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DEFERRED COMPENSATION COMMITTEE
MEETING
Tuesday, October 27, 2020
1:30 p.m.
*TELECONFERENCE MEETING ONLY*
In compliance with California’s statewide stay at home order and Santa Clara County’s
shelter in place order and pursuant to California Governor Gavin Newsom’s Executive Order
N-29-20, issued on March 17, 2020, the Deferred Compensation Committee will convene a
teleconference meeting only.
The meeting will be live streamed through Zoom - https://us02web.zoom.us/j/84022132895
Technology limitations may limit the ability to receive verbal public comments during the
meeting. We request the public to submit their comments by 12:00 p.m. on October 26, 2020
to [email protected]. Instructions for participating in the teleconference will be posted
on VTA’s website: bit.ly/vta-dc-agendas.
AGENDA
1. CALL TO ORDER/ROLL CALL
2. ORDERS OF THE DAY
3. PUBLIC PRESENTATIONS: This portion of the agenda is reserved for persons desiring
to address the Committee on any matter not on the agenda. Speakers are limited to 2
minutes. The law does not permit Committee action or extended discussion on any item
not on the agenda except under special circumstances. If Committee action is required, the
matter can be placed on a subsequent agenda. All statements that require a response will be
referred to staff for reply in writing.
CONSENT AGENDA
4. Approve Minutes of September 22, 2020.
REGULAR AGENDA
5. Approve Committee Members and Staff to Attend the NAGDCA Connect Virtual
Engagement and Learning Series, October 5 – 29, 2020.
~. anta Cla ra Valley Transportation
Authority
Solutions that move you
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
Deferred Compensation Committee
Tuesday, October 27, 2020
Page 2
6. Approve Staff Recommendation Regarding Approval of Education/Training
Opportunities. (Chavez)
7. Discuss Plan Investments Report for Period Ending September 30, 2020.
(Armstrong/Mansfield)
8. Consider Dodge & Cox Funds. (Bill/Mansfield)
9. Action Item - Recordkeeper Contract. (Chavez)
a) Discuss Contract
b) Approve Contract Extension
10. Receive Update Regarding Changes to the Vantagepoint PLUS Fund. (Armstrong)
11. Receive and File ICMA Retirement Corporation (ICMA-RC) Reports. (Armstrong)
a) Administrative Allowance Account – September 2020
b) VTA Deferred Compensation Plan Fund Performance – September 2020
c) Quarterly Financial Report – July to September 2020
d) Employer Bulletin – September 2020
e) VTA Service Statistics – July to September 2020
12. Receive Update on Plan Activities. (Cabrera)
a) Report on Participants and Balance in Each Fund – September 2020
b) Emergency Withdrawal and Loan Reports
13. Review Committee Work Plan.
14. Receive Chairperson’s Report.
15. Consider Requests For Future Agenda Items.
16. Announcements and Communications
17. Adjourn
NOTE COMMITTEE MEMBERS: In order to establish whether or not a quorum exists for this
meeting, members are asked to call Sue Cabrera in the Human Resources Department - Deferred
Compensation office at (408) 321-5570 before 5:00 p.m. on the day prior to the meeting. Thank
you for your cooperation.
Availability of Public Records. All public records relating to an open session item on this
agenda, which are not exempt from disclosure pursuant to the California Public Records
Act, that are distributed to a majority of the Deferred Compensation Committee will be available
for public inspection at 3331 North First Street, San Jose, CA at the same time that the
public records are distributed or made available to the Deferred Compensation Committee.
In compliance with the Americans with Disabilities Act (ADA), those requiring accommodations
or accessible media for this meeting should notify Sue Cabrera in the Human Resources
Department - Deferred Compensation office 48 hours prior to the meeting at (408) 321-5570.
_____________________________________________________________________ Deferred Compensation Page 1 of 5 Tuesday, September 22, 2020
Summary Minutes
DEFERRED COMPENSATION COMMITTEE
MEETING
TELECONFERENCE MEETING
September 22, 2020
SUMMARY MINUTES
1. CALL TO ORDER at 1:33 p.m.
ROLL CALL: Members Present: Ballou, Capps, Duesterhaus, Griffiths,
Guillory-Jones, O’Malley Solis, and Smith
Members Absent: Pospishek
Staff Present: Bill, Cabrera, Chavez, Queja-Lee and
Sonico
Staff Absent: None
A Quorum was Present.
2. ORDERS OF THE DAY
There were no Orders of the Day.
3. PUBLIC PRESENTATIONS
There were no Public Presentations.
CONSENT AGENDA
4. Minutes of July 28, 2020
M/S/C (O’Malley Solis/Smith) to approve the Minutes of July 28, 2020.
The motion passed with a vote of 7 ayes (Ballou, Capps, Duesterhaus, Griffiths,
Guillory-Jones, O’Malley Solis, and Smith) and zero noes.
NOTE: M/S/C MEANS MOTION SECONDED AND CARRIED AND,
UNLESS OTHERWISE INDICATED, MOTION PASSED UNANIMOUSLY.
_____________________________________________________________________ Deferred Compensation Page 2 of 5 Tuesday, September 22, 2020
Summary Minutes
REGULAR AGENDA
5. Dodge & Cox Funds
Sean Bill, VTA’s Investment Program Manager, stated that Dodge & Cox is one
of the more established players in the value-oriented space.
Ryan Utsumi and Lawrence Gu, both Client Portfolio Managers for Dodge &
Cox, introduced themselves and provided overviews of their backgrounds in the
financial industry.
Mr. Utsumi referred the Committee to pages 4 through 7 to review the key
characteristics of the organization; experienced, integrated, and stable investment
team and Dodge & Cox’s investment strategy.
He discussed reasons for investing in fixed income (e.g., stability, liquidity, and
income) on page 9. He directed the Committee to pages 10 through 16 to discuss
their fixed income investment philosophy, Bloomberg Barclays U.S. Aggregate
sector returns, changes in the portfolio, portfolio structure and performance
results.
Mr. Gu referred the Committee to page 21 to discuss the investment philosophy of
the Dodge & Cox equity funds. He emphasized that putting the right price for the
right value defines Dodge & Cox as a value investor. He discussed pages 23
through 26 regarding the activity of the stock market within the last year, value
versus growth, performance of the Dodge & Cox Stock Fund (Net of Fees), and
portfolio structure.
Member Pospishek took his seat at 1:38 p.m.
6. Recordkeeper Contract
a) Discuss Contract
b) Approve Contract Extension
Chairperson Capps explained the process of the last RFP which started with the
hiring of a benefits consultant who assisted with the RFP for the recordkeeper and
concluded with the education seminars at the various VTA divisions. The entire
process was approximately 18 months from start to finish.
Member Guillory-Jones pointed out that most of the Committee members are new
and are not familiar with the RFP process. She added that it would be
advantageous to exercise the extension of the contract.
Chairperson Capps concurred. He added that among the Committee members,
only Member Ballou has gone through the RFP process.
_____________________________________________________________________ Deferred Compensation Page 3 of 5 Tuesday, September 22, 2020
Summary Minutes
Chairperson Capps voiced his concerns because of the current virtual format
instead of face-to-face meetings, the process may be extended longer than the last
RFP due to the COVID-19 pandemic.
Member Smith stated it may be a good idea to have a performance evaluation
conducted for the current recordkeeper. If there are no major issues, it clears the
way for a contract extension.
M/S/C (Pospishek/Ballou) to approve a one-year contract extension with ICMA-
RC.
The motion passed with a vote of 8 ayes (Ballou, Capps, Duesterhaus, Griffiths,
Guillory-Jones, O’Malley Solis, Pospishek and Smith) and zero noes.
Retirement Services staff agreed to provide a timeline of the RFP process at the
October meeting.
Member Duesterhaus suggested that the Committee start the RFP process
immediately.
7. Updates from ICMA-RC
a) CFP and Technology Enhancements
b) NAGDCA Connect
c) Paperless Enrollments
Erika Armstrong, Regional Manager, Northern California, ICMA-RC, reported
that ICMA-RC has formed a strategic partnership with SS&C to enhance the plan
sponsor and participant experiences. She stated it will take approximately 18
months to launch the new platform which will include an enhanced digital format
and expanded financial wellness programs.
Ms. Armstrong stated that ICMA-RC took a proactive approach starting in May
2020 to reach out to participants with balances of $100,000 or more to discuss
their finances with any of the 15 Certified Financial Planners (CFP). The service
is free of charge. Participants have taken advantage of this program through the
digital marketing they have done. She also discussed the regional webinars as
well as the expanded nationwide webinars and stated they have approximately 8
webinars each month. The webinars will be recorded and posted on the VTA
customized ICMA-RC website.
Ms. Armstrong stated that with the cancellation of the annual conference,
NAGDCA has launched NAGDCA Connect which is a month-long virtual
learning series in October. It is a great way to connect with other public agencies
across the country. Registration is $100 per participant to attend the virtual
conference. She described the agenda which includes general sessions, learning
labs, community exchange and peer-to-peer exchange sessions.
_____________________________________________________________________ Deferred Compensation Page 4 of 5 Tuesday, September 22, 2020
Summary Minutes
Ms. Armstrong agreed to provide a high-level overview of the NAGDCA Connect
if Committee members cannot attend.
Further discussion regarding training approval followed.
Ms. Armstrong stated that paperless enrollments will become available in January
2021.
8. Committee Training Regarding Visual Analytics Report
Ms. Armstrong provided an overview of Visual Analytics Report as of August 30.
She reviewed the plan assets, asset allocation by age group, participant status by
age group, service usage, contributions and roll-ins, participant disbursement and
cash flow.
9. ICMA Retirement Corporation (ICMA-RC) Reports
a) Administrative Allowance Account – August 2020
b) VTA Deferred Compensation Plan Fund Performance – August 2020
c) Employer Bulletin – August 2020
Ms. Armstrong stated that the balance of the Administrative Allowance Account
was $108,275.57 as of August 31, 2020. She reviewed the fund performance
and the employer bulletin.
10. Update on Plan Activities
a) Report on Participants and Balance in Each Fund – August 2020
b) Emergency Withdrawal and Loan Reports
Sue Cabrera, Human Resources Analyst – Deferred Compensation, reported that
VTA Plan assets for August 2020 was $292.8 million. She stated August 2020
assets increased by 3.5% compared to July assets of $282 million.
She stated the average account balance for August 2020 was $115,792 while the
median balance was approximately $47,572. Contributions for August 2020
totaled $1.1 million while distributions totaled approximately $1 million with five
rollouts totaling approximately $154,000.
She stated VTA’s participation rate for August 2020 was 72%.
Ms. Cabrera reported that for the month of August there were no emergency
withdrawal applications approved and 7 applications were processed for all-
purpose loans.
She added that coronavirus-related distributions (CRD) since May 1 to Sept. 21
totaled approximately $13.5 million. This number excludes withdrawals by five
_____________________________________________________________________ Deferred Compensation Page 5 of 5 Tuesday, September 22, 2020
Summary Minutes
separated employees. Thirty coronavirus-related loans were approved totaling
$725,000.
11. Committee Work Plan
Vice-Chairperson Guillory-Jones asked if there would be further discussion
regarding the Dodge & Cox funds.
Mr. Bill stated that Dodge & Cox has low fees for actively managed funds. He
added that funds are currently open to new investors because value-oriented funds
are currently out of favor. The sub-committee considered certain Dodge & Cox
funds during the RFP process in 2016 but the funds were closed to new investors
at that time.
Charles F. Mansfield III, CFA - Senior Director, Client Portfolio Manager,
ICMA-RC, agreed to provide the Plan Investments Report (PIR) and fund
comparisons of the Dodge & Cox against other similar funds at the October
meeting.
Ms. Armstrong pointed out that the Committee may add, delete, or replace funds
at any time. 12. Chairperson’s Report
There was no Chairperson’s Report.
13. Requests For Future Agenda Items
There was no Requests for Future Agenda Items.
14. Announcements and Communications
There were no Announcements and Communications.
15. Adjourn
On order of Chairperson Capps, there being no objection, the meeting was
adjourned at 3:12 p.m.
Respectfully submitted,
Sue Cabrera
Human Resources Analyst
Human Resources Department
Aanta Clara Val~ey Transportation
Authority
TO:
FROM:
DATE:
SUBJECT:
MEMORANDUM
Deferred Compensation Committe~ AAI., _,,,....
Maria Chavez, Senior Human Reso~r;es ~ yst
October 21, 2020
Approval of Education/Training Opportunities
RECOMMENDATION:
AGENDA ITEM #6
Authorize the Chairperson or Vice-Chairperson to approve Committee members and staff to attend education/training opportunities when the Committee's approval is not feasible due to time constraints.
BACKGROUND:
The Deferred Compensation Committee, during its regular monthly meetings, approves Committee members and staff to attend relevant education/training opportunities and have the related expenses paid out of the Administrative Allowance Account.
Occasionally, education/training opportunities are identified and due to the timing of the events and the next scheduled Committee meeting, the Committee is unable to approve Committee members' and staff attendance to these events. Consequently, Committee members and staff miss opportunities to gain knowledge that may assist them in their roles.
At its March 3, 2016 meeting, the VTA Board adopted the 457 Deferred Compensation Plan Committee Charter. Section VI. Allocation and Delegation of Responsibility of the charter states "The Committee may, by written rule or by its minutes, allocate responsibilities among Committee members and may delegate to persons other than Committee members the authority to carry out responsibilities under the Plan. "
DISCUSSION:
Staff recommends that when education/training opportunities cannot be approved by the Committee due to the timing of the education/training and the next scheduled Committee meeting, the Chairperson or Vice-Chairperson may approve Committee members and staff to attend the education/training.
Staff will include an action item on the next Committee meeting agenda so the Committee can formally approve the education/training and related expenses and authorize the payment from the Administrative Allowance Account.
3331 North Fi rs t Street Administration 408-321-5555 San Jose, CA 95134-1927 Custo mer Service 408-321-2300 Solutions that move you
Plan Investments Report For period ending: September 30, 2020 Prepared for: Santa Clara Valley Transit Authority
Presented by: Erika Armstrong Vice President, Relationship Management Charles F. Mansfield III, CFA Senior Director, Client Portfolio Manager ICMA RC
Santa Clara Valley Transit Authority Page 1 of 101
This report and commentary is provided by UpTick Data Technologies (www.uptickdata.com) on its PlanXtra automated plan monitoring and reporting system. PlanXtra is a registered trademark of UpTick Data Technologies. Report and Commentary ©2018 UpTick Data Technologies. All Rights Reserved. The report shows how funds have performed measured against certain Morningstar, Inc. metrics1, and can be used by plan sponsors to evaluate funds made available by their retirement plan. The plan sponsor may change the metrics measured in the report at any time. Neither ICMA-RC nor UpTick are providing investment advice to the plan sponsor or assume any responsibility for the in-vestment options selected by the plan sponsor for their retirement plan. The information presented in this report is based on publicly available information and is not a recommendation that any fund or other investment option be retained or re-moved from the retirement plan lineup. ICMA-RC’s role with respect to the Plan Investments Review Report is to provide administrative and clerical support by serving as the interface between the plan sponsor and UpTick Data Technologies. ICMA-RC associates will be able to provide factual information about the contents of the Plan Investments Review Report, including the different metrics that can be used, but cannot advise the plan sponsor on the selection or retention of any particular funds or investment op-tions.
1 Mutual Fund Performance Data ©2018 Morningstar, Inc. All Rights Reserved. The mutual fund performance information contained herein: (1) is proprietary to Morningstar and/or
its content providers; (2) may not be copied or distributed to plan participants; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content pro-viders are responsible for any damages or losses arising from any use of this information.
Santa Clara Valley Transit Authority Page 2 of 101
Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org.
Table of Contents
Section I: Section II: Section III: Section IV: Section V: Section VI: Section VII:
Executive Summary Investment Criteria & Summary Fees & Expenses Alternative Investment Options Fund Profiles Glossary Disclosure
Santa Clara Valley Transit Authority Page 3 of 101
Section I: Executive Summary
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.
Santa Clara Valley Transit Authority Page 4 of 101
FOREIGN EQUITY US EQUITY
Calamos Timpani Small Cap Growth I
-- DFA US Targeted Value I
-- Vanguard Extended Market Index Instl
--
T. Rowe Price Lrg Cp Gr I
Vanguard Institutional Index I
Vanguard Equity-Income Adm
GROWTH BLEND VALUE
Larg
e M
id
Sm
all
American Beacon International Eq R5 Hartford International Opp HLS IA Vanguard Total Intl Stock Index I
SPECIALTY / OTHER
Cohen & Steers Realty Shares L
MONEY MARKET / STABLE VALUE
BOND
Dodge & Cox Income PIMCO Income Instl
American Beacon SiM High Yld Opps R5
TARGET DATE
Vanguard Target Portfolio
BALANCED / ASSET ALLOCATION
Principal Diversified Real Asset R6
--
Investment Diversification As of September 30, 2020
Funds and underlying funds of VantageTrust Funds are assigned according to categories determined by Morningstar. Morningstar compiles independent data for use by individual investors, financial advisors, and institutional clients.
Santa Clara Valley Transit Authority Page 5 of 101
Section II: Investment Criteria & Summary
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.
Santa Clara Valley Transit Authority Page 6 of 101
Annualized Performance 1 Year Return Rank is less than or equal to 50% of investments in category. 3 Year Return Rank is less than or equal to 50% of investments in category. 5 Year Return Rank is less than or equal to 50% of investments in category. 10 Year Return Rank is less than or equal to 50% of investments in category. 1 Year Annual Performance vs. Benchmark is greater than or equal to 0. 3 Year Annual Performance vs. Benchmark is greater than or equal to 0. 5 Year Annual Performance vs. Benchmark is greater than or equal to 0. 10 Year Annual Performance vs. Benchmark is greater than or equal to 0. Risk Adjusted Performance 3 Year Sharpe Ratio Rank is less than or equal to 50% of investments in category. 5 Year Sharpe Ratio Rank is less than or equal to 50% of investments in category. 3 Year Sortino Ratio Rank is less than or equal to 50% of investments in category. 5 Year Sortino Ratio Rank is less than or equal to 50% of investments in category.
Monitoring Criteria for Investments As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Santa Clara Valley Transit Authority Page 7 of 101
Scorecard As of September 30, 2020
The scoring applied indicates whether fund data is in range of the monitoring criteria selected by the plan sponsor or their designee. The criteria do not constitute a proprietary rating methodology. The Glossary contains definitions of each metric. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Meets Criteria Does Not Meet Criteria Data Not Available NA
Asset Class Morningstar Category Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Bond
Intermediate Core-Plus Bond
Dodge & Cox Income DODIX
Multisector Bond
PIMCO Income Instl PIMIX
High Yield Bond
NA NA American Beacon SiM SHOIX High Yld Opps R5
Balanced / Asset Allocation
World Allocation
Principal Diversified PDARX Real Asset R6
US Equity
Large Value
Vanguard Equity-Income VEIRX Adm
Large Blend
Vanguard Institutional VINIX Index I
Large Growth
T. Rowe Price Lrg TRLGX Cp Gr I
Santa Clara Valley Transit Authority Page 8 of 101
Scorecard As of September 30, 2020
The scoring applied indicates whether fund data is in range of the monitoring criteria selected by the plan sponsor or their designee. The criteria do not constitute a proprietary rating methodology. The Glossary contains definitions of each metric. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Meets Criteria Does Not Meet Criteria Data Not Available NA
Asset Class Morningstar Category Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
US Equity
Mid-Cap Blend
Vanguard Extended VIEIX Market Index Instl
Small Value
DFA US Targeted Value DFFVX I
Small Growth
NA NACalamos Timpani Small CTSIX Cap Growth I
Foreign Equity
Foreign Large Value
American Beacon International AAIEX Eq R5
Foreign Large Blend
Hartford International HIAOX Opp HLS IA
Vanguard Total Intl VTSNX Stock Index I
Specialty / Other
Real Estate
Cohen & Steers Realty CSRSX Shares L
Santa Clara Valley Transit Authority Page 9 of 101
Scorecard As of September 30, 2020
The scoring applied indicates whether fund data is in range of the monitoring criteria selected by the plan sponsor or their designee. The criteria do not constitute a proprietary rating methodology. The Glossary contains definitions of each metric. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Meets Criteria Does Not Meet Criteria Data Not Available NA
Asset Class Morningstar Category Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date Retirement
Vanguard Target Retirement VTINX Income Inv
Target-Date 2015
Vanguard Target Retirement VTXVX 2015 Inv
Target-Date 2020
Vanguard Target Retirement VTWNX 2020 Inv
Target-Date 2025
Vanguard Target Retirement VTTVX 2025 Inv
Target-Date 2030
Vanguard Target Retirement VTHRX 2030 Inv
Target-Date 2035
Vanguard Target Retirement VTTHX 2035 Inv
Target-Date 2040
Vanguard Target Retirement VFORX 2040 Inv
Santa Clara Valley Transit Authority Page 10 of 101
Scorecard As of September 30, 2020
The scoring applied indicates whether fund data is in range of the monitoring criteria selected by the plan sponsor or their designee. The criteria do not constitute a proprietary rating methodology. The Glossary contains definitions of each metric. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Meets Criteria Does Not Meet Criteria Data Not Available NA
Asset Class Morningstar Category Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2045
Vanguard Target Retirement VTIVX 2045 Inv
Target-Date 2050
Vanguard Target Retirement VFIFX 2050 Inv
Target-Date 2055
Vanguard Target Retirement VFFVX 2055 Inv
Target-Date 2060+
NA NAVanguard Target Retirement VTTSX 2060 Inv
Santa Clara Valley Transit Authority Page 11 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Bond
Intermediate Core-Plus Bond Peers in Category: 605 / 537 / 459 / 341 / 537
Dodge & Cox Income DODIX 25 22 11 22 1.02 0.34 0.73 0.49 12 2 16 4 BM: BBgBarc US Universal TR USD Gross / Net Expense Ratio: 0.42 / 0.42
All 12 investment monitoring standards for the plan have been met by the fund.
Multisector Bond Peers in Category: 330 / 292 / 248 / 133 / 292
PIMCO Income Instl PIMIX 35 36 12 1 -2.84 -1.52 1 3.11 30 5 34 13 BM: BBgBarc US Universal TR USD Gross / Net Expense Ratio: 1.09 / 1.09
The fund has failed to realize 2 of the plan's 12 investment monitoring requirements. Criteria not met by the fund are: • One- and three-year performances versus the benchmark
Santa Clara Valley Transit Authority Page 12 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Bond
High Yield Bond Peers in Category: 676 / 620 / 534 / 350 / 620
American Beacon SiM High Yld SHOIX 64 28 27 n/a -1.12 -0.11 -0.72 n/a 42 71 45 76 Opps R5
BM: ICE BofA US High Yield TR USD Gross / Net Expense Ratio: 0.83 / 0.84
Of the plan's twelve investment monitoring standards, data currently available for ten. Of these, four have been met by the fund, and six have not. Standards not met are: • One-year return • One-, three- and five-year performances versus the benchmark • Five-year Sharpe Ratio • Five-year Sortino Ratio
Balanced / Asset Allocation
World Allocation Peers in Category: 475 / 394 / 338 / 208 / 394
Principal Diversified Real PDARX 64 71 85 89 -10.43 -5.49 -5.29 -4.05 74 84 74 85 Asset R6
BM: Morningstar Gbl Allocation TR USD Gross / Net Expense Ratio: 0.84 / 0.78
Twelve of the plan's twelve investment monitoring requirements have not been realized. Criteria not met by the fund are: • One-, three-, five- and ten-year performances • One-, three-, five- and ten-year performances versus the benchmark • Three- and five-year Sharpe Ratios • Three- and five-year Sortino Ratios
Santa Clara Valley Transit Authority Page 13 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
US Equity
Large Value Peers in Category: 1205 / 1129 / 992 / 716 / 1129
Vanguard Equity-Income Adm VEIRX 37 26 17 5 2.25 2.03 1.79 1.44 19 10 19 10 BM: Russell 1000 Value TR USD Gross / Net Expense Ratio: 0.18 / 0.18
The fund meet all 12 investment monitoring criteria of the plan.
Large Blend Peers in Category: 1370 / 1229 / 1066 / 819 / 1229
Vanguard Institutional Index VINIX 25 18 12 9 -0.02 -0.03 -0.03 -0.03 16 10 17 12 I
BM: S&P 500 TR USD Gross / Net Expense Ratio: 0.04 / 0.04
The fund has not met 4 of its 12 investment monitoring criteria. These include: • One-, three-, five- and ten-year performances versus the benchmark
Santa Clara Valley Transit Authority Page 14 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
US Equity
Large Growth Peers in Category: 1328 / 1229 / 1095 / 813 / 1229
T. Rowe Price Lrg Cp Gr I TRLGX 33 30 14 10 -1.73 -0.59 0.51 0.84 32 16 27 18 BM: Russell 1000 Growth TR USD Gross / Net Expense Ratio: 0.56 / 0.56
Of the twelve investment monitoring standards established for the plan, two have not been attained by the fund. These are: • One- and three-year performances versus the benchmark
Mid-Cap Blend Peers in Category: 403 / 368 / 295 / 213 / 368
Vanguard Extended Market Index VIEIX 4 9 6 3 8.43 0.94 1.13 0.37 13 12 13 13 Instl
BM: Russell Mid Cap TR USD Gross / Net Expense Ratio: 0.05 / 0.05
The 12 investment monitoring standards for the plan were attained by the fund.
Santa Clara Valley Transit Authority Page 15 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
US Equity
Small Value Peers in Category: 416 / 387 / 356 / 254 / 387
DFA US Targeted Value I DFFVX 49 49 46 28 -0.25 -0.68 -1.56 0.22 31 38 31 42 BM: Russell 2000 Value TR USD Gross / Net Expense Ratio: 0.36 / 0.36
The fund has come up short of achieving 3 of its 12 investment monitoring requirements. These include: • One-, three- and five-year performances versus the benchmark
Small Growth Peers in Category: 624 / 579 / 513 / 384 / 579
Calamos Timpani Small Cap Growth CTSIX 15 19 29 n/a 21.83 10.22 3.86 n/a 24 35 24 33 I
BM: Russell 2000 Growth TR USD Gross / Net Expense Ratio: 1.14 / 1.05
Of the twelve investment monitoring requirements chosen for the plan, data is currently available for ten. Of these ten standards, all have been met by the fund.
Santa Clara Valley Transit Authority Page 16 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Foreign Equity
Foreign Large Value Peers in Category: 341 / 313 / 274 / 180 / 313
American Beacon International AAIEX 62 57 73 34 2.09 0.71 -0.7 1.58 49 64 46 67 Eq R5
BM: MSCI EAFE Value NR USD Gross / Net Expense Ratio: 0.73 / 0.73
Six of the plan's twelve investment monitoring standards have not been matched. These are: • One-, three- and five-year performances • Five-year performance versus the benchmark • Five-year Sharpe Ratio • Five-year Sortino Ratio
Foreign Large Blend Peers in Category: 761 / 647 / 548 / 363 / 647
Hartford International Opp HIAOX 7 10 14 7 9.08 1.84 0.41 1.86 14 21 14 19 HLS IA
BM: MSCI EAFE NR USD Gross / Net Expense Ratio: 0.74 / 0.74
The plan's 12 investment monitoring standards have been achieved by the fund.
Santa Clara Valley Transit Authority Page 17 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Foreign Equity
Vanguard Total Intl Stock Index VTSNX 31 35 19 56 0.82 0.12 0.1 0.23 32 21 32 25 I
BM: MSCI EAFE NR USD Gross / Net Expense Ratio: 0.08 / 0.08
Of the plan's 12 investment monitoring criteria, one has not been attained by the fund. The standard not met by the fund is: • Ten-year performance
Specialty / Other
Real Estate Peers in Category: 253 / 224 / 197 / 141 / 224
Cohen & Steers Realty Shares CSRSX 23 10 13 12 7.39 5.25 3.05 1.44 12 15 11 15 L
BM: S&P United States REIT TR USD Gross / Net Expense Ratio: 0.96 / 0.89
The 12 investment monitoring requirements for the plan were attained by the fund.
Santa Clara Valley Transit Authority Page 18 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date Retirement Peers in Category: 176 / 150 / 127 / 90 / 150
Vanguard Target Retirement VTINX 28 17 29 17 0.16 0.2 0.09 0.11 7 12 7 13 Income Inv
BM: Morningstar Lifetime Mod Incm TR USD Gross / Net Expense Ratio: 0.12 / 0.12
The 12 investment monitoring criteria of the plan are currently met by the fund.
