Shares Vanguard® Institutional Target Retirement Income ... · current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according

Vanguard® Institutional Target Retirement Income Fund - InstitutionalShares

Release Date

06-30-19

..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date Retirement

Investment Objective & StrategyFrom the investment's prospectus

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

Volatility and RiskVolatility as of 06-30-19

Low Moderate High

Investment

Category

Risk Measures as of 06-30-19 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 3.80 0.31 0.933 Yr Beta 0.53 . 0.95

Principal RisksHedging Strategies, Credit and Counterparty, Prepayment(Call), Currency, Loss of Money, Not FDIC Insured, Country orRegion, Income, Interest Rate, Market/Market Volatility,Equity Securities, Fixed-Income Securities, Management

Important InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya®affiliates offering a fund. Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deductedfrom the fund's assets, and/or may be paid directly by thefund's affiliates. Any fees deducted from fund assets arediscussed in the fund's prospectus and disclosed in the fundfact sheet. Because these fees are paid on an on-going basis,over time these fees will increase the cost of your investmentand may cost you more than paying other types of salescharges. If offered through a retirement program, additionalfees and expenses may be charged under that program. NOTA DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANYFEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN VALUE.

Allocation of Stocks and Bonds

050 40 30 20 10 -10 -20 -30

10080

60

40

200

Years Until Retirement

% AllocationBonds

Stocks

Cash

Other

Portfolio AnalysisComposition as of 06-30-19 % Assets

U.S. Stocks 17.7Non-U.S. Stocks 11.7Bonds 68.4Cash 2.0Other 0.3

Morningstar Style Box™ as of 06-30-19(EQ) ; 05-31-19(F-I)

LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext

Top 5 Holdings as of 06-30-19 % Assets

Vanguard Total Bond Market II Idx Inv 37.23Vanguard Total Stock Market Idx I 17.88Vanguard Shrt-Term Infl-Prot Sec Idx Adm 16.76Vanguard Total Intl Bd Idx Admiral™ 15.92Vanguard Total Intl Stock Index Inv 12.20

Credit Analysis: % Bonds as of 05-31-19

AAA 64 BB 0AA 8 B 0A 12 Below B 0BBB 16 Not Rated 0

Morningstar Super Sectors as of 06-30-19 % Fund

h Cyclical 38.53j Sensitive 38.40k Defensive 23.06

Morningstar F-I Sectors as of 06-30-19 % Fund

⁄ Government 65.52› Corporate 17.37€ Securitized 14.02‹ Municipal 0.34fi Cash/Cash Equivalents 2.76± Other 0.00

OperationsGross Prosp Exp Ratio 0.09% of fund assetsNet Prosp Exp Ratio 0.09% of fund assetsManagement Fee 0.00%12b-1 Fee .Other Fee .Miscellaneous Fee(s) 0.09%Fund Inception Date 06-26-15Total Fund Assets ($mil) 6,192.7Annual Turnover Ratio % 13.00Fund Family Name Vanguard

Waiver Data Type Exp. Date %

. . . .

Portfolio Manager(s)

William Coleman, CFA. Since 2015.Walter Nejman. Since 2015.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes

©2019 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (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 fromany use of information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

ß® 13.4711-219 (07/19)

CN0207-39981-0320D

Vanguard® Institutional Target Retirement 2015 Fund - InstitutionalShares

Release Date

06-30-19

..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2015


The investment seeks to provide capital appreciation and current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according to an asset allocation strategy designed for investors planning to retire and leave the workforce in or within a few years of 2015 (the target year). The fund's asset allocation will become more conservative over time, meaning that the percentage of assets allocated to stocks will decrease while the percentage of assets allocated to bonds and other fixed income investments will increase.


Low Moderate High

Investment

Category


Principal RisksHedging Strategies, Currency, Loss of Money, Not FDICInsured, Country or Region, Market/Market Volatility, EquitySecurities, Fixed-Income Securities, Management, TargetDate




050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Vanguard Total Bond Market II Idx Inv 33.98Vanguard Total Stock Market Idx I 22.96Vanguard Total Intl Stock Index Inv 15.35Vanguard Total Intl Bd Idx Admiral™ 14.55Vanguard Shrt-Term Infl-Prot Sec Idx Adm 13.15









. . . .



