Page 38 - DCAC Nov 2025 Files

Mutual Fund vs. CIT Comparison

Vanguard Target Retirement CITs

• CIT Constraints:
• The Target Date mutual funds and TRTs all operate as separate pools of cash.

International tax reclaim impacts the returns positively for the CITs.
• Some of the underlying funds in the CIT target dates are CIT vehicles. The mutual

fund target dates only invest in underlying mutual funds.
• County of San Mateo makes up approximately 0.04% of this CIT’s AUM. This passes
Innovest’s due diligence criteria.

Mutual Fund CIT

Assets Under Management 102.5 Billion* 145 Billion**

# of Holdings 5 5

# of Investors N/A 607**

Inception Date Jun 7, 2006 June 30, 2015

Similar Investment Constraints N/A Yes

Expense Ratio 0.08% 0.075%

*AUM for 2030 fund used for illustrative purposes. Total suite AUM is much larger.
**Data is for Trust II class only.

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