fmptf participant directed mutual fund program 3/31/2020 ... › docs › default... · fund name...

Fund Name Ticker

Expense

Ratio Quarter One Year Three Year Five Year Ten Year

Cash

Vanguard Federal Money Market Investor VMFXX 0.11 0.34 1.90 1.65 1.08 0.55Fixed Income

Vanguard Interm-Term Invmt-Grde Adm VFIDX 0.10 -0.48 5.77 4.03 3.33 4.71Vanguard Total Bond Market Index Adm VBTLX 0.05 3.27 9.06 4.83 3.33 3.84The Vanguard Retirement Savings Trust NA 0.44 0.55 2.33 2.11 2.01 2.16Vanguard Total Intl Bond Index Adm VTABX 0.11 0.15 4.79 4.43 3.35 --Balanced

Vanguard Wellington Adm VWENX 0.17 -13.79 -2.73 4.28 5.29 7.97Domestic Equity

Vanguard Windsor II Adm VWNAX 0.26 -24.67 -13.10 -0.26 2.73 7.64Vanguard FTSE Social Index Admiral VFTAX 0.14 -19.95 -5.77 6.28 7.14 11.03Vanguard Institutional Index I VINIX 0.04 -19.60 -7.00 5.08 6.70 10.50Vanguard PRIMECAP Adm VPMAX 0.31 -20.16 -7.83 6.22 7.59 11.72Eaton Vance Atlanta Capital SMID-Cap R6 ERASX 0.82 -27.28 -15.59 3.20 5.94 11.05Vanguard Small Cap Index Adm VSMAX 0.05 -30.07 -23.33 -3.27 0.42 7.84International Equity

Vanguard All World ex-US Small Cap VFSAX 0.16 -29.69 -22.55 -5.84 -1.79 2.06Vanguard Emerging Markets Stock Index Adm VEMAX 0.14 -24.55 -18.47 -2.78 -1.15 0.32Vanguard Total Intl Stock Index Admiral VTIAX 0.11 -24.30 -16.57 -2.55 -0.68 2.06Real Estate

Vanguard REIT Index Adm VGSLX 0.12 -24.10 -16.55 -1.47 0.49 7.89Target Retirement

Vanguard Target Retirement Income Inv VTINX 0.12 -5.91 0.91 3.38 3.17 4.92Vanguard Target Retirement 2015 Inv VTXVX 0.13 -7.44 -0.22 3.61 3.55 6.03Vanguard Target Retirement 2020 Inv VTWNX 0.13 -10.76 -2.64 3.28 3.58 6.39Vanguard Target Retirement 2025 Inv VTTVX 0.13 -12.95 -4.31 3.07 3.60 6.65Vanguard Target Retirement 2030 Inv VTHRX 0.14 -14.76 -5.78 2.80 3.56 6.87Vanguard Target Retirement 2035 Inv VTTHX 0.14 -16.52 -7.25 2.53 3.51 7.07Vanguard Target Retirement 2040 Inv VFORX 0.14 -18.25 -8.74 2.23 3.43 7.18Vanguard Target Retirement 2045 Inv VTIVX 0.15 -19.88 -10.21 1.77 3.21 7.07Vanguard Target Retirement 2050 Inv VFIFX 0.15 -19.86 -10.18 1.79 3.23 7.07Vanguard Target Retirement 2055 Inv VFFVX 0.15 -19.89 -10.21 1.78 3.19 --Vanguard Target Retirement 2060 Inv VTTSX 0.15 -19.86 -10.18 1.79 3.20 --

Data provided by Morningstar Direct.

FMPTF Participant Directed Mutual Fund Program3/31/2020 Return Summary

Net of Investment Expense

© 2020 Asset Consulting Group All Rights Reserved

FMPTF Participant Directed

Mutual Fund Program

March 31, 2020

231 South Bemiston Avenue ♦ 14th Floor ♦ Saint Louis, Missouri 63105 ♦ www.acgnet.com ♦ 314.862.4848

We are proud to announce that ACG has been named a Greenwich Associates Quality Leader -

recognized as one of the top midsized consultants in the industry. This award is based on a

number of factors, and a culmination of extensive nationwide interviews with institutional

investors. We are appreciative of this honor, and we are grateful to all those who have helped us

get to where we are.

Table of Contents

Tab 1 Market Overview

Tab 2 Total Portfolio Performance Summary

Tab 3 Investment Manager Analysis

Appendix Definitions of Statistical Measures


FMPTF Participant Directed Mutual Fund Program

Market Overview

© 2020 Asset Consulting Group All Rights Reserved 7

Global Equity Update 1Q-2020

Global Long-Only Equity

Global Long/Short Equity

Sources: Bloomberg, ACG Research


Global equity markets experienced the swiftest market correction in history as the spread

of COVID-19 halted economies around the world. The longest bull market in history

officially came to an end mid-March following an all-time S&P 500 high on February 19th.

While all sector moves have been negative, value-oriented Energy and Financials have

seen significant pressure, providing additional room for Growth to continue its lead over

Value across the globe.

US Large Caps, represented by the S&P 500, were down -19.6% in 1Q-20. US Small Caps

have seen the most pressure across the globe as evidenced by the -30.6% YTD decline in

the Russell 2000, with the index also posting its worst day (-14.3%) in history on March 16th.

International markets modestly underperformed US Large Cap markets with the MSCI EAFE

Index down -22.7%, and the MSCI EM Index down -23.6%. As it relates to Developed vs.

Emerging Markets, the sell-off in the quarter was broad based. The US dollar also

strengthened in the quarter, creating an additional headwind for non-US strategies.

Volatility is expected to remain elevated and visibility toward an end to the pandemic

related pressures is cloudy at best. Corporate and economic growth expectations are

likely to be challenged in the near-term and could last until greater clarity into the

duration and magnitude of this unprecedented disruption is better understood.

Global Equity Style Diversion Continues

©2020 Asset Consulting Group All Rights Reserved

1.2

-7.0

-10.4

-15.6

-3.4

-9.2

-16.8

-27.0

-35.0

-30.0

-25.0

-20.0

-15.0

-10.0

-5.0

0.0

5.0

Jan Feb Mar 1Q

Tota

l Re

turn

, %

ACWI Growth ACWI Value

Growth outperformed throughout the

quarter

Market Volatility Measured in Units of VIX Volatility in the market was off the charts in 1Q-20, as the VIX Index at one point rose to

4X above the 20 year average. We anticipate this higher volatility to continue to be the

norm for the foreseeable future as uncertainty dominates in most areas. All else being

equal, an increase in market volatility helps generate opportunities on both the long and

short side so equity long/short managers stand to benefit.

As we would hope during a strong market downturn, Equity long/short managers

generally had a good quarter. Managers provided portfolio protection both through their

shorts as well as through reducing market exposure. This is reflected by the most extreme

exposure reduction since the financial crisis in 2008 as managers reacted to the lack of

clarity about impact and duration of COVID-19.

Style exposure was a major contributor to 1Q-20 performance as momentum/growth

outperformed value. Managers with significant exposure to growth sectors of Technology

and Health Care performed much better than the broad universe. Market cap was also a

factor as managers with greater small cap exposure generally underperformed

managers with larger cap, more liquid portfolios. This also increased the level of crowding

in the largest, most popular hedge fund names.

Global positioning continued to increase towards the US as managers reduced Europe

exposure and some European countries implemented short sale bans.

0

10

20

30

40

50

60

70

80

VIX Index 20-Year Average

8

4.0x3.6x 3.8x

4.3x4.7x

5.5x 5.3x

6.2x

5.1x

3.9x

4.7x5.1x 5.2x 5.4x

5.8x 5.8x5.5x

5.8x 5.8x 5.8x

5.1x

6.7x

6.0x6.6x

7.1x 7.3x

8.4x 8.4x

9.7x9.1x

7.7x8.5x

8.8x 8.7x 8.8x

9.8x10.3x

10.0x

10.7x 10.6x

11.5x

11.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

YTD

2020

EBIT

DA

Mu

ltip

le

Leverage Purchase Price

Global Private Equity and Real Assets Update 1Q-2020

Global Private Equity

Global Real Assets

Sources: NCREIF, ACG Research

Purchase Multiples Were Elevated Heading into the Crisis

NCREIF Income Return Spread to Treasuries

Sources: S&P LCD, ACG Research


LBO purchase price multiples hovered at all time highs throughout 2019, although it

appears that lenders remained disciplined late in the bull market cycle as leverage

levels stayed almost unchanged for the past six years. As private equity sponsors

switched from bull to bear market conditions in 1Q, changes to purchase prices and

lending capacity will certainly follow.

Gone are thoughts of heady IPO valuations and ample liquidity. Private equity

sponsors are in full triage mode as they identify and quantify the unanticipated

affects of COVID-19 and its global economic impact on their portfolio companies. In

the near-term the focus will be on finding a balance between preserving liquidity and

maintaining employment levels where possible.

New transaction activity has all but stopped as sponsors try to adjust their vison to the

new paradigms of the pandemic. How long will the current economic conditions

persist? Will we emerge with an L-shaped, U-shaped, or V-shaped recovery? How will

pricing adjust? How can diligence be completed in the context of social distancing?

The affiliate rule included in the CARES Act makes Federal stimulus package relief

unavailable to most private equity and venture capital backed companies despite

the best efforts of industry lobbyists. Hope remains that a third round of Federal

stimulus efforts will include some assistance for companies and their workforce.

The fourth quarter of 2019 marked the tenth full calendar year of positive returns for

the NCREIF Property Index (NPI). In 4Q-19, NCREIF annualized income returns (a proxy

for cap rates) fell marginally to 4.4%. Fundamental results remained strong at year

end with occupancy holding above 94%.

Public real estate markets suffered steep losses in the first quarter of 2020 that private

real estate markets will be unable to avoid completely. The question will be timing

and severity. Sectors that have traditionally been considered vulnerable to rapid

repricing, like hotels, will be joined by what were perhaps thought to be more

recession resistant property types, like multifamily and senior housing, as the

unanticipated consequence of coronavirus’s impacts are felt.

The CARES Act will provide some relief to rent-paying businesses as many small

business owners will be eligible for forgivable loans that will provide some ability to

stay afloat. However, retail and hotel assets, or those with connections to energy

markets, will come under significant pressure.

The Bloomberg Commodity Index (BCOM) fell -23.3% in 1Q-20, underperforming the

BloomBar US Aggregate Bond Index by 26.4%, the S&P 500 by 3.7%, and the MSCI

ACWI by 2.0%. The double-whammy of a supply shock caused by disagreement

between two of the world’s big producers and the demand shock of the unexpectedeconomic shutdown led to a -66.5% drop in Nymex Oil futures for the quarter. Gold

stood out as a safe-haven after posting a modest, yet positive return of +4.0%.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

Spread: 10-Yr UST Rate to NCREIF Income Return (Annualized) Median Spread

NCRIEF Income Return (Annualized) 10-Yr Treasury Rate

9

Global Traditional Bond Markets

Global Nontraditional Fixed Income

Liquid Absolute Return strategies produced generally disappointing results in 1Q-20, as modest

portfolio duration was overwhelmed by the negative mark-to-market outcomes of diversified

credit exposures. The category continued to lag traditional bond benchmarks, with observed

returns varying widely and averaging -6.1%. We continue to believe the diversification of risk

factors within portfolios remains valuable, as this aids in downside protection and reduces key

correlations. Outperforming risk-free cash becomes easier as policy rates hit the lower bound,

and enhanced volatility in rates, spreads, and currency should provide alpha opportunities.

The first quarter of 2020 brought an onslaught of market disruptions, testing Long/Short Credit

strategies ability to navigate the rapid evaporation of liquidity and price support. Many

managers had spoken in recent years about the need to maintain a degree of defensive

positioning in their portfolios. The use of leverage, and a manager’s ability to maintain true

portfolio liquidity are emerging as key factors that will determine the winners and losers in this

scenario, a situation that has played out most acutely in the structured credit space. As wider

spreads and corporate solvency issues create dispersion across the investment universe,

managers have a new set of opportunities to pursue going forward.

Private Credit strategies (typically 5- to 10-year fund life) offer the opportunity to earn both

a credit spread and an illiquidity premium over publicly traded fixed income strategies. The

first quarter featured a complete reversal of fortune as tight spreads, ample liquidity, and

high availability of credit as the year began were replaced with very little appetite to fund

new transactions and periods of extreme low or no-bids on illiquid assets near quarter end.

It was the best of times and the worst of times for fixed income in 1Q-20, as the rally in risk-

free rates became historic while lower-quality credit endured harsh losses. The Federal

Reserve took several emergency actions in March, cutting short-term interest rates back to

a targeted range of 0.00% to 0.25% while showcasing an expanded crisis-fighting toolkit to

stabilize financial markets and support the flow of credit. Even as long-term US Treasury

rates established all-time lows, the yield curve (10’s – 2’s) steepened given policy easing.

Due to its high sensitivity to domestic interest rates, the BloomBar US Aggregate provided

some needed stability amid COVID-19 uncertainly. Total returns for the quarter were solid

at +3.2%, even as IG corporate credit detracted the materially wider spreads. The

benchmark’s yield-to-worst contracted by 70 bps in the period, settling just below 1.6%.

With investor risk appetite and liquidity capitulating in March, the High Yield bond category

returned a dismal -12.7% 1Q-20. With unprecedented speed, spreads more-than-doubled

at the index level (336 bps to 880 bps), and CCC-rated issues continued to underperform.

Amid a notable “dash for cash,” Municipal Bonds failed to participate in the high-quality

rally, and yields were essentially unchanged for the quarter. With tax-exempt income

above US Treasury rates across the curve, ratios returned to historically cheap levels.

Unhedged Global government bonds underperformed with the drag of a strong US dollar

offsetting the benefit of lower-trending yields. Emerging Market outcomes were very weak.