Notes


ß® 13.4701-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category


Principal RisksHedging Strategies, Credit and Counterparty, Prepayment(Call), Currency, Loss of Money, Not FDIC Insured, Country orRegion, Income, Interest Rate, Market/Market Volatility,Equity Securities, Fixed-Income Securities, Management,Target Date




050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Vanguard Total Stock Market Idx I 31.24Vanguard Total Bond Market II Idx Inv 28.86Vanguard Total Intl Stock Index Inv 20.89Vanguard Total Intl Bd Idx Admiral™ 12.47Vanguard Shrt-Term Infl-Prot Sec Idx Adm 6.54









. . . .



Notes


ß® 13.4702-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Vanguard Total Stock Market Idx I 36.95Vanguard Total Bond Market II Idx Inv 26.99Vanguard Total Intl Stock Index Inv 24.60Vanguard Total Intl Bd Idx Admiral™ 11.46Cmt Market Liquidity Rate 0.00









. . . .



Notes


ß® 13.4703-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Vanguard Total Stock Market Idx I 41.27Vanguard Total Intl Stock Index Inv 27.51Vanguard Total Bond Market II Idx Inv 21.86Vanguard Total Intl Bd Idx Admiral™ 9.33Cmt Market Liquidity Rate 0.04









. . . .



Notes


ß® 13.4704-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4705-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4706-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4707-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4708-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19





Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4709-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19

..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2060+




Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext











. . . .



Notes


ß® 13.4710-219 (07/19)

CN0207-39981-0320D


Release Date

06-30-19

..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2060+




Low Moderate High

Investment

Category

Risk Measures as of 06-30-19 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev . . .3 Yr Beta . . .





050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


Vanguard Total Stock Mkt Idx Instl Pls 54.08Vanguard Total Intl Stock Idx InstlPls 35.92Vanguard Total Bond Market II Idx I 6.97Vanguard Total Intl Bd Idx Institutional 2.98Cmt Market Liquidity 0.04







OperationsGross Prosp Exp Ratio 0.09% of fund assetsNet Prosp Exp Ratio 0.09% of fund assetsManagement Fee 0.00%12b-1 Fee .Other Fee .Miscellaneous Fee(s) 0.09%Fund Inception Date 07-12-17Total Fund Assets ($mil) 203.5Annual Turnover Ratio % 28.00Fund Family Name Vanguard


. . . .



Notes


ß® 13.8985-219 (07/19)

CN0207-39981-0320D

New York Life Insurance Company Anchor Account IV

13.QE01-219 (09/19) CN949253_0921

Asset Class: Stability of Principal Category: Stable Value FUND FACTS Inception Date: March 6, 2013 Investment advisory fee: 0.35% 12b-1 fee: 0.00% Other expenses: 0.00% Gross fund expense ratio without waivers or reductions: 0.35% Total waivers, recoupments and reductions: -0.00% Net fund annual expenses after waivers or reductions: 0.35% Turnover Rate: 32% Important Information Voya Retirement Insurance and Annuity Company One Orange Way Windsor, CT 06095-4774 www.voyaretirementplans.com Category is interpreted by Voya® using Fund Company and/or Morningstar category information. Fees and expenses may be subject to change. More detailed information is included in the enrollment material.

A commingled fund is a pooled investment vehicle, maintained by a bank or trust company, the participants of which are limited to certain types of tax exempt employee benefit plans. This Portfolio is not a registered investment company, and interests in the Portfolio have not been registered with the Securities and Exchange Commission.

Funds or their affiliates may pay compensation to Voya affiliates offering a fund. Such compensation may be paid out of distribution or service fees that are deducted from the fund's assets, and/or may be paid directly by the fund's affiliates. Any fees deducted from fund assets are disclosed in the fund fact sheets. Because these fees are paid on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. If offered through a retirement program, additional fees and expenses may be charged under that program. NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE INSTITUTION. MAY GO DOWN IN VALUE.

Trustee Reliance Trust Company Portfolio Manager Management Team Investment Objective & Strategy The primary investment objective of the Fund is to seek to preserve principal and maintain a stable crediting rate that is responsive to changes in interest rates. The Fund seeks to invest in securities that are constituents in the New York Life Anchor Fund established 1/3/1995. The Fund seeks to provide participants with a low risk stable option that offers competitive yields and limited volatility by investing in a group annuity contract issued by New York Life Insurance Company. Principal and accumulated interest guarantees are provided by New York Life, subject to the terms of the group annuity contract. The Fund crediting rate is subject to change daily. Principal Risks While the Anchor Account carries relatively low risk, primary inherent risks include (i) interest rate risk—the risk that increases in interest rates may decrease the value of existing debt securities held in the Anchor Account and the risk of reinvesting cash flows at lower interest rates; (ii) credit/default risk - the risk that downgrades to the credit ratings of existing debt securities held in the Anchor Account may decrease their value and the risk that issuers of debt securities will default on scheduled payments of interest and/or principal; (iii) liquidity risk—the risk of the effect on the Anchor Account’s total value of large unexpected withdrawals; (iv) Anchor Account group annuity contract risk—the risk that New York Life will default on its obligations under the contract or that other events could render the contract invalid; or the contract is terminated and a contractual negative adjustment to the withdrawal amount applies; or that New York Life will not provide book value coverage for redemptions following certain employer-initiated events or actions (such as a plan termination, layoffs, early retirement programs, or bankruptcy of the plan sponsor). Depending upon the nature of the event, the occurrence could result in a loss in value to the contract holder’s interest in the Anchor Account and/or may cause participants to receive less than book value.

