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
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Table of Contents
Tab 1 Market Overview
Tab 2 Total Portfolio Performance Summary
Tab 3 Investment Manager Analysis
Appendix Definitions of Statistical Measures
© 2020 Asset Consulting Group All Rights Reserved
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
Sources: Bloomberg, ACG Research
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
©2020 Asset Consulting Group All Rights Reserved
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
Sources: Bloomberg, ACG Research
Sources: Bloomberg, ACG Research
©2020 Asset Consulting Group All Rights Reserved
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
© 2020 Asset Consulting Group All Rights Reserved 11
Equity Index Returns
For the Periods Ending September 30, 2020
-30.00
-20.00
-10.00
0.00
10.00
20.00
30.00
40.00
YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%)
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
© 2020 Asset Consulting Group All Rights Reserved 12
US Markets - Performance Breakdown
For the Periods Ending September 30, 2020
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 (%)
Communication Services
(2.30)
Consumer Discretionary
(13.30)
Consumer Staples
(3.29)
Energy
(1.70)
Financials
(14.60)
Health Care
(20.54)
Industrials
(15.04)
Information Technology
(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
© 2020 Asset Consulting Group All Rights Reserved 13
Non-US Equity Index Returns
For the Periods Ending September 30, 2020
-20.00
-15.00
-10.00
-5.00
0.00
5.00
10.00
15.00
YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%)
Re
turn
(%
)
-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
© 2020 Asset Consulting Group All Rights Reserved 14
Non-US Equity - Performance Breakdown
For the Periods Ending September 30, 2020
MSCI EAFE - Sector Returns (%)
Communication Services
(5.47)
Consumer Discretionary
(11.86)
Consumer Staples
(11.94)
Energy
(2.77)
Financials
(15.07)
Health Care
(14.36)
Industrials
(15.23)
Information Technology
(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
© 2020 Asset Consulting Group All Rights Reserved
Source: ACG Research, Bloomberg
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
For the Periods Ending September 30, 2020
MSCI Emerging Markets - Sector Returns (%)
Communication Services
(12.71)
Consumer Discretionary
(20.21)
Consumer Staples
(6.09)
Energy
(5.44)
Financials
(17.15)
Health Care
(4.32)
Industrials
(4.36)
Information Technology
(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
© 2020 Asset Consulting Group All Rights Reserved
Numbers in parenthesis represent sector or country weights of the index. Sector or country weights may not add to 100% due to rounding.
Source: ACG Research, Bloomberg
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
© 2020 Asset Consulting Group All Rights Reserved 17
Fixed Income Index Returns
For the Periods Ending September 30, 2020
-1.00
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
YTD (%) 1 Year (%) 3 Years (%) 5 Years (%) 10 Years (%)
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
© 2020 Asset Consulting Group All Rights Reserved 18
US Fixed Income Market Environment
For the Periods Ending September 30, 2020
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 (%)
3 Months YTD 1 Year 3 Years
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 (%)
3 Months YTD 1 Year 3 Years
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)
3 Months YTD 1 Year 3 Years
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
3 Months YTD 1 Year 3 Years
Exc
ess
Re
turn
(b
ps)
Source: Bloomberg
Excess returns are relative to the duration-neutral Treasury.
© 2020 Asset Consulting Group All Rights Reserved 19
Monthly Index Returns
For the Periods Ending September 30, 2020
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
© 2020 Asset Consulting Group All Rights Reserved 20
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
Cash and Equivalents
US T-Bills 90 Day 0.01 0.65 0.92 1.66 1.20 0.87 0.64
© 2020 Asset Consulting Group All Rights Reserved 21
This page is intentionally left blank.
© 2020 Asset Consulting Group All Rights Reserved 22
FMPTF Participant Directed Mutual Fund Program
Total Portfolio Performance Summary
© 2020 Asset Consulting Group All Rights Reserved 23
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
FMPTF Participant Directed Mutual Fund Program
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
FMPTF Participant Directed Mutual Fund Program
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 2020 10,733,063 8.22 10,345,456 9,063,386 8.36 7.18
Vanguard Target Retirement 2025 14,302,348 10.95 13,781,585 14,234,502 11.13 11.27
Vanguard Target Retirement 2030 8,724,721 6.68 8,177,296 8,766,296 6.60 6.94
Vanguard Target Retirement 2035 7,034,719 5.39 6,496,206 7,476,619 5.25 5.92
Vanguard Target Retirement 2040 4,079,084 3.12 3,728,871 3,334,318 3.01 2.64
Vanguard Target Retirement 2045 5,340,197 4.09 4,740,697 4,011,784 3.83 3.18
Vanguard Target Retirement 2050 2,549,782 1.95 2,213,639 2,019,896 1.79 1.60
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
© 2020 Asset Consulting Group All Rights Reserved 25
FMPTF Participant Directed Mutual Fund Program
FMPTF Participant Directed Mutual Fund Program
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
© 2020 Asset Consulting Group All Rights Reserved 26
© 2020 Asset Consulting Group All Rights Reserved
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
© 2020 Asset Consulting Group All Rights Reserved
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
© 2020 Asset Consulting Group All Rights Reserved
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
© 2020 Asset Consulting Group All Rights Reserved
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 2020 Balanced YES YES YES YES YES
Vanguard Target Retirement 2025 Balanced YES YES YES YES YES
Vanguard Target Retirement 2030 Balanced YES YES YES YES YES
Vanguard Target Retirement 2035 Balanced YES YES YES YES YES
Vanguard Target Retirement 2040 Balanced YES YES YES YES YES
Vanguard Target Retirement 2045 Balanced YES YES YES YES YES
Vanguard Target Retirement 2050 Balanced YES YES YES YES YES
Vanguard Target Retirement 2055 Balanced YES YES YES YES YES
Vanguard Target Retirement 2060 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
For the Periods Ending September 30, 2020
© 2020 Asset Consulting Group All Rights Reserved31
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
32
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
33
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
34
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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 --
Cash and Equivalents
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
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
35
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
Median MF Target Date 2011-2015 Net 3.87 7.66 5.57 6.96 5.98 6.85
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
Median MF Target Date 2016-2020 Net 3.91 7.34 5.62 6.96 5.90 6.93
Rank 23 25 9 13 3 9
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
36
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
Median MF Target Date 2021-2025 Net 4.69 7.98 6.12 7.82 6.53 7.62
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
Median MF Target Date 2026-2030 Net 5.37 8.48 6.35 8.32 6.94 8.01
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
Median MF Target Date 2031-2035 Net 6.25 8.84 6.62 8.94 7.31 8.44
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
Median MF Target Date 2036-2040 Net 6.74 8.99 6.67 9.09 7.55 8.64
Rank 48 31 19 23 16 16
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
37
Performance Summary
For the Periods Ending September 30, 2020
FMPTF Participant Directed Mutual Fund Program
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
Median MF Target Date 2041-2045 Net 7.13 9.09 6.72 9.44 7.66 8.82
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
Median MF Target Date 2046-2050 Net 7.30 8.82 6.61 9.32 7.70 8.96
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
Median MF Target Date 2051-2055 Net 7.35 8.97 6.69 9.55 7.69 9.04
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 --
© 2020 Asset Consulting Group All Rights Reserved
* Performance and statistics are presented net of fees.