Target-Date 2015 Peers in Category: 120 / 93 / 68 / 46 / 93
Vanguard Target Retirement VTXVX 62 35 51 32 -0.76 -0.51 -0.23 0.14 6 2 8 3 2015 Inv
BM: Morningstar Lifetime Mod 2015 TR USD Gross / Net Expense Ratio: 0.13 / 0.13
The fund has not achieved 5 of its 12 investment monitoring requirements. Criteria not met by the fund are: • One- and five-year performances • One-, three- and five-year performances versus the benchmark
Santa Clara Valley Transit Authority Page 19 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2020 Peers in Category: 200 / 171 / 131 / 86 / 171
Vanguard Target Retirement VTWNX 34 20 18 10 -0.08 -0.32 0.15 0.34 18 17 19 17 2020 Inv
BM: Morningstar Lifetime Mod 2020 TR USD Gross / Net Expense Ratio: 0.13 / 0.13
The fund has failed to realize 2 of its 12 investment monitoring requirements. The criteria not met by the fund are: • One- and three-year performances versus the benchmark
Target-Date 2025 Peers in Category: 218 / 186 / 146 / 89 / 186
Vanguard Target Retirement VTTVX 38 23 18 12 0.64 -0.09 0.23 0.29 22 22 24 25 2025 Inv
BM: Morningstar Lifetime Mod 2025 TR USD Gross / Net Expense Ratio: 0.13 / 0.13
One of the plan's twelve investment monitoring standards has not been met by the fund. The requirement not met is: • Three-year performance versus the benchmark
Santa Clara Valley Transit Authority Page 20 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2030 Peers in Category: 228 / 194 / 153 / 91 / 194
Vanguard Target Retirement VTHRX 34 25 29 19 1.59 0.15 0.19 0.25 21 16 20 18 2030 Inv
BM: Morningstar Lifetime Mod 2030 TR USD Gross / Net Expense Ratio: 0.14 / 0.14
The fund is in compliance with all 12 investment monitoring standards for the plan.
Target-Date 2035 Peers in Category: 211 / 183 / 143 / 86 / 183
Vanguard Target Retirement VTTHX 33 25 29 16 2.92 0.62 0.34 0.43 18 15 20 16 2035 Inv
BM: Morningstar Lifetime Mod 2035 TR USD Gross / Net Expense Ratio: 0.14 / 0.14
The plan's 12 investment monitoring criteria are currently met by the fund.
Santa Clara Valley Transit Authority Page 21 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2040 Peers in Category: 222 / 194 / 153 / 91 / 194
Vanguard Target Retirement VFORX 32 22 27 16 4.08 1.12 0.68 0.68 19 14 19 15 2040 Inv
BM: Morningstar Lifetime Mod 2040 TR USD Gross / Net Expense Ratio: 0.14 / 0.14
All 12 investment monitoring requirements for the plan have been met by the fund.
Target-Date 2045 Peers in Category: 211 / 183 / 143 / 85 / 183
Vanguard Target Retirement VTIVX 34 23 23 16 4.99 1.5 0.89 0.87 19 21 24 21 2045 Inv
BM: Morningstar Lifetime Mod 2045 TR USD Gross / Net Expense Ratio: 0.15 / 0.15
The fund fulfills all 12 investment monitoring criteria of the plan.
Santa Clara Valley Transit Authority Page 22 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2050 Peers in Category: 222 / 194 / 153 / 79 / 194
Vanguard Target Retirement VFIFX 35 25 27 22 5.25 1.69 0.96 0.99 17 18 20 19 2050 Inv
BM: Morningstar Lifetime Mod 2050 TR USD Gross / Net Expense Ratio: 0.15 / 0.15
The fund is in compliance with all 12 investment monitoring criteria of the plan.
Target-Date 2055 Peers in Category: 211 / 183 / 140 / 35 / 183
Vanguard Target Retirement VFFVX 36 27 32 26 5.37 1.8 1.01 1.14 18 20 22 20 2055 Inv
BM: Morningstar Lifetime Mod 2055 TR USD Gross / Net Expense Ratio: 0.15 / 0.15
All 12 investment monitoring standards for the plan have been met by the fund.
Santa Clara Valley Transit Authority Page 23 of 101
Monitoring Detail As of September 30, 2020
Monitoring criteria are based on investment policy criteria for metrics covered by this service that were provided by the plan sponsor or their designee to ICMA-RC. The criteria do not constitute a proprietary rating method. Commentary on fund performance in relation to specific criteria was provided by UpTick Data Technologies. The Glossary contains definitions of metrics monitored by this service.
Asset Class / Morningstar Category Peers in Category - 1yr/3yr/5yr/10yr/Overall
Investment
Ticker 1 Year Return
Rank <= Pct rank
50.0
3 Year Return
Rank <= Pct rank
50.0
5 Year Return
Rank <= Pct rank
50.0
10 Year Return
Rank <= Pct rank
50.0
Ann Perf vs BM (1 Yr)
>= 0.00
Ann Perf vs BM (3 Yr)
>= 0.00
Ann Perf vs BM (5 Yr)
>= 0.00
Ann Perf vs BM (10 Yr)
>= 0.00
Sharpe (3 Yr)
Rank <= Pct rank
50.0
Sharpe (5 Yr)
Rank <= Pct rank
50.0
Sortino (3 Yr)
Rank <= Pct rank
50.0
Sortino (5 Yr)
Rank <= Pct rank
50.0
Target Date
Target-Date 2060+ Peers in Category: 244 / 171 / 71 / -- / 171
Vanguard Target Retirement VTTSX 38 29 48 n/a 5.47 1.92 1.08 n/a 18 34 21 34 2060 Inv
BM: Morningstar Lifetime Mod 2060 TR USD Gross / Net Expense Ratio: 0.15 / 0.15
Of the twelve investment monitoring standards chosen for the plan, data is currently available for ten. Of these ten criteria, each has been met by the fund.
Santa Clara Valley Transit Authority Page 24 of 101
Morningstar Ratings As of September 30, 2020
For each mutual fund and exchanged-traded fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. In the case of VantageTrust Funds, the ratings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Morningstar Rating / Number of Peers in Category
Asset Class / Morningstar Category / Investment Ticker Overall 3 Year 5 Year 10 Year
Bond
Intermediate Core-Plus Bond
Dodge & Cox Income DODIX /537 /537 /459 /341 Multisector Bond
PIMCO Income Instl PIMIX /292 /292 /248 /133 High Yield Bond
American Beacon SiM High Yld Opps R5 SHOIX /620 /620 /534 ΝΑ/350 Balanced / Asset Allocation
World Allocation
Principal Diversified Real Asset R6 PDARX /394 /394 /338 /208 US Equity
Large Value
Vanguard Equity-Income Adm VEIRX /1129 /1129 /992 /716 Large Blend
Vanguard Institutional Index I VINIX /1229 /1229 /1066 /819 Large Growth
T. Rowe Price Lrg Cp Gr I TRLGX /1229 /1229 /1095 /813 Mid-Cap Blend
Vanguard Extended Market Index Instl VIEIX /368 /368 /295 /213 Small Value
DFA US Targeted Value I DFFVX /387 /387 /356 /254
Santa Clara Valley Transit Authority Page 25 of 101
Morningstar Ratings As of September 30, 2020
For each mutual fund and exchanged-traded fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. In the case of VantageTrust Funds, the ratings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Morningstar Rating / Number of Peers in Category
Asset Class / Morningstar Category / Investment Ticker Overall 3 Year 5 Year 10 Year
US Equity
Small Growth
Calamos Timpani Small Cap Growth I CTSIX /579 /579 /513 ΝΑ/384 Foreign Equity
Foreign Large Value
American Beacon International Eq R5 AAIEX /313 /313 /274 /180 Foreign Large Blend
Hartford International Opp HLS IA HIAOX /647 /647 /548 /363
Vanguard Total Intl Stock Index I VTSNX /647 /647 /548 /363 Specialty / Other
Real Estate
Cohen & Steers Realty Shares L CSRSX /224 /224 /197 /141 Target Date
Target-Date Retirement
Vanguard Target Retirement Income Inv VTINX /150 /150 /127 /90 Target-Date 2015
Vanguard Target Retirement 2015 Inv VTXVX /93 /93 /68 /46 Target-Date 2020
Vanguard Target Retirement 2020 Inv VTWNX /171 /171 /131 /86 Target-Date 2025
Vanguard Target Retirement 2025 Inv VTTVX /186 /186 /146 /89
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Morningstar Ratings As of September 30, 2020
For each mutual fund and exchanged-traded fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. In the case of VantageTrust Funds, the ratings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Morningstar Rating / Number of Peers in Category
Asset Class / Morningstar Category / Investment Ticker Overall 3 Year 5 Year 10 Year
Target Date
Target-Date 2030
Vanguard Target Retirement 2030 Inv VTHRX /194 /194 /153 /91 Target-Date 2035
Vanguard Target Retirement 2035 Inv VTTHX /183 /183 /143 /86 Target-Date 2040
Vanguard Target Retirement 2040 Inv VFORX /194 /194 /153 /91 Target-Date 2045
Vanguard Target Retirement 2045 Inv VTIVX /183 /183 /143 /85 Target-Date 2050
Vanguard Target Retirement 2050 Inv VFIFX /194 /194 /153 /79 Target-Date 2055
Vanguard Target Retirement 2055 Inv VFFVX /183 /183 /140 /35 Target-Date 2060+
Vanguard Target Retirement 2060 Inv VTTSX /171 /171 /71 ΝΑ/
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Bond
Intermediate Core-Plus Bond 1.61 5.94 6.37 (605) 4.77 (537) 4.32 (459) 3.97 (341)
BM: BBgBarc US Universal TR USD 0.99 6.20 6.68 5.15 4.49 3.92
Dodge & Cox Income 0.42 1.48 6.80 7.70 25 5.49 22 5.22 11 4.41 22 6.72 01/03/1989 800-621-3979
Multisector Bond 2.80 0.77 2.18 (330) 3.09 (292) 4.34 (248) 4.24 (133)
PIMCO Income Instl 1.09 3.01 1.28 3.84 35 3.63 36 5.49 12 7.03 1 7.87 03/30/2007 888-877-4626
High Yield Bond 4.32 -0.99 1.33 (676) 2.89 (620) 5.18 (534) 5.29 (350)
BM: ICE BofA US High Yield TR USD 4.71 -0.30 2.30 3.83 6.61 6.28
American Beacon SiM High Yld Opps R5 0.83 6.30 -0.98 1.19 64 3.72 28 5.89 27 n/a -- 6.15 02/14/2011 800-658-5811
Santa Clara Valley Transit Authority Page 28 of 101
Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Balanced / Asset Allocation
World Allocation 4.16 -4.20 0.60 (475) 1.87 (394) 5.13 (338) 4.93 (208)
BM: Morningstar Gbl Allocation TR USD 5.76 2.87 8.53 6.16 8.10 6.71
Principal Diversified Real Asset R6 0.84 4.80 -6.19 -1.90 64 0.67 71 2.81 85 2.66 89 0.30 12/31/2014 800-222-5852
US Equity
Large Value 4.85 -11.07 -4.52 (1205) 2.55 (1129) 7.26 (992) 9.17 (716)
BM: Russell 1000 Value TR USD 5.59 -11.58 -5.03 2.63 7.66 9.95
Vanguard Equity-Income Adm 0.18 5.15 -8.85 -2.77 37 4.66 26 9.45 17 11.39 5 7.47 08/13/2001 800-662-7447
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) US Equity
Large Blend 8.06 2.30 10.70 (1370) 9.55 (1229) 11.77 (1066) 11.96 (819)
BM: S&P 500 TR USD 8.93 5.57 15.15 12.28 14.15 13.74
Vanguard Institutional Index I 0.04 8.92 5.57 15.13 25 12.25 18 14.12 12 13.71 9 10.01 07/31/1990 888-809-8102
Large Growth 11.54 20.64 32.13 (1328) 18.22 (1229) 16.99 (1095) 15.01 (813)
BM: Russell 1000 Growth TR USD 13.22 24.33 37.53 21.67 20.10 17.25
T. Rowe Price Lrg Cp Gr I 0.56 11.46 23.45 35.80 33 21.09 30 20.61 14 18.09 10 11.71 10/31/2001 800-638-8797
Mid-Cap Blend 6.34 -7.00 -0.46 (403) 3.43 (368) 7.34 (295) 9.51 (213)
BM: Russell Mid Cap TR USD 7.46 -2.35 4.55 7.13 10.13 11.76
Vanguard Extended Market Index Instl 0.05 9.87 3.76 12.99 4 8.08 9 11.26 6 12.12 3 8.69 07/07/1997 888-809-8102
Santa Clara Valley Transit Authority Page 30 of 101
Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) US Equity
Small Value 2.98 -20.54 -14.26 (416) -5.51 (387) 2.67 (356) 6.44 (254)
BM: Russell 2000 Value TR USD 2.56 -21.54 -14.88 -5.13 4.11 7.09
DFA US Targeted Value I 0.36 4.02 -21.84 -15.13 49 -5.81 49 2.55 46 7.31 28 9.00 02/23/2000 888-576-1167
Small Growth 8.17 8.41 18.73 (624) 11.08 (579) 12.88 (513) 12.63 (384)
BM: Russell 2000 Growth TR USD 7.16 3.88 15.71 8.18 11.42 12.34
Calamos Timpani Small Cap Growth I 1.14 10.51 27.71 37.54 15 18.40 19 15.28 29 n/a -- 13.65 03/23/2011 800-582-6959
Foreign Equity
Foreign Large Value 3.01 -14.10 -6.83 (341) -3.83 (313) 2.44 (274) 2.52 (180)
BM: MSCI EAFE Value NR USD 1.19 -18.31 -11.93 -5.86 1.14 2.10
American Beacon International Eq R5 0.73 3.48 -16.31 -8.75 62 -4.38 57 1.43 73 3.08 34 6.18 08/07/1991 800-658-5811
Santa Clara Valley Transit Authority Page 31 of 101
Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Foreign Equity
Foreign Large Blend 5.80 -5.73 2.19 (761) 0.41 (647) 5.19 (548) 4.34 (363)
BM: MSCI EAFE NR USD 4.80 -7.09 0.49 0.62 5.26 4.62
Hartford International Opp HLS IA 0.74 9.06 2.67 12.08 7 3.01 10 6.65 14 5.86 7 6.01 07/02/1990 888-843-7824
Vanguard Total Intl Stock Index I 0.08 6.48 -4.80 3.82 31 1.28 35 6.33 19 4.23 56 4.31 11/29/2010 800-662-7447
Specialty / Other
Real Estate 2.35 -14.01 -13.44 (253) 1.17 (224) 4.28 (197) 7.80 (141)
BM: S&P United States REIT TR USD 1.55 -17.07 -17.73 0.21 3.75 7.77
Cohen & Steers Realty Shares L 0.96 2.82 -10.54 -10.34 23 5.46 10 6.80 13 9.22 12 11.09 07/02/1991 800-437-9912
Santa Clara Valley Transit Authority Page 32 of 101
Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Target Date
Target-Date Retirement 2.99 3.23 5.79 (176) 4.85 (150) 5.41 (127) 4.70 (90)
BM: Morningstar Lifetime Mod Incm TR USD 3.63 3.84 7.20 5.59 5.94 5.49
Vanguard Target Retirement Income Inv 0.12 3.12 4.63 7.35 28 5.79 17 6.03 29 5.60 17 5.41 10/27/2003 800-662-7447
Target-Date 2015 3.65 3.37 7.31 (120) 5.77 (93) 6.89 (68) 6.65 (46)
BM: Morningstar Lifetime Mod 2015 TR USD 4.15 4.70 8.44 6.61 7.27 6.90
Vanguard Target Retirement 2015 Inv 0.13 3.53 4.35 7.68 62 6.09 35 7.04 51 7.04 32 6.23 10/27/2003 800-662-7447
Target-Date 2020 3.80 2.73 6.82 (200) 5.55 (171) 6.81 (131) 6.68 (86)
BM: Morningstar Lifetime Mod 2020 TR USD 4.44 4.48 8.59 6.87 7.81 7.47
Vanguard Target Retirement 2020 Inv 0.13 4.48 3.87 8.51 34 6.54 20 7.96 18 7.81 10 6.41 06/07/2006 800-662-7447
Santa Clara Valley Transit Authority Page 33 of 101
Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Target Date
Target-Date 2025 4.55 2.75 7.67 (218) 6.03 (186) 7.68 (146) 7.45 (89)
BM: Morningstar Lifetime Mod 2025 TR USD 4.79 3.74 8.40 6.98 8.37 8.08
Vanguard Target Retirement 2025 Inv 0.13 5.17 3.63 9.04 38 6.89 23 8.60 18 8.38 12 6.88 10/27/2003 800-662-7447
Target-Date 2030 5.22 2.45 8.12 (228) 6.31 (194) 8.31 (153) 7.88 (91)
BM: Morningstar Lifetime Mod 2030 TR USD 5.25 2.34 7.79 6.89 8.88 8.60
Vanguard Target Retirement 2030 Inv 0.14 5.70 3.24 9.38 34 7.04 25 9.07 29 8.84 19 6.77 06/07/2006 800-662-7447
Target-Date 2035 5.96 1.98 8.58 (211) 6.56 (183) 8.92 (143) 8.46 (86)
BM: Morningstar Lifetime Mod 2035 TR USD 5.76 0.47 6.79 6.55 9.20 8.87
Vanguard Target Retirement 2035 Inv 0.14 6.29 2.84 9.71 33 7.16 25 9.53 29 9.29 16 7.45 10/27/2003 800-662-7447
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Target Date
Target-Date 2040 6.45 1.35 8.47 (222) 6.49 (194) 9.12 (153) 8.59 (91)
BM: Morningstar Lifetime Mod 2040 TR USD 6.23 -1.14 5.87 6.14 9.29 8.90
Vanguard Target Retirement 2040 Inv 0.14 6.80 2.40 9.96 32 7.27 22 9.97 27 9.58 16 7.13 06/07/2006 800-662-7447
Target-Date 2045 6.86 1.06 8.68 (211) 6.61 (183) 9.40 (143) 8.83 (85)
BM: Morningstar Lifetime Mod 2045 TR USD 6.51 -2.12 5.28 5.83 9.24 8.79
Vanguard Target Retirement 2045 Inv 0.15 7.36 2.11 10.27 34 7.32 23 10.13 23 9.66 16 7.86 10/27/2003 800-662-7447
Target-Date 2050 6.98 0.85 8.52 (222) 6.50 (194) 9.38 (153) 8.81 (79)
BM: Morningstar Lifetime Mod 2050 TR USD 6.60 -2.53 5.01 5.63 9.16 8.67
Vanguard Target Retirement 2050 Inv 0.15 7.35 2.09 10.26 35 7.32 25 10.13 27 9.65 22 7.22 06/07/2006 800-662-7447
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Target Date
Target-Date 2055 7.12 0.85 8.73 (211) 6.61 (183) 9.55 (140) 8.99 (35)
BM: Morningstar Lifetime Mod 2055 TR USD 6.61 -2.69 4.88 5.51 9.10 8.54
Vanguard Target Retirement 2055 Inv 0.15 7.38 2.06 10.25 36 7.31 27 10.12 32 9.68 26 10.08 08/18/2010 800-662-7447
Target-Date 2060+ 7.21 0.66 8.69 (244) 6.70 (171) 9.76 (71) n/a
BM: Morningstar Lifetime Mod 2060 TR USD 6.61 -2.81 4.78 5.39 9.03 8.40
Vanguard Target Retirement 2060 Inv 0.15 7.39 2.07 10.25 38 7.31 29 10.12 48 n/a -- 9.77 01/19/2012 800-662-7447
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Bond Intermediate Core-Plus Bond 8.94 -0.61 4.27 3.86 -0.45 5.42 -0.90 7.76 6.27 8.51
BM: BBgBarc US Universal TR USD 9.29 -0.25 4.09 3.91 0.43 5.56 -1.35 5.53 7.40 7.16
Dodge & Cox Income DODIX 9.73 -0.31 4.36 5.61 -0.59 5.48 0.64 7.94 4.76 7.17 800-621-3979 Multisector Bond 9.80 -1.52 6.07 7.52 -2.18 3.63 1.87 11.71 3.37 10.86
PIMCO Income Instl PIMIX 8.05 0.58 8.60 8.72 2.63 7.18 4.80 22.17 6.36 20.46 888-877-4626 High Yield Bond 12.62 -2.59 6.47 13.30 -4.01 1.11 6.90 14.67 2.83 14.24
BM: ICE BofA US High Yield TR USD 14.41 -2.26 7.48 17.49 -4.64 2.50 7.42 15.58 4.38 15.19
American Beacon SiM High Yld Opps R5 SHOIX 12.35 -1.14 7.36 16.30 -3.74 4.25 7.74 20.64 n/a n/a 800-658-5811 Balanced / Asset Allocation World Allocation 16.10 -8.26 14.79 6.04 -4.15 1.54 10.07 10.74 -3.99 10.58
BM: Morningstar Gbl Allocation TR USD 18.53 -5.56 17.12 7.00 -1.98 3.66 13.19 12.24 -2.39 12.12
Principal Diversified Real Asset R6 PDARX 15.07 -7.84 10.24 5.86 -12.36 2.52 5.38 7.65 0.83 n/a 800-222-5852
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment US Equity Large Value 25.04 -8.53 15.94 14.81 -4.05 10.21 31.21 14.57 -0.75 13.66
BM: Russell 1000 Value TR USD 26.54 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51
Vanguard Equity-Income Adm VEIRX 25.35 -5.65 18.49 14.82 0.86 11.38 30.19 13.58 10.69 14.99 800-662-7447 Large Blend 28.78 -6.27 20.44 10.37 -1.07 10.96 31.50 14.96 -1.27 14.01
BM: S&P 500 TR USD 31.49 -4.38 21.83 11.96 1.38 13.69 32.39 16.00 2.11 15.06
Vanguard Institutional Index I VINIX 31.46 -4.42 21.79 11.93 1.37 13.65 32.35 15.98 2.09 15.05 888-809-8102 Large Growth 31.90 -2.09 27.67 3.23 3.60 10.00 33.92 15.34 -2.46 15.53
BM: Russell 1000 Growth TR USD 36.39 -1.51 30.21 7.08 5.67 13.05 33.48 15.26 2.64 16.71
T. Rowe Price Lrg Cp Gr I TRLGX 28.49 4.32 37.82 2.85 10.08 8.72 44.44 17.55 -1.40 16.29 800-638-8797 Mid-Cap Blend 26.21 -11.15 15.93 14.14 -4.75 7.80 34.10 16.15 -3.81 22.52
BM: Russell Mid Cap TR USD 30.54 -9.06 18.52 13.80 -2.44 13.22 34.76 17.28 -1.55 25.48
Vanguard Extended Market Index Instl VIEIX 28.05 -9.35 18.12 16.15 -3.24 7.56 38.42 18.50 -3.57 27.59 888-809-8102
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment US Equity Small Value 21.43 -15.46 8.54 25.99 -6.71 3.34 36.22 16.00 -4.45 26.17
BM: Russell 2000 Value TR USD 22.39 -12.86 7.84 31.74 -7.47 4.22 34.52 18.05 -5.50 24.50
DFA US Targeted Value I DFFVX 21.47 -15.78 9.59 26.86 -5.72 2.94 43.03 19.19 -6.29 29.01 888-576-1167 Small Growth 27.68 -5.76 21.50 11.20 -2.41 2.44 40.91 13.15 -3.55 26.98
BM: Russell 2000 Growth TR USD 28.48 -9.31 22.17 11.32 -1.38 5.60 43.30 14.59 -2.91 29.09
Calamos Timpani Small Cap Growth I CTSIX 20.68 -0.08 36.14 -1.06 -2.68 -0.55 57.07 17.91 n/a n/a 800-582-6959 Foreign Equity Foreign Large Value 17.80 -15.44 22.08 3.34 -3.10 -6.32 20.81 16.21 -12.77 7.48
BM: MSCI EAFE Value NR USD 16.09 -14.78 21.44 5.02 -5.68 -5.39 22.95 17.69 -12.17 3.25
American Beacon International Eq R5 AAIEX 19.45 -16.37 24.83 0.27 -1.75 -7.02 24.56 21.50 -11.54 6.83 800-658-5811 Foreign Large Blend 21.59 -14.59 25.12 0.79 -1.59 -4.98 19.44 18.29 -13.97 10.24
BM: MSCI EAFE NR USD 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75
Hartford International Opp HLS IA HIAOX 26.43 -18.74 25.25 1.26 1.88 -3.87 21.55 20.20 -13.97 14.49 888-843-7824
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Foreign Equity Foreign Large Blend 21.59 -14.59 25.12 0.79 -1.59 -4.98 19.44 18.29 -13.97 10.24
BM: MSCI EAFE NR USD 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75
Vanguard Total Intl Stock Index I VTSNX 21.56 -14.39 27.55 4.70 -4.24 -4.15 15.15 18.28 -14.51 11.09 800-662-7447 Specialty / Other Real Estate 27.28 -5.97 6.22 6.89 2.41 28.03 1.55 17.60 7.51 27.08
BM: S&P United States REIT TR USD 24.45 -3.79 4.33 8.49 2.54 30.26 2.40 17.99 8.48 28.47
Cohen & Steers Realty Shares L CSRSX 32.90 -4.19 7.09 5.61 5.00 30.18 3.09 15.72 6.18 27.14 800-437-9912 Target Date Target-Date Retirement 12.85 -3.16 8.81 5.10 -1.50 4.36 7.36 9.01 1.60 8.94
BM: Morningstar Lifetime Mod Incm TR USD 13.27 -2.20 8.55 5.98 -1.30 4.09 6.45 8.78 4.13 10.02
Vanguard Target Retirement Income Inv VTINX 13.16 -1.99 8.47 5.25 -0.17 5.54 5.87 8.23 5.25 9.39 800-662-7447 Target-Date 2015 15.45 -3.86 11.29 6.12 -1.34 4.48 9.65 10.65 -0.27 11.50
BM: Morningstar Lifetime Mod 2015 TR USD 16.29 -3.54 11.39 7.10 -1.73 5.55 10.50 11.49 2.90 12.90
Vanguard Target Retirement 2015 Inv VTXVX 14.81 -2.97 11.50 6.16 -0.46 6.56 13.00 11.37 1.71 12.47 800-662-7447
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Target Date Target-Date 2020 16.14 -4.49 12.46 6.23 -1.57 4.72 11.57 11.68 -0.22 12.27
BM: Morningstar Lifetime Mod 2020 TR USD 17.73 -4.16 12.79 7.66 -1.88 5.87 12.98 12.53 1.75 14.01
Vanguard Target Retirement 2020 Inv VTWNX 17.63 -4.24 14.08 6.95 -0.68 7.11 15.85 12.35 0.60 13.12 800-662-7447 Target-Date 2025 18.25 -5.34 14.67 6.73 -1.59 5.07 15.30 13.03 -2.06 13.29
BM: Morningstar Lifetime Mod 2025 TR USD 19.36 -4.90 14.54 8.39 -2.06 6.04 16.28 13.67 0.24 15.15
Vanguard Target Retirement 2025 Inv VTTVX 19.63 -5.15 15.94 7.48 -0.85 7.17 18.14 13.29 -0.37 13.84 800-662-7447 Target-Date 2030 20.07 -6.25 16.57 7.33 -1.79 5.04 16.65 13.59 -2.26 13.47
BM: Morningstar Lifetime Mod 2030 TR USD 21.24 -5.82 16.59 9.26 -2.30 6.01 19.64 14.68 -1.23 16.04
Vanguard Target Retirement 2030 Inv VTHRX 21.07 -5.86 17.52 7.85 -1.03 7.17 20.49 14.24 -1.27 14.43 800-662-7447 Target-Date 2035 22.04 -7.04 18.43 7.57 -1.76 5.24 20.00 14.64 -3.51 14.28
BM: Morningstar Lifetime Mod 2035 TR USD 23.04 -6.82 18.52 10.07 -2.58 5.80 22.03 15.36 -2.28 16.53
Vanguard Target Retirement 2035 Inv VTTHX 22.44 -6.58 19.12 8.26 -1.26 7.24 22.82 15.16 -2.24 15.14 800-662-7447
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Target Date Target-Date 2040 23.19 -7.74 19.52 7.95 -1.99 5.25 19.97 14.64 -3.49 14.37
BM: Morningstar Lifetime Mod 2040 TR USD 24.35 -7.65 19.87 10.61 -2.83 5.51 23.05 15.71 -2.85 16.71
Vanguard Target Retirement 2040 Inv VFORX 23.86 -7.32 20.71 8.73 -1.59 7.15 24.37 15.56 -2.55 15.17 800-662-7447 Target-Date 2045 24.35 -8.14 20.51 7.93 -1.87 5.35 22.00 15.31 -4.10 14.60
BM: Morningstar Lifetime Mod 2045 TR USD 24.97 -8.17 20.53 10.84 -3.03 5.25 23.07 15.84 -3.19 16.76
Vanguard Target Retirement 2045 Inv VTIVX 24.94 -7.90 21.42 8.87 -1.57 7.16 24.37 15.58 -2.51 15.19 800-662-7447 Target-Date 2050 24.54 -8.41 20.67 8.22 -2.01 5.42 21.02 15.07 -3.82 14.53
BM: Morningstar Lifetime Mod 2050 TR USD 25.09 -8.41 20.78 10.89 -3.19 5.00 22.83 15.94 -3.47 16.78
Vanguard Target Retirement 2050 Inv VFIFX 24.98 -7.90 21.39 8.85 -1.58 7.18 24.34 15.58 -2.54 15.20 800-662-7447 Target-Date 2055 24.91 -8.44 21.08 8.00 -1.71 5.49 23.14 15.52 -4.13 14.45
BM: Morningstar Lifetime Mod 2055 TR USD 25.05 -8.57 20.95 10.90 -3.34 4.74 22.49 16.00 -3.75 16.75
Vanguard Target Retirement 2055 Inv VFFVX 24.98 -7.89 21.38 8.88 -1.72 7.19 24.33 15.58 -2.27 n/a 800-662-7447
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Target Date Target-Date 2060+ 25.15 -8.52 21.27 7.81 -1.17 5.53 24.35 n/a n/a n/a
BM: Morningstar Lifetime Mod 2060 TR USD 24.96 -8.69 21.06 10.88 -3.48 4.53 22.18 15.90 -4.11 17.12
Vanguard Target Retirement 2060 Inv VTTSX 24.96 -7.87 21.36 8.84 -1.68 7.16 24.35 n/a n/a n/a 800-662-7447
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Risk Measures As of September 30, 2020
Refer to Glossary section for definitions of each metric.
