Your Investment Options at a Glance UNIVERSITY OF MINNESOTA OPTIONAL RETIREMENT PLAN (091381) The plan offers the following diversified lineup of investment options. Diversification does not ensure a profit or protect against a loss. Log on to your account at vanguard.com/retirementplans or review your quarterly account statement for easy access to the most up-to-date information about each investment, including investment strategy, performance data, and fees. If you cannot access the investment information online or have questions about your plan s investment lineup, call Vanguard Participant Services at 800-523-1188. Note: If investment changes are pending, they will not be reflected on this document or online. After the changes go into effect, log on to your account at vanguard.com/retirementplans to view the up-to-date investment lineup. To register for online access, you'll need your six-digit plan number, which can be found at the top of this document. Target-date investments Vanguard Institutional Target Retirement 2010 Fund 06/26/2015 1662 0.10% Vanguard Institutional Target Retirement 2015 Fund 06/26/2015 1663 0.10% Vanguard Institutional Target Retirement 2020 Fund 06/26/2015 1664 0.10% Vanguard Institutional Target Retirement 2025 Fund 06/26/2015 1665 0.10% Vanguard Institutional Target Retirement 2030 Fund 06/26/2015 1666 0.10% Vanguard Institutional Target Retirement 2035 Fund 06/26/2015 1667 0.10% Vanguard Institutional Target Retirement 2040 Fund 06/26/2015 1668 0.10% Vanguard Institutional Target Retirement 2045 Fund 06/26/2015 1669 0.10% Vanguard Institutional Target Retirement 2050 Fund 06/26/2015 1670 0.10% Vanguard Institutional Target Retirement 2055 Fund 06/26/2015 1671 0.10% Vanguard Institutional Target Retirement 2060 Fund 06/26/2015 1672 0.10% Vanguard Institutional Target Retirement Income Fund 06/26/2015 1673 0.10%
Short-term reserves Vanguard Federal Money Market Fund 1 07/13/1981 0033 0.11% Vanguard Prime Money Market Fund 2 06/04/1975 0030 0.16% Vanguard Treasury Money Market Fund 1 12/14/1992 0011 0.09% Bonds Vanguard Emerging Markets Government Bond Index Fund Investor Shares 05/31/2013 1120 0.49% Vanguard GNMA Fund Investor Shares 06/27/1980 0036 0.21% Vanguard High-Yield Corporate Fund Investor Shares 12/27/1978 0029 0.23% Vanguard Inflation-Protected Securities Fund Investor Shares 06/29/2000 0119 0.20% Vanguard Intermediate-Term Bond Index Fund Investor Shares 03/01/1994 0314 0.16% Vanguard Intermediate-Term Investment-Grade Fund Investor Shares 11/01/1993 0071 0.20% Vanguard Intermediate-Term Treasury Fund Investor Shares 10/28/1991 0035 0.20% Vanguard Long-Term Bond Index Fund 03/01/1994 0522 0.16% Vanguard Long-Term Investment-Grade Fund Investor Shares 07/09/1973 0028 0.21% Vanguard Long-Term Treasury Fund Investor Shares 05/19/1986 0083 0.20% Vanguard Short-Term Bond Index Fund Investor Shares 03/01/1994 0132 0.16% Vanguard Short-Term Federal Fund Investor Shares 12/31/1987 0049 0.20% Vanguard Short-Term Inflation-Protected Securities Index Fund Investor Shares 10/16/2012 1967 0.17% Vanguard Short-Term Investment-Grade Fund Investor Shares 10/29/1982 0039 0.20% Vanguard Short-Term Treasury Fund Investor Shares 10/28/1991 0032 0.20% Vanguard Total Bond Market Index Fund Investor Shares 12/11/1986 0084 0.16% Vanguard Total International Bond Index Fund Investor Shares 05/31/2013 1231 0.17% Vanguard Ultra-Short-Term Bond Fund Investor Shares 02/24/2015 1492 0.20%
Balanced investments Vanguard Balanced Index Fund Investor Shares 11/09/1992 0002 0.22% Vanguard Convertible Securities Fund 06/17/1986 0082 0.38% Vanguard LifeStrategy Conservative Growth Fund 09/30/1994 0724 0.13% Vanguard LifeStrategy Growth Fund 09/30/1994 0122 0.15% Vanguard LifeStrategy Income Fund 09/30/1994 0723 0.12% Vanguard LifeStrategy Moderate Growth Fund 09/30/1994 0914 0.14% Vanguard STAR Fund 03/29/1985 0056 0.34% Vanguard Wellesley Income Fund 07/01/1970 0027 0.23% Vanguard Wellington Fund 07/01/1929 0021 0.26% Domestic stocks Vanguard Capital Opportunity Fund Investor Shares 08/14/1995 0111 0.45% Vanguard Capital Value Fund 12/17/2001 0328 0.50% Vanguard Diversified Equity Fund 06/10/2005 0608 0.40% Vanguard Dividend Appreciation Index Fund Investor Shares 04/27/2006 0602 0.19% Vanguard Dividend Growth Fund 05/15/1992 0057 0.33% Vanguard Equity Income Fund Investor Shares 03/21/1988 0065 0.26% Vanguard Explorer Value Fund 03/30/2010 1690 0.65% Vanguard Explorer Fund 12/11/1967 0024 0.49% Vanguard Extended Market Index Fund Investor Shares 12/21/1987 0098 0.22% Vanguard Growth and Income Fund Investor Shares 12/10/1986 0093 0.34% Vanguard Growth Index Fund Investor Shares 11/02/1992 0009 0.22% Vanguard High Dividend Yield Index Fund Investor Shares 11/16/2006 0623 0.16% Vanguard Institutional Index Fund Institutional Shares 07/31/1990 0094 0.04% Vanguard Large-Cap Index Fund Investor Shares 01/30/2004 0307 0.20% Vanguard Mid-Cap Growth Fund 12/31/1997 0301 0.43%