38
FMPTF Participant Directed Mutual Fund Program
Investment Manager Analysis
© 2020 Asset Consulting Group All Rights Reserved 39
FMPTF Participant Directed Mutual Fund Program
Vanguard Windsor II
For the Period Ending September 30, 2020
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
40
FMPTF Participant Directed Mutual Fund Program
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
Vanguard Windsor II * 6.72 8 23.57 0.21
Russell 1000 Value 2.63 22.17 0.04
MF US Large Cap Value Net * 2.39 18.35 0.05
5 Years
Vanguard Windsor II * 9.72 11 18.09 0.47
Russell 1000 Value 7.66 17.19 0.38
MF US Large Cap Value Net * 7.11 15.59 0.38
10 Years
Vanguard Windsor II * 10.96 9 15.75 0.66
Russell 1000 Value 9.95 15.62 0.60
MF US Large Cap Value Net * 9.13 13.99 0.61
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
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
41
FMPTF Participant Directed Mutual Fund Program
Vanguard FTSE Social Index
For the Period Ending September 30, 2020
Fund Information
Ticker VFTAX
Assets $(Millions) 8,925
Morningstar Rating 5
Expense Ratio 0.14%
Benchmark(s) Russell 1000
Universe(s) MF US Large Cap Blend Net
Avg Manager Tenure 4.92
Manager Multiple
Strategy US Large Cap Core
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
return of large- and mid-capitalization stocks. The fund employs an indexing investment approach
designed to track the performance of the FTSE4Good US Select Index. The index is composed of the
stocks of companies that have been screened for certain social and environmental criteria by the
index sponsor, which is independent of Vanguard. The Advisor attempts to replicate the index by
investing all, or substantially all, of its assets in the stocks that make up the index.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
40.00
80.00
120.00
160.00
200.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
42
FMPTF Participant Directed Mutual Fund Program
Vanguard FTSE Social Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
Russell 1000
Beta 0.99
Up Capture (%) 104.71
Down Capture (%) 98.66
Calendar Year Returns
-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
Vanguard FTSE Social Index * 14.71 2 23.13 0.56
Russell 1000 12.38 22.74 0.47
MF US Large Cap Blend Net * 9.95 17.78 0.48
5 Years
Vanguard FTSE Social Index * 15.53 2 17.88 0.80
Russell 1000 14.09 17.44 0.74
MF US Large Cap Blend Net * 12.17 15.00 0.75
10 Years
Vanguard FTSE Social Index * 14.96 2 15.51 0.92
Russell 1000 13.76 15.42 0.85
MF US Large Cap Blend Net * 12.24 13.54 0.87
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
43
FMPTF Participant Directed Mutual Fund Program
Vanguard Institutional Index
For the Period Ending September 30, 2020
Fund Information
Ticker VINIX
Assets $(Millions) 239,513
Morningstar Rating 5
Expense Ratio 0.04%
Benchmark(s) S&P 500
Universe(s) MF US Large Cap Blend Net
Avg Manager Tenure 11.46
Manager Multiple
Strategy US Large Cap Core
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
return of large-capitalization stocks. The fund employs an indexing investment approach designed to
track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S.
stock market performance that is dominated by the stocks of large U.S. companies. The advisor
attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks
that make up the index, holding each stock in approximately the same proportion as its weighting in
the index.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
40.00
80.00
120.00
160.00
200.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
44
FMPTF Participant Directed Mutual Fund Program
Vanguard Institutional Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P 500
Beta 1.00
Up Capture (%) 99.20
Down Capture (%) 100.07
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
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
MF US Large Cap Blend Net * 12.14 23.70 0.48
3 Years
Vanguard Institutional Index * 12.25 16 21.97 0.48
S&P 500 12.28 21.97 0.48
MF US Large Cap Blend Net * 9.95 17.78 0.48
5 Years
Vanguard Institutional Index * 14.12 10 16.87 0.77
S&P 500 14.15 16.87 0.77
MF US Large Cap Blend Net * 12.17 15.00 0.75
10 Years
Vanguard Institutional Index * 13.71 9 14.92 0.88
S&P 500 13.74 14.92 0.88
MF US Large Cap Blend Net * 12.24 13.54 0.87
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
45
FMPTF Participant Directed Mutual Fund Program
Vanguard PRIMECAP
For the Period Ending September 30, 2020
Fund Information
Ticker VPMAX
Assets $(Millions) 60,926
Morningstar Rating 3
Expense Ratio 0.31%
Benchmark(s) Russell 1000 Growth
Universe(s) MF US Large Cap Growth Net
Avg Manager Tenure 21.4
Manager Multiple
Strategy US Large Cap Growth
Investment Strategy
The investment seeks long-term capital appreciation. The fund invests in stocks considered to have
above-average earnings growth potential that is not reflected in their current market prices. Its
portfolio consists predominantly of large- and mid-capitalization stocks.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
20.00
40.00
60.00
80.00
100.00
120.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
46
FMPTF Participant Directed Mutual Fund Program
Vanguard PRIMECAP
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
Russell 1000
Growth