http://www.voyaretirementplans.com/

Vanguard® Total Bond Market Index Fund - Admiral™ Shares Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryIntermediate Core Bond


The investment seeks the performance of Bloomberg Barclays U.S. Aggregate Float Adjusted Index. Bloomberg Barclays U.S. Aggregate Float Adjusted Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of its investments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in the index.


Low Moderate High

Investment

Category

Risk Measures as of 06-30-19 Port Avg Rel BC Aggr Rel Cat3 Yr Std Dev 3.09 1.02 1.103 Yr Beta 1.01 . 1.12

Principal RisksCredit and Counterparty, Extension, Prepayment (Call), Loss ofMoney, Not FDIC Insured, Income, Index Correlation/TrackingError, Interest Rate, ETF, Restricted/Illiquid Securities, EarlyClose/Late Close/Trading Halt, Market Trading, Sampling





Morningstar Fixed Income Style Box™ as of 05-31-19

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 6.00Avg Eff Maturity 8.20


Cmt Market Liquidity Rate 1.83United States Treasury Notes 2.12% 05-15-25 0.43United States Treasury Notes 2.88% 08-15-28 0.43United States Treasury Notes 1.75% 02-28-22 0.42United States Treasury Notes 2.12% 03-31-24 0.42.......................................................................................................United States Treasury Notes 3.12% 11-15-28 0.40United States Treasury Notes 2.38% 03-15-22 0.38United States Treasury Notes 2.38% 05-15-29 0.37United States Treasury Notes 2.5% 01-31-24 0.37United States Treasury Notes 2.62% 11-15-20 0.37







. . . .


Joshua Barrickman, CFA. Since 2013.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.898-219 (07/19)

CN0207-39981-0320D

Western Asset Core Plus Bond Fund - Class IS Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryIntermediate Core-Plus Bond


The investment seeks to maximize total return, consistent with prudent investment management and liquidity needs. The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although the fund may invest in securities of any maturity, it will normally maintain a dollar-weighted average effective duration within 30% of the average duration of the domestic bond market as a whole as estimated by the fund's subadvisers. The fund may invest up to 20% of its total assets in non-U.S. dollar denominated securities.


Low Moderate High

Investment

Category

Risk Measures as of 06-30-19 Port Avg Rel BC Aggr Rel Cat3 Yr Std Dev 3.67 1.21 1.323 Yr Beta 1.10 . 1.31

Principal RisksHedging Strategies, Credit and Counterparty, Extension,Prepayment (Call), Currency, Emerging Markets, ForeignSecurities, Loss of Money, Not FDIC Insured, TemporaryDefensive Measures, Interest Rate, Market/Market Volatility,High-Yield Securities, Mortgage-Backed and Asset-BackedSecurities, Other, Restricted/Illiquid Securities, Derivatives,Leverage, Pricing, Sovereign Debt, Cash Drag, ShareholderActivity, Management



Portfolio AnalysisComposition as of 06-30-19 % Net


..........................................................................................-100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 06-30-19

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 6.23Avg Eff Maturity 12.18


Wa Govnt Cash Mgmt Porto 3.11United States Treasury Bonds 2.88% 2.10Government National Mortgage Association 3.5% 1.98United States Treasury Bonds 3% 1.95United States Treasury Bonds 3.75% 1.86.......................................................................................................United States Treasury Bonds 2.75% 1.47Fx Fut Mexican Peso Fut Sep19 09-16-19 0.99Fx Fut Mexican Peso Fut Sep19 09-16-19 0.99United States Treasury Bonds 2.5% 0.98Federal National Mortgage Association 3.5% 0.96





OperationsGross Prosp Exp Ratio 0.42% of fund assetsNet Prosp Exp Ratio 0.42% of fund assetsManagement Fee 0.40%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.02%Fund Inception Date 08-04-08Total Fund Assets ($mil) 27,173.0Annual Turnover Ratio % 105.00Fund Family Name Legg Mason


. . . .