Risk Measures - 3 Year Period
Asset Class / Morningstar Category / Benchmark / Investment Ticker Alpha Beta Sharpe Standard R Squared Ratio Deviation
Bond
Intermediate Core-Plus Bond (BM: BBgBarc US Universal TR USD) -0.32 0.97 0.76 4.40 61.69
Dodge & Cox Income DODIX 0.42 0.97 1.05 3.61 83.11
Multisector Bond (BM: BBgBarc US Universal TR USD) -0.77 0.72 0.29 7.48 14.80
PIMCO Income Instl PIMIX -0.77 0.83 0.38 5.59 25.43
High Yield Bond (BM: ICE BofA US High Yield TR USD) -0.20 0.52 0.21 8.98 4.37
American Beacon SiM High Yld Opps R5 SHOIX -0.49 1.29 0.23 12.35 93.52 Balanced / Asset Allocation
World Allocation (BM: Morningstar Gbl Allocation TR USD) -4.82 1.13 0.11 12.55 90.10
Principal Diversified Real Asset R6 PDARX -5.64 1.11 -0.01 12.48 90.79 US Equity
Large Value (BM: Russell 1000 Value TR USD) -8.89 1.00 0.15 18.59 90.73
Vanguard Equity-Income Adm VEIRX 1.90 0.87 0.26 16.08 98.42
Large Blend (BM: S&P 500 TR USD) -2.34 0.99 0.52 17.97 95.63
Vanguard Institutional Index I VINIX -0.02 1.00 0.65 17.74 100.00
Large Growth (BM: Russell 1000 Growth TR USD) 5.00 1.03 0.88 19.23 91.20
T. Rowe Price Lrg Cp Gr I TRLGX -0.17 0.98 1.02 19.09 96.29
Mid-Cap Blend (BM: Russell Mid Cap TR USD) -8.92 1.12 0.20 21.03 88.98
Vanguard Extended Market Index Instl VIEIX 0.67 1.10 0.38 23.08 97.30
Small Value (BM: Russell 2000 Value TR USD) -18.80 1.28 -0.16 25.01 82.78
DFA US Targeted Value I DFFVX 0.57 1.12 -0.14 26.59 98.90
Small Growth (BM: Russell 2000 Growth TR USD) -2.30 1.19 0.48 23.45 81.42
Calamos Timpani Small Cap Growth I CTSIX 9.53 0.98 0.75 24.27 86.76 Foreign Equity
Foreign Large Value (BM: MSCI ACWI Ex USA Value NR USD) -4.86 1.03 -0.22 17.44 92.36
American Beacon International Eq R5 AAIEX 0.98 1.02 -0.24 18.36 96.26
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Risk Measures As of September 30, 2020
Refer to Glossary section for definitions of each metric.
Risk Measures - 3 Year Period
Asset Class / Morningstar Category / Benchmark / Investment Ticker Alpha Beta Sharpe Standard R Squared Ratio Deviation
Foreign Equity
Foreign Large Blend (BM: MSCI ACWI Ex USA NR USD) -0.71 0.97 0.01 16.22 94.72
Hartford International Opp HLS IA HIAOX 2.02 1.07 0.16 17.83 94.50
Vanguard Total Intl Stock Index I VTSNX 0.19 1.03 0.06 16.76 98.67 Specialty / Other Real Estate (BM: S&P United States REIT TR USD) -3.98 0.82 0.10 19.02 53.54
Cohen & Steers Realty Shares L CSRSX 4.80 0.89 0.30 17.24 96.72 Target Date
Target-Date Retirement (BM: Morningstar Lifetime Mod Incm TR USD) 0.39 0.58 0.55 6.35 90.27
Vanguard Target Retirement Income Inv VTINX 0.72 0.86 0.73 5.73 97.53
Target-Date 2015 (BM: Morningstar Lifetime Mod 2015 TR USD) 0.46 0.76 0.54 8.11 95.93
Vanguard Target Retirement 2015 Inv VTXVX 0.14 0.86 0.66 6.94 99.25
Target-Date 2020 (BM: Morningstar Lifetime Mod 2020 TR USD) 0.00 0.82 0.47 8.75 95.03
Vanguard Target Retirement 2020 Inv VTWNX -0.39 1.02 0.56 9.14 98.82
Target-Date 2025 (BM: Morningstar Lifetime Mod 2025 TR USD) -0.20 0.97 0.46 10.33 97.34
Vanguard Target Retirement 2025 Inv VTTVX -0.33 1.06 0.52 10.72 99.04
Target-Date 2030 (BM: Morningstar Lifetime Mod 2030 TR USD) -0.51 1.12 0.44 11.85 98.09
Vanguard Target Retirement 2030 Inv VTHRX 0.06 1.02 0.49 11.99 99.38
Target-Date 2035 (BM: Morningstar Lifetime Mod 2035 TR USD) -0.89 1.28 0.42 13.50 98.67
Vanguard Target Retirement 2035 Inv VTTHX 0.67 0.98 0.47 13.26 99.53
Target-Date 2040 (BM: Morningstar Lifetime Mod 2040 TR USD) -1.30 1.38 0.39 14.56 98.32
Vanguard Target Retirement 2040 Inv VFORX 1.17 0.96 0.44 14.53 99.51
Target-Date 2045 (BM: Morningstar Lifetime Mod 2045 TR USD) -1.52 1.47 0.39 15.50 98.59
Vanguard Target Retirement 2045 Inv VTIVX 1.45 0.98 0.43 15.64 99.45
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Risk Measures As of September 30, 2020
Refer to Glossary section for definitions of each metric.
Risk Measures - 3 Year Period
Asset Class / Morningstar Category / Benchmark / Investment Ticker Alpha Beta Sharpe Standard R Squared Ratio Deviation
Target Date
Target-Date 2050 (BM: Morningstar Lifetime Mod 2050 TR USD) -1.67 1.48 0.38 15.70 98.26
Vanguard Target Retirement 2050 Inv VFIFX 1.68 0.97 0.43 15.65 99.40
Target-Date 2055 (BM: Morningstar Lifetime Mod 2055 TR USD) -1.68 1.51 0.38 16.00 98.57
Vanguard Target Retirement 2055 Inv VFFVX 1.79 0.96 0.43 15.63 99.38
Target-Date 2060+ (BM: Morningstar Lifetime Mod 2060 TR USD) -1.62 1.52 0.38 16.07 98.62
Vanguard Target Retirement 2060 Inv VTTSX 1.90 0.96 0.43 15.63 99.31
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Section III: Fees & Expenses
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.
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Fees & Expenses As of September 30, 2020
The Expense Ratio is a fund's total annual operating expenses (including management fees, distribution fees, and other expenses) revealed as a percentage of the fund's average net assets. The compensation arrangement for this plan may or may not allow for payment of 12b-1 fees by the fund to ICMA-RC or one of its affiliates.
Asset Class / Morningstar Category / Investment Ticker Gross Expense Net Expense Gross Expense Net Expense 12b-1 Fee Redemption Fee Category Average Category Average Ratio Ratio (Y/N)
Bond
Intermediate Core-Plus Bond
Dodge & Cox Income DODIX 1.06 0.79 0.42 0.42 n/a N
Multisector Bond
PIMCO Income Instl PIMIX 1.51 1.05 1.09 1.09 n/a N
High Yield Bond
American Beacon SiM High Yld Opps R5 SHOIX 2.55 1.01 0.83 0.84 0.00 N Balanced / Asset Allocation
World Allocation
Principal Diversified Real Asset R6 PDARX 1.59 1.20 0.84 0.78 n/a N US Equity
Large Value
Vanguard Equity-Income Adm VEIRX 1.22 0.99 0.18 0.18 n/a N
Large Blend
Vanguard Institutional Index I VINIX 1.49 0.91 0.04 0.04 n/a N
Large Growth
T. Rowe Price Lrg Cp Gr I TRLGX 1.40 1.05 0.56 0.56 n/a N
Mid-Cap Blend
Vanguard Extended Market Index Instl VIEIX 1.53 1.03 0.05 0.05 n/a N
Small Value
DFA US Targeted Value I DFFVX 1.80 1.22 0.36 0.36 n/a N
Small Growth
Calamos Timpani Small Cap Growth I CTSIX 1.46 1.24 1.14 1.05 n/a N
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Fees & Expenses As of September 30, 2020
The Expense Ratio is a fund's total annual operating expenses (including management fees, distribution fees, and other expenses) revealed as a percentage of the fund's average net assets. The compensation arrangement for this plan may or may not allow for payment of 12b-1 fees by the fund to ICMA-RC or one of its affiliates.
Asset Class / Morningstar Category / Investment Ticker Gross Expense Net Expense Gross Expense Net Expense 12b-1 Fee Redemption Fee Category Average Category Average Ratio Ratio (Y/N)
Foreign Equity
Foreign Large Value
American Beacon International Eq R5 AAIEX 1.48 1.13 0.73 0.73 0.00 N
Foreign Large Blend
Hartford International Opp HLS IA HIAOX 5.98 1.00 0.74 0.74 n/a N
Vanguard Total Intl Stock Index I VTSNX 5.98 1.00 0.08 0.08 n/a N Specialty / Other Real Estate
Cohen & Steers Realty Shares L CSRSX 1.55 1.19 0.96 0.89 n/a N Target Date
Target-Date Retirement
Vanguard Target Retirement Income Inv VTINX 2.58 0.74 0.12 0.12 n/a N
Target-Date 2015
Vanguard Target Retirement 2015 Inv VTXVX 5.22 0.64 0.13 0.13 n/a N
Target-Date 2020
Vanguard Target Retirement 2020 Inv VTWNX 2.43 0.72 0.13 0.13 n/a N
Target-Date 2025
Vanguard Target Retirement 2025 Inv VTTVX 1.81 0.71 0.13 0.13 n/a N
Target-Date 2030
Vanguard Target Retirement 2030 Inv VTHRX 1.84 0.75 0.14 0.14 n/a N
Target-Date 2035
Vanguard Target Retirement 2035 Inv VTTHX 2.17 0.74 0.14 0.14 n/a N
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Fees & Expenses As of September 30, 2020
The Expense Ratio is a fund's total annual operating expenses (including management fees, distribution fees, and other expenses) revealed as a percentage of the fund's average net assets. The compensation arrangement for this plan may or may not allow for payment of 12b-1 fees by the fund to ICMA-RC or one of its affiliates.
Asset Class / Morningstar Category / Investment Ticker Gross Expense Net Expense Gross Expense Net Expense 12b-1 Fee Redemption Fee Category Average Category Average Ratio Ratio (Y/N)
Target Date
Target-Date 2040
Vanguard Target Retirement 2040 Inv VFORX 2.21 0.77 0.14 0.14 n/a N
Target-Date 2045
Vanguard Target Retirement 2045 Inv VTIVX 2.25 0.74 0.15 0.15 n/a N
Target-Date 2050
Vanguard Target Retirement 2050 Inv VFIFX 2.13 0.78 0.15 0.15 n/a N
Target-Date 2055
Vanguard Target Retirement 2055 Inv VFFVX 3.17 0.75 0.15 0.15 n/a N
Target-Date 2060+
Vanguard Target Retirement 2060 Inv VTTSX 10.61 0.74 0.15 0.15 n/a N
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Section IV: Alternative Investment Options
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.
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Investment Options for Consideration As of September 30, 2020
Investment Options shown may or may not be available on the provider's platform. Please consult with your plan provider for information.
Investment Category Ticker Current Plan Investment Option Ticker Investment Option for Consideration
US Equity
Large Value VEIRX Vanguard Equity-Income Adm
DODGX Dodge & Cox Stock
F00000Q8M2 Vantagepoint Equity Income R9
LCEYX Invesco Diversified Dividend Y Foreign Equity
Foreign Large Value AAIEX American Beacon International Eq R5
COSZX Columbia Overseas Value Inst
DODFX Dodge & Cox International Stock
VTRIX Vanguard International Value Inv
Foreign Large Blend HIAOX Hartford International Opp HLS IA
BROIX BlackRock Advantage International Instl
F00000Q8N3 Vantagepoint International R9
VSIEX JPMorgan International Equity I
VTSNX Vanguard Total Intl Stock Index I
VTSNX Vanguard Total Intl Stock Index I
BROIX BlackRock Advantage International Instl
F00000Q8N3 Vantagepoint International R9
HIAOX Hartford International Opp HLS IA
VSIEX JPMorgan International Equity I
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) US Equity
Large Value 4.85 -11.07 -4.52 (1205) 2.55 (1129) 7.26 (992) 9.17 (716)
BM: Russell 1000 Value TR USD 5.59 -11.58 -5.03 2.63 7.66 9.95
Vanguard Equity-Income Adm 0.18 5.15 -8.85 -2.77 37 4.66 26 9.45 17 11.39 5 7.47 08/13/2001 800-662-7447
Invesco Diversified Dividend Y 0.58 3.78 -11.71 -7.14 68 1.76 61 5.47 81 9.22 52 8.44 10/03/2008 800-959-4246
Dodge & Cox Stock 0.52 4.28 -11.34 -2.39 34 2.84 46 9.06 22 11.03 10 10.72 01/04/1965 800-621-3979
Vantagepoint Equity Income R9 0.52 5.21 -11.36 -4.83 52 0.82 71 7.01 56 8.22 76 n/a 10/11/2013
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Foreign Equity
Foreign Large Value 3.01 -14.10 -6.83 (341) -3.83 (313) 2.44 (274) 2.52 (180)
BM: MSCI EAFE Value NR USD 1.19 -18.31 -11.93 -5.86 1.14 2.10
American Beacon International Eq R5 0.73 3.48 -16.31 -8.75 62 -4.38 57 1.43 73 3.08 34 6.18 08/07/1991 800-658-5811
Columbia Overseas Value Inst 0.99 1.62 -16.36 -7.52 53 -3.85 49 3.42 24 3.96 13 1.35 03/31/2008 800-345-6611
Dodge & Cox International Stock 0.63 0.39 -18.12 -9.43 67 -5.85 82 2.21 54 3.13 32 5.83 05/01/2001 800-621-3979
Vanguard International Value Inv 0.37 3.99 -11.80 -4.07 30 -1.62 16 4.45 9 3.54 23 8.10 05/16/1983 800-662-7447
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Foreign Equity
Foreign Large Blend 5.80 -5.73 2.19 (761) 0.41 (647) 5.19 (548) 4.34 (363)
BM: MSCI EAFE NR USD 4.80 -7.09 0.49 0.62 5.26 4.62
Hartford International Opp HLS IA 0.74 9.06 2.67 12.08 7 3.01 10 6.65 14 5.86 7 6.01 07/02/1990 888-843-7824
Vanguard Total Intl Stock Index I 0.08 6.48 -4.80 3.82 31 1.28 35 6.33 19 4.23 56 4.31 11/29/2010 800-662-7447
BlackRock Advantage International Instl 0.82 4.74 -7.36 0.14 66 -0.16 67 5.17 54 5.44 12 4.57 01/31/2006 800-441-7762
Hartford International Opp HLS IA 0.74 9.06 2.67 12.08 7 3.01 10 6.65 14 5.86 7 6.01 07/02/1990 888-843-7824
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Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. * Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. If an individual were to purchase shares outside of a qualified plan, they would likely be subject to all, or a portion of, these sales charges. These charges would lower the performance indicated above. The fund's total-return percentile rank is for the specified period relative to all funds that have the same Morningstar category. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Morningstar category rankings are based on the total return for periods stated with the dividends reinvested and capital gains and do not take into account or reflect sales charges. In the case of VantageTrust Funds, the rankings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index.
Expenses Current Period Returns (%) Annualized Returns (%)
Asset Class / Morningstar Category / Primary Risks Gross Maximum 3 Mos YTD 1 Yr % Rank 3 Yr % Rank 5 Yr % Rank 10 Yr % Rank Since InceptionBenchmark / Investment Expense Sales Category Category Category Category Inception Date Ratio Charge* (Funds in Cat) (Funds in Cat) (Funds in Cat) (Funds in Cat) Foreign Equity
Foreign Large Blend 5.80 -5.73 2.19 (761) 0.41 (647) 5.19 (548) 4.34 (363)
BM: MSCI EAFE NR USD 4.80 -7.09 0.49 0.62 5.26 4.62
JPMorgan International Equity I 0.85 6.92 -2.35 6.02 23 2.50 16 6.88 12 5.02 24 4.88 12/31/1996 800-480-4111
Vanguard Total Intl Stock Index I 0.08 6.48 -4.80 3.82 31 1.28 35 6.33 19 4.23 56 4.31 11/29/2010 800-662-7447
Vantagepoint International R9 0.79 6.30 -4.25 4.42 29 2.11 20 6.56 15 5.49 11 n/a 10/11/2013
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment US Equity Large Value 25.04 -8.53 15.94 14.81 -4.05 10.21 31.21 14.57 -0.75 13.66
BM: Russell 1000 Value TR USD 26.54 -8.27 13.66 17.34 -3.83 13.45 32.53 17.51 0.39 15.51
Vanguard Equity-Income Adm VEIRX 25.35 -5.65 18.49 14.82 0.86 11.38 30.19 13.58 10.69 14.99 800-662-7447
Invesco Diversified Dividend Y LCEYX 25.37 -7.53 8.41 14.61 2.05 25.37 29.30 17.45 -0.03 15.48 800-959-4246
Dodge & Cox Stock DODGX 24.83 -7.07 18.33 21.28 -4.49 24.83 40.55 22.01 -4.08 13.49 800-621-3979
Vantagepoint Equity Income R9 F00000Q8M2 24.16 -11.55 16.47 17.20 -7.34 24.16 31.37 14.52 0.26 13.48 Foreign Equity Foreign Large Value 17.80 -15.44 22.08 3.34 -3.10 -6.32 20.81 16.21 -12.77 7.48
BM: MSCI EAFE Value NR USD 16.09 -14.78 21.44 5.02 -5.68 -5.39 22.95 17.69 -12.17 3.25
American Beacon International Eq R5 AAIEX 19.45 -16.37 24.83 0.27 -1.75 -7.02 24.56 21.50 -11.54 6.83 800-658-5811
Columbia Overseas Value Inst COSZX 22.33 -16.47 30.06 0.89 4.44 22.33 23.22 17.80 -10.38 4.64 800-345-6611
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Foreign Equity Foreign Large Value 17.80 -15.44 22.08 3.34 -3.10 -6.32 20.81 16.21 -12.77 7.48
BM: MSCI EAFE Value NR USD 16.09 -14.78 21.44 5.02 -5.68 -5.39 22.95 17.69 -12.17 3.25
Dodge & Cox International Stock DODFX 22.78 -17.98 23.94 8.26 -11.35 22.78 26.31 21.03 -15.97 13.69 800-621-3979
Vanguard International Value Inv VTRIX 20.39 -14.52 27.96 4.46 -6.44 20.39 22.15 20.18 -14.58 7.31 800-662-7447 Foreign Large Blend 21.59 -14.59 25.12 0.79 -1.59 -4.98 19.44 18.29 -13.97 10.24
BM: MSCI EAFE NR USD 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75
Hartford International Opp HLS IA HIAOX 26.43 -18.74 25.25 1.26 1.88 -3.87 21.55 20.20 -13.97 14.49 888-843-7824
Vanguard Total Intl Stock Index I VTSNX 21.56 -14.39 27.55 4.70 -4.24 -4.15 15.15 18.28 -14.51 11.09 800-662-7447
BlackRock Advantage International Instl BROIX 21.61 -15.05 24.20 3.23 0.58 21.61 30.17 14.87 -12.15 10.95 800-441-7762
Hartford International Opp HLS IA HIAOX 26.43 -18.74 25.25 1.26 1.88 26.43 21.55 20.20 -13.97 14.49 888-843-7824
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Calendar Year Performance As of September 30, 2020
Performance data quoted is historical. Past performance does not guarantee future results. Current performance may be higher or lower than the performance quoted. You can obtain performance data current to the most recent month-end for each fund in the chart by calling the toll-free number indicated beneath the name of each fund. In the case of VantageTrust Funds, the phone number provided is for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. The investment return and principal value of an investment will fluctuate such that an investor's shares, when redeemed, may be worth more or less than their original cost. Total returns include reinvestment of dividends and capital gains and are net of all fees and expenses. Performance figures are based on Net Asset Value (NAV) within a qualified retirement plan. A Benchmark Index is an unmanaged combination of securities used to measure and report performance of various sectors of the stock market. It is not possible to invest directly in an index. Morningstar provides adjusted historical returns for some mutual funds in its universe. Morningstar computes the funds' return stream by appending an adjusted return history of the oldest share class of the fund. Refer to the Disclosures for important Pre-Inception Returns disclosure information.
Annual Returns (%)
Asset Class / Morningstar Category / Ticker 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Benchmark / Investment Foreign Equity Foreign Large Blend 21.59 -14.59 25.12 0.79 -1.59 -4.98 19.44 18.29 -13.97 10.24
BM: MSCI EAFE NR USD 22.01 -13.79 25.03 1.00 -0.81 -4.90 22.78 17.32 -12.14 7.75
JPMorgan International Equity I VSIEX 27.20 -17.84 29.73 1.62 -2.48 27.20 15.27 21.38 -11.10 7.33 800-480-4111
Vanguard Total Intl Stock Index I VTSNX 21.56 -14.39 27.55 4.70 -4.24 21.56 15.15 18.28 -14.51 11.09 800-662-7447
Vantagepoint International R9 F00000Q8N3 23.73 -13.64 26.81 1.11 -1.82 23.73 17.79 18.79 -8.38 7.81
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Risk Measures As of September 30, 2020 Risk Measures - 3 Year Period
Asset Class / Morningstar Category / Benchmark / Investment Ticker Alpha Beta Sharpe Standard R Squared Ratio Deviation
US Equity
Large Value (BM: Russell 1000 Value TR USD) -8.89 1.00 0.15 18.59 90.73
Dodge & Cox Stock DODGX 0.37 1.11 0.16 20.62 96.61
Invesco Diversified Dividend Y LCEYX -0.88 0.81 0.09 15.19 96.01
Vanguard Equity-Income Adm VEIRX 1.90 0.87 0.26 16.08 98.42
Vantagepoint Equity Income R9 F00000Q8M2 -1.56 0.97 0.05 17.85 98.96 Foreign Equity
Foreign Large Value (BM: MSCI ACWI Ex USA Value NR USD) -4.86 1.03 -0.22 17.44 92.36
Columbia Overseas Value Inst COSZX 1.87 1.06 -0.19 19.17 94.44
Dodge & Cox International Stock DODFX 0.22 1.11 -0.28 19.96 96.83
Vanguard International Value Inv VTRIX 3.13 0.94 -0.10 16.89 96.91
Foreign Large Blend (BM: MSCI ACWI Ex USA NR USD) -0.71 0.97 0.01 16.22 94.72
BlackRock Advantage International Instl BROIX -1.30 0.97 -0.03 16.15 95.87
JPMorgan International Equity I VSIEX 1.33 1.00 0.13 16.39 97.14
Vantagepoint International R9 F00000Q8N3 1.00 1.02 0.11 16.74 97.89
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Morningstar Ratings As of September 30, 2020
For each mutual fund and exchanged-traded fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive five stars, the next 22.5% receive four stars, the next 35% receive three stars, the next 22.5% receive two stars and the bottom 10% receive one star. For mutual funds, each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages. The overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with a fund’s three-, five-, and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. In the case of VantageTrust Funds, the ratings provided are for the underlying fund in which the VantageTrust Fund invests substantially all of its assets. Information on Separate Accounts is generally not available. Data on Exchange Traded Funds may not be available.
Morningstar Rating / Number of Peers in Category
Asset Class / Morningstar Category / Investment Ticker Overall 3 Year 5 Year 10 Year
US Equity
Large Value
Vanguard Equity-Income Adm VEIRX /1129 /1129 /992 /716
Invesco Diversified Dividend Y LCEYX /1129 /1129 /992 /716
Dodge & Cox Stock DODGX /1129 /1129 /992 /716
Vantagepoint Equity Income R9 F00000Q8M2 /1129 /1129 /992 /716 Foreign Equity
Foreign Large Value
American Beacon International Eq R5 AAIEX /313 /313 /274 /180
Columbia Overseas Value Inst COSZX /313 /313 /274 /180
Dodge & Cox International Stock DODFX /313 /313 /274 /180
Vanguard International Value Inv VTRIX /313 /313 /274 /180 Foreign Large Blend
Hartford International Opp HLS IA HIAOX /647 /647 /548 /363
Vanguard Total Intl Stock Index I VTSNX /647 /647 /548 /363
BlackRock Advantage International Instl BROIX /647 /647 /548 /363
Hartford International Opp HLS IA HIAOX /647 /647 /548 /363
JPMorgan International Equity I VSIEX /647 /647 /548 /363
Vanguard Total Intl Stock Index I VTSNX /647 /647 /548 /363
Vantagepoint International R9 F00000Q8N3 /647 /647 /548 /363
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Fees & Expenses As of September 30, 2020
The Expense Ratio is a fund's total annual operating expenses (including management fees, distribution fees, and other expenses) revealed as a percentage of the fund's average net assets. The compensation arrangement for this plan may or may not allow for payment of 12b-1 fees by the fund to ICMA-RC or one of its affiliates.
Asset Class / Morningstar Category / Investment Ticker Gross Expense Net Expense Gross Expense Net Expense 12b-1 Fee Redemption Fee Category Average Category Average Ratio Ratio (Y/N)
US Equity
Large Value
Vanguard Equity-Income Adm VEIRX 1.22 0.99 0.18 0.18 n/a N
Invesco Diversified Dividend Y LCEYX 1.22 0.99 0.58 0.57 n/a N
Dodge & Cox Stock DODGX 1.22 0.99 0.52 0.52 n/a N
Vantagepoint Equity Income R9 F00000Q8M2 1.22 0.99 0.52 0.52 n/a N Foreign Equity
Foreign Large Value
American Beacon International Eq R5 AAIEX 1.48 1.13 0.73 0.73 0.00 N
Columbia Overseas Value Inst COSZX 1.48 1.13 0.99 0.91 0.00 N
Dodge & Cox International Stock DODFX 1.48 1.13 0.63 0.63 n/a N
Vanguard International Value Inv VTRIX 1.48 1.13 0.37 0.37 n/a N
Foreign Large Blend
Hartford International Opp HLS IA HIAOX 5.98 1.00 0.74 0.74 n/a N
Vanguard Total Intl Stock Index I VTSNX 5.98 1.00 0.08 0.08 n/a N
BlackRock Advantage International Instl BROIX 5.98 1.00 0.82 0.50 n/a N
Hartford International Opp HLS IA HIAOX 5.98 1.00 0.74 0.74 n/a N
JPMorgan International Equity I VSIEX 5.98 1.00 0.85 0.70 n/a N
Vanguard Total Intl Stock Index I VTSNX 5.98 1.00 0.08 0.08 n/a N
Vantagepoint International R9 F00000Q8N3 5.98 1.00 0.79 0.79 n/a N
Santa Clara Valley Transit Authority Page 62 of 101
Section V: Fund Profiles
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, emailing [email protected], or visiting www.icmarc.org. IMPORTANT NOTICE REGARDING USE OF TICKER SYMBOLS UNDERLYING VT FUND PERFORMANCE: Your plan’s investment options may include the VantageTrust Funds (“VT Funds”) which are collective investment trust funds that are exempt from SEC registration as a mutual fund, are not listed on any public exchange, and do not have a ticker symbol. Note, however, that a certain subset of the VT Funds invest their assets in third-party registered mutual funds that have a ticker symbol. Reference to such underlying mutual funds, including reference to ticker symbols or other non-performance data, by VT Funds is for reference only and NOT reflective of the returns or fees of the corresponding VT Funds available in your plan. VT Funds will typically have certain recordkeeping and administrative fees that are in addition to the underlying mutual fund’s fees. These fees will reduce the performance of the VT Fund when compared to the underlying mutual fund performance. VT Fund performance net of fees is provided just prior to disclosures at the end of this section of the brochure.
