fmptf participant directed mutual fund program 9/30/2020 … · 2020. 11. 9. · vanguard target...

Fund Name Ticker

Expense

Ratio Quarter YTD One Year Three Year Five Year Ten Year

CashVanguard Federal Money Market Investor VMFXX 0.11 0.02 0.44 0.87 1.54 1.10 0.55Fixed IncomeVanguard Interm-Term Invmt-Grde Adm VFIDX 0.10 1.48 8.37 9.07 6.09 5.21 4.73Vanguard Total Bond Market Index Adm VBTLX 0.05 0.61 7.00 7.03 5.30 4.20 3.59The Vanguard Retirement Savings Trust NA 0.45 0.51 1.60 2.18 2.17 2.00 2.10Vanguard Total Intl Bond Index Adm VTABX 0.11 1.10 3.47 2.15 5.13 4.35 --BalancedVanguard Wellington Adm VWENX 0.17 5.93 2.30 7.65 8.22 9.98 9.70Domestic EquityVanguard Windsor II Adm VWNAX 0.26 7.81 -2.87 6.22 6.72 9.72 10.96Vanguard FTSE Social Index Admiral VFTAX 0.14 10.58 9.20 20.71 14.71 15.53 14.96Vanguard Institutional Index I VINIX 0.04 8.92 5.57 15.13 12.25 14.12 13.71Vanguard PRIMECAP Adm VPMAX 0.31 9.73 2.74 15.13 11.40 15.00 14.80Eaton Vance Atlanta Capital SMID-Cap R6 ERASX 0.82 3.24 -8.20 -4.86 8.45 11.81 13.55Vanguard Small Cap Index Adm VSMAX 0.05 5.79 -6.29 1.34 4.39 8.95 10.95International EquityVanguard All World ex-US Small Cap VFSAX 0.16 8.87 -5.01 5.41 -0.15 5.82 4.42Vanguard Emerging Markets Stock Index Adm VEMAX 0.14 8.98 -1.41 9.75 2.50 8.20 2.26Vanguard Total Intl Stock Index Admiral VTIAX 0.11 6.48 -4.80 3.77 1.25 6.31 4.20Real EstateVanguard REIT Index Adm VGSLX 0.12 1.33 -12.74 -12.19 2.37 5.22 8.50Target RetirementVanguard Target Retirement Income Inv VTINX 0.12 3.12 4.63 7.35 5.79 6.03 5.60Vanguard Target Retirement 2015 Inv VTXVX 0.13 3.53 4.35 7.68 6.09 7.04 7.04Vanguard Target Retirement 2020 Inv VTWNX 0.13 4.48 3.87 8.51 6.54 7.96 7.81Vanguard Target Retirement 2025 Inv VTTVX 0.13 5.17 3.63 9.04 6.89 8.60 8.38Vanguard Target Retirement 2030 Inv VTHRX 0.14 5.70 3.24 9.38 7.04 9.07 8.84Vanguard Target Retirement 2035 Inv VTTHX 0.14 6.29 2.84 9.71 7.16 9.53 9.29Vanguard Target Retirement 2040 Inv VFORX 0.14 6.80 2.40 9.96 7.27 9.97 9.58Vanguard Target Retirement 2045 Inv VTIVX 0.15 7.36 2.11 10.27 7.32 10.13 9.66Vanguard Target Retirement 2050 Inv VFIFX 0.15 7.35 2.09 10.26 7.32 10.13 9.65Vanguard Target Retirement 2055 Inv VFFVX 0.15 7.38 2.06 10.25 7.31 10.12 9.68Vanguard Target Retirement 2060 Inv VTTSX 0.15 7.39 2.07 10.25 7.31 10.12 --

Data provided by Morningstar Direct.

FMPTF Participant Directed Mutual Fund Program9/30/2020 Return Summary

Net of Investment Expense

© 2020 Asset Consulting Group All Rights Reserved

FMPTF Participant Directed

Mutual Fund Program

September 30, 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 consultants in the industry. This award is based on a number of

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grateful to have been given this honor.

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 3Q-2020

Global Long-Only Equity

Global Long/Short Equity

Sources: Bloomberg, ACG Research

©2020 Asset Consulting Group All Rights Reserved


Despite a weaker September, resulting in part from concerns around news of continued

spread of COVID-19, 3Q global equity returns were positive as a broad appetite for risk

remained through most of the quarter. Supporting the generally risk-on environment was the

continued, unprecedented policy support, both fiscal and monetary, worldwide. Market

volatility remains elevated compared to pre-COVID levels, as the market seems to be focusing

on any news related to a COVID vaccine and the US elections. Given the many unknowns

and unclear path of economic growth and recovery, Growth stocks also continued to lead

the Value peers that tend to be more cyclical. Looking out for the balance of the year, we

expect COVID vaccine progress and the upcoming US general elections will undoubtedly take

center stage for investors and increase volatility.

US Large Caps led in 3Q within the Domestic space with an advance of 8.9% besting Small

Caps 4.9% return by 400 bps. On a YTD basis, Large Caps have been able to overcome the 1Q

challenges and return to positive territory in part due to the outsized strength and size of Tech

related companies. Small Caps have not been as fortunate, sitting at the worst decline this

year worldwide at -8.7% on the heels of significant pressure in 1Q.

International Markets advanced on gains in both Emerging and Developed Markets. Emerging

Market equities (MSCI EM Index) posted a healthy 9.70% return, followed by International

Developed equities (MSCI EAFE index), which posted a more modest 4.88% return. Currency

translation boosted US Dollar-denominated returns in both regions but was more pronounced

for the EM index.

Global Equities Continued Higher in 3Q

Following the 2Q Rapid Rise

Number of Days with Greater Than

+/- 3% Moves in the S&P

Volatility in the market (measured by the VIX) returned to near the 20-year historical

average in 3Q, and MSCI ACWI global equity performance is just above zero for the

year. This current status, however, does not reflect the day-to-day market turbulence in

the year so far, as noted in the chart on the left. We anticipate this higher volatility to

continue to be the norm for the foreseeable future as the election draws closer and

uncertainty continues to dominate in many 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.

Equity long/short managers generally had a good quarter, supported by strong downside

protection in September. Despite the market volatility both gross and net exposure

remain higher than the historical average. Typically in the quarter prior to the presidential

election short exposure to indices increases as managers attempt to retain

flexibility/liquidity if they need to reposition quickly.

Style exposure remains a major contributor to performance as managers continue to be

overweight to momentum/growth, especially Technology (which is at its highest level in

the past ten years).

Global positioning continues to be tilted toward the US but Asia exposure remains

elevated relative to the historical average as managers search for new growth

opportunities.

0

5

10

15

20

25

30

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

8

Global Private Equity and Real Assets Update 3Q-2020

Global Private Equity

Global Real Assets

Sources: NCREIF, ACG Research

US IPO Market

NCREIF Income Return Spread to Treasuries

Sources: Renaissance Capital, ACG Research


The pandemic-driven freeze in new private equity transaction activity in the second

quarter began to thaw over the summer. Although private equity deal value through

3Q is down about 20% versus last year’s total, momentum is clearly building behind

the rebound and transaction activity appears to be poised for a very active fourthquarter. This dynamic breaks with typical election year patterns where private equity

deal activity often slows toward year-end as sponsors take a wait and see approach.

The US IPO market is in full boom mode as the third quarter racked up 81 IPOs and

$28.5 billion of proceeds, the busiest third quarter since the Dot-com era. The market

remains wide open for healthcare, technology and consumer companies. Moving

into the fourth quarter the outlook remains good as numerous notable private

companies are lined up to debut including Airbnb, DoorDash and others who have

confidentially filed. In fact the IPO window is so open that alternative listing methods

including SPACs and direct listings are experiencing a surge in investor interest.

Full year fundraising appears as if it will fall short of 2019’s record pace but the V-

shaped recovery of US equity markets will both comfort private equity investors and

drive the need for continued new commitments to keep pace with their now

recovered portfolio values. Like their public company counterparts, performance for

most private equity funds made a strong recovery in 2Q which is poised to continue

as 3Q returns benefit from better comps and a more stable economic outlook.

In the second quarter the NCREIF Property Index posted its first negative return in over

a decade as the income return of 1.01% was not enough to overcome negative

appreciation of 2.00%. The index ended the quarter down -0.99%. Returns were

negative for all property types except industrial which delivered a modest 1.02%

gain. Rent collections suffered across all property types. Apartment, industrial and

office assets fared best with modest declines of 1% - 4%. However, rent collections for

retail assets fell over 12% and over 48% for hotels. The drop in rent collections drove a

decrease in the NCREIF annualized income return (a proxy for cap rates) from 4.40%

in 1Q to 4.04% in 2Q.

Transaction activity stalled as only 30 properties (out of 8,652) in the index were

bought or sold in the quarter. In most quarters well over 100 properties typically

transact. Without normal activity, appraisers are finding it difficult to pinpoint values

and depreciation risk will continue until the market reopens more fully.

The FTSE NAREIT US REIT index continued its rebound with a +1.5% return in the third

quarter, but still remains one of the worst performing equity sectors with a negative -

13.8% YTD return.

The Bloomberg Commodity Index (BCOM) rose 9.1% in 3Q, outperforming the

BloomBar US Aggregate Bond Index by 8.5% and the MSCI ACWI by 0.8% while

underperforming the S&P 500 by 0.1%. Nymex oil rose 2.4% in 3Q but still remains

down -34.1% for the year. Gold continued its run with a +4.8% gain in the quarter and

an impressive 23.9% gain for the year.

3.38%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

200

0

200

1

200

2

200

3

200

4

200

5

200

6

200

7

200

8

200

9

201

0

201

1

201

2

201

3

201

4

201

5

201

6

201

7

201

8

201

9

202

0

NCRIEF Income Return (Annualized) 10-Year Treasury Rate

Median Spread Spread: 10-Year UST Rate to NCREIF Income Return (rhs)

$42.2 $48.9

$24.5 $21.9

$38.7 $35.5

$42.7

$54.9

$85.3

$30.0

$18.8

$35.5

$46.8 $46.4 $53.7

0

50

100

150

200

250

300

$0

$10

$20

$30

$40

$50

$60

$70

$80

$90

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 YTD

2020

# o

f IP

Os

IPO

Pro

ce

ed

s (b

illio

ns)

Total U.S. IPO Proceeds (Billions) Total # of U.S. IPOs (rhs)

9

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 September 30, 2020

Curve steeper

Both IG and HY spreads declined in the quarter

Equity and currency volatility remain

elevated

Rates stillnear historic lows

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

(%)

January 1, 2015 through September 30, 2020

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

Global Traditional Bond Markets

Global Nontraditional Fixed Income

Unconstrained fixed-income strategies continued the positive recovery momentum in the third

quarter. Most managers outperformed the Bloombar US Aggregate index during the quarter.

