fmptf participant directed mutual fund program 9/30/2019...

Fund Name TickerExpense

Ratio Quarter YTD One Year Three Year Five Year Ten Year

CashVanguard Federal Money Market Investor VMFXX 0.11 0.54 1.71 2.26 1.46 0.93 0.47Fixed IncomeVanguard Interm-Term Invmt-Grde Adm VFIDX 0.10 1.89 9.78 11.01 3.40 4.04 5.19Vanguard Total Bond Market Index Adm VBTLX 0.05 2.43 8.68 10.43 2.90 3.35 3.69The Vanguard Retirement Savings Trust NA 0.47 0.59 1.77 2.35 2.03 1.98 2.19Vanguard Total Intl Bond Index Adm VTABX 0.11 2.98 9.28 11.28 4.10 4.54 --BalancedVanguard Wellington Adm VWENX 0.17 3.20 16.52 8.65 10.09 8.22 9.90Domestic EquityVanguard Windsor II Adm VWNAX 0.25 1.56 18.11 1.73 10.10 7.53 11.09Vanguard FTSE Social Index Admiral VFTAX 0.14 1.87 21.18 5.29 14.60 11.59 13.69Vanguard Institutional Index I VINIX 0.04 1.69 20.54 4.23 13.36 10.81 13.22Vanguard PRIMECAP Adm VPMAX 0.31 0.80 14.11 -2.34 14.14 11.65 14.32Eaton Vance Atlanta Capital SMID-Cap R6 ERASX 0.82 2.74 29.85 8.64 16.34 15.18 15.42Vanguard Small Cap Index Adm VSMAX 0.05 -1.45 17.78 -3.81 9.62 8.62 12.38International EquityVanguard All World ex-US Small Cap VFSAX 0.16 -2.23 9.63 -6.21 3.87 2.89 5.49Vanguard Emerging Markets Stock Index Adm VEMAX 0.14 -3.60 8.07 1.27 5.26 2.01 3.16Vanguard Total Intl Stock Index Admiral VTIAX 0.11 -1.60 11.46 -1.56 6.06 3.16 4.53Real EstateVanguard REIT Index Adm VGSLX 0.12 7.40 28.14 19.89 7.06 9.94 12.89Target RetirementVanguard Target Retirement Income Inv VTINX 0.12 1.52 10.29 6.75 5.10 4.57 5.76Vanguard Target Retirement 2015 Inv VTXVX 0.13 1.38 11.26 6.08 6.18 5.33 7.26Vanguard Target Retirement 2020 Inv VTWNX 0.13 1.19 12.61 5.29 7.08 5.97 7.96Vanguard Target Retirement 2025 Inv VTTVX 0.13 1.10 13.70 4.89 7.77 6.39 8.48Vanguard Target Retirement 2030 Inv VTHRX 0.14 0.89 14.28 4.15 8.29 6.67 8.92Vanguard Target Retirement 2035 Inv VTTHX 0.14 0.70 14.77 3.37 8.78 6.92 9.35Vanguard Target Retirement 2040 Inv VFORX 0.14 0.49 15.35 2.63 9.28 7.15 9.61Vanguard Target Retirement 2045 Inv VTIVX 0.15 0.26 15.69 2.06 9.41 7.23 9.66Vanguard Target Retirement 2050 Inv VFIFX 0.15 0.29 15.71 2.07 9.42 7.24 9.65Vanguard Target Retirement 2055 Inv VFFVX 0.15 0.27 15.69 2.09 9.41 7.21 --Vanguard Target Retirement 2060 Inv VTTSX 0.15 0.28 15.68 2.07 9.41 7.20 --Data provided by Morningstar Direct.

FMPTF Participant Directed Mutual Fund Program9/30/2019 Return Summary

Net of Investment Expense

© 2019 Asset Consulting Group All Rights Reserved

FMPTF Participant Directed

Mutual Fund Program

September 30, 2019

231 South Bemiston Avenue ♦ 14th Floor ♦ Saint Louis, Missouri 63105

www.acgnet.com

314.862.4848

This year, we at Asset Consulting Group celebrate our 30th anniversary in business. As we reach this

exciting milestone, it is important that we recognize and thank those who have been a critical part of

our success - our clients. We are grateful for the opportunity and privilege to serve you, and we

appreciate the trust and confidence you have shown us. We are in the relationship business - and it is

the partnerships we cultivate that fulfill us most and that best define our success as an organization.