Mark Lindbloom. Since 2006.S. Leech. Since 2013.................................................................................................Advisor Legg Mason Partners Fund

Advisor, LLCSubadvisor Western Asset Management

Company Pte Ltd

NotesThe manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage commissions, taxes,extraordinary expenses, deferred organizational expenses and acquired fund fees and expenses), so that the ratio of total annualfund operating expenses will not exceed 0.45% for Class IS shares, subject to recapture as described below. In addition, the ratioof total annual fund operating expenses for Class IS shares will not exceed the ratio of total annual fund operating expenses forClass I shares, subject to recapture as described below. These arrangements cannot be terminated prior to December 31, 2020without the Board's consent. The manager is permitted to recapture amounts waived and/or reimbursed to a class within twoyears after the fiscal year in which the manager earned the fee or incurred the expense if the class' total annual fund operatingexpenses have fallen to a level below the limits described above. In no case will the manager recapture any amount that wouldresult, on any particular business day of the fund, in the class' total annual fund operating expenses exceeding the applicablelimits described above or any other lower limit then in effect.


ß® 13.3526-219 (07/19)

CN0207-39981-0320D

Vanguard® 500 Index Fund - Admiral™ Shares Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, Management





Morningstar Style Box™ as of 06-30-19 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 56.10..........................................................Large 34.13Medium 9.77Small 0.00..........................................................Micro 0.00


Microsoft Corp 4.18Apple Inc 3.52Amazon.com Inc 3.19Facebook Inc A 1.89Berkshire Hathaway Inc B 1.63.......................................................................................................Johnson & Johnson 1.51JPMorgan Chase & Co 1.48Alphabet Inc Class C 1.35Alphabet Inc A 1.32Exxon Mobil Corp 1.32

Morningstar Equity Sectors as of 06-30-19 % Fund

h Cyclical 33.30........................................................................................................r Basic Materials 2.46t Consumer Cyclical 12.22y Financial Services 15.93u Real Estate 2.69

j Sensitive 41.57........................................................................................................i Communication Services 3.49o Energy 5.05p Industrials 10.11a Technology 22.92

k Defensive 25.13........................................................................................................s Consumer Defensive 7.73d Healthcare 14.08f Utilities 3.32



. . . .


Donald Butler, CFA. Since 2016.Michelle Louie, CFA. Since 2017.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.899-219 (07/19)

CN0207-39981-0320D

Columbia Dividend Income Fund - Institutional 3 Class Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Value


The investment seeks total return, consisting of current income and capital appreciation. The fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in a diversified portfolio of income-producing (dividend-paying) equity securities, which will consist primarily of common stocks but also may include preferred stocks and convertible securities. It invests principally in securities of companies believed to be undervalued but also may invest in securities of companies believed to have the potential for long-term growth. The fund may invest in companies that have market capitalizations of any size.


Low Moderate High

Investment

Category


Principal RisksCredit and Counterparty, Foreign Securities, Loss of Money,Not FDIC Insured, Growth Investing, Quantitative Investing,Value Investing, Active Management, Income, Issuer, InterestRate, Market/Market Volatility, Convertible Securities,Depositary Receipts, High-Yield Securities, Industry andSector Investing, Preferred Stocks, Small Cap, Mid-Cap






LargeM

idSm

all

Value Blend Growth



Johnson & Johnson 3.58Cisco Systems Inc 3.33JPMorgan Chase & Co 3.27Microsoft Corp 3.26Columbia Short-Term Cash 12-30-20 3.19.......................................................................................................Merck & Co Inc 2.68Pfizer Inc 2.56Chevron Corp 2.53Union Pacific Corp 2.36Comcast Corp Class A 2.26





OperationsGross Prosp Exp Ratio 0.58% of fund assetsNet Prosp Exp Ratio 0.58% of fund assetsManagement Fee 0.56%12b-1 Fee 0.00%Other Fee 0.00%Miscellaneous Fee(s) 0.02%Fund Inception Date 11-08-12Total Fund Assets ($mil) 14,745.7Annual Turnover Ratio % 15.00Fund Family Name Columbia


. . . .


Scott Davis. Since 2001.Michael Barclay, CFA. Since 2011.................................................................................................Advisor Columbia Mgmt Investment

Advisers, LLCSubadvisor .

Notes


ß® 13.7752-219 (07/19)

CN0207-39981-0320D

T. Rowe Price Blue Chip Growth Fund - I Class Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Growth


The investment seeks long-term capital growth; income is a secondary objective. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. It focuses on companies with leading market positions, seasoned management, and strong financial fundamentals. The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.