The average return for the group was similar to the BloomBar Multiverse index (+2.6% for our

unconstrained manager group vs +2.7% for the Multiverse index). Most managers in the

category are now in positive territory on a year-to-date basis. Given an expectation for low

interest rates to continue for some time, the low duration exposure in this category may move

from being a hindrance to a benefit. Market volatility could create additional opportunities as

investors assess the impact of elections, Covid, and potential US fiscal policy support. We

continue to believe that diversification of risk factors within portfolios remains valuable, as this

aids in downside protection and reduces key correlations.

Long/Short Credit strategies continued their rebound in the third quarter and several funds

have returned to profitability on a YTD basis. While the recovery in securitized credit was slow to

get started after the March drawdown, managers in the space saw gains continue into the

third quarter, largely avoiding the volatility experienced by other spread-sensitive sectors in

September. As spreads have tightened, managers have grown increasingly choosy about the

positions they decide to keep in portfolios. Current sentiment favors maintaining liquidity and

flexibility as investors look toward upcoming potential opportunities around market volatility and

longer-term opportunities in distressed credit.

Although the third quarter brought a rebound in activity to the institutional loan market, the

amount of new issue leveraged loans remained below normal levels due to a stalled M&A

market. However, improving market sentiment drove a pricing rebound. The average

spread for a B+/B rated new loan tightened to L+388 by quarter end, well inside the L+600

levels seen in April.

Global Fixed Income Update 3Q-2020




Lower for Longer Again

The FOMC anticipates low

rates remain in place into

2023

Percentile Rankings of Observations for Past 15-Years

During the quarter, the Fed formally announced its plan to transition to average inflation

targeting as part of its long-term policy framework. With this change, investors solidified

expectations that low rates will continue well into the future, with the Fed’s own

expectations showing the Fed Funds rate remaining at the current target range of 0 –

0.25% through 2023. Yield on the 10-year US Treasury gained 3 basis points across the

quarter, while 2 and 5-year rates fell slightly resulting in a slightly steeper slope on the 2-10

portion of the yield curve.

The Q2 rebound in credit assets continued into the first part of Q3, though overall

tightening across the quarter proceeded at a more moderate pace than in Q2,

particularly after weakness in September saw credit positions give back some of their gains

from the first part of the quarter. The BloomBar US Aggregate rose 0.6% across the quarter

while the index’s yield-to-worst declined by about 7 basis points to 1.18% by the end of the

quarter. Lower quality credit generated larger gains, as the BloomBar US High Yield index

rose 4.6% for the quarter, despite the weakness in September. High yield spreads tightened

from 626 to 477 basis points at the end of August, before widening back out in September

to close the quarter at 517 basis points. Spreads remain above the pre-crisis low.

Municipal/treasury yield ratios saw further compression during the quarter but remain

above long-term averages. The BloomBar Municipal Bond index gained 1.2% in Q3.

Unhedged Global government bonds generated strong gains in Q3. Emerging Market

bonds generated further gains and in some cases have recovered their Q1 losses.

10

Market Environment

For the Periods Ending September 30, 2020

-16.00

-12.00

-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

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

Re

turn

(%

)

6.79 6.98 5.24 4.18 3.64BloomBar US Aggregate

6.20 6.68 5.15 4.49 3.92BloomBar Universal

3.35 4.19 3.82 3.35 3.42BloomBar 1-15 Yr Municipal

5.57 15.15 12.28 14.15 13.74S&P 500

-8.69 0.39 1.77 8.00 9.85Russell 2000

-6.73 0.93 1.11 5.77 5.11MSCI EAFE

1.77 11.00 7.68 10.90 9.13MSCI ACWI

-0.91 10.91 2.79 9.37 2.87MSCI Emerging Markets

-12.08 -8.20 -4.18 -3.09 -6.03Bloomberg Commodity


Equity Index Returns


-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00


Re

turn

(%

)

5.57 15.15 12.28 14.15 13.74S&P 500

5.41 15.00 11.65 13.69 13.48Russell 3000

-11.58 -5.03 2.63 7.66 9.95Russell 1000 Value

24.33 37.53 21.67 20.10 17.25Russell 1000 Growth

-8.62 -2.16 2.90 8.11 10.49S&P Mid Cap 400

-8.69 0.39 1.77 8.00 9.85Russell 2000

-21.54 -14.88 -5.13 4.11 7.09Russell 2000 Value

3.88 15.71 8.18 11.42 12.34Russell 2000 Growth

-6.73 0.93 1.11 5.77 5.11MSCI EAFE

-5.08 3.45 1.65 6.74 4.48MSCI ACWI ex US


US Markets - Performance Breakdown


S&P 500 - Sector Returns (%)

Communication Services

(10.80)

Consumer Discretionary

(11.55)

Consumer Staples

(7.02)

Energy

(2.06)

Financials

(9.67)

Health Care

(14.23)

Industrials

(8.29)

Information Technology

(28.15)

Materials

(2.62)

Real Estate

(2.64)

Utilit ies

(2.97)

8.68

14.86

9.62

-20.86

3.84

5.41

12.00

11.65

12.73

1.19

5.18

7.63

22.43

1.89

-50.16

-21.72

3.60

-5.38

27.50

3.67

-8.88

-8.09

Russell 2000 - Sector Returns (%)


(2.30)


(13.30)

Consumer Staples

(3.29)

Energy

(1.70)

Financials

(14.60)

Health Care

(20.54)

Industrials

(15.04)


(13.35)

Materials

(3.85)

Real Estate

(6.62)

Utilit ies

(2.93)

-1.30

19.02

8.39

-6.12

-2.73

4.94

10.93

2.41

6.45

-0.02

-3.92

-20.03

4.38

1.84

-54.80

-29.04

12.14

-6.30

0.03

-16.24

-23.08

-19.27

3 Months YTD

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


-20.00

-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00


Re

turn

(%

)

-6.73 0.93 1.11 5.77 5.11MSCI EAFE

-9.08 -4.33 1.04 5.34 6.76MSCI EAFE Local Currency

-17.91 -11.45 -5.30 1.74 2.68MSCI EAFE Value

4.91 13.81 7.47 9.64 7.39MSCI EAFE Growth

-0.91 10.91 2.79 9.37 2.87MSCI Emerging Markets

-0.33 7.31 4.32 7.90 6.51MSCI Japan

-5.08 3.45 1.65 6.74 4.48MSCI ACWI ex US


Non-US Equity - Performance Breakdown


MSCI EAFE - Sector Returns (%)


(5.47)


(11.86)

Consumer Staples

(11.94)

Energy

(2.77)

Financials

(15.07)

Health Care

(14.36)

Industrials

(15.23)


(8.62)

Materials

(7.62)

Real Estate

(3.10)

Utilit ies

(3.97)

4.15

9.80

4.52

-13.18

-1.18

2.91

10.42

8.16

10.88

3.02

3.15

-2.86

-5.19

-0.75

-44.34

-23.02

7.61

-3.91

10.02

0.78

-18.60

1.06

MSCI EAFE - Country Returns (%)

Australia (6.57)

Austria (0.15)

Belgium (0.97)

Denmark (2.54)

Finland (1.05)

France (10.67)

Germany (9.63)

Hong Kong (3.32)

Ireland (0.70)

Israel (0.59)

Italy (2.23)

Japan (25.83)

Netherlands (4.36)

New Zealand (0.31)

Norway (0.56)

Portugal (0.16)

Singapore (1.04)

Spain (2.25)

Sweden (3.34)

Switzerland (10.41)

United Kingdom (13.30)

2.84

-4.73

2.05

15.40

11.91

2.93

8.40

1.56

14.66

-1.95

1.49

7.08

5.97

-0.88

8.37

-3.33

-0.98

-3.76

14.61

5.11

-0.22

-11.45

-34.25

-22.00

26.57

10.42

-13.06

0.69

-8.35

2.20

-3.39

-16.34

-0.33

5.04

6.22

-16.81

-4.99

-22.10

-25.30

8.50

4.18

-23.42

YTD3 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 (%)


(12.71)


(20.21)

Consumer Staples

(6.09)

Energy

(5.44)

Financials

(17.15)

Health Care

(4.32)

Industrials

(4.36)


(18.46)

Materials

(6.93)

Real Estate

(2.38)

Utilit ies

(1.95)

2.53

26.86

4.40

-0.21

-0.30

1.96

2.95

20.72

11.85

1.00

-4.27

14.41

27.15

-4.97

-26.10

-25.91

28.27

-13.33

19.77

-3.56

-21.49

-21.44

MSCI Emerging Markets - Country Returns (%)

Argentina (0.12)

Brazil (4.56)

Chile (0.51)

China (41.94)

Colombia (0.17)

Czech Republic (0.09)

Egypt (0.11)

Greece (0.13)

Hungary (0.19)

India (8.25)

Indonesia (1.24)

Malaysia (1.72)

Mexico (1.64)

Pakistan (0.02)

Peru (0.23)

Philippines (0.74)

Poland (0.64)

Qatar (0.81)

Russia (3.03)

Saudi Arabia (2.78)

South Africa (3.54)

South Korea (12.09)

Taiwan (12.78)

Thailand (1.77)

Turkey (0.34)

United Arab Emirates (0.56)

6.67

-3.25

-4.17

12.56

-1.22

-5.02

4.58

3.41

-8.94

15.11

-6.81

2.59

4.65

12.38

3.54

-2.57

-0.87

7.47

-4.30

9.37

3.74

12.88

17.10

-14.00

-15.62

6.21

-6.98

-40.81

-25.48

16.61

-45.26

-27.52

-18.20

-37.04

-36.53

-4.35

-29.80

-5.82

-25.00

-22.62

-26.59

-20.57

-23.91

-4.70

-27.57

-5.31

-21.05

4.78

15.26

-29.42

-29.84

-10.44

YTD3 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

Sep 2020 Jun 2020 Sep 2019

90 Days 0.10 0.14 1.82

180 Days 0.10 0.16 1.82

1 Year 0.12 0.15 1.76

2 Years 0.13 0.15 1.62

3 Years 0.16 0.17 1.56

4 Years 0.21 0.22 1.56

5 Years 0.28 0.29 1.54

7 Years 0.47 0.49 1.61

10 Years 0.68 0.66 1.67

20 Years 1.23 1.18 1.92

30 Years 1.46 1.41 2.11

Source: Bloomberg


Fixed Income Index Returns


-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00


Re

turn

(%

)