Beta 0.89
Up Capture (%) 91.13
Down Capture (%) 107.46
Calendar Year Returns
-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
Vanguard PRIMECAP * 11.40 90 21.74 0.45
Russell 1000 Growth 21.67 24.05 0.83
MF US Large Cap Growth Net * 18.58 18.93 0.90
5 Years
Vanguard PRIMECAP * 15.00 73 17.39 0.79
Russell 1000 Growth 20.10 18.76 1.01
MF US Large Cap Growth Net * 17.33 16.12 1.01
10 Years
Vanguard PRIMECAP * 14.80 59 15.49 0.91
Russell 1000 Growth 17.25 16.09 1.03
MF US Large Cap Growth Net * 15.29 14.71 1.01
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
47
FMPTF Participant Directed Mutual Fund Program
Eaton Vance Atlanta Cap SMID
For the Period Ending September 30, 2020
Fund Information
Ticker ERASX
Assets $(Millions) 10,856
Morningstar Rating 2
Expense Ratio 0.82%
Benchmark(s) Russell 2500
Universe(s) MF US Small Cap Blend Net
Avg Manager Tenure 16.92
Manager Multiple
Strategy US Small/Mid Cap Core
Investment Strategy
The investment seeks long-term capital growth. Under normal circumstances, the fund invests at least
80% of its net assets (plus any borrowings for investment purposes) in small- to mid-cap stocks (the
"80% Policy"). The portfolio managers generally consider small- to mid-cap companies to be those
companies having market capitalizations within the range of companies comprising the Russell 2500
TM Index.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
48
FMPTF Participant Directed Mutual Fund Program
Eaton Vance Atlanta Cap SMID
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
Russell 2500
Beta 0.87
Up Capture (%) 96.59
Down Capture (%) 78.20
Calendar Year Returns
-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
MF US Small Cap Blend Net * -0.71 23.18 -0.10
5 Years
Eaton Vance Atlanta Cap SMID * 11.81 2 20.31 0.52
Russell 2500 8.97 22.33 0.35
MF US Small Cap Blend Net * 5.99 20.07 0.24
10 Years
Eaton Vance Atlanta Cap SMID * 13.55 2 18.21 0.71
Russell 2500 10.81 19.94 0.51
MF US Small Cap Blend Net * 8.80 17.88 0.46
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
49
FMPTF Participant Directed Mutual Fund Program
Vanguard Small Cap Index
For the Period Ending September 30, 2020
Fund Information
Ticker VSMAX
Assets $(Millions) 30,097
Morningstar Rating 5
Expense Ratio 0.05%
Benchmark(s) CRSP US Small Cap
Universe(s) MF US Small Cap Blend Net
Avg Manager Tenure 4.58
Manager Multiple
Strategy US Small Cap Core
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
return of small-capitalization stocks. The fund employs an indexing investment approach designed to
track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small
U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all,
of its assets in the stocks that make up the index, holding each stock in approximately the same
proportion as its weighting in the index.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
4.00
8.00
12.00
16.00
20.00
24.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
50
FMPTF Participant Directed Mutual Fund Program
Vanguard Small Cap Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
CRSP US
Small Cap
Beta 0.99
Up Capture (%) 97.02
Down Capture (%) 100.28
Calendar Year Returns
-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
MF US Small Cap Blend Net * -6.49 31.39 -0.22
3 Years
Vanguard Small Cap Index * 4.39 7 29.27 0.09
CRSP US Small Cap 4.37 29.27 0.09
MF US Small Cap Blend Net * -0.71 23.18 -0.10
5 Years
Vanguard Small Cap Index * 8.95 6 22.44 0.35
CRSP US Small Cap 8.92 22.45 0.34
MF US Small Cap Blend Net * 5.99 20.07 0.24
10 Years
Vanguard Small Cap Index * 10.95 6 20.10 0.51
CRSP US Small Cap 11.08 20.06 0.52
MF US Small Cap Blend Net * 8.80 17.88 0.46
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
51
FMPTF Participant Directed Mutual Fund Program
Vanguard All World ex-US Small Cap
For the Period Ending September 30, 2020
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
The investment seeks to track the performance of a benchmark index that measures the investment
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
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Fund Information
Ticker VFSAX
Assets $(Millions) 4,948
Morningstar Rating 3
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
52
FMPTF Participant Directed Mutual Fund Program
Vanguard All World ex-US Small Cap
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
MSCI
ACWI ex US
SC NetDiv
Beta 1.02
Up Capture (%) 98.94
Down Capture (%) 103.96
Calendar Year Returns
-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
Vanguard All World ex-US Small
Cap *
5.41 31 46.34 0.09
MSCI ACWI ex US SC NetDiv 6.96 45.24 0.13
MF Foreign Small/Mid Cap Core Net
*
3.96 27.92 0.11
3 Years
Vanguard All World ex-US Small
Cap *
-0.15 31 27.10 -0.07
MSCI ACWI ex US SC NetDiv 0.93 26.61 -0.03
MF Foreign Small/Mid Cap Core Net
*
-1.46 19.24 -0.16
5 Years
Vanguard All World ex-US Small
Cap *
5.82 42 21.48 0.22
MSCI ACWI ex US SC NetDiv 6.80 21.18 0.26
MF Foreign Small/Mid Cap Core Net
*
5.51 16.92 0.26
10 Years
Vanguard All World ex-US Small
Cap *
4.42 78 19.30 0.20
MSCI ACWI ex US SC NetDiv 5.31 18.91 0.25
MF Foreign Small/Mid Cap Core Net
*
5.81 16.16 0.34
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
53
FMPTF Participant Directed Mutual Fund Program