Low Moderate High

Investment

Category


Principal RisksForeign Securities, Loss of Money, Not FDIC Insured,Capitalization, Active Management, Equity Securities,Industry and Sector Investing, Management






LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 9.77Microsoft Corp 5.91Facebook Inc A 5.86Alphabet Inc Class C 3.74Visa Inc Class A 3.64.......................................................................................................Boeing Co 3.44Alibaba Group Holding Ltd ADR 3.34Mastercard Inc A 3.11UnitedHealth Group Inc 2.37Tencent Holdings Ltd 2.26





OperationsGross Prosp Exp Ratio 0.57% of fund assetsNet Prosp Exp Ratio 0.57% of fund assetsManagement Fee 0.56%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.01%Fund Inception Date 12-17-15Total Fund Assets ($mil) 63,736.5Annual Turnover Ratio % 27.20Fund Family Name T. Rowe Price


. . . .


Larry Puglia, CPA. Since 1993.................................................................................................Advisor T. Rowe Price Associates, Inc.Subadvisor .

Notes


ß® 13.7577-219 (07/19)

CN0207-39981-0320D

Vanguard® Mid-Cap Index Fund - Admiral™ Shares Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryMid-Cap Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of mid-size U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index. Past name(s) : Vanguard Mid Cap Index Adm.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, ETF, Early Close/Late Close/Trading Halt,Management, Market Trading






LargeM

idSm

all

Value Blend Growth



Cmt Market Liquidity Rate 0.92Worldpay Inc Class A 0.89Roper Technologies Inc 0.86Fiserv Inc 0.83Red Hat Inc 0.75.......................................................................................................Moody's Corporation 0.72Twitter Inc 0.64Amphenol Corp Class A 0.63ONEOK Inc 0.63Xilinx Inc 0.63







. . . .


Donald Butler, CFA. Since 1998.Michael Johnson. Since 2016.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.756-219 (07/19)

CN0207-39981-0320D

Vanguard® Small-Cap Index Fund - Admiral™ Shares Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategorySmall Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, ETF, Early Close/Late Close/Trading Halt,Management, Market Trading






LargeM

idSm

all

Value Blend Growth



Cmt Market Liquidity Rate 2.39IDEX Corp 0.35Atmos Energy Corp 0.34Steris PLC 0.34Tableau Software Inc A 0.34.......................................................................................................Burlington Stores Inc 0.31Leidos Holdings Inc 0.31MarketAxess Holdings Inc 0.31Zebra Technologies Corp 0.31Sun Communities Inc 0.30







. . . .


William Coleman, CFA. Since 2016.Gerard O’Reilly. Since 2016.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.757-219 (07/19)

CN0207-39981-0320D

Wells Fargo Special Mid Cap Value Fund - Class R6 Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryMid-Cap Value


The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets in equity securities of medium-capitalization companies. It invests principally in equity securities of medium-capitalization companies, which the manager defines as securities of companies with market capitalizations within the range of the Russell Midcap® Index at the time of purchase. Past name(s) : Wells Fargo Advantage Spec Md Cp ValR6.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Growth Investing, ValueInvesting, Market/Market Volatility, Management, Small Cap






LargeM

idSm

all

Value Blend Growth



Wells Fargo Government MMkt Select 4.19Ameren Corp 2.89Brown & Brown Inc 2.88American Water Works Co Inc 2.85Jacobs Engineering Group Inc 2.77.......................................................................................................American Electric Power Co Inc 2.74Amdocs Ltd 2.72Kansas City Southern 2.62Fidelity National Information Services Inc 2.60Republic Services Inc Class A 2.52





OperationsGross Prosp Exp Ratio 0.73% of fund assetsNet Prosp Exp Ratio 0.73% of fund assetsManagement Fee 0.67%12b-1 Fee 0.00%Other Fee 0.00%Miscellaneous Fee(s) 0.06%Fund Inception Date 06-28-13Total Fund Assets ($mil) 8,542.0Annual Turnover Ratio % 37.00Fund Family Name Wells Fargo Funds


. . . .


Bryant VanCronkhite, CFA. Since 2009.James Tringas, CPA. Since 2009.................................................................................................Advisor Wells Fargo Funds Management

LLCSubadvisor Wells Capital Management Inc.

NotesThe Manager has contractually committed through January 31, 2019, to waive fees and/or reimburse expenses to the extentnecessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waivers at 0.76%. Brokerage commissions, stampduty fees, interest, taxes, acquired fund fees and expenses, and extraordinary expenses are excluded from the expense cap.After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval ofthe Board of Trustees.


