67 Years
Category
4.3%
8.8%
6.9%
12.5%
+/- CategoryVITWX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2020 Instl
William A. Coleman;Walter Nejman;
$26,250,404,286
6/26/2015
0.090%
VITWX
US Fund Target-Date 2020
S&P Target Date 2020 TR USD
7.9%
12.1% 12.1%
8.1% 9.1%7.4%
10.2% 10.2%
7.2%8.3% 7.3%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VITWX Benchmark
12.1%
17.7%
-4.2%
14.1%
7.0%10.2%
16.5%
-4.2%
12.8%
7.2%
-0.2%
2020 2019 2018 2017 2016 2015
VITWX Benchmark
88
Vanguard Instl Trgt Retire 2020 Instl Fund Fact Sheet
VITWX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
7.88% 12.09% 12.09% 8.11% 9.07% - 4Q20 3Q20 2Q20 1Q20
7.37% 10.24% 10.24% 7.18% 8.29% 7.29% 7.88% 4.46% 11.43% -10.74%
+/- Benchmark 0.51% 1.84% 1.84% 0.94% 0.78% - 7.37% 3.74% 10.65% -10.55%
Peer Group Rank 47 36 36 17 17 - +/- Benchmark 0.51% 0.72% 0.79% -0.19%
Annual Performance 2020 2019 2018 2017 2016 2015
12.09% 17.69% -4.21% 14.13% 7.04% - 4Q19 3Q19 2Q19 1Q19
10.24% 16.52% -4.16% 12.80% 7.22% -0.19% 4.47% 1.20% 3.22% 7.85%
+/- Benchmark 1.84% 1.17% -0.05% 1.33% -0.18% - 4.19% 1.17% 2.88% 7.45%
Peer Group Rank 36 29 46 19 30 - +/- Benchmark 0.28% 0.03% 0.34% 0.40%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
9.07% 8.01% 6.01% - - - -6.49% 2.40% 0.63% -0.58%
8.29% 7.32% 5.56% 3.34% 6.16% 5.70% -6.49% 2.33% 1.09% -0.92%
+/- Benchmark 0.78% 0.69% 0.45% - - - +/- Benchmark 0.00% 0.06% -0.47% 0.35%
Peer Group Rank 17 11 9 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 3.40% 3.16% 2.77% 4.12%
Alpha 0.68 0.00 0.48 0.00 - 0.00 3.20% 2.81% 2.55% 3.68%
Beta 1.04 1.00 1.04 1.00 - 1.00 +/- Benchmark 0.20% 0.35% 0.22% 0.45%
Standard Deviation 9.84 9.45 8.13 7.81 - 7.83
Sharpe Ratio 0.69 0.62 0.96 0.91 - 0.86
Information Ratio 1.35 - 1.19 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 6.35 5.66 7.61 7.12 - 6.67 -0.19% 3.31% 2.00% 1.77%
Upside Capture Ratio 105.94 100.00 105.67 100.00 - 100.00 0.51% 2.79% 1.98% 1.77%
Downside Capture Ratio 100.82 100.00 101.28 100.00 - 100.00 +/- Benchmark -0.70% 0.53% 0.01% 0.01%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
89
Vanguard Instl Trgt Retire2020 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2020TR USD
US Fund Target-Date2020
157 US Fund Target-Date2020
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.58
0.632.40
-6.49-4.21
20197.85
3.221.20
4.4717.69
2020-10.74
11.434.46
7.8812.09
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
12.098.11
9.07—
7.54Std 12-31-2020
12.09—
9.07—
7.54Total Return
12.098.11
9.07—
7.54
+/- Std Index-0.74
-0.44-0.68
——
+/- Cat Index-1.23
-0.43-0.13
——
% Rank Cat
4326
21—
No. in Cat
178157
118—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.551.55
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
157 funds118 funds
72 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation9.84
8.13—
Mean
8.119.07
—Sharpe Ratio
0.690.97
—
MPT Statistics
Standard IndexBest Fit IndexM
orningstarLifetim
e Mod 2030TR USD
Alpha0.54
0.67Beta
0.850.76
R-Squared99.09
99.37
12-Month Yield
1.64%Potential Cap Gains Exp
16.99%
00
00
00
44
44
45
——
——
——
4142
4447
4850
4k 10k
20k
40k
60k80k100k
Investment Style
Fixed-Income
Bond %
Grow
th of $10,000
Vanguard Instl Trgt Retire2020 Instl15,088Category Average14,211Standard Index15,458
__
__
__
_&
&*
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
19.1920.14
22.5321.03
24.1126.25
NAV/Price
——
——
——
—7.04
14.13-4.21
17.6912.09
Total Return %
——
——
——
—-1.53
-0.530.55
-1.34-0.74
+/- Standard Index
——
——
——
—-0.62
1.34-0.04
-0.04-1.23
+/- Category Index
——
——
——
—25
1540
2643
% Rank Cat
——
——
——
—221
234250
233178
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.67
0.680.00
US Stocks29.17
29.170.00
Non-US Stocks
19.9519.95
0.00Bonds
49.8349.88
0.05Other/N
ot Clsfd0.37
0.370.00
Total100.00
100.050.05
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.95
P/C Ratio TTM12.8
1.040.93
P/B Ratio TTM2.5
1.090.92
Geo Avg Mkt Cap
$mil
618061.39
0.92
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
7.93Avg Eff Duration
6.46Avg W
td Coupon2.20
Avg Wtd Price
111.05
Credit Quality B
reakdown 11-30-2020
Bond %
AAA58.35
AA8.76
A13.49
BBB19.41
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.91.03
Greater Europe17.3
0.97Greater Asia
19.70.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,250 Total Stocks , 17,393 Total Fixed-Incom
e,24%
Turnover Ratio
Net Assets%
T670 m
ilVanguard Total Bond M
arket II Idx29.51
Y81 m
ilVanguard Total Stock M
arket Idx I29.32
Y267 m
ilVanguard Total Intl Stock Index Inv
19.91
T141 m
ilVanguard Total Intl Bd Idx Adm
iral™12.63
T88 m
ilVanguard Shrt-Term
Infl-Prot Sec I8.64
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VITW
XISIN
:US92202E7976
Minim
um Initial Purchase:
$100 mil
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$26,239.65 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
90
Vanguard Instl Trgt Retire 2025 Instl Fund Fact Sheet
VRIVX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VRIVX +/- Category
Materials 4.7% 0.5%
Communication Services 9.2% 0.2% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.2% Value Core Growth
Consumer Staples 7.4% 0.2%
Healthcare 12.3% -0.3%
Industrials 10.9% 0.4%
Real Estate 3.5% -1.3%
Technology 19.0% -0.6%
Energy 3.0% 0.4%
Financial Services 14.8% 0.3% 0.3% 35.3%
Utilities 3.0% -0.2% 26.7% 24.3%
Other 0.0% 0.0% 13.1% 0.0%
2.6%
14.5%
3.1%
0.0%
N/A (Fund of Funds)
$61,691
23.80
2.50
1.93% 0.07%
-0.23
-1.07
-$8,618
-
10.5%
4.8%
19.6%
12.0%
5.67 Years
Category
4.1%
8.9%
7.1%
12.6%
+/- CategoryVRIVX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2025 Instl
William A. Coleman;Walter Nejman;
$40,379,963,391
6/26/2015
0.090%
VRIVX
US Fund Target-Date 2025
S&P Target Date 2025 TR USD
9.4%
13.3% 13.3%
8.8%9.9%9.0%
11.2% 11.2%
7.7%9.1%
7.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VRIVX Benchmark
13.3%19.7%
-5.0%
15.9%
7.6%11.2%
18.4%
-5.0%
14.6%7.8%
-0.3%
2020 2019 2018 2017 2016 2015
VRIVX Benchmark
91
Vanguard Instl Trgt Retire 2025 Instl Fund Fact Sheet
VRIVX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
9.36% 13.34% 13.34% 8.81% 9.94% - 4Q20 3Q20 2Q20 1Q20
9.01% 11.22% 11.22% 7.73% 9.08% 7.88% 9.36% 5.17% 13.19% -12.94%
+/- Benchmark 0.36% 2.13% 2.13% 1.08% 0.86% - 9.01% 4.39% 12.25% -12.93%
Peer Group Rank 38 31 31 17 14 - +/- Benchmark 0.36% 0.78% 0.95% -0.01%
Annual Performance 2020 2019 2018 2017 2016 2015
13.34% 19.67% -5.02% 15.94% 7.56% - 4Q19 3Q19 2Q19 1Q19
11.22% 18.38% -5.02% 14.55% 7.82% -0.25% 5.25% 1.09% 3.39% 8.79%
+/- Benchmark 2.13% 1.30% 0.00% 1.39% -0.26% - 4.97% 1.04% 2.99% 8.37%
Peer Group Rank 31 18 40 21 17 - +/- Benchmark 0.28% 0.05% 0.40% 0.41%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
9.94% 8.66% 6.34% - - - -7.73% 2.80% 0.70% -0.57%
9.08% 7.86% 5.82% 3.32% 6.73% 6.10% -7.81% 2.72% 1.24% -0.93%
+/- Benchmark 0.86% 0.80% 0.52% - - - +/- Benchmark 0.08% 0.07% -0.53% 0.36%
Peer Group Rank 14 14 11 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 3.81% 3.55% 3.09% 4.62%
Alpha 0.83 0.00 0.57 0.00 - 0.00 3.73% 3.22% 2.79% 4.08%
Beta 1.03 1.00 1.03 1.00 - 1.00 +/- Benchmark 0.08% 0.33% 0.30% 0.54%
Standard Deviation 11.59 11.21 9.52 9.20 - 9.00
Sharpe Ratio 0.65 0.58 0.92 0.86 - 0.82
Information Ratio 1.47 - 1.22 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 7.06 6.22 8.50 7.91 - 7.27 0.15% 3.70% 1.96% 1.57%
Upside Capture Ratio 105.17 100.00 104.99 100.00 - 100.00 0.87% 3.10% 2.01% 1.64%
Downside Capture Ratio 99.64 100.00 100.29 100.00 - 100.00 +/- Benchmark -0.71% 0.59% -0.04% -0.06%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
92
Vanguard Instl Trgt Retire2025 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2025TR USD
US Fund Target-Date2025
187 US Fund Target-Date2025
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.57
0.702.80
-7.73-5.02
20198.79
3.391.09
5.2519.67
2020-12.94
13.195.17
9.3613.34
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
13.348.81
9.94—
8.20Std 12-31-2020
13.34—
9.94—
8.20Total Return
13.348.81
9.94—
8.20
+/- Std Index0.52
0.260.20
——
+/- Cat Index-0.32
-0.060.06
——
% Rank Cat
3723
22—
No. in Cat
214187
151—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.591.59
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
187 funds151 funds
87 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation11.59
9.52—
Mean
8.819.94
—Sharpe Ratio
0.660.92
—
MPT Statistics
Standard IndexBest Fit IndexM
orningstarLifetim
e Mod 2030TR USD
Alpha0.25
0.41Beta
1.000.90
R-Squared99.43
99.49
12-Month Yield