Global Fixed Income Update 1Q-2020



Percentile Rankings of Observations for Past 15-Years


0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

10-YearUS Treasury

Yield

US Treasury10's - 2's

Curve Slope

IG CreditSpread

High YieldCredit Spread

EquityVolatility

(VIX)

Rolling 12-MonthTrade-Weighted

CurrencyVolatility

Trailing 12-Month Minimum Trailing 12-Month Maximum March 31, 2020

Curve steeper with FOMC cuts

Both IG and HY spreads widened

beyond the 90th

percentile

Record volatility in stocks

Dramatic rush to US$ safety

Rates declinedto new historiclows in March

Policy Rates Return to the Lower Bound

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

(%)

January 1, 2015 through March 31, 2020

Fed Funds (Upper and Lower Limit) 2-Year UST 10-Year UST

The FOMC delivered two

emergency cuts totaling

150 bps in March

10

Market Environment

For the Periods Ending March 31, 2020

-35.00

-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%)

Re

turn

(%

)

3.15 8.93 4.82 3.36 3.88BloomBar US Aggregate

1.30 7.15 4.37 3.35 4.05BloomBar Universal

-0.50 3.31 3.39 2.74 3.51BloomBar 1-15 Yr Municipal

-19.60 -6.98 5.10 6.73 10.53S&P 500

-30.61 -23.99 -4.64 -0.25 6.90Russell 2000

-22.72 -13.92 -1.33 -0.13 3.20MSCI EAFE

-21.26 -10.76 2.05 3.41 6.45MSCI ACWI

-23.57 -17.36 -1.25 0.01 1.04MSCI Emerging Markets

-23.29 -22.31 -8.61 -7.76 -6.74Bloomberg Commodity


Equity Index Returns


-40.00

-30.00

-20.00

-10.00

0.00

10.00

20.00


Re

turn

(%

)

-19.60 -6.98 5.10 6.73 10.53S&P 500

-20.90 -9.13 4.00 5.77 10.15Russell 3000

-26.73 -17.17 -2.18 1.90 7.67Russell 1000 Value

-14.10 0.91 11.32 10.36 12.97Russell 1000 Growth

-29.70 -22.51 -4.09 0.56 7.88S&P Mid Cap 400

-30.61 -23.99 -4.64 -0.25 6.90Russell 2000

-35.66 -29.64 -9.51 -2.42 4.79Russell 2000 Value

-25.76 -18.58 0.10 1.70 8.89Russell 2000 Growth

-22.72 -13.92 -1.33 -0.13 3.20MSCI EAFE

-23.26 -15.14 -1.48 -0.17 2.52MSCI ACWI ex US


US Markets - Performance Breakdown


S&P 500 - Sector Returns (%)

Communication Services

(10.74)

Consumer Discretionary

(9.80)

Consumer Staples

(7.79)

Energy

(2.65)

Financials

(10.93)

Health Care

(15.38)

Industrials

(8.22)

Information Technology

(25.48)

Materials

(2.43)

Real Estate

(3.01)

Utilit ies

(3.57)

-17.22

-19.59

-13.39

-51.06

-32.33

-13.08

-27.42

-12.22

-26.59

-19.84

-14.19

-4.64

-12.00

-3.40

-54.36

-19.01

-2.79

-21.08

8.85

-18.44

-14.14

-4.55

Russell 2000 - Sector Returns (%)


(2.22)


(8.72)

Consumer Staples

(3.36)

Energy

(1.35)

Financials

(16.57)

Health Care

(20.59)

Industrials

(15.16)


(15.01)

Materials

(3.25)

Real Estate

(7.57)

Utilit ies

(4.43)

-31.22

-44.35

-21.48

-62.44

-34.65

-19.26

-32.68

-22.22

-39.12

-33.04

-12.82

-35.72

-40.05

-15.12

-70.72

-26.66

-10.47

-21.87

-9.61

-36.09

-26.42

-4.88

3 Months 1 Year

Numbers in parenthesis represent sector weightings of the index. Sector weights may not add to 100% due to rounding or securities that are not assigned to a Global Industry Classification Standard (GICS) sector.

Source: ACG Research, Bloomberg


Non-US Equity Index Returns


-30.00

-25.00

-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00


Re

turn

(%

)

-22.72 -13.92 -1.33 -0.13 3.20MSCI EAFE

-20.43 -12.12 -1.31 0.34 4.85MSCI EAFE Local Currency

-28.08 -22.26 -6.09 -3.26 1.20MSCI EAFE Value

-17.41 -5.44 3.39 2.87 5.09MSCI EAFE Growth

-23.57 -17.36 -1.25 0.01 1.04MSCI Emerging Markets

-16.63 -6.31 1.33 2.18 4.11MSCI Japan

-23.26 -15.14 -1.48 -0.17 2.52MSCI ACWI ex US


Non-US Equity - Performance Breakdown


MSCI EAFE - Sector Returns (%)


(5.52)


(11.08)

Consumer Staples

(12.64)

Energy

(3.96)

Financials

(16.45)

Health Care

(14.32)

Industrials

(14.24)


(7.57)

Materials

(6.70)

Real Estate

(3.31)

Utilit ies

(4.21)

-17.92

-26.73

-13.45

-36.04

-31.52

-8.57

-26.28

-17.65

-26.74

-27.42

-13.13

-10.98

-14.58

-8.09

-37.40

-24.19

7.64

-15.54

-1.40

-20.17

-26.68

-4.49

MSCI EAFE - Country Returns (%)

Australia (5.87)

Austria (0.17)

Belgium (0.87)

Denmark (2.19)

Finland (0.99)

France (10.78)

Germany (8.26)

Hong Kong (3.75)

Ireland (0.56)

Israel (0.60)

Italy (2.16)

Japan (26.29)

Netherlands (4.15)

New Zealand (0.30)

Norway (0.54)

Portugal (0.18)

Singapore (1.20)

Spain (2.59)

Sweden (2.75)

Switzerland (10.70)

United Kingdom (15.10)

-33.23

-42.88

-32.54

-7.75

-18.94

-27.48

-26.95

-17.33

-25.53

-17.99

-29.20

-16.63

-20.63

-16.34

-33.27

-13.11

-28.19

-29.73

-21.36

-11.12

-28.79

-26.20

-39.39

-29.53

5.11

-17.12

-16.90

-16.93

-21.07

-7.84

-18.13

-20.57

-6.31

-7.31

-0.62

-30.53

-1.34

-22.22

-26.06

-10.49

4.55

-22.93

1 Year3 Months



Numbers in parenthesis represent sector or country weights of the index. Sector or country weights may not add to 100% due to rounding.

15

Emerging Markets - Performance Breakdown


MSCI Emerging Markets - Sector Returns (%)


(13.06)


(15.41)

Consumer Staples

(6.62)

Energy

(5.90)

Financials

(21.60)

Health Care

(3.55)

Industrials

(4.94)


(16.86)

Materials

(6.66)

Real Estate

(2.92)

Utilit ies

(2.48)

-9.60

-18.03

-19.74

-39.87

-31.03

-8.48

-28.00

-17.75

-30.66

-26.72

-25.96

-8.03

-8.22

-15.46

-35.44

-27.26

-8.39

-26.29

3.90

-30.94

-21.29

-23.16

MSCI Emerging Markets - Country Returns (%)

Argentina (0.13)

Brazil (4.90)

Chile (0.63)

China (40.65)

Colombia (0.24)

Czech Republic (0.11)

Egypt (0.13)

Greece (0.21)

Hungary (0.24)

India (7.75)

Indonesia (1.50)

Malaysia (1.89)

Mexico (1.91)

Pakistan (0.02)

Peru (0.29)

Philippines (0.83)

Poland (0.73)

Qatar (0.96)

Russia (3.28)

Saudi Arabia (2.58)

South Africa (3.68)

South Korea (11.85)

Taiwan (12.30)

Thailand (2.21)

Turkey (0.45)

United Arab Emirates (0.54)

-39.32

-50.21

-33.35

-10.21

-49.65

-38.51

-27.12

-45.13

-39.02

-31.12

-39.43

-19.18

-35.44

-39.60

-35.75

-31.96

-36.46

-17.27

-36.34

-23.98

-40.31

-22.40

-19.01

-33.69

-30.01

-27.14

-50.88

-41.72

-46.38

-5.66

-47.08

-36.87

-10.70

-30.14

-31.32

-30.84

-36.29

-21.07

-31.62

-38.28

-39.37

-30.07

-39.50

-15.11

-13.38

-28.76

-36.80

-16.39

2.32

-32.27

-19.47

-30.31

1 Year3 Months


Numbers in parenthesis represent sector or country weights of the index. Sector or country weights may not add to 100% due to rounding.


16

Interest Rate Term Structure

Government Issues - 3 Months to 30 Years Maturity

0 5 10 15 20 25 30

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Yie

ld t

o M

atu

rity

(%

)

Years to Maturity

Mar 2020 Dec 2019 Mar 2019

90 Days 0.09 1.55 2.39

180 Days 0.15 1.59 2.43

1 Year 0.16 1.58 2.39

2 Years 0.25 1.57 2.26

3 Years 0.30 1.61 2.21

4 Years 0.34 1.66 2.22

5 Years 0.38 1.69 2.23

7 Years 0.54 1.83 2.31

10 Years 0.67 1.92 2.41

20 Years 1.05 2.25 2.63

30 Years 1.32 2.39 2.82

Source: Bloomberg


Fixed Income Index Returns


-16.00

-12.00

-8.00

-4.00

0.00

4.00

8.00

12.00


Re

turn

(%

)

0.57 2.26 1.83 1.19 0.64US T-Bills 90 Day

2.81 5.43 2.70 1.85 1.43ICE BofA ML 1-3 Yr Treasury

-1.04 2.19 2.41 2.08 2.76BloomBar 5 Yr Municipal

3.15 8.93 4.82 3.36 3.88BloomBar US Aggregate

-12.68 -6.94 0.77 2.78 5.64BloomBar US Corp High Yield

-0.33 4.20 3.55 2.64 2.47BloomBar Global Aggregate

-13.38 -6.84 0.42 2.82 4.94JPM EMBI Global Diversified


US Fixed Income Market Environment


Nominal Returns By Sector (%)

1 Month 3 Months 1 Year 3 Years

US Aggregate -0.59 3.14 8.94 4.83

US Treasury 2.89 8.19 13.21 5.82

US Agg: Gov't-Related -3.09 0.48 6.24 4.13

US Corporate IG -7.09 -3.64 4.96 4.19

MBS 1.06 2.83 7.03 4.05

CMBS -3.13 1.19 6.13 4.20

ABS -2.07 -0.22 2.76 2.35

US Corp High Yield -11.46 -12.68 -6.94 0.76

Nominal Returns by Quality (%)


AAA 1.97 5.81 10.49 5.05

AA -2.70 1.48 7.50 4.72

A -4.51 -0.55 7.37 4.80

BAA -10.34 -7.39 1.90 3.41

BA -9.27 -10.15 -3.20 2.12

B -11.58 -12.97 -6.82 0.79

CAA -18.37 -20.55 -18.78 -4.08

Nominal Returns by Maturity (%)


0.401-3 Yr. 1.78 4.60 2.62

0.503-5 Yr. 2.80 7.02 3.76

-0.245-7 Yr. 2.69 7.43 4.23

-2.817-10 Yr. 2.14 8.77 4.87

-2.9310+ Yr. 6.23 19.33 9.71

Excess Returns by Sector

-2000

-1600

-1200

-800

-400

0

400

Aggregate Gov't-Related Corporate MBS CMBS ABS High Yield

(Corporate)


Exc

ess

Re

turn

(b

ps)

Excess Returns by Quality

-2800

-2400

-2000

-1600

-1200

-800

-400

0

400

AAA AA A BAA BA B CAA


Exc

ess

Re

turn

(b

ps)

Source: Bloomberg

Excess returns are relative to the duration-neutral Treasury.