0.64 1.10 1.69 1.20 0.64US T-Bills 90 Day

3.05 3.58 2.64 1.80 1.28ICE BofA ML 1-3 Yr Treasury

3.49 4.56 3.29 2.79 2.79BloomBar 5 Yr Municipal

6.79 6.98 5.24 4.18 3.64BloomBar US Aggregate

0.62 3.25 4.21 6.79 6.47BloomBar US Corp High Yield

5.72 6.24 4.10 3.92 2.36BloomBar Global Aggregate

-0.51 1.29 3.49 6.15 5.43JPM EMBI Global Diversified


US Fixed Income Market Environment


Nominal Returns By Sector (%)

3 Months YTD 1 Year 3 Years

US Aggregate 0.62 6.79 6.98 5.25

US Treasury 0.17 8.89 8.03 5.49

US Agg: Gov't-Related 1.07 4.98 5.23 4.81

US Corporate IG 1.53 6.61 7.88 6.39

MBS 0.11 3.63 4.37 3.69

CMBS 1.71 6.98 6.63 5.42

ABS 0.80 4.14 4.55 3.47

US Corp High Yield 4.60 0.64 3.28 4.21

Nominal Returns by Quality (%)


AAA 0.20 6.77 6.58 4.78

AA 0.91 6.99 6.96 5.66

A 1.18 7.66 8.43 6.31

BAA 2.10 5.17 6.94 6.37

BA 4.02 4.25 6.80 5.66

B 4.53 -1.17 1.41 3.96

CAA 7.35 -6.95 -3.47 -0.33

Nominal Returns by Maturity (%)


0.161-3 Yr. 2.84 3.43 2.76

0.363-5 Yr. 5.01 5.57 4.01

0.795-7 Yr. 7.31 7.85 5.10

1.317-10 Yr. 9.37 9.34 6.45

1.2210+ Yr. 14.22 12.94 10.26

Excess Returns by Sector

-600

-400

-200

0

200

400

600

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

(Corporate)


Exc

ess

Re

turn

(b

ps)

Excess Returns by Quality

-1600

-1200

-800

-400

0

400

800

1200

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 8.93 5.57 15.15 12.28 14.15 12.68 13.74

Russell 1000 9.47 6.40 16.01 12.38 14.09 12.54 13.76

Russell 1000 Growth 13.22 24.33 37.53 21.67 20.10 17.39 17.25

Russell 1000 Value 5.59 -11.58 -5.03 2.63 7.66 7.35 9.95

Russell 2500 5.88 -5.82 2.22 4.45 8.97 7.70 10.81

Russell 2000 4.93 -8.69 0.39 1.77 8.00 6.42 9.85

Russell 2000 Growth 7.16 3.88 15.71 8.18 11.42 9.22 12.34

Russell 2000 Value 2.56 -21.54 -14.88 -5.13 4.11 3.27 7.09

Wilshire 5000 Cap Wtd 9.14 5.54 15.12 11.70 13.83 12.25 13.50

MSCI ACWI 8.25 1.77 11.00 7.68 10.90 8.42 9.13

MSCI ACWI ex US 6.36 -5.08 3.45 1.65 6.74 3.66 4.48

MSCI EAFE 4.88 -6.73 0.93 1.11 5.77 3.49 5.11

MSCI EAFE Local Currency 1.30 -9.08 -4.33 1.04 5.34 5.55 6.76

MSCI EAFE Growth 8.48 4.91 13.81 7.47 9.64 6.61 7.39

MSCI EAFE Value 1.30 -17.91 -11.45 -5.30 1.74 0.24 2.68

MSCI Emerging Markets 9.70 -0.91 10.91 2.79 9.37 4.12 2.87

Fixed Income

ICE BofA ML 1-3 Yr Treasury 0.10 3.05 3.58 2.64 1.80 1.52 1.28

BloomBar 5 Yr Municipal 1.28 3.49 4.56 3.29 2.79 2.82 2.79

BloomBar US Aggregate 0.62 6.79 6.98 5.24 4.18 3.97 3.64

BloomBar Gov't Bond 0.18 8.81 7.97 5.47 3.73 3.52 3.10

BloomBar US Credit 1.50 6.39 7.50 6.19 5.75 5.26 4.92

BloomBar 10 Yr Municipal 1.27 3.77 4.59 4.44 4.01 4.38 4.22

BloomBar US Corp High Yield 4.60 0.62 3.25 4.21 6.79 5.33 6.47

FTSE World Govt Bond 2.94 7.14 6.77 4.37 3.95 2.22 1.86

BloomBar Global Aggregate 2.66 5.72 6.24 4.10 3.92 2.47 2.36

BloomBar Multiverse 2.71 5.31 5.99 4.00 4.08 2.57 2.50

JPM EMBI Global Diversified 2.32 -0.51 1.29 3.49 6.15 5.64 5.43

Real Assets

NCREIF Property 0.74 0.45 2.01 5.11 6.28 7.98 9.37

NFI ODCE Net 0.27 -0.75 0.51 4.25 5.69 7.62 9.25

FTSE NAREIT US Real Estate 1.44 -17.54 -18.16 0.20 3.95 6.05 7.90

Bloomberg Commodity 9.07 -12.08 -8.20 -4.18 -3.09 -7.24 -6.03

Cash and Equivalents

US T-Bills 90 Day 0.04 0.64 1.10 1.69 1.20 0.86 0.64


Monthly Index Returns

For the Periods Ending October 31, 2020

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

Equity

S&P 500 -2.66 2.77 9.71 10.42 11.71 11.53 13.01

Russell 1000 -2.41 3.83 10.87 10.63 11.79 11.46 13.05

Russell 1000 Growth -3.40 20.11 29.22 18.77 17.32 16.09 16.31

Russell 1000 Value -1.31 -12.74 -7.57 1.94 5.82 6.50 9.48

Russell 2500 1.81 -4.11 2.12 4.54 8.18 7.48 10.60

Russell 2000 2.09 -6.77 -0.14 2.19 7.27 6.36 9.64

Russell 2000 Growth 0.76 4.67 13.37 7.90 10.36 9.06 11.95

Russell 2000 Value 3.58 -18.74 -13.92 -4.05 3.71 3.32 7.06

Wilshire 5000 Cap Wtd -2.20 3.22 10.18 10.09 11.59 11.22 12.82

MSCI ACWI -2.41 -0.68 5.42 6.08 8.70 7.43 8.48

MSCI ACWI ex US -2.13 -7.11 -2.19 0.29 4.76 2.81 3.91

MSCI EAFE -3.98 -10.44 -6.46 -0.76 3.35 2.41 4.31

MSCI EAFE Local Currency -3.91 -12.64 -9.59 -1.26 2.92 4.47 6.14

MSCI EAFE Growth -3.95 0.76 5.53 5.25 7.04 5.61 6.61

MSCI EAFE Value -4.02 -21.21 -17.97 -6.82 -0.51 -0.92 1.87

MSCI Emerging Markets 2.08 1.15 8.62 2.32 8.31 3.72 2.78

Fixed Income

ICE BofA ML 1-3 Yr Treasury -0.05 3.00 3.19 2.64 1.81 1.50 1.25

BloomBar Municipal -0.30 3.02 3.59 4.09 3.70 4.16 3.99

BloomBar US Aggregate -0.45 6.32 6.19 5.06 4.08 3.78 3.55

BloomBar Gov't Bond -0.92 7.81 6.90 5.18 3.61 3.31 3.01

BloomBar US Credit -0.22 6.15 6.66 5.99 5.60 5.01 4.88

BloomBar 10 Yr Municipal -0.31 3.45 4.11 4.26 3.86 4.22 4.24

BloomBar US Corp High Yield 0.51 1.13 3.49 4.24 6.32 5.03 6.25

FTSE World Govt Bond -0.18 6.95 6.00 4.49 3.92 2.05 1.70

BloomBar Global Aggregate 0.10 5.82 5.63 4.26 3.90 2.35 2.24

BloomBar Multiverse 0.09 5.41 5.34 4.15 4.02 2.43 2.38

Real Assets

Bloomberg Commodity 1.41 -10.85 -8.75 -4.41 -2.73 -6.86 -6.36


US T-Bills 90 Day 0.01 0.65 0.92 1.66 1.20 0.87 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

Sep-20 ($)

Actual

Allocation (%)

As of

Jun-20 ($)

Actual

Allocation (%)

As of

Sep-19 ($)

Actual

Allocation (%)

Total Portfolio 100.00 130,558,513 123,806,851 100.00 126,310,796 100.00

Vanguard Windsor II 2,509,697 1.92 2,341,158 2,860,847 1.89 2.26

Vanguard Institutional Index 7,077,516 5.42 6,658,413 6,442,179 5.38 5.10

Vanguard FTSE Social Index 734,840 0.56 673,718 307,860 0.54 0.24

Vanguard PRIMECAP 11,736,503 8.99 11,101,175 11,627,201 8.97 9.21

Eaton Vance Atlanta Cap SMID 8,448,816 6.47 8,219,472 10,829,475 6.64 8.57

Vanguard Small Cap Index 1,818,993 1.39 1,844,602 2,178,439 1.49 1.72

Vanguard Total International Stock Index 3,907,451 2.99 3,665,131 4,143,830 2.96 3.28