Vanguard Emerging Markets Stock Index
For the Period Ending September 30, 2020
Characteristics
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
P/E (1Yr Trailing) P/B Avg Mkt Cap ($Bil)
16.20
1.78
29.77
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
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
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Fund Information
Ticker VEMAX
Assets $(Millions) 62,161
Morningstar Rating 3
Expense Ratio 0.14%
Benchmark(s) MSCI Emerging Markets NetDiv
Universe(s) MF Diversified Emerging Markets Net
Avg Manager Tenure 8.5
Manager Multiple
Strategy Non US Equity
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
54
FMPTF Participant Directed Mutual Fund Program
Vanguard Emerging Markets Stock Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
MSCI
Emerging
Markets
Beta 1.01
Up Capture (%) 99.50
Down Capture (%) 101.14
Calendar Year Returns
-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
Vanguard Emerging Markets Stock
Index *
9.75 58 39.10 0.22
MSCI Emerging Markets NetDiv 10.54 37.46 0.25
MF Diversified Emerging Markets
Net *
10.60 26.47 0.38
3 Years
Vanguard Emerging Markets Stock
Index *
2.50 45 23.35 0.03
MSCI Emerging Markets NetDiv 2.42 22.50 0.03
MF Diversified Emerging Markets
Net *
2.17 19.64 0.03
5 Years
Vanguard Emerging Markets Stock
Index *
8.20 53 18.92 0.37
MSCI Emerging Markets NetDiv 8.97 18.58 0.42
MF Diversified Emerging Markets
Net *
8.31 17.58 0.41
10 Years
Vanguard Emerging Markets Stock
Index *
2.26 60 18.46 0.09
MSCI Emerging Markets NetDiv 2.50 18.10 0.10
MF Diversified Emerging Markets
Net *
2.79 17.56 0.13
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
55
FMPTF Participant Directed Mutual Fund Program
Vanguard Total International Stock Index
For the Period Ending September 30, 2020
Characteristics
0.00
4.00
8.00
12.00
16.00
20.00
24.00
28.00
32.00
P/E (1Yr Trailing) P/B Avg Mkt Cap ($Bil)
18.00
1.54
25.20
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
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
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Fund Information
Ticker VTIAX
Assets $(Millions) 29,219
Morningstar Rating 4
Expense Ratio 0.11%
Benchmark(s) FTSE Global All Cap ex US
Universe(s) MF Foreign Large Cap Core Net
Avg Manager Tenure 7.63
Manager Multiple
Strategy Non US Equity
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
56
FMPTF Participant Directed Mutual Fund Program
Vanguard Total International Stock Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
FTSE
Global All
Cap ex US
Beta 1.01
Up Capture (%) 98.58
Down Capture (%) 101.87
Calendar Year Returns
-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
Vanguard Total International Stock
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
Vanguard Total International Stock
Index *
1.25 37 21.89 -0.02
FTSE Global All Cap ex US 1.61 21.59 0.00
MF Foreign Large Cap Core Net * 0.64 16.47 -0.06
5 Years
Vanguard Total International Stock
Index *
6.31 21 17.47 0.29
FTSE Global All Cap ex US 6.72 17.23 0.32
MF Foreign Large Cap Core Net * 5.11 14.45 0.28
10 Years
Vanguard Total International Stock
Index *
4.20 63 16.42 0.22
FTSE Global All Cap ex US 4.62 16.20 0.25
MF Foreign Large Cap Core Net * 4.48 14.67 0.27
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
57
FMPTF Participant Directed Mutual Fund Program
Vanguard Intermediate IG Fund
For the Period Ending September 30, 2020
Fund Information
Ticker VFIDX
Assets $(Millions) 35,965
Morningstar Rating 3
Expense Ratio 0.10%
Benchmark(s) BloomBar US Credit Int
Universe(s) MF Intermediate Core Bond Net
Avg Manager Tenure 2.06
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
Under Sector Allocation "other" may consist of ABS, Convertibles, and Municipals.
58
FMPTF Participant Directed Mutual Fund Program
Vanguard Intermediate IG Fund
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
BloomBar
US
Credit Int
Beta 1.12
Up Capture (%) 119.83
Down Capture (%) 114.36
Calendar Year Returns
-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
Vanguard Intermediate IG Fund * 6.09 4 4.91 0.90
BloomBar US Credit Int 4.96 4.73 0.69
MF Intermediate Core Bond Net * 4.94 3.62 0.94
5 Years
Vanguard Intermediate IG Fund * 5.21 2 4.45 0.90
BloomBar US Credit Int 4.33 4.02 0.78
MF Intermediate Core Bond Net * 4.01 3.32 0.89
10 Years
Vanguard Intermediate IG Fund * 4.73 2 3.87 1.06
BloomBar US Credit Int 3.90 3.32 0.98
MF Intermediate Core Bond Net * 3.55 3.08 0.97
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
59
FMPTF Participant Directed Mutual Fund Program
Vanguard Total Bond Index
For the Period Ending September 30, 2020
Fund Information
Ticker VBTLX
Assets $(Millions) 63,693
Morningstar Rating 3
Expense Ratio 0.05%
Benchmark(s) BloomBar US Aggregate
Universe(s) MF Intermediate Core Bond Net
Avg Manager Tenure 7.75
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
Avg Eff Maturity Avg Eff Durat ion Avg Coupon
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
Morningstar Investment Style
High
Med
Low
Short Med Long
Qu
alit
y
Duration
Sector Allocation
0.00
10.00
20.00
30.00
40.00
50.00
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
Under Sector Allocation "other" may consist of ABS, Convertibles, and Municipals.