Monthly Index Returns


3 Months (%) YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 7 Years (%) 10 Years (%)Index Name

Equity

S&P 500 -19.60 -19.60 -6.98 5.10 6.73 9.62 10.53

Russell 1000 -20.22 -20.22 -8.03 4.64 6.22 9.32 10.39

Russell 1000 Growth -14.10 -14.10 0.91 11.32 10.36 12.93 12.97

Russell 1000 Value -26.73 -26.73 -17.17 -2.18 1.90 5.56 7.67

Russell 2500 -29.72 -29.72 -22.47 -3.10 0.49 4.91 7.73

Russell 2000 -30.61 -30.61 -23.99 -4.64 -0.25 4.21 6.90

Russell 2000 Growth -25.76 -25.76 -18.58 0.10 1.70 6.47 8.89

Russell 2000 Value -35.66 -35.66 -29.64 -9.51 -2.42 1.80 4.79

Wilshire 5000 Cap Wtd -20.70 -20.70 -8.94 4.09 5.99 9.08 10.19

MSCI ACWI -21.26 -21.26 -10.76 2.05 3.41 5.64 6.45

MSCI ACWI ex US -23.26 -23.26 -15.14 -1.48 -0.17 1.53 2.52

MSCI EAFE -22.72 -22.72 -13.92 -1.33 -0.13 2.24 3.20

MSCI EAFE Local Currency -20.43 -20.43 -12.12 -1.31 0.34 4.86 4.85

MSCI EAFE Growth -17.41 -17.41 -5.44 3.39 2.87 4.36 5.09

MSCI EAFE Value -28.08 -28.08 -22.26 -6.09 -3.26 -0.01 1.20

MSCI Emerging Markets -23.57 -23.57 -17.36 -1.25 0.01 -0.04 1.04

Fixed Income

ICE BofA ML 1-3 Yr Treasury 2.81 2.81 5.43 2.70 1.85 1.52 1.43

BloomBar 5 Yr Municipal -1.04 -1.04 2.19 2.41 2.08 2.04 2.76

BloomBar US Aggregate 3.15 3.15 8.93 4.82 3.36 3.19 3.88

BloomBar Gov't Bond 8.08 8.08 13.08 5.78 3.63 3.16 3.72

BloomBar US Credit -3.14 -3.14 5.10 4.19 3.28 3.44 4.75


BloomBar US Corp High Yield -12.68 -12.68 -6.94 0.77 2.78 3.33 5.64

FTSE World Govt Bond 2.00 2.00 6.17 4.27 2.96 1.48 2.19

BloomBar Global Aggregate -0.33 -0.33 4.20 3.55 2.64 1.61 2.47

BloomBar Multiverse -1.11 -1.11 3.47 3.37 2.67 1.66 2.58

JPM EMBI Global Diversified -13.38 -13.38 -6.84 0.42 2.82 2.89 4.94

Real Assets

NCREIF Property 0.00 0.00 4.54 6.16 7.50 8.75 10.09

NFI ODCE Net 0.75 0.75 3.93 5.85 7.48 8.91 10.42

FTSE NAREIT US Real Estate -27.30 -27.30 -21.26 -3.14 -0.35 3.46 7.40

Bloomberg Commodity -23.29 -23.29 -22.31 -8.61 -7.76 -10.04 -6.74

Cash and Equivalents

US T-Bills 90 Day 0.57 0.57 2.26 1.83 1.19 0.86 0.64


Monthly Index Returns

For the Periods Ending April 30, 2020

1 Month (%) YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 7 Years (%) 10 Years (%)Index Name

Equity

S&P 500 12.82 -9.29 0.86 9.04 9.12 11.22 11.69

Russell 1000 13.21 -9.68 0.09 8.68 8.74 10.99 11.57

Russell 1000 Growth 14.80 -1.39 10.84 15.69 13.34 14.83 14.41

Russell 1000 Value 11.24 -18.49 -11.01 1.42 3.90 6.95 8.54

Russell 2500 14.55 -19.50 -14.20 1.13 3.62 6.92 8.70

Russell 2000 13.74 -21.08 -16.39 -0.82 2.88 6.20 7.69

Russell 2000 Growth 14.89 -14.71 -9.22 4.21 5.19 8.70 9.96

Russell 2000 Value 12.34 -27.72 -23.84 -6.06 0.30 3.52 5.30

Wilshire 5000 Cap Wtd 13.26 -10.18 -0.85 8.12 8.55 10.77 11.34

MSCI ACWI 10.76 -12.78 -4.43 5.03 4.94 6.76 7.52

MSCI ACWI ex US 7.64 -17.40 -11.07 0.24 0.31 2.06 3.37

MSCI EAFE 6.54 -17.66 -10.89 -0.09 0.32 2.40 4.04

MSCI EAFE Local Currency 5.51 -16.05 -10.39 -0.02 1.18 5.00 5.54

MSCI EAFE Growth 7.49 -11.23 -1.69 4.84 3.59 4.81 6.02

MSCI EAFE Value 5.44 -24.17 -19.96 -5.09 -3.09 -0.14 1.93

MSCI Emerging Markets 9.18 -16.55 -11.65 0.94 0.28 1.11 1.80

Fixed Income

ICE BofA ML 1-3 Yr Treasury 0.04 2.85 5.25 2.67 1.85 1.51 1.41

BloomBar Municipal -1.26 -1.88 2.16 3.27 3.04 2.92 3.89

BloomBar US Aggregate 1.78 4.98 10.84 5.17 3.80 3.30 3.96

BloomBar Gov't Bond 0.63 8.76 14.10 5.76 3.87 3.12 3.68

BloomBar US Credit 4.58 1.29 9.37 5.40 4.33 3.84 5.04


BloomBar US Corp High Yield 4.51 -8.75 -4.11 1.87 3.44 3.72 5.86

FTSE World Govt Bond 1.19 3.22 7.97 4.24 2.98 1.50 2.35

BloomBar Global Aggregate 1.96 1.63 6.56 3.84 2.82 1.69 2.67

BloomBar Multiverse 2.04 0.91 5.84 3.67 2.84 1.74 2.78

Real Assets

Bloomberg Commodity -1.54 -24.47 -23.18 -8.62 -9.07 -9.87 -7.07


US T-Bills 90 Day 0.01 0.58 2.07 1.81 1.19 0.86 0.64


This page is intentionally left blank.



Total Portfolio Performance Summary


Value Core Growth

Short - Term Intermediate-Term Long - Term

Conservative Moderate Aggressive

Vanguard Target Retirement 2050Vanguard Target Retirement 2055Vanguard Target Retirement 2060

Real Estate

Eaton Vance Atlanta Capital SMID-Cap IVanguard Small Cap Index Adm

Age-Based

Real Assets

Risk Based

International Fixed Income Vanguard Total Int'l Bond Index Adm


Vanguard Target Retirement IncomeVanguard Target Retirement 2015Vanguard Target Retirement 2020Vanguard Target Retirement 2025

US Large Cap

Equity

Vanguard Windsor II Adm Vanguard Institutional Index IVanguard FTSE Social Index Adm Vanguard PRIMECAP Adm

Vanguard Total Intl Stock Index AdmVanguard All World ex-US Small Cap Adm

Vanguard Emerging Mkts Stock Index Adm

Vanguard REIT Index Signal

Vanguard Wellington

US Mid/Small Cap

Fixed Income

Balanced Funds

Domestic Fixed Income

International /Global Equity

Vanguard Federal Money MarketVanguard Retirement Savings Trust

Vanguard Total Bond Market Index IVanguard Interm-Term IG Adm

Vanguard Target Retirement 2030Vanguard Target Retirement 2035Vanguard Target Retirement 2040Vanguard Target Retirement 2045

© 2020 Asset Consulting Group, Inc. All Rights Reserved. 24


Total Portfolio Market Values

As of

Mar-20 ($)

Actual

Allocation (%)

As of

Dec-19 ($)

Actual

Allocation (%)

As of

Mar-19 ($)

Actual

Allocation (%)

Total Portfolio 100.00 108,325,522 121,274,223 100.00 116,810,221 100.00

Vanguard Windsor II 2,062,253 1.90 2,593,922 2,625,499 2.14 2.25

Vanguard Institutional Index 5,671,774 5.24 6,403,822 6,011,485 5.28 5.15

Vanguard FTSE Social Index 521,377 0.48 131,502 0 0.11 0.00

Vanguard PRIMECAP 9,472,387 8.74 11,551,052 11,929,907 9.52 10.21

Eaton Vance Atlanta Cap SMID 6,830,469 6.31 9,865,740 9,531,969 8.14 8.16

Vanguard Small Cap Index 1,390,227 1.28 1,941,225 2,313,600 1.60 1.98

Vanguard International Value 0 0.00 0 234,179 0.00 0.20

Vanguard International Growth 0 0.00 0 921,959 0.00 0.79

Vanguard Total International Stock Index 3,087,786 2.85 4,039,736 2,919,285 3.33 2.50

Vanguard Emerging Markets Stock Index 146,936 0.14 134,745 0 0.11 0.00

Vanguard All World ex-US Small Cap 88,585 0.08 46,483 0 0.04 0.00

Vanguard Intermediate IG Fund 4,349,153 4.01 4,867,974 0 4.01 0.00

Vanguard Total Bond Index 2,488,028 2.30 2,657,293 2,379,793 2.19 2.04

Vanguard Intermediate Bond Index 0 0.00 0 2,286,674 0.00 1.96

Vanguard Long-Term US Treasury 0 0.00 0 1,694,636 0.00 1.45

Vanguard Inflation Protected Securities 0 0.00 0 659,128 0.00 0.56

Vanguard Retirement Savings Trust 4,750,320 4.39 3,979,270 3,842,510 3.28 3.29

Vanguard Total International Bond Index 81,163 0.07 152,232 0 0.13 0.00

Vanguard Federal Money Market 6,776,196 6.26 6,104,907 6,020,576 5.03 5.15

Vanguard REIT Index 1,017,425 0.94 1,328,161 1,451,051 1.10 1.24

Vanguard Wellington 7,752,951 7.16 8,987,784 8,364,489 7.41 7.16

Vanguard Target Retirement Income 3,484,560 3.22 3,406,749 2,856,792 2.81 2.45

Vanguard Target Retirement 2015 4,503,506 4.16 5,217,702 5,514,936 4.30 4.72










Total Portfolio Market Values

As of

Mar-20 ($)

Actual

Allocation (%)

As of

Dec-19 ($)

Actual

Allocation (%)

As of

Mar-19 ($)

Actual

Allocation (%)

Vanguard Target Retirement 2055 797,590 0.74 938,624 884,104 0.77 0.76

Vanguard Target Retirement 2060 76,960 0.07 75,472 45,032 0.06 0.04

Loan 631,818 0.58 643,316 407,217 0.53 0.35




For the Period Ending March 31, 2020

Manager Allocation

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

Vanguard Ta

rget R

etire

ment 2

025

Vanguard P

RIMEC

AP

Vanguard Ta

rget R

etire

ment 2

020

Vanguard W

ellin

gton

Vanguard Ta

rget R

etire

ment 2

030

Eato

n Vance A

tlanta

Cap S

MID

Vanguard Fede

ral M

oney

Mark

et

Vanguard Ta

rget R

etire

ment 2

035

Vanguard In

stitu

t ional In

dex

Vanguard R

etirem

ent Savin

gs Tru

st

Vanguard Ta

rget R

etire

ment 2

015

Vanguard In

term

edia

te IG

Fund

Vanguard Ta

rget R

etire

ment 2

045

Vanguard Ta

rget R

etire

ment I

ncom

e

Vanguard To

tal In

tern

ational S

tock

Index

Vanguard Ta

rget R

etire

ment 2

040

Vanguard To

tal B

ond In

dex

Vanguard W

indso

r II

Vanguard Ta

rget R

etire

ment 2

050

Vanguard Sm

all C

ap Index

Vanguard R

EIT In

dex

Vanguard Ta

rget R

etire

ment 2

055

Loan

Vanguard FTS

E Social In

dex

Vanguard E

mer

ging M

arket

s Sto

ck In

dex

Vanguard A

ll World

ex-

US Sm

all Cap

Vanguard To

tal In

tern

ational B

ond In

dex

Vanguard Ta

rget R

etire

ment 2

060

11.60

9.47

8.52

7.757.07 6.83 6.78

6.335.67

4.75 4.50 4.353.94

3.483.09 3.08

2.492.06 1.80

1.391.02 0.80 0.63 0.52

0.15 0.09 0.08 0.08

(M arket Value in $M illions)

Total Market Value: $108,325,522



Florida Municipal Pension Trust Fund Participant Directed Mutual Fund Program

Executive Summary Period Ended March 31, 2020

Vanguard Windsor II (VWNAX) – Page 42 This Morningstar four-star rated, large cap value-oriented equity fund searches for low priced, high dividend paying stocks and is implemented through a strong cadre of capable managers, including Aristotle Capital Management, Hotchkis and Wiley, Sanders Capital and Lazard Asset Management. This fund outpaced the Russell 1000 Value by 206 basis points in the first quarter and ranks in the top 29th percentile relative to its peer group of large cap value managers over the past 10 years.

Vanguard FTSE Social Index (VFTAX) – Page 44 This Morningstar five-star rated fund was added to the fund lineup in May 2019 to allow participants to invest in a socially-conscious manner. It employs an investment approach that emphasizes companies that have been screened for certain social and environmental criteria. This fund has posted strong absolute returns over the past 10 years, rising 11.03%, outpacing the Russell 1000 Index and ranking in the top 3rd percentile of its peer group of large cap equity managers.

Vanguard Institutional Index (VINIX) – Page 46 This passively-managed fund has a five-star rating from Morningstar, and is focused on providing performance in line with the broad large cap domestic equity market as measured by the S&P 500 Index, with a similar risk profile and very efficient fee structure. This fund has matched the risk-return profile of the S&P 500 over all time periods.

Vanguard PRIMECAP (VPMAX) – Page 48 This three-star rated fund is tasked with providing excess returns in the large cap growth equity segment of the domestic market, as a complement to a similar value option within the plan. It’s proved to be challenging for this fund to keep up with the robust performance of the Russell 1000 Growth Index over recent time periods. However, it has outperformed its peer group over the past 10 years, ranking in the top 38th percentile of its peer group of US Large Cap Growth managers.

EV Atlanta Capital SMID (ERASX) – Page 50 This three-star rated fund focuses on identifying seasoned, high quality small-to-mid capitalization U.S. companies with solid balance sheets and experienced management teams. This fund outpaced the Russell 2500 benchmark by nearly 250 basis points in the first quarter, while ranking in the top 6th percentile of its peer group of US Small Cap managers. This fund has an impressive track record of success over the long term, outperforming the Russell 2500 by over 330 basis points and ranking in the top 2nd percentile of its peer group over the last 10 years.

Vanguard Small Cap Index (VSMAX) – Page 52 This fund has a five-star rating from Morningstar, and is focused on providing performance in line with the small cap domestic equity market as measured by the CRSP US Small Cap Index, with a similar risk profile and very efficient fee structure. Over the last 3 years, this fund has matched the benchmark’s performance, and ranks in the top 9th percentile of its peer group.

28


Vanguard All World ex-US Small Cap (VFSAX) – Page 54 This Morningstar two star rated index fund was added to the fund lineup in May 2019 to provide low-cost exposure to small capitalization companies located in non-U.S. developed markets. This fund is subject to currency risk and country risk, and may experience heightened volatility because of its focus on small cap stocks. While this fund isn’t within compliance with the plan’s guidelines, this fund has achieved a 2.06% return on average annually over the past 10 years.

Vanguard Emerging Markets Stock Index (VEMAX) – Page 56 This fund was added to the fund lineup in May 2019. This fund is rated three stars by Morningstar, and employs an indexing investment approach to give investors a low cost exposure to emerging markets countries. This fund serves as an opportunity for investors to diversify their exposure to the international markets. This fund has performed in line with the MSCI Diversified Emerging Markets Index on a risk-adjusted basis over the past 5-10 years.

Vanguard Total International Stock Index (VT1AX) – Page 58 This Morningstar three star rated fund is focused on providing performance in line with the broad international equity market as measured by the FTSE Global All Cap Ex-US Index, with a similar risk profile and very efficient fee structure. This fund has performed in line with its benchmark on a risk adjusted basis over the past 3-5 years.

Vanguard Intermediate Investment Grade Fund (VFIDX) – Page 60 This actively managed fund is rated four stars by Morningstar, and was added to the fund lineup in May 2019. It seeks to provide a moderate and sustainable level of current income by providing diversified exposure to medium and high quality investment grade bonds with a dollar-weighted average maturity of 5-10 years. This fund has outperformed the BloomBar US Credit Intermediate benchmark by 95 basis points over the last 10 years while ranking in the top 3rd percentile of its peer group of Intermediate Core Bond managers.

Vanguard Total Bond Market Index (VBTLX) – Page 62 This fund is rated four stars by Morningstar and has the objective of providing performance in line with the broad domestic bond markets as measured by the BloomBar Aggregate Index, with a similar risk profile and very efficient fee structure. This fund has matched the risk-return profile of the benchmark over the past 10 years.

Vanguard Retirement Savings Trust – Page 64 This fund seeks to provide a high level of current and stable income by investing in synthetic investment contracts backed by high-quality fixed income investments and traditional investments issued by insurance companies and banks, with a goal of maintaining a net asset value of $1 per share. This fund has managed to outperform the US 90 Day T-Bills by 152 basis points over the past 10 years.

Vanguard Total International Bond Index (VTABX) – Page 65 This Morningstar five-star rated fund was added to the fund lineup in May 2019. It seeks to provide broad exposure to non-US investment-grade bonds, and serves as a complement to the other US fixed income options in the lineup. This fund is exposed to country/regional risk, but utilizes currency hedging strategies to limit exchange rate risk. This fund has approximated the risk and return of the BloomBar Global Aggregate US Hedged benchmark over the past 10 years.