Vanguard Mid-Cap Growth Index Fund Investor Shares 08/24/2006 0832 0.20% Vanguard Mid-Cap Index Fund Investor Shares 05/21/1998 0859 0.20% Vanguard Mid-Cap Value Index Fund Investor Shares 08/24/2006 0835 0.20% Vanguard Morgan Growth Fund 12/31/1968 0026 0.40% Vanguard PRIMECAP Core Fund 12/09/2004 1220 0.47% Vanguard PRIMECAP Fund Investor Shares 11/01/1984 0059 0.40% Vanguard Selected Value Fund 02/15/1996 0934 0.39% Vanguard Small-Cap Growth Index Fund Investor Shares 05/21/1998 0861 0.20% Vanguard Small-Cap Index Fund Investor Shares 10/03/1960 0048 0.20% Vanguard Small-Cap Value Index Fund 05/21/1998 0860 0.20% Vanguard Strategic Equity Fund 08/14/1995 0114 0.21% Vanguard Strategic Small-Cap Equity Fund 04/24/2006 0615 0.34% Vanguard Total Stock Market Index Fund Investor Shares 04/27/1992 0085 0.16% Vanguard U.S. Growth Fund Investor Shares 01/06/1959 0023 0.47% Vanguard U.S. Value Fund 06/29/2000 0124 0.26% Vanguard Value Index Fund Investor Shares 11/02/1992 0006 0.22% Vanguard Windsor Fund 10/23/1958 0022 0.39% Vanguard Windsor II Fund 06/24/1985 0073 0.34% International investments Vanguard Developed Markets Index Fund Investor Shares 12/19/2013 1397 0.20% Vanguard Emerging Markets Select Stock Fund 06/27/2011 0752 0.93% Vanguard Emerging Markets Stock Index Fund Investor Shares 05/04/1994 0533 0.33% Vanguard European Stock Index Fund Investor Shares 06/18/1990 0079 0.26% Vanguard FTSE All-World ex-us Index Fund Investor Shares 03/08/2007 0770 0.26% Vanguard FTSE All-World ex-us Small-Cap Index Fund Investor Shares 04/02/2009 1684 0.31% Vanguard Global Equity Fund 08/14/1995 0129 0.57%
Vanguard International Explorer Fund 11/04/1996 0126 0.42% Vanguard International Growth Fund Investor Shares 09/30/1981 0081 0.47% Vanguard International Value Fund 05/16/1983 0046 0.46% Vanguard Pacific Stock Index Fund Investor Shares 06/18/1990 0072 0.26% Vanguard Total International Stock Index Fund Investor Shares 04/29/1996 0113 0.19% Vanguard Total World Stock Index Fund Investor Shares 06/26/2008 0628 0.25% Specialty investments Vanguard Energy Fund Investor Shares 05/23/1984 0051 0.37% Vanguard FTSE Social Index Fund Investor Shares 05/31/2000 0213 0.25% Vanguard Health Care Fund Investor Shares 05/23/1984 0052 0.36% Vanguard Precious Metals and Mining Fund 05/23/1984 0053 0.35% Vanguard REIT Index Fund Investor Shares 05/13/1996 0123 0.26%
A note about risk All investing is subject to risk, including the possible loss of the money you invest. Investments in target-date investments are subject to the risks of their underlying funds. The year in the investment name refers to the approximate year (the target date) when an investor would retire and leave the workforce. The investment will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a target-date investment is not guaranteed at any time, including on or after the target date. While U.S. Treasury or government agency securities provide substantial protection against credit risk, they do not protect investors against price changes due to changing interest rates. Although the market values of government securities are not guaranteed and may fluctuate, these securities are guaranteed as to the timely payment of principal and interest. Bond funds are subject to the risk that an issuer will fail to make payments on time, and that bond prices will decline because of rising interest rates or negative perceptions of an issuer s ability to make payments. Funds that invest in derivatives are subject to a number of risks, such as liquidity risk, interest rate risk, market risk, credit risk, and management risk. A fund investing in a derivative instrument could lose more than the principal amount invested. High-yield bonds generally have medium- and lower-range credit quality ratings and are therefore subject to a higher level of credit risk than bonds with higher credit quality ratings. Prices of mid-and small-cap stocks often fluctuate more than those of largecompany stocks. Investments in stocks or bonds issued by non-u.s. companies are subject to risks including country/regional risk and currency risk. These risks are especially high in emerging markets. Funds that concentrate on a relatively narrow market sector face the risk of higher share-price volatility. Because company stock funds concentrate on a single stock, they are considered riskier than a diversified stock mutual fund.
Connect with Vanguard > vanguard.com/retirementplans > 800-523-1188 For more information about any fund, including investment objectives, risks, charges, and expenses, call Vanguard at 800-523-1188 to obtain a prospectus or, if available, a summary prospectus. The prospectus contains this and other important information about the fund. Read and consider the prospectus information carefully before you invest. You can also download Vanguard fund prospectuses at vanguard.com. 1 You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. 2 The Fund is only available to retail investors (natural persons). You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. *The cost of running the investment, expressed as a percentage of its assets, as of the most recent fund prospectus or trust fact sheet. For Vanguard Target Retirement Funds, Vanguard LifeStrategy Funds and Vanguard STAR Fund, this figure is an average weighted expense ratio, based on expenses incurred by the Vanguard funds that make up each fund. For any fund in existence for less than one year, the expense ratio is the projected cost of running the fund. This data is as of the most recent fund prospectus. Source: Morningstar, Inc. 2016 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. 091381FG 102016