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BlackRock Mid-Cap Growth Equity Portfolio - Class K Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryMid-Cap Growth


The investment seeks long-term capital appreciation. The fund normally invests at least 80% of its net assets in equity securities issued by U.S. mid-capitalization companies which the fund management believes have above-average earnings growth potential. The fund adviser generally defines these companies, at the time of the fund's investment, as those with market capitalizations comparable in size to the companies in the Russell Midcap® Growth Index. It primarily invests in common stock but also can invest in preferred stock, convertible securities and other equity securities.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Convertible Securities, Equity Securities, IPO, PreferredStocks, Derivatives, Leverage, Management, Mid-Cap






LargeM

idSm

all

Value Blend Growth



IAC/InterActiveCorp 2.69CoStar Group Inc 2.60Fair Isaac Corp 2.49MSCI Inc 2.46Copart Inc 2.35.......................................................................................................Live Nation Entertainment Inc 2.18Heico Corp 2.16Xilinx Inc 2.16Teleflex Inc 2.13Gartner Inc A 2.09





OperationsGross Prosp Exp Ratio 0.77% of fund assetsNet Prosp Exp Ratio 0.75% of fund assetsManagement Fee 0.69%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.08%Fund Inception Date 03-28-16Total Fund Assets ($mil) 4,326.5Annual Turnover Ratio % 43.00Fund Family Name BlackRock


Expense Ratio Contractual 01-31-20 0.02


Phil Ruvinsky. Since 2013.Lawrence Kemp. Since 2013.................................................................................................Advisor BlackRock Advisors LLCSubadvisor .

NotesAs described in the "Management of the Funds" section of the Fund's prospectus beginning on page 32, BlackRock Advisors, LLC("BlackRock") has contractually agreed to waive the management fee with respect to any portion of the Fund's assets estimatedto be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed byBlackRock or its affiliates that have a contractual management fee, through January 31, 2020. The contractual agreement maybe terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of theoutstanding voting securities of the Fund. The Management Fee has been restated to reflect current fees. Total Annual FundOperating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annualreport, which does not include the restatement of the Management Fee to reflect current fees. As described in the"Management of the Funds" section of the Fund's prospectus beginning on page 32, BlackRock has contractually agreed to waiveand/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or ExpenseReimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fundexpenses) to 0.75% of average daily net assets through January 31, 2020. The Fund may have to repay some of these waiversand/or reimbursements to BlackRock in the following two years. The contractual agreement may be terminated upon 90 days'notice by a majority of the noninterested trustees of the Trust or by a vote of a majority of the outstanding voting securities of theFund.


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CN0207-39981-0320D

MFS® New Discovery Value Fund - Class R6 Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategorySmall Value


The investment seeks capital appreciation. The fund normally invests its assets in equity securities. Equity securities include common stocks, equity interests in real estate investment trusts (REITs), and other securities that represent an ownership interest (or right to acquire an ownership interest) in a company or other issuer. MFS focuses on investing in the stocks of companies the adviser believes are undervalued compared to their perceived worth (value companies). While the fund may invest the fund's assets in companies of any size, it primarily invests in companies with small capitalizations. The fund may invest the fund's assets in foreign securities. Past name(s) : MFS New Discovery Value R5.


Low Moderate High

Investment

Category


Principal RisksForeign Securities, Loss of Money, Not FDIC Insured, ValueInvesting, Issuer, Market/Market Volatility, Equity Securities,Restricted/Illiquid Securities, Management, PortfolioDiversification, Small Cap, Real Estate/REIT Sector






LargeM

idSm

all

Value Blend Growth



Premier Inc Class A 2.40Black Hills Corp 2.06South Jersey Industries Inc 2.06Graphic Packaging Holding Co 1.99Portland General Electric Co 1.94.......................................................................................................Toll Brothers Inc 1.88KBR Inc 1.87Owens-Corning Inc 1.87First Hawaiian Inc 1.69Corporate Office Properties Trust 1.62





OperationsGross Prosp Exp Ratio 0.92% of fund assetsNet Prosp Exp Ratio 0.92% of fund assetsManagement Fee 0.86%12b-1 Fee .Other Fee 0.02%Miscellaneous Fee(s) 0.04%Fund Inception Date 07-02-12Total Fund Assets ($mil) 2,904.4Annual Turnover Ratio % 57.00Fund Family Name MFS


. . . .