29


Vanguard Federal Money Market (VMFXX) – Page 67 This fund seeks a high level of current income by investing in high-quality money market instruments, with an average maturity of 90 days or less and a goal of maintaining a net asset value of $1 per share.

Vanguard REIT Index (VGSLX) – Page 68 This Morningstar three star rated fund is designed to track the performance of the domestic real estate investment trust (REIT) market. Performance has been in line with the NAREIT Index on a risk-adjusted basis and better than the peer group of specialty real estate managers over the past 5-10 years.

Vanguard Wellington (VWENX) – Page 70 This balanced equity and fixed income fund carries a five-star rating by Morningstar given its long history of outperforming objectives. The bond portfolio typically emphasizes high quality issues, while the equity portfolio focuses on dividend-paying companies with modest valuations. The mix between stocks and bonds can change over time depending on the manager’s view of opportunities in the marketplace, with the current allocation at 66% stocks and 34% cash/bonds. This fund is in line with objectives, ranking in the top decile of its peer group over all trailing long-term time periods.

Vanguard Target Retirement Income (VTINX) – Page 72 This fund carries a five-star rating from Morningstar and is designed primarily for investors that are currently in retirement. The fund has a conservative allocation for those investors seeking current income and safety of principal more than capital appreciation. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds which are diversified by asset class, geography and quality. The asset allocation of this fund is currently 70% fixed income/cash and 30% equity.

Vanguard Target Retirement 2015 (VTXVX) – Page 74 This fund carries a five-star rating from Morningstar and provides a shifting mix of stocks and bonds for investors that intend to retire in or around 2015. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 64% fixed income/cash and 36% equity.

Vanguard Target Retirement 2020 (VTWNX) – Page 76 This Morningstar five star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2020. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 50% fixed income/cash and 50% equity.

Vanguard Target Retirement 2025 (VTTVX) – Page 78 This fund carries a five-star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2025. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 41% fixed income/cash and 59% equity.

30


Vanguard Target Retirement 2030 (VTHRX) – Page 80 This Morningstar four-star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2030. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of Vanguard fee-efficient mutual funds. The current asset allocation of this fund is 33% fixed income/cash and 67% equity.

Vanguard Target Retirement 2035 (VTTHX) – Page 82 This fund carries a four-star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2035. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 26% fixed income/cash and 74% equity.

Vanguard Target Retirement 2040 (VFORX) – Page 84 This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2040. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 18% fixed income/cash and 82% equity.

Vanguard Target Retirement 2045 (VTIVX) – Page 86 This fund carries a four-star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2045. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 11% fixed income/cash and 89% equity.

Vanguard Target Retirement 2050 (VFIFX) – Page 88 This Morningstar four-star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2050. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity.

Vanguard Target Retirement 2055 (VFFVX) – Page 90 This Morningstar four-star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2055. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity.

Vanguard Target Retirement 2060 (VTTSX) – Page 92 This Morningstar four-star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2060. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity.

31

FMPTF Participant-Directed Mutual Fund Program

Active Managers Strategy

Morningstar

Rating 3 or

Better

3 Year Return >

Benchmark

5 Year Return >

Benchmark

3 Year Peer

Ranking > 50%

5 Year Peer

Ranking > 50%

Peer Ranking >

50% in 2 of last 3

rolling 1 Year

intervals

Comments

Vanguard Windsor II US Large Cap Value Equity YES YES YES YES YES YES

Vanguard PRIMECAP US Large Cap Growth Equity YES NO NO NO NO YES Ranked in top 38th percentile over trailing 10years.

Eaton Vance Atlanta Capital SMID-Cap I US Small/Mid Value Equity YES YES YES YES YES YES

Vanguard Intermediate IG Fund US Intermediate IG Fixed Income YES YES YES YES YES YES

Vanguard Retirement Savings Stable Value Fixed Income YES YES YES YES YES YES

Vanguard Wellington Moderate Balanced YES NO NO YES YES YES

Passive Managers Strategy

Morningstar

Rating 3 or

Better

3 Year Return =

Benchmark

5 Year Return =

Benchmark

3 Year Risk =

Benchmark

5 Year Risk =

BenchmarkComments

Vanguard FTSE Social Index US Large Cap Equity YES NO NO YES YES

Vanguard Institutional Index US Large Cap Equity YES YES YES YES YES

Vanguard Small Cap Index US Small Cap Equity YES YES YES YES YES

Vanguard All World ex US Small Cap International Small-Cap Equity NO NO NO YES YES Average annual return of 2.06% over past 10 years.

Vanguard Emerging Markets Stock Index Emerging Markets Equity YES NO NO YES YES

Vanguard Total Intl Stock Index International All-Cap Equity YES NO NO YES YES

Vanguard Total Bond Index US Core Fixed Income YES YES YES YES YES

Vanguard Total Int'l Bond Index International Fixed Income YES NO NO YES YES

Vanguard REIT Index US REIT YES NO NO YES YES

Targe Retirement Managers Strategy

Morningstar

Rating 3 or

Better

3 Year Return >

Benchmark

5 Year Return >

Benchmark

3 Year Sharpe

Ratio >

Benchmark

5 Year Sharpe

Ratio >

Benchmark

Comments

Vanguard Target Retirement Income Balanced YES YES YES YES YES

Vanguard Target Retirement 2015 Balanced YES YES YES YES YES










Performance is calculated using net of fee returns.

Information is based on manager composite returns when client specific information unavailable.

Passive Managers to be within 10% of return and risk of benchmark

Fund Evaluation


© 2020 Asset Consulting Group All Rights Reserved32

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Equity

US Equity

US Large Cap Value

Vanguard Windsor II * -24.67 -13.10 -0.26 2.73 6.05 7.64 VWNAX 0.26 4

Russell 1000 Value -26.73 -17.17 -2.18 1.90 5.56 7.67

Difference (+/-) 2.06 4.07 1.92 0.83 0.49 -0.03

Median MF US Large Cap Value Net -26.63 -17.66 -2.23 1.30 5.01 6.82

Rank 30 16 24 24 22 29

US Large Cap Core

Vanguard FTSE Social Index * -19.95 -5.77 6.28 7.14 10.69 11.03 VFTAX 0.14 5

Russell 1000 -20.22 -8.03 4.64 6.22 9.32 10.39

Difference (+/-) 0.27 2.26 1.64 0.92 1.37 0.64

Median MF US Large Cap Blend Net -20.35 -9.25 3.24 4.96 8.07 9.16

Rank 43 15 7 5 2 3

Vanguard Institutional Index * -19.60 -7.00 5.08 6.70 9.59 10.50 VINIX 0.04 5

S&P 500 -19.60 -6.98 5.10 6.73 9.62 10.53

Difference (+/-) 0.00 -0.02 -0.02 -0.03 -0.03 -0.03

Median MF US Large Cap Blend Net -20.35 -9.25 3.24 4.96 8.07 9.16

Rank 29 23 16 9 8 7


* Performance and statistics are presented net of fees.

33

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

US Large Cap Growth

Vanguard PRIMECAP * -20.16 -7.83 6.22 7.59 11.53 11.72 VPMAX 0.31 3

Russell 1000 Growth -14.10 0.91 11.32 10.36 12.93 12.97

Difference (+/-) -6.06 -8.74 -5.10 -2.77 -1.40 -1.25

Median MF US Large Cap Growth Net -14.80 -2.27 9.06 7.98 11.07 11.28

Rank 92 83 76 58 42 38

US Small/Mid Cap Equity

Eaton Vance Atlanta Cap SMID * -27.28 -15.59 3.20 5.94 8.67 11.05 ERASX 0.82 3

Russell 2500 -29.72 -22.47 -3.10 0.49 4.91 7.73

Difference (+/-) 2.44 6.88 6.30 5.45 3.76 3.32

Median MF US Small Cap Blend Net -32.51 -25.86 -6.52 -1.54 3.25 6.12

Rank 6 2 2 2 2 2

Vanguard Small Cap Index * -30.07 -23.33 -3.27 0.42 4.98 7.84 VSMAX 0.05 5

CRSP US Small Cap -30.08 -23.38 -3.28 0.40 4.97 8.04

Difference (+/-) 0.01 0.05 0.01 0.02 0.01 -0.20

Median MF US Small Cap Blend Net -32.51 -25.86 -6.52 -1.54 3.25 6.12

Rank 18 23 9 14 10 9

Non US Equity

Vanguard All World ex-US Small Cap * -29.69 -22.55 -5.84 -1.79 0.19 2.06 VFSAX 0.16 2

MSCI ACWI ex US SC NetDiv -29.01 -21.18 -4.89 -0.81 1.05 2.79

Difference (+/-) -0.68 -1.37 -0.95 -0.98 -0.86 -0.73

Median MF Foreign Small/Mid Cap Core Net -28.32 -21.12 -5.67 -1.11 1.37 3.25

Rank 70 76 58 74 73 79



34

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Emerging Markets Stock Index * -24.55 -18.47 -2.78 -1.15 -0.80 0.32 VEMAX 0.14 3

MSCI Emerging Markets NetDiv -23.60 -17.69 -1.62 -0.37 -0.40 0.68

Difference (+/-) -0.95 -0.78 -1.16 -0.78 -0.40 -0.36

Median MF Diversified Emerging Markets Net -24.74 -18.15 -2.91 -0.97 -0.83 0.64

Rank 49 53 49 55 50 57

Vanguard Total International Stock Index * -24.30 -16.57 -2.55 -0.68 1.09 2.06 VTIAX 0.11 3

FTSE Global All Cap ex US -23.96 -15.75 -1.99 -0.24 1.56 2.63

Difference (+/-) -0.34 -0.82 -0.56 -0.44 -0.47 -0.57

Median MF Foreign Large Cap Core Net -23.39 -15.48 -2.62 -1.21 1.18 2.32

Rank 62 66 48 32 55 64

Fixed Income

Intermediate Core Bonds

Vanguard Intermediate IG Fund * -0.48 5.77 4.03 3.33 3.31 4.71 VFIDX 0.10 4

BloomBar US Credit Int -2.35 3.28 3.11 2.65 2.64 3.76

Difference (+/-) 1.87 2.49 0.92 0.68 0.67 0.95

Median MF Intermediate Core Bond Net 1.67 6.86 3.91 2.79 2.69 3.59

Rank 86 73 43 10 7 3

Vanguard Total Bond Index * 3.27 9.06 4.83 3.33 3.14 3.84 VBTLX 0.05 4

BloomBar US Aggregate 3.15 8.93 4.82 3.36 3.19 3.88

Difference (+/-) 0.12 0.13 0.01 -0.03 -0.05 -0.04

Median MF Intermediate Core Bond Net 1.67 6.86 3.91 2.79 2.69 3.59

Rank 17 8 7 11 13 32



35

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Short Term Core Bonds

Vanguard Retirement Savings Trust * 0.55 2.33 2.11 2.01 1.94 2.16 -- 0.44 4

US T-Bills 90 Day 0.57 2.26 1.83 1.19 0.86 0.64

Difference (+/-) -0.02 0.07 0.28 0.82 1.08 1.52

Median MF Ultrashort Bond Net -1.45 0.42 1.35 1.16 0.89 1.00

Rank 2 3 2 2 2 2

Non US Fixed Income

International Core Bonds

Vanguard Total International Bond Index * 0.15 4.79 4.43 3.35 -- -- VTABX 0.11 5

BloomBar Glbl Aggregate Bd US Hgd 1.45 6.59 4.65 3.49 3.72 4.06

Difference (+/-) -1.30 -1.80 -0.22 -0.13 -- --

Median MF World Bond-USD Hedged Net -2.71 2.27 3.02 2.37 2.66 3.63

Rank 8 12 8 11 -- --


Vanguard Federal Money Market * 0.34 1.90 1.65 1.08 0.77 0.55 VMFXX 0.11

US T-Bills 90 Day 0.57 2.26 1.83 1.19 0.86 0.64

Difference (+/-) -0.23 -0.36 -0.18 -0.11 -0.09 -0.09

Real Assets

Vanguard REIT Index * -24.10 -16.55 -1.47 0.49 4.10 7.89 VGSLX 0.12 3

FTSE NAREIT US Real Estate -27.30 -21.26 -3.14 -0.35 3.46 7.40

Difference (+/-) 3.20 4.71 1.67 0.84 0.64 0.49

Median MF Real Estate Net -23.45 -16.03 -1.24 0.42 3.90 7.48

Rank 59 55 56 48 43 36



36

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Balanced

Balanced - Intermediate

Vanguard Wellington * -13.79 -2.73 4.28 5.29 6.99 7.97 VWENX 0.17 5

60% S&P 500/40% BloomBar US Agg -10.88 -0.39 5.32 5.63 7.23 8.09

Difference (+/-) -2.91 -2.34 -1.04 -0.34 -0.24 -0.12

Median MF Moderate Allocation Net -14.11 -6.18 1.83 2.71 4.51 5.86

Rank 46 20 12 7 8 7

Target Date Retirement Funds

Vanguard Target Retirement Income * -5.91 0.91 3.38 3.17 3.77 4.92 VTINX 0.12 5

S&P Target Date Retirement Income -6.69 0.17 3.06 2.89 3.50 4.52

Difference (+/-) 0.78 0.74 0.32 0.28 0.27 0.40

Median MF Target Date 2000-2010 Net -7.77 -1.07 2.71 2.92 4.03 5.18

Rank 20 13 10 43 68 64

Vanguard Target Retirement 2015 * -7.44 -0.22 3.61 3.55 4.90 6.03 VTXVX 0.13 5

S&P Target Date 2015 -9.16 -1.93 2.90 3.21 4.44 5.54

Difference (+/-) 1.72 1.71 0.71 0.34 0.46 0.49


Rank 7 7 10 16 19 19

Vanguard Target Retirement 2020 * -10.76 -2.64 3.28 3.58 5.30 6.39 VTWNX 0.13 5

S&P Target Date 2020 -10.55 -2.99 2.82 3.34 4.82 5.95

Difference (+/-) -0.21 0.35 0.46 0.24 0.48 0.44


Rank 60 38 14 11 7 9



37

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2025 * -12.95 -4.31 3.07 3.60 5.53 6.65 VTTVX 0.13 5