Santa Clara Valley Transit Authority Page 63 of 101
Govt/AAAAAABBBBBBBelowB
44.9%
5.8% 11.6%
27.5%
10.0% 0.2% 0.0%
01/03/1989 $66998.3 (Mil) Intermediate Core-Plus Bond 0.42 0.42 -- 31.76 Dana Emery, Thomas Dugan, Larissa
Roesch, James Dignan, Anthony Brekke
Commentary and data may reflect extended performance
Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
1.4
8 1
.61
0.9
9 0
.62
6.8
5
.94
6.2
6
.79 7.7
6
.37
6.6
8 6
.98
5.4
9 4
.77
5.1
5 5
.24
5.2
2 4
.32
4.4
9 4
.18
4.4
1 3
.97
3.9
2 3
.64
6.7
2 N
A N
A N
A
.0
2.2
4.4
6.6
8.8
11.0Dodge & Cox In-come
Morningstar Category Average
BBgBarc US Universal TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund produced a return of 1.48% during the most recent three-month period. • One-year return was 7.70%. Beat the index. Better than its Morningstar category average. • Medium-term (3-year) return was 5.49%. Beat the Morningstar category average. Above the index. • Long-term (5-year) return was 5.22%. Outperformed the benchmark and the Morningstar category average. • The fund returned 7.48% in the 2nd quarter of 2009, its best in the most recent fifteen years. • The fund returned -3.77%, its worst in the most recent 15 years, during Q3 of 2008. • A net expense ratio of 0.42%; below the 0.79% average of its Morningstar category of funds.
0.42 -0.32 0.95 0.35 0.90 0.60 0.97 0.97 0.92 0.94 0.87 0.91 1.05 0.76 1.22 0.84 1.28 0.98 3.61 4.40 3.27 3.90 2.93 3.52 1.49 n/a 1.56 n/a 1.53 n/a 83.11 61.69 77.85 63.28 74.24 63.75 0.23 n/a 0.47 n/a 0.32 n/a 99.50 n/a 101.83 n/a 98.12 n/a 85.19 n/a 75.42 n/a 74.91 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Credit Allocation Risk Statistics
Dodge & Cox Income (DODIX)Fund Profile For the Period Ending: Sep 30, 2020
United States Treasury Notes 0.12% 3.21 United States Treasury Notes 0.38% 2.24 Federal National Mortgage Association 2% 1.53 United States Treasury Bills 1.49 United States Treasury Notes 0.12% 1.13 Imperial Brands Finance Plc 4.25% .95 Wells Fargo & Company 5.01% .93 Charter Communications Operating, LLC/Charter Communications Operat-ing Capi .90 JPMorgan Chase & Co. 4.49% .67 Citigroup Capital XIII Floating Rate Trust Pfd Secs Registered 2010-30.10.4 .67 TOTAL: 13.72 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Credit Quality/Interest Rate Sensitivity:
BBgBarc US Agg Bond TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 64 of 101
Chart Not Available
03/30/2007 $125669 (Mil) Multisector Bond 1.09 1.09 -- 13.52 Daniel Ivascyn, Alfred Murata, Joshua Ander-
son
Commentary and data may reflect extended performance
Mid Value
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
3.0
1 2
.8
0.9
9 0
.62
1.2
8 0
.77
6.2
6
.79
3.8
4 2
.18
6.6
8 6
.98
3.6
3 3
.09
5.1
5 5
.24
5.4
9 4
.34
4.4
9 4
.18
7.0
3 4
.24
3.9
2 3
.64
7.8
7 N
A N
A N
A
.0
2.2
4.4
6.6
8.8
11.0PIMCO Income Instl
Morningstar Category Average
BBgBarc US Universal TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund produced a return of 3.01% during the most recent three-month period. • Short-term (12-month) performance was 3.84%. Higher than the Morningstar category average. • Medium-term (3-year) performance was 3.63%. Outperformed the Morningstar category average. • Five-year performance was 5.49%. Outperformed the benchmark index and its Morningstar category average. • The fund returned 9.61%, its best in the past 54 quarters, over the third quarter of 2009. • The fund returned -7.66%, its worst in the last 54 quarters, in Q1 of 2020. • A net expense ratio of 1.09% compared to the 1.05% average of its Morningstar category.
-0.77 -0.77 2.06 1.33 3.93 1.82 0.83 0.72 0.68 0.66 0.72 0.62 0.38 0.29 0.94 0.57 1.48 0.73 5.59 7.48 4.54 6.07 4.24 5.21 4.86 n/a 4.16 n/a 3.80 n/a 25.43 14.80 21.81 15.77 24.01 15.32 -0.31 n/a 0.24 n/a 0.82 n/a 76.15 n/a 94.64 n/a 123.58 n/a 87.04 n/a 43.54 n/a 35.66 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Credit Allocation Risk Statistics
PIMCO Income Instl (PIMIX) Fund Profile For the Period Ending: Sep 30, 2020
Federal National Mortgage Association 3% 5.96 Federal National Mortgage Association 2.5% 5.95 Pimco Fds 5.21 Federal National Mortgage Association 3% 4.76 10 Year Treasury Note Future Sept 20 2.62 CSMC TRUST 3.09% 2.20 CSMC TRUST 4.03% 1.53 Federal National Mortgage Association 2.5% 1.45 United States Treasury Notes 0.25% 1.42 Federal National Mortgage Association 4.5% 1.35 TOTAL: 32.45 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
BBgBarc US Agg Bond TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 65 of 101
BBBBBBBelowBNot Rated
12.4%
34.8% 38.2%
3.7% 10.9%
02/14/2011 $1166.44 (Mil) High Yield Bond 0.84 0.83 -- 9.63 Gary Pokrzywinski, Brian Placzek, Ryan Lar-
son
Commentary and data may reflect extended performance
Small Value Low/Limited
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
6.3
4
.32
4.7
1
-0.9
8 -0
.99 -0
.3
1.1
9 1
.33 2.3
3.7
2 2
.89 3.8
3
5.8
9 5
.18 6
.61
NA
5
.29 6.2
8
6.1
5 N
A N
A
-1.8
-3.6
.0
1.8
3.6
5.4
7.2
9.0American Beacon SiM High Yld Opps R5 Morningstar Category Average
ICE BofA US High Yield TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• Over the most recent three-month period, the fund's return was 6.30%. • One-year return was 1.19%. Relatively near its Morningstar category average. • Medium-term (3-year) performance was 3.72%. Close to its benchmark. Higher than the Morningstar category average. • Five-year return was 5.89%. Outperformed the Morningstar category average. • The fund returned 15.38% during Q2 of 2020, its best in the past 38 quarters. • The fund returned -19.26% in the 1st quarter of 2020, its worst in the past 38 quarters. • Net expense ratio of 0.84% versus the 1.01% average of its Morningstar category of funds.
-0.49 -0.20 -1.57 2.85 n/a 3.68 1.29 0.52 1.20 0.46 n/a 0.37 0.23 0.21 0.50 0.57 n/a 0.72 12.35 8.98 10.10 7.65 n/a 7.03 4.14 n/a 3.42 n/a n/a n/a 93.52 4.37 91.09 4.03 n/a 3.22 -0.03 n/a -0.21 n/a n/a n/a 112.38 n/a 99.43 n/a n/a n/a 119.42 n/a 110.03 n/a n/a n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Credit Allocation Risk Statistics
American Beacon SiM High Yld Opps R5 (SHOIX)Fund Profile For the Period Ending: Sep 30, 2020
Berry Petroleum Company LLC 7% 2.59 Cenovus Energy Inc 6.75% 2.23 Mednax, Inc. 6.25% 1.81 Ces Energy Solutions Corp 6.38% 1.76 Churchill Downs Inc 4.75% 1.70 Select Medical Corporation 6.25% 1.68 Kratos Defense & Security Solutions, Inc. 6.5% 1.63 Pilgrims Pride Corporation 5.88% 1.62 Jbs Usa Lux SA/Jbs Usa Food Company/Jbs Usa Finance Inc 5.5% 1.58 William Hill 4.75% 1.57 TOTAL: 18.17 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 66 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
22.4%
28.3% 34.0%
5.5% 9.7%
12/31/2014 $3044.53 (Mil) World Allocation 0.78 0.84 -- 10.55 Kelly Grossman, Jessica Bush, Marcus
Dummer, Benjamin Rotenberg
Commentary and data may reflect extended performance
Mid Value Low/Limited
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
4.8
4
.16
5.7
6 1
.37
-6.1
9 -4
.2
2.8
7 -1
8.58
-1.9
0
.6
8.5
3 -1
4.59
0.6
7 1
.87 6
.16
-2.3
2.8
1 5
.13 8.1
3
.51
2.6
6 EP
4
.93
6.7
1 4
.59
0.3
N
A N
A N
A
-5.4
-10.8
-16.2
-21.6
-27.0
.0
5.4
10.8
16.2Principal Diversi-fied Real Asset R6
Morningstar Category Average
Morningstar Gbl Allo-cation TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund's return during the last three months was 4.80%. • During the 2nd quarter of 2020, the fund returned 11.21% - its best in the last 23 quarters. • The fund returned -19.50% during the first quarter of 2020, its worst in the last 23 quarters. • One-year return was -1.90%. Below its benchmark and the Morningstar category average. • Medium-term return was 0.67%. Below its Morningstar category average and its benchmark. • Long-term performance was 2.81%. Failed to beat its index. Underperformed the Morningstar category average. • A net expense ratio (0.78%) below the average of its Morningstar category (1.20%).
-5.64 -4.82 -5.47 -3.42 -3.96 -3.16 1.11 1.13 1.08 1.11 1.03| 1.15 -0.01 0.11 0.21 0.44 0.25 0.49 12.48 12.55 10.53 10.50 9.88 10.07 3.96 n/a 3.46 n/a 3.91 n/a 90.79 90.10 89.77 88.34 84.42 88.68 -1.38 n/a -1.53 n/a -1.04 n/a 81.79 n/a 80.67 n/a 81.09 n/a 120.29 n/a 123.22 n/a 111.69 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Principal Diversified Real Asset R6 (PDARX)Fund Profile For the Period Ending: Sep 30, 2020
Dracay Credit Suisse - 30 9.70 Principal Government Money Market Instl 1.82 2 Year Treasury Note Future Dec 20 1.82 United States Treasury Notes 0.38% .90 United States Treasury Notes 0.75% .76 United States Treasury Notes 0.12% .75 United States Treasury Notes 0.38% .74 Transurban Group .73 United States Treasury Notes 0.38% .72 United States Treasury Notes 0.5% .70 TOTAL: 18.64 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
S&P Global Infrastruc-ture NR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 67 of 101
Domestic Equities
Foreign
Cash
90.7%
6.4% 2.9%
08/13/2001 $35298.3 (Mil) Large Value 0.18 0.18 -- 16.76 James Stetler, W. Michael Reckmeyer, Binbin
Guo
Commentary and data may reflect extended performance
Large Value
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%) 5.1
5 4
.85
5.5
9 N
A
-8.8
5 -1
1.07
-1
1.58
N
A
-2.7
7 -4
.52
-5.0
3 N
A
4.6
6 2
.55
2.6
3 N
A
9.4
5 7
.26
7.6
6 N
A
11.
39
9.1
7 9
.95
NA
7.4
7 N
A N
A N
A
-3.4-6.8
-10.2-13.6-17.0
.03.46.8
10.213.617.0
Vanguard Equity-Income Adm
Morningstar Category Average
Russell 1000 Value TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• During the last three months, the fund returned 5.15%. • One-Year return -- Better than its Morningstar category average. Outperformed its benchmark. • Three-year performance was 4.66%. Higher than its benchmark and its Morningstar category average. • Five-year return was 9.45%. Outperformed the Morningstar category average and the benchmark index. • The fund returned 15.29%, its best in the last 15 years, over the third quarter of 2009. • The fund returned -23.06% in the 1st quarter of 2020, its worst in the most recent 15 years. • Net expense ratio of 0.18%; below the 0.99% average of its Morningstar category.
1.90 -8.89 2.37 -6.04 2.56 -3.98 0.87 1.00 0.87 1.00 0.85 1.00 0.26 0.15 0.65 0.46 0.91 0.67 16.08 18.59 13.59 15.75 12.02 13.98 3.12 n/a 3.02 n/a 3.25 n/a 98.42 90.73 97.43 88.60 95.78 89.44 0.65 n/a 0.59 n/a 0.44 n/a 95.23 n/a 93.33 n/a 92.91 n/a 86.21 n/a 79.98 n/a 78.82 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Equity-Income Adm (VEIRX)Fund Profile For the Period Ending: Sep 30, 2020
Johnson & Johnson 3.65 Cisco Systems Inc 2.91 JPMorgan Chase & Co 2.79 Procter & Gamble Co 2.70 Intel Corp 2.67 Verizon Communications Inc 2.53 Pfizer Inc 2.38 Comcast Corp Class A 2.31 Merck & Co Inc 2.03 Bank of America Corp 1.80 TOTAL: 25.77 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
NA**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 68 of 101
Domestic Equities
Foreign
Fixed Income
Cash
99.0%
0.9% 0.0% 0.0%
07/31/1990 $249517 (Mil) Large Blend 0.04 0.04 -- 19.76 Donald Butler, Michelle Louie
Commentary and data may reflect extended performance
Large Blend
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
8.9
2 8
.06
8.9
3
5.5
7 2
.3
5.5
7
15.
13
10.
7 1
5.15
12.
25
9.5
5 12.
28
14.
12
11.
77
14.
15
13.
71
11.
96
13.
74
10.
01
NA
NA
.0
4.0
8.0
12.0
16.0
20.0Vanguard Institu-tional Index I
Morningstar Category Average
S&P 500 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• Over the most recent three-month period, the fund's return was 8.92%. • Short-term (1-year) performance was 15.13%. Comparable with its benchmark index. Better than the Morningstar category aver-
age. • Medium-term (3-year) return was 12.25%. Beat the Morningstar category average. Comparable to the index. • Long-term (5-year) return was 14.12%. Stronger than its Morningstar category average. Roughly equal to the benchmark. • The fund returned 20.55% during the 2nd quarter of 2020, its best in the past fifteen years. • In the 4th quarter of 2008, the fund returned -21.91% - its worst in the last fifteen years. • Net expense ratio (0.04%) below the average of its Morningstar category of funds (0.91%).
-0.02 -2.34 -0.02 -1.99 -0.02 -1.66 1.00 0.99 1.00 0.99 1.00 1.01 0.65 0.52 0.89 0.74 0.99 0.86 17.74 17.97 14.88 15.20 13.25 13.74 0.01 n/a 0.01 n/a 0.01 n/a 100.00 95.63 100.00 94.80 100.00 95.12 -2.39 n/a -2.52 n/a -2.20 n/a 99.94 n/a 99.93 n/a 99.92 n/a 100.04 n/a 100.04 n/a 100.05 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Institutional Index I (VINIX)Fund Profile For the Period Ending: Sep 30, 2020
Apple Inc 7.26 Microsoft Corp 5.90 Amazon.com Inc 4.99 Facebook Inc A 2.43 Alphabet Inc A 1.68 Alphabet Inc Class C 1.65 Berkshire Hathaway Inc Class B 1.46 Johnson & Johnson 1.39 Visa Inc Class A 1.23 Procter & Gamble Co 1.18 TOTAL: 29.17 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 69 of 101
Domestic Equities
Foreign
Cash
91.3%
6.4% 2.4%
10/31/2001 $19239.3 (Mil) Large Growth 0.56 0.56 -- 3.75 Taymour Tamaddon
Commentary and data may reflect extended performance
Large Growth
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
11.
46
11.
54
13.
22 2
3.45
2
0.64
2
4.33
35.
8 3
2.13
3
7.53
21.
09
18.
22
21.
67
20.
61
16.
99
20.
1
18.
09
15.
01
17.
25
11.
71
NA
NA
.0
9.8
19.6
29.4
39.2
49.0T. Rowe Price Lrg Cp Gr I
Morningstar Category Average
Russell 1000 Growth TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• During the most recent three-month period, the fund's return was 11.46%. • Short-term (12-month) return was 35.80%. Outperformed the Morningstar category average. • Three-year return was 21.09%. Outperformed the Morningstar category average. • Long-term (5-year) return was 20.61%. Above its index and the Morningstar category average. • The fund returned 28.60%, its best in the past 60 quarters, over the 2nd quarter of 2020. • The fund returned -22.72% over the 4th quarter of 2008, its worst in the past 15 years. • A lower net expense ratio (0.56%) than its Morningstar category's average (1.05%).
-0.17 5.00 0.41 2.26 0.02 0.80 0.98 1.03 1.01 1.03 1.06 1.04 1.02 0.88 1.14 0.96 1.12 0.98 19.09 19.23 16.68 16.46 15.40 14.76 3.70 n/a 4.34 n/a 4.42 n/a 96.29 91.20 93.25 88.08 92.04 87.58 -0.16 n/a 0.12 n/a 0.19 n/a 97.02 n/a 102.39 n/a 105.85 n/a 96.68 n/a 102.36 n/a 107.35 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
T. Rowe Price Lrg Cp Gr I (TRLGX)Fund Profile For the Period Ending: Sep 30, 2020
Amazon.com Inc 10.01 Microsoft Corp 8.92 Facebook Inc A 5.88 Alphabet Inc A 5.45 Visa Inc Class A 4.28 Apple Inc 3.85 Global Payments Inc 2.92 Intuit Inc 2.31 Alphabet Inc Class C 2.20 Netflix Inc 2.20 TOTAL: 48.02 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 70 of 101
Domestic Equities
Foreign
Fixed Income
Cash
97.8%
2.0% 0.0% 0.1%
07/07/1997 $77483.1 (Mil) Mid-Cap Blend 0.05 0.05 -- 22.77 Donald Butler, William Coleman
Commentary and data may reflect extended performance
Mid Growth
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
9.8
7 6
.34
7.4
6 9.9
3.7
6 -7
-2.3
5 3
.74
12.
99
-0.4
6 4
.55
12.
94
8.0
8 3
.43 7
.13
7.9
6 11.
26
7.3
4 10.
13
11.
13
12.
12
9.5
1 11.
76
12.
01
8.6
9 N
A N
A N
A
-3.4
-6.8
-10.2
.0
3.4
6.8
10.2
13.6
17.0Vanguard Ex-tended Market Index Instl Morningstar Category Average
Russell Mid Cap TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund had a 9.87% return over the most recent three-month period. • One-year return was 12.99%. Outperformed the Morningstar category average and the benchmark index. • Three-year return was 8.08%. Outperformed its benchmark index and the Morningstar category average. • Long-term (5-year) return was 11.26%. Better than the benchmark index. Outperformed the Morningstar category average. • The fund returned 31.15% over the second quarter of 2020, its best in the last fifteen years. • The fund returned -27.99% during the first quarter of 2020, its worst in the last 15 years. • A lower net expense ratio (0.05%) than its Morningstar category's average (1.03%).
0.67 -8.92 0.37 -7.21 -0.63 -5.00 1.10 1.12 1.11 1.12 1.11 1.12 0.38 0.20 0.59 0.43 0.72 0.62 23.08 21.03 19.47 17.97 17.23 16.13 4.31 n/a 4.07 n/a 3.54 n/a 97.30 88.98 96.53 86.02 96.74 85.34 0.22 n/a 0.28 n/a 0.10 n/a 112.12 n/a 112.42 n/a 110.56 n/a 111.24 n/a 112.86 n/a 115.95 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Extended Market Index Instl (VIEIX)Fund Profile For the Period Ending: Sep 30, 2020
Tesla Inc 6.57 Square Inc A .99 Lululemon Athletica Inc .78 Workday Inc Class A .67 Veeva Systems Inc Class A .67 Blackstone Group Inc .65 NXP Semiconductors NV .64 Twilio Inc A .61 CoStar Group Inc .61 Splunk Inc .57 TOTAL: 12.76 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
S&P Completion TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
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Domestic Equities
Foreign
Cash
97.3%
1.7% 1.0%
02/23/2000 $8613.01 (Mil) Small Value 0.36 0.36 -- 8.59 Jed Fogdall, Joel Schneider, Marc Leblond
Commentary and data may reflect extended performance
Small Value
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
4.0
2 2
.98
2.5
6
-21.
84
-20.
54
-21.
54
-15.
13
-14.
26
-14.
88
-5.8
1 -5
.51
-5.1
3
2.5
5 2
.67
4.1
1 7.3
1 6
.44
7.0
9
9
NA
NA
-6.2
-12.4
-18.6
-24.8
-31.0
.0
6.2
12.4DFA US Targeted Value I
Morningstar Category Average
Russell 2000 Value TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• Over the most recent three-month period, the fund's return was 4.02%. • Short-term (12 months) performance -- About even with the index. • Three-Year performance -- Comparable with the Morningstar category average. • Long-term (5-year) return was 2.55%. Fairly close to the Morningstar category average. • The fund returned 24.49% during the third quarter of 2009, its best in the last 60 quarters. • The fund returned -39.19%, its worst in the past 60 quarters, over the first quarter of 2020. • A net expense ratio of 0.36% versus a 1.22% average for its Morningstar category.
0.57 -18.80 -1.50 -12.83 -0.07 -8.71 1.12 1.28 1.10 1.27 1.08 1.22 -0.14 -0.16 0.18 0.18 0.43 0.40 26.59 25.01 22.90 21.67 19.84 18.68 4.02 n/a 3.44 n/a 3.55 n/a 98.90 82.78 98.50 76.00 97.29 75.53 -0.17 n/a -0.45 n/a 0.06 n/a 111.22 n/a 102.84 n/a 105.68 n/a 110.95 n/a 109.24 n/a 106.30 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
DFA US Targeted Value I (DFFVX)Fund Profile For the Period Ending: Sep 30, 2020
S+p500 Emini Fut Sep20 Xcme 20200918 1.04 Knight-Swift Transportation Holdings Inc A .75 Reliance Steel & Aluminum Co .73 Arrow Electronics Inc .69 BorgWarner Inc .65 Toll Brothers Inc .61 XPO Logistics Inc .61 Athene Holding Ltd Class A .58 Voya Financial Inc .57 Lithia Motors Inc Class A .57 TOTAL: 6.80 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
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Domestic Equities
Foreign
Cash
93.7%
5.9% 0.4%
03/23/2011 $125.24 (Mil) Small Growth 1.05 1.14 -- 9.53 Brandon Nelson
Commentary and data may reflect extended performance
Small Growth
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
10.
51
8.1
7 7
.16
27.
71
8.4
1 3
.88
37.
54
18.
73
15.
71
18.
4 1
1.08
8
.18 1
5.28
1
2.88
1
1.42
NA
1
2.63
1
2.34
13.
65
NA
NA
.0
9.8
19.6
29.4
39.2
49.0Calamos Timpani Small Cap Growth I Morningstar Category Average
Russell 2000 Growth TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund produced a return of 10.51% during the last three months. • Short-term (1-year) return was 37.54%. Outperformed the benchmark index and the Morningstar category average. • Medium-term (3-year) performance was 18.40%. Outperformed its Morningstar category average and its benchmark index. • Long-term (5-year) return was 15.28%. Beat its benchmark and its Morningstar category average. • In Q2 of 2020, the fund returned 40.93% - its best in the last 38 quarters. • The fund returned -25.93% in Q3 of 2011, its worst in the last 38 quarters. • Net expense ratio of 1.05% compared to the 1.24% average of its Morningstar category of funds.
9.53 -2.30 4.11 -2.65 n/a -2.69 0.98 1.19 0.95 1.18 n/a 1.19 0.75 0.48 0.73 0.64 n/a 0.72 24.27 23.45 20.82 20.06 n/a 18.19 8.86 n/a 8.17 n/a n/a n/a 86.76 81.42 84.84 77.25 n/a 75.19 1.15 n/a 0.47 n/a n/a n/a 115.60 n/a 102.39 n/a n/a n/a 85.33 n/a 87.27 n/a n/a n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Calamos Timpani Small Cap Growth I (CTSIX)Fund Profile For the Period Ending: Sep 30, 2020
Lithia Motors Inc Class A 3.66 Generac Holdings Inc 2.63 RingCentral Inc Class A 2.61 Palomar Holdings Inc 2.36 TopBuild Corp 2.33 Stamps.com Inc 2.19 LGI Homes Inc 2.17 Redfin Corp 1.86 Inspire Medical Systems Inc 1.74 Axonics Modulation Technologies Inc 1.73 TOTAL: 23.28 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
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United KingdomGermanyFranceJapanSwitzerlandNetherlandsItalyUnited StatesSpainSouth Korea
19.0%
14.8%
14.0%
13.4%
9.3%
4.4% 3.6%
3.2% 3.0%
2.6%
08/07/1991 $2179.13 (Mil) Foreign Large Value 0.73 0.73 -- 26.61 Kirk Brown, John Reinsberg, Harry Hartford,
Sarah Ketterer, Michael Powers
Commentary and data may reflect extended performance
Large Value
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
3.4
8 3
.01
1.1
9 4.8
-16.
31
-14.
1 -1
8.31
-7
.09
-8.7
5 -6
.83
-11.
93
0.4
9
-4.3
8 -3
.83
-5.8
6 0
.62
1.4
3 2
.44
1.1
4 5.2
6
3.0
8 2
.52
2.1
4.6
2
6.1
8 N
A N
A N
A
-5.2
-10.4
-15.6
-20.8
-26.0
.0
5.2
10.4American Beacon International Eq R5
Morningstar Category Average
MSCI EAFE Value NR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund delivered a return of 3.48% during the last three months. • Short-term (12 months) return -- Stronger than the benchmark. • Medium-term (3 year) return -- Outperformed its benchmark. • Five-year performance was 1.43%. Better than its index. • The fund returned 25.00%, its best in the last fifteen years, during Q2 of 2009. • The fund returned -29.96% in the 1st quarter of 2020, its worst in the most recent 15 years. • A net expense ratio of 0.73%; less than the 1.13% average of its Morningstar category.
0.98 -4.86 -0.61 -3.54 1.63 -1.29 1.02 1.03 0.98 1.01 0.98 0.99 -0.24 -0.22 0.10 0.16 0.23 0.20 18.36 17.44 15.92 15.41 15.87 15.34 3.57 n/a 4.06 n/a 4.17 n/a 96.26 92.36 93.56 90.28 93.16 90.66 0.20 n/a -0.17 n/a 0.38 n/a 104.19 n/a 95.84 n/a 100.19 n/a 100.50 n/a 98.94 n/a 92.84 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Geographic Allocation Risk Statistics
American Beacon International Eq R5 (AAIEX)Fund Profile For the Period Ending: Sep 30, 2020
Novartis AG 3.30 SAP SE 3.18 Volkswagen AG Participating Preferred 2.94 ABB Ltd 2.89 Future on MSCI EAFE Sep20 2.77 Samsung Electronics Co Ltd 2.44 Sanofi SA 2.20 UniCredit SpA 1.86 Basf SE 1.77 RELX PLC 1.74 TOTAL: 25.09 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
MSCI EAFE NR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 74 of 101
ChinaJapanUnited KingdomFranceSwitzerlandGermanySpainCanadaNetherlandsDenmark
16.5%
12.1%
11.8% 9.4%
7.2%
6.9%
4.6%
4.1% 3.8%
2.8%
07/02/1990 $1090.28 (Mil) Foreign Large Blend 0.74 0.74 -- 13.76 Nicolas Choumenkovitch, Tara Stilwell
Commentary and data may reflect extended performance
Large Growth
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
9.0
6 5
.8
4.8
6
.25
2.6
7 -5
.73
-7.0
9 -5
.44
12.
08
2.1
9 0
.49 3
3.0
1 0
.41
0.6
2 1
.16
6.6
5 5
.19
5.2
6 6
.23
5.8
6 4
.34
4.6
2 4
6.0
1 N
A N
A N
A
-3.2
-6.4
-9.6
-12.8
.0
3.2
6.4
9.6
12.8
16.0Hartford Interna-tional Opp HLS IA
Morningstar Category Average
MSCI EAFE NR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund produced a return of 9.06% in the most recent three-month period. • Short-term (1-year) return was 12.08%. Outperformed its index and the Morningstar category average. • Medium-term (3-year) return was 3.01%. Outperformed the index. Above the Morningstar category average. • Five-year return was 6.65%. Outperformed its benchmark and its Morningstar category average. • During the 2nd quarter of 2009, the fund returned 23.97% - its best in the past fifteen years. • The fund returned -22.16%, its worst in the past fifteen years, during the first quarter of 2020. • A net expense ratio of 0.74% versus a 1.00% average for its Morningstar category of funds.