Vanguard Emerging Markets Stock Index 257,267 0.20 182,713 72,874 0.15 0.06

Vanguard All World ex-US Small Cap 128,773 0.10 115,090 37,511 0.09 0.03

Vanguard Intermediate IG Fund 4,988,370 3.82 4,671,890 5,093,970 3.77 4.03

Vanguard Total Bond Index 2,970,641 2.28 2,644,001 2,706,918 2.14 2.14

Vanguard Retirement Savings Trust 5,103,194 3.91 4,937,153 3,829,823 3.99 3.03

Vanguard Total International Bond Index 135,704 0.10 97,827 120,645 0.08 0.10

Vanguard Federal Money Market 7,582,575 5.81 7,584,839 5,993,911 6.13 4.75

Vanguard REIT Index 1,085,000 0.83 1,094,693 1,260,407 0.88 1.00

Vanguard Wellington 8,332,703 6.38 8,138,589 9,308,889 6.57 7.37

Vanguard Target Retirement Income 3,514,547 2.69 3,375,331 3,425,202 2.73 2.71

Vanguard Target Retirement 2015 5,404,136 4.14 5,228,635 5,563,364 4.22 4.40








Vanguard Target Retirement 2055 1,121,855 0.86 967,941 827,379 0.78 0.66

Vanguard Target Retirement 2060 155,684 0.12 119,821 74,247 0.10 0.06

Loan 780,336 0.60 660,908 699,025 0.53 0.55




For the Period Ending September 30, 2020

Manager Allocation

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

Vanguard Ta

rget R

etire

ment 2

025

Vanguard P

RIMEC

AP

Vanguard Ta

rget R

etire

ment 2

020

Vanguard Ta

rget R

etire

ment 2

030

Eato

n Vance A

tlanta

Cap S

MID

Vanguard W

ellin

gton

Vanguard Fede

ral M

oney

Mark

et

Vanguard In

stitu

t ional In

dex

Vanguard Ta

rget R

etire

ment 2

035

Vanguard Ta

rget R

etire

ment 2

015

Vanguard Ta

rget R

etire

ment 2

045

Vanguard R

etirem

ent Savin

gs Tru

st

Vanguard In

term

edia

te IG

Fund

Vanguard Ta

rget R

etire

ment 2

040

Vanguard To

tal In

tern

ational S

tock

Index

Vanguard Ta

rget R

etire

ment I

ncom

e

Vanguard To

tal B

ond In

dex

Vanguard Ta

rget R

etire

ment 2

050

Vanguard W

indso

r II

Vanguard Sm

all C

ap Index

Vanguard Ta

rget R

etire

ment 2

055

Vanguard R

EIT In

dex

Loan

Vanguard FTS

E Social In

dex

Vanguard E

mer

ging M

arket

s Sto

ck In

dex

Vanguard Ta

rget R

etire

ment 2

060

Vanguard To

tal In

tern

ational B

ond In

dex

Vanguard A

ll World

ex-

US Sm

all Cap

14.30

11.74

10.73

8.72 8.45 8.337.58

7.08 7.03

5.40 5.34 5.10 4.99

4.08 3.913.51

2.972.55 2.51

1.821.12 1.09 0.78 0.73

0.26 0.16 0.14 0.13

(M arket Value in $M illions)

Total Market Value: $130,558,513



Florida Municipal Pension Trust Fund Participant Directed Mutual Fund Program

Executive Summary Period Ended September 30, 2020

Vanguard Windsor II (VWNAX) – Page 40 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 222 basis points in the third quarter and ranks in the top 9th percentile relative to its peer group of large cap value managers over the past 10 years.

Vanguard FTSE Social Index (VFTAX) – Page 42 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 14.96%, outpacing the Russell 1000 Index and ranking in the top 2nd percentile of its peer group of large cap equity managers.

Vanguard Institutional Index (VINIX) – Page 44 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 46 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 earned a 14.80% average annual return over the past 10 years.

EV Atlanta Capital SMID (ERASX) – Page 48 This two-star rated fund focuses on identifying seasoned, high quality small-to-mid capitalization U.S. companies with solid balance sheets and experienced management teams. While this fund was unable to keep up with the Russell 2500 benchmark over the past year, it has ranked in the top 44th 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 270 basis points and ranking in the top 2nd percentile of its peer group over the last 10 years.

Vanguard Small Cap Index (VSMAX) – Page 50 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 7th percentile of its peer group.

27


Vanguard All World ex-US Small Cap (VFSAX) – Page 52 This Morningstar three 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 hasn’t been able to keep up with MSCI ACWI ex US SC Net, this fund has achieved a 4.42% return on average annually over the past 10 years.

Vanguard Emerging Markets Stock Index (VEMAX) – Page 54 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 10 years.

Vanguard Total International Stock Index (VT1AX) – Page 56 This Morningstar four 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 nearly matched the benchmark in the third quarter (up 6.48% vs. up 6.78%), and it has performed in line with it on a risk adjusted basis over the past 3-5 years.

Vanguard Intermediate Investment Grade Fund (VFIDX) – Page 58 This actively managed fund is rated three 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 83 basis points over the last 10 years while ranking in the top 2nd percentile of its peer group of Intermediate Core Bond managers.

Vanguard Total Bond Market Index (VBTLX) – Page 60 This fund is rated three 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 62 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 146 basis points over the past 10 years.

Vanguard Total International Bond Index (VTABX) – Page 63 This Morningstar three-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 5-7 years.

28


Vanguard Federal Money Market (VMFXX) – Page 65 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 66 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 68 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 64% stocks and 36% cash/bonds. This fund is in line with objectives, ranking in the top 11th percentile of its peer group over the past 10 years.

Vanguard Target Retirement Income (VTINX) – Page 70 This fund carries a four-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 72 This fund carries a four-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 66% fixed income/cash and 34% equity.

Vanguard Target Retirement 2020 (VTWNX) – Page 74 This Morningstar four 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 51% fixed income/cash and 49% equity.

Vanguard Target Retirement 2025 (VTTVX) – Page 76 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 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.

29


Vanguard Target Retirement 2030 (VTHRX) – Page 78 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 80 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 25% fixed income/cash and 75% equity.

Vanguard Target Retirement 2040 (VFORX) – Page 82 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 84 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 10% fixed income/cash and 90% equity.

Vanguard Target Retirement 2050 (VFIFX) – Page 86 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 9% fixed income/cash and 91% equity.

Vanguard Target Retirement 2055 (VFFVX) – 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 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 10% fixed income/cash and 90% equity.

Vanguard Target Retirement 2060 (VTTSX) – Page 90 This Morningstar three-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 10% fixed income/cash and 90% equity.

30

FLC, Inc. Defined Contribution & Deferred Compensation

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 NO Achieved 14.80% average annual return over past 10 years.

Vanguard Capital Opportunity US Large Cap Growth Equity NO NO NO NO NO NO Average annual return of 14.93% over past 10 years.

Eaton Vance Atlanta Capital SMID-Cap I US Small/Mid Value Equity NO YES YES YES YES YES

Vanguard International Value International Value Equity YES YES YES YES YES YES

Vanguard International Growth International Growth Equity YES YES YES YES YES YES

Vanguard Energy Fund Global Energy Sector YES YES YES YES YES YES

Vanguard Health Care Fund Global Health Care Sector YES NO NO NO NO NO Average annual return of 13.38% over past 10 years.

Vanguard Short-Term Invt Grade Fund US Short-Term Fixed Income YES NO NO YES YES YES

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

Vanguard STAR Moderate Balanced YES NO NO YES YES YES

Vanguard Wellington Moderate Balanced YES NO NO YES YES YES

Passive Managers StrategyMorningstar Rating 3 or

Better

3 Year Return = Benchmark

5 Year Return = Benchmark

3 Year Risk = Benchmark

5 Year Risk = Benchmark

Comments

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 Pacific Stock Index Pacific Stock Sector NO YES YES YES YES

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

Vanguard Intermediate Bond Index US Intermediate Fixed Income YES YES YES YES YES

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

Vanguard Long US Treasury Index US Treasury YES YES YES 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










Vanguard Target Retirement 2065 Balanced YES NA NA NA NA

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 Reserved31

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 * 7.81 6.22 6.72 9.72 8.73 10.96 VWNAX 0.26 4

Russell 1000 Value 5.59 -5.03 2.63 7.66 7.35 9.95

Difference (+/-) 2.22 11.25 4.09 2.06 1.38 1.01

Median MF US Large Cap Value Net 4.80 -5.10 2.39 7.11 6.76 9.13

Rank 8 3 8 11 11 9

US Large Cap Core

Vanguard FTSE Social Index * 10.58 20.71 14.71 15.53 14.04 14.96 VFTAX 0.14 5

Russell 1000 9.47 16.01 12.38 14.09 12.54 13.76

Difference (+/-) 1.11 4.70 2.33 1.44 1.50 1.20

Median MF US Large Cap Blend Net 8.50 12.14 9.95 12.17 10.84 12.24

Rank 8 6 2 2 2 2

Vanguard Institutional Index * 8.92 15.13 12.25 14.12 12.65 13.71 VINIX 0.04 5

S&P 500 8.93 15.15 12.28 14.15 12.68 13.74

Difference (+/-) -0.01 -0.02 -0.03 -0.03 -0.03 -0.03

Median MF US Large Cap Blend Net 8.50 12.14 9.95 12.17 10.84 12.24

Rank 37 21 16 10 8 9


* Performance and statistics are presented net of fees.

32

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 * 9.73 15.13 11.40 15.00 13.94 14.80 VPMAX 0.31 3

Russell 1000 Growth 13.22 37.53 21.67 20.10 17.39 17.25

Difference (+/-) -3.49 -22.40 -10.27 -5.10 -3.45 -2.45

Median MF US Large Cap Growth Net 11.18 32.16 18.58 17.33 15.02 15.29

Rank 74 91 90 73 63 59

US Small/Mid Cap Equity

Eaton Vance Atlanta Cap SMID * 3.24 -4.86 8.45 11.81 10.83 13.55 ERASX 0.82 2

Russell 2500 5.88 2.22 4.45 8.97 7.70 10.81

Difference (+/-) -2.64 -7.08 4.00 2.84 3.13 2.74

Median MF US Small Cap Blend Net 4.36 -6.49 -0.71 5.99 5.35 8.80

Rank 61 44 2 2 2 2

Vanguard Small Cap Index * 5.79 1.34 4.39 8.95 7.68 10.95 VSMAX 0.05 5

CRSP US Small Cap 5.78 1.29 4.37 8.92 7.66 11.08

Difference (+/-) 0.01 0.05 0.02 0.03 0.02 -0.13

Median MF US Small Cap Blend Net 4.36 -6.49 -0.71 5.99 5.35 8.80

Rank 23 14 7 6 5 6

Non US Equity

Vanguard All World ex-US Small Cap * 8.87 5.41 -0.15 5.82 3.62 4.42 VFSAX 0.16 3

MSCI ACWI ex US SC NetDiv 10.49 6.96 0.93 6.80 4.49 5.31

Difference (+/-) -1.62 -1.55 -1.08 -0.98 -0.87 -0.89

Median MF Foreign Small/Mid Cap Core Net 9.40 3.96 -1.46 5.51 3.96 5.81

Rank 64 31 31 42 62 78



33

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Emerging Markets Stock Index * 8.98 9.75 2.50 8.20 3.67 2.26 VEMAX 0.14 3