S&P Target Date 2025 -12.93 -4.89 2.52 3.32 5.01 6.20

Difference (+/-) -0.02 0.58 0.55 0.28 0.52 0.45


Rank 54 42 19 12 9 13

Vanguard Target Retirement 2030 * -14.76 -5.78 2.80 3.56 5.72 6.87 VTHRX 0.14 4

S&P Target Date 2030 -15.38 -6.88 2.13 3.22 5.16 6.39

Difference (+/-) 0.62 1.10 0.67 0.34 0.56 0.48


Rank 46 35 22 19 12 18

Vanguard Target Retirement 2035 * -16.52 -7.25 2.53 3.51 5.89 7.07 VTTHX 0.14 4

S&P Target Date 2035 -17.70 -8.81 1.71 3.10 5.25 6.53

Difference (+/-) 1.18 1.56 0.82 0.41 0.64 0.54


Rank 40 32 18 18 12 16

Vanguard Target Retirement 2040 * -18.25 -8.74 2.23 3.43 5.97 7.18 VFORX 0.14 4

S&P Target Date 2040 -19.24 -10.10 1.44 3.02 5.32 6.64

Difference (+/-) 0.99 1.36 0.79 0.41 0.65 0.54


Rank 39 31 18 16 13 15



38

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2045 * -19.88 -10.21 1.77 3.21 5.82 7.07 VTIVX 0.15 4

S&P Target Date 2045 -20.15 -10.86 1.23 2.98 5.39 6.73

Difference (+/-) 0.27 0.65 0.54 0.23 0.43 0.34


Rank 39 32 26 21 14 19

Vanguard Target Retirement 2050 * -19.86 -10.18 1.79 3.23 5.82 7.07 VFIFX 0.15 4

S&P Target Date 2050 -20.56 -11.23 1.18 3.01 5.52 6.84

Difference (+/-) 0.70 1.05 0.61 0.22 0.30 0.23


Rank 31 25 22 19 14 20

Vanguard Target Retirement 2055 * -19.89 -10.21 1.78 3.19 5.79 -- VFFVX 0.15 4

S&P Target Date 2055 -20.84 -11.47 1.12 3.02 5.60 6.94

Difference (+/-) 0.95 1.26 0.66 0.17 0.19 --


Rank 25 22 24 22 19 --

Vanguard Target Retirement 2060 * -19.86 -10.18 1.79 3.20 5.80 -- VTTSX 0.15 4

S&P Target Date 2060+ -20.86 -11.40 1.24 3.11 5.67 --

Difference (+/-) 1.00 1.22 0.55 0.09 0.13 --

Median MF Target Date 2060+ Net -21.01 -11.65 1.13 3.04 5.05 --

Rank 16 21 28 40 2 --



39


Investment Manager Analysis



Vanguard Windsor II


Fund Information

Ticker VWNAX

Assets $(Millions) 35,363

Morningstar Rating 4

Expense Ratio 0.26%

Benchmark(s) Russell 1000 Value

Universe(s) MF US Large Cap Value Net

Avg Manager Tenure 6.8

Manager Multiple

Strategy US Large Cap Value

Investment Strategy

The investment seeks to provide long-term capital appreciation and income. The fund invests mainly

in large- and mid-capitalization companies whose stocks are considered by an advisor to be

undervalued. Undervalued stocks are generally those that are out of favor with investors and that the

advisor believes are trading at prices that are below average in relation to measures such as

earnings and book value. These stocks often have above-average dividend yields. It uses multiple

investment advisors.

ACG Investment Style

Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00

P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)

18.66

2.46

101.10

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

8.077.29 6.71 7.34

20.03

16.05

10.74

20.30

1.41 1.28 0.78


Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.

42


Vanguard Windsor II

For the Periods Ending March 31, 2020Return

(%)

Rank Std Dev

(%)

Sharpe

Ratio

10 Years Relative Statistics

Russell

1000 Value

Beta 0.98

Up Capture (%) 99.81

Down Capture (%) 100.00

Calendar Year Returns

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10.7

0

2.7

8

16.8

0

30.8

0

11.2

6

-3.1

4

13.4

9

16.8

9

-8.5

3

29.1

6

15.5

1

0.3

9

17.5

1

32.5

3

13.4

5

-3.8

3

17.3

4

13.6

6

-8.2

7

26.5

4

13.7

1

-0.0

9

15.0

5

31.6

9

11.1

0

-3.5

1

14.3

3

16.1

9

-8.8

1

25.2

2

Re

turn

(%

)

3 Months

Vanguard Windsor II * -24.67 30 -- --

Russell 1000 Value -26.73 -- --

MF US Large Cap Value Net * -26.63 -- --

1 Year

Vanguard Windsor II * -13.10 16 30.32 -0.51

Russell 1000 Value -17.17 31.33 -0.62

MF US Large Cap Value Net * -17.66 23.35 -0.83

3 Years

Vanguard Windsor II * -0.26 24 20.52 -0.10

Russell 1000 Value -2.18 20.43 -0.20

MF US Large Cap Value Net * -2.23 16.78 -0.23

5 Years

Vanguard Windsor II * 2.73 24 16.59 0.09

Russell 1000 Value 1.90 16.71 0.04

MF US Large Cap Value Net * 1.30 14.95 0.01

10 Years

Vanguard Windsor II * 7.64 29 15.78 0.44

Russell 1000 Value 7.67 15.93 0.44

MF US Large Cap Value Net * 6.82 14.39 0.43

10 Years Risk / Return

12.00 13.00 14.00 15.00 16.00 17.00 18.004.00

5.00

6.00

7.00

8.00

9.00

10.00

Standard Deviat ion (%)

Re

turn

(%

)


Performance and statistics are calculated using quarterly return data.

* Net of Fee Returns

43


Vanguard FTSE Social Index


Fund Information

Ticker VFTAX



Expense Ratio 0.14%

Benchmark(s) Russell 1000

Universe(s) MF US Large Cap Blend Net


Manager Multiple

Strategy US Large Cap Core

Investment Strategy

The investment seeks to track the performance of a benchmark index that measures the investment

return of large- and mid-capitalization stocks. The fund employs an indexing investment approach

designed to track the performance of the FTSE4Good US Select Index. The index is composed of the

stocks of companies that have been screened for certain social and environmental criteria by the

index sponsor, which is independent of Vanguard. The Advisor attempts to replicate the index by

investing all, or substantially all, of its assets in the stocks that make up the index.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00


18.55

3.03

111.56

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

12.8111.31

7.30

0.00

13.92

16.67

4.97

26.31

2.113.61

1.01



44


Vanguard FTSE Social Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Beta 0.98




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

14.5

5

-0.5

4

17.8

2

37.0

7

15.8

2

1.2

5

10.3

1

24.1

6

-3.4

0

33.9

3

16.1

0

1.5

0

16.4

2

33.1

1

13.2

4

0.9

2

12.0

5

21.6

9

-4.7

8

31.4

3

14.3

6

0.2

1

15.6

3

32.1

4

11.8

4

-0.0

2

10.6

7

20.9

9

-5.9

4

29.6

0

Re

turn

(%

)

3 Months

Vanguard FTSE Social Index * -19.95 43 -- --

Russell 1000 -20.22 -- --

MF US Large Cap Blend Net * -20.35 -- --

1 Year

Vanguard FTSE Social Index * -5.77 15 26.61 -0.30

Russell 1000 -8.03 25.90 -0.40

MF US Large Cap Blend Net * -9.25 19.97 -0.56

3 Years

Vanguard FTSE Social Index * 6.28 7 19.12 0.23

Russell 1000 4.64 19.15 0.15

MF US Large Cap Blend Net * 3.24 15.40 0.10

5 Years


Russell 1000 6.22 15.47 0.33


10 Years


Russell 1000 10.39 15.08 0.65



10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.006.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00


Re

turn

(%

)




45


Vanguard Institutional Index


Fund Information

Ticker VINIX



Expense Ratio 0.04%

Benchmark(s) S&P 500

Universe(s) MF US Large Cap Blend Net


Manager Multiple

Strategy US Large Cap Core

Investment Strategy


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.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00


17.92

2.68

111.75

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

10.799.65

8.15

2.65

13.8015.62

8.36

22.28

2.103.02 3.58



46


Vanguard Institutional Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P 500

Beta 1.00




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15.0

5

2.0

9

15.9

8

32.3

5

13.6

5

1.3

7

11.9

3

21.7

9

-4.4

2

31.4

6

15.0

6

2.1

1

16.0

0

32.3

9

13.6

9

1.3

8

11.9

6

21.8

3

-4.3

8

31.4

9

14.3

6

0.2

1

15.6

3

32.1

4

11.8

4

-0.0

2

10.6

7

20.9

9

-5.9

4

29.6

0

Re

turn

(%

)

3 Months

Vanguard Institutional Index * -19.60 29 -- --

S&P 500 -19.60 -- --

MF US Large Cap Blend Net * -20.35 -- --

1 Year

Vanguard Institutional Index * -7.00 23 25.36 -0.37

S&P 500 -6.98 25.37 -0.36

MF US Large Cap Blend Net * -9.25 19.97 -0.56

3 Years

Vanguard Institutional Index * 5.08 16 18.77 0.17

S&P 500 5.10 18.77 0.17


5 Years


S&P 500 6.73 15.17 0.36


10 Years


S&P 500 10.53 14.73 0.67



10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.006.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00


Re

turn

(%

)




47


Vanguard PRIMECAP


Fund Information

Ticker VPMAX



Expense Ratio 0.31%

Benchmark(s) Russell 1000 Growth

Universe(s) MF US Large Cap Growth Net


Manager Multiple

Strategy US Large Cap Growth

Investment Strategy

The investment seeks long-term capital appreciation. The fund invests in stocks considered to have

above-average earnings growth potential that is not reflected in their current market prices. Its

portfolio consists predominantly of large- and mid-capitalization stocks.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00


19.41

3.89

96.03

Sector Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

5.34

8.87

0.051.47

9.93

25.60

18.02

30.02

0.69 0.00 0.00



48


Vanguard PRIMECAP


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Growth

Beta 1.02




-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

12.9

9

-1.7

7

15.3

8

39.8

6

18.8

3

2.6

4

10.7

2

29.6

0

-1.9

4

27.8

8

16.7

1

2.6

4

15.2

6

33.4

8

13.0

5

5.6

7

7.0

8

30.2

1

-1.5

1

36.3

9

15.8

7

-1.1

2

15.7

9

34.7

9

10.5

6

4.1

4

3.1

9

28.2

2

-2.1

3

32.3

6

Re

turn

(%

)

3 Months

Vanguard PRIMECAP * -20.16 92 -- --

Russell 1000 Growth -14.10 -- --

MF US Large Cap Growth Net * -14.80 -- --

1 Year

Vanguard PRIMECAP * -7.83 83 27.10 -0.37

Russell 1000 Growth 0.91 21.09 -0.06

MF US Large Cap Growth Net * -2.27 18.50 -0.23

3 Years

Vanguard PRIMECAP * 6.22 76 19.57 0.22

Russell 1000 Growth 11.32 18.75 0.51

MF US Large Cap Growth Net * 9.06 15.70 0.47

5 Years


Russell 1000 Growth 10.36 15.31 0.60


10 Years


Russell 1000 Growth 12.97 14.99 0.82



12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.008.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




49


Eaton Vance Atlanta Cap SMID


Fund Information

Ticker ERASX



Expense Ratio 0.82%

Benchmark(s) Russell 2500

Universe(s) MF US Small Cap Blend Net


Manager Multiple

Strategy US Small/Mid Cap Core

Investment Strategy

The investment seeks long-term capital growth. Under normal circumstances, the fund invests at least

80% of its net assets (plus any borrowings for investment purposes) in small- to mid-cap stocks (the

"80% Policy"). The portfolio managers generally consider small- to mid-cap companies to be those

companies having market capitalizations within the range of companies comprising the Russell 2500

TM Index.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00


21.51

3.09

7.80

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

1.06

18.46

0.00 0.00

17.2915.18

24.80

18.73

2.951.52

0.00



50


Eaton Vance Atlanta Cap SMID


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 2500

Beta 0.90




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

25.8

0

5.6

2

14.2

6

36.0

6

5.2

5 9.8

2

11.3

5

24.8

4

-5.2

7

34.5

9

26.7

1

-2.5

1

17.8

8

36.8

0

7.0

7

-2.9

0

17.5

9

16.8

1

-10.0

0

27.7

7

26.0

6

-2.7

2

15.8

9

38.1

9

5.1

9

-3.9

0

21.1

7

12.9

7

-12.1

8

24.2

9

Re

turn

(%

)

3 Months

Eaton Vance Atlanta Cap SMID * -27.28 6 -- --

Russell 2500 -29.72 -- --

MF US Small Cap Blend Net * -32.51 -- --

1 Year

Eaton Vance Atlanta Cap SMID * -15.59 2 32.88 -0.54

Russell 2500 -22.47 34.09 -0.73

MF US Small Cap Blend Net * -25.86 28.69 -0.97

3 Years

Eaton Vance Atlanta Cap SMID * 3.20 2 23.64 0.06

Russell 2500 -3.10 24.63 -0.20


5 Years


Russell 2500 0.49 19.91 -0.04


10 Years


Russell 2500 7.73 19.08 0.37

MF US Small Cap Blend Net * 6.12 18.25 0.31


14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.004.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00


Re

turn

(%

)




51


Vanguard Small Cap Index


Fund Information

Ticker VSMAX



Expense Ratio 0.05%

Benchmark(s) CRSP US Small Cap

Universe(s) MF US Small Cap Blend Net


Manager Multiple

Strategy US Small Cap Core

Investment Strategy


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.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00


13.70

1.61

3.36

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

3.18

9.79

3.88

1.40

13.23

15.36 15.37

19.71

3.85

10.42

3.81



52


Vanguard Small Cap Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


CRSP US

Small Cap

Beta 1.00




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

27.8

9

-2.6

9

18.2

4

37.8

1

7.5

0

-3.6

4

18.3

0

16.2

4

-9.3

1

27.3

7

27.9

8

-1.8

5

18.5

9

38.4

8

7.5

4

-3.6

8

18.2

6

16.2

4

-9.3

3

27.3

5

26.0

6

-2.7

2

15.8

9

38.1

9

5.1

9

-3.9

0

21.1

7

12.9

7

-12.1

8

24.2

9

Re

turn

(%

)