2.02 -0.71 0.39 -0.74 1.94 0.46 1.07 0.97 1.02 0.96 0.96 0.97 0.16 0.01 0.42 0.35 0.42 0.32 17.83 16.22 15.29 14.39 14.67 14.82 4.34 n/a 3.93 n/a 3.86 n/a 94.50 94.72 93.46 93.00 93.27 93.56 0.42 n/a 0.10 n/a 0.48 n/a 108.26 n/a 101.24 n/a 100.24 n/a 100.23 n/a 99.37 n/a 90.59 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Geographic Allocation Risk Statistics
Hartford International Opp HLS IA (HIAOX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
MSCI ACWI Ex USA NR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 75 of 101
JapanChinaUnited KingdomCanadaSwitzerlandGermanyFranceAustraliaTaiwanSouth Korea
16.6%
11.5%
8.8% 6.6%
6.3%
5.9%
5.8%
4.6% 4.0%
3.4%
11/29/2010 $429311 (Mil) Foreign Large Blend 0.08 0.08 -- 12.16 Michael Perre, Christine Franquin
Commentary and data may reflect extended performance
Large Blend
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
6.4
8 5
.8
4.8
N
A
-4.8
-5
.73
-7.0
9 N
A
3.8
2 2
.19
0.4
9 N
A 1.2
8 0
.41
0.6
2 N
A
6.3
3 5
.19
5.2
6 N
A
4.2
3 EP
4
.34
4.6
2 N
A
4.3
1 N
A N
A N
A
-2.0-4.0-6.0-8.0
-10.0
.02.04.06.08.0
10.0Vanguard Total Intl Stock Index I
Morningstar Category Average
MSCI EAFE NR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund yielded a return of 6.48% in the last three months. • Short-term (1-year) performance was 3.82%. Better than its Morningstar category average. Better than its benchmark. • Medium-term (3-year) return was 1.28%. Beat the Morningstar category average. Beat its benchmark. • Long-term (5-year) performance was 6.33%. Outperformed its Morningstar category average and its benchmark. • In the second quarter of 2020, the fund returned 18.12% - its best in the past 39 quarters. • Over the 1st quarter of 2020, the fund returned -24.31% - its worst in the last 39 quarters. • Net expense ratio of 0.08%; less than the 1.00% average of its Morningstar category of funds.
0.19 -0.71 0.13 -0.74 0.25 0.46 1.03 0.97 1.00 0.96 1.00| 0.97 0.06 0.01 0.42 0.35 0.31 0.32 16.76 16.22 14.58 14.39 14.88 14.82 1.98 n/a 1.92 n/a 1.93 n/a 98.67 94.72 98.28 93.00 98.33 93.56 0.06 n/a 0.05 n/a 0.12 n/a 101.21 n/a 99.20 n/a 100.25 n/a 100.70 n/a 98.39 n/a 99.09 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Geographic Allocation Risk Statistics
Vanguard Total Intl Stock Index I (VTSNX)Fund Profile For the Period Ending: Sep 30, 2020
Alibaba Group Holding Ltd ADR 2.00 Tencent Holdings Ltd 1.55 Taiwan Semiconductor Manufacturing Co Ltd 1.39 Nestle SA 1.38 Roche Holding AG Dividend Right Cert. .97 Samsung Electronics Co Ltd .84 Novartis AG .73 SAP SE .73 Toyota Motor Corp .64 ASML Holding NV .59 TOTAL: 10.82 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
NA**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 76 of 101
DomesticEquities
Cash
99.4%
0.6%
07/02/1991 $5731.8 (Mil) Real Estate 0.89 0.96 -- 12.96 Jon Cheigh, Thomas Bohjalian, Jason Yablon
Commentary and data may reflect extended performance
Mid Blend
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%) 2
.82
2.3
5 1
.55
1.1
9
-10.
54
-14.
01
-17.
07
-12.
27
-10.
34
-13.
44
-17.
73
-12.
15
5.4
6 1
.17
0.2
1 3.5
4 6.8
4
.28
3.7
5 6.6
1 9.2
2 7
.8
7.7
7 9
.2
11.
09
NA
NA
NA
-5.0
-10.0
-15.0
-20.0
-25.0
.0
5.0
10.0
15.0Cohen & Steers Realty Shares L
Morningstar Category Average
S&P United States REIT TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund delivered a return of 2.82% in the most recent three-month period. • Short-term (1 year) performance -- Better than the index. Higher than its Morningstar category average. • Three-year return was 5.46%. Outperformed the benchmark index and its Morningstar category average. • Long-term (5-year) return was 6.80%. Outperformed its Morningstar category average. Outperformed the index. • The fund returned 35.47% during the third quarter of 2009, its best in the last fifteen years. • During the fourth quarter of 2008, the fund returned -35.39% - its worst in the last 15 years. • Net expense ratio (0.89%) lower than the average of its Morningstar category of funds (1.19%).
4.80 -3.98 3.05 -3.45 1.69 1.60 0.89 0.82 0.90 0.82 0.94 0.77 0.30 0.10 0.43 0.28 0.61 0.52 17.24 19.02 15.42 16.63 15.53 15.76 3.75 n/a 3.38 n/a 2.56 n/a 96.72 53.54 96.35 51.29 97.66 45.28 1.40 n/a 0.90 n/a 0.56 n/a 104.89 n/a 100.57 n/a 99.52 n/a 81.91 n/a 84.87 n/a 91.85 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Cohen & Steers Realty Shares L (CSRSX)Fund Profile For the Period Ending: Sep 30, 2020
American Tower Corp 12.74 Equinix Inc 8.45 Public Storage 5.30 Welltower Inc 5.11 UDR Inc 4.72 Duke Realty Corp 4.70 Prologis Inc 4.45 SBA Communications Corp 4.04 Essex Property Trust Inc 3.73 Simon Property Group Inc 3.68 TOTAL: 56.92 EP Indicates Extended
Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style:
FTSE Nareit All Equity REITs TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
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Domestic Equities
Foreign
Fixed Income
Cash
Other
18.0%
12.4%
66.9%
2.2% 0.0%
10/27/2003 $17575.8 (Mil) Target-Date Retirement 0.12 0.12 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend High/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
3.1
2 2
.99 3.6
3 0
.62
4.6
3 3
.23
3.8
4 6
.79
7.3
5 5
.79 7
.2
6.9
8
5.7
9 4
.85 5.5
9 5
.24 6.0
3 5
.41
5.9
4 4
.18 5
.6
4.7
5.4
9 3
.64
5.4
1 N
A N
A N
A
.0
2.0
4.0
6.0
8.0
10.0Vanguard Target Retirement Income Inv Morningstar Category Average
Morningstar Lifetime Mod Incm TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• Over the most recent three-month period, the fund returned 3.12%. • One-year return was 7.35%. About the same as its benchmark. Outperformed the Morningstar category average. • Three-year performance was 5.79%. Beat its Morningstar category average. Nearly the same as its benchmark index. • Long-term (5-year) performance was 6.03%. Approximately the same as its benchmark index. Stronger than the Morningstar cate-
gory average. • The fund returned 7.84%, its best in the most recent fifteen years, over the second quarter of 2020. • In the 1st quarter of 2020, the fund returned -5.91% - its worst in the past 60 quarters. • Net expense ratio (0.12%) lower than the average of its Morningstar category of funds (0.74%).
0.72 0.39 0.72 0.14 0.87 0.24 0.86 0.58 0.86 0.58 0.84 0.57 0.73 0.55 0.99 0.80 1.10 0.84 5.73 6.35 4.86 5.46 4.47 5.01 1.31 n/a 1.17 n/a 1.29 n/a 97.53 90.27 96.85 89.07 95.38 85.80 0.15 n/a 0.08 n/a 0.09 n/a 89.07 n/a 90.73 n/a 90.42 n/a 76.25 n/a 77.13 n/a 77.04 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement Income Inv (VTINX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
BBgBarc US Agg Bond TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 78 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
20.9%
14.4% 63.6%
0.6% 0.0%
10/27/2003 $15232.6 (Mil) Target-Date 2015 0.13 0.13 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend High/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
3.5
3 3
.65
4.1
5 0
.62
4.3
5 3
.37 4
.7
6.7
9 7.6
8 7
.31 8
.44
6.9
8
6.0
9 5
.77 6.6
1 5
.24
7.0
4 6
.89
7.2
7 4
.18
7.0
4 6
.65
6.9
3
.64
6.2
3 N
A N
A N
A
.0
2.2
4.4
6.6
8.8
11.0Vanguard Target Retirement 2015 Inv Morningstar Category Average
Morningstar Lifetime Mod 2015 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund's return over the most recent three-month period was 3.53%. • Short-term (12-month) return was 7.68%. Outperformed its Morningstar category average. • Three-year performance was 6.09%. Stronger than its Morningstar category average. • Long-term (5-year) return was 7.04%. Approximately equal to its benchmark. Nearly equal to its Morningstar category average. • The fund returned 12.21%, its best in the most recent 60 quarters, in the 2nd quarter of 2009. • The fund returned -12.54%, its worst in the last 15 years, during Q4 of 2008. • A lower net expense ratio (0.13%) than its Morningstar category's average (0.64%).
0.14 0.46 0.45 0.24 0.46 0.37 0.86 0.76 0.88 0.78 0.95 0.83 0.66 0.54 0.96 0.81 0.99 0.87 6.94 8.11 6.08 7.08 6.44 7.02 1.25 n/a 1.12 n/a 1.10 n/a 99.25 95.93 98.38 95.96 97.43 95.14 -0.41 n/a -0.20 n/a 0.13 n/a 88.54 n/a 91.42 n/a 96.93 n/a 85.42 n/a 84.69 n/a 91.29 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2015 Inv (VTXVX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
BBgBarc US Agg Bond TR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 79 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
29.8%
20.2%
48.1%
1.6% 0.0%
06/07/2006 $31887.3 (Mil) Target-Date 2020 0.13 0.13 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend High/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
4.4
8 3
.8
4.4
4 9
.23
3.8
7 2
.73 4.4
8 5
.43
8.5
1 6
.82 8.5
9 1
4.99
6.5
4 5
.55 6.8
7 1
1.65
7.9
6 6
.81
7.8
1 1
3.7
7.8
1 6
.68
7.4
7 1
3.53
6.4
1 N
A N
A N
A
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2020 Inv Morningstar Category Average
Morningstar Lifetime Mod 2020 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• During the last three months, the fund's return was 4.48%. • Short-term (12-month) return was 8.51%. About the same as its benchmark. Outperformed the Morningstar category average. • Three-year return was 6.54%. Above the Morningstar category average. Close to its index. • Long-term (5-year) return was 7.96%. Roughly equal to its benchmark index. Outperformed its Morningstar category average. • The fund returned 13.49%, its best in the past 57 quarters, over the second quarter of 2009. • In the 4th quarter of 2008, the fund returned -14.51% - its worst in the past 57 quarters. • A net expense ratio (0.13%) below the average of its Morningstar category (0.72%).
-0.39 n/a 0.01 -0.10 0.20 0.19 1.02 0.82 1.02 0.82 1.02 0.87 0.56 0.47 0.86 0.75 0.92 0.83 9.14 8.75 7.87 7.51 7.84 7.38 1.01 n/a 1.05 n/a 1.11 n/a 98.82 95.03 98.27 94.42 98.03 92.99 -0.32 n/a 0.14 n/a 0.30 n/a 101.10 n/a 101.94 n/a 102.56 n/a 105.50 n/a 102.01 n/a 100.62 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2020 Inv (VTWNX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 80 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
36.4%
24.2%
39.0%
0.1% 0.0%
10/27/2003 $46520.5 (Mil) Target-Date 2025 0.13 0.13 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
5.1
7 4
.55
4.7
9 9
.23
3.6
3 2
.75
3.7
4 5.4
3
9.0
4 7
.67
8.4
1
4.99
6.8
9 6
.03
6.9
8 1
1.65
8.6
7
.68
8.3
7 1
3.7
8.3
8 7
.45
8.0
8 1
3.53
6.8
8 N
A N
A N
A
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2025 Inv Morningstar Category Average
Morningstar Lifetime Mod 2025 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund had a 5.17% return in the most recent three-month period. • Short-term (1-year) return was 9.04%. Outperformed the benchmark and its Morningstar category average. • Medium-term (3-year) return was 6.89%. Fairly near the benchmark. Higher than its Morningstar category average. • Five-year performance was 8.60%. Approximately even with its benchmark. Stronger than its Morningstar category average. • The fund returned 14.84% in Q2 of 2009, its best in the last 60 quarters. • Over the fourth quarter of 2008, the fund returned -16.48% - its worst in the last fifteen years. • A net expense ratio of 0.13%; below the 0.71% average of its Morningstar category.
-0.33 -0.20 -0.08 -0.36 0.20 -0.28 1.06 0.97 1.04 0.99 1.01 1.06 0.52 0.46 0.82 0.74 0.88 0.79 10.72 10.33 9.15 8.93 8.96 8.88 1.19 n/a 1.12 n/a 1.10 n/a 99.04 97.34 98.68 97.28 98.52 96.53 -0.08 n/a 0.20 n/a 0.27 n/a 105.18 n/a 104.14 n/a 102.15 n/a 109.38 n/a 105.64 n/a 100.80 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2025 Inv (VTTVX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 81 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
41.1%
27.2%
30.4%
1.0% 0.0%
06/07/2006 $42285.3 (Mil) Target-Date 2030 0.14 0.14 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
5.7
5
.22
5.2
5 9
.23
3.2
4 2
.45
2.3
4 5
.43
9.3
8 8
.12
7.7
9 1
4.99
7.0
4 6
.31
6.8
9 1
1.65
9.0
7 8
.31
8.8
8 1
3.7
8.8
4 7
.88
8.6
1
3.53
6.7
7 N
A N
A N
A
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2030 Inv Morningstar Category Average
Morningstar Lifetime Mod 2030 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund delivered a return of 5.70% over the last three months. • Short-term (12-month) performance was 9.38%. Outperformed its Morningstar category average and the benchmark index. • Medium-term (3-year) performance was 7.04%. Better than the Morningstar category average. Fairly close to the index. • Long-term (5-year) performance was 9.07%. Higher than the Morningstar category average. About even with the benchmark. • The fund returned 16.23%, its best in the most recent 57 quarters, in the 2nd quarter of 2009. • The fund returned -18.45%, its worst in the past 57 quarters, over the fourth quarter of 2008. • Net expense ratio (0.14%) less than the average of its Morningstar category (0.75%).
0.06 -0.51 0.12 -0.64 0.36 -0.53 1.02 1.12 1.01 1.13 0.98 1.17 0.49 0.44 0.79 0.72 0.84 0.76 11.99 11.85 10.22 10.17 9.98 9.81 0.97 n/a 0.97 n/a 1.01 n/a 99.38 98.09 99.10 97.45 99.01 95.58 0.15 n/a 0.19 n/a 0.24 n/a 103.55 n/a 101.49 n/a 99.84 n/a 104.23 n/a 100.95 n/a 97.35 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2030 Inv (VTHRX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 82 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
45.4%
30.2%
23.4%
0.8% 0.0%
10/27/2003 $40596.6 (Mil) Target-Date 2035 0.14 0.14 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
6.2
9 5
.96
5.7
6 9
.23
2.8
4 1
.98
0.4
7 5
.43
9.7
1 8
.58
6.7
9 1
4.99
7.1
6 6
.56
6.5
5 1
1.65
9.5
3 8
.92
9.2
1
3.7
9.2
9 8
.46
8.8
7 1
3.53
7.4
5 N
A N
A N
A
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2035 Inv Morningstar Category Average
Morningstar Lifetime Mod 2035 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund delivered a return of 6.29% in the last three months. • Short-term (1-year) return was 9.71%. Stronger than its benchmark and the Morningstar category average. • Medium-term (3-year) return was 7.16%. Outperformed the Morningstar category average. Better than its benchmark. • Five-year return was 9.53%. Better than the index and the Morningstar category average. • The fund returned 17.27% over the 2nd quarter of 2009, its best in the most recent 60 quarters. • The fund returned -19.72% over the fourth quarter of 2008, its worst in the most recent fifteen years. • A net expense ratio of 0.14% versus a 0.74% average for its Morningstar category of funds.
0.67 -0.89 0.52 -1.06 0.62 -1.02 0.98 1.28 0.97 1.29 0.97 1.34 0.47 0.42 0.76 0.70 0.81 0.73 13.26 13.50 11.31 11.61 11.00 11.19 0.96 n/a 1.00 n/a 1.01 n/a 99.53 98.67 99.32 98.10 99.26 97.15 0.64 n/a 0.34 n/a 0.42 n/a 100.62 n/a 98.86 n/a 99.13 n/a 96.96 n/a 95.10 n/a 94.93 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2035 Inv (VTTHX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 83 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
50.2%
32.8%
16.3% 0.6% 0.0%
06/07/2006 $32404.4 (Mil) Target-Date 2040 0.14 0.14 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
6.8
6
.45
6.2
3 9.2
3
2.4
1
.35
-1.1
4 5
.43
9.9
6 8
.47
5.8
7 1
4.99
7.2
7 6
.49
6.1
4 1
1.65
9.9
7 9
.12
9.2
9 1
3.7
9.5
8 8
.59
8.9
1
3.53
7.1
3 N
A N
A N
A
-4.0
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2040 Inv Morningstar Category Average
Morningstar Lifetime Mod 2040 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• Over the most recent three-month period, the fund's return was 6.80%. • One-year return was 9.96%. Stronger than the index and its Morningstar category average. • Three-year performance was 7.27%. Above its benchmark index and the Morningstar category average. • Five-year return was 9.97%. Outperformed the Morningstar category average and the benchmark index. • The fund returned 17.29%, its best in the most recent 57 quarters, during Q2 of 2020. • The fund returned -19.62%, its worst in the most recent 57 quarters, during Q4 of 2008. • A lower net expense ratio (0.14%) than its Morningstar category's average (0.77%).
1.17 -1.30 0.88 -1.36 0.88 -1.14 0.96 1.38 0.96 1.38 0.97 1.38 0.44 0.39 0.74 0.67 0.79 0.72 14.53 14.56 12.38 12.38 11.76 11.60 1.15 n/a 1.12 n/a 1.10 n/a 99.51 98.32 99.32 97.38 99.26 95.76 0.98 n/a 0.61 n/a 0.62 n/a 100.59 n/a 99.17 n/a 99.68 n/a 94.59 n/a 93.50 n/a 94.31 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2040 Inv (VFORX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 84 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
55.0% 35.8%
8.7% 0.4% 0.0%
10/27/2003 $30205.4 (Mil) Target-Date 2045 0.15 0.15 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
7.3
6 6
.86
6.5
1 9.2
3
2.1
1 1
.06
-2.1
2 5
.43
10.
27
8.6
8 5
.28
14.
99
7.3
2 6
.61
5.8
3 1
1.65
10.
13
9.4
9
.24
13.
7
9.6
6 8
.83
8.7
9 1
3.53
7.8
6 N
A N
A N
A
-4.0
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2045 Inv Morningstar Category Average
Morningstar Lifetime Mod 2045 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund produced a return of 7.36% over the last three months. • One-year return was 10.27%. Outperformed the Morningstar category average and its index. • Medium-term (3-year) return was 7.32%. Beat its benchmark index and its Morningstar category average. • Five-year return was 10.13%. Beat its benchmark. Above the Morningstar category average. • In Q2 of 2020, the fund returned 18.70% - its best in the last 15 years. • In the first quarter of 2020, the fund returned -19.88% - its worst in the most recent 15 years. • Net expense ratio of 0.15%; below the 0.74% average of its Morningstar category of funds.
1.45 -1.52 0.97 -1.65 1.03 -1.49 0.98 1.47 0.98 1.47 0.97 1.48 0.43 0.39 0.71 0.66 0.77 0.70 15.64 15.50 13.19 13.18 12.19 12.34 1.19 n/a 1.18 n/a 1.18 n/a 99.45 98.59 99.26 97.91 99.18 97.19 1.26 n/a 0.75 n/a 0.73 n/a 103.00 n/a 100.50 n/a 99.77 n/a 96.11 n/a 94.61 n/a 93.33 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2045 Inv (VTIVX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 85 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
55.0% 35.8%
8.7% 0.4% 0.0%
06/07/2006 $22978.6 (Mil) Target-Date 2050 0.15 0.15 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
7.3
5 6
.98
6.6
9.2
3
2.0
9 0
.85
-2.5
3 5
.43
10.
26
8.5
2 5
.01
14.
99
7.3
2 6
.5
5.6
3 1
1.65
10.
13
9.3
8 9
.16
13.
7
9.6
5 8
.81
8.6
7 1
3.53
7.2
2 N
A N
A N
A
-4.0
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2050 Inv Morningstar Category Average
Morningstar Lifetime Mod 2050 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• In the most recent three-month period, the fund returned 7.35%. • Short-term (1-year) return was 10.26%. Higher than the benchmark index. Higher than its Morningstar category average. • Three-year performance was 7.32%. Above the Morningstar category average. Above the benchmark index. • Long-term (5-year) return was 10.13%. Outperformed its Morningstar category average. Outperformed its benchmark index. • In the 2nd quarter of 2020, the fund returned 18.67% - its best in the last 57 quarters. • The fund returned -19.86%, its worst in the past 57 quarters, during Q1 of 2020. • A net expense ratio of 0.15%; below the 0.78% average of its Morningstar category of funds.
1.68 -1.67 1.14 -1.70 1.23 -1.42 0.97 1.48 0.96 1.48 0.96 1.47 0.43 0.38 0.71 0.66 0.77 0.70 15.65 15.70 13.18 13.28 12.19 12.31 1.31 n/a 1.28 n/a 1.29 n/a 99.40 98.26 99.23 97.27 99.10 95.47 1.29 n/a 0.76 n/a 0.76 n/a 102.08 n/a 99.58 n/a 99.25 n/a 94.10 n/a 92.72 n/a 91.74 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2050 Inv (VFIFX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 86 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
54.8% 35.8%
9.0% 0.4% 0.0%
08/18/2010 $12901.1 (Mil) Target-Date 2055 0.15 0.15 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
7.3
8 7
.12
6.6
1 9.2
3
2.0
6 0
.85
-2.6
9 5
.43
10.
25
8.7
3 4
.88
14.
99
7.3
1 6
.61
5.5
1 1
1.65
10.
12
9.5
5 9
.1
13.
7
9.6
8 8
.99
8.5
4 1
3.53
10.
08
NA
NA
NA
-4.0
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2055 Inv Morningstar Category Average
Morningstar Lifetime Mod 2055 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• The fund delivered a return of 7.38% during the most recent three-month period. • Short-term (1-year) return was 10.25%. Outperformed the index. Beat the Morningstar category average. • Medium-term (3-year) return was 7.31%. Outperformed the benchmark index and the Morningstar category average. • Long-term (5-year) return was 10.12%. Outperformed the Morningstar category average and its index. • During the second quarter of 2020, the fund returned 18.64% - its best in the past 10 years. • In Q1 of 2020, the fund returned -19.89% - its worst in the past ten years. • A net expense ratio of 0.15% versus a 0.75% average for its Morningstar category.
1.79 -1.68 1.22 -1.73 1.41 -1.66 0.96 1.51 0.96 1.51 0.95 1.53 0.43 0.38 0.71 0.66 0.77 0.70 15.63 16.00 13.18 13.52 12.17 12.76 1.36 n/a 1.32 n/a 1.37 n/a 99.38 98.57 99.21 97.95 99.03 97.72 1.32 n/a 0.77 n/a 0.83 n/a 101.88 n/a 99.32 n/a 99.24 n/a 93.34 n/a 92.02 n/a 90.69 n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2055 Inv (VFFVX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
Santa Clara Valley Transit Authority Page 87 of 101
Domestic Equities
Foreign
Fixed Income
Cash
Other
54.6% 35.6%
9.3% 0.4% 0.0%
01/19/2012 $6026.58 (Mil) Target-Date 2060+ 0.15 0.15 -- 7.61 William Coleman, Walter Nejman
Commentary and data may reflect extended performance
Large Blend Medium/Moderate
Fund Morningstar Fund Morningstar Fund Morningstar Category Category Category Alpha Beta Sharpe Ratio Standard Deviation Tracking Error R Squared Info Ratio UpMarket Capture Ratio DownMarket Capture Ratio
Ret
urn
(%)
7.3
9 7
.21
6.6
1 9.2
3
2.0
7 0
.66
-2.8
1 5
.43
10.
25
8.6
9 4
.78
14.
99
7.3
1 6
.7
5.3
9 1
1.65
10.
12
9.7
6 9
.03
13.
7
NA
N
A 8
.4
13.
53
9.7
7 N
A N
A N
A
-4.0
.0
4.0
8.0
12.0
16.0
20.0Vanguard Target Retirement 2060 Inv Morningstar Category Average
Morningstar Lifetime Mod 2060 TR USD*
Fund Information Date of Inception: Fund Assets: Morningstar Category: Net Expense Ratio: Gross Expense Ratio: Max. Sales Charge: Manager Tenure: Manager Name:
• During the last three months, the fund's return was 7.39%. • One-year return was 10.25%. Outperformed the Morningstar category average and its benchmark. • Medium-term (3-year) return was 7.31%. Beat the benchmark. Better than its Morningstar category average. • Long-term (5-year) performance was 10.12%. Outperformed the index and the Morningstar category average. • In the 2nd quarter of 2020, the fund returned 18.61% - its best in the last 34 quarters. • The fund returned -19.86%, its worst in the most recent 34 quarters, over Q1 of 2020. • Net expense ratio of 0.15%; lower than the 0.74% average of its Morningstar category.
1.90 -1.62 1.30 -1.51 n/a n/a 0.96 1.52 0.96 1.50 n/a n/a 0.43 0.38 0.71 0.67 n/a n/a 15.63 16.07 13.18 13.46 n/a n/a 1.44 n/a 1.37 n/a n/a n/a 99.31 98.62 99.14 97.95 n/a n/a 1.33 n/a 0.79 n/a n/a n/a 102.12 n/a 99.41 n/a n/a n/a 93.06 n/a 91.73 n/a n/a n/a
Investment % of Total
Fund Commentary
Top 10 Holdings Performance
Asset Allocation Risk Statistics
Vanguard Target Retirement 2060 Inv (VTTSX)Fund Profile For the Period Ending: Sep 30, 2020
No Data Available
EP Indicates Extended Performance YTD 1-Yr 3-Yr 5-Yr 10-Yr Inception 3 Mo
3 Year 5 Year 10 Year
Investment Style: Credit Quality/Interest
Rate Sensitivity:
MSCI US Broad Mar-ket GR USD**
*Morningstar-Assigned Category Benchmark **Prospectus Benchmark (when different from Morningstar Benchmark) For Plan Sponsor Use Only - Not For Use with Plan Participants
Morningstar Rating:
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Section VI: Glossary
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Glossary of Terms
12b-1 The maximum annual charge deducted from fund assets to pay for distribution and marketing costs.
Alpha Alpha is a measure of the difference between a holding’s actual returns and its level of risk as measured by beta. Morningstar bases alpha on a least-squares regression of the holding’s (or hypothetical portfolio’s) excess return over the 90 day Treasury-bill compared with the excess return of the fund’s benchmark index (the S&P 500 for equity and the Lehman Brothers Aggregate Bond index for fixed income). A positive alpha indicates that the fund has performed better than its beta predicts. A negative alpha indicates underperformance given the holding’s beta.
Batting Average
A statistical calculation used to measure an in-vestment manager's ability to meet or beat an index. Batting average is calculated by dividing the number of months (or days, quarters, etc.) in which the manager beats or matches the index by the total time period being referenced and multi-plying that factor by 100.
Balanced / Asset Allocation A mutual fund that has an investment mandate of "balancing" or mixing the investment classes—equities, fixed income and cash—in its portfolio holdings. The appropriate balance is based on the anticipated return and relative risk of each asset category as well as the investor’s personal factors such as risk tolerance, age, current asset allocation and asset level, or according to the fund's investment outlook.
Benchmark Index (abbreviated BM) A benchmark index gives the investor a point of reference for evaluating a fund's performance. A benchmark can be a broad or market-segment of the stock or fixed income markets and is a stati-cally indicator or standard against which the per-formance or value of individual investments can be measured against. (Description of benchmark indices can be found in the Benchmark Definitions section of report)
Beta Beta measures the fund’s market risk. Morning-star calculates beta using the same regression equation as the one used for alpha, which re-gresses excess return for the fund against the benchmark index. The beta of the market is 1.00. Accordingly, a fund with a 1.10 beta is expected to perform 10% better than the market in up markets and 10 % worse in down markets. Conversely, a beta of 0.85 indicates that the fund is expected to perform 15% worse than the market in up markets and 15% better in down markets. Note: A low beta does not imply a low level of volatility; rather, it means that the holding’s market-related risk is low.