Kevin Schmitz. Since 2011.................................................................................................Advisor Massachusetts Financial Services

CompanySubadvisor .

Notes


ß® 13.6089-219 (07/19)

CN0207-39981-0320D

Release Date: 06-30-2019

Loomis Sayles Small Cap Growth N LSSNX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 Growth TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar Risk

QQQQ Above Average AverageOut of 583 Small Growth funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, isa weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks long-term capital growth.The fund normally will invest at least 80% of its net

assets (plus any borrowings made for investment purposes) in the equity securities of "small-cap companies," including preferred stocks, warrants, securities convertible into common or preferred stocks and other equity-like interests in an entity. Currently, the manager defines a small-cap company to be one whose market capitalization either falls within the capitalization range of the Russell 2000® Index, an index that tracks stocks of 2,000 of the smallest U.S. companies, or is $3 billion or less at the time of investment.

Fees and Expenses as of 02-01-19

Prospectus Net Expense Ratio 0.82%Total Annual Operating Expense 0.82%Maximum Sales Charge .12b-1 Fee 0.00%Redemption Fee/Term .


. . . .

Operations and Management

Fund Inception Date 02-01-13Portfolio Manager(s) Mark F. Burns, CFA

John J. Slavik, CFAName of Issuer Loomis Sayles FundsTelephone 800-633-3330Web Site NGAM.natixis.com

Benchmark Description: Russell 2000 Growth TR USD

The index measures the performance of small-cap growthsegment of the US equity universe. It includes those Russell2000 companies with higher price-to-value ratios and higherforecasted growth values. It is market-capitalizationweighted. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related tothe Russell Indexes. Russell® is a trademark of RussellInvestment Group.

Category Description: Small Growth

Small-growth portfolios focus on faster-growing companieswhose shares are at the lower end of the market-capitalization range. These portfolios tend to favor companiesin up-and-coming industries or young firms in their earlygrowth stages. Because these businesses are fast-growingand often richly valued, their stocks tend to be volatile.Stocks in the bottom 10% of the capitalization of the U.S.equity market are defined as small cap. Growth is definedbased on fast growth (high growth rates for earnings, sales,book value, and cash flow) and high valuations (high priceratios and low dividend yields).

Performance

10

20

30

40

0

-10

-20

-30

YTD YTD YTD YTD YTD

Total Return%as of 06-30-19

InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception21.63 6.59 18.86 11.28 . 14.04 Fund Return %21.63 6.59 18.86 11.28 . 14.04 Load-Adj. Return %20.36 -0.49 14.69 8.63 . 11.93 Benchmark Return %21.82 3.22 16.12 9.18 . 11.73 Category Average %..........................................................................................................................................................................................................

. . QQQQ QQQQ . . Morningstar Rating™

. . 583 515 . . # of Funds in Category

Quarter End Returns as of 06-30-19 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % 21.63 6.59 18.86 11.28 . 14.04Standardized Return % 21.63 6.59 18.86 11.28 . 14.04

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. For performance data current to the most recent month-end please visit the websitelisted under Operations and Management on this page.

Portfolio Analysis as of 05-31-19Composition as of 05-31-19 % Assets


Morningstar Equity Style Box™ as of 05-31-19 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 0.00........................................................Large 0.00Medium 42.02Small 57.98........................................................Micro 0.00


Kinsale Capital Group Inc 1.83WNS (Holdings) Ltd ADR 1.66Grand Canyon Education Inc 1.65Insulet Corp 1.64Pool Corp 1.58.......................................................................................................InterXion Holding NV 1.54Q2 Holdings Inc 1.47Planet Fitness Inc A 1.44Wright Medical Group NV 1.44Envestnet Inc 1.41

.......................................................................................................Total Number of Stock Holdings 94Total Number of Bond Holdings 0Annual Turnover Ratio % 41.00Total Fund Assets ($mil) 1,610.42

Morningstar Sectors as of 05-31-19 % Fund S&P 500 %

h Cyclical 24.59 33.24........................................................................................................r Basic Materials 4.71 2.46t Consumer Cyclical 13.41 12.21y Financial Services 6.47 15.89u Real Estate 0.00 2.68

j Sensitive 47.37 41.61........................................................................................................i Communication Services 1.20 3.48o Energy 2.28 5.05p Industrials 18.47 10.10a Technology 25.42 22.98

k Defensive 28.04 25.14........................................................................................................s Consumer Defensive 7.14 7.73d Healthcare 20.90 14.10f Utilities 0.00 3.31

Principal Risks as of 05-31-19Credit and Counterparty, Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Market/Market Volatility, Equity Securities, Restricted/Illiquid Securities, Derivatives, Leverage, Shareholder Activity, Management, SmallCap

©2019 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot 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 ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß

®

Vanguard® Total International Stock Index Fund - Admiral™ Shares Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryForeign Large Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. It invests all, or substantially all, of its assets in the common stocks included in its target index.