3 Months

Vanguard Small Cap Index * -30.07 18 -- --

CRSP US Small Cap -30.08 -- --

MF US Small Cap Blend Net * -32.51 -- --

1 Year

Vanguard Small Cap Index * -23.33 23 34.16 -0.75

CRSP US Small Cap -23.38 34.16 -0.75


3 Years

Vanguard Small Cap Index * -3.27 9 24.79 -0.21

CRSP US Small Cap -3.28 24.80 -0.21


5 Years

Vanguard Small Cap Index * 0.42 14 20.03 -0.04

CRSP US Small Cap 0.40 20.03 -0.04


10 Years

Vanguard Small Cap Index * 7.84 9 19.24 0.37

CRSP US Small Cap 8.04 19.23 0.39

MF US Small Cap Blend Net * 6.12 18.25 0.31


16.00 17.00 18.00 19.00 20.00 21.00 22.004.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




53


Vanguard All World ex-US Small Cap


Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

P/E (1Yr Trailing) P/B Avg Mkt Cap ($Bil)

10.97

1.05 1.20

Investment Strategy


return of stocks of international small-cap companies. The fund employs an indexing investment

approach designed to track the performance of the FTSE Global Small Cap ex US Index. The advisor

attempts to sample the target index by investing all, or substantially all, of its assets in common stocks

in the index and by holding a representative sample of securities that resembles the full index in terms

of key risk factors and other characteristics.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

Com

m

Services

Con

s Disc

Con

s St

aples

Energ

y

Financia

ls

Health C

are

Indust

rials

Info

Tec

h

Mate

rials

Real Estate

Utilitie

s

3.61

12.09

5.98

2.41

9.967.96

18.93

13.89

9.8611.29

4.01

Region Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00

US/Canada United

Kingdom

Europe

ex -UK

Japan As ia Pacific

ex -Japan

Emerging

Markets

Other

13.54

9.42

25.99

17.40

5.64

25.67

2.31


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VFSAX



Expense Ratio 0.16%

Benchmark(s) MSCI ACWI ex US SC NetDiv

Universe(s) MF Foreign Small/Mid Cap Core Net


Manager Multiple

Strategy Non US Equity



54


Vanguard All World ex-US Small Cap


(%)

Rank Std Dev

(%)

Sharpe

Ratio


MSCI

ACWI ex US

SC NetDiv

Beta 1.02




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

25.2

3

-18.9

4

19.0

8

17.6

6

-4.7

0

-0.2

3

4.3

0

30.2

4

-18.4

7

21.6

5

25.2

1

-18.5

0

18.5

2

19.7

3

-4.0

3

2.6

0

3.9

1

31.6

5

-18.2

0

22.4

2

22.4

8

-15.2

5

20.2

0 29.1

3

-6.0

7

5.9

1

1.3

0

33.4

2

-20.2

1

22.4

6

Re

turn

(%

)

3 Months

Vanguard All World ex-US Small

Cap *

-29.69 70 -- --

MSCI ACWI ex US SC NetDiv -29.01 -- --

MF Foreign Small/Mid Cap Core Net

*

-28.32 -- --

1 Year


Cap *

-22.55 76 34.93 -0.71

MSCI ACWI ex US SC NetDiv -21.18 34.35 -0.68


*

-21.12 24.01 -0.92

3 Years


Cap *

-5.84 58 22.92 -0.33



*

-5.67 17.71 -0.41

5 Years


Cap *

-1.79 74 19.11 -0.16



*

-1.11 16.03 -0.14

10 Years


Cap *

2.06 79 19.09 0.07

MSCI ACWI ex US SC NetDiv 2.79 18.59 0.12


*

3.25 16.54 0.17


14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.000.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




55


Vanguard Emerging Markets Stock Index


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00


11.53

1.41

22.62

Investment Strategy


return of stocks issued by companies located in emerging market countries. The fund employs an

indexing investment approach designed to track the performance of the FTSE Emerging Markets All

Cap China A Inclusion Index. It invests by sampling the index, meaning that it holds a broadly

diversified collection of securities that, in the aggregate, approximates the index in terms of key

characteristics.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

Com

m

Services

Con

s Disc

Con

s St

aples

Energ

y

Financia

ls

Health C

are

Indust

rials

Info

Tec

h

Mate

rials

Real Estate

Utilitie

s

13.80 14.39

6.64 6.11

22.08

3.996.12

12.73

7.21

3.97 2.95

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

Latin

Am

erica

Emerg

ing E

urope

Afric

a/Mid

dle E

ast

Chin

a

Emerg

ing A

s ia

Pacific e

x-C

hina

Front ie

r Marke

ts

Deve

loped M

arkets

Oth

er

8.884.64 3.92

42.94

32.69

0.11 1.325.48


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VEMAX



Expense Ratio 0.14%

Benchmark(s) MSCI Emerging Markets NetDiv

Universe(s) MF Diversified Emerging Markets Net

Avg Manager Tenure 8

Manager Multiple




56


Vanguard Emerging Markets Stock Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


MSCI

Emerging

Markets

Beta 1.01




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

18.9

9

-18.6

7

18.8

6

-5.0

2

0.6

0

-15.3

5

11.7

3

31.3

8

-14.5

8

20.3

1

18.8

8

-18.4

2

18.2

2

-2.6

0

-2.1

9

-14.9

2

11.1

9

37.2

8

-14.5

7

18.4

2

18.8

6

-18.9

0

19.5

1

-0.7

7

-2.6

9

-13.2

3

8.2

8

36.3

8

-16.5

8

20.8

5

Re

turn

(%

)

3 Months

Vanguard Emerging Markets Stock

Index *

-24.55 49 -- --

MSCI Emerging Markets NetDiv -23.60 -- --

MF Diversified Emerging Markets

Net *

-24.74 -- --

1 Year


Index *

-18.47 53 30.10 -0.69

MSCI Emerging Markets NetDiv -17.69 29.58 -0.67


Net *

-18.15 23.44 -0.86

3 Years


Index *

-2.78 49 20.12 -0.23



Net *

-2.91 17.85 -0.26

5 Years


Index *

-1.15 55 18.78 -0.12



Net *

-0.97 17.28 -0.12

10 Years


Index *

0.32 57 18.42 -0.02

MSCI Emerging Markets NetDiv 0.68 18.12 0.00


Net *

0.64 17.65 0.00


14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00-2.00

-1.00

0.00

1.00

2.00

3.00

4.00


Re

turn

(%

)




57


Vanguard Total International Stock Index


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00


12.73

1.25

21.06

Investment Strategy


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.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

Com

m

Services

Con

s Disc

Con

s St

aples

Energ

y

Financia

ls

Health C

are

Indust

rials

Info

Tec

h

Mate

rials

Real Estate

Utilitie

s

7.9410.68 10.04

5.03

18.01

10.6512.57

10.36

7.32

3.81 3.61

Region Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

US/Canada United

Kingdom

Europe

ex -UK

Japan As ia Pacific

ex -Japan

Emerging

Markets

Other

7.13

9.94

29.99

18.16

6.34

26.03

2.41


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VTIAX



Expense Ratio 0.11%

Benchmark(s) FTSE Global All Cap ex US

Universe(s) MF Foreign Large Cap Core Net


Manager Multiple




58


Vanguard Total International Stock Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


FTSE

Global All

Cap ex US

Beta 1.02




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

11.0

4

-14.5

2

18.2

1

15.1

4

-4.1

7

-4.2

6

4.6

7

27.5

5

-14.4

3

21.5

1

13.2

3

-14.0

3

17.9

2

15.9

0

-3.1

2

-4.0

3

5.0

4

27.7

7

-14.3

6

22.1

9

10.4

0

-13.3

6

18.1

7

20.6

4

-5.4

1 -0.9

3

0.9

4

25.3

3

-15.2

1

21.8

5

Re

turn

(%

)

3 Months

Vanguard Total International Stock

Index *

-24.30 62 -- --

FTSE Global All Cap ex US -23.96 -- --

MF Foreign Large Cap Core Net * -23.39 -- --

1 Year


Index *

-16.57 66 29.03 -0.65

FTSE Global All Cap ex US -15.75 28.94 -0.62

MF Foreign Large Cap Core Net * -15.48 20.65 -0.85

3 Years


Index *

-2.55 48 19.32 -0.23



5 Years


Index *

-0.68 32 16.48 -0.11



10 Years


Index *

2.06 64 16.96 0.08

FTSE Global All Cap ex US 2.63 16.65 0.12

MF Foreign Large Cap Core Net * 2.32 15.39 0.11


12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.000.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




59


Vanguard Intermediate IG Fund


Fund Information

Ticker VFIDX



Expense Ratio 0.10%

Benchmark(s) BloomBar US Credit Int

Universe(s) MF Intermediate Core Bond Net


Manager Multiple

Strategy Intermediate Core Bonds

Investment Strategy

The investment seeks to provide a moderate and sustainable level of current income. The fund invests

in a variety of high-quality and, to a lesser extent, medium-quality fixed income securities, at least 80%

of which will be short- and intermediate-term investment-grade securities. High-quality fixed income

securities are those rated the equivalent of A3 or better; medium-quality fixed income securities are

those rated the equivalent of Baa1, Baa2, or Baa3. It is expected to maintain a dollar-weighted

average maturity of 5 to 10 years.

Characteristics

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Avg Eff Maturity Avg Eff Durat ion Avg Coupon

5.60 5.38

3.48

Quality Allocation

0.00

10.00

20.00

30.00

40.00

50.00

AAA AA A BBB BB B Below B Below

C/NR

24.29

8.95

42.06

18.60

1.03 0.23 0.04

4.80

Morningstar Investment Style

High

Med

Low

Short Med Long

Qu

alit

y

Duration

Sector Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

9.91

61.02

5.681.19

9.29

0.00

12.09

0.81



Under Sector Allocation "other" may consist of ABS, Convertibles, and Municipals.

60


Vanguard Intermediate IG Fund


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

US

Credit Int

Beta 1.17




-6.00

-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

10.5

9

7.6

2 9.2

4

-1.2

7

5.9

1

1.6

3

3.9

3

4.2

6

-0.4

7

10.4

9

7.7

6

5.3

7

8.1

0

-0.1

7

4.1

6

0.9

0

3.6

8

3.6

7

0.0

1

9.5

2

7.0

8

6.6

7

5.6

4

-2.1

2

5.5

7

0.2

7

2.5

0

3.3

0

-0.4

0

8.3

2

Re

turn

(%

)

3 Months

Vanguard Intermediate IG Fund * -0.48 86 -- --

BloomBar US Credit Int -2.35 -- --

MF Intermediate Core Bond Net * 1.67 -- --

1 Year

Vanguard Intermediate IG Fund * 5.77 73 3.54 0.99

BloomBar US Credit Int 3.28 4.56 0.22

MF Intermediate Core Bond Net * 6.86 4.30 1.13

3 Years




5 Years




10 Years





0.00 1.00 2.00 3.00 4.00 5.00 6.000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




61


Vanguard Total Bond Index


Fund Information

Ticker VBTLX



Expense Ratio 0.05%

Benchmark(s) BloomBar US Aggregate

Universe(s) MF Intermediate Core Bond Net


Manager Joshua C. Barrickman

Strategy Intermediate Core Bonds

Investment Strategy

The investment seeks the performance of a broad, market-weighted bond index. The fund employs an

indexing investment approach designed to track the performance of the Bloomberg Barclays U.S.

Aggregate Float Adjusted Index. This 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.

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00


8.10

6.21

3.13

Quality Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

AAA AA A BBB BB B CCC CC C Below

C/NR

67.55

3.43

11.3717.65

0.00 0.00 0.00 0.00 0.00 0.00


High

Med

Low

Short Med Long

Qu

alit

y

Duration

Sector Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

44.38

24.50 22.94

3.951.20 0.00 1.78 1.24




62


Vanguard Total Bond Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

US

Aggregate

Beta 1.03




-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

12.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

6.5

4 7.6

9

4.1

5

-2.1

5

5.8

9

0.4

0

2.6

0 3.5

6

-0.0

3

8.7

1

6.5

4 7.8

4

4.2

1

-2.0

2

5.9

7

0.5

5

2.6

5 3.5

4

0.0

1

8.7

2

7.0

8

6.6

7

5.6

4

-2.1

2

5.5

7

0.2

7

2.5

0 3.3

0

-0.4

0

8.3

2

Re

turn

(%

)

3 Months

Vanguard Total Bond Index * 3.27 17 -- --

BloomBar US Aggregate 3.15 -- --

MF Intermediate Core Bond Net * 1.67 -- --

1 Year

Vanguard Total Bond Index * 9.06 8 2.99 2.28

BloomBar US Aggregate 8.93 2.77 2.41


3 Years




5 Years




10 Years





0.00 1.00 2.00 3.00 4.00 5.00 6.000.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




63


Vanguard Retirement Savings Trust


(%)

Rank Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta 0.02


Down Capture (%)


0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

2.8

7

2.9

4

2.3

7

1.7

3

1.8

2

1.9

0

1.8

7

1.7

6 2.0

9 2.3

5

0.1

3

0.1

0

0.1

1

0.0

7

0.0

3

0.0

5 0.3

3

0.8

5

1.8

8

2.2

8

1.7

0

0.4

4

1.7

0

0.4

7

0.4

0

0.3

0

1.3

1

1.3

8 1.7

0

2.9

5

Re

turn

(%

)

3 Months


*

0.55 2 -- --

US T-Bills 90 Day 0.57 -- --

MF Ultrashort Bond Net * -1.45 -- --

1 Year


*

2.33 3 0.04 1.59

US T-Bills 90 Day 2.26 0.15 0.00

MF Ultrashort Bond Net * 0.42 2.18 -0.70

3 Years


*

2.11 2 0.12 2.38

US T-Bills 90 Day 1.83 0.29 0.00

MF Ultrashort Bond Net * 1.35 1.32 -0.26

5 Years


*

2.01 2 0.11 7.16

US T-Bills 90 Day 1.19 0.46 0.00

MF Ultrashort Bond Net * 1.16 1.19 0.07

10 Years


*

2.16 2 0.22 7.02

US T-Bills 90 Day 0.64 0.42 0.00

MF Ultrashort Bond Net * 1.00 1.03 0.42


-2.00 -1.00 0.00 1.00 2.00 3.00 4.00-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




64


Vanguard Total International Bond Index


Fund Information

Ticker VTABX



Expense Ratio 0.11%

Benchmark(s) BloomBar Glbl Aggregate Bd US Hgd

Universe(s) MF World Bond-USD Hedged Net


Manager Joshua C. Barrickman

Strategy International Core Bonds

Investment Strategy


return of non-U.S. dollar-denominated investment-grade bonds. The fund employs an indexing

investment approach designed to track the performance of the Bloomberg Barclays Global

Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). This index provides a

broad-based measure of the global, investment-grade, fixed-rate debt markets. It is non-diversified.