1.67%Potential Cap Gains Exp
16.94%
00
00
00
44
44
44
——
——
——
6564
6261
6060
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2025 Instl15,637Category Average14,791Standard Index15,458
__
__
__
_&
&*
&*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
19.0720.11
22.8621.17
24.7327.45
NAV/Price
——
——
——
—7.56
15.94-5.02
19.6713.34
Total Return %
——
——
——
—-1.01
1.28-0.27
0.640.52
+/- Standard Index
——
——
——
—-0.83
1.40-0.12
0.31-0.32
+/- Category Index
——
——
——
—20
2338
2037
% Rank Cat
——
——
——
—195
208226
232214
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.28
0.280.00
US Stocks35.28
35.280.00
Non-US Stocks
24.2824.28
0.00Bonds
39.8039.84
0.05Other/N
ot Clsfd0.36
0.360.00
Total100.00
100.050.05
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.7
1.040.93
P/B Ratio TTM2.5
1.080.91
Geo Avg Mkt Cap
$mil
616911.39
0.88
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.83Avg Eff Duration
7.11Avg W
td Coupon2.52
Avg Wtd Price
110.22
Credit Quality B
reakdown 11-30-2020
Bond %
AAA51.65
AA10.04
A15.68
BBB22.64
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.81.03
Greater Europe17.4
0.97Greater Asia
19.80.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,384 Total Stocks , 17,308 Total Fixed-Incom
e,24%
Turnover Ratio
Net Assets%
Y149 m
ilVanguard Total Stock M
arket Idx I35.47
T970 m
ilVanguard Total Bond M
arket II Idx27.96
Y496 m
ilVanguard Total Intl Stock Index Inv
24.23
T194 m
ilVanguard Total Intl Bd Idx Adm
iral™11.43
T14 m
ilVanguard Shrt-Term
Infl-Prot Sec I0.91
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.30.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.29
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VRIVX
ISIN:
US92202E7893M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$40,040.25 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
93
Vanguard Instl Trgt Retire 2030 Instl Fund Fact Sheet
VTTWX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VTTWX +/- Category
Materials 4.7% 0.5%
Communication Services 9.2% 0.3% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.1% Value Core Growth
Consumer Staples 7.4% 0.3%
Healthcare 12.3% -0.4%
Industrials 11.0% 0.0%
Real Estate 3.5% -0.6%
Technology 19.0% -0.7%
Energy 3.0% 0.4%
Financial Services 14.8% 0.2% 0.2% 39.9%
Utilities 3.0% -0.1% 21.2% 27.6%
Other 0.0% 0.0% 10.8% 0.0%
2.6%
14.7%
3.1%
0.0%
N/A (Fund of Funds)
$61,609
23.79
2.50
1.93% 0.11%
-0.26
-1.21
-$6,780
-
10.9%
4.1%
19.7%
12.0%
5.67 Years
Category
4.2%
8.9%
7.0%
12.7%
+/- CategoryVTTWX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2030 Instl
William A. Coleman;Walter Nejman;
$40,580,935,809
6/26/2015
0.090%
VTTWX
US Fund Target-Date 2030
S&P Target Date 2030 TR USD
10.5%
14.1% 14.1%
9.2%10.6%10.5%
11.9% 11.9%
8.2%9.8%
8.4%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VTTWX Benchmark
14.1%
21.1%
-5.8%
17.6%
8.0%11.9%
20.4%
-6.0%
16.2%
8.3%
-0.3%
2020 2019 2018 2017 2016 2015
VTTWX Benchmark
94
Vanguard Instl Trgt Retire 2030 Instl Fund Fact Sheet
VTTWX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
10.54% 14.10% 14.10% 9.19% 10.57% - 4Q20 3Q20 2Q20 1Q20
10.52% 11.91% 11.91% 8.19% 9.78% 8.41% 10.54% 5.71% 14.57% -14.77%
+/- Benchmark 0.02% 2.19% 2.19% 1.00% 0.79% - 10.52% 5.02% 13.94% -15.38%
Peer Group Rank 44 34 34 21 24 - +/- Benchmark 0.02% 0.69% 0.63% 0.61%
Annual Performance 2020 2019 2018 2017 2016 2015
14.10% 21.14% -5.82% 17.57% 7.97% - 4Q19 3Q19 2Q19 1Q19
11.91% 20.38% -5.99% 16.19% 8.35% -0.30% 6.02% 0.87% 3.39% 9.56%
+/- Benchmark 2.19% 0.76% 0.18% 1.38% -0.37% - 5.81% 0.88% 3.09% 9.39%
Peer Group Rank 34 33 35 32 28 - +/- Benchmark 0.21% -0.01% 0.30% 0.17%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
10.57% 9.13% 6.50% - - - -8.85% 3.11% 0.78% -0.56%
9.78% 8.32% 6.02% 3.22% 7.27% 6.48% -9.26% 3.15% 1.40% -0.95%
+/- Benchmark 0.79% 0.81% 0.48% - - - +/- Benchmark 0.41% -0.04% -0.62% 0.38%
Peer Group Rank 24 23 18 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 4.25% 3.86% 3.32% 5.09%
Alpha 0.96 0.00 0.72 0.00 - 0.00 4.24% 3.60% 3.01% 4.45%
Beta 1.00 1.00 1.00 1.00 - 1.00 +/- Benchmark 0.02% 0.26% 0.32% 0.64%
Standard Deviation 12.98 13.03 10.67 10.63 - 10.16
Sharpe Ratio 0.62 0.55 0.89 0.82 - 0.79
Information Ratio 1.37 - 1.05 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 7.71 6.67 9.39 8.61 - 7.80 0.44% 4.09% 1.88% 1.37%
Upside Capture Ratio 101.51 100.00 102.44 100.00 - 100.00 1.19% 3.39% 2.02% 1.52%
Downside Capture Ratio 95.60 100.00 97.09 100.00 - 100.00 +/- Benchmark -0.75% 0.70% -0.14% -0.15%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
95
Vanguard Instl Trgt Retire2030 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2030TR USD
US Fund Target-Date2030
197 US Fund Target-Date2030
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.56
0.783.11
-8.85-5.82
20199.56
3.390.87
6.0221.14
2020-14.77
14.575.71
10.5414.10
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
14.109.19
10.57—
8.62Std 12-31-2020
14.10—
10.57—
8.62Total Return
14.109.19
10.57—
8.62
+/- Std Index1.28
0.640.82
——
+/- Cat Index0.41
0.10-0.02
——
% Rank Cat
4027
29—
No. in Cat
224197
158—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.611.61
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
197 funds158 funds
89 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation12.98
10.67—
Mean
9.1910.57
—Sharpe Ratio
0.630.89
—
MPT Statistics
Standard IndexBest Fit IndexM
orningstarLifetim
e Mod 2035TR USD
Alpha-0.11
0.86Beta
1.120.87
R-Squared99.45
99.52
12-Month Yield
1.64%Potential Cap Gains Exp
17.02%
00
00
00
44
44
44
——
——
——
7371
6968
6767
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2030 Instl16,007Category Average15,280Standard Index15,458
__
__
__
_*
**
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.9420.05
23.1221.24
25.1228.13
NAV/Price
——
——
——
—7.97
17.57-5.82
21.1414.10
Total Return %
——
——
——
—-0.60
2.91-1.06
2.111.28
+/- Standard Index
——
——
——
—-1.29
0.970.01
-0.100.41
+/- Category Index
——
——
——
—29
2935
2940
% Rank Cat
——
——
——
—221
234239
241224
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.23
0.230.00
US Stocks39.90
39.900.00
Non-US Stocks
27.5827.58
0.00Bonds
32.0032.03
0.04Other/N
ot Clsfd0.30
0.300.00
Total100.00
100.040.04
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.95
P/C Ratio TTM12.7
1.040.93
P/B Ratio TTM2.5
1.080.90
Geo Avg Mkt Cap
$mil
616091.39
0.90
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.97Avg Eff Duration
7.21Avg W
td Coupon2.57
Avg Wtd Price
110.08
Credit Quality B
reakdown 11-30-2020
Bond %
AAA50.52
AA10.29
A16.04
BBB23.15
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.71.03
Greater Europe17.5
0.98Greater Asia
19.80.95
Share Chgsince11-2020
ShareAm
ountHoldings :10,449 Total Stocks , 17,037 Total Fixed-Incom
e,21%
Turnover Ratio
Net Assets%
Y168 m
ilVanguard Total Stock M
arket Idx I40.10
T564 m
ilVanguard Total Intl Stock Index Inv
27.52
T795 m
ilVanguard Total Bond M
arket II Idx22.94
T160 m
ilVanguard Total Intl Bd Idx Adm
iral™9.44
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.30.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.29
oEnergy
3.00.90
pIndustrials
11.00.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VTTW
XISIN
:US92202E7711
Minim
um Initial Purchase:
$100 mil
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$40,104.66 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
96
Vanguard Instl Trgt Retire 2035 Instl Fund Fact Sheet
VITFX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VITFX +/- Category
Materials 4.7% 0.5%
Communication Services 9.2% 0.1% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.1% Value Core Growth
Consumer Staples 7.4% 0.4%
Healthcare 12.3% -0.3%
Industrials 11.0% 0.5%
Real Estate 3.5% -1.1%
Technology 19.0% -0.8%
Energy 3.0% 0.3%
Financial Services 14.8% 0.4% 0.2% 44.3%
Utilities 3.0% -0.1% 16.2% 30.7%
Other 0.0% 0.0% 8.3% 0.0%
2.7%
14.5%
3.0%
0.0%
N/A (Fund of Funds)
$61,585
23.79
2.50
1.93% 0.08%
-0.21
-0.91
-$6,530
-
10.5%
4.6%
19.7%
12.1%
5.67 Years
Category
4.2%
9.0%
7.0%
12.6%
+/- CategoryVITFX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2035 Instl
William A. Coleman;Walter Nejman;
$37,507,658,774
6/26/2015
0.090%
VITFX
US Fund Target-Date 2035
S&P Target Date 2035 TR USD
11.6%14.8% 14.8%
9.5%11.2%12.2% 12.8% 12.8%
8.7%10.5%
8.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VITFX Benchmark
14.8%
22.6%
-6.6%
19.1%
8.4%12.8%
22.2%
-6.9%
17.8%
8.9%
-0.3%
2020 2019 2018 2017 2016 2015
VITFX Benchmark
97
Vanguard Instl Trgt Retire 2035 Instl Fund Fact Sheet