MSCI Emerging Markets NetDiv 9.56 10.54 2.42 8.97 3.74 2.50

Difference (+/-) -0.58 -0.79 0.08 -0.77 -0.07 -0.24

Median MF Diversified Emerging Markets Net 9.63 10.60 2.17 8.31 3.80 2.79

Rank 61 58 45 53 55 60

Vanguard Total International Stock Index * 6.48 3.77 1.25 6.31 3.49 4.20 VTIAX 0.11 4

FTSE Global All Cap ex US 6.78 3.98 1.61 6.72 3.84 4.62

Difference (+/-) -0.30 -0.21 -0.36 -0.41 -0.35 -0.42

Median MF Foreign Large Cap Core Net 5.93 2.78 0.64 5.11 3.03 4.48

Rank 40 42 37 21 35 63

Fixed Income

Intermediate Core Bonds

Vanguard Intermediate IG Fund * 1.48 9.07 6.09 5.21 4.90 4.73 VFIDX 0.10 3

BloomBar US Credit Int 1.24 6.49 4.96 4.33 3.98 3.90

Difference (+/-) 0.24 2.58 1.13 0.88 0.92 0.83

Median MF Intermediate Core Bond Net 1.00 6.80 4.94 4.01 3.77 3.55

Rank 14 6 4 2 2 2

Vanguard Total Bond Index * 0.61 7.03 5.30 4.20 3.95 3.59 VBTLX 0.05 3

BloomBar US Aggregate 0.62 6.98 5.24 4.18 3.97 3.64

Difference (+/-) -0.01 0.05 0.06 0.02 -0.02 -0.04

Median MF Intermediate Core Bond Net 1.00 6.80 4.94 4.01 3.77 3.55

Rank 82 42 27 37 36 47



34

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 * 0.51 2.18 2.17 2.00 1.95 2.10 -- 0.45

US T-Bills 90 Day 0.04 1.10 1.69 1.20 0.86 0.64

Difference (+/-) 0.47 1.08 0.48 0.80 1.09 1.46

Median MF Ultrashort Bond Net 0.41 1.75 2.03 1.73 1.35 1.20

Rank 45 27 38 21 5 3

Non US Fixed Income

International Core Bonds

Vanguard Total International Bond Index * 1.10 2.15 5.13 4.35 4.49 -- VTABX 0.11 3

BloomBar Glbl Aggregate Bd US Hgd 0.73 4.14 5.12 4.32 4.32 3.92

Difference (+/-) 0.37 -1.99 0.01 0.03 0.17 --

Median MF World Bond-USD Hedged Net 1.63 3.38 4.62 4.19 4.05 3.87

Rank 82 78 33 40 28 --


Vanguard Federal Money Market * 0.02 0.87 1.54 1.10 0.79 0.55 VMFXX 0.11

US T-Bills 90 Day 0.04 1.10 1.69 1.20 0.86 0.64

Difference (+/-) -0.02 -0.23 -0.15 -0.10 -0.07 -0.09

Real Assets

Vanguard REIT Index * 1.33 -12.19 2.37 5.22 6.91 8.50 VGSLX 0.12 3

FTSE NAREIT US Real Estate 1.44 -18.16 0.20 3.95 6.05 7.90

Difference (+/-) -0.11 5.97 2.17 1.27 0.86 0.60

Median MF Real Estate Net 2.00 -13.02 2.32 4.80 6.57 7.98

Rank 71 43 49 35 38 38



35

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Balanced

Balanced - Intermediate

Vanguard Wellington * 5.93 7.65 8.22 9.98 8.84 9.70 VWENX 0.17 5

60% S&P 500/40% BloomBar US Agg 5.64 12.50 9.84 10.37 9.38 9.85

Difference (+/-) 0.29 -4.85 -1.62 -0.39 -0.54 -0.15

Median MF Moderate Allocation Net 5.04 7.91 5.98 7.62 6.57 7.56

Rank 24 53 18 10 12 11

Target Date Retirement Funds

Vanguard Target Retirement Income * 3.12 7.35 5.79 6.03 5.24 5.60 VTINX 0.12 4

S&P Target Date Retirement Income 2.73 6.86 5.40 5.72 4.91 5.25

Difference (+/-) 0.39 0.49 0.39 0.31 0.33 0.35

Median MF Target Date 2000-2010 Net 3.43 7.28 5.29 6.48 5.44 6.11

Rank 72 46 20 81 63 73

Vanguard Target Retirement 2015 * 3.53 7.68 6.09 7.04 6.19 7.04 VTXVX 0.13 4

S&P Target Date 2015 3.57 7.14 5.70 6.85 5.89 6.63

Difference (+/-) -0.04 0.54 0.39 0.19 0.30 0.41


Rank 73 50 19 46 42 31

Vanguard Target Retirement 2020 * 4.48 8.51 6.54 7.96 6.91 7.81 VTWNX 0.13 4

S&P Target Date 2020 3.74 6.98 5.77 7.32 6.28 7.20

Difference (+/-) 0.74 1.53 0.77 0.64 0.63 0.61


Rank 23 25 9 13 3 9



36

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2025 * 5.17 9.04 6.89 8.60 7.39 8.38 VTTVX 0.13 4

S&P Target Date 2025 4.39 7.10 5.97 7.86 6.67 7.73

Difference (+/-) 0.78 1.94 0.92 0.74 0.72 0.65


Rank 30 34 15 17 9 13

Vanguard Target Retirement 2030 * 5.70 9.38 7.04 9.07 7.73 8.84 VTHRX 0.14 4

S&P Target Date 2030 5.02 7.14 6.10 8.32 7.03 8.18

Difference (+/-) 0.68 2.24 0.94 0.75 0.70 0.66


Rank 32 32 18 26 18 19

Vanguard Target Retirement 2035 * 6.29 9.71 7.16 9.53 8.06 9.29 VTTHX 0.14 4

S&P Target Date 2035 5.70 7.17 6.19 8.74 7.35 8.58

Difference (+/-) 0.59 2.54 0.97 0.79 0.71 0.71


Rank 47 31 20 28 21 18

Vanguard Target Retirement 2040 * 6.80 9.96 7.27 9.97 8.32 9.58 VFORX 0.14 4

S&P Target Date 2040 6.14 7.16 6.26 9.04 7.57 8.85

Difference (+/-) 0.66 2.80 1.01 0.93 0.75 0.73


Rank 48 31 19 23 16 16



37

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2045 * 7.36 10.27 7.32 10.13 8.43 9.66 VTIVX 0.15 4

S&P Target Date 2045 6.44 7.14 6.26 9.23 7.71 9.03

Difference (+/-) 0.92 3.13 1.06 0.90 0.72 0.63


Rank 38 34 20 23 17 16

Vanguard Target Retirement 2050 * 7.35 10.26 7.32 10.13 8.43 9.65 VFIFX 0.15 4

S&P Target Date 2050 6.53 7.14 6.27 9.41 7.85 9.18

Difference (+/-) 0.82 3.12 1.05 0.72 0.58 0.47


Rank 44 34 19 24 18 20

Vanguard Target Retirement 2055 * 7.38 10.25 7.31 10.12 8.40 9.68 VFFVX 0.15 4

S&P Target Date 2055 6.62 7.07 6.26 9.50 7.93 9.31

Difference (+/-) 0.76 3.18 1.05 0.62 0.47 0.37


Rank 47 35 22 28 25 28

Vanguard Target Retirement 2060 * 7.39 10.25 7.31 10.12 8.40 -- VTTSX 0.15 3

S&P Target Date 2060+ 6.61 7.28 6.41 9.67 8.01 9.37

Difference (+/-) 0.78 2.97 0.90 0.45 0.39 --

Median MF Target Date 2060+ Net 7.37 9.24 6.78 9.99 7.73 --

Rank 49 37 23 47 2 --



38


Investment Manager Analysis



Vanguard Windsor II


Fund Information

Ticker VWNAX

Assets $(Millions) 42,917

Morningstar Rating 4

Expense Ratio 0.26%

Benchmark(s) Russell 1000 Value

Universe(s) MF US Large Cap Value Net

Avg Manager Tenure 7.3

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)

17.40

2.11

97.93

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

8.30 8.516.59

4.56

17.76 17.97

8.51

23.79

1.71 1.740.56


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

40


Vanguard Windsor II

For the Periods Ending September 30, 2020Return

(%)

Rank Std Dev

(%)

Sharpe

Ratio

10 Years Relative Statistics

Russell

1000 Value

Beta 0.99

Up Capture (%) 103.25

Down Capture (%) 96.67

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

.70

2.7

8

16

.80

30

.80

11

.26

-3.1

4

13

.49

16

.89

-8.5

3

29

.16

15

.51

0.3

9

17

.51

32

.53

13

.45

-3.8

3

17

.34

13

.66

-8.2

7

26

.54

13

.71

-0.0

9

15

.05

31

.69

11

.10

-3.5

1

14

.33

16

.19

-8.8

1

25

.22

Re

turn

(%

)

3 Months

Vanguard Windsor II * 7.81 8 -- --

Russell 1000 Value 5.59 -- --

MF US Large Cap Value Net * 4.80 -- --

1 Year

Vanguard Windsor II * 6.22 3 38.39 0.13

Russell 1000 Value -5.03 36.60 -0.17

MF US Large Cap Value Net * -5.10 25.11 -0.24

3 Years


Russell 1000 Value 2.63 22.17 0.04

MF US Large Cap Value Net * 2.39 18.35 0.05

5 Years


Russell 1000 Value 7.66 17.19 0.38


10 Years


Russell 1000 Value 9.95 15.62 0.60


10 Years Risk / Return

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

Standard Deviat ion (%)

Re

turn

(%

)


Performance and statistics are calculated using quarterly return data.