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

US/Canada United

Kingdom

Europe

ex -UK

Japan As ia Pacific

ex -Japan

Emerging

Markets

Other

8.58 7.47

48.60

20.01

2.61

7.705.03

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00


9.90

8.25

2.17

Sector Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

63.45

14.22

0.06

16.46

0.00 0.075.24

0.49


High

Med

Low

Short Med Long

Qu

alit

y

Duration




65


Vanguard Total International Bond Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

Glbl

Aggregate

Beta 1.05




0.00

2.00

4.00

6.00

8.00

10.00

12.00

2014 2015 2016 2017 2018 2019

8.8

2

1.0

6

4.6

6

2.3

9 2.9

3

7.8

8

7.5

8

1.0

2

3.9

5

3.0

4

1.7

6

8.2

2

6.7

7

0.1

6

4.6

6

3.8

4

0.2

4

8.6

0

Re

turn

(%

)

3 Months

Vanguard Total International Bond

Index *

0.15 8 -- --

BloomBar Glbl Aggregate Bd US

Hgd

1.45 -- --

MF World Bond-USD Hedged Net * -2.71 -- --

1 Year


Index *

4.79 12 4.23 0.60


Hgd

6.59 3.09 1.40

MF World Bond-USD Hedged Net * 2.27 6.16 0.06

3 Years


Index *

4.43 8 2.74 0.95


Hgd

4.65 2.41 1.17


5 Years


Index *

3.35 11 3.38 0.64


Hgd

3.49 3.12 0.74


6 Years


Index *

4.23 10 3.23 1.00


Hgd

4.12 2.94 1.06



0.00 1.00 2.00 3.00 4.00 5.00 6.000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




66


Vanguard Federal Money Market


(%)

Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta 0.92


Down Capture (%)


0.00

0.40

0.80

1.20

1.60

2.00

2.40

2.80

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

0.0

2

0.0

1

0.0

1

0.0

2

0.0

1

0.0

4 0.3

0

0.8

1

1.7

8

2.1

4

0.1

3

0.1

0

0.1

1

0.0

7

0.0

3

0.0

5 0.3

3

0.8

5

1.8

8

2.2

8

Re

turn

(%

)

3 Months

Vanguard Federal Money Market * 0.34 -- --

US T-Bills 90 Day 0.57 -- --

1 Year

Vanguard Federal Money Market * 1.90 0.22 -1.64

US T-Bills 90 Day 2.26 0.15 0.00

3 Years


US T-Bills 90 Day 1.83 0.29 0.00

5 Years


US T-Bills 90 Day 1.19 0.46 0.00

10 Years


US T-Bills 90 Day 0.64 0.42 0.00


-2.00 -1.00 0.00 1.00 2.00 3.00 4.00-2.00

-1.00

0.00

1.00

2.00

3.00

4.00


Re

turn

(%

)




67


Vanguard REIT Index


Fund Information

Ticker VGSLX



Expense Ratio 0.12%

Benchmark(s) FTSE NAREIT US Real Estate

Universe(s) MF Real Estate Net


Manager Multiple

Strategy Core Real Estate - Mid Core

Investment Strategy

The investment seeks to provide a high level of income and moderate long-term capital

appreciation by tracking the performance of the MSCI US Investable Market Real Estate 25/50 Index

that measures the performance of publicly traded equity REITs and other real estate-related

investments. The advisor attempts to track the index by investing all, or substantially all, of its

assets-either directly or indirectly through a wholly owned subsidiary, which is itself a registered

investment company-in the stocks that make up the index, holding each stock in approximately the

same proportion as its weighting in the index. The fund is non-diversified.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00


24.06

2.01

14.69

Sector Allocation

0.00

20.00

40.00

60.00

80.00

100.00

120.00

Com

m

Servic

es

Cons D

isc

Cons S

taples

Ener

gy

Financia

ls

Health

Car

e

Indust

rials

Info

Tech

Mate

rials

Real E

state

Utilities

0.00 0.00 0.00 0.00 0.01 0.00 0.03 0.00 0.00

99.96

0.00



68


Vanguard REIT Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


FTSE

NAREIT US

Real Estate

Beta 0.97




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

28.4

9

8.6

2

17.6

9

2.4

2

30.3

2

2.3

9

8.5

0

4.9

4

-5.9

5

28.9

4

27.9

5

8.2

9

18.0

6

2.4

7

30.1

4

3.2

0 8.5

2

5.2

3

-4.6

2

26.0

0

27.6

6

7.8

6

16.7

4

1.7

6

29.8

0

3.0

3 6.0

2

5.4

8

-5.9

2

27.7

8

Re

turn

(%

)

3 Months

Vanguard REIT Index * -24.10 59 -- --

FTSE NAREIT US Real Estate -27.30 -- --

MF Real Estate Net * -23.45 -- --

1 Year

Vanguard REIT Index * -16.55 55 27.99 -0.67

FTSE NAREIT US Real Estate -21.26 30.94 -0.76

MF Real Estate Net * -16.03 21.63 -0.85

3 Years

Vanguard REIT Index * -1.46 56 20.25 -0.16


MF Real Estate Net * -1.24 16.73 -0.18

5 Years

Vanguard REIT Index * 0.49 48 17.07 -0.04


MF Real Estate Net * 0.42 15.87 -0.05

10 Years

Vanguard REIT Index * 7.89 36 16.10 0.45

FTSE NAREIT US Real Estate 7.40 16.64 0.41

MF Real Estate Net * 7.48 16.00 0.43


14.00 15.00 16.00 17.00 18.00 19.00 20.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




69


Vanguard Wellington


Fund Information

Ticker VWENX



Expense Ratio 0.17%

Benchmark(s) 60% S&P 500/40% BloomBar US Agg

Universe(s) MF Moderate Allocation Net


Manager Multiple

Strategy Balanced

Investment Strategy

The investment seeks to provide long-term capital appreciation and moderate current income. The

fund invests 60% to 70% of its assets in dividend-paying and, to a lesser extent, non-dividend-paying

common stocks of established large companies. The remaining 30% to 40% of the fund's assets are

invested mainly in fixed income securities that the advisor believes will generate a moderate level of

current income. These securities include investment-grade corporate bonds, with some exposure to

U.S. Treasury and government agency bonds, and mortgage-backed securities.

Asset Allocation Fund Type

Risk Based

Age Based

Region Allocation

0.00

20.00

40.00

60.00

80.00

100.00

120.00

U S/Canada U nited

K ingdom

Europe ex-U K Japan As ia Pacific

ex-Japan

Emerging

M arkets

Other

84

.74

3.6

4

8.8

2

0.8

7

0.1

7

1.2

4

0.5

3

10

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

Vanguard W ellington60% S&P 500/40% BloomBar U S

Agg

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

Stocks Bonds Non-U S Stocks Non-U S Bonds Cash Other

55

.01

26

.07

10

.94

5.9

2

1.4

3

0.6

3

60

.00

40

.00

0.0

0

0.0

0

0.0

0

0.0

0

Vanguard W ellington60% S&P 500/40% BloomBar U S

Agg



70


Vanguard Wellington


(%)

Rank Std Dev

(%)

Sharpe

Ratio


60% S&P

500/40%

BloomBar

Beta 1.09




-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

11.0

4

3.9

5

12.6

7

19.7

6

9.9

0

0.1

4

11.0

9 14.8

2

-3.3

5

22.6

1

12.1

4

4.6

8

11.3

4

17.5

6

10.6

2

1.2

8

8.3

1

14.2

1

-2.3

5

22.1

8

12.3

0

0.3

4

12.3

9 17.4

5

6.4

4

-1.2

5

7.0

1

13.9

9

-5.6

3

19.4

1

Re

turn

(%

)

3 Months

Vanguard Wellington * -13.79 46 -- --

60% S&P 500/40% BloomBar US Agg -10.88 -- --

MF Moderate Allocation Net * -14.11 -- --

1 Year

Vanguard Wellington * -2.73 20 17.98 -0.28

60% S&P 500/40% BloomBar US Agg -0.39 14.95 -0.18

MF Moderate Allocation Net * -6.18 13.39 -0.61

3 Years

Vanguard Wellington * 4.28 12 12.24 0.20

60% S&P 500/40% BloomBar US Agg 5.32 11.19 0.31

MF Moderate Allocation Net * 1.83 10.06 0.01

5 Years




10 Years





6.00 7.00 8.00 9.00 10.00 11.00 12.002.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




71


Vanguard Target Retirement Income


Fund Information

Ticker VTINX



Expense Ratio 0.12%

Benchmark(s) S&P Target Date Retirement Income

Universe(s) MF Target Date 2000-2010 Net


Manager Multiple

Strategy Target Date Retirement Funds

Investment Strategy

Target date funds, also known as lifecycle funds, provide investors diversified exposure to a range of

asset classes and investment strategies in a single investment vehicle. These funds are typically used

to address a need for capital at a future (i.e. target) date, such as retirement. These funds generally

include major equity and fixed income asset classes with allocation weights dependent on time

horizon and risk tolerance. Over time, as the fund nears its target date, the allocation typically

becomes more conservative with an increase in defensive asset classes, such as fixed income, and a

reduction in growth oriented asset classes, such as equity. This change in allocation is defined as the

fund’s glide path and is typically defined as part of the fund’s management strategy and philosophy.


Risk Based

Age Based

Region Allocation

0.00

20.00

40.00

60.00

80.00

100.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

71

.05

2.9

0 12

.28

5.6

8

1.2

8

5.0

5

1.7

7

57

.34

4.8

3 14

.01

7.4

9

3.3

2 10

.27

2.7

4

Vanguard Target Ret irement

Income

S&P Target Date Ret irement

Income

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Bonds Non-U S Bonds Stocks Non-U S Stocks Cash Other

49

.19

17

.79

17

.56

12

.26

2.8

9

0.3

1

49

.42

7.3

4

20

.11

9.7

0

1.7

2

11

.71


Income

S&P Target Date Ret irement

Income



72


Vanguard Target Retirement Income


(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P

Target Date

Retirement

Beta 0.93




-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

9.3

9

5.2

5

8.2

3

5.8

7

5.5

4

-0.1

7

5.2

5

8.4

7

-1.9

9

13.1

6

9.0

9

3.9

8

7.5

1

6.2

8

4.8

6

-0.1

8

5.0

1

8.5

4

-2.5

4

13.3

3

11.5

3

0.3

7

10.4

3

10.8

0

4.6

0

-0.9

2

6.3

7

10.3

7

-3.2

9

13.9

3

Re

turn

(%

)

3 Months

Vanguard Target Retirement

Income *

-5.91 20 -- --

S&P Target Date Retirement

Income

-6.69 -- --

MF Target Date 2000-2010 Net * -7.77 -- --

1 Year


Income *

0.91 13 8.37 -0.16


Income

0.17 9.21 -0.23

MF Target Date 2000-2010 Net * -1.07 7.94 -0.38

3 Years


Income *

3.38 10 5.95 0.26


Income

3.06 6.56 0.19

MF Target Date 2000-2010 Net * 2.71 6.25 0.16

5 Years


Income *

3.17 43 5.03 0.39


Income

2.89 5.38 0.32


10 Years


Income *

4.92 64 4.57 0.94


Income

4.52 4.89 0.79



2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




73


Vanguard Target Retirement 2015


Fund Information

Ticker VTXVX



Expense Ratio 0.13%

Benchmark(s) S&P Target Date 2015



Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

69

.79

3.0

6

12

.59

5.9

2

1.4

0 5.4

9

1.7

5

57

.57

4.9

3

14

.34

7.7

9

3.4

0 9.3

5

2.6

2


2015S&P Target Date 2015

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

Bonds Stocks Non-U S Bonds Non-U S Stocks Cash Other

44

.35

21

.24

17

.06

14

.36

2.7

0

0.2

9

42

.88

25

.73

6.1

0

12

.65

1.4

7

11

.17





74




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2015

Beta 0.96




-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

12.4

7

1.7

1

11.3

7

13.0

0

6.5

6

-0.4

6

6.1

6

11.5

0

-2.9

7

14.8

1

11.8

5

1.5

3

10.3

2

12.1

6

5.4

9

-0.1

6

6.5

6

11.3

9

-3.6

7

15.4

0

12.3

7

0.3

1

11.5

0

12.9

0

5.1

7

-1.0

4

6.6

4

11.6

3

-3.9

0

15.2

0

Re

turn

(%

)

3 Months

Vanguard Target Retirement 2015 * -7.44 7 -- --

S&P Target Date 2015 -9.16 -- --


1 Year

Vanguard Target Retirement 2015 * -0.22 7 10.12 -0.24

S&P Target Date 2015 -1.93 11.94 -0.35


3 Years

Vanguard Target Retirement 2015 * 3.61 10 7.46 0.24

S&P Target Date 2015 2.90 8.65 0.12


5 Years


S&P Target Date 2015 3.21 7.14 0.28


10 Years


S&P Target Date 2015 5.54 7.60 0.64



4.00 5.00 6.00 7.00 8.00 9.00 10.002.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




75




Fund Information

Ticker VTWNX



Expense Ratio 0.13%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

67

.13

3.4

2

12

.97

6.4

1

1.6

8 6.7

3

1.6

7

56

.64

5.0

1

14

.59

7.8

9

3.4

5 9.6

8

2.7

4



Asset Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

50.00

Bonds Stocks Non-U S Stocks Non-U S Bonds Cash Other

33

.67

29

.49

20

.05

14

.29

2.2

4

0.2

5

39

.80

29

.13

14

.53

5.9

9

1.3

5

9.2

0





76




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2020

Beta 1.01




-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

24.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

13.1

2

0.6

0

12.3

5 15.8

5

7.1

1

-0.6

8

6.9

5

14.0

8

-4.2

4

17.6

3

12.9

3

0.5

8

11.4

8 14.7

6

5.6

7

-0.1

9

7.2

2

12.8

0

-4.1

6

16.5

2

12.9

3

-0.0

1

11.9

3

13.4

7

5.2

6

-0.9

5

6.4

9

12.7

2

-4.4

5

15.9

4

Re

turn

(%

)

3 Months


S&P Target Date 2020 -10.55 -- --


1 Year


S&P Target Date 2020 -2.99 13.53 -0.39


3 Years


S&P Target Date 2020 2.82 9.73 0.10


5 Years


S&P Target Date 2020 3.34 8.05 0.27


10 Years


S&P Target Date 2020 5.95 8.82 0.60



4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.002.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