60
FMPTF Participant Directed Mutual Fund Program
Vanguard Total Bond Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
BloomBar
US
Aggregate
Beta 1.03
Up Capture (%) 100.96
Down Capture (%) 104.44
Calendar Year Returns
-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
MF Intermediate Core Bond Net * 6.80 4.26 1.43
3 Years
Vanguard Total Bond Index * 5.30 27 3.21 1.13
BloomBar US Aggregate 5.24 3.12 1.14
MF Intermediate Core Bond Net * 4.94 3.62 0.94
5 Years
Vanguard Total Bond Index * 4.20 37 3.44 0.87
BloomBar US Aggregate 4.18 3.32 0.90
MF Intermediate Core Bond Net * 4.01 3.32 0.89
10 Years
Vanguard Total Bond Index * 3.59 47 3.22 0.92
BloomBar US Aggregate 3.64 3.11 0.96
MF Intermediate Core Bond Net * 3.55 3.08 0.97
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
61
FMPTF Participant Directed Mutual Fund Program
Vanguard Retirement Savings Trust
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
US T-Bills
90 Day
Beta 0.05
Up Capture (%) 330.60
Down Capture (%)
Calendar Year Returns
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
Vanguard Retirement Savings Trust
*
0.51 45 -- --
US T-Bills 90 Day 0.04 -- --
MF Ultrashort Bond Net * 0.41 -- --
1 Year
Vanguard Retirement Savings Trust
*
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
Vanguard Retirement Savings Trust
*
2.17 38 0.09 5.49
US T-Bills 90 Day 1.69 0.42 0.00
MF Ultrashort Bond Net * 2.03 1.56 0.31
5 Years
Vanguard Retirement Savings Trust
*
2.00 21 0.14 5.55
US T-Bills 90 Day 1.20 0.45 0.00
MF Ultrashort Bond Net * 1.73 1.36 0.52
10 Years
Vanguard Retirement Savings Trust
*
2.10 3 0.21 6.90
US T-Bills 90 Day 0.64 0.42 0.00
MF Ultrashort Bond Net * 1.20 1.15 0.60
10 Years Risk / Return
-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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
62
FMPTF Participant Directed Mutual Fund Program
Vanguard Total International Bond Index
For the Period Ending September 30, 2020
Fund Information
Ticker VTABX
Assets $(Millions) 33,934
Morningstar Rating 3
Expense Ratio 0.11%
Benchmark(s) BloomBar Glbl Aggregate Bd US Hgd
Universe(s) MF World Bond-USD Hedged Net
Avg Manager Tenure 7.5
Manager Joshua C. Barrickman
Strategy International Core Bonds
Investment Strategy
The investment seeks to track the performance of a benchmark index that measures the investment
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
Avg Eff Maturity Avg Eff Durat ion Avg Coupon
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
Morningstar Investment Style
High
Med
Low
Short Med Long
Qu
alit
y
Duration
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
Under Sector Allocation "other" may consist of ABS, Convertibles, and Municipals.
63
FMPTF Participant Directed Mutual Fund Program
Vanguard Total International Bond Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
7 Years Relative Statistics
BloomBar
Glbl
Aggregate
Beta 1.03
Up Capture (%) 105.65
Down Capture (%) 107.24
Calendar Year Returns
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
Vanguard Total International Bond
Index *
2.15 78 2.94 0.36
BloomBar Glbl Aggregate Bd US
Hgd
4.14 2.45 1.24
MF World Bond-USD Hedged Net * 3.38 6.32 0.40
3 Years
Vanguard Total International Bond
Index *
5.13 33 2.77 1.24
BloomBar Glbl Aggregate Bd US
Hgd
5.12 2.52 1.36
MF World Bond-USD Hedged Net * 4.62 4.34 0.67
5 Years
Vanguard Total International Bond
Index *
4.35 40 2.92 1.08
BloomBar Glbl Aggregate Bd US
Hgd
4.32 2.84 1.10
MF World Bond-USD Hedged Net * 4.19 3.70 0.78
7 Years
Vanguard Total International Bond
Index *
4.49 28 3.05 1.19
BloomBar Glbl Aggregate Bd US
Hgd
4.32 2.81 1.23
MF World Bond-USD Hedged Net * 4.05 3.42 0.96
7 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
64
FMPTF Participant Directed Mutual Fund Program
Vanguard Federal Money Market
For the Periods Ending September 30, 2020Return
(%)
Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
US T-Bills
90 Day
Beta 0.91
Up Capture (%) 87.18
Down Capture (%)
Calendar Year Returns
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
Vanguard Federal Money Market * 1.54 0.37 -0.40
US T-Bills 90 Day 1.69 0.42 0.00
5 Years
Vanguard Federal Money Market * 1.10 0.40 -0.25
US T-Bills 90 Day 1.20 0.45 0.00
10 Years
Vanguard Federal Money Market * 0.55 0.39 -0.21
US T-Bills 90 Day 0.64 0.42 0.00
10 Years Risk / Return
-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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
65
FMPTF Participant Directed Mutual Fund Program
Vanguard REIT Index
For the Period Ending September 30, 2020
Fund Information
Ticker VGSLX
Assets $(Millions) 28,627
Morningstar Rating 3
Expense Ratio 0.12%
Benchmark(s) FTSE NAREIT US Real Estate
Universe(s) MF Real Estate Net
Avg Manager Tenure 14.5
Manager Multiple
Strategy Core Real Estate - Mid Core
Investment Strategy
The investment seeks to provide a high level of income and moderate long-term capital
appreciation by tracking the performance of the MSCI US Investable Market Real Estate 25/50 Index
that measures the performance of publicly traded equity REITs and other real estate-related
investments. The advisor attempts to track the index by investing all, or substantially all, of its
assets-either directly or indirectly through a wholly owned subsidiary, which is itself a registered
investment company-in the stocks that make up the index, holding each stock in approximately the
same proportion as its weighting in the index. The fund is non-diversified.