We look forward to continuing to grow our relationship with you, and we enter our next decade with

much anticipation and excitement!

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

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

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

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

get to where we are.

Table of Contents

Tab 1 Market Overview

Tab 2 Total Portfolio Performance Summary

Tab 3 Investment Manager Analysis

Appendix Definitions of Statistical Measures


FMPTF Participant Directed Mutual Fund Program

Market Overview

© 2019 Asset Consulting Group All Rights Reserved 7

Global Equity Update 3Q-2019Global Long-Only Equity

Global Long/Short Equity

Sources: Bloomberg, ACG Research


Global equities were relatively muted in 3Q-19, with only a 10 bps advance for the MSCIACWI measured in US dollar terms. However, volatility remains heightened as headlinesshook the markets with ongoing announcements around US/China trade tensions, globaleconomic slowdown fears , declining global bond yields, and an uptick in political chatteras the US prepares for next year’s election. Investors ultimately moved from the risk-onmentality present in July to a risk-off mentality through the remainder of the quarter.Global markets did rebound somewhat in September as hopes of easing trade tensionsand more accommodative global monetary policies surfaced, but as the marketmaintained its risk-off nature we witnessed Value surge ahead of Growth.

Domestic Large Caps advanced, with the S&P 500 returning 1.7% in 3Q-19 as Septemberperformance effectively pulled the index back into positive territory. Small Caps declined-2.4% in the quarter as investors looked for safe havens in larger peers. With three quartersbehind us, Large Caps lead with a YTD gain of 20.6% versus a gain of 14.2% in Small Caps.

International Market advances were stymied by monetary policy and global growthconcerns, which also resulted in a stronger US dollar providing a headwind to domesticinvestors. Developed International markets declined -1.0% in the quarter, with mostcountries tallying losses and a roughly 250 bps currency headwind. Directionally, a similaroutcome was observed in Emerging Markets, but the magnitude of the decline wasgreater, falling -4.1% after accounting for a roughly 220 bps unfavorable currency impact.

S&P Index Priced in Units of VIXVolatility in the market (both positive and negative) continued during 3Q-19. The S&Ppriced in units of volatility (VIX), though 6% lower than 2Q, remains 86% higher than yearend 2018 and higher than any period prior to 2016. With heightened macro impacts weanticipate this higher volatility to continue to be the norm for the foreseeable future. Allelse being equal, an increase in market volatility helps generate opportunities on boththe long and short side so equity long/short managers stand to benefit.

Equity long/short managers have decreased exposure due to macro concernssurrounding interest rates, trade wars and the new risk of impeachment proceedings. Thisis reflected by net exposures that are near the lowest point since 2010. Managers remainoptimistic about the outlook for companies but are increasingly concerned aboutmarket uncertainty.

Style exposure was a major contributor to 3Q performance as momentum/growthunwound in September in favor of value. Managers with significant exposure to growthsectors of technology and health care underperformed. The most crowded trades alsounderperformed, partially due to overlap with tech and health care.

Global positioning remains tilted towards the US as European exposures decreased to thelowest since 2010 due to Brexit and other geopolitical concerns. Asia exposure hasstayed near historic averages but the mix has shifted to predominantly China as Japanand Hong Kong exposures are near historic lows.

-6%

-5%

-4%

-3%

-2%

-1%

0%

1%

2%

3%

4%

July August September

S&P 500 R2000 EAFE US EM US

Choppy Equity Markets in 3Q-19

0

50

100

150

200

250

300

SPX Priced in Units of VIX

8

4.1x3.6x 3.8x

4.3x4.7x

5.5x 5.3x

6.2x

5.1x

3.9x4.7x

5.1x 5.2x 5.4x5.8x 5.8x 5.5x 5.8x 5.8x 5.9x 6.0x

6.7x6.0x

6.6x7.1x 7.3x

8.4x 8.4x

9.7x9.1x

7.7x8.5x 8.8x 8.7x 8.8x

9.7x10.3x10.0x

10.6x10.6x

11.6x

12.7x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019YTD

3ME8/19

EBITD

A M

ultip

le

Leverage Purchase Price

Global Private Equity and Real Assets Update 3Q-2019Global Private Equity

Global Real Assets

Sources: NCREIF, ACG Research

LBO purchase price multiples spiked up over the summer to all time highs. Privateequity sponsors appear to have taken the brunt of the price increase as the amountof debt provided by leveraged lenders increased only marginally in spite of purchaseprices moving up a full turn to 12.7x EBITDA on average. Purchase prices for the threemonths ending August 31st were a turn higher than the average for the year, two turnsof EBITDA higher than the average for 2018, and three turns higher than the lastcyclical peak in 2007.