Low Moderate High

Investment

Category


Principal RisksCurrency, Emerging Markets, Loss of Money, Not FDICInsured, Country or Region, Market/Market Volatility, EquitySecurities, Management






LargeM

idSm

all

Value Blend Growth



Cmt Market Liquidity Rate 3.68Nestle SA 1.27Tencent Holdings Ltd 1.02Novartis AG 0.80Roche Holding AG Dividend Right Cert. 0.78.......................................................................................................Alibaba Group Holding Ltd ADR 0.77Taiwan Semiconductor Manufacturing Co Ltd 0.75Samsung Electronics Co Ltd 0.71HSBC Holdings PLC 0.70Toyota Motor Corp 0.63



Morningstar World Regions as of 05-31-19 % Fund

Americas 11.09........................................................................................................North America 8.03Latin America 3.07

Greater Europe 44.83........................................................................................................United Kingdom 11.25Europe Developed 29.17Europe Emerging 1.65Africa/Middle East 2.76

Greater Asia 44.08........................................................................................................Japan 17.04Australasia 4.63Asia Developed 10.06Asia Emerging 12.36



. . . .


Michael Perre. Since 2008.Christine Franquin. Since 2017.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.9889-219 (07/19)

CN0207-39981-0320D

MFS® International Diversification Fund - Class R6 Release Date

06-30-19..........................................................................................................................................................................................................................................................................................................................................CategoryForeign Large Blend


The investment seeks capital appreciation. The fund is designed to provide diversification within the international asset class by investing the majority of its assets in other mutual funds advised by the adviser, referred to as underlying funds. The adviser seeks to diversify the fund's investments in terms of market capitalization (by including large, mid, and/or small cap underlying funds), by style (by including both growth and value underlying funds), and by geography (by including developed and emerging market underlying funds).


Low Moderate High

Investment

Category

Risk Measures as of 06-30-19 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev . . .3 Yr Beta . . .

Principal RisksCredit and Counterparty, Currency, Emerging Markets, ForeignSecurities, Loss of Money, Not FDIC Insured, GrowthInvesting, Value Investing, Issuer, Market/Market Volatility,Equity Securities, Restricted/Illiquid Securities, UnderlyingFund/Fund of Funds, Derivatives, Leverage, Management,Portfolio Diversification






LargeM

idSm

all

Value Blend Growth



MFS Research International R6 29.93MFS International Intrinsic Value R6 24.95MFS International Growth R6 24.94MFS Emerging Markets Equity R6 10.18MFS International New Discovery R6 10.02



Morningstar World Regions as of 05-31-19 % Fund

Americas 12.86........................................................................................................North America 10.19Latin America 2.67

Greater Europe 52.88........................................................................................................United Kingdom 12.71Europe Developed 38.72Europe Emerging 0.45Africa/Middle East 0.99

Greater Asia 34.26........................................................................................................Japan 14.88Australasia 1.68Asia Developed 8.50Asia Emerging 9.19

OperationsGross Prosp Exp Ratio 0.80% of fund assetsNet Prosp Exp Ratio 0.77% of fund assetsManagement Fee 0.00%12b-1 Fee .Other Fee 0.01%Miscellaneous Fee(s) 0.79%Fund Inception Date 10-02-17Total Fund Assets ($mil) 18,012.7Annual Turnover Ratio % 1.00Fund Family Name MFS


Other Fee Contractual 09-30-19 0.03


Camille Lee, CFA. Since 2018.................................................................................................Advisor Massachusetts Financial Services

CompanySubadvisor .

NotesMassachusetts Financial Services Company has agreed in writing to bear the fund's expenses, excluding management fees,distribution and service fees, interest, taxes, extraordinary expenses, brokerage and transaction costs, and investment-relatedexpenses, including fees and expenses associated with investments in investment companies and other similar investmentvehicles, such that "Other Expenses" do not exceed 0.00% of the class' average daily net assets annually. This written agreementwill continue until modified by the fund's Board of Trustees, but such agreement will continue until at least September 30, 2018.


ß® 13.C380-219 (07/19)

CN0207-39981-0320D

Documents

Shares Vanguard® Institutional Target Retirement Income ... · current income consistent with its current asset allocation. The fund invests in other Vanguard mutual funds according