ACG Investment Style
Large
Mid
Small
GrowthCoreValue
Characteristics
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
P/E (1Yr Trailing) P/B Avg M kt Cap ($Bil)
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
66
FMPTF Participant Directed Mutual Fund Program
Vanguard REIT Index
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
FTSE
NAREIT US
Real Estate
Beta 0.97
Up Capture (%) 99.46
Down Capture (%) 94.37
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
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
Vanguard REIT Index * 5.22 35 17.19 0.23
FTSE NAREIT US Real Estate 3.95 18.05 0.15
MF Real Estate Net * 4.80 15.58 0.24
10 Years
Vanguard REIT Index * 8.50 38 16.00 0.49
FTSE NAREIT US Real Estate 7.90 16.45 0.44
MF Real Estate Net * 7.98 15.55 0.48
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
67
FMPTF Participant Directed Mutual Fund Program
Vanguard Wellington
For the Period Ending September 30, 2020
Fund Information
Ticker VWENX
Assets $(Millions) 104,436
Morningstar Rating 5
Expense Ratio 0.17%
Benchmark(s) 60% S&P 500/40% BloomBar US Agg
Universe(s) MF Moderate Allocation Net
Avg Manager Tenure 3.11
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
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
68
FMPTF Participant Directed Mutual Fund Program
Vanguard Wellington
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
60% S&P
500/40%
BloomBar
Beta 1.05
Up Capture (%) 103.14
Down Capture (%) 113.97
Calendar Year Returns
-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
Vanguard Wellington * 8.22 18 13.91 0.47
60% S&P 500/40% BloomBar US Agg 9.84 13.27 0.61
MF Moderate Allocation Net * 5.98 11.55 0.37
5 Years
Vanguard Wellington * 9.98 10 10.65 0.82
60% S&P 500/40% BloomBar US Agg 10.37 10.16 0.90
MF Moderate Allocation Net * 7.62 9.76 0.68
10 Years
Vanguard Wellington * 9.70 11 9.39 0.97
60% S&P 500/40% BloomBar US Agg 9.85 8.79 1.05
MF Moderate Allocation Net * 7.56 9.08 0.78
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
69
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement Income
For the Period Ending September 30, 2020
Fund Information
Ticker VTINX
Assets $(Millions) 17,348
Morningstar Rating 4
Expense Ratio 0.12%
Benchmark(s) S&P Target Date Retirement Income
Universe(s) MF Target Date 2000-2010 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
Income
S&P Target Date Ret irement
Income
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
70
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement Income
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P
Target Date
Retirement
Beta 0.93
Up Capture (%) 100.45
Down Capture (%) 86.38
Calendar Year Returns
-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
Vanguard Target Retirement
Income *
7.35 46 11.45 0.55
S&P Target Date Retirement
Income
6.86 12.39 0.47
MF Target Date 2000-2010 Net * 7.28 9.30 0.65
3 Years
Vanguard Target Retirement
Income *
5.79 20 7.26 0.57
S&P Target Date Retirement
Income
5.40 7.85 0.47
MF Target Date 2000-2010 Net * 5.29 7.04 0.52
5 Years
Vanguard Target Retirement
Income *
6.03 81 5.68 0.85
S&P Target Date Retirement
Income
5.72 6.10 0.74
MF Target Date 2000-2010 Net * 6.48 6.24 0.84
10 Years
Vanguard Target Retirement
Income *
5.60 73 4.81 1.03
S&P Target Date Retirement
Income
5.25 5.12 0.90
MF Target Date 2000-2010 Net * 6.11 6.31 0.90
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
71
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2015
For the Period Ending September 30, 2020
Fund Information
Ticker VTXVX
Assets $(Millions) 14,935
Morningstar Rating 4
Expense Ratio 0.13%
Benchmark(s) S&P Target Date 2015
Universe(s) MF Target Date 2011-2015 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
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
Vanguard Target Ret irement
2015S&P Target Date 2015
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
72
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2015
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2015
Beta 0.94
Up Capture (%) 99.45
Down Capture (%) 87.85
Calendar Year Returns
-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 -- --
MF Target Date 2011-2015 Net * 3.87 -- --
1 Year
Vanguard Target Retirement 2015 * 7.68 50 13.69 0.48
S&P Target Date 2015 7.14 15.94 0.38
MF Target Date 2011-2015 Net * 7.66 11.30 0.57
3 Years
Vanguard Target Retirement 2015 * 6.09 19 8.81 0.50
S&P Target Date 2015 5.70 10.14 0.40
MF Target Date 2011-2015 Net * 5.57 8.17 0.49
5 Years
Vanguard Target Retirement 2015 * 7.04 46 6.87 0.85
S&P Target Date 2015 6.85 7.81 0.72
MF Target Date 2011-2015 Net * 6.96 7.12 0.82
10 Years
Vanguard Target Retirement 2015 * 7.04 31 7.03 0.91
S&P Target Date 2015 6.63 7.47 0.80
MF Target Date 2011-2015 Net * 6.85 7.10 0.86
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
73
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2020
For the Period Ending September 30, 2020
Fund Information
Ticker VTWNX
Assets $(Millions) 31,031
Morningstar Rating 4
Expense Ratio 0.13%
Benchmark(s) S&P Target Date 2020
Universe(s) MF Target Date 2016-2020 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2020S&P Target Date 2020
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
Vanguard Target Ret irement
2020S&P Target Date 2020
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
74
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2020
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2020
Beta 1.02
Up Capture (%) 104.31
Down Capture (%) 96.99
Calendar Year Returns
-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
Vanguard Target Retirement 2020 * 4.48 23 -- --
S&P Target Date 2020 3.74 -- --
MF Target Date 2016-2020 Net * 3.91 -- --
1 Year
Vanguard Target Retirement 2020 * 8.51 25 18.72 0.40
S&P Target Date 2020 6.98 17.89 0.33
MF Target Date 2016-2020 Net * 7.34 12.10 0.52
3 Years
Vanguard Target Retirement 2020 * 6.54 9 11.78 0.41
S&P Target Date 2020 5.77 11.31 0.36
MF Target Date 2016-2020 Net * 5.62 8.59 0.44
5 Years
Vanguard Target Retirement 2020 * 7.96 13 9.12 0.74
S&P Target Date 2020 7.32 8.72 0.70
MF Target Date 2016-2020 Net * 6.96 7.44 0.77
10 Years
Vanguard Target Retirement 2020 * 7.81 9 8.75 0.82
S&P Target Date 2020 7.20 8.56 0.77
MF Target Date 2016-2020 Net * 6.93 7.54 0.82
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
75
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2025
For the Period Ending September 30, 2020
Fund Information
Ticker VTTVX
Assets $(Millions) 45,337
Morningstar Rating 4
Expense Ratio 0.13%
