Page 39 - DCAC Nov 2025 Files
P. 39
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.
© 2025 Innovest Portfolio Solutions, LLC 13