The US IPO market was on a tear for most of 2019 with a run of headline companiesincluding Uber, Zoom and Pinterest making their public debuts. And then cameWeWork. Although the spectacular end to their IPO bid appears closely tied to themarket’s negative perception of former-CEO Adam Neumann, potential IPO investorsalso made note of the initially sky-high valuation and ongoing operating losses.Despite WeWork’s misstep, and barring another major setback, 2019 appears to be ontrack to deliver the best IPO market of the past five years. If recent volatility or othermarket action closes the IPO window, private investors need not worry. Later stagefocused venture and growth funds continue to provide record levels of capital supportto private companies. In the first half of the year, 123 fundraising mega-rounds of $100million or more were completed compared to 36 for all of 2013.

The NCREIF Property Index (NPI) posted its 37th consecutive quarter of positiveappreciation in 2Q-19. This is 15 quarters longer than the second longest winningstreak since the benchmark’s inception in 1978. In 2Q-19, NCREIF annualized incomereturns (a proxy for cap rates) rose marginally to 4.5%. Broadly speaking,fundamentals remain strong with the NPI occupancy level increasing to 94.3%, thehighest level since 2000, and income returns rising. In contrast, the trend of slowingappreciation returns became even more pronounced in the second quarter as theretail sector weighed heavily on results. Enclosed malls were particularly hard hit asvalues declined a whopping 4.2% for the quarter. Open-air retail assets declined1.4%. Retail’s large decline pulled the NPI appreciation return down to 0.4% for thequarter and the ODCE index was essentially flat for the same period.

Outside the retail sector, the story was much brighter with returns for all otherproperty types moving higher in 2Q. Industrial assets remain the beneficiary of retail’slosses and the only NPI sector with double digit gains over the trailing 1-, 3-, 5- and10-year periods. Income and appreciation in the apartment and office sectorsremain positive, even as hotels joined retail with negative appreciation in the quarter.

The Bloomberg Commodity Index (BCOM) fell -1.8% in 3Q-19, underperforming theBloomBar US Aggregate Bond Index by 4.1%, the S&P 500 by 3.5%, and the MSCIACWI by 1.9%. Any signs of rising inflation may be positive for commodities broadly,though growing concerns regarding slowing global economic growth, the strength ofthe US dollar, and trade tensions may drive continued volatility in the near term.

Purchase Multiples and Leverage Remain Elevated

NCREIF Income Return Spread to Treasuries

Sources: S&P LCD, ACG Research

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

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

NCRIEF Income Return (Annualized) 10-Year Treasury Rate

9

Global Traditional Bond Markets

Global Nontraditional Fixed IncomeLiquid Absolute Return strategies produced more muted results in 3Q-19, with the willingness totactically assume modest portfolio duration alongside diversified credit exposures definingoutperformers. That said, the rally in US Treasuries again prevented the category from keepingpace with traditional bond benchmarks. We continue to believe the diversification of riskfactors within portfolios remains valuable, as this aids in downside protection and reduces keycorrelations. Outperforming risk-free cash becomes easier as policy rates head lower, andenhanced volatility in rates, spreads, and currency should provide alpha opportunities.

Long/Short Credit strategies were challenged over the summer as defensively positionedportfolios were not rewarded and some widely held event-driven positions experienceddeclines. The YTD performance dispersion between high yield bonds and loans has weighedon results as loan-heavy portfolios haven’t captured the full tailwind of the high yield market.Long/short credit strategies typically have limited interest rate sensitivity and accordingly littleparticipation in duration-based market movements. We expect idiosyncratic relative valuesituations will be more likely to add value than directional positioning in the near term.

Private Credit strategies (typically 5- to 10-year fund life) offer the opportunity to earn botha credit spread and an illiquidity premium versus publicly traded fixed incomestrategies. 3Q-19 saw a surge in supply in the leveraged loan market as more than $40billion of loans were launched into syndication, the busiest month this year. Spreadstightened for the more highly rated BB new issues while those rated single B widened, likelyan indicator of continued risk aversion from buyers.