* Net of Fee Returns

41


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

40.00

80.00

120.00

160.00

200.00


26.76

4.21

162.66

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

12.76 13.50

6.54

0.00

12.6314.86

5.16

28.57

2.073.11

0.79



42


Vanguard FTSE Social Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Beta 0.99




-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

.55

-0.5

4

17

.82

37

.07

15

.82

1.2

5

10

.31

24

.16

-3.4

0

33

.93

16

.10

1.5

0

16

.42

33

.11

13

.24

0.9

2

12

.05

21

.69

-4.7

8

31

.43

14

.36

0.2

1

15

.63

32

.14

11

.84

-0.0

2

10

.67

20

.99

-5.9

4

29

.60

Re

turn

(%

)

3 Months

Vanguard FTSE Social Index * 10.58 8 -- --

Russell 1000 9.47 -- --

MF US Large Cap Blend Net * 8.50 -- --

1 Year

Vanguard FTSE Social Index * 20.71 6 36.82 0.53

Russell 1000 16.01 35.69 0.42

MF US Large Cap Blend Net * 12.14 23.70 0.48

3 Years


Russell 1000 12.38 22.74 0.47


5 Years


Russell 1000 14.09 17.44 0.74


10 Years


Russell 1000 13.76 15.42 0.85



10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.0010.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00


Re

turn

(%

)




43


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

40.00

80.00

120.00

160.00

200.00


25.90

3.56

156.79

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

10.81 11.32

7.48

2.04

12.8514.33

8.63

24.71

2.23 2.64 2.96



44


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

.05

2.0

9

15

.98

32

.35

13

.65

1.3

7

11

.93

21

.79

-4.4

2

31

.46

15

.06

2.1

1

16

.00

32

.39

13

.69

1.3

8

11

.96

21

.83

-4.3

8

31

.49

14

.36

0.2

1

15

.63

32

.14

11

.84

-0.0

2

10

.67

20

.99

-5.9

4

29

.60

Re

turn

(%

)

3 Months

Vanguard Institutional Index * 8.92 37 -- --

S&P 500 8.93 -- --

MF US Large Cap Blend Net * 8.50 -- --

1 Year

Vanguard Institutional Index * 15.13 21 34.22 0.41

S&P 500 15.15 34.22 0.41


3 Years


S&P 500 12.28 21.97 0.48


5 Years


S&P 500 14.15 16.87 0.77


10 Years


S&P 500 13.74 14.92 0.88



10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.0010.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




45


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


19.84

3.61

101.53

Sector Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

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

6.899.36

0.03 1.06

7.29

28.87

13.22

32.51

0.76 0.00 0.00



46


Vanguard PRIMECAP


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Growth

Beta 0.89




-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

.99

-1.7

7

15

.38

39

.86

18

.83

2.6

4

10

.72

29

.60

-1.9

4

27

.88

16

.71

2.6

4

15

.26

33

.48

13

.05

5.6

7

7.0

8

30

.21

-1.5

1

36

.39

15

.87

-1.1

2

15

.79

34

.79

10

.56

4.1

4

3.1

9

28

.22

-2.1

3

32

.36

Re

turn

(%

)

3 Months

Vanguard PRIMECAP * 9.73 74 -- --

Russell 1000 Growth 13.22 -- --

MF US Large Cap Growth Net * 11.18 -- --

1 Year

Vanguard PRIMECAP * 15.13 91 33.77 0.42

Russell 1000 Growth 37.53 34.80 1.05

MF US Large Cap Growth Net * 32.16 24.12 1.31

3 Years


Russell 1000 Growth 21.67 24.05 0.83


5 Years


Russell 1000 Growth 20.10 18.76 1.01


10 Years


Russell 1000 Growth 17.25 16.09 1.03



12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.0012.00

13.00

14.00

15.00

16.00

17.00

18.00

19.00

20.00


Re

turn

(%

)




47


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

5.00

10.00

15.00

20.00

25.00

30.00

35.00


29.18

3.07

8.15

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

1.19

21.40

0.00 0.00

16.95

10.98

26.38

19.07

2.641.38

0.00



48


Eaton Vance Atlanta Cap SMID


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 2500

Beta 0.87




-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

.80

5.6

2

14

.26

36

.06

5.2

5 9.8

2

11

.35

24

.84

-5.2

7

34

.59

26

.71

-2.5

1

17

.88

36

.80

7.0

7

-2.9

0

17

.59

16

.81

-10

.00

27

.77

26

.06

-2.7

2

15

.89

38

.19

5.1

9

-3.9

0

21

.17

12

.97

-12

.18

24

.29

Re

turn

(%

)

3 Months

Eaton Vance Atlanta Cap SMID * 3.24 61 -- --

Russell 2500 5.88 -- --

MF US Small Cap Blend Net * 4.36 -- --

1 Year

Eaton Vance Atlanta Cap SMID * -4.86 44 41.04 -0.15

Russell 2500 2.22 47.11 0.02

MF US Small Cap Blend Net * -6.49 31.39 -0.22

3 Years

Eaton Vance Atlanta Cap SMID * 8.45 2 26.50 0.26

Russell 2500 4.45 29.08 0.10


5 Years


Russell 2500 8.97 22.33 0.35

MF US Small Cap Blend Net * 5.99 20.07 0.24

10 Years


Russell 2500 10.81 19.94 0.51



14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00 24.006.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




49


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

4.00

8.00

12.00

16.00

20.00

24.00


20.31

2.08

4.64

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

2.88

12.48

4.26

2.15

11.52

16.7215.43

18.61

4.03

9.13

2.78



50


Vanguard Small Cap Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


CRSP US

Small Cap

Beta 0.99




-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

.89

-2.6

9

18

.24

37

.81

7.5

0

-3.6

4

18

.30

16

.24

-9.3

1

27

.37

27

.98

-1.8

5

18

.59

38

.48

7.5

4

-3.6

8

18

.26

16

.24

-9.3

3

27

.35

26

.06

-2.7

2

15

.89

38

.19

5.1

9

-3.9

0

21

.17

12

.97

-12

.18

24

.29

Re

turn

(%

)

3 Months

Vanguard Small Cap Index * 5.79 23 -- --

CRSP US Small Cap 5.78 -- --

MF US Small Cap Blend Net * 4.36 -- --

1 Year

Vanguard Small Cap Index * 1.34 14 47.43 0.01

CRSP US Small Cap 1.29 47.43 0.00


3 Years




5 Years




10 Years





14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.00 23.00 24.006.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00


Re

turn

(%

)




51


Vanguard All World ex-US Small Cap


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

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

15.78

1.29 1.58

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

3.75

12.09

5.342.64

9.52 8.66

18.26

14.64

11.01 10.23

3.84

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

14.37

8.77

25.64

14.42

6.75

27.84

2.23


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

Avg Manager Tenure 5

Manager Multiple

Strategy Non US Equity



52


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

.23

-18

.94

19

.08

17

.66

-4.7

0

-0.2

3

4.3

0

30

.24

-18

.47

21

.65

25

.21

-18

.50

18

.52

19

.73

-4.0

3

2.6

0

3.9

1

31

.65

-18

.20

22

.42

22

.48

-15

.25

20

.20 2

9.1

3

-6.0

7

5.9

1

1.3

0

33

.42

-20

.21

22

.46

Re

turn

(%

)

3 Months

Vanguard All World ex-US Small

Cap *

8.87 64 -- --

MSCI ACWI ex US SC NetDiv 10.49 -- --

MF Foreign Small/Mid Cap Core Net

*

9.40 -- --

1 Year


Cap *

5.41 31 46.34 0.09

MSCI ACWI ex US SC NetDiv 6.96 45.24 0.13


*

3.96 27.92 0.11

3 Years


Cap *

-0.15 31 27.10 -0.07

MSCI ACWI ex US SC NetDiv 0.93 26.61 -0.03


*

-1.46 19.24 -0.16

5 Years


Cap *

5.82 42 21.48 0.22



*

5.51 16.92 0.26

10 Years


Cap *

4.42 78 19.30 0.20



*

5.81 16.16 0.34


14.00 15.00 16.00 17.00 18.00 19.00 20.00 21.00 22.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




53


Vanguard Emerging Markets Stock Index


Characteristics

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00


16.20

1.78

29.77

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

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

12.87

17.73

6.625.60

18.02

4.76 5.56

15.35

7.35

3.602.55

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

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

8.463.96 3.84

44.91

32.90

0.10 0.525.31


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


Manager Multiple




54


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

.99

-18

.67

18

.86

-5.0

2

0.6

0

-15

.35

11

.73

31

.38

-14

.58

20

.31

18

.88

-18

.42

18

.22

-2.6

0

-2.1

9

-14

.92

11

.19

37

.28

-14

.57

18

.42

18

.86

-18

.90

19

.51

-0.7

7

-2.6

9

-13

.23

8.2

8

36

.38

-16

.58

20

.85

Re

turn

(%

)

3 Months

Vanguard Emerging Markets Stock

Index *

8.98 61 -- --

MSCI Emerging Markets NetDiv 9.56 -- --

MF Diversified Emerging Markets

Net *

9.63 -- --

1 Year


Index *

9.75 58 39.10 0.22

MSCI Emerging Markets NetDiv 10.54 37.46 0.25


Net *

10.60 26.47 0.38

3 Years


Index *

2.50 45 23.35 0.03



Net *

2.17 19.64 0.03

5 Years


Index *

8.20 53 18.92 0.37



Net *

8.31 17.58 0.41

10 Years


Index *

2.26 60 18.46 0.09



Net *

2.79 17.56 0.13


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 Total International Stock Index


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00


18.00

1.54

25.20

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

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

7.83

12.15

9.18

4.10

16.41

10.36

12.82 12.14

8.06

3.64 3.32

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

7.148.87

30.35

16.68

6.85

27.78

2.34


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




56


Vanguard Total International Stock Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


FTSE

Global All

Cap ex US

Beta 1.01




-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

.04

-14

.52

18

.21

15

.14

-4.1

7

-4.2

6

4.6

7

27

.55

-14

.43

21

.51

13

.23

-14

.03

17

.92

15

.90

-3.1

2

-4.0

3

5.0

4

27

.77

-14

.36

22

.19

10

.40

-13

.36

18

.17

20

.64

-5.4

1 -0.9

3

0.9

4

25

.33

-15

.21

21

.85

Re

turn

(%

)