77




Fund Information

Ticker VTTVX



Expense Ratio 0.13%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

64

.30

3.7

6

13

.73

6.9

5

1.9

1 7.6

5

1.6

9

55

.42

5.0

9

14

.83

8.0

2

3.5

1 10

.30

2.8

3



Asset Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

Stocks Bonds Non-U S Stocks Non-U S Bonds Cash Other

35

.34

25

.21

24

.04

13

.43

1.7

4

0.2

4

34

.98

33

.31

18

.24

5.1

5

1.1

2

7.2

0





78




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2025

Beta 1.01




-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

13.8

4

-0.3

7

13.2

9

18.1

4

7.1

7

-0.8

5

7.4

8

15.9

4

-5.1

5

19.6

3

13.8

2

-0.2

8

12.5

1

17.0

3

5.5

6

-0.2

5

7.8

2

14.5

5

-5.0

2

18.3

8

13.6

7

-1.9

9

13.3

0 16.7

7

5.4

6

-1.1

8

6.9

6

15.0

3

-5.3

0

18.2

5

Re

turn

(%

)

3 Months


S&P Target Date 2025 -12.93 -- --


1 Year


S&P Target Date 2025 -4.89 16.25 -0.44


3 Years


S&P Target Date 2025 2.52 11.56 0.06


5 Years


S&P Target Date 2025 3.32 9.48 0.22


10 Years


S&P Target Date 2025 6.20 10.16 0.55



6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




79




Fund Information

Ticker VTHRX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.91

3.8

6

13

.46

7.0

1

2.0

2 8.2

1

1.5

6

57

.72

5.1

7 12

.10

8.1

4

3.5

8 10

.38

2.9

1



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other

39

.75

27

.04

20

.46

10

.87

1.6

8

0.2

0

41

.52

21

.98 25

.40

4.0

6

0.8

4

6.2

0





80




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2030

Beta 1.00




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

14.4

3

-1.2

7

14.2

4

20.4

9

7.1

7

-1.0

3

7.8

5

17.5

2

-5.8

6

21.0

7

14.5

2

-1.1

7

13.4

3 19.1

4

5.6

4

-0.3

0

8.3

5

16.1

9

-5.9

9

20.3

8

14.0

3

-2.4

5

14.0

5 18.7

8

5.6

0

-1.2

1

7.3

7

17.0

5

-6.4

1

20.3

5

Re

turn

(%

)

3 Months


S&P Target Date 2030 -15.38 -- --


1 Year


S&P Target Date 2030 -6.88 19.07 -0.48


3 Years


S&P Target Date 2030 2.13 13.49 0.02


5 Years


S&P Target Date 2030 3.22 10.98 0.18


10 Years


S&P Target Date 2030 6.39 11.45 0.50



8.00 9.00 10.00 11.00 12.00 13.00 14.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




81




Fund Information

Ticker VTTHX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.54

3.9

6

13

.16

7.0

6

2.1

4 8.7

4

1.4

3

53

.17

5.2

9

15

.48

8.2

8

3.6

6

11

.02

3.1

0



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00


44

.17

30

.02

15

.72

8.3

0

1.6

3

0.1

7

47

.76

26

.04

17

.46

3.0

1

0.5

7 5.1

6





82




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2035

Beta 1.01




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15.1

4

-2.2

4

15.1

6

22.8

2

7.2

4

-1.2

6

8.2

6

19.1

2

-6.5

8

22.4

4

15.0

2

-1.7

1

14.1

2

20.8

4

5.6

9

-0.3

5

8.8

5

17.7

8

-6.8

8

22.1

8

14.6

0

-3.2

6

15.0

8

21.6

4

5.6

3

-1.3

8

7.8

0

18.7

3

-7.2

7

22.2

4

Re

turn

(%

)

3 Months


S&P Target Date 2035 -17.69 -- --


1 Year


S&P Target Date 2035 -8.81 21.74 -0.51


3 Years


S&P Target Date 2035 1.71 15.28 -0.01


5 Years


S&P Target Date 2035 3.10 12.37 0.15


10 Years


S&P Target Date 2035 6.53 12.52 0.47



8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




83




Fund Information

Ticker VFORX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.33

4.0

4

12

.83

7.0

8

2.2

6 9.2

1

1.2

9

53

.09

5.3

0

15

.52

8.3

3

3.6

7

11

.01

3.0

8



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00


48

.76

32

.82

10

.97

5.7

3

1.5

9

0.1

3

52

.01

28

.70

12

.09

2.0

6

0.3

9 4.7

5





84




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2040

Beta 1.00




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15.1

7

-2.5

5

15.5

6

24.3

7

7.1

5

-1.5

9

8.7

3

20.7

1

-7.3

2

23.8

6

15.3

8

-2.1

7

14.6

9

22.1

0

5.6

9

-0.4

0

9.2

3

18.8

7

-7.4

1

23.3

7

15.1

4

-3.7

9

15.2

3

22.3

6

5.8

4

-1.4

0

8.0

4

19.9

5

-7.9

4

23.6

1

Re

turn

(%

)

3 Months


S&P Target Date 2040 -19.24 -- --


1 Year


S&P Target Date 2040 -10.10 23.54 -0.53


3 Years


S&P Target Date 2040 1.44 16.45 -0.02

MF Target Date 2036-2040 Net * 1.36 13.10 -0.03

5 Years


S&P Target Date 2040 3.02 13.29 0.14


10 Years


S&P Target Date 2040 6.64 13.27 0.45



10.00 11.00 12.00 13.00 14.00 15.00 16.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




85




Fund Information

Ticker VTIVX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

62

.96

4.1

3

12

.54

7.1

4

2.3

7 9.7

1

1.1

7

52

.48

5.3

5

15

.68

8.4

4

3.7

2

11

.24

3.0

9



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53

.06

35

.65

6.3

6

3.3

3

1.5

1

0.0

9

54

.32

30

.84

8.9

0

1.5

1

0.2

9 4.1

4





86




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2045

Beta 1.00




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15.1

9

-2.5

1

15.5

8

24.3

7

7.1

6

-1.5

7

8.8

7

21.4

2

-7.9

0

24.9

4

15.6

2

-2.5

6

15.1

5

23.1

4

5.6

7

-0.4

6

9.5

4

19.5

6

-7.7

4

24.0

2

15.1

2

-3.9

2

15.5

8

23.2

9

5.7

6

-1.4

4

8.1

5

20.6

6

-8.3

2

24.5

7

Re

turn

(%

)

3 Months


S&P Target Date 2045 -20.15 -- --


1 Year


S&P Target Date 2045 -10.86 24.60 -0.53


3 Years


S&P Target Date 2045 1.23 17.11 -0.03


5 Years


S&P Target Date 2045 2.98 13.84 0.13


10 Years


S&P Target Date 2045 6.73 13.73 0.44



10.00 11.00 12.00 13.00 14.00 15.00 16.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




87




Fund Information

Ticker VFIFX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

62

.89

4.1

3

12

.57

7.1

5

2.3

7 9.7

1

1.1

7

46

.23

5.4

8

16

.05

8.5

3

3.8

1

16

.60

3.3

0



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


52

.85

35

.60

6.4

5

3.4

1

1.6

0

0.0

9

55

.60

31

.61

7.1

7

1.3

5

0.2

5 4.0

2





88




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2050

Beta 0.98




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

15.2

0

-2.5

4

15.5

8

24.3

4

7.1

8

-1.5

8

8.8

5

21.3

9

-7.9

0

24.9

8

15.6

2

-2.8

7

15.4

9

24.1

3

5.6

9

-0.4

7

9.7

4

20.1

8

-7.9

4

24.3

5

15.1

6

-4.0

7

15.5

8

23.2

8

5.9

3

-1.3

8

8.2

6

20.7

9

-8.5

7

24.6

9

Re

turn

(%

)

3 Months


S&P Target Date 2050 -20.56 -- --


1 Year


S&P Target Date 2050 -11.23 25.08 -0.54


3 Years


S&P Target Date 2050 1.18 17.47 -0.04


5 Years


S&P Target Date 2050 3.01 14.16 0.13


10 Years


S&P Target Date 2050 6.84 13.99 0.44



10.00 11.00 12.00 13.00 14.00 15.00 16.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




89




Fund Information

Ticker VFFVX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

62

.85

4.1

4

12

.57

7.1

6

2.3

7 9.7

3

1.1

8

50

.77

5.5

2

16

.19

8.6

1

3.8

4

11

.77

3.3

0



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


52

.70

35

.60

6.4

7

3.3

8

1.7

5

0.0

9

56

.10

32

.48

6.2

8

1.1

8

0.2

2 3.7

4





90




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2055

Beta 0.97




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2011 2012 2013 2014 2015 2016 2017 2018 2019

-2.2

7

15.5

8

24.3

3

7.1

9

-1.7

2

8.8

8

21.3

8

-7.8

9

24.9

8

-2.8

7

15.8

1

24.9

6

5.6

4

-0.5

4

9.9

4

20.4

8

-7.9

7

24.4

8

-4.3

5

15.7

4

23.2

6

5.8

8

-1.4

4

8.2

3

21.1

7

-8.6

0

24.8

2

Re

turn

(%

)

3 Months


S&P Target Date 2055 -20.84 -- --


1 Year


S&P Target Date 2055 -11.47 25.40 -0.54


3 Years


S&P Target Date 2055 1.12 17.63 -0.04


5 Years


S&P Target Date 2055 3.02 14.33 0.13


9 Years


S&P Target Date 2055 6.00 13.61 0.39



10.00 11.00 12.00 13.00 14.00 15.00 16.002.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




91




Fund Information

Ticker VTTSX



Expense Ratio 0.15%

Benchmark(s) S&P Target Date 2060+

Universe(s) MF Target Date 2060+ Net


Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

62

.57

4.1

6

12

.68

7.2

2

2.3

9 9.8

0

1.1

8

51

.35

5.4

6

15

.99

8.4

8

3.7

9

11

.64

3.2

9


2060S&P Target Date 2060+

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


52

.39

35

.82

6.4

3

3.4

3

1.8

4

0.0

9

56

.93

32

.13

5.9

5

1.1

2

0.2

1 3.6

6


2060S&P Target Date 2060+



92




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2060+

Beta 0.97




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2013 2014 2015 2016 2017 2018 2019

24.3

5

7.1

6

-1.6

8

8.8

4

21.3

6

-7.8

7

24.9

6

24.9

6

5.6

4

-0.6

6

10.0

8

20.7

5

-7.9

5

24.7

3

24.3

5

5.7

2

-0.8

2

7.9

0

21.2

4

-8.6

8

25.0

8

Re

turn

(%

)

3 Months


S&P Target Date 2060+ -20.86 -- --

MF Target Date 2060+ Net * -21.01 -- --

1 Year


S&P Target Date 2060+ -11.40 25.46 -0.54

MF Target Date 2060+ Net * -11.65 19.18 -0.71

3 Years


S&P Target Date 2060+ 1.24 17.73 -0.03

MF Target Date 2060+ Net * 1.13 14.20 -0.04

5 Years


S&P Target Date 2060+ 3.11 14.43 0.13

MF Target Date 2060+ Net * 3.04 12.78 0.15

8 Years


S&P Target Date 2060+ 6.46 12.30 0.46

MF Target Date 2060+ Net * 6.56 11.24 0.52


8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




93


Definitions



Definitions of Statistical Measures

Alpha - the annualized difference between the manager's actual return and the manager's expected return given its relative risk vs.

the benchmark (which is represented by beta, a measure that tracks volatility to an index).

Batting Average - a measure used to quantify a manager's ability to meet or beat a benchmark. A manager who outperforms the

benchmark 20 out of a possible 40 times has a batting average of 50.

Beta - measures the portfolio's sensitivity of returns to market movements represented by the primary benchmark.

Down Capture - demonstrates the ratio of the portfolio's average returns relative to the benchmark in periods in which the benchmark

had a negative return. For instance, a down-capture of 96% indicates that, on average, the portfolio is down 96% when the benchmark

is down 100%. Lower portfolio down-capture is preferred.

R Squared - the amount of the manager's return that can be explained by the benchmark. A R Squared of 100 indicates a perfect

correlation, while a R Squared of 0 indicates no correlation at all.

Sharpe Ratio - a measure of return per unit of risk. Higher sharpe ratios are preferred while negative ratios are generally meaningless and

cannot be used for comparison purposes.

Standard Deviation - a measure of the portfolio's volatility. A large standard deviation relative to the benchmark represents volatile

portfolio returns.

Tracking Error - a measure that reports the difference between the return of a manager that is received and that of a benchmark that

the manager is attempting to track.

Up Capture - demonstrates the ratio of the portfolio's average returns relative to the benchmark in periods in which the benchmark had

a positive return. For instance, an up-capture of 96% indicates that, on average, the portfolio is up 96% when the benchmark is up 100%.

Higher portfolio up-capture is preferred.


Disclaimer and Legal Notice

Information Disclaimer:

This report was prepared by ACG using information from sources that may include the following: client’s custodian(s); client’s investment manager(s); ACG Investment Manager

Database and Client Reporting Tool; third party data vendors; and other outside sources as may be directed by the client. Index Characteristics utilized in this report are obtained from

third party data providers and may be different than index characteristics reported by investment managers/funds due to varied calculation methodologies and data sources. Although

the information presented herein has been obtained from and is based upon sources ACG believes to be reliable, no representation or warranty, express or implied, is made as to the

accuracy or completeness of that information. Accordingly, ACG does not itself endorse or guarantee, and does not itself assume liability whatsoever for, the accuracy or reliability of

any third party data or the financial information contained herein.

The information presented herein is for informational purposes only and is not intended as an offer to sell or the solicitation of an offer to purchase a security.

This report is provided as a management tool for the client’s internal use only. Information contained in this report does not constitute a recommendation by ACG.

This report may contain confidential or proprietary information and may not be copied or redistributed to any party not legally entitled to receive it.

Past performance is not indicative of future results. Any comparison to an index is for comparative purposes only. An investment cannot be made directly into an index. Indices are

unmanaged and do not reflect the deduction of advisory fees.

This report is distributed with the understanding that it is not rendering accounting, legal or tax advice. Please consult your legal or tax advisor concerning such matters. No assurance

can be given that the investment objectives described herein will be achieved and investment results may vary substantially on a quarterly, annual or other periodic basis. There is no

representation or warranty as to the current accuracy of, nor liability for, decisions based on such information.


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