Amid heightened geopolitical noise in 3Q-19, the rally in risk-free rates was extended whileincome from lower-quality credit sustained positive performance. The Federal Reserve tookaction in both July and September, cutting short-term interest rates to a targeted range of1.75% to 2.00%. The Committee’s latest projections suggests the “mid-cycle adjustment”may be complete, even as the futures market is pricing in further cuts over the next 12months. The US Treasury yield curve (10’s – 2’s) ended flatter after briefly inverting.

Given its high sensitivity to domestic interest rates, the BloomBar US Aggregate continuedto outpace expectations. Total returns for the quarter were solid at 2.3%, with IG corporatecredit a top contributor given stable spreads. The benchmark’s yield-to-worst contractedby another 23 bps in the period, settling below 2.3% for the first time since October-2016.

Despite a brief interruption in investor risk appetite in August, the High Yield bond categorymanaged positive performance in 3Q-19. Spreads tightened by only ~4 bps at the indexlevel, but the focus on liquidity led to the ongoing underperformance of CCC-rated issues.

Municipal Bonds were solidly positive, despite lagging taxable counterparts as US Treasuryrates moved lower. Robust demand for income caused the tax-exempt yield curve toflatten, with 10-year yield ratios of ~88% improving further from historically rich levels.

Unhedged Global government bonds underperformed with the drag of a strong US dollaroffsetting the benefit of lower-trending yields. Emerging Market outcomes were mixed.

Global Fixed Income Update 3Q-2019



Current Rate Hiking Cycle

Percentile Rankings of Observations for Past 15-Years

After 9 hikes and a pause, the FOMC

delivered cuts in 3Q-19

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

(%)

January 1,2015 through September 30, 2019

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

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, 2019

Rates declinemeaningfully

Curve flattened,briefly inverted

Both IG and HY spreads stayed tight, inside the

35th percentile

Equity volatility rose slightly

US$ trends almost universally higher

10

Market Environment

For the Periods Ending September 30, 2019

-12.00

-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

24.00

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

Re

turn

(%

)

8.52 10.30 2.92 3.38 3.75BloomBar US Aggregate

8.80 10.07 3.23 3.62 4.14BloomBar Universal

5.58 7.39 2.74 3.03 3.54BloomBar 1-15 Yr Municipal

20.55 4.25 13.39 10.84 13.24S&P 500

14.18 -8.89 8.23 8.19 11.19Russell 2000

13.35 -0.82 7.01 3.77 5.39MSCI EAFE

16.71 1.95 10.30 7.23 8.93MSCI ACWI

6.22 -1.63 6.37 2.71 3.73MSCI Emerging Markets

3.13 -6.57 -1.50 -7.18 -4.32Bloomberg Commodity


Equity Index Returns


-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00


Re

turn

(%

)

20.55 4.25 13.39 10.84 13.24S&P 500

20.09 2.92 12.83 10.44 13.08Russell 3000

17.81 4.00 9.43 7.79 11.46Russell 1000 Value

23.30 3.71 16.89 13.39 14.94Russell 1000 Growth

17.87 -2.49 9.38 8.88 12.56S&P Mid Cap 400

14.18 -8.89 8.23 8.19 11.19Russell 2000

12.82 -8.24 6.54 7.17 10.06Russell 2000 Value

15.34 -9.63 9.79 9.08 12.25Russell 2000 Growth

13.35 -0.82 7.01 3.77 5.39MSCI EAFE

12.06 -0.72 6.85 3.39 4.93MSCI ACWI ex US


US Markets - Performance Breakdown


S&P 500 - Sector Returns (%)

Communication Services

(10.36)

Consumer Discretionary

(10.11)

Consumer Staples

(7.60)

Energy

(4.52)

Financials

(12.94)

Health Care

(13.65)

Industrials

(9.34)

Information Technology

(21.93)

Materials

(2.73)

Real Estate

(3.22)

Utilit ies

(3.59)

1.84

0.17

5.37

-7.25

1.43

-2.71

0.49

2.97

-0.68

6.89

8.39

20.52

21.20

20.60

3.09

17.58

4.21

20.80

29.87

15.17

26.66

22.27

Russell 2000 - Sector Returns (%)


(2.32)


(11.04)

Consumer Staples

(3.01)