Bonds At their most basic, bonds are loans. A bond is a debt instrument with period of greater than one year . The purpose is to raise capital. All bonds require the repayment of the principal (is-sued amount) at a specified date. Most bonds, but not all, require the payment of interest. Unlike equities the bond does not confer ownership rights from the issuer to holder (investor). There are two basic types of bonds: government bonds and corporate bonds. U.S. government bonds (also known as T-bills or Treasuries) are issued and guaranteed by the US government. They usually offer a lower return with low risk. Municipal and state governments also issue
bonds. Corporate bonds are issued by companies and carry a higher degree of risk (should the com-pany default) as well as return.
Interest rate sensitivity and credit risk influence the pricing and performance of bonds and bond funds.
Cash/Cash Equivalent Cash refers to short-term, safe investments that can be converted to cash relatively quickly. Exam-ples include savings accounts, money-market accounts, commercial paper, short-term CDs, Treasury bills, short-term commercial paper and short-term municipal and corporate bonds and notes. Receivables are also considered a cash equivalent. While safe, investments in cash or cash equivalents typically do not earn as much as stocks or bonds. Cash is the most liquid form of an investment. Risks: Returns may barely keep up with inflation, making them poor vehicles for long-term growth.
Category The category or group a fund has been assigned based on what it owns, as well as by its prospec-tus objectives and styles. Also known as peer group. A fund’s category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings. By assigning funds to appropriate buckets for use in grouping similar funds, more appropriate “apples to apples” comparisons can be made.
Closed to All Investment Funds that are accepting no investments whatso-ever, even from current shareholders.
Closed to New Investment If funds are closed to new investments, they are not accepting new shareholder investments. This does not, however, restrict current shareholders from increasing their investment amount.
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Glossary of Terms
Common Stock Securities representing shares of ownership of a corporation (see Stock).
Core Investment Options Your core line-up provides you with a variety of investments from which to choose, ranging in ob-jective from capital preservation to growth. Each of the core investments consists primarily of one of the different building blocks, which are usually referred to as asset classes (equities, bonds and cash equivalents).
Derivatives A financial instrument, traded on or off an ex-change, the price of which is directly dependent upon the value of one or more underlying securi-ties, equity indices, debt instruments, commodi-ties, other derivative instruments, or any agreed upon pricing index or arrangement. Derivatives involve the trading of rights or obligations based on the underlying product but do not directly trans-fer property. They are used to hedge risk or to exchange a floating rate of return for a fixed rate of return. They are often more volatile than other investments and may magnify a fund’s gains or losses.
Diversification Diversification is investing in multiple investments to help limit risk. The concept of “not putting all your eggs into one basket”. Diversification does not ensure a profit nor protect against loss in de-clining markets.
ETF ETF or exchange traded fund describes the broad class of funds, excluding closed-end funds, which trade throughout the day over an exchange. Com-pared to open-end mutual funds, ETFs have lower annual expenses, but they are purchased
like equities - commissions are paid to trade them. ETFs do not need to sell securities (possibly real-izing capital gains) to pay investors who redeem their shares and thus are typically more tax-efficient than mutual funds. ETFs market prices usually closely track their NAVs. Most ETFs are index funds.
Expense Ratio The expense ratio is the annual fee that all funds or ETFs charge their shareholders. It expresses the percentage of assets deducted each fiscal year for fund expenses, including 12b-1 fees, management fees, administrative fees, operating costs, and all other asset-based costs incurred by the fund. Portfolio transaction fees, or brokerage costs, as well as initial or deferred sales charges are not included in the expense ratio. The expense ratio, which is deducted from the fund's average net assets, is accrued on a daily basis. If the fund's assets are small, its expense ratio can be quite high because the fund must meet its ex-penses from a restricted asset base. Conversely, as the net assets of the fund grow, the expense percentage should ideally diminish as expenses are spread across the wider base. Funds may also opt to waive all or a portion of the expenses that make up their overall expense ratio.
Extended Performance Rating Morningstar provides adjusted historical returns and an Extended Performance Rating for some mutual funds in its universe. This means that any share class that doesn't have a 1, 3-, 5-, or 10-year performance history may receive a hypotheti-cal Morningstar Rating based on the oldest surviv-ing share class of the fund. First, Morningstar computes the funds' new return stream by ap-pending an adjusted return history of the oldest share class.
Next, the Extended Performance Rating is deter-mined by comparing the adjusted-historical returns to the current open-end mutual fund universe to identify placement in the bell curve used to assign the Morningstar Rat-ing.
Fiduciary Fiduciary indicates the relationship of trust and confidence where one person (the fiduciary) holds or controls property for the benefit of another per-son, for example, the relationship between a trus-tee and the beneficiaries of the trust. Under ER-ISA, fiduciaries must discharge their duties solely in the interest of the participants and beneficiaries of an employee benefit plan.
Fixed Income Securities/Bonds Fixed income securities/bonds are securities that pay a fixed rate of interest or a fixed dividend. There are many different types of fixed income securities or bonds, including: corporate bonds or notes, mortgage-backed securities, asset-backed securities, convertible securities, government obli-gations, “junk” or below investment grade bonds, investment grade securities, and foreign bond securities. Risks: Return of principal is not guaran-teed. Bond funds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Gener-ally, the value of bond funds rises when prevailing interest rates fall and falls when interest rates rise. There are ongoing fees and expenses associated with owning shares of bond funds. Important note on Junk Bonds: Non-investment grade debt securities, commonly referred to as high-yield or “junk” bonds, may be subject to greater market fluctuations and risk of loss of in-come and principal than securities in higher rating categories.
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Glossary of Terms
Fixed Income Blend
Fixed income securities that are not classified by maturity.
Foreign Equity Securities trading primarily in markets outside the United States that represent equity ownership in a company. Risks: Investments in foreign securities involve special risks, including foreign currency risk and the possibility of substantial volatility due to adverse political, economic or other develop-ments. These risks are magnified for investments made in emerging markets.
Gross Expense Ratio The gross expense ratio is the fund’s expense ratio before taking into account any fee waivers or expense reimbursements.
Growth of 10,000 The Growth of $10,000 graph shows a fund’s per-formance based on how $10,000 invested in the fund would have grown over time. The growth of $10,000 begins at the fund’s inception, or the first year listed on the graph, whichever is appropriate. Located alongside the fund’s graph line are lines that represent the growth of $10,000 in the fund’s category and its market benchmark. The growth is a hypothetical valuation based on the average return for the fund’s Morningstar category over the displayed time periods.
Inception Date The Inception date is the date the fund was formed and became available for sale to investors.
Information Ratio
A measure of the consistency of excess return. This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard devia-tion of excess return (tracking error). The meas-ure relates the magnitude and consistency with which an investment outperformed its benchmark. The higher the information ratio, the better.
Management Fee Taken from the fund's prospectus, this represents the cost of the fund’s manager’s services and other fund administration costs . It is usually rep-resented as a percentage of assets. Although management costs are listed in a fund's prospectus, these are maximum amounts and funds may waive a portion, or possibly all, of those fees. Actual fees thus represent a closer approxi-mation of the true costs to shareholders.
Management Style — Growth vs. Value Growth Funds Growth funds hold stocks of companies that the fund manager believes will have signifi-cantly better revenue and profit growth than the overall market.
Value Funds
Value funds concentrate on stocks of compa-nies that the fund manager believes to be cur-rently undervalued in the markets. The man-agers buy the stock at what they believe to be less than the true value, with the expectation that the price will rise.
Blend Funds Blend funds represent a blend of growth and
value styles.
Manager Tenure This represents the number of years that the current manager has been the portfolio manager of the fund. A fund may be managed by more than one manager. For funds with more than one manager, the average tenure is shown. If the fund designates the manager as a Management Team and does not disclose the names of the portfolio manager or co-portfolio managers to Morningstar, Manager Tenure will appear as a dash for the fund.
Market Capitalization
One way to classify equity funds is by market capi-talization, which is the market value of the company. This is calculated by multiplying the total number of a company’s shares by the current price per share. Generally, market capitalization is associated with the size of the company1.
Large Cap This generally refers to the stock of companies with market capitalizations over $5 billion. These seasoned companies, sometimes re-ferred to as “blue-chips” in the U.S., often have long histories of solid returns. While large cap stocks tend to be relatively stable compared with other stocks, they do carry a degree of risk.
Mid Cap With market capitalizations that generally range between $2 billion and $5 billion, these stocks can be more volatile than large cap stocks, but have the potential for higher relative returns.
1 Please note that the definitions of small, mid, and large cap companies illustrated here are generalizations only, and are subject to change. In addition, individual mutual fund managers may use different definitions for specific funds. You are encouraged to read the prospectus carefully to determine the market capitalization specifications of any individual mutual fund.
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Glossary of Terms
Because mid-capitalization stock prices have experienced a greater degree of market volatility than large-capitalization stock prices, investors should consider the fund for long-term investment and should bear in mind that the higher return potential of mid- capitalization stocks is accompanied by additional business risk, significant stock price fluctuations and illiquidity.
Small Cap
With market capitalizations of less than $2 bil-lion, companies in this category often are new companies with short histories. Because small-capitalization stock prices have experienced a greater degree of market volatility than those of large-capitalization stocks, investors should consider funds that invest in small-cap stocks for long-term investment and should bear in mind that the higher return potential of small-capitalization stocks is accompanied by higher risk.
Maximum Sales Charge The sales charge, or load as it is also called, is a fee the investor may pay when purchasing shares of a mutual fund from a broker as compensation for their advice. The rate varies from fund company to fund company and is detailed in the fund’s prospec-tus. The maximum sales charge is the highest amount that an investor may pay for a particular fund.
Money Market Fund Mutual fund that invests primarily in low-risk, short-term investments such as treasury bills, governmentsecurities, certificates of deposit and other highly liquid, safe securities.
Money Market Securities Securities that seek to maintain a $1 NAV. Howeverthe achievement of that objective cannot be guaran-teed.
Morningstar Rating The Morningstar Risk-Adjusted Rating, commonly referred to as the Star Rating, relates the risk-adjusted performance of a fund to its peers in the category. Morningstar calculates ratings only for categories with at least 20 funds. To determine a fund's rating, the fund and its peers are ranked by their MRARs. If a fund scores in the top 10% of its fund category, it receives five stars (High); if it falls in the next 22.5%, it receives four stars (Above Average); a place in the middle 35% earns a fund three stars (Neutral or Average); those in the next 22.5% receive two stars (Below Average); and the lowest 10% get one star (Low). Morningstar also accounts for instances where a fund is sold in multiple versions, whether multi-class, both trust and segregated, etc. In order to prevent one fund from unfairly taking up many places in a portion of the ratings scale, Morningstar treats multiple ver-sions of a fund as "fractional funds". The multiple versions of a fund are all rated, but they collec-tively count as one and so leave more room for other deserving funds. The overall Star Rating for a fund is a weighted combination of its three, five, and ten year ratings. If a fund has less than three years' performance history, it is not rated. If it has at least three but less than five years' history, its overall rating is equal to its three-year rating. If it has at least five but less than ten years' history, its overall rating is equal to 60% five-year rating and 40% three-year rating. If it has at least ten years' history, its overall rating is equal to 50% ten-year rating, 30% five-year rating and 20% three-year rating. Morningstar Risk-Adjusted Ratings are recalcu-lated monthly.
Net Expense Ratio The net expense ratio is the fund’s expense ratio less any expense waivers or reimbursements pro-vided by the fund’s manager. Because the ex-pense ratio is calculated by dividing the total costs of the fund by its total assets, funds with
relatively small total assets will have higher ex-pense ratios than larger funds. As a result, fund managers will offer expense waivers or reimburse costs to the fund for a predetermined length of time so that the fund is not at a competitive disad-vantage when its expense ratio is compared to its peers.
Non-Core Investment Options Your non-core investment options are intended to provide additional investment flexibility to investorswho desire a wider range of choices. The choices also range in asset classes allowing more oppor-tunity for diversification.
Non-Diversified Funds Some funds are non-diversified, which means that they may invest more of their assets in fewer companies than if they were diversified funds. By concentrating in a smaller number of investments, the fund’s risk is increased because each invest-ment has a greater effect on the fund’s perform-ance.
Peers in the Category (See Morningstar Rating)
Percentile/Percentile Rank A percentile is a value on a scale of one hundred that indicates the percent of a distribution that is equal to or below it. So if we calculate a 50th percentile, 50% of the time the returns are below that resulting value and 50% of the time they are above that value. A 50th percentile is the same as a "median." An average, or "mean," is similar but a weighted result.
Plan Watch List Funds can be placed on the plan’s watch list at the discretion of the plan advisor usually for failing to meet or adhere to the Investment Policy State-ment of the plan.
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Glossary of Terms
Standard Deviation A statistical measure of the range of performance within which the total returns have fallen. The standard deviation shown in this report is an an-nualized statistic based on returns over the past 36 months. When a fund has a high deviation figure, the range of performance is very wide, indi-cating a greater potential for volatility. Approxi-mately 68% of the time, the fund’s total return will be within plus or minus one deviation from the fund’s 3-year return. Also, 95% of the time the fund’s total return will be within plus or minus two times the standard deviation (sometimes de-scribed as being within “two standard deviations”) from the average return. Standard deviation is also a component in the Sharpe Ratio, which as-sesses risk-adjusted performance.
Stocks (Equities) Stocks, or “equities,” are essentially ownership shares in a company. The more shares you own, the greater your stake in that company.
Risks: While stocks generally provide the most growth potential, they tend to experience greater volatility in price. For this reason, stocks are gen-erally considered to be riskier investments. If you choose to invest in stocks, be sure you under-stand and are willing to accept these risks, includ-ing a possible loss of principal.
Style The description of the type of approach and strat-egy utilized by an investment manager to manage funds. The style is determined by, as an example for equities, portfolio characteristics such as: market capitalization of issues, price to earnings ratio and dividend yield. Some equity styles in-clude Growth, Value, Yield, Core and Small Cap.
Prospectus The fund’s written statement, generally issued on an annual basis. In this statement the fund sets forth its proposed purposes and goals, and other facts (e.g., history and investment objective) that an investor should know in order to make an in-formed decision. Information pertaining to man-agement fees and other charges and expenses are in the prospectus.
R-Squared The percentage of a fund’s movements that are explained by movements in its benchmark index. An R-Squared of 100 means that all movements of a fund are explained by movements in its benchmark index. Index funds often will have an R-Squared very close to 100.
Real Estate Funds Because these funds concentrate their invest-ments in securities of companies operating in the real estate industry, they are susceptible to the risks associated with the real estate industry. These include: fluctuations in the value of underly-ing properties; defaults by borrowers or tenants; market saturation; property taxes; capital expendi-tures or operating expenses; and other economic, political, or regulatory occurrences affecting the real estate industry.
Redemption Fee The redemption fee is an amount charged when money is withdrawn from a fund. This fee does not go back into the pockets of the fund company but rather into the fund itself and does not represent a net cost to shareholders. Also, unlike contingent deferred sales charges, redemption fees typically operate only in short, specific time periods, commonly 30, 180, or 365 days. However, some redemption fees exist for up to five years. Charges are not imposed after the
stated time has passed. These fees are typically imposed to discourage market-timers, whose quick movements into and out of funds can be disruptive. The charge is normally imposed on the ending share value, appreciated or depreciated from the original value.
Sector Funds
A distinct subset of a market, society, industry, or economy, whose components share similar char-acteristics. Stocks are often grouped into different sectors depending upon the company's business. Risks: Runds that emphasize certain market sec-tors are subject to additional risks and may be more volatile than an investment with greater di-versification.
Sharpe Ratio A risk-adjusted measure developed by Nobel Lau-reate William Sharpe. It is calculated by using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe Ratio, the better the fund’s historical risk-adjusted performance. The Sharpe Ratio is calculated for the past 36-month period by dividing a fund’s an-nualized excess return by the standard deviation of the fund’s annualized excess returns.
Specialty / Other The "Specialty/Other" category includes sector, industry-based and other non-diversified funds.
Stable Value Fund A unique asset class offering defined contribution plan participants intermediate term returns and liquidity (subject to plan rules) with low market value risk. This is typically accomplished through a wrap contract or investment contract that guaran-tees the payment of plan-related benefits at book value (cost plus accrued interest) which enables the entire investment to be carried at its book value.
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Glossary of Terms
Style Drift The propensity of some mutual funds to migrate from one Morningstar classification to another. Style drift happens when an active manager drifts from a specific style, asset class, or index that is described as the fund’s investment purpose.
Target Date Funds An investment in a target date fund is subject to the risks attendant to the underlying funds in which it invests. A target date fund is geared to investors who will retire and/or require income at an approximate year. The fund is managed to meet the investor's goals by the pre-established year or "target date"; hence, the name target date fund. A target date fund will transition its invested assets from a more aggressive portfolio to a more conservative portfolio as the target date draws closer. An investment in the Target Retirement Fund is not guaranteed at any time, including, before or after the target date is reached.
Technology Funds Technology securities in general tend to be rela-tively volatile as compared with other types of in-vestments. While volatility may create investment opportunities, it does entail risk. Funds that invest exclusively in one sector of the economy carry additional risk resulting from lack of industry diver-sification. The fund should not be considered as a balanced investment program.
Top 10 Holdings The ten largest investments in the entire fund’s portfolio.
Tracking Error Tracking Error measures how closely a fund man-ager follows a benchmark index. It is measured as the standard deviation of the difference be-tween the manager’s return and the benchmark return.
Treynor Ratio (or Index) Similar to Sharpe Ratio, the Treynor Ratio is a measurement of efficiency utilizing the relationship between annualized risk-adjusted return and risk. It is a measure of a portfolio's excess return per unit of risk. Unlike Sharpe Ratio, the Treynor Ra-tio utilizes "market" risk (beta) instead of total risk (standard deviation). Good performance effi-ciency is measured by a high ratio risk premium earned per unit of risk taken.
Turnover Ratio A measure of the fund's trading activity, which is computed by taking the lesser of purchases or sales and dividing by average monthly net assets. Securities with maturities of less than one year are excluded. The figure is gathered from the financial highlights of the fund's annual report A low turnover figure (20% to 30%) generally in-dicate a buy-and-hold strategy. Higher turnover (more than 100%) would indicate an more active investment strategy involving considerable buying and selling of securities.
Upside and Downside Capture Ratio A statistical measure used to demonstrate whether a given fund has outperformed or under-performed more than-a broad market benchmark during periods of market strength and weakness. Upside capture ratios for funds are calculated by taking the fund's monthly return during months when the benchmark had a positive return and dividing it by the benchmark return during that same month. Downside capture ratios are calcu-lated by taking the fund's monthly return during the periods of negative benchmark performance and dividing it by the benchmark return.
An upside capture ratio over 100 indicates a fund has generally outperformed the benchmark during periods of positive returns for the benchmark. A downside capture ratio of less than 100 indicates that a fund has lost less than its benchmark in periods when the benchmark has been in the red. If a fund generates positive returns, however, while the benchmark declines, the fund’s down-side capture ratio will be negative (meaning it has moved in the opposite direction of the bench-mark).
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Section VII: Disclosure
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As of September 30, 2020 Disclosure
Primary Risk Disclosure The funds that are available in this Plan may have primary risks that are specifically associated with the individual funds. Those risks are detailed below and on the fol-lowing pages. The primary risks associated with each individual fund are shown by identifying number on the page that summarizes investment performance. Invest-ments in mutual funds may lose value and prices can fluctuate over time. Market Risk - Common stock prices can fluctuate over a wide range in the short term or over extended periods of time. These price fluctuations may result from factors affecting individual companies, industries, or the securities market as a whole. There is no guarantee that the stock market or that the stock that the Fund holds will increase in value. Small and Mid-Cap Asset Class Risk - The small or medium capitalization companies the Fund invests in may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, these companies may have limited product lines, markets and financial resources, and may depend upon a relatively small man-agement group. Therefore, these stocks may be more volatile than those of larger companies. Value-Oriented Investment Style Risk - The Advisor's approach may be out of favor at times, causing the Fund to under-perform funds that also seek capital appreciation but use different approaches to the stock selection and portfolio construction process. Specifically, the out-of-favor and undervalued companies the Fund invests in may be more vulnerable to negative investor sentiment or adverse business or economic events than more growth-oriented companies. Growth-Oriented Investment Style Risk - A principal risk of growth stocks is that investors expect growth companies to increase their earnings at a certain rate that is generally higher than the rate expected for non-growth companies. If a growth company does not meet these expectations, the price of its stock may decline significantly, even if it has in-creased earnings. Growth companies also typically do not pay dividends. Companies that pay dividends often have lesser stock price declines during market downturns. Foreign Securities - Foreign investments involve additional risks including currency rate fluctuations, political and economic instability, differences in financial reporting standards, less stringent regulation of securities markets, regional risk—which is the chance that an entire region—for example, the European or Pacific region—will be hurt by political up-heaval, financial troubles, or natural disasters, currency riskThis is a risk that fluctuations in the exchange rates between the U.S. Dollar and foreign (non-U.S.) currencies may negatively affect the value of a Fund’s investments or reduce the returns of a Fund. Some foreign markets are considered emerging markets. Investment in these emerging markets subjects a Fund to a greater risk of loss than investments in a developed market. Sovereign Debt - The Fund invests in sovereign debt securities. These investments are subject to the risk that a governmental entity may delay or refuse to pay interest or repay principal on its sovereign debt, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of the governmental entity’s debt position in relation to the economy or the failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. Interest Rate Risk - The Fund is subject to the risk that the market value of the bonds it holds will decline due to rising interest rates. When interest rates rise, the prices of most bonds go down. The price of a bond is also affected by its maturity. Bonds with longer maturities generally have greater sensitivity to changes in interest rates. Falling interest rates will cause the Fund's income to decline if the Fund reinvests its assets at the lower rate. Income risk is generally higher for short term bonds. Credit Risk - Individual issues of fixed-income securities may be subject to the credit risk of the issuer. This means that the underlying company may experience unanticipated fi-nancial problems causing it to be unable to meet its payment obligations. Credit risk is particularly significant for debt securities that are rated below investment grade. These debt securities are predominantly speculative with respect to the issuer's continuing ability to pay interest or principal. Lower grade securities have less liquidity and higher incidence of default than higher grade securities. Maturity Risk - Generally, fixed income securities will decrease in value if interest rates rise and will increase if interest rates decline. Longer-term securities are generally more volatile, so the average maturity or duration of these securities affects risk.
Santa Clara Valley Transit Authority Page 97 of 101
As of September 30, 2020 Disclosure
Government Obligations Risk - No assurance can be given, with respect to fund investments in securities issued by the U.S. Government, its agencies and instrumentalities, that the U.S. government will provide financial support, where it is not obligated to do so. Prepayment and Extension Risk - The Fund's investments in asset- and mortgage-backed securities are subject to the risk that the principal amount of the underlying collateral may be repaid prior to the bond's maturity date. If this occurs, no additional interest will be paid on the investment and the Fund may have to invest at a lower rate. Conversely, when interest rates rise, certain types of mortgage- and asset-backed securities are subject to extension risk, which is the risk that these securities will be paid off more slowly than originally anticipated and their value will decrease as the average life of the bond and interest rates increase. Non-Diversification Risk - As a non-diversified mutual fund, the Fund is able to take larger positions in a smaller number of companies than a diversified fund. Sector Risk - The Fund's investment in any given sector exposes the Fund to that sector's risks. The Fund's performance could be negatively affected if it invests heavily in a sector that performs poorly. A sector's performance, over any period of time, may be quite different from that of the overall market. Certain sectors, such as technology or real estate, can be highly volatile. Bonds of certain sectors have special risks associated with them, as well. Derivatives Risk - Each Fund may invest in stock index futures contracts and other derivatives. Compared to conventional securities, derivatives can be more sensitive to changes in interest rates or to sudden fluctuations in market prices and thus a Fund's losses may be greater if it invests in derivatives than if it invests only in conventional securities. Short Selling Risk - The Fund's use of short sales involves additional investment risks and transaction costs. While short sales can be used to further the Fund's investment objec-tive, under certain market conditions they can increase the volatility of the Fund and may lower the Fund's return or result in losses, which potentially may be unlimited. Borrowing Risk - The Fund's borrowing may increase the Fund's volatility, and interest and other borrowing costs may exceed the gain on securities purchased with borrowed funds. Opportunity Cost Risk - Fund may have a large cash or cash equivalent position, so it may not do as well as if it were fully invested. Risks of Investing in a Managed Fund - The advisor's judgment about the attractiveness, value and potential appreciation of particular companies' stocks prove to be incorrect. Passive Investment Risk - The Funds are not actively managed. Each Fund may be affected by a general decline in the U.S. or foreign market segments relating to its Underlying Index. Each Fund invests in the securities included in, or representative of, its Underlying Index regardless of their investment merit. If the fund is meant to track an index, the fund may be subject to tracking error risk. The Portfolio may have operating expenses, custody and other expenses that reduce the Portfolio’s total return. Market Trading Risks: Absence of Prior Active Market - Although shares of the Fund described in the prospectus are listed for trading on national securities exchanges and cer-tain foreign exchanges, there can be no assurance that an active trading market for such shares will develop or be maintained. Market Liquidity Risk - Secondary market trading in Fund shares may be halted by a national securities exchange because of market conditions or for other reasons. There can be no assurance that the requirements necessary to maintain the listing of the shares of any Fund will continue to be met or will remain unchanged. Securities Lending Risk - The Fund may lend its portfolio securities to broker-dealers and banks. In the event of bankruptcy or other default of the borrower, the Fund could ex-perience both delays in liquidating the loan collateral or recovering the loaned securities and losses, including (a) possible decline in the value of the collateral or in the value of the securities loaned during the period while the Fund seeks to enforce its rights thereto, (b) possible subnormal levels of income and lack of access to income during this period, and (c) expenses of enforcing its rights. In an effort to reduce these risks, the investment adviser will monitor the creditworthiness of the firms to which the Fund lends securities.
Santa Clara Valley Transit Authority Page 98 of 101
As of September 30, 2020 Disclosure
Real Estate Investment Trusts (‘‘REITs’’) - REITs are entities which either own properties or make construction or mortgage loans. REITs also may include operating or finance companies. Investing in REITs involves certain unique risks in addition to those risks associated with the real estate industry in general. The prices of REITs are affected by chang-es in the value of the underlying property owned by the REITs. In addition, although the Fund does not invest directly in real estate, a REIT investment by the Fund is subject to certain of the risks associated with the ownership of real estate. These risks include possible declines in the value of real estate, risks related to general and local economic condi-tions, possible lack of availability of mortgage funds and changes in interest rates. Commodity Risk - Commodities are assets that have tangible properties, such as oil, metals, and agricultural products. The value of commodities or commodity-linked derivative instruments may be affected by overall market movements and other factors affecting the value of a particular industry or commodity, such as weather, disease, embargoes, or political and regulatory developments. Risks Associated with Investing in Other Investment Companies - The Fund may invest in shares of other investment companies as a means to pursue its investment objec-tives. As a result, your cost of investing in the Fund may be substantially higher than the cost of investing directly in the Underlying Fund shares. You will indirectly bear fees and expenses charged by the Underlying Funds in addition to the Fund’s direct fees and expenses. Furthermore, the strategy of investing in Underlying Funds could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. In addition, certain prohibitions on the acquisition of mutual fund shares by the Fund may prevent the Fund from allocating its investments in the manner the Adviser considers optimal. Investment Management Risk: When the Fund invests in Underlying Funds there is a risk that the investment advisers of those Underlying Funds may make investment decisions that are detrimental to the performance of the Fund. Un-derlying Fund Strategies: When the Fund invests in Underlying Funds that use margin, leverage, short sales and other forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other funds. Special Situation Risk - Special situations often involve much greater risk than is found in the normal course of investing. Liquidations, reorganizations, recapitalizations, material litigation, technological breakthroughs and new management or policy may not have the effect on a company's price that the Fund's subadviser expects, which could negatively impact the fund. Risk Arbitrage Securities and Distressed Companies - A merger or other restructuring, a tender or exchange offer, proposed or pending at the time a fund invests in Risk Arbi-trage Securities may not be completed on the terms or within the time frame contemplated, resulting in losses to the fund. Securities of Distressed Companies are generally more likely to become worthless than the securities of more financially stable companies. Portfolio Turnover - The fund may engage in active and frequent trading of portfolio securities. A higher turnover rate increases transaction costs and as a result may adversely impact the fund’s performance. Allocation Risk - The funds are subject to the risk that the allocation strategy will not meet their retirement goals. For investors who are close to, or in retirement, each fund’s eq-uity exposure may result in investment volatility that could reduce an investor’s available retirement assets at a time when the investor has a need to withdraw funds. For investors who are farther from retirement, there is a risk that a fund’s allocation may over-emphasize investments designed to ensure capital conservation and current income, which may prevent the investor from achieving his or her retirement goals. Exchange Traded Fund (ETF) Risk - ETFs are investment companies that are bought and sold on a securities exchange. When the Fund invests in an ETF, it will bear additional expenses based on its pro rata share of the ETF’s operating expenses. The risk of owning an ETF generally reflects the risks of owning the underlying securities the ETF is de-signed to track. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities. In addition, because of ETF expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF.