Benchmark(s) S&P Target Date 2025
Universe(s) MF Target Date 2021-2025 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2025S&P Target Date 2025
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
Vanguard Target Ret irement
2025S&P Target Date 2025
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
76
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2025
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2025
Beta 1.02
Up Capture (%) 103.99
Down Capture (%) 96.97
Calendar Year Returns
-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
Vanguard Target Retirement 2025 * 5.17 30 -- --
S&P Target Date 2025 4.39 -- --
MF Target Date 2021-2025 Net * 4.69 -- --
1 Year
Vanguard Target Retirement 2025 * 9.04 34 22.14 0.36
S&P Target Date 2025 7.10 21.36 0.28
MF Target Date 2021-2025 Net * 7.98 14.37 0.49
3 Years
Vanguard Target Retirement 2025 * 6.89 15 13.83 0.38
S&P Target Date 2025 5.97 13.38 0.32
MF Target Date 2021-2025 Net * 6.12 10.36 0.42
5 Years
Vanguard Target Retirement 2025 * 8.60 17 10.69 0.69
S&P Target Date 2025 7.86 10.30 0.65
MF Target Date 2021-2025 Net * 7.82 9.01 0.74
10 Years
Vanguard Target Retirement 2025 * 8.38 13 10.11 0.77
S&P Target Date 2025 7.73 9.91 0.72
MF Target Date 2021-2025 Net * 7.62 9.11 0.77
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
77
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2030
For the Period Ending September 30, 2020
Fund Information
Ticker VTHRX
Assets $(Millions) 41,083
Morningstar Rating 4
Expense Ratio 0.14%
Benchmark(s) S&P Target Date 2030
Universe(s) MF Target Date 2026-2030 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2030S&P Target Date 2030
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
Vanguard Target Ret irement
2030S&P Target Date 2030
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
78
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2030
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2030
Beta 1.00
Up Capture (%) 102.99
Down Capture (%) 95.96
Calendar Year Returns
-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
Vanguard Target Retirement 2030 * 5.70 32 -- --
S&P Target Date 2030 5.02 -- --
MF Target Date 2026-2030 Net * 5.37 -- --
1 Year
Vanguard Target Retirement 2030 * 9.38 32 24.91 0.33
S&P Target Date 2030 7.14 24.98 0.24
MF Target Date 2026-2030 Net * 8.48 16.38 0.45
3 Years
Vanguard Target Retirement 2030 * 7.04 17 15.50 0.34
S&P Target Date 2030 6.10 15.57 0.28
MF Target Date 2026-2030 Net * 6.35 11.91 0.39
5 Years
Vanguard Target Retirement 2030 * 9.07 26 11.98 0.66
S&P Target Date 2030 8.32 11.97 0.59
MF Target Date 2026-2030 Net * 8.32 10.28 0.70
10 Years
Vanguard Target Retirement 2030 * 8.84 19 11.30 0.73
S&P Target Date 2030 8.18 11.26 0.67
MF Target Date 2026-2030 Net * 8.01 9.96 0.73
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
79
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2035
For the Period Ending September 30, 2020
Fund Information
Ticker VTTHX
Assets $(Millions) 39,452
Morningstar Rating 4
Expense Ratio 0.14%
Benchmark(s) S&P Target Date 2035
Universe(s) MF Target Date 2031-2035 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2035S&P Target Date 2035
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2035S&P Target Date 2035
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
80
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2035
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2035
Beta 1.00
Up Capture (%) 103.38
Down Capture (%) 96.81
Calendar Year Returns
-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
Vanguard Target Retirement 2035 * 6.29 47 -- --
S&P Target Date 2035 5.70 -- --
MF Target Date 2031-2035 Net * 6.25 -- --
1 Year
Vanguard Target Retirement 2035 * 9.71 31 27.61 0.31
S&P Target Date 2035 7.17 28.41 0.21
MF Target Date 2031-2035 Net * 8.84 18.84 0.43
3 Years
Vanguard Target Retirement 2035 * 7.16 20 17.13 0.32
S&P Target Date 2035 6.19 17.62 0.26
MF Target Date 2031-2035 Net * 6.62 13.53 0.37
5 Years
Vanguard Target Retirement 2035 * 9.53 28 13.24 0.63
S&P Target Date 2035 8.74 13.54 0.56
MF Target Date 2031-2035 Net * 8.94 11.81 0.67
10 Years
Vanguard Target Retirement 2035 * 9.29 18 12.51 0.69
S&P Target Date 2035 8.58 12.42 0.64
MF Target Date 2031-2035 Net * 8.44 11.26 0.70
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
81
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2040
For the Period Ending September 30, 2020
Fund Information
Ticker VFORX
Assets $(Millions) 31,373
Morningstar Rating 4
Expense Ratio 0.14%
Benchmark(s) S&P Target Date 2040
Universe(s) MF Target Date 2036-2040 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2040S&P Target Date 2040
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2040S&P Target Date 2040
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
82
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2040
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2040
Beta 1.01
Up Capture (%) 103.59
Down Capture (%) 97.60
Calendar Year Returns
-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
Vanguard Target Retirement 2040 * 6.80 48 -- --
S&P Target Date 2040 6.14 -- --
MF Target Date 2036-2040 Net * 6.74 -- --
1 Year
Vanguard Target Retirement 2040 * 9.96 31 30.30 0.29
S&P Target Date 2040 7.16 30.72 0.20
MF Target Date 2036-2040 Net * 8.99 20.57 0.40
3 Years
Vanguard Target Retirement 2040 * 7.27 19 18.77 0.30
S&P Target Date 2040 6.26 18.97 0.24
MF Target Date 2036-2040 Net * 6.67 14.78 0.34
5 Years
Vanguard Target Retirement 2040 * 9.97 23 14.52 0.60
S&P Target Date 2040 9.04 14.58 0.54
MF Target Date 2036-2040 Net * 9.09 12.56 0.65
10 Years
Vanguard Target Retirement 2040 * 9.58 16 13.37 0.67
S&P Target Date 2040 8.85 13.22 0.62
MF Target Date 2036-2040 Net * 8.64 11.92 0.69
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
83
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2045
For the Period Ending September 30, 2020
Fund Information
Ticker VTIVX
Assets $(Millions) 29,290
Morningstar Rating 4
Expense Ratio 0.15%
Benchmark(s) S&P Target Date 2045
Universe(s) MF Target Date 2041-2045 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2045S&P Target Date 2045
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2045S&P Target Date 2045
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
84
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2045
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2045
Beta 1.02
Up Capture (%) 102.88
Down Capture (%) 97.79
Calendar Year Returns
-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