Energy

(2.92)

Financials

(17.91)

Health Care

(15.97)

Industrials

(16.02)


(13.30)

Materials

(3.69)

Real Estate

(8.21)

Utilit ies

(4.11)

-7.57

0.30

4.27

-20.59

-0.50

-9.21

-0.46

1.02

-5.52

5.11

5.38

3.88

11.86

8.25

-12.91

13.53

5.78

20.49

27.81

10.37

24.86

22.53

3 Months YTD

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

Source: ACG Research, Bloomberg


Non-US Equity Index Returns


-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00


Re

turn

(%

)

13.35 -0.82 7.01 3.77 5.39MSCI EAFE

16.23 2.10 8.84 6.54 7.55MSCI EAFE Local Currency

8.31 -4.31 5.73 1.57 3.82MSCI EAFE Value

18.39 2.64 8.19 5.90 6.91MSCI EAFE Growth

6.22 -1.63 6.37 2.71 3.73MSCI Emerging Markets

11.52 -4.32 6.59 5.97 5.78MSCI Japan

12.06 -0.72 6.85 3.39 4.93MSCI ACWI ex US


Non-US Equity - Performance Breakdown


MSCI EAFE - Sector Returns (%)


(5.36)


(11.49)

Consumer Staples

(12.00)

Energy

(5.13)

Financials

(18.56)

Health Care

(11.59)

Industrials

(14.73)


(6.74)

Materials

(7.00)

Real Estate

(3.60)

Utilit ies

(3.79)

-0.84

0.35

1.92

-6.32

-2.53

2.44

-1.92

-0.44

-5.37

-1.09

2.50

7.94

14.70

17.13

4.21

9.30

16.87

15.28

22.62

11.69

10.62

13.91

MSCI EAFE - Country Returns (%)

Australia (7.04)

Austria (0.22)

Belgium (1.02)

Denmark (1.76)

Finland (0.99)

France (11.36)

Germany (8.54)

Hong Kong (3.53)

Ireland (0.54)

Israel (0.57)

Italy (2.34)

Japan (24.56)

Netherlands (3.98)

New Zealand (0.24)

Norway (0.65)

Portugal (0.16)

Singapore (1.27)

Spain (2.91)

Sweden (2.56)

Switzerland (9.42)

United Kingdom (16.36)

-1.36

-2.98

3.48

-0.90

-1.71

-1.64

-4.03

-11.94

-0.45

-3.65

0.14

3.29

2.51

-2.78

-3.30

1.84

-5.77

-3.75

-4.79

0.30

-2.47

18.01

6.61

22.51

14.07

7.47

16.94

10.72

2.82

16.51

2.38

19.02

11.53

23.54

18.15

6.75

15.18

7.07

6.08

8.36

24.09

10.16

YTD3 Months



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

15

Emerging Markets - Performance Breakdown


MSCI Emerging Markets - Sector Returns (%)


(11.57)


(13.05)

Consumer Staples

(6.90)

Energy

(7.68)

Financials

(24.69)

Health Care

(2.60)

Industrials

(5.39)


(15.09)

Materials

(7.34)

Real Estate

(2.86)

Utilit ies

(2.82)

-5.08

-3.03

-0.75

-3.67

-7.83

-6.58

-5.17

5.93

-10.54

-8.71

-3.49

1.47

15.82

8.14

9.60

2.96

-9.55

-0.46

19.75

-5.36

5.54

3.71

MSCI Emerging Markets - Country Returns (%)

Argentina (0.19)

Brazil (7.55)

Chile (0.95)

China (31.89)

Colombia (0.41)

Czech Republic (0.14)

Egypt (0.15)

Greece (0.31)

Hungary (0.29)

India (8.86)

Indonesia (2.07)

Malaysia (2.05)

Mexico (2.51)

Pakistan (0.03)

Peru (0.38)

Philippines (1.09)

Poland (0.99)

Qatar (1.01)

Russia (3.96)

Saudi Arabia (2.60)

South Africa (4.72)

South Korea (12.15)

Taiwan (11.48)

Thailand (2.91)

Turkey (0.58)

United Arab Emirates (0.72)