VITFX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
11.64% 14.80% 14.80% 9.55% 11.16% - 4Q20 3Q20 2Q20 1Q20
12.20% 12.79% 12.79% 8.67% 10.47% 8.91% 11.64% 6.24% 15.92% -16.51%
+/- Benchmark -0.56% 2.01% 2.01% 0.88% 0.70% - 12.20% 5.70% 15.55% -17.69%
Peer Group Rank 59 37 37 28 31 - +/- Benchmark -0.56% 0.54% 0.38% 1.19%
Annual Performance 2020 2019 2018 2017 2016 2015
14.80% 22.56% -6.56% 19.14% 8.39% - 4Q19 3Q19 2Q19 1Q19
12.79% 22.18% -6.88% 17.78% 8.85% -0.35% 6.68% 0.70% 3.45% 10.28%
+/- Benchmark 2.01% 0.39% 0.32% 1.36% -0.46% - 6.61% 0.73% 3.18% 10.27%
Peer Group Rank 37 46 29 36 25 - +/- Benchmark 0.08% -0.03% 0.27% 0.01%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
11.16% 9.58% 6.66% - - - -9.95% 3.46% 0.86% -0.56%
10.47% 8.74% 6.17% 3.10% 7.77% 6.82% -10.55% 3.52% 1.52% -0.94%
+/- Benchmark 0.70% 0.84% 0.49% - - - +/- Benchmark 0.59% -0.06% -0.66% 0.39%
Peer Group Rank 31 27 21 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 4.60% 4.21% 3.55% 5.55%
Alpha 0.99 0.00 0.81 0.00 - 0.00 4.71% 3.97% 3.22% 4.81%
Beta 0.97 1.00 0.98 1.00 - 1.00 +/- Benchmark -0.11% 0.23% 0.33% 0.74%
Standard Deviation 14.37 14.80 11.79 12.03 - 11.19
Sharpe Ratio 0.60 0.53 0.86 0.79 - 0.77
Information Ratio 0.98 - 0.78 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.28 7.15 10.22 9.30 - 8.30 0.83% 4.39% 1.84% 1.12%
Upside Capture Ratio 99.28 100.00 100.75 100.00 - 100.00 1.52% 3.66% 2.02% 1.39%
Downside Capture Ratio 93.85 100.00 95.59 100.00 - 100.00 +/- Benchmark -0.68% 0.72% -0.18% -0.28%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
98
Vanguard Instl Trgt Retire2035 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2035TR USD
US Fund Target-Date2035
184 US Fund Target-Date2035
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.56
0.863.46
-9.95-6.56
201910.28
3.450.70
6.6822.56
2020-16.51
15.926.24
11.6414.80
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
14.809.55
11.16—
9.03Std 12-31-2020
14.80—
11.16—
9.03Total Return
14.809.55
11.16—
9.03
+/- Std Index1.97
1.001.42
——
+/- Cat Index1.42
0.410.02
——
% Rank Cat
4232
31—
No. in Cat
207184
148—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.631.63
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
184 funds148 funds
84 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation14.37
11.79—
Mean
9.5511.16
—Sharpe Ratio
0.600.86
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-0.470.72
Beta1.24
0.94R-Squared
99.3399.53
12-Month Yield
1.68%Potential Cap Gains Exp
17.93%
00
00
00
44
44
44
——
——
——
8078
7775
7575
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2035 Instl16,373Category Average15,816Standard Index15,458
__
__
__
_*
**
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.8220.00
23.3721.30
25.5028.73
NAV/Price
——
——
——
—8.39
19.14-6.56
22.5614.80
Total Return %
——
——
——
—-0.18
4.48-1.81
3.541.97
+/- Standard Index
——
——
——
—-1.68
0.620.25
-0.481.42
+/- Category Index
——
——
——
—27
3230
3842
% Rank Cat
——
——
——
—195
208221
229207
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.21
0.220.00
US Stocks44.33
44.330.00
Non-US Stocks
30.6830.68
0.00Bonds
24.5324.56
0.03Other/N
ot Clsfd0.24
0.240.00
Total100.00
100.030.03
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.7
1.040.94
P/B Ratio TTM2.5
1.080.92
Geo Avg Mkt Cap
$mil
615851.38
0.90
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.97Avg Eff Duration
7.22Avg W
td Coupon2.57
Avg Wtd Price
110.08
Credit Quality B
reakdown 11-30-2020
Bond %
AAA50.44
AA10.34
A16.06
BBB23.17
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.71.02
Greater Europe17.5
0.98Greater Asia
19.90.95
Share Chgsince11-2020
ShareAm
ountHoldings :10,491 Total Stocks , 16,666 Total Fixed-Incom
e,18%
Turnover Ratio
Net Assets%
Y173 m
ilVanguard Total Stock M
arket Idx I44.56
T580 m
ilVanguard Total Intl Stock Index Inv
30.62
T562 m
ilVanguard Total Bond M
arket II Idx17.54
T115 m
ilVanguard Total Intl Bd Idx Adm
iral™7.29
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.30.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.29
oEnergy
3.00.90
pIndustrials
11.00.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VITFX
ISIN:
US92202E7638M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$37,037.34 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
99
Vanguard Instl Trgt Retire 2040 Instl Fund Fact Sheet
VIRSX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VIRSX +/- Category
Materials 4.7% 0.5%
Communication Services 9.2% 0.2% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.1% Value Core Growth
Consumer Staples 7.4% 0.5%
Healthcare 12.3% -0.2%
Industrials 10.9% 0.3%
Real Estate 3.5% -1.3%
Technology 19.0% -0.7%
Energy 3.0% 0.3%
Financial Services 14.8% 0.3% 0.2% 48.9%
Utilities 3.0% -0.1% 11.5% 33.5%
Other 0.0% 0.0% 5.7% 0.0%
2.7%
14.5%
3.0%
0.0%
N/A (Fund of Funds)
$61,772
23.81
2.50
1.93% 0.08%
-0.19
-0.88
-$3,736
-
10.6%
4.8%
19.7%
12.1%
5.67 Years
Category
4.2%
9.0%
6.9%
12.5%
+/- CategoryVIRSX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2040 Instl
William A. Coleman;Walter Nejman;
$33,841,468,927
6/26/2015
0.090%
VIRSX
US Fund Target-Date 2040
S&P Target Date 2040 TR USD
12.8%15.4% 15.4%
9.9%11.7%
13.4% 13.4% 13.4%
9.0%11.0%
9.3%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VIRSX Benchmark
15.4%
23.9%
-7.3%
20.7%
8.8%13.4%
23.4%
-7.4%
18.9%
9.2%
-0.4%
2020 2019 2018 2017 2016 2015
VIRSX Benchmark
100
Vanguard Instl Trgt Retire 2040 Instl Fund Fact Sheet
VIRSX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
12.78% 15.44% 15.44% 9.86% 11.74% - 4Q20 3Q20 2Q20 1Q20
13.36% 13.37% 13.37% 9.00% 10.95% 9.26% 12.78% 6.77% 17.25% -18.24%
+/- Benchmark -0.58% 2.08% 2.08% 0.87% 0.79% - 13.36% 6.14% 16.66% -19.24%
Peer Group Rank 60 38 38 28 26 - +/- Benchmark -0.58% 0.63% 0.59% 1.00%
Annual Performance 2020 2019 2018 2017 2016 2015
15.44% 23.93% -7.31% 20.73% 8.81% - 4Q19 3Q19 2Q19 1Q19
13.37% 23.37% -7.41% 18.87% 9.23% -0.40% 7.40% 0.49% 3.46% 11.00%
+/- Benchmark 2.08% 0.57% 0.09% 1.87% -0.42% - 7.15% 0.60% 3.27% 10.82%
Peer Group Rank 38 45 31 26 22 - +/- Benchmark 0.24% -0.11% 0.19% 0.17%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
11.74% 10.00% 6.78% - - - -11.04% 3.80% 0.94% -0.55%
10.95% 9.04% 6.28% 3.02% 8.11% 7.06% -11.33% 3.72% 1.64% -0.94%
+/- Benchmark 0.79% 0.96% 0.50% - - - +/- Benchmark 0.29% 0.08% -0.70% 0.39%
Peer Group Rank 26 23 19 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 4.99% 4.51% 3.78% 6.02%
Alpha 0.88 0.00 0.75 0.00 - 0.00 5.03% 4.21% 3.36% 5.07%
Beta 0.99 1.00 1.00 1.00 - 1.00 +/- Benchmark -0.04% 0.30% 0.42% 0.95%
Standard Deviation 15.76 15.96 12.93 12.95 - 11.91
Sharpe Ratio 0.58 0.52 0.83 0.78 - 0.75
Information Ratio 1.01 - 0.84 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.47 7.48 10.61 9.78 - 8.65 1.17% 4.74% 1.80% 0.86%
Upside Capture Ratio 100.77 100.00 102.51 100.00 - 100.00 1.75% 3.87% 2.01% 1.32%
Downside Capture Ratio 96.57 100.00 98.59 100.00 - 100.00 +/- Benchmark -0.57% 0.88% -0.21% -0.46%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
101
Vanguard Instl Trgt Retire2040 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2040TR USD
US Fund Target-Date2040
197 US Fund Target-Date2040
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.55
0.943.80
-11.04-7.31
201911.00
3.460.49
7.4023.93
2020-18.24
17.256.77
12.7815.44
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
15.449.86
11.74—
9.40Std 12-31-2020
15.44—
11.74—
9.40Total Return
15.449.86
11.74—
9.40
+/- Std Index2.62
1.321.99
——
+/- Cat Index2.35
0.760.26
——
% Rank Cat
4233
27—
No. in Cat
218197
158—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.651.65
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
197 funds158 funds
89 funds
Morningstar Rating
TM3Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar ReturnAvg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation15.76
12.93—
Mean
9.8611.74
—Sharpe Ratio
0.580.83
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-0.850.45
Beta1.36
1.03R-Squared
99.1999.57
12-Month Yield
1.67%Potential Cap Gains Exp
18.16%
00
00
00
44
44
44
——
——
——
8886
8483
8282
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2040 Instl16,718Category Average16,043Standard Index15,458
__
__
__
_&
&*
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.6919.94
23.6221.37
25.8829.35
NAV/Price
——
——
——
—8.81
20.73-7.31
23.9315.44
Total Return %
——
——
——
—0.24
6.08-2.56
4.912.62
+/- Standard Index
——
——
——
—-1.80
0.870.34
-0.422.35
+/- Category Index