3 Months

Vanguard Total International Stock

Index *

6.48 40 -- --

FTSE Global All Cap ex US 6.78 -- --

MF Foreign Large Cap Core Net * 5.93 -- --

1 Year


Index *

3.77 42 36.88 0.07

FTSE Global All Cap ex US 3.98 36.13 0.08

MF Foreign Large Cap Core Net * 2.78 22.15 0.08

3 Years


Index *

1.25 37 21.89 -0.02


MF Foreign Large Cap Core Net * 0.64 16.47 -0.06

5 Years


Index *

6.31 21 17.47 0.29



10 Years


Index *

4.20 63 16.42 0.22




12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




57


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

8.00

Avg Eff Maturity Avg Eff Durat ion Avg Coupon

6.205.68

3.31

Quality Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

AAA AA A BBB BB B Below B Below

C/NR

16.44

9.98

45.11

25.18

1.40 0.30 0.02 1.57

Morningstar Investment Style

High

Med

Low

Short Med Long

Qu

alit

y

Duration

Sector Allocation

0.0010.0020.00

30.0040.0050.0060.0070.00

80.0090.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

10.31

69.82

1.33 0.917.30

0.009.02

1.32



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

58


Vanguard Intermediate IG Fund


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

US

Credit Int

Beta 1.12




-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

.59

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

.49

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 * 1.48 14 -- --

BloomBar US Credit Int 1.24 -- --

MF Intermediate Core Bond Net * 1.00 -- --

1 Year

Vanguard Intermediate IG Fund * 9.07 6 6.95 1.15

BloomBar US Credit Int 6.49 7.47 0.72

MF Intermediate Core Bond Net * 6.80 4.26 1.43

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

(%

)




59


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

4.00

8.00

12.00

16.00

20.00

24.00

28.00


22.40

18.52

2.97

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

63.46

3.67

12.71

20.16

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

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

41.77

28.54

22.37

4.061.22 0.00 1.98 0.08




60


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 * 0.61 82 -- --

BloomBar US Aggregate 0.62 -- --

MF Intermediate Core Bond Net * 1.00 -- --

1 Year

Vanguard Total Bond Index * 7.03 42 3.28 1.81

BloomBar US Aggregate 6.98 3.06 1.93


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

(%

)




61


Vanguard Retirement Savings Trust


(%)

Rank Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta 0.05


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

2.9

2

2.9

4

2.3

7

1.7

3

1.8

2

1.9

0

1.7

1

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


*

0.51 45 -- --

US T-Bills 90 Day 0.04 -- --

MF Ultrashort Bond Net * 0.41 -- --

1 Year


*

2.18 27 0.05 20.94

US T-Bills 90 Day 1.10 0.57 0.00

MF Ultrashort Bond Net * 1.75 2.75 0.37

3 Years


*

2.17 38 0.09 5.49

US T-Bills 90 Day 1.69 0.42 0.00


5 Years


*

2.00 21 0.14 5.55

US T-Bills 90 Day 1.20 0.45 0.00


10 Years


*

2.10 3 0.21 6.90

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

5.00

6.00


Re

turn

(%

)




62


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

9.097.30

50.00

18.00

3.397.67

4.55

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00


13.80

8.12

2.06

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

63.35

14.39

0.05

14.32

0.00 0.005.17 2.71


High

Med

Low

Short Med Long

Qu

alit

y

Duration




63


Vanguard Total International Bond Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

Glbl

Aggregate

Beta 1.03




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 *

1.10 82 -- --

BloomBar Glbl Aggregate Bd US

Hgd

0.73 -- --

MF World Bond-USD Hedged Net * 1.63 -- --

1 Year


Index *

2.15 78 2.94 0.36


Hgd

4.14 2.45 1.24

MF World Bond-USD Hedged Net * 3.38 6.32 0.40

3 Years


Index *

5.13 33 2.77 1.24


Hgd

5.12 2.52 1.36


5 Years


Index *

4.35 40 2.92 1.08


Hgd

4.32 2.84 1.10


7 Years


Index *

4.49 28 3.05 1.19


Hgd

4.32 2.81 1.23



0.00 1.00 2.00 3.00 4.00 5.00 6.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




64


Vanguard Federal Money Market


(%)

Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta 0.91


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 * 0.02 -- --

US T-Bills 90 Day 0.04 -- --

1 Year

Vanguard Federal Money Market * 0.87 0.40 -0.57

US T-Bills 90 Day 1.10 0.57 0.00

3 Years


US T-Bills 90 Day 1.69 0.42 0.00

5 Years


US T-Bills 90 Day 1.20 0.45 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

(%

)




65


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

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00


30.57

2.28

17.62

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

99.97

0.00



66


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

.49

8.6

2

17

.69

2.4

2

30

.32

2.3

9

8.5

0

4.9

4

-5.9

5

28

.94

27

.95

8.2

9

18

.06

2.4

7

30

.14

3.2

0 8.5

2

5.2

3

-4.6

2

26

.00

27

.66

7.8

6

16

.74

1.7

6

29

.80

3.0

3 6.0

2

5.4

8

-5.9

2

27

.78

Re

turn

(%

)

3 Months

Vanguard REIT Index * 1.33 71 -- --

FTSE NAREIT US Real Estate 1.44 -- --

MF Real Estate Net * 2.00 -- --

1 Year

Vanguard REIT Index * -12.19 43 31.52 -0.42

FTSE NAREIT US Real Estate -18.16 33.33 -0.58

MF Real Estate Net * -13.02 23.56 -0.58

3 Years

Vanguard REIT Index * 2.37 49 21.67 0.03

FTSE NAREIT US Real Estate 0.20 22.79 -0.07

MF Real Estate Net * 2.32 17.54 0.04

5 Years


FTSE NAREIT US Real Estate 3.95 18.05 0.15


10 Years


FTSE NAREIT US Real Estate 7.90 16.45 0.44



12.00 13.00 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

11.00

12.00


Re

turn

(%

)




67


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

84.5

0

4.5

6

7.4

6

0.1

2

0.2

1

2.6

4

0.5

2

100.0

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

53.9

6

27.1

0

9.8

3

5.5

7

2.6

9

0.8

4

60.0

0

40.0

0

0.0

0

0.0

0

0.0

0

0.0

0

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

Agg



68


Vanguard Wellington


(%)

Rank Std Dev

(%)

Sharpe

Ratio


60% S&P

500/40%

BloomBar

Beta 1.05




-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

.04

3.9

5

12

.67

19

.76

9.9

0

0.1

4

11

.09 14

.82

-3.3

5

22

.61

12

.14

4.6

8

11

.34

17

.56

10

.62

1.2

8

8.3

1

14

.21

-2.3

5

22

.18

12

.30

0.3

4

12

.39 1

7.4

5

6.4

4

-1.2

5

7.0

1

13

.99

-5.6

3

19

.41

Re

turn

(%

)

3 Months

Vanguard Wellington * 5.93 24 -- --

60% S&P 500/40% BloomBar US Agg 5.64 -- --

MF Moderate Allocation Net * 5.04 -- --

1 Year

Vanguard Wellington * 7.65 53 22.37 0.29

60% S&P 500/40% BloomBar US Agg 12.50 20.38 0.56

MF Moderate Allocation Net * 7.91 16.19 0.44

3 Years




5 Years




10 Years





6.00 7.00 8.00 9.00 10.00 11.00 12.004.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




69


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

71.7

2

2.7

1

12.2

9

5.0

8

1.4

2

5.0

9

1.6

6

51.2

2

4.9

1

15.8

5

8.4

2

3.8

4 12.9

2

2.8

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

70.00

80.00

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

51.7

0

17.7

0

17.4

5

12.1

8

0.5

3

0.4

3

61.3

9

8.6

1

15.8

6

10.5

1

3.6

2

0.0

1


Income

S&P Target Date Ret irement

Income



70


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

.16

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

.33

11

.53

0.3

7

10

.43

10

.80

4.6

0

-0.9

2

6.3

7

10

.37

-3.2

9

13

.93

Re

turn

(%

)

3 Months

Vanguard Target Retirement

Income *

3.12 72 -- --

S&P Target Date Retirement

Income

2.73 -- --

MF Target Date 2000-2010 Net * 3.43 -- --

1 Year


Income *

7.35 46 11.45 0.55


Income

6.86 12.39 0.47

MF Target Date 2000-2010 Net * 7.28 9.30 0.65

3 Years


Income *

5.79 20 7.26 0.57


Income

5.40 7.85 0.47


5 Years


Income *

6.03 81 5.68 0.85


Income

5.72 6.10 0.74


10 Years


Income *

5.60 73 4.81 1.03


Income

5.25 5.12 0.90



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

9.00

10.00


Re

turn

(%

)




71


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

70.4

0

2.8

4

12.6

2

5.3

2

1.5

5

5.5

9

1.6

6

54.7

1

4.7

4

15.2

7

8.1

1

3.6

9 10.8

5

2.6

3


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

47.9

8

19.7

9

17.1

1

14.1

8

0.5

1

0.4

2

51.9

5

24.3

2

6.9

1

14.1

5

2.6

5

0.0

2





72




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2015

Beta 0.94




-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

.47

1.7

1

11

.37

13

.00

6.5

6

-0.4

6

6.1

6

11

.50

-2.9

7

14

.81

11

.85

1.5

3

10

.32

12

.16

5.4

9

-0.1

6

6.5

6

11

.39

-3.6

7

15

.40

12

.37

0.3

1

11

.50

12

.90

5.1

7

-1.0

4

6.6

4

11

.63

-3.9

0

15

.20

Re

turn

(%

)

3 Months

Vanguard Target Retirement 2015 * 3.53 73 -- --

S&P Target Date 2015 3.57 -- --


1 Year

Vanguard Target Retirement 2015 * 7.68 50 13.69 0.48

S&P Target Date 2015 7.14 15.94 0.38


3 Years


S&P Target Date 2015 5.70 10.14 0.40


5 Years


S&P Target Date 2015 6.85 7.81 0.72


10 Years


S&P Target Date 2015 6.63 7.47 0.80



4.00 5.00 6.00 7.00 8.00 9.00 10.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




73




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

67.5

7

3.1

6

13.0

9

5.8

1

1.8

5 6.9

5

1.5

9

54.1

6

4.8

4

15.5

2

8.2

0

3.7

6 10.7

2

2.8

0



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

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

36.1

6

28.6

8

19.9

8

14.3

9

0.4

3

0.3

6

48.1

0

26.8

2

15.4

0

6.9

9

2.6

7

0.0

2





74




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2020

Beta 1.02




-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

.12

0.6

0

12

.35 1

5.8

5

7.1

1

-0.6

8

6.9

5

14

.08

-4.2

4

17

.63

12

.93

0.5

8

11

.48 14

.76

5.6

7

-0.1

9

7.2

2

12

.80

-4.1

6

16

.52

12

.93

-0.0

1

11

.93

13

.47

5.2

6

-0.9

5

6.4

9

12

.72

-4.4

5

15

.94

Re

turn

(%

)