-46.81

-4.53

-7.28

-4.67

-6.09

-9.50

7.44

-2.98

-3.91

-5.14

-5.17

-6.31

-1.64

1.27

-9.26

-4.56

-11.70

-0.22

-0.91

-9.43

-12.44

-4.46

5.87

-5.89

11.65

-0.17

-31.28

10.79

-7.95

7.80

14.55

-2.40

34.39

27.40

-2.28

2.16

2.49

-4.93

5.15

-12.72

-1.18

7.83

-9.03

-3.12

30.43

4.56

-2.24

-0.56

16.68

10.73

11.67

5.57

YTD3 Months


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


16

Interest Rate Term Structure

Government Issues - 3 Months to 30 Years Maturity

0 5 10 15 20 25 30

0.00

0.50

1.00

1.50

2.00

2.50

3.00

3.50

4.00

Yie

ld t

o M

atu

rity

(%

)

Years to Maturity

Sep 2019 Jun 2019 Sep 2018

90 Days 1.82 2.09 2.20

180 Days 1.82 2.10 2.37

1 Year 1.76 1.93 2.57

2 Years 1.62 1.76 2.82

3 Years 1.56 1.71 2.88

4 Years 1.56 1.74 2.94

5 Years 1.54 1.77 2.95

7 Years 1.61 1.88 3.02

10 Years 1.67 2.01 3.06

20 Years 1.92 2.31 3.14

30 Years 2.11 2.53 3.21

Source: Bloomberg


Fixed Income Index Returns


0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00


Re

turn

(%

)

1.81 2.39 1.54 0.98 0.54US T-Bills 90 Day

3.03 4.37 1.52 1.32 1.18ICE BofA ML 1-3 Yr Treasury

4.37 6.02 2.15 2.25 2.89BloomBar 5 Yr Municipal

8.52 10.30 2.92 3.38 3.75BloomBar US Aggregate

11.41 6.36 6.07 5.37 7.94BloomBar US Corp High Yield

6.32 7.60 1.59 1.99 2.34BloomBar Global Aggregate

12.99 11.57 4.61 5.74 6.88JPM EMBI Global Diversified


US Fixed Income Market Environment


Nominal Returns By Sector (%)

3 Months YTD 1 Year 3 Years

US Aggregate 2.27 8.53 10.31 2.93

US Treasury 2.40 7.70 10.46 2.23

US Agg: Gov't-Related 2.44 8.78 10.12 3.25

US Corporate IG 3.04 13.20 12.99 4.50

MBS 1.36 5.59 7.79 2.33

CMBS 1.90 8.65 10.52 3.14

ABS 0.92 4.11 5.40 2.24

US Corp High Yield 1.33 11.39 6.34 6.07

Nominal Returns by Quality (%)


AAA 1.96 6.87 9.34 2.33

AA 2.62 9.54 10.98 3.47

A 2.91 12.16 12.55 3.97

BAA 3.25 14.50 13.47 5.12

BA 2.02 12.74 9.46 5.84

B 1.64 11.87 7.01 6.25

CAA -1.75 5.58 -4.21 5.48

Nominal Returns by Maturity (%)


0.701-3 Yr. 3.44 4.66 1.84

1.283-5 Yr. 5.77 7.71 2.30

1.485-7 Yr. 6.79 8.92 2.50

2.797-10 Yr. 9.82 12.11 2.90

6.5810+ Yr. 20.92 22.01 5.53

Excess Returns by Sector

-100

0

100

200

300

400

500

600

700

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

(Corporate)


Exc

ess

Re

turn

(b

ps)

Excess Returns by Quality

-1200

-800

-400

0

400

800

AAA AA A BAA BA B CAA


Exc

ess

Re

turn

(b

ps)

Source: Bloomberg

Excess returns are relative to the duration-neutral Treasury.