——
——
——
—23
2334
4042
% Rank Cat
——
——
——
—221
234239
241218
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.20
0.200.00
US Stocks48.95
48.950.00
Non-US Stocks
33.5433.54
0.00Bonds
17.1317.15
0.02Other/N
ot Clsfd0.18
0.180.00
Total100.00
100.020.02
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.8
1.040.94
P/B Ratio TTM2.5
1.090.93
Geo Avg Mkt Cap
$mil
617721.39
0.94
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.95Avg Eff Duration
7.20Avg W
td Coupon2.58
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA50.88
AA10.09
A15.94
BBB23.09
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.91.03
Greater Europe17.4
0.97Greater Asia
19.70.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,530 Total Stocks , 16,039 Total Fixed-Incom
e,15%
Turnover Ratio
Net Assets%
T172 m
ilVanguard Total Stock M
arket Idx I49.20
Y570 m
ilVanguard Total Intl Stock Index Inv
33.47
T357 m
ilVanguard Total Bond M
arket II Idx12.40
T70 m
ilVanguard Total Intl Bd Idx Adm
iral™4.94
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VIRSX
ISIN:
US92202E7554M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$33,378.36 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
102
Vanguard Instl Trgt Retire 2045 Instl Fund Fact Sheet
VITLX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VITLX +/- Category
Materials 4.7% 0.4%
Communication Services 9.2% 0.2% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% -0.1% Value Core Growth
Consumer Staples 7.4% 0.6%
Healthcare 12.3% -0.3%
Industrials 10.9% 0.4%
Real Estate 3.5% -1.1%
Technology 19.0% -0.7%
Energy 3.0% 0.4%
Financial Services 14.8% 0.4% 0.2% 53.4%
Utilities 3.0% -0.1% 6.5% 36.5%
Other 0.0% 0.0% 3.3% 0.0%
2.6%
14.4%
3.0%
0.0%
N/A (Fund of Funds)
$61,840
23.82
2.50
1.93% 0.10%
-0.19
-1.01
-$4,099
-
10.5%
4.7%
19.8%
12.3%
5.67 Years
Category
4.2%
9.0%
6.8%
12.7%
+/- CategoryVITLX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2045 Instl
William A. Coleman;Walter Nejman;
$29,283,678,800
6/26/2015
0.090%
VITLX
US Fund Target-Date 2045
S&P Target Date 2045 TR USD
13.9%16.2% 16.2%
10.2%12.1%
14.0% 13.7% 13.7%
9.2%11.2%
9.5%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VITLX Benchmark
16.2%
25.1%
-7.9%
21.5%
8.9%13.7%
24.0%
-7.7%
19.6%
9.5%
-0.5%
2020 2019 2018 2017 2016 2015
VITLX Benchmark
103
Vanguard Instl Trgt Retire 2045 Instl Fund Fact Sheet
VITLX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
13.91% 16.17% 16.17% 10.21% 12.12% - 4Q20 3Q20 2Q20 1Q20
14.02% 13.66% 13.66% 9.15% 11.24% 9.49% 13.91% 7.32% 18.65% -19.90%
+/- Benchmark -0.12% 2.51% 2.51% 1.06% 0.88% - 14.02% 6.44% 17.29% -20.15%
Peer Group Rank 50 36 36 26 22 - +/- Benchmark -0.12% 0.88% 1.35% 0.25%
Annual Performance 2020 2019 2018 2017 2016 2015
16.17% 25.07% -7.87% 21.47% 8.94% - 4Q19 3Q19 2Q19 1Q19
13.66% 24.02% -7.74% 19.56% 9.54% -0.46% 8.02% 0.32% 3.48% 11.54%
+/- Benchmark 2.51% 1.05% -0.12% 1.90% -0.59% - 7.48% 0.53% 3.32% 11.10%
Peer Group Rank 36 34 38 20 24 - +/- Benchmark 0.54% -0.21% 0.16% 0.44%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
12.12% 10.16% 6.82% - - - -11.80% 4.02% 0.97% -0.55%
11.24% 9.23% 6.34% 2.98% 8.32% 7.21% -11.75% 3.81% 1.66% -0.94%
+/- Benchmark 0.88% 0.93% 0.48% - - - +/- Benchmark -0.04% 0.21% -0.69% 0.39%
Peer Group Rank 22 22 18 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.24% 4.68% 3.82% 6.21%
Alpha 0.87 0.00 0.60 0.00 - 0.00 5.20% 4.35% 3.45% 5.28%
Beta 1.02 1.00 1.02 1.00 - 1.00 +/- Benchmark 0.03% 0.33% 0.37% 0.92%
Standard Deviation 16.96 16.64 13.83 13.50 - 12.38
Sharpe Ratio 0.57 0.52 0.81 0.77 - 0.75
Information Ratio 1.21 - 0.95 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.54 7.64 10.71 10.07 - 8.87 1.25% 4.85% 1.80% 0.80%
Upside Capture Ratio 103.78 100.00 104.25 100.00 - 100.00 1.95% 4.04% 2.00% 1.25%
Downside Capture Ratio 100.12 100.00 101.36 100.00 - 100.00 +/- Benchmark -0.70% 0.81% -0.19% -0.45%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
104
Vanguard Instl Trgt Retire2045 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2045TR USD
US Fund Target-Date2045
184 US Fund Target-Date2045
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.55
0.974.02
-11.80-7.87
201911.54
3.480.32
8.0225.07
2020-19.90
18.657.32
13.9116.17
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
16.1710.21
12.12—
9.74Std 12-31-2020
16.17—
12.12—
9.74Total Return
16.1710.21
12.12—
9.74
+/- Std Index3.35
1.662.37
——
+/- Cat Index3.22
1.180.51
——
% Rank Cat
4030
23—
No. in Cat
207184
148—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.661.66
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
184 funds148 funds
83 funds
Morningstar Rating
TM3Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation16.96
13.83—
Mean
10.2112.12
—Sharpe Ratio
0.570.81
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-1.090.30
Beta1.46
1.11R-Squared
99.1299.61
12-Month Yield
1.67%Potential Cap Gains Exp
17.94%
00
00
00
44
44
44
——
——
——
8988
8888
8990
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2045 Instl17,002Category Average16,345Standard Index15,458
__
__
__
_*
&*
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.6919.97
23.8021.41
26.1829.89
NAV/Price
——
——
——
—8.94
21.47-7.87
25.0716.17
Total Return %
——
——
——
—0.37
6.81-3.11
6.053.35
+/- Standard Index
——
——
——
—-1.90
0.940.30
0.103.22
+/- Category Index
——
——
——
—26
2340
3840
% Rank Cat
——
——
——
—195
208221
229207
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks53.40
53.400.00
Non-US Stocks
36.4636.46
0.00Bonds
9.849.85
0.01Other/N
ot Clsfd0.12
0.120.00
Total100.00
100.010.01
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.8
1.040.94
P/B Ratio TTM2.5
1.090.93
Geo Avg Mkt Cap
$mil
618401.39
0.94
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.97Avg Eff Duration
7.21Avg W
td Coupon2.57
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA50.49
AA10.31
A16.04
BBB23.16
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
63.01.03
Greater Europe17.3
0.97Greater Asia
19.70.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,551 Total Stocks , 14,774 Total Fixed-Incom
e,12%
Turnover Ratio
Net Assets%
T162 m
ilVanguard Total Stock M
arket Idx I53.67
T536 m
ilVanguard Total Intl Stock Index Inv
36.37
T176 m
ilVanguard Total Bond M
arket II Idx7.04
T36 m
ilVanguard Total Intl Bd Idx Adm
iral™2.91
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.90t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VITLX
ISIN:
US92202E7489M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$28,834.67 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
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hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
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ß®
105
Vanguard Instl Trgt Retire 2050 Instl Fund Fact Sheet
VTRLX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VTRLX +/- Category
Materials 4.7% 0.4%
Communication Services 9.2% 0.3% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% -0.1% Value Core Growth
Consumer Staples 7.4% 0.8%
Healthcare 12.3% -0.4%
Industrials 10.9% 0.3%
Real Estate 3.5% -1.2%
Technology 19.0% -0.8%
Energy 3.0% 0.3%
Financial Services 14.8% 0.5% 0.2% 53.9%
Utilities 3.0% -0.1% 5.9% 36.7%
Other 0.0% 0.0% 3.2% 0.0%
2.7%
14.4%
3.1%
0.0%
N/A (Fund of Funds)
$61,919
23.83
2.50
1.93% 0.13%
-0.19
-1.12
-$2,828
-
10.6%
4.7%
19.8%
12.3%
5.67 Years
Category
4.3%
8.9%
6.5%
12.7%
+/- CategoryVTRLX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2050 Instl
William A. Coleman;Walter Nejman;
$23,085,965,751
6/26/2015
0.090%
VTRLX
US Fund Target-Date 2050
S&P Target Date 2050 TR USD
14.0%16.3% 16.3%
10.3%12.1%
14.4% 13.9% 13.9%
9.2%11.4%
9.7%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VTRLX Benchmark
16.3%
25.1%
-7.9%
21.5%
8.9%13.9%
24.4%
-7.9%
20.2%
9.7%
-0.5%
2020 2019 2018 2017 2016 2015
VTRLX Benchmark
106
Vanguard Instl Trgt Retire 2050 Instl Fund Fact Sheet
VTRLX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
14.03% 16.33% 16.33% 10.26% 12.14% - 4Q20 3Q20 2Q20 1Q20
14.40% 13.86% 13.86% 9.24% 11.44% 9.67% 14.03% 7.34% 18.61% -19.87%
+/- Benchmark -0.38% 2.47% 2.47% 1.02% 0.70% - 14.40% 6.53% 17.61% -20.56%
Peer Group Rank 58 35 35 27 23 - +/- Benchmark -0.38% 0.81% 1.00% 0.69%
Annual Performance 2020 2019 2018 2017 2016 2015
16.33% 25.05% -7.87% 21.47% 8.95% - 4Q19 3Q19 2Q19 1Q19
13.86% 24.35% -7.94% 20.18% 9.74% -0.47% 8.02% 0.32% 3.47% 11.52%
+/- Benchmark 2.47% 0.70% 0.07% 1.29% -0.79% - 7.65% 0.47% 3.32% 11.28%