Santa Clara Valley Transit Authority Page 99 of 101
As of September 30, 2020 Disclosure Swap Agreements-Swap agreements involve the risk that the party with whom the Fund has entered into the swap will default on its obligation to pay the Fund and the risk that the Fund will not be able to meet its obligations to pay the other party to the agreement. Credit Default Swaps Risk-Credit default swaps involve special risks in addition to those mentioned above because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). “When Issued” and Delayed Delivery Securities and Forward Commitments-The Fund may purchase or sell securities that it is entitled to receive on a when-issued ba-sis.“When issued” and delayed delivery securities and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. Standby Commitment Agreements-Standby commitment agreements commit the Fund, for a stated period of time, to purchase a stated amount of securities that may be issued and sold to the Fund at the option of the issuer. Standby commitment agreements involve the risk that the security the Fund buys will lose value prior to its delivery to the Fund and will no longer be worth what the Fund has agreed to pay for it. These agreements also involve the risk that if the security goes up in value, the counterparty will decide not to issue the security. Repurchase Agreements, Purchase and Sale Contracts-Under a repurchase agreement, the seller agrees to repurchase a security at a mutually agreed-upon time and price. Purchase and sale contracts provide that the purchaser receives any interest on the security paid during the period. If the other party to a purchase and sale contract defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the secu-rity in either situation and the market value of the security declines, the Fund may lose money. Rights and Warrants-The Fund may purchase securities pursuant to the exercise of subscription rights, which allow an issuer’s existing shareholders to purchase additional common stock at a price substantially below the market price of the shares. The failure to exercise such rights would result in the dilution of the Fund’s interest in the issuing com-pany. The market for such rights is not well developed, and, accordingly, the Fund may not always realize full value on the sale of rights. A warrant gives the Fund the right to buy stock. A warrant has value only if the Fund is able to exercise it or sell it before it expires. If the price of the underlying stock does not rise above the exercise price before the war-rant expires, the warrant generally expires without any value and the Fund loses any amount it paid for the warrant. Thus, investments in warrants may involve substantially more risk than investments in common stock. Inflation-Indexed Security-An Inflation-Indexed Security provides principal and interest payments that are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the general price level for goods and services. The Fund is subject to income fluctuations. The Fund’s quarterly income distributions are likely to fluctuate considerably more than the income distributions of a typical bond fund. Income fluctuations associated with changes in interest rates are expected to be low; however income fluctuations resulting from changes in inflation are expected to be high. Overall, investors can expect income fluctuations to be high for the Fund. Convertible Securities Risk-Because convertible securities can be converted into common stock, their value normally will vary in some proportion with those of the underlying common stock. Due to the conversion feature, convertible securities generally yield less than non-convertible fixed income securities of similar credit quality and maturity. When conversion is not at the option of the holder, a Fund may be required to convert the security into the underlying common stock even at times when the value of the underlying common stock has declined substantially or it would otherwise be disadvantageous to do so. Preferred Stock Risk-Preferred stock maybe more volatile and riskier than other forms of investment. If interest rates rise, the dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions or call/redemption provisions that can negatively affect its value when interest rates decline. In addition, in the event of liquidation of a corporation’s assets, the rights of preferred stock generally are subordinate to the rights associated with a corpora-tion’s debt securities.
Santa Clara Valley Transit Authority Page 100 of 101
As of September 30, 2020 Disclosure
Ticker Telephone
Pre-Inception Returns
The Inception date listed is that of the investment represented by the investment profile. Performance shown subsequent to the inception date is the actual performance of the investment. Other share classes of the investment itself or its underlying investment (depending upon the investment) may have existed longer, which may account for any pre-inception performance shown. If pre-inception performance is shown, it is generally the performance of an older share class of the investment itself or its underlying investment (depending upon the investment) adjusted for fees and expenses of the newer share class. However, if using the expenses of the newer share class rather than the expenses of the older share class (due to lower expenses of the newer share class) would result in better performance, then pre-inception performance represents that of the older share class without any expense adjustment. The fees and expenses are referenced in the report.
While the inclusion of pre-inception data may provide valuable insight into the probable long-term behavior of newer share classes of an investment, investors should be aware that an adjusted historical return can only provide an approximation of that behavior. For example, the fee structure between a retail share class will vary from that of an institu-tional share class, as retail share classes tend to have higher operating expenses and sales charges. These adjusted historical returns are not actual returns. Calculation meth-odologies utilized by Morningstar may differ from those applied by other entities, including the investment itself. This report and commentary provided by UpTick Data Technologies. Mutual Fund Performance Data ©2020 Morningstar, Inc. All Rights Reserved. The mutual fund performance information contained herein: (1) is pro-prietary to Morningstar and/or its content providers; (2) may not be copied or distributed to plan participants; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this informa-tion. Fund performance and risk statistics displayed in Italics indicate Extended Performance. Extended Performance is an estimate based on the performance of the fund's oldest share class, adjusted for fees. Numerical Extended Performance data appears on the Performance, Calendar Year Performance and Risk Measure pages in italics. Morningstar Ratings that are based on extended performance returns appear as grayed out stars. Data points that may be calculated with extended performance data include trailing returns, annual returns, Morningstar Ratings, standard deviation, mean, and Sharpe ratio. PlanXtra is a registered trade mark of UpTick Data Technologies. Report and Commentary ©2020 UpTick Data Technologies. All Rights Reserved.
Date produced: 10/14/2020 12:17:12 PM
Santa Clara Valley Transit Authority Page 101 of 101
AGENDA ITEM #9
ITEM DISTRIBUTED UNDER SEPARATE COVER
RECORDKEEPER CONTRACT
(CHAVEZ)
AGENDA ITEM #10
A Changes to the Vantagepoint PLUS Fund's Transfer Restrictions V/\NTAGEPOINT Questions and Answers
What ore the Vontogepoint PLUS Fund (PLUS Fund) competing fund transfer restrictions? The PLUS Fund does not permit direct transfers to competing funds. In order to transfer money from the PLUS Fund to a
competing fund, you must first transfer the amount to a non
competing fund for a period of at least 90 calendar days.
More information on competing funds is provided later in this
Q&A, and in the PLUS Fund's disclosure materials, which are
available when clients log in at lmps://www.icmarc.o rg/logi n. Institutional investors can find the PLUS Fund's disclosure
materials at www.vanragepoinrfunds.org.
Why is the PLUS Fund transfer restriction requirement necessary? Fund transfer restrictions are required by the financial institutions
that provide the wrap contracts held by the PLUS Fund.
More information about the PLUS Fund's use of wrap contracts
can be found in the Funds' Disclosure Memorandum, which is
available on the PLUS Fund's online profile when clients log in at hrrps://www.icmarc.org/login. Institutional investors can find
the Disclosure Memorandum on the PLUS Fund's web profile at
www. v~ nragepo i 11 rfu nds.org.
What is changing? Self-directed brokerage accounts will be removed from
the PLUS Fund's list of investment options considered to
be competing funds. The list will also be revised to reflect
a lower duration threshold of two years instead of three years for certain investment options. These changes expand
the flexibility of investors in the PLUS Fund by providing
additional options to directly transfer from the PLUS Fund.
Why ore these changes being made? We negotiated these changes to provide investors with greater
investment flexibility to meet their retirement objectives. These
changes reflect our commitment to helping investors build
retirement security.
What is duration? Duration is a measure of how sensitive an investment portfolio's
market value is to marker interest-rate changes. The duration of a portfolio is rhe weighted average duration of all fixed income
securities in the portfolio. A portfolio with a two-year duration
is generally less sensitive to changes in market interest-rate changes than is a portfolio with a three-year duration.
When are the changes effective? These changes are effective for transactions initiated afi:er the close of trading on September 30, 2020.
Will investor trodes initiated before September 30 be affected by these changes? No.
After this change what investment options ore still considered competing? Please refer to the PLUS Fund's fact sheer or online profile for the most up-to-date information on competing funds.
Competing funds will include, but will not be limited to, the following types of investment options:
1. Cash funds (like the VT Cash Management Fund),
money market mutual funds, bank collective shortterm investment funds, bank accounts or certificates of deposit, stable value funds or substantially similar
investment options that offer guarantees of principal or income, such as guaranteed annuity contracts or similar
arrangements with financial institutions.
2. Short-term bond funds that invest in fixed income securities and seek to maintain or have an average portfolio duration of less than two years.
3. Any investment option that invests 80% or more of its assets in (i) fixed income securities or funds with a duration of less than two years or (ii) instruments that
seek to provide capital preservation such as stable value funds, bank certificates of deposit, or bank accounts, and cash or cash equivalents.
Whether or not a particular fund is a competing fund will be determined at the sole discretion of the PLUS Fund's investment adviser in consultation with the stable value
contract issuers on a case-by-case basis.
Do these changes affect third-part stable value funds other than the PLUS Fund? No. The financial institutions managing those third-party funds control the definition of competing funds that apply to their respective stable value funds.
ICMA RETIREMENT CORPORATION I 777 NORTH CAPITOL STREET, NE I WASHINGTON, DC 20002-4240 TEL: 202-962-4600 I FAX: 202-962-4601 I TOLL FREE: 800-669-7400 I WWW.ICMARC.ORG I WWW.VANTAGEPOINTFUNDS.ORG
Important Disclosures
This information is for informational purposes only and is not intended as a solicitation nor does it constitute investment, tax or legal advice. Reference to the PLUS Fund is not a recommendation to buy, sell, or hold the Fund. Neither ICMA Retirement Corporation (JCMA-RC) nor its subsidiaries are responsible for any investment action taken as a result of this information or the interpretation of this information.
7he PLUS Fund is an investment option ofVantageTrust, a group trust established and maintained by Vantage Trust Company, LLC, a whol!J owned subsidiary of ICMA-RC. Vantage Trust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust and is only available for investment by such eligible trusts and plans. 7he PLUS Fund is not a mutual fund. Its units are not deposits of Vant.age Trust Company and are not insured by the Federal Deposit Insurance Corporation or any other agency. 7he PLUS Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under the Investment Company Act of 1940. For additional information regarding the PL US Fund, including a description of the principal risks, please consult the VantageTrust Funds Disclosure Memorandum, which is available when plan administration clients log in at www.icmarc.org, at www.vantagepointfunds.orgfor institutions, or upon request by calling 800-669-7400.
Before investing in the PLUS Fund, you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is no guarantee that the PLUS Fund will meet its investment objective and you can lose money.
Vantagepoint Investment Advisors, LLC (VIA), a wholly owned subsidiary of ICMA-RC, provides investment advisory and management services to VTC with respect to the PLUS Fund. Please see VIA s Form ADV, available at www.adviserinfo.sec.gov, for more information.
2
(C) Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. Page 1EZLink is an electronic, Internet-based administrative tool offered by ICMA-RC to assist our clients with their retirement plan administration.To the extent EZLink and other electronic Internet-basedproducts and services offered by ICMA-RC are accessed and utilized by the client or client's employees and personnel, ICMA-RC bears no responsibility or liability for such use by those individualsaccessing non-public personal information and failing to protect such information as required by law.
EZLinkFund Balances
Name ADMIN ALLOWANCE ACCOUNT
Plan 304872 (457) SANTA CLARA VTA DEF COMP
Account Balance by Fund (as of 09/30/2020)Fund Name Shares Share Price QTD Balance Total %
Fidelity Money Market GovtPortfolio IIIVT Cash Management
104,693.8648 $1.034271 0.0% $108,281.83 100.0%
Total $108,281.83 100.0%
NOTE: Due to rounding, percentages may not add to 100%
Page 1 of 5 © Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. 304872
Fund PerformanceSANTA CLARA VTA DEF COMPMonthly Report as of 09/30/2020
Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year.Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance,participants or plan sponsors in an ICMA-RC administered account can log in at www.icmarc.org, or institutions can go to www.vantagepointfunds.org.
Stable Value/Cash
ManagementFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Vantagepoint PLUS Fund R10A, B, C, D, E 7071 0.17% 0.54% 1.70% 2.31% 2.32% 2.20% 2.36% - Oct 2013 0.53% 0.53%
Fund Closed to New InvestorsVT Cash ManagementB, D, E, F
0256 0.00% 0.00% 0.25% 0.60% 1.24% 0.81% 0.40% - Mar 1999 0.44% 0.44%
BondFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Dodge & Cox IncomeG, H, I, II 4581 (0.30%) 1.48% 6.80% 7.70% 5.49% 5.22% 4.41% 6.72% Jan 1989 0.42% 0.42%
PIMCO Income InstitutionalG, H, I, II 1582 0.09% 3.01% 1.28% 3.84% 3.63% 5.49% 7.03% 7.87% Mar 2007 1.09% 1.09%
AM Beacon SiM High Yield OppsG, H, I, II, III, J 4339 (0.36%) 6.30% (0.98%) 1.19% 3.72% 5.89% - 6.15% Feb 2011 0.83% 0.84%
Guaranteed Lifetime IncomeFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
RatioFund Closed to New InvestorsVT Retirement IncomeAdvantageB, D, E, K
8077 (2.18%) 5.12% 3.86% 9.31% 6.12% 7.25% 6.62% - Aug 2010 1.68% 1.68%
Balanced/Asset AllocationFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Vanguard Target Retire IncomeG, I, II, L 5500 (0.74%) 3.12% 4.63% 7.35% 5.79% 6.03% 5.60% 5.41% Oct 2003 0.12% 0.12%
Monthly Report as of 09/30/2020
Page 2 of 5 © Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. 304872
Balanced/Asset AllocationFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Vanguard Target Retire 2015G, I, II, L 5503 (0.81%) 3.53% 4.35% 7.68% 6.09% 7.04% 7.04% 6.24% Oct 2003 0.13% 0.13%
Vanguard Target Retire 2020G, I, II, L 5504 (1.31%) 4.48% 3.87% 8.51% 6.54% 7.96% 7.81% 6.41% Jun 2006 0.13% 0.13%
Vanguard Target Retire 2025G, I, II, L 5505 (1.58%) 5.17% 3.63% 9.04% 6.89% 8.60% 8.38% 6.88% Oct 2003 0.13% 0.13%
Vanguard Target Retire 2030G, I, II, L 5506 (1.85%) 5.70% 3.24% 9.38% 7.04% 9.07% 8.84% 6.77% Jun 2006 0.14% 0.14%
Vanguard Target Retire 2035G, I, II, L 5507 (2.11%) 6.29% 2.84% 9.71% 7.16% 9.53% 9.29% 7.46% Oct 2003 0.14% 0.14%
Vanguard Target Retire 2040G, I, II, L 5508 (2.36%) 6.80% 2.40% 9.96% 7.27% 9.97% 9.58% 7.14% Jun 2006 0.14% 0.14%
Vanguard Target Retire 2045G, I, II, L 5509 (2.63%) 7.36% 2.11% 10.27% 7.32% 10.13% 9.66% 7.86% Oct 2003 0.15% 0.15%
Vanguard Target Retire 2050G, I, II, L 5510 (2.61%) 7.35% 2.09% 10.26% 7.32% 10.13% 9.65% 7.22% Jun 2006 0.15% 0.15%
Vanguard Target Retire 2055G, I, II, L 5511 (2.61%) 7.38% 2.06% 10.25% 7.31% 10.12% 9.68% 10.08% Aug 2010 0.15% 0.15%
Vanguard Target Retire 2060G, I, II, L 5512 (2.60%) 7.39% 2.07% 10.25% 7.31% 10.12% - 9.77% Jan 2012 0.15% 0.15%
U.S. StockFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Vanguard Equity Income AdmiralG, I, II, M 5403 (1.92%) 5.15% (8.85%) (2.77%) 4.66% 9.45% 11.39% 7.47% Aug 2001 0.18% 0.18%
Vanguard Institutional IndexG, I, II 5425 (3.80%) 8.92% 5.57% 15.13% 12.25% 14.12% 13.71% 10.01% Jul 1990 0.035% 0.035%
T Rowe Price® Large-Cap GrowthG, I, II, M, N 5298 (4.73%) 11.46% 23.45% 35.80% 21.09% 20.61% 18.09% 11.71% Oct 2001 0.56% 0.56%
Vanguard Extended Market IndexG, I, II, O 5419 (3.02%) 9.87% 3.76% 12.99% 8.08% 11.26% 12.12% 8.69% Jul 1997 0.05% 0.05%
DFA US Targeted Value InstlG, I, II, M, P 4570 (4.55%) 4.02% (21.84%)(15.13%) (5.81%) 2.55% 7.31% 9.00% Feb 2000 0.36% 0.36%
Calamos Timpani Small Cap Gr IG, I, II, III, M, P 1648 (0.54%) 10.51% 27.71% 37.54% 18.40% 15.28% - 13.65% Mar 2011 1.14% 1.05%
International/Global StockFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
American Beacon Intl EquityG, I, II, M, Q 4336 (4.22%) 3.48% (16.31%) (8.75%) (4.38%) 1.43% 3.08% 6.18% Aug 1991 0.73% 0.73%
Vanguard Total Intl Stock IdxG, I, II, Q 5460 (1.91%) 6.48% (4.80%) 3.82% 1.28% 6.33% - 4.31% Nov 2010 0.08% 0.08%
Hartford International Opp HLSG, I, II, Q 4858 (1.53%) 9.06% 2.67% 12.08% 3.01% 6.65% 5.86% 6.01% Jul 1990 0.74% 0.74%
SpecialtyFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Cohen & Steers Realty SharesG, I, II, III, R 4503 (1.77%) 2.82% (10.54%)(10.34%) 5.46% 6.80% 9.22% 11.09% Jul 1991 0.96% 0.89%
Monthly Report as of 09/30/2020
Page 3 of 5 © Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. 304872
SpecialtyFund Name
FundCode
CurrentMonth
09/30/2020
Prior QTREnded
09/30/2020 YTD1
Year3
Year5
Year10
YearSince
InceptionInception
Date
GrossExpense
Ratio
NetExpense
Ratio
Principal Diversifed Real AsstG, I, II, III, Q 1526 (1.97%) 4.80% (6.19%) (1.90%) 0.67% 2.81% - 0.30% Dec 2014 0.84% 0.78%
GENERAL Disclosures
Investment options listed were available at the time this information was generated and can change overtime. Investment option performance is available the 5th business dayafter month end and benchmark/peer group performance is available on the 10th business day after quarter end. Information prior to those time periods may be incomplete.Please refer to http://www.icmarc.org/for-individuals/plansmart/glossary.html for a glossary of investment and fee related terms.
INVESTMENT OPTION Disclosures
A. ICMA-RC and your employer may negotiate a different fund management or service fee for your Plan that would lower the total expense ratio. The performance and totalexpense ratio shown do not reflect any such alternative fee arrangements.
B. Before investing in the Fund you should carefully consider your investment goals, tolerance for risk, investment time horizon, and personal circumstances. There is noguarantee that the Fund will meet its investment objective and you can lose money.
C. Performance information for this class prior to its inception date is the performance of the Fund adjusted to reflect the estimated fees and expenses of this class.
D. The Fund is an investment option of VantageTrust, a group trust established and maintained by VantageTrust Company, LLC, a wholly owned subsidiary of ICMA-RC.VantageTrust provides for the commingling of assets of certain trusts and plans as described in its Declaration of Trust, and is only available for investment by such eligibletrusts and plans. The Fund is not a mutual fund. Its units are not deposits of VantageTrust Company and are not insured by the Federal Deposit Insurance Corporationor any other agency. The Fund is a security that has not been registered under the Securities Act of 1933 and is exempt from investment company registration under theInvestment Company Act of 1940. For additional information regarding the Fund, including a description of the principal risks, please consult the VantageTrust FundsDisclosure Memorandum, which is available when plan administration clients log in at www.icmarc.org, at www.vantagepointfunds.org for institutions, or upon request bycalling 800-669-7400.
E. When Funds are marketed to institutional clients by our Defined Contribution Investment Only (DCIO) team, the Funds are offered by ICMA-RC Services, LLC (RC Services),an SEC registered broker-dealer and FINRA member firm. RC Services is a wholly-owned subsidiary of ICMA-RC and is an affiliate of VantageTrust Company, LLC andVantagepoint Investment Advisers, LLC.
F. The Fund is invested in a single registered mutual fund, the Fidelity Money Market Government Portfolio. Investments in the fund are not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. It is possible to lose money by investing in the fund.
G. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2020 All rightsreserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registeredtrademark of Morningstar, Inc.
Monthly Report as of 09/30/2020
Page 4 of 5 © Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. 304872
H. A fixed income fund is subject to credit risk and interest rate risk. Credit risk is when an issuer of a fixed income security may be unable or unwilling to make payments ofprincipal or interest to the holders of these securities or may declare bankruptcy. Fixed income securities fluctuate in value as interest rates change. When interest rates rise,the market prices of fixed income securities will usually decrease; when interest rates fall, the market prices of fixed income securities usually will increase.
I. Please read the fund's prospectus or disclosure materials carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financialhighlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information containedin the prospectus or disclosure materials before investing. To request a prospectus or disclosure materials, you may contact us by calling 800-669-7400, or log in atwww.icmarc.org.
J. Funds that invest primarily in high yield bonds (bonds that are rated below investment grade and also known as "junk bonds") are subject to additional risk as these high yieldbonds are considered speculative and involve a greater risk of default than "investment grade" securities. The values of these securities are particularly sensitive to changesin interest rates, issuer creditworthiness, and economic and political conditions. The market prices of these securities may decline significantly in periods of general economicdifficulty, may be harder to value, and may be less liquid than higher rated securities.
K. Prudential Retirement Insurance and Annuity Company (Prudential), CA COA #08003, Hartford, CT. Neither Prudential nor ICMA-RC guarantees the investment performanceor return on contributions to Prudential's Separate Account. You should carefully consider the objectives, risks, charges, expenses and underlying guarantee features beforepurchasing this product. Prudential may increase the Guarantee Fee in the future, from 1.00% up to a maximum of 1.50%. Like all variable investments, this Fund may losevalue. Availability and terms may vary by jurisdiction; subject to regulatory approvals. Annuity contracts contain exclusions, limitations, reductions of benefits and termsfor keeping them in force. Guarantees are based on Prudential's claims-paying ability. This annuity is issued under Contract form # GA-2020-TGWB4-0805-RC. ICMA-RCprovides recordkeeping services to your Plan and is the investment manager of the underlying Prudential separate account. Prudential or its affiliates may compensateICMA-RC for providing these and related administrative services in connection with the Fund. Variable annuities are suitable for long-term investing, particularly retirementsavings. ©2020 Prudential, the Prudential logo, and the Rock symbol and Bring Your Challenges are service marks of the Prudential Insurance Company of America, Newark,NJ, and its related entities, registered in many jurisdictions worldwide. Note: Participants who are interested in the VT Retirement IncomeAdvantage Fund must first receiveand read the VT Retirement IncomeAdvantage Fund Important Considerations document, before investing.
L. The Fund is not a complete solution for all of your retirement savings needs. An investment in the Fund includes the risk of loss, including near, at or after the target date ofthe Fund. There is no guarantee that the Fund will provide adequate income at and through an investor's retirement.
M. Certain funds may be subject to style risk, which is the possibility that the investment style of its investment adviser will trail the returns of the overall market. In the past,different types of securities have experienced cycles of outperformance and underperformance in comparison to the market in general. For example, growth stocks haveperformed best during the later stages of economic expansion and value stocks have performed best during periods of economic recovery. Both styles may go in and out offavor. When the investing style used by a fund is out of favor, that fund is likely to underperform other funds that use investing styles that are in favor.
N. T. Rowe Price® is a registered trademark of T. Rowe Price Group, Inc. - all rights reserved.
O. Funds that invest primarily in mid-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies. Equitysecurities of mid-capitalization companies generally trade in lower volume and are generally subject to greater and less predictable price changes than the securities of largercompanies.
P. Funds that invest primarily in small-capitalization companies involve greater risk than is customarily associated with investments in larger, more established companies.Equity securities of small-capitalization companies are generally subject to greater price volatility than those of larger companies due to less certain growth prospects, thelower degree of liquidity in the markets for their securities, and the greater sensitivity of smaller companies to changing economic conditions. Also, small-capitalizationcompanies may have more limited product lines, fewer capital resources and less experienced management than larger companies.
Monthly Report as of 09/30/2020
Page 5 of 5 © Copyright 1996-2020 ICMA Retirement Corporation. All Rights Reserved. 304872
Q. Funds that invest in foreign securities are exposed to the risk of loss due to political, economic, legal, regulatory, and operational uncertainties; differing accountingand financial reporting standards; limited availability of information; currency fluctuations; and higher transaction costs. Investments in foreign currencies or securitiesdenominated in foreign currencies (including derivative instruments that provide exposure to foreign currencies) may experience gains or losses solely based on changes inthe exchange rate between foreign currencies and the U.S. dollar. The risk of investing in foreign securities may be greater with respect to securities of companies located inemerging market countries. The value of developing or emerging market currencies may fluctuate more than the currencies of companies with more mature markets.
R. Sector funds tend to be riskier and more volatile than the broad market because they are generally less diversified and more volatile than other mutual funds.
EXPENSE Disclosures
II. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2020 All rightsreserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate,complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registeredtrademark of Morningstar, Inc.
III. Differences between the net and gross expense ratios of a fund are typically due to fee waivers, expense reimbursements, and/or expense limits.
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 1 of 22
SUE CABRERASANTA CLARA VTA DEF COMPHUMAN RESOURCES DEPT3331 N. FIRST STREET, BLDG. B-1SAN JOSE CA 95134-1927
Return Mail Processing OnlyPO BOX 669South Windsor, CT 06074-0669
Review Your ICMA-RC Plan Contact InformationPlease review and update plan contacts online by logging inat www.icmarc.org/login. Select a plan from the "Plans"menu at the top of the page, then scroll down and click "ViewAll Contacts." Review and make any necessary updates.Please also review the plan contacts on each plan. Use theplan selector at the top left of the page to change plans.
July 1, 2020 - September 30, 2020
Total Plan Assets $289,086,276.79
If You Need Assistance
Call Your Client Services Team 800-326-7272Automated Access 24 hours/7 daysWebsite www.icmarc.org
Plan DataPlan Name SANTA CLARA VTA DEF COMPPlan Number 304872
If any of your data is incorrect, please contact Client Services sothat we can update your records.
Please review your statement carefully. If you believe there is an error, please notify ICMA-RC at 800-326-7272within 90 days of quarter end.
Account SummaryThis Period Year-to-Date
Beginning Balance $274,626,891.01 $287,615,691.03Contributions/Other Credits $4,383,184.34 $13,251,260.60Distributions/Other Debits -$9,069,165.84 -$27,010,265.81Fees -$48,458.96 -$148,890.50Gain/Loss $15,121,028.90 $11,305,684.13Ending Balance $285,013,479.45 $285,013,479.45
Outstanding Loan Balance $4,072,797.34Total Plan Assets $289,086,276.79
Total plan assets includes fund and active loan balances.