Vanguard Target Retirement 2045 * 7.36 38 -- --
S&P Target Date 2045 6.44 -- --
MF Target Date 2041-2045 Net * 7.13 -- --
1 Year
Vanguard Target Retirement 2045 * 10.27 34 32.92 0.28
S&P Target Date 2045 7.14 32.09 0.19
MF Target Date 2041-2045 Net * 9.09 21.69 0.38
3 Years
Vanguard Target Retirement 2045 * 7.32 20 20.26 0.28
S&P Target Date 2045 6.26 19.75 0.23
MF Target Date 2041-2045 Net * 6.72 15.70 0.33
5 Years
Vanguard Target Retirement 2045 * 10.13 23 15.64 0.57
S&P Target Date 2045 9.23 15.18 0.53
MF Target Date 2041-2045 Net * 9.44 13.28 0.63
10 Years
Vanguard Target Retirement 2045 * 9.66 16 13.97 0.65
S&P Target Date 2045 9.03 13.72 0.61
MF Target Date 2041-2045 Net * 8.82 12.46 0.67
10 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
85
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2050
For the Period Ending September 30, 2020
Fund Information
Ticker VFIFX
Assets $(Millions) 22,272
Morningstar Rating 4
Expense Ratio 0.15%
Benchmark(s) S&P Target Date 2050
Universe(s) MF Target Date 2046-2050 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2050S&P Target Date 2050
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2050S&P Target Date 2050
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
86
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2050
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2050
Beta 0.99
Up Capture (%) 100.60
Down Capture (%) 95.75
Calendar Year Returns
-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
Vanguard Target Retirement 2050 * 7.35 44 -- --
S&P Target Date 2050 6.53 -- --
MF Target Date 2046-2050 Net * 7.30 -- --
1 Year
Vanguard Target Retirement 2050 * 10.26 34 32.89 0.28
S&P Target Date 2050 7.14 32.71 0.18
MF Target Date 2046-2050 Net * 8.82 21.81 0.35
3 Years
Vanguard Target Retirement 2050 * 7.32 19 20.25 0.28
S&P Target Date 2050 6.27 20.15 0.23
MF Target Date 2046-2050 Net * 6.61 15.90 0.32
5 Years
Vanguard Target Retirement 2050 * 10.13 24 15.63 0.57
S&P Target Date 2050 9.41 15.50 0.53
MF Target Date 2046-2050 Net * 9.32 13.39 0.62
10 Years
Vanguard Target Retirement 2050 * 9.65 20 13.97 0.65
S&P Target Date 2050 9.18 14.01 0.61
MF Target Date 2046-2050 Net * 8.96 12.38 0.67
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
87
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2055
For the Period Ending September 30, 2020
Fund Information
Ticker VFFVX
Assets $(Millions) 12,519
Morningstar Rating 4
Expense Ratio 0.15%
Benchmark(s) S&P Target Date 2055
Universe(s) MF Target Date 2051-2055 Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2055S&P Target Date 2055
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2055S&P Target Date 2055
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
88
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2055
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
10 Years Relative Statistics
S&P Target
Date 2055
Beta 0.99
Up Capture (%) 99.55
Down Capture (%) 95.12
Calendar Year Returns
-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
Vanguard Target Retirement 2055 * 7.38 47 -- --
S&P Target Date 2055 6.62 -- --
MF Target Date 2051-2055 Net * 7.35 -- --
1 Year
Vanguard Target Retirement 2055 * 10.25 35 32.90 0.28
S&P Target Date 2055 7.07 33.10 0.18
MF Target Date 2051-2055 Net * 8.97 21.94 0.37
3 Years
Vanguard Target Retirement 2055 * 7.31 22 20.24 0.28
S&P Target Date 2055 6.26 20.33 0.22
MF Target Date 2051-2055 Net * 6.69 16.02 0.32
5 Years
Vanguard Target Retirement 2055 * 10.12 28 15.63 0.57
S&P Target Date 2055 9.50 15.65 0.53
MF Target Date 2051-2055 Net * 9.55 13.53 0.62
10 Years
Vanguard Target Retirement 2055 * 9.68 28 13.97 0.65
S&P Target Date 2055 9.31 14.13 0.61
MF Target Date 2051-2055 Net * 9.04 12.83 0.65
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
89
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2060
For the Period Ending September 30, 2020
Fund Information
Ticker VTTSX
Assets $(Millions) 5,890
Morningstar Rating 3
Expense Ratio 0.15%
Benchmark(s) S&P Target Date 2060+
Universe(s) MF Target Date 2060+ Net
Avg Manager Tenure 7.75
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.
Asset Allocation Fund Type
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
Europe ex-U K Japan As ia Pacific
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
Vanguard Target Ret irement
2060S&P Target Date 2060+
Asset Allocation
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Stocks Non-U S Stocks Bonds Non-U S Bonds Cash Other
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
Vanguard Target Ret irement
2060S&P Target Date 2060+
© 2020 Asset Consulting Group All Rights Reserved
Data Source: Morningstar. Fund data may not be updated through current quarter due to the availability of information supplied to Morningstar.
90
FMPTF Participant Directed Mutual Fund Program
Vanguard Target Retirement 2060
For the Periods Ending September 30, 2020Return
(%)
Rank Std Dev
(%)
Sharpe
Ratio
8 Years Relative Statistics
S&P Target
Date 2060+
Beta 0.99
Up Capture (%) 98.38
Down Capture (%) 95.08
Calendar Year Returns
-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
Vanguard Target Retirement 2060 * 7.39 49 -- --
S&P Target Date 2060+ 6.61 -- --
MF Target Date 2060+ Net * 7.37 -- --
1 Year
Vanguard Target Retirement 2060 * 10.25 37 32.86 0.28
S&P Target Date 2060+ 7.28 33.23 0.19
MF Target Date 2060+ Net * 9.24 22.11 0.37
3 Years
Vanguard Target Retirement 2060 * 7.31 23 20.22 0.28
S&P Target Date 2060+ 6.41 20.45 0.23
MF Target Date 2060+ Net * 6.78 16.07 0.32
5 Years
Vanguard Target Retirement 2060 * 10.12 47 15.61 0.57
S&P Target Date 2060+ 9.67 15.75 0.54
MF Target Date 2060+ Net * 9.99 13.47 0.65
8 Years
Vanguard Target Retirement 2060 * 9.52 2 13.30 0.66
S&P Target Date 2060+ 9.39 13.40 0.64
MF Target Date 2060+ Net * 9.52 11.71 0.75
8 Years Risk / Return
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
Standard Deviat ion (%)
Re
turn
(%
)
© 2020 Asset Consulting Group All Rights Reserved
Performance and statistics are calculated using quarterly return data.
* Net of Fee Returns
91
This page is intentionally left blank.
© 2020 Asset Consulting Group All Rights Reserved 92
FMPTF Participant Directed Mutual Fund Program
Definitions
© 2020 Asset Consulting Group All Rights Reserved 93
FMPTF Participant Directed Mutual Fund Program
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.
© 2020 Asset Consulting Group All Rights Reserved 94
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.
© 2020 Asset Consulting Group All Rights Reserved 95