Peer Group Rank 35 40 33 26 30 - +/- Benchmark 0.37% -0.15% 0.16% 0.24%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
12.14% 10.16% 6.82% - - - -11.79% 4.01% 0.97% -0.55%
11.44% 9.41% 6.42% 3.01% 8.49% 7.34% -12.05% 3.87% 1.72% -0.94%
+/- Benchmark 0.70% 0.76% 0.40% - - - +/- Benchmark 0.26% 0.14% -0.75% 0.39%
Peer Group Rank 23 22 18 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.20% 4.67% 3.86% 6.21%
Alpha 0.95 0.00 0.64 0.00 - 0.00 5.34% 4.43% 3.54% 5.51%
Beta 1.00 1.00 1.00 1.00 - 1.00 +/- Benchmark -0.14% 0.24% 0.33% 0.69%
Standard Deviation 16.98 17.00 13.84 13.82 - 12.69
Sharpe Ratio 0.57 0.51 0.81 0.77 - 0.74
Information Ratio 1.20 - 0.79 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.76 7.72 10.98 10.27 - 9.06 1.26% 4.79% 1.80% 0.86%
Upside Capture Ratio 101.86 100.00 101.91 100.00 - 100.00 2.14% 4.17% 1.94% 1.18%
Downside Capture Ratio 97.69 100.00 98.53 100.00 - 100.00 +/- Benchmark -0.88% 0.62% -0.13% -0.32%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
107
Vanguard Instl Trgt Retire2050 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2050TR USD
US Fund Target-Date2050
196 US Fund Target-Date2050
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.55
0.974.01
-11.79-7.87
201911.52
3.470.32
8.0225.05
2020-19.87
18.617.34
14.0316.33
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
16.3310.26
12.14—
9.76Std 12-31-2020
16.33—
12.14—
9.76Total Return
16.3310.26
12.14—
9.76
+/- Std Index3.51
1.712.40
——
+/- Cat Index3.42
1.300.52
——
% Rank Cat
3933
27—
No. in Cat
217196
157—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.661.66
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
196 funds157 funds
78 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation16.98
13.84—
Mean
10.2612.14
—Sharpe Ratio
0.570.81
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-1.060.33
Beta1.46
1.11R-Squared
99.1299.61
12-Month Yield
1.65%Potential Cap Gains Exp
16.49%
00
00
00
44
44
44
——
——
——
8988
8888
8991
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2050 Instl17,021Category Average16,364Standard Index15,458
__
__
__
_*
**
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.6919.98
23.8221.44
26.2229.97
NAV/Price
——
——
——
—8.95
21.47-7.87
25.0516.33
Total Return %
——
——
——
—0.38
6.81-3.11
6.033.51
+/- Standard Index
——
——
——
—-1.94
0.690.54
-0.033.42
+/- Category Index
——
——
——
—28
3334
4339
% Rank Cat
——
——
——
—213
230239
241217
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks53.95
53.950.00
Non-US Stocks
36.6736.67
0.00Bonds
9.079.08
0.01Other/N
ot Clsfd0.12
0.120.00
Total100.00
100.010.01
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.95
P/C Ratio TTM12.8
1.040.94
P/B Ratio TTM2.5
1.090.93
Geo Avg Mkt Cap
$mil
619191.39
0.96
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
9.00Avg Eff Duration
7.25Avg W
td Coupon2.56
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA49.66
AA10.76
A16.27
BBB23.31
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
63.11.03
Greater Europe17.3
0.97Greater Asia
19.70.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,551 Total Stocks , 14,535 Total Fixed-Incom
e,12%
Turnover Ratio
Net Assets%
T128 m
ilVanguard Total Stock M
arket Idx I54.23
T423 m
ilVanguard Total Intl Stock Index Inv
36.59
T123 m
ilVanguard Total Bond M
arket II Idx6.32
T27 m
ilVanguard Total Intl Bd Idx Adm
iral™2.87
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.90t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.19
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VTRLX
ISIN:
US92202E7307M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$22,604.73 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
108
Vanguard Instl Trgt Retire 2055 Instl Fund Fact Sheet
VIVLX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VIVLX +/- Category
Materials 4.7% 0.3%
Communication Services 9.2% -0.1% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.0% Value Core Growth
Consumer Staples 7.3% 0.8%
Healthcare 12.3% -1.0%
Industrials 10.9% 0.6%
Real Estate 3.5% -1.0%
Technology 19.0% -0.6%
Energy 3.0% 0.2%
Financial Services 14.8% 0.7% 0.2% 54.1%
Utilities 3.0% -0.1% 6.0% 36.5%
Other 0.0% 0.0% 3.1% 0.0%
2.8%
14.1%
3.0%
0.0%
N/A (Fund of Funds)
$62,093
23.85
2.51
1.92% 0.12%
-0.24
-1.26
-$4,230
-
10.3%
4.5%
19.7%
12.2%
5.67 Years
Category
4.4%
9.3%
6.5%
13.3%
+/- CategoryVIVLX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2055 Instl
William A. Coleman;Walter Nejman;
$12,907,888,709
6/26/2015
0.090%
VIVLX
US Fund Target-Date 2055
S&P Target Date 2055 TR USD
14.0%16.4% 16.4%
10.3%12.2%
14.6% 13.9% 13.9%
9.3%11.6%
9.8%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VIVLX Benchmark
16.4%
25.1%
-7.8%
21.5%
8.9%13.9%
24.5%
-8.0%
20.5%
9.9%
-0.5%
2020 2019 2018 2017 2016 2015
VIVLX Benchmark
109
Vanguard Instl Trgt Retire 2055 Instl Fund Fact Sheet
VIVLX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
14.02% 16.36% 16.36% 10.28% 12.16% - 4Q20 3Q20 2Q20 1Q20
14.56% 13.86% 13.86% 9.26% 11.55% 9.82% 14.02% 7.35% 18.63% -19.87%
+/- Benchmark -0.54% 2.50% 2.50% 1.02% 0.60% - 14.56% 6.62% 17.76% -20.84%
Peer Group Rank 65 38 38 28 26 - +/- Benchmark -0.54% 0.73% 0.88% 0.97%
Annual Performance 2020 2019 2018 2017 2016 2015
16.36% 25.06% -7.84% 21.47% 8.94% - 4Q19 3Q19 2Q19 1Q19
13.86% 24.48% -7.97% 20.48% 9.94% -0.54% 8.03% 0.28% 3.50% 11.53%
+/- Benchmark 2.50% 0.58% 0.14% 1.00% -0.99% - 7.73% 0.46% 3.34% 11.31%
Peer Group Rank 38 45 31 36 25 - +/- Benchmark 0.30% -0.18% 0.17% 0.23%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
12.16% 10.17% 6.83% - - - -11.76% 4.01% 0.97% -0.54%
11.55% 9.50% 6.45% 3.02% 8.58% 7.41% -12.10% 3.88% 1.70% -0.91%
+/- Benchmark 0.60% 0.66% 0.38% - - - +/- Benchmark 0.34% 0.13% -0.74% 0.36%
Peer Group Rank 26 24 19 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.17% 4.71% 3.81% 6.25%
Alpha 1.01 0.00 0.65 0.00 - 0.00 5.38% 4.48% 3.57% 5.65%
Beta 0.99 1.00 0.99 1.00 - 1.00 +/- Benchmark -0.20% 0.23% 0.24% 0.60%
Standard Deviation 16.98 17.16 13.83 13.97 - 12.83
Sharpe Ratio 0.57 0.51 0.82 0.77 - 0.75
Information Ratio 1.17 - 0.67 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.87 7.74 11.12 10.38 - 9.21 1.25% 4.79% 1.80% 0.86%
Upside Capture Ratio 101.11 100.00 100.79 100.00 - 100.00 2.29% 4.28% 1.92% 1.13%
Downside Capture Ratio 96.67 100.00 97.23 100.00 - 100.00 +/- Benchmark -1.03% 0.51% -0.11% -0.27%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
110
Vanguard Instl Trgt Retire2055 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2055TR USD
US Fund Target-Date2055
184 US Fund Target-Date2055
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.54
0.974.01
-11.76-7.84
201911.53
3.500.28
8.0325.06
2020-19.87
18.637.35
14.0216.36
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
16.3610.28
12.16—
9.77Std 12-31-2020
16.36—
12.16—
9.77Total Return
16.3610.28
12.16—
9.77
+/- Std Index3.54
1.732.41
——
+/- Cat Index3.46
1.390.55
——
% Rank Cat
3932
31—
No. in Cat
207184
145—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.661.66
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
184 funds145 funds
44 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation16.98
13.83—
Mean
10.2812.16
—Sharpe Ratio
0.570.82
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-1.040.35
Beta1.46
1.11R-Squared
99.1399.61
12-Month Yield
1.63%Potential Cap Gains Exp
14.11%
00
00
00
44
44
44
——
——
——
8988
8888
8991
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2055 Instl17,032Category Average16,519Standard Index15,458
__
__
__
_*
**
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.6920.00
23.8621.50
26.3230.05
NAV/Price
——
——
——
—8.94
21.47-7.84
25.0616.36
Total Return %
——
——
——
—0.37
6.82-3.08
6.033.54
+/- Standard Index
——
——
——
—-1.96
0.520.73
0.013.46
+/- Category Index
——
——
——
—27
4332
4739
% Rank Cat
——
——
——
—193
206221
229207
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks54.12
54.120.00
Non-US Stocks
36.4536.45
0.00Bonds
9.139.14
0.01Other/N
ot Clsfd0.12
0.120.00
Total100.00
100.010.01
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.95
P/C Ratio TTM12.8
1.040.94
P/B Ratio TTM2.5
1.090.91
Geo Avg Mkt Cap
$mil
620931.40
0.94
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.98Avg Eff Duration
7.23Avg W
td Coupon2.57
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA50.18
AA10.48
A16.13
BBB23.21
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
63.31.03
Greater Europe17.2
0.96Greater Asia
19.50.93
Share Chgsince11-2020
ShareAm
ountHoldings :10,551 Total Stocks , 14,544 Total Fixed-Incom
e,10%
Turnover Ratio
Net Assets%
T72 m
ilVanguard Total Stock M
arket Idx I54.40
T234 m
ilVanguard Total Intl Stock Index Inv
36.36
T70 m
ilVanguard Total Bond M
arket II Idx6.47
T15 m
ilVanguard Total Intl Bd Idx Adm
iral™2.77
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.90t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.21.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.19
kD
efensive22.6
0.95
sConsum
er Defensive7.3
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VIVLX
ISIN:
US92202E7224M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$12,569.07 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
111
Vanguard Instl Trgt Retire 2060 Instl Fund Fact Sheet
VILVX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VILVX +/- Category
Materials 4.7% 0.3%
Communication Services 9.2% -0.2% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.1% Value Core Growth
Consumer Staples 7.4% 0.4%
Healthcare 12.3% -0.7%
Industrials 10.9% 0.5%
Real Estate 3.5% -0.5%
Technology 19.0% -0.5%
Energy 3.0% 0.1%
Financial Services 14.8% 0.5% 0.2% 54.0%
Utilities 3.0% 0.0% 6.3% 36.5%
Other 0.0% 0.0% 2.9% 0.0%
2.9%
14.3%
2.9%
0.0%
N/A (Fund of Funds)
$62,008
23.84
2.51
1.92% 0.08%
-0.19
-0.90
-$4,488
-
10.5%
4.1%
19.6%
12.1%
5.67 Years
Category
4.3%
9.4%
7.0%
13.0%
+/- CategoryVILVX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2060 Instl
William A. Coleman;Walter Nejman;
$4,931,911,077
6/26/2015
0.090%
VILVX
US Fund Target-Date 2060+
S&P Target Date 2060+ TR USD
14.0%16.4% 16.4%
10.3%12.2%
14.6% 14.0% 14.0%
9.4%11.7%
9.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VILVX Benchmark
16.4%
25.1%
-7.9%
21.4%
8.9%14.0%
24.7%
-7.9%
20.7%
10.1%
-0.7%
2020 2019 2018 2017 2016 2015
VILVX Benchmark
112
Vanguard Instl Trgt Retire 2060 Instl Fund Fact Sheet
VILVX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
14.02% 16.40% 16.40% 10.30% 12.16% - 4Q20 3Q20 2Q20 1Q20
14.56% 13.99% 13.99% 9.38% 11.71% 9.88% 14.02% 7.38% 18.66% -19.88%
+/- Benchmark -0.53% 2.41% 2.41% 0.91% 0.45% - 14.56% 6.61% 17.93% -20.86%
Peer Group Rank 70 40 40 30 34 - +/- Benchmark -0.53% 0.77% 0.73% 0.98%
Annual Performance 2020 2019 2018 2017 2016 2015
16.40% 25.13% -7.88% 21.42% 8.94% - 4Q19 3Q19 2Q19 1Q19
13.99% 24.73% -7.95% 20.75% 10.08% -0.66% 8.04% 0.32% 3.50% 11.53%
+/- Benchmark 2.41% 0.40% 0.07% 0.67% -1.13% - 7.81% 0.45% 3.37% 11.42%
Peer Group Rank 40 49 28 38 23 - +/- Benchmark 0.23% -0.13% 0.14% 0.12%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
12.16% 10.17% 6.82% - - - -11.80% 4.05% 0.93% -0.54%
11.71% 9.67% 6.58% 3.11% 8.68% 7.49% -12.22% 3.97% 1.77% -0.90%
+/- Benchmark 0.45% 0.50% 0.24% - - - +/- Benchmark 0.42% 0.08% -0.85% 0.36%
Peer Group Rank 34 44 37 - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.16% 4.67% 3.86% 6.20%
Alpha 0.92 0.00 0.55 0.00 - 0.00 5.47% 4.51% 3.59% 5.75%
Beta 0.99 1.00 0.98 1.00 - 1.00 +/- Benchmark -0.31% 0.16% 0.27% 0.46%
Standard Deviation 17.02 17.24 13.87 14.05 - 12.89
Sharpe Ratio 0.57 0.52 0.81 0.78 - 0.75
Information Ratio 1.00 - 0.47 - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.90 7.87 11.16 10.54 - 9.27 1.25% 4.85% 1.81% 0.80%
Upside Capture Ratio 100.57 100.00 100.01 100.00 - 100.00 2.40% 4.36% 1.89% 1.09%
Downside Capture Ratio 96.45 100.00 96.91 100.00 - 100.00 +/- Benchmark -1.16% 0.49% -0.09% -0.28%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
113
Vanguard Instl Trgt Retire2060 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2060TR USD
US Fund Target-Date2060+
181 US Fund Target-Date2060+
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.54
0.934.05
-11.80-7.88
201911.53
3.500.32
8.0425.13
2020-19.88
18.667.38
14.0216.40
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
16.4010.30
12.16—
9.77Std 12-31-2020
16.40—
12.16—
9.77Total Return
16.4010.30
12.16—
9.77
+/- Std Index3.58
1.752.41
——
+/- Cat Index3.51
1.490.59
——
% Rank Cat
3934
40—
No. in Cat
257181
93—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.661.66
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
181 funds93 funds
—
Morningstar Rating
TM4Q
3Q—
Morningstar Risk
-AvgAvg
—M
orningstar ReturnAvg
Avg—
3 Yr5 Yr
10 Yr
Standard Deviation17.02
13.87—
Mean
10.3012.16
—Sharpe Ratio
0.570.81
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-1.040.35
Beta1.46
1.11R-Squared
99.1199.61
12-Month Yield
1.56%Potential Cap Gains Exp
12.09%
00
00
00
44
44
44
——
——
——
8988
8888
8990
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2060 Instl17,029Category Average16,573Standard Index15,458
__
__
__
_&
**
(*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
18.6819.99
23.8621.50
26.3630.14
NAV/Price
——
——
——
—8.94
21.42-7.88
25.1316.40
Total Return %
——
——
——
—0.37
6.76-3.12
6.103.58
+/- Standard Index
——
——
——
—-1.93
0.360.81
0.173.51
+/- Category Index
——
——
——
—20
4836
5439
% Rank Cat
——
——
——
—106
160201
216257
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks53.98
53.980.00
Non-US Stocks
36.5336.53
0.00Bonds
9.199.20
0.01Other/N
ot Clsfd0.12
0.120.00
Total100.00
100.010.01
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.8
1.040.95
P/B Ratio TTM2.5
1.090.93
Geo Avg Mkt Cap
$mil
620081.39
0.93
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.93Avg Eff Duration
7.17Avg W
td Coupon2.59
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA51.54
AA9.73
A15.76
BBB22.97
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
63.21.03
Greater Europe17.2
0.96Greater Asia
19.60.94
Share Chgsince11-2020
ShareAm
ountHoldings :10,551 Total Stocks , 14,545 Total Fixed-Incom
e,9%
Turnover Ratio
Net Assets%
T27 m
ilVanguard Total Stock M
arket Idx I54.26
T89 m
ilVanguard Total Intl Stock Index Inv
36.44
T28 m
ilVanguard Total Bond M
arket II Idx6.81
T5 m
ilVanguard Total Intl Bd Idx Adm
iral™2.48
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.90t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.19
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VILVX
ISIN:
US92202E7141M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$4,785.95 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
114
Vanguard Instl Trgt Retire 2065 Instl Fund Fact Sheet
VSXFX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Market Cap (mil)
P/E Ratio (TTM)
P/B Ratio (TTM)
Est. Dividend Yield
Sector Allocations VSXFX +/- Category
Materials 4.7% 0.3%
Communication Services 9.2% -0.2% Asset Allocation Morningstar Style Box
Consumer Discretionary 12.2% 0.1% Value Core Growth
Consumer Staples 7.3% 0.4%
Healthcare 12.3% -0.7%
Industrials 10.9% 0.5%
Real Estate 3.5% -0.5%
Technology 19.0% -0.5%
Energy 3.0% 0.1%
Financial Services 14.8% 0.5% 0.2% 53.8%
Utilities 3.0% 0.0% 6.4% 36.4%
Other 0.0% 0.0% 3.1% 0.0%
2.9%
14.3%
2.9%
0.0%
N/A (Fund of Funds)
$62,053
23.84
2.51
1.92% 0.08%
-0.19
-0.90
-$4,442
-
10.5%
4.1%
19.6%
12.1%
3.58 Years
Category
4.3%
9.4%
7.0%
13.0%
+/- CategoryVSXFX
Sm
all
Lar
geM
id
Vanguard Instl Trgt Retire 2065 Instl
William A. Coleman;Walter Nejman;
$681,587,178
7/12/2017
0.090%
VSXFX
US Fund Target-Date 2060+
S&P Target Date 2060+ TR USD
14.0%16.2% 16.2%
10.2%
14.6% 14.0% 14.0%
9.4%11.7%
9.9%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VSXFX Benchmark
16.2%
25.1%
-7.8%
14.0%
24.7%
-7.9%
20.7%
10.1%
-0.7%
2020 2019 2018 2017 2016 2015
VSXFX Benchmark
115
Vanguard Instl Trgt Retire 2065 Instl Fund Fact Sheet
VSXFX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
14.01% 16.18% 16.18% 10.25% - - 4Q20 3Q20 2Q20 1Q20
14.56% 13.99% 13.99% 9.38% 11.71% 9.88% 14.01% 7.38% 18.64% -20.01%
+/- Benchmark -0.55% 2.19% 2.19% 0.86% - - 14.56% 6.61% 17.93% -20.86%
Peer Group Rank 71 44 44 32 - - +/- Benchmark -0.55% 0.76% 0.72% 0.85%
Annual Performance 2020 2019 2018 2017 2016 2015
16.18% 25.15% -7.84% - - - 4Q19 3Q19 2Q19 1Q19
13.99% 24.73% -7.95% 20.75% 10.08% -0.66% 8.01% 0.31% 3.56% 11.55%
+/- Benchmark 2.19% 0.42% 0.11% - - - 7.81% 0.45% 3.37% 11.42%
Peer Group Rank 44 48 26 - - - +/- Benchmark 0.19% -0.15% 0.19% 0.13%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
- - - - - - -11.78% 3.94% 0.97% -0.46%
11.71% 9.67% 6.58% 3.11% 8.68% 7.49% -12.22% 3.97% 1.77% -0.90%
+/- Benchmark - - - - - - +/- Benchmark 0.44% -0.04% -0.80% 0.44%
Peer Group Rank - - - - - -
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 5.23% - - -
Alpha 0.88 0.00 - 0.00 - 0.00 5.47% 4.51% 3.59% 5.75%
Beta 0.99 1.00 - 1.00 - 1.00 +/- Benchmark -0.24% - - -
Standard Deviation 17.03 17.24 - 14.05 - 12.89
Sharpe Ratio 0.57 0.52 - 0.78 - 0.75
Information Ratio 0.97 - - - - - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio 8.85 7.87 - 10.54 - 9.27 - - - -
Upside Capture Ratio 100.26 100.00 - 100.00 - 100.00 2.40% 4.36% 1.89% 1.09%
Downside Capture Ratio 96.24 100.00 - 100.00 - 100.00 +/- Benchmark - - - -
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
116
Vanguard Instl Trgt Retire2065 Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od 2060TR USD
US Fund Target-Date2060+
181 US Fund Target-Date2060+
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.46
0.973.94
-11.78-7.84
201911.55
3.560.31
8.0125.15
2020-20.01
18.647.38
14.0116.18
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
16.1810.25
——
11.66Std 12-31-2020
16.18—
——
11.66Total Return
16.1810.25
——
11.66
+/- Std Index3.36
1.70—
——
+/- Cat Index3.29
1.44—
——
% Rank Cat
4538
——
No. in Cat
257181
——
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.661.66
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
181 funds93 funds
—
Morningstar Rating
TM3Q
——
Morningstar Risk
-Avg—
—M
orningstar ReturnAvg
——
3 Yr5 Yr
10 Yr
Standard Deviation17.03
——
Mean
10.25—
—Sharpe Ratio
0.57—
—
MPT Statistics
Standard IndexBest Fit Index
Morningstar M
odAgg Tgt Risk TR
USDAlpha
-1.090.30
Beta1.47
1.11R-Squared
99.1499.63
12-Month Yield
1.48%Potential Cap Gains Exp
9.02%
00
00
00
00
00
04
——
——
——
——
——
—90
4k 10k
20k
40k
60k80k100k
Investment Style
EquityStocks %
Grow
th of $10,000
Vanguard Instl Trgt Retire2065 Instl14,427Category Average14,203Standard Index13,489
__
__
__
__
_*
(*
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
——
21.7219.66
24.1427.59
NAV/Price
——
——
——
——
—-7.84
25.1516.18
Total Return %
——
——
——
——
—-3.08
6.123.36
+/- Standard Index
——
——
——
——
—0.85
0.193.29
+/- Category Index
——
——
——
——
—30
5245
% Rank Cat
——
——
——
——
—201
216257
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash0.19
0.190.00
US Stocks53.85
53.850.00
Non-US Stocks
36.3536.35
0.00Bonds
9.509.51
0.01Other/N
ot Clsfd0.12
0.120.00
Total100.00
100.010.01
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.96
P/C Ratio TTM12.8
1.040.95
P/B Ratio TTM2.5
1.090.93
Geo Avg Mkt Cap
$mil
620531.40
0.93
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
8.94Avg Eff Duration
7.18Avg W
td Coupon2.58
Avg Wtd Price
—
Credit Quality B
reakdown 11-30-2020
Bond %
AAA51.25
AA9.89
A15.84
BBB23.02
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
63.21.03
Greater Europe17.2
0.96Greater Asia
19.60.93
Share Chgsince11-2020
ShareAm
ountHoldings :10,551 Total Stocks , 14,648 Total Fixed-Incom
e,14%
Turnover Ratio
Net Assets%
T4 m
ilVanguard Total Stock M
arket Idx I54.13
T12 m
ilVanguard Total Intl Stock Index Inv
36.26
T4 m
ilVanguard Total Bond M
arket II Idx6.98
T727,956
Vanguard Total Intl Bd Idx Admiral™
2.64
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.20.92
rBasic M
aterials4.7
0.90t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.30
oEnergy
3.00.90
pIndustrials
10.90.95
aTechnology
19.01.19
kD
efensive22.6
0.95
sConsum
er Defensive7.3
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
3.5 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VSXFX
ISIN:
US92202E6721M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:07-12-2017
Type:M
FTotal Assets:
$653.71 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
, account information provided by your financial professional w
hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
ent advice offered by Morningstar, (5) are provided solely for inform
ational purposes and therefore are not an offer to buy or sell a security,and (6) are not w
arranted to be correct, complete or accurate. Except as otherw
ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
, or related to, thisinform
ation, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change w
ithout notice. Investment research is produced and issued by subsidiaries of M
orningstar, Inc.including, but not lim
ited to, Morningstar Research Services LLC, registered w
ith and governed by the U.S. Securities and Exchange Comm
ission. This report is supplemental sales literature. If applicable it m
ust be precededor accom
panied by a prospectus, or equivalent, and disclosure statement. Please see im
portant disclosures at the end of this report.
ß®
117
Voya Government Money Market A Fund Fact Sheet
VYAXX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Eff Duration
Average Eff Maturity
Average Credit Quality
Average Coupon
Sector Allocations VYAXX +/- Category
Government 9.2% -1.5%
Municipal 0.0% -0.5% Asset Allocation Morningstar Style Box
Bank Loan 0.0% 0.0% Low IR Sens Mod IR Sens Ext IR Sens
Convertible 0.0% -0.2%
Corporate Bond 0.0% -3.2%
Preferred Stock 0.0% 0.0%
Agency MBS 0.0% 0.0%
Non-Agency RMBS 0.0% 0.0%
Commercial MBS 0.0% 0.0%
Asset-Backed 0.0% 0.0% 90.8% 0.0%
Cash & Equivalents 90.8% 5.4% 9.2% 0.0%
Other 0.0% 0.0% 0.0% 0.0%
0.0%
0.0%
85.4%
0.0%
89.12%
-
-
-
- -
-
-
-
83.23%
0.0%
0.0%
0.0%
0.0%
16.25 Years
Category
10.7%
0.5%
0.2%
3.2%
+/- CategoryVYAXX
Low
Qu
alH
igh
Qu
alM
ed Q
ual
Voya Government Money Market A
David S. Yealy
$226,543,088
4/15/1994
0.410%
VYAXX
US Fund Money Market - Taxable
USTREAS Stat US T-Bill 90 Day TR
0.0%0.3% 0.3%
1.2%
0.8%
0.4%
0.0%0.4% 0.4%
1.5%1.1%
0.6%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VYAXX Benchmark
0.3%
1.9%1.5%
0.3% 0.1% 0.0%0.4%
2.1% 1.9%
0.9%
0.3%0.1%
2020 2019 2018 2017 2016 2015
VYAXX Benchmark
118
Voya Government Money Market A Fund Fact Sheet
VYAXX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
0.00% 0.27% 0.27% 1.22% 0.80% 0.41% 4Q20 3Q20 2Q20 1Q20
0.02% 0.36% 0.36% 1.45% 1.12% 0.59% 0.00% 0.00% 0.02% 0.25%
+/- Benchmark -0.02% -0.09% -0.09% -0.23% -0.32% -0.18% 0.02% 0.03% 0.04% 0.28%
Peer Group Rank 24 52 52 45 50 47 +/- Benchmark -0.02% -0.03% -0.02% -0.03%
Annual Performance 2020 2019 2018 2017 2016 2015
0.27% 1.88% 1.51% 0.26% 0.08% 0.02% 4Q19 3Q19 2Q19 1Q19
0.36% 2.06% 1.94% 0.93% 0.32% 0.05% 0.32% 0.50% 0.53% 0.52%
+/- Benchmark -0.09% -0.18% -0.43% -0.67% -0.24% -0.03% 0.39% 0.49% 0.57% 0.59%
Peer Group Rank 52 44 45 77 37 19 +/- Benchmark -0.07% 0.01% -0.04% -0.07%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
0.80% 0.80% 0.80% 0.80% 0.75% 0.68% 0.47% 0.40% 0.35% 0.27%
1.12% 1.12% 1.12% 1.11% 1.06% 0.98% 0.57% 0.51% 0.46% 0.39%
+/- Benchmark -0.32% -0.32% -0.32% -0.31% -0.31% -0.29% +/- Benchmark -0.10% -0.10% -0.11% -0.12%
Peer Group Rank 50 50 50 51 51 49
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 0.13% 0.09% 0.04% 0.01%
Alpha -0.14 0.00 -0.30 0.00 -0.10 0.00 0.30% 0.26% 0.22% 0.15%
Beta 2.33 1.00 1.37 1.00 3.79 1.00 +/- Benchmark -0.17% -0.17% -0.18% -0.14%
Standard Deviation 0.23 0.25 0.23 0.23 0.20 0.23
Sharpe Ratio -4.93 -5.60 -4.94 -4.75 -2.81 -2.52
Information Ratio -4.20 - -4.38 - -2.64 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio -0.13 -0.07 -0.27 -0.05 -0.05 -0.03 0.01% 0.07% 0.00% 0.00%
Upside Capture Ratio 84.02 100.00 71.41 100.00 69.69 100.00 0.11% 0.07% 0.06% 0.07%
Downside Capture Ratio - - - - - - +/- Benchmark -0.09% -0.01% -0.06% -0.07%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
119
Vanguard Instl Trgt RetireInc Instl (U
SD)
Morningstar A
nalyst RatingTM
„03-13-2020
Overall M
orningstar RatingTM
Standard IndexCategory Index
Morningstar Cat
QQQQ
Morningstar M
odTgt Risk TR USD
Morningstar
Lifetime M
od IncmTR USD
US Fund Target-DateRetirem
ent148 US Fund Target-DateRetirem
ent
Performance 12-31-2020
Quarterly Returns1st Qtr
2nd Qtr3rd Qtr
4th QtrTotal %
2018-0.52
0.451.34
-3.21-1.98
20195.58
2.911.49
2.6613.20
2020-5.88
7.953.08
5.1910.18
Trailing Returns1 Yr
3 Yr5 Yr
10 YrIncept
Load-adj Mthly
10.186.93
6.92—
6.01Std 12-31-2020
10.18—
6.92—
6.01Total Return
10.186.93
6.92—
6.01
+/- Std Index-2.65
-1.62-2.83
——
+/- Cat Index-0.38
-0.07-0.18
——
% Rank Cat
3021
30—
No. in Cat
168148
126—
SubsidizedUnsubsidized
7-day Yield—
—30-day SEC Yield 01-26-21
1.461.46
Performance Disclosure
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a w
eighted average of the three-, five-, and 10-year(if applicable) M
orningstar metrics.
The performance data quoted represents past perform
ance anddoes not guarantee future results. The investm
ent return andprincipal value of an investm
ent will fluctuate; thus an investor's
shares, when sold or redeem
ed, may be w
orth more or less than
their original cost.Current perform
ance may be low
er or higher than return dataquoted herein. For perform
ance data current to the most recent
month-end, please call 800-662-7447 or visit w
ww
.vanguard.com.
Fees and ExpensesSales Charges
Front-End Load %N
AD
eferred Load %N
A
Fund Expenses
Managem
ent Fees %0.00
12b1 Expense %N
AN
et Expense Ratio %0.09
Gross Expense Ratio %
0.09
Risk and Return Profile3 Yr
5 Yr10 Yr
148 funds126 funds
84 funds
Morningstar Rating
TM4Q
4Q—
Morningstar Risk
AvgAvg
—M
orningstar Return+Avg
+Avg—
3 Yr5 Yr
10 Yr
Standard Deviation6.24
5.11—
Mean
6.936.92
—Sharpe Ratio
0.861.10
—
MPT Statistics
Standard IndexBest Fit IndexM
orningstarLifetim
e Mod 2015TR USD
Alpha1.50
0.68Beta
0.530.71
R-Squared95.09
98.74
12-Month Yield
1.64%Potential Cap Gains Exp
12.29%
00
00
00
44
44
44
——
——
——
6867
6769
6768
4k 10k
20k
40k
60k80k100k
Investment Style
Fixed-Income
Bond %
Grow
th of $10,000
Vanguard Instl Trgt Retire IncInstl13,839Category Average13,303Standard Index15,458
__
__
__
_*
(&
**
Performance Q
uartile(w
ithin category)
20092010
20112012
20132014
20152016
20172018
201912-20
History
——
——
——
19.6020.23
21.5020.51
22.6224.33
NAV/Price
——
——
——
—5.29
8.54-1.98
13.2010.18
Total Return %
——
——
——
—-3.28
-6.122.77
-5.82-2.65
+/- Standard Index
——
——
——
—-0.70
-0.010.22
-0.07-0.38
+/- Category Index
——
——
——
—40
5918
4530
% Rank Cat
——
——
——
—171
175187
183168
No. of Funds in Cat
Portfolio Analysis 12-31-2020
Asset A
llocation %N
et %Long %
Short %
Cash1.10
1.110.01
US Stocks18.02
18.020.00
Non-US Stocks
12.4612.46
0.00Bonds
67.9668.02
0.06Other/N
ot Clsfd0.45
0.450.00
Total100.00
100.070.07
Equity Style
ValueBlend
Growth
LargeMidSmall
Portfolio StatisticsPortAvg
RelIndex
RelCat
P/E Ratio TTM23.8
1.040.98
P/C Ratio TTM12.7
1.040.95
P/B Ratio TTM2.5
1.080.97
Geo Avg Mkt Cap
$mil
616091.39
0.96
Fixed-Income Style
LtdM
odExt
HighMedLow
Avg Eff Maturity
7.48Avg Eff Duration
6.13Avg W
td Coupon2.05
Avg Wtd Price
111.47
Credit Quality B
reakdown 11-30-2020
Bond %
AAA61.89
AA8.01
A12.34
BBB17.76
BB0.00
B0.00
Below B
0.00N
R0.00
Regional ExposureStocks %
Rel Std Index
Americas
62.71.03
Greater Europe17.5
0.98Greater Asia
19.80.95
Share Chgsince11-2020
ShareAm
ountHoldings :9,764 Total Stocks , 17,611 Total Fixed-Incom
e,21%
Turnover Ratio
Net Assets%
T237 m
ilVanguard Total Bond M
arket II Idx36.83
Y14 m
ilVanguard Total Stock M
arket Idx I18.12
T49 m
ilVanguard Shrt-Term
Infl-Prot Sec I16.87
T50 m
ilVanguard Total Intl Bd Idx Adm
iral™15.75
Y47 m
ilVanguard Total Intl Stock Index Inv
12.43
Sector Weightings
Stocks %Rel Std Index
hCyclical
35.30.92
rBasic M
aterials4.7
0.91t
Consumer Cyclical
12.21.13
yFinancial Services
14.80.99
uReal Estate
3.50.49
jSensitive
42.11.11
iCom
munication Services
9.21.29
oEnergy
3.00.90
pIndustrials
11.00.95
aTechnology
19.01.18
kD
efensive22.6
0.95
sConsum
er Defensive7.4
0.92d
Healthcare12.3
0.99f
Utilities3.0
0.88
Operations
Family:
VanguardM
anager:M
ultipleTenure:
5.6 YearsObjective:
Asset Allocation
Base Currency:USD
Ticker:VITRX
ISIN:
US92202E6986M
inimum
Initial Purchase:$100 m
il
Purchase Constraints:—
Incept:06-26-2015
Type:M
FTotal Assets:
$7,471.56 mil
Release date 12-31-2020
©2021 M
orningstar. All Rights Reserved. Unless otherwise provided in a separate agreem
ent, you may use this report only in the country in w
hich its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of M
orningstar, (2) may include, or be derived from
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hich cannot be verified byM
orningstar, (3) may not be copied or redistributed, (4) do not constitute investm
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ise required by law, M
orningstar shall not be responsible for any trading decisions, damages or other losses resulting from
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ithout notice. Investment research is produced and issued by subsidiaries of M
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120
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121
Voya Government Money Market A Fund Fact Sheet
VYAXX Data as of 12/31/2020
Product Details Trailing Performance
Name
Ticker
Expense Ratio
Morningstar Category
Benchmark
Inception Date
Longest Tenured Manager
Longest Manager Tenure
Fund Size
Annual Performance
Fund Characteristics
% Assets in Top 10 Holdings
Average Eff Duration
Average Eff Maturity
Average Credit Quality
Average Coupon
Sector Allocations VYAXX +/- Category
Government 9.2% -1.5%
Municipal 0.0% -0.5% Asset Allocation Morningstar Style Box
Bank Loan 0.0% 0.0% Low IR Sens Mod IR Sens Ext IR Sens
Convertible 0.0% -0.2%
Corporate Bond 0.0% -3.2%
Preferred Stock 0.0% 0.0%
Agency MBS 0.0% 0.0%
Non-Agency RMBS 0.0% 0.0%
Commercial MBS 0.0% 0.0%
Asset-Backed 0.0% 0.0% 90.8% 0.0%
Cash & Equivalents 90.8% 5.4% 9.2% 0.0%
Other 0.0% 0.0% 0.0% 0.0%
0.0%
0.0%
85.4%
0.0%
89.12%
-
-
-
- -
-
-
-
83.23%
0.0%
0.0%
0.0%
0.0%
16.25 Years
Category
10.7%
0.5%
0.2%
3.2%
+/- CategoryVYAXX
Low
Qu
alH
igh
Qu
alM
ed Q
ual
Voya Government Money Market A
David S. Yealy
$226,543,088
4/15/1994
0.410%
VYAXX
US Fund Money Market - Taxable
USTREAS Stat US T-Bill 90 Day TR
0.0%0.3% 0.3%
1.2%
0.8%
0.4%
0.0%0.4% 0.4%
1.5%1.1%
0.6%
QTR YTD 1 Year 3 Year 5 Year 10 Year
VYAXX Benchmark
0.3%
1.9%1.5%
0.3% 0.1% 0.0%0.4%
2.1% 1.9%
0.9%
0.3%0.1%
2020 2019 2018 2017 2016 2015
VYAXX Benchmark
122
Voya Government Money Market A Fund Fact Sheet
VYAXX Data as of 12/31/2020
Trailing Performance QTR YTD 1 Year 3 Year 5 Year 10 Year
0.00% 0.27% 0.27% 1.22% 0.80% 0.41% 4Q20 3Q20 2Q20 1Q20
0.02% 0.36% 0.36% 1.45% 1.12% 0.59% 0.00% 0.00% 0.02% 0.25%
+/- Benchmark -0.02% -0.09% -0.09% -0.23% -0.32% -0.18% 0.02% 0.03% 0.04% 0.28%
Peer Group Rank 24 52 52 45 50 47 +/- Benchmark -0.02% -0.03% -0.02% -0.03%
Annual Performance 2020 2019 2018 2017 2016 2015
0.27% 1.88% 1.51% 0.26% 0.08% 0.02% 4Q19 3Q19 2Q19 1Q19
0.36% 2.06% 1.94% 0.93% 0.32% 0.05% 0.32% 0.50% 0.53% 0.52%
+/- Benchmark -0.09% -0.18% -0.43% -0.67% -0.24% -0.03% 0.39% 0.49% 0.57% 0.59%
Peer Group Rank 52 44 45 77 37 19 +/- Benchmark -0.07% 0.01% -0.04% -0.07%
01/2016 - 10/2015 - 07/2015 - 04/2015 - 01/2015 - 10/2014 -
Rolling 5-Year Performance 12/2020 09/2020 06/2020 03/2020 12/2019 09/2019 4Q18 3Q18 2Q18 1Q18
0.80% 0.80% 0.80% 0.80% 0.75% 0.68% 0.47% 0.40% 0.35% 0.27%
1.12% 1.12% 1.12% 1.11% 1.06% 0.98% 0.57% 0.51% 0.46% 0.39%
+/- Benchmark -0.32% -0.32% -0.32% -0.31% -0.31% -0.29% +/- Benchmark -0.10% -0.10% -0.11% -0.12%
Peer Group Rank 50 50 50 51 51 49
Risk Statistics 4Q17 3Q17 2Q17 1Q17
Manager Benchmark Manager Benchmark Manager Benchmark 0.13% 0.09% 0.04% 0.01%
Alpha -0.14 0.00 -0.30 0.00 -0.10 0.00 0.30% 0.26% 0.22% 0.15%
Beta 2.33 1.00 1.37 1.00 3.79 1.00 +/- Benchmark -0.17% -0.17% -0.18% -0.14%
Standard Deviation 0.23 0.25 0.23 0.23 0.20 0.23
Sharpe Ratio -4.93 -5.60 -4.94 -4.75 -2.81 -2.52
Information Ratio -4.20 - -4.38 - -2.64 - 4Q16 3Q16 2Q16 1Q16
Treynor Ratio -0.13 -0.07 -0.27 -0.05 -0.05 -0.03 0.01% 0.07% 0.00% 0.00%
Upside Capture Ratio 84.02 100.00 71.41 100.00 69.69 100.00 0.11% 0.07% 0.06% 0.07%
Downside Capture Ratio - - - - - - +/- Benchmark -0.09% -0.01% -0.06% -0.07%
All data and information on this fact sheet is taken from sources believed to be accurate but is not guaranteed to be accurate, complete, or correct.
3 Year 5 Year 10 Year
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
5-Year Quarterly
Performance
123