Asset AllocationAssetCategory
Percentageof Assets
Balance
Stable Value/Cash Management 30% $86,382,309.16Bond 5% $14,643,126.23Guaranteed Lifetime Income 0% $1,262,618.11Balanced/Asset Allocation 16% $44,554,781.83U.S. Stock 38% $107,930,038.67International/Global Stock 6% $16,032,776.34Specialty 5% $14,207,829.11Total Assets 100% $285,013,479.45
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
-------
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 2 of 22
July 1, 2020 - September 30, 2020
304872
0Q
Allocation Summary by Fund
InvestmentPercent
of AssetsUnits/Shares
Unit/ShareValue
EndingBalance
Stable Value/Cash Management
Vantagepoint PLUS Fund R10 30% 32,197,039.3408 $2.679564 $86,274,027.33VT Cash Management 0% 104,693.8648 $1.034271 $108,281.83
Bond
Dodge & Cox Income 4% 857,913.0446 $14.66 $12,577,005.14PIMCO Income Institutional 0% 120,207.8199 $11.71 $1,407,633.62AM Beacon SiM High Yield Opps 0% 73,409.9720 $8.97 $658,487.47
Guaranteed Lifetime Income
VT Retirement IncomeAdvantage 0% 63,431.8514 $19.905112 $1,262,618.11
Balanced/Asset Allocation
Vanguard Target Retire Income 2% 374,721.1523 $14.54 $5,448,445.53Vanguard Target Retire 2015 1% 105,841.1302 $15.84 $1,676,523.51Vanguard Target Retire 2020 4% 311,066.0639 $33.79 $10,510,922.28Vanguard Target Retire 2025 2% 230,862.0563 $20.56 $4,746,523.82Vanguard Target Retire 2030 3% 256,133.5835 $37.63 $9,638,306.79Vanguard Target Retire 2035 1% 100,081.9161 $23.16 $2,317,897.10Vanguard Target Retire 2040 1% 71,900.2540 $40.07 $2,881,043.23Vanguard Target Retire 2045 1% 88,041.0506 $25.22 $2,220,395.34Vanguard Target Retire 2050 2% 105,708.2055 $40.60 $4,291,753.11Vanguard Target Retire 2055 0% 13,302.4207 $44.08 $586,370.79Vanguard Target Retire 2060 0% 6,074.4627 $38.95 $236,600.33
U.S. Stock
Vanguard Equity Income Admiral 3% 127,106.5930 $70.73 $8,990,249.42Vanguard Institutional Index 15% 145,145.1759 $299.91 $43,530,490.23T Rowe Price Large-Cap Growth 13% 677,470.5123 $54.38 $36,840,846.61Vanguard Extended Market Index 5% 138,797.1450 $98.36 $13,652,087.26DFA US Targeted Value Instl 1% 133,389.4388 $17.88 $2,385,003.19Calamos Timpani Small Cap Gr I 1% 85,954.5663 $29.45 $2,531,361.96
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 3 of 22
July 1, 2020 - September 30, 2020
0Q
Allocation Summary by Fund (continued)
InvestmentPercent
of AssetsUnits/Shares
Unit/ShareValue
EndingBalance
International/Global Stock
American Beacon Intl Equity 0% 34,166.6711 $15.45 $527,875.06Vanguard Total Intl Stock Idx 5% 123,288.6338 $112.13 $13,824,354.68Hartford International Opp HLS 1% 100,691.8321 $16.69 $1,680,546.60
Specialty
Cohen & Steers Realty Shares 1% 48,802.1938 $56.70 $2,767,084.45VantageBroker 4% N/A N/A $10,662,775.99Principal Diversifed Real Asst 0% 71,242.5488 $10.92 $777,968.67
Total 100% $285,013,479.45
Activity Summary by Fund
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
Stable Value/Cash ManagementVantagepoint PLUS Fund R10 $87,245,231.25 $994,987.79 -$3,375,725.46 $948,612.38 -$9,506.69 $470,428.06 $86,274,027.33VT Cash Management $97,969.21 $10,279.52 $0.00 $0.00 $0.00 $33.10 $108,281.83
BondDodge & Cox Income $11,721,384.29 $185,665.87 -$538,373.10 $1,039,485.39 -$5,328.71 $174,171.40 $12,577,005.14PIMCO Income Institutional $1,365,428.10 $16,369.45 -$16,062.25 $1,365.97 -$127.52 $40,659.87 $1,407,633.62AM Beacon SiM High Yield Opps $464,640.80 $7,055.38 -$14,570.74 $168,482.92 -$97.62 $32,976.73 $658,487.47
Guaranteed Lifetime IncomeVT Retirement IncomeAdvantage $1,225,556.43 $0.00 -$8,091.84 -$17,498.00 -$10.00 $62,661.52 $1,262,618.11
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 4 of 22
July 1, 2020 - September 30, 2020
0Q
Activity Summary by Fund (continued)
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
Balanced/Asset AllocationVanguard Target Retire Income $5,195,484.70 $50,113.32 -$96,835.91 $136,521.42 -$470.05 $163,632.05 $5,448,445.53Vanguard Target Retire 2015 $1,691,389.31 $23,681.74 -$82,211.76 -$14,822.60 -$143.95 $58,630.77 $1,676,523.51Vanguard Target Retire 2020 $10,333,208.35 $151,479.23 -$126,920.52 -$309,601.03 -$933.23 $463,689.48 $10,510,922.28Vanguard Target Retire 2025 $4,293,069.22 $176,979.99 -$517.91 $53,985.32 -$617.14 $223,624.34 $4,746,523.82Vanguard Target Retire 2030 $9,385,486.77 $234,404.25 -$305,492.07 -$210,828.04 -$1,263.88 $535,999.76 $9,638,306.79Vanguard Target Retire 2035 $2,110,717.29 $96,158.37 -$64,471.07 $41,435.45 -$725.76 $134,782.82 $2,317,897.10Vanguard Target Retire 2040 $2,716,196.91 $132,573.98 -$154,527.24 $1,578.59 -$1,089.99 $186,310.98 $2,881,043.23Vanguard Target Retire 2045 $2,126,176.10 $159,544.23 -$202,026.32 -$18,066.03 -$1,333.32 $156,100.68 $2,220,395.34Vanguard Target Retire 2050 $4,161,214.02 $174,782.36 -$325,150.38 -$23,640.24 -$1,544.97 $306,092.32 $4,291,753.11Vanguard Target Retire 2055 $570,194.96 $69,988.77 -$111,322.28 $15,535.37 -$676.71 $42,650.68 $586,370.79Vanguard Target Retire 2060 $209,588.56 $30,768.58 -$16,665.16 -$2,100.00 -$358.53 $15,366.88 $236,600.33
U.S. StockVanguard Equity Income Admiral $9,824,588.65 $169,229.37 -$373,117.47 -$1,127,331.29 -$3,420.14 $500,300.30 $8,990,249.42Vanguard Institutional Index $40,069,917.63 $641,159.36 -$1,268,644.48 $543,444.94 -$5,787.03 $3,550,399.81 $43,530,490.23T Rowe Price Large-Cap Growth $33,316,122.77 $348,305.80 -$542,870.24 -$94,021.25 -$2,629.64 $3,815,939.17 $36,840,846.61Vanguard Extended Market Index $13,096,072.71 $244,232.24 -$517,364.92 -$425,526.78 -$3,921.36 $1,258,595.37 $13,652,087.26DFA US Targeted Value Instl $1,999,422.42 $37,000.78 -$31,410.41 $307,633.53 -$359.29 $72,716.16 $2,385,003.19Calamos Timpani Small Cap Gr I $2,385,272.84 $49,512.24 -$58,364.61 -$98,525.64 -$215.59 $253,682.72 $2,531,361.96
International/Global StockAmerican Beacon Intl Equity $622,247.65 $9,974.60 -$11,150.06 -$115,543.18 -$73.66 $22,419.71 $527,875.06Vanguard Total Intl Stock Idx $14,300,292.58 $264,200.00 -$603,782.01 -$1,072,932.53 -$5,593.76 $942,170.40 $13,824,354.68Hartford International Opp HLS $1,315,828.10 $40,232.30 -$104,531.05 $310,137.26 -$1,086.68 $119,966.67 $1,680,546.60
SpecialtyCohen & Steers Realty Shares $3,100,447.48 $51,627.30 -$101,278.03 -$371,718.61 -$1,089.66 $89,095.97 $2,767,084.45VantageBroker (1) $8,931,702.50 $0.00 $0.00 $339,393.12 $0.00 $1,391,680.37 $10,662,775.99Principal Diversifed Real Asst $752,039.41 $12,877.52 -$17,688.55 -$5,456.44 -$54.08 $36,250.81 $777,968.67
Total Account $274,626,891.01 $4,383,184.34 -$9,069,165.84 $0.00 -$48,458.96 $15,121,028.90 $285,013,479.45
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 5 of 22
July 1, 2020 - September 30, 2020
0Q
Activity Summary by Fund (continued)
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
(1) Note: Your brokerage account balance reflects account activity through the second to last business day of the quarter. For quarter-end information, please review yourbrokerage account statement or contact TD Ameritrade.
Activity DetailContributions/Other Credits Distributions/Other Debits
Contributions $3,954,415.66 Distributions -$8,093,919.27Roll-Ins $175,973.96 Loan Issuances -$490,146.05Loan Repays (Princ. + Int.) $241,267.60 Misc. Debits -$485,100.52Misc. Credits $11,527.12
Total $4,383,184.34 Total -$9,069,165.84
Account Balance by Source
Pre-Tax $234,581,336.26
Roth $6,174,115.16
Total Employer/Employee $240,755,451.42
Pre-Tax $44,232,817.35
Roth $25,210.68
Total Rollover $44,258,028.03
Ending Balance $285,013,479.45
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 1 of 22
SUE CABRERASANTA CLARA VTA DEF COMPHUMAN RESOURCES DEPT3331 N. FIRST STREET, BLDG. B-1SAN JOSE CA 95134-1927
Return Mail Processing OnlyPO BOX 669South Windsor, CT 06074-0669
Review Your ICMA-RC Plan Contact InformationPlease review and update plan contacts online by logging inat www.icmarc.org/login. Select a plan from the "Plans"menu at the top of the page, then scroll down and click "ViewAll Contacts." Review and make any necessary updates.Please also review the plan contacts on each plan. Use theplan selector at the top left of the page to change plans.
July 1, 2020 - September 30, 2020
Total Plan Assets $289,086,276.79
If You Need Assistance
Call Your Client Services Team 800-326-7272Automated Access 24 hours/7 daysWebsite www.icmarc.org
Plan DataPlan Name SANTA CLARA VTA DEF COMPPlan Number 304872
If any of your data is incorrect, please contact Client Services sothat we can update your records.
Please review your statement carefully. If you believe there is an error, please notify ICMA-RC at 800-326-7272within 90 days of quarter end.
Account SummaryThis Period Year-to-Date
Beginning Balance $274,626,891.01 $287,615,691.03Contributions/Other Credits $4,383,184.34 $13,251,260.60Distributions/Other Debits -$9,069,165.84 -$27,010,265.81Fees -$48,458.96 -$148,890.50Gain/Loss $15,121,028.90 $11,305,684.13Ending Balance $285,013,479.45 $285,013,479.45
Outstanding Loan Balance $4,072,797.34Total Plan Assets $289,086,276.79
Total plan assets includes fund and active loan balances.
Asset AllocationAssetCategory
Percentageof Assets
Balance
Stable Value/Cash Management 30% $86,382,309.16Bond 5% $14,643,126.23Guaranteed Lifetime Income 0% $1,262,618.11Balanced/Asset Allocation 16% $44,554,781.83U.S. Stock 38% $107,930,038.67International/Global Stock 6% $16,032,776.34Specialty 5% $14,207,829.11Total Assets 100% $285,013,479.45
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
-------
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 2 of 22
July 1, 2020 - September 30, 2020
304872
0Q
Allocation Summary by Fund
InvestmentPercent
of AssetsUnits/Shares
Unit/ShareValue
EndingBalance
Stable Value/Cash Management
Vantagepoint PLUS Fund R10 30% 32,197,039.3408 $2.679564 $86,274,027.33VT Cash Management 0% 104,693.8648 $1.034271 $108,281.83
Bond
Dodge & Cox Income 4% 857,913.0446 $14.66 $12,577,005.14PIMCO Income Institutional 0% 120,207.8199 $11.71 $1,407,633.62AM Beacon SiM High Yield Opps 0% 73,409.9720 $8.97 $658,487.47
Guaranteed Lifetime Income
VT Retirement IncomeAdvantage 0% 63,431.8514 $19.905112 $1,262,618.11
Balanced/Asset Allocation
Vanguard Target Retire Income 2% 374,721.1523 $14.54 $5,448,445.53Vanguard Target Retire 2015 1% 105,841.1302 $15.84 $1,676,523.51Vanguard Target Retire 2020 4% 311,066.0639 $33.79 $10,510,922.28Vanguard Target Retire 2025 2% 230,862.0563 $20.56 $4,746,523.82Vanguard Target Retire 2030 3% 256,133.5835 $37.63 $9,638,306.79Vanguard Target Retire 2035 1% 100,081.9161 $23.16 $2,317,897.10Vanguard Target Retire 2040 1% 71,900.2540 $40.07 $2,881,043.23Vanguard Target Retire 2045 1% 88,041.0506 $25.22 $2,220,395.34Vanguard Target Retire 2050 2% 105,708.2055 $40.60 $4,291,753.11Vanguard Target Retire 2055 0% 13,302.4207 $44.08 $586,370.79Vanguard Target Retire 2060 0% 6,074.4627 $38.95 $236,600.33
U.S. Stock
Vanguard Equity Income Admiral 3% 127,106.5930 $70.73 $8,990,249.42Vanguard Institutional Index 15% 145,145.1759 $299.91 $43,530,490.23T Rowe Price Large-Cap Growth 13% 677,470.5123 $54.38 $36,840,846.61Vanguard Extended Market Index 5% 138,797.1450 $98.36 $13,652,087.26DFA US Targeted Value Instl 1% 133,389.4388 $17.88 $2,385,003.19Calamos Timpani Small Cap Gr I 1% 85,954.5663 $29.45 $2,531,361.96
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 3 of 22
July 1, 2020 - September 30, 2020
0Q
Allocation Summary by Fund (continued)
InvestmentPercent
of AssetsUnits/Shares
Unit/ShareValue
EndingBalance
International/Global Stock
American Beacon Intl Equity 0% 34,166.6711 $15.45 $527,875.06Vanguard Total Intl Stock Idx 5% 123,288.6338 $112.13 $13,824,354.68Hartford International Opp HLS 1% 100,691.8321 $16.69 $1,680,546.60
Specialty
Cohen & Steers Realty Shares 1% 48,802.1938 $56.70 $2,767,084.45VantageBroker 4% N/A N/A $10,662,775.99Principal Diversifed Real Asst 0% 71,242.5488 $10.92 $777,968.67
Total 100% $285,013,479.45
Activity Summary by Fund
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
Stable Value/Cash ManagementVantagepoint PLUS Fund R10 $87,245,231.25 $994,987.79 -$3,375,725.46 $948,612.38 -$9,506.69 $470,428.06 $86,274,027.33VT Cash Management $97,969.21 $10,279.52 $0.00 $0.00 $0.00 $33.10 $108,281.83
BondDodge & Cox Income $11,721,384.29 $185,665.87 -$538,373.10 $1,039,485.39 -$5,328.71 $174,171.40 $12,577,005.14PIMCO Income Institutional $1,365,428.10 $16,369.45 -$16,062.25 $1,365.97 -$127.52 $40,659.87 $1,407,633.62AM Beacon SiM High Yield Opps $464,640.80 $7,055.38 -$14,570.74 $168,482.92 -$97.62 $32,976.73 $658,487.47
Guaranteed Lifetime IncomeVT Retirement IncomeAdvantage $1,225,556.43 $0.00 -$8,091.84 -$17,498.00 -$10.00 $62,661.52 $1,262,618.11
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 4 of 22
July 1, 2020 - September 30, 2020
0Q
Activity Summary by Fund (continued)
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
Balanced/Asset AllocationVanguard Target Retire Income $5,195,484.70 $50,113.32 -$96,835.91 $136,521.42 -$470.05 $163,632.05 $5,448,445.53Vanguard Target Retire 2015 $1,691,389.31 $23,681.74 -$82,211.76 -$14,822.60 -$143.95 $58,630.77 $1,676,523.51Vanguard Target Retire 2020 $10,333,208.35 $151,479.23 -$126,920.52 -$309,601.03 -$933.23 $463,689.48 $10,510,922.28Vanguard Target Retire 2025 $4,293,069.22 $176,979.99 -$517.91 $53,985.32 -$617.14 $223,624.34 $4,746,523.82Vanguard Target Retire 2030 $9,385,486.77 $234,404.25 -$305,492.07 -$210,828.04 -$1,263.88 $535,999.76 $9,638,306.79Vanguard Target Retire 2035 $2,110,717.29 $96,158.37 -$64,471.07 $41,435.45 -$725.76 $134,782.82 $2,317,897.10Vanguard Target Retire 2040 $2,716,196.91 $132,573.98 -$154,527.24 $1,578.59 -$1,089.99 $186,310.98 $2,881,043.23Vanguard Target Retire 2045 $2,126,176.10 $159,544.23 -$202,026.32 -$18,066.03 -$1,333.32 $156,100.68 $2,220,395.34Vanguard Target Retire 2050 $4,161,214.02 $174,782.36 -$325,150.38 -$23,640.24 -$1,544.97 $306,092.32 $4,291,753.11Vanguard Target Retire 2055 $570,194.96 $69,988.77 -$111,322.28 $15,535.37 -$676.71 $42,650.68 $586,370.79Vanguard Target Retire 2060 $209,588.56 $30,768.58 -$16,665.16 -$2,100.00 -$358.53 $15,366.88 $236,600.33
U.S. StockVanguard Equity Income Admiral $9,824,588.65 $169,229.37 -$373,117.47 -$1,127,331.29 -$3,420.14 $500,300.30 $8,990,249.42Vanguard Institutional Index $40,069,917.63 $641,159.36 -$1,268,644.48 $543,444.94 -$5,787.03 $3,550,399.81 $43,530,490.23T Rowe Price Large-Cap Growth $33,316,122.77 $348,305.80 -$542,870.24 -$94,021.25 -$2,629.64 $3,815,939.17 $36,840,846.61Vanguard Extended Market Index $13,096,072.71 $244,232.24 -$517,364.92 -$425,526.78 -$3,921.36 $1,258,595.37 $13,652,087.26DFA US Targeted Value Instl $1,999,422.42 $37,000.78 -$31,410.41 $307,633.53 -$359.29 $72,716.16 $2,385,003.19Calamos Timpani Small Cap Gr I $2,385,272.84 $49,512.24 -$58,364.61 -$98,525.64 -$215.59 $253,682.72 $2,531,361.96
International/Global StockAmerican Beacon Intl Equity $622,247.65 $9,974.60 -$11,150.06 -$115,543.18 -$73.66 $22,419.71 $527,875.06Vanguard Total Intl Stock Idx $14,300,292.58 $264,200.00 -$603,782.01 -$1,072,932.53 -$5,593.76 $942,170.40 $13,824,354.68Hartford International Opp HLS $1,315,828.10 $40,232.30 -$104,531.05 $310,137.26 -$1,086.68 $119,966.67 $1,680,546.60
SpecialtyCohen & Steers Realty Shares $3,100,447.48 $51,627.30 -$101,278.03 -$371,718.61 -$1,089.66 $89,095.97 $2,767,084.45VantageBroker (1) $8,931,702.50 $0.00 $0.00 $339,393.12 $0.00 $1,391,680.37 $10,662,775.99Principal Diversifed Real Asst $752,039.41 $12,877.52 -$17,688.55 -$5,456.44 -$54.08 $36,250.81 $777,968.67
Total Account $274,626,891.01 $4,383,184.34 -$9,069,165.84 $0.00 -$48,458.96 $15,121,028.90 $285,013,479.45
Quarterly Financial Report forYour 457 Deferred Compensation Plan
Page 5 of 22
July 1, 2020 - September 30, 2020
0Q
Activity Summary by Fund (continued)
InvestmentBeginning
BalanceContributions/
Other CreditsDistributions/
Other Debits Transfers Fees Gain/LossEnding
Balance
(1) Note: Your brokerage account balance reflects account activity through the second to last business day of the quarter. For quarter-end information, please review yourbrokerage account statement or contact TD Ameritrade.
Activity DetailContributions/Other Credits Distributions/Other Debits
Contributions $3,954,415.66 Distributions -$8,093,919.27Roll-Ins $175,973.96 Loan Issuances -$490,146.05Loan Repays (Princ. + Int.) $241,267.60 Misc. Debits -$485,100.52Misc. Credits $11,527.12
Total $4,383,184.34 Total -$9,069,165.84
Account Balance by Source
Pre-Tax $234,581,336.26
Roth $6,174,115.16
Total Employer/Employee $240,755,451.42
Pre-Tax $44,232,817.35
Roth $25,210.68
Total Rollover $44,258,028.03
Ending Balance $285,013,479.45
BUILDING PUBLIC SECTOR RETIREMENT SECURITY
AGENDA ITEM #lld
dic EMPLOYER BULLETIN IIIIIDING PUBllC SECTOR V Pl Ad . . t t· 1muMENr mumv ,our on m1ms ra 10n esource
- - -
September 2020 View the newsletter onl1ne
October is National Retirement Security Month (NRSM). Visit W\:YW,cetirementmonth.org to see how we are highlighting resources to help participants focus on saving for their future.
Enhanced Employer Support tor Paperless Enrollments and Deferrals
Learn about additional online enrollment support to assist you and your employees.
Coming Soon: Paperless IRA Enrollment Experience
A new paperless IRA enrollment experience for employees is coming soon.
Access Paperless Enrollment Webinar Resources
Explore the ease and benefits of paperless enrollment with easily accessible online resources.
I
Planned Enhancements for ICMA-RC Clients
Watch the video message from ICMA-RC CEO and President Lynne
Ford and learn about ICMA-RC's new strategic partnership to advance
the next generation of our recordkeeping, digital, and operational technologies.
Investing Snapshot: COVID-19 and Market Volatility
With the pandemic still in effect, ICMA-RC continues to provide updates and resources on the financial markets.
VantagePoints Rewards Program to Discontinue in Early 2021
Communications regarding the discontinuation and points redemption
have been provided to affected program participants.
EZLink Tip of the Month : Securely Sending Documents
Do you know that you can securely send documents to ICMA-RC via
EZLink?
Plan Administration Highlights
Below are tips and reminders to help you with plan administration within EZLink. If you need assistance while using EZLink, please contact our Plan Sponsor
Services team. We'll be glad to help.
Participant Withdrawal Forms There are times when you may need to find a withdrawal, enrollment, or contribution form for participants of the plan. To obtain the forms section:
• From My Dashboard, click View Account next to the selected plan.
• At the top right of the screen, click Forms & Publication; then click
View/Request Brochures Roll/Disburse.
You may download the forms and email them to yourself or others.
Mark Your Calendar
Plan ahead for upcoming events and holidays.
AGENDA ITEM #11e
VTA Service Statistics
Third Quarter of 2020
TOTAL
Total Number of Employee Calls/emails (no virtual) 236
Total Number of Employees Seen Virtually 68
New Enrollments 8
Increase in Deferrals 38
Coronavirus-related Distribution and/or Loan 213 covid/14 loan
VTA DEFERRED COMPENSATION PLAN
TOTAL PARTICIPANTS AND BALANCE IN EACH FUND
AS OF 9/30/2020
AGENDA ITEM #12a
FUND FUND NAME PARTICIPANTS8/31/20
BALANCE% of Total PARTICIPANTS
9/30/20
BALANCE% of Total
CHANGE IN
PARTICIPANTS
CHANGE IN
DOLLARS
7071 Vantagepoint PLUS Fund 1249 $86,771,701.84 29.6% 1244 $86,274,027.33 30.3% -5 -$497,675
5425 Vanguard Institutional Index 979 $45,023,779.40 15.4% 983 $43,530,490.23 15.3% 4 -$1,493,289
5298 T Rowe Price® Instl Lrg-Cap Gr 676 $38,764,041.98 13.2% 678 $36,840,846.61 12.9% 2 -$1,923,195
5460 Vanguard Total Intl Stock Idx 639 $14,629,418.66 5.0% 634 $13,824,354.68 4.9% -5 -$805,064
5419 Vanguard Extended Market Index 609 $14,205,479.16 4.9% 609 $13,652,087.26 4.8% 0 -$553,392
4581 Dodge & Cox Income 413 $12,450,684.08 4.3% 419 $12,577,005.14 4.4% 6 $126,321
405 TD Ameritrade 84 $11,058,697.01 3.8% 87 $10,662,775.99 3.7% 3 -$395,921
5504 Vanguard Target Retire 2020 198 $10,709,353.23 3.7% 194 $10,510,922.28 3.7% -4 -$198,431
5506 Vanguard Target Retire 2030 177 $10,062,083.47 3.4% 174 $9,638,306.79 3.4% -3 -$423,777
5403 Vanguard Equity Income Admiral 490 $9,645,071.37 3.3% 487 $8,990,249.42 3.2% -3 -$654,822
5500 Vanguard Target Retire Income 81 $5,546,897.78 1.9% 82 $5,448,445.53 1.9% 1 -$98,452
5505 Vanguard Target Retire 2025 87 $4,722,153.08 1.6% 87 $4,746,523.82 1.7% 0 $24,371
5510 Vanguard Target Retire 2050 179 $4,524,987.39 1.5% 181 $4,291,753.11 1.5% 2 -$233,234
5508 Vanguard Target Retire 2040 122 $3,013,078.29 1.0% 123 $2,881,043.23 1.0% 1 -$132,035
4503 Cohen & Steers Realty Shares 398 $2,998,463.86 1.0% 397 $2,767,084.45 1.0% -1 -$231,379
1648 Calamos Timpani Small Cap Gr I 98 $2,655,159.06 0.9% 100 $2,531,361.96 0.9% 2 -$123,797
4570 DFA US Targeted Value 265 $2,349,319.32 0.8% 297 $2,385,003.19 0.8% 32 $35,684
5509 Vanguard Target Retire 2045 149 $2,329,495.42 0.8% 145 $2,220,395.34 0.8% -4 -$109,100
5507 Vanguard Target Retire 2035 88 $2,320,762.48 0.8% 90 $2,317,897.10 0.8% 2 -$2,865
5503 Vanguard Target Retire 2015 24 $1,691,509.86 0.6% 24 $1,676,523.51 0.6% 0 -$14,986
4858 Hartford International Opp HLS 235 $1,593,808.67 0.5% 248 $1,680,546.60 0.6% 13 $86,738
1582 PIMCO Income Admin 49 $1,408,304.71 0.5% 48 $1,407,633.62 0.5% -1 -$671
8077 VT Retirement IncomeAdvantage 5 $1,293,489.08 0.4% 5 $1,262,618.11 0.4% 0 -$30,871
1526 Principal Diversifed Real Asst 52 $795,409.84 0.3% 52 $777,968.67 0.3% 0 -$17,441
4339 AM Beacon SiM High Yield Opps 32 $648,214.70 0.2% 35 $658,487.47 0.2% 3 $10,273
5511 Vanguard Target Retire 2055 78 $618,196.39 0.2% 81 $586,370.79 0.2% 3 -$31,826
4336 American Beacon Intl Equity 56 $575,954.00 0.2% 56 $527,875.06 0.2% 0 -$48,079
5512 Vanguard Target Retire 2060 43 $238,535.79 0.1% 43 $236,600.33 0.1% 0 -$1,935
256 VT Cash Management 1 $108,275.57 0.0% 1 $108,281.83 0.0% 0 $6
T O T A L $292,752,325.49 100.0% $285,013,479.45 100.0% -$7,738,846
ITEM #12b
DATE
RECEIVED
APPLICATIONS
PENDING
APPLICATIONS
GRANTED
APPLICATIONS
DENIED
APPLICATIONS
CANCELLED
June-19 0 0 0 0
July-19 0 1 1 0
August-19 0 1 0 0
September-19 0 1 0 0
October-19 0 2 0 0
November-19 0 2 0 0
December-19 0 0 0 0
January-20 0 1 0 0
February-20 0 0 1 0
March-20 0 0 1 0
April-20 0 2 1 0
May-20 0 0 1 0
June-20 0 0 0 0
July-20 0 0 0 0
August-20 0 0 0 0
September-20 0 0 0 0
TOTALS 0 10 5 0
Total Emergency Withdrawals Granted Since January 2011
Eviction 61 207
Foreclosure 51
Funeral 1
Lost Wages 84 Committee Report
Others 10 Updated 10.21.20
T O T A L 207
VTA DEFERRED COMPENSATION EMERGENCY WITHDRAWAL SUMMARY
As of September 30, 2020
As of September 30, 2020
DATE RECEIVED
LOAN
APPLICATIONS
PENDING
LOANS
GRANTED
REQUESTS
DENIED
REQUESTS
CANCELLED
March-19 0 3 0 0
April-19 0 4 0 0
May-19 0 1 0 0
June-19 0 3 0 0
July-19 0 3 0 0
August-19 0 1 0 0
September-19 0 2 0 0
October-19 0 1 0 0
November-19 0 3 0 0
December-19 0 3 0 0
January-20 0 2 0 0
February-20 0 3 0 0
March-20 0 2 0 0
April-20 0 0 0 0
May-20 0 24 0 0
June-20 0 2 0 0
July-20 0 4 0 0
August-20 0 7 0 0
September-20 0 3 0 0
TOTALS 0 71 0 0
Total Loans Granted Since July 1999
Principal Residence 434
Tuition and Fees 93 Committee Report
Unreimbursed Medical 62 Updated 10.21.20
All-purpose 33
DEFERRED COMPENSATION LOAN SUMMARY
Deferred Compensation Committee Work Plan
October 2020 Oct Nov Dec Jan Feb Mar Apr May June July Aug Sep
2020 2020 2020 2021 2021 2021 2021 2021 2021 2021 2021 2021
New Completed Ongoing Committee Items Responsibility
Contracted Services
X Admin Allow Acct Armstrong I I I I I I I I I I I
X Contract with ICMA-RC Chavez C
Fund Review Armstrong D D
Annual Service Plan Review Armstrong D
Miscellaneous
X Committee Training Armstrong I I I I I I I I I I
NAGDCA Attendance Armstrong A I
X CARES Act - CRD Armstrong
Distribution of Admin Allow Acct Capps
X Dodge & Cox Funds Bill C
X Participant Demographic
Bi-Annual ReportCabrera I I
Survey to Plan Participants Armstrong
Election of Chairperson & Vice-
Chairperson (Nov. 2021)
Plan Document
Revised Model Plan Doc Armstrong
I - Information D - Discussion A - Final Action W - Workshop C - Consider
Workplan.xls Human Resources Department 10/21/2020