3 Months


S&P Target Date 2020 3.74 -- --


1 Year


S&P Target Date 2020 6.98 17.89 0.33


3 Years


S&P Target Date 2020 5.77 11.31 0.36


5 Years


S&P Target Date 2020 7.32 8.72 0.70


10 Years


S&P Target Date 2020 7.20 8.56 0.77



4.00 5.00 6.00 7.00 8.00 9.00 10.00 11.00 12.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




75




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

64.6

6

3.4

7

13.8

7

6.3

2

2.0

9 8.0

3

1.6

1

53.5

6

4.8

7

15.6

4

8.1

8

3.7

7 11.0

4

2.9

4



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

35.1

9

26.6

0

24.0

6

13.4

4

0.3

9

0.3

3

33.5

4

38.8

5

19.2

0

6.3

8

2.0

2

0.0

1





76




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2025

Beta 1.02




-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

.84

-0.3

7

13

.29

18

.14

7.1

7

-0.8

5

7.4

8

15

.94

-5.1

5

19

.63

13

.82

-0.2

8

12

.51

17

.03

5.5

6

-0.2

5

7.8

2

14

.55

-5.0

2

18

.38

13

.67

-1.9

9

13

.30 16

.77

5.4

6

-1.1

8

6.9

6

15

.03

-5.3

0

18

.25

Re

turn

(%

)

3 Months


S&P Target Date 2025 4.39 -- --


1 Year


S&P Target Date 2025 7.10 21.36 0.28


3 Years


S&P Target Date 2025 5.97 13.38 0.32


5 Years


S&P Target Date 2025 7.86 10.30 0.65


10 Years


S&P Target Date 2025 7.73 9.91 0.72



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

11.00

12.00


Re

turn

(%

)




77




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

64.1

7

3.5

5

13.5

8

6.4

0

2.2

2 8.6

0

1.5

0

52.5

6

4.9

5

15.9

4

8.2

9

3.8

3 11.3

6

3.0

7



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

40.1

5

27.0

6

21.1

7

11.0

1

0.3

3

0.2

7

39.6

7

23.0

9

30.7

3

5.0

0

1.5

0

0.0

1





78




(%)

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

.43

-1.2

7

14

.24

20

.49

7.1

7

-1.0

3

7.8

5

17

.52

-5.8

6

21

.07

14

.52

-1.1

7

13

.43 1

9.1

4

5.6

4

-0.3

0

8.3

5

16

.19

-5.9

9

20

.38

14

.03

-2.4

5

14

.05 1

8.7

8

5.6

0

-1.2

1

7.3

7

17

.05

-6.4

1

20

.35

Re

turn

(%

)

3 Months


S&P Target Date 2030 5.02 -- --


1 Year


S&P Target Date 2030 7.14 24.98 0.24


3 Years


S&P Target Date 2030 6.10 15.57 0.28


5 Years


S&P Target Date 2030 8.32 11.97 0.59


10 Years


S&P Target Date 2030 8.18 11.26 0.67



6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




79




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

63.7

1

3.6

2

13.3

0

6.4

7

2.3

3 9.2

0

1.3

7

51.5

2

5.0

1

16.1

0

8.3

2

3.8

6

11.9

5

3.2

4



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00


44.5

5

30.1

8

16.3

3

8.4

4

0.2

7

0.2

2

46.5

5

27.4

7

21.0

8

3.6

5

1.2

3

0.0

2





80




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2035

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

.14

-2.2

4

15

.16

22

.82

7.2

4

-1.2

6

8.2

6

19

.12

-6.5

8

22

.44

15

.02

-1.7

1

14

.12

20

.84

5.6

9

-0.3

5

8.8

5

17

.78

-6.8

8

22

.18

14

.60

-3.2

6

15

.08

21

.64

5.6

3

-1.3

8

7.8

0

18

.73

-7.2

7

22

.24

Re

turn

(%

)

3 Months


S&P Target Date 2035 5.70 -- --


1 Year


S&P Target Date 2035 7.17 28.41 0.21


3 Years


S&P Target Date 2035 6.19 17.62 0.26


5 Years


S&P Target Date 2035 8.74 13.54 0.56


10 Years


S&P Target Date 2035 8.58 12.42 0.64



8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




81




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

63.5

5

3.6

7

12.8

9

6.4

8

2.4

3 9.7

2

1.2

5

52.2

8

4.9

3

15.8

6

8.2

8

3.8

2

11.7

7

3.0

6



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00


49.3

0

32.9

6

11.4

6

5.9

1

0.2

2

0.1

6

50.8

9

30.3

4

15.2

9

2.4

3

1.0

3

0.0

2





82




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2040

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

.17

-2.5

5

15

.56

24

.37

7.1

5

-1.5

9

8.7

3

20

.71

-7.3

2

23

.86

15

.38

-2.1

7

14

.69

22

.10

5.6

9

-0.4

0

9.2

3

18

.87

-7.4

1

23

.37

15

.14

-3.7

9

15

.23

22

.36

5.8

4

-1.4

0

8.0

4

19

.95

-7.9

4

23

.61

Re

turn

(%

)

3 Months


S&P Target Date 2040 6.14 -- --


1 Year


S&P Target Date 2040 7.16 30.72 0.20


3 Years


S&P Target Date 2040 6.26 18.97 0.24


5 Years


S&P Target Date 2040 9.04 14.58 0.54


10 Years


S&P Target Date 2040 8.85 13.22 0.62



8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




83




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

62.8

2

3.7

6

12.7

1

6.6

1

2.5

8

10.3

9

1.1

2

53.3

7

4.7

9

15.4

3

8.1

9

3.7

3

11.6

9

2.8

0



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


54.0

7

36.3

1

5.9

7

3.3

9

0.1

7

0.1

0

53.4

0

32.3

5

11.6

4

1.6

2

0.9

7

0.0

2





84




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2045

Beta 1.02




-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

.19

-2.5

1

15

.58

24

.37

7.1

6

-1.5

7

8.8

7

21

.42

-7.9

0

24

.94

15

.62

-2.5

6

15

.15

23

.14

5.6

7

-0.4

6

9.5

4

19

.56

-7.7

4

24

.02

15

.12

-3.9

2

15

.58

23

.29

5.7

6

-1.4

4

8.1

5

20

.66

-8.3

2

24

.57

Re

turn

(%

)

3 Months


S&P Target Date 2045 6.44 -- --


1 Year


S&P Target Date 2045 7.14 32.09 0.19


3 Years


S&P Target Date 2045 6.26 19.75 0.23


5 Years


S&P Target Date 2045 9.23 15.18 0.53


10 Years


S&P Target Date 2045 9.03 13.72 0.61



10.00 11.00 12.00 13.00 14.00 15.00 16.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




85




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

62.7

4

3.7

7

12.6

9

6.6

2

2.6

0

10.4

3

1.1

2

52.2

7

4.9

2

15.8

5

8.3

0

3.8

1

11.9

1

2.9

4



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


54.1

3

36.5

3

5.8

3

3.2

6

0.1

6

0.1

0

54.8

8

33.3

4

9.4

0

1.4

5

0.9

1

0.0

2





86




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2050

Beta 0.99




-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

.20

-2.5

4

15

.58

24

.34

7.1

8

-1.5

8

8.8

5

21

.39

-7.9

0

24

.98

15

.62

-2.8

7

15

.49

24

.13

5.6

9

-0.4

7

9.7

4

20

.18

-7.9

4

24

.35

15

.16

-4.0

7

15

.58

23

.28

5.9

3

-1.3

8

8.2

6

20

.79

-8.5

7

24

.69

Re

turn

(%

)

3 Months


S&P Target Date 2050 6.53 -- --


1 Year


S&P Target Date 2050 7.14 32.71 0.18


3 Years


S&P Target Date 2050 6.27 20.15 0.23


5 Years


S&P Target Date 2050 9.41 15.50 0.53


10 Years


S&P Target Date 2050 9.18 14.01 0.61



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


Re

turn

(%

)




87




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

62.8

1

3.7

7

12.6

6

6.6

1

2.5

9

10.4

4

1.1

2

52.6

9

4.8

7

15.6

7

8.2

5

3.7

8

11.8

8

2.8

6



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53.9

6

36.4

8

6.0

7

3.2

4

0.1

6

0.1

0

55.6

6

33.8

3

8.3

9

1.2

4

0.8

6

0.0

2





88




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2055

Beta 0.99




-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

.58

24

.33

7.1

9

-1.7

2

8.8

8

21

.38

-7.8

9

24

.98

-2.8

7

15

.81

24

.96

5.6

4

-0.5

4

9.9

4

20

.48

-7.9

7

24

.48

-4.3

5

15

.74

23

.26

5.8

8

-1.4

4

8.2

3

21

.17

-8.6

0

24

.82

Re

turn

(%

)

3 Months


S&P Target Date 2055 6.62 -- --


1 Year


S&P Target Date 2055 7.07 33.10 0.18


3 Years


S&P Target Date 2055 6.26 20.33 0.22


5 Years


S&P Target Date 2055 9.50 15.65 0.53


10 Years


S&P Target Date 2055 9.31 14.13 0.61



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


Re

turn

(%

)




89




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

63.0

5

3.7

5

12.5

7

6.5

6

2.5

8

10.3

7

1.1

2

51.7

6

4.9

6

16.0

0

8.4

5

3.8

6

12.1

1

2.8

6


2060S&P Target Date 2060+

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53.7

5

36.2

6

6.5

5

3.1

8

0.1

6

0.1

0

54.6

1

34.7

2

8.5

2

1.2

5

0.8

8

0.0

2


2060S&P Target Date 2060+



90




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2060+

Beta 0.99




-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

.35

7.1

6

-1.6

8

8.8

4

21

.36

-7.8

7

24

.96

24

.96

5.6

4

-0.6

6

10

.08

20

.75

-7.9

5

24

.73

24

.35

5.7

2

-0.8

2

7.9

0

21

.24

-8.6

8

25

.08

Re

turn

(%

)

3 Months


S&P Target Date 2060+ 6.61 -- --

MF Target Date 2060+ Net * 7.37 -- --

1 Year


S&P Target Date 2060+ 7.28 33.23 0.19

MF Target Date 2060+ Net * 9.24 22.11 0.37

3 Years


S&P Target Date 2060+ 6.41 20.45 0.23


5 Years


S&P Target Date 2060+ 9.67 15.75 0.54


8 Years


S&P Target Date 2060+ 9.39 13.40 0.64



8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




91

This page is intentionally left blank.



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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