Monthly Index Returns


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

Equity

S&P 500 1.70 20.55 4.25 13.39 10.84 13.26 13.24

Russell 1000 1.42 20.53 3.87 13.19 10.62 13.21 13.23

Russell 1000 Growth 1.49 23.30 3.71 16.89 13.39 15.02 14.94

Russell 1000 Value 1.36 17.81 4.00 9.43 7.79 11.30 11.46

Russell 2500 -1.28 17.72 -4.04 9.51 8.57 11.43 12.22

Russell 2000 -2.40 14.18 -8.89 8.23 8.19 10.43 11.19

Russell 2000 Growth -4.17 15.34 -9.63 9.79 9.08 11.43 12.25

Russell 2000 Value -0.57 12.82 -8.24 6.54 7.17 9.35 10.06

Wilshire 5000 Cap Wtd 1.23 20.11 2.95 12.91 10.58 13.04 13.09

MSCI ACWI 0.10 16.71 1.95 10.30 7.23 9.42 8.93

MSCI ACWI ex US -1.70 12.06 -0.72 6.85 3.39 5.50 4.93

MSCI EAFE -1.00 13.35 -0.82 7.01 3.77 6.62 5.39

MSCI EAFE Local Currency 1.83 16.23 2.10 8.84 6.54 10.14 7.55

MSCI EAFE Growth -0.40 18.39 2.64 8.19 5.90 7.88 6.91

MSCI EAFE Value -1.64 8.31 -4.31 5.73 1.57 5.28 3.82

MSCI Emerging Markets -4.11 6.22 -1.63 6.37 2.71 2.79 3.73

Fixed Income

ICE BofA ML 1-3 Yr Treasury 0.59 3.03 4.37 1.52 1.32 1.07 1.18

BloomBar 5 Yr Municipal 0.54 4.37 6.02 2.15 2.25 2.14 2.89

BloomBar US Aggregate 2.27 8.52 10.30 2.92 3.38 2.72 3.75

BloomBar Gov't Bond 2.39 7.66 10.40 2.27 2.90 2.10 3.00

BloomBar US Credit 2.98 12.61 12.63 4.33 4.54 3.89 5.32


BloomBar US Corp High Yield 1.33 11.41 6.36 6.07 5.37 5.88 7.94

FTSE World Govt Bond 0.85 6.27 8.13 1.19 1.80 0.59 1.69

BloomBar Global Aggregate 0.71 6.32 7.60 1.59 1.99 1.21 2.34

BloomBar Multiverse 0.63 6.45 7.54 1.81 2.14 1.40 2.55

JPM EMBI Global Diversified 1.50 12.99 11.57 4.61 5.74 4.83 6.88

Real Assets

NCREIF Property 1.41 4.80 6.24 6.77 8.57 9.29 9.77

NFI ODCE Net 1.08 3.08 4.65 6.34 8.35 9.29 9.84

FTSE NAREIT US Real Estate 7.80 26.96 18.42 7.36 10.26 10.03 13.04

Bloomberg Commodity -1.84 3.13 -6.57 -1.50 -7.18 -8.15 -4.32

Cash and Equivalents

US T-Bills 90 Day 0.57 1.81 2.39 1.54 0.98 0.72 0.54


Monthly Index Returns

For the Periods Ending October 31, 2019

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

Equity

S&P 500 2.17 23.16 14.33 14.91 10.78 13.91 13.70

Russell 1000 2.12 23.09 14.15 14.73 10.55 13.83 13.72

Russell 1000 Growth 2.82 26.77 17.10 18.92 13.43 15.97 15.41

Russell 1000 Value 1.40 19.46 11.21 10.51 7.61 11.60 11.96

Russell 2500 1.91 19.97 8.84 11.74 8.04 11.90 13.10

Russell 2000 2.63 17.18 4.90 10.96 7.37 11.19 12.27

Russell 2000 Growth 2.85 18.62 6.40 13.22 8.38 12.38 13.38

Russell 2000 Value 2.42 15.55 3.22 8.60 6.24 9.93 11.08

Wilshire 5000 Cap Wtd 2.19 22.74 13.48 14.50 10.46 13.68 13.62

MSCI ACWI 2.76 19.94 13.22 11.93 7.66 9.95 9.39

MSCI ACWI ex US 3.50 15.98 11.84 8.60 4.31 5.96 5.43

MSCI EAFE 3.60 17.43 11.63 9.02 4.81 7.03 5.90

MSCI EAFE Local Currency 1.68 18.19 11.07 9.01 6.96 10.22 7.97

MSCI EAFE Growth 3.59 22.64 17.10 11.09 6.84 8.36 7.30

MSCI EAFE Value 3.62 12.23 6.20 6.90 2.72 5.63 4.43

MSCI Emerging Markets 4.23 10.71 12.29 7.76 3.32 3.48 4.14

Fixed Income

ICE BofA ML 1-3 Yr Treasury 0.33 3.37 4.54 1.66 1.33 1.12 1.19

BloomBar Municipal 0.18 6.94 9.42 3.62 3.55 3.38 4.40

BloomBar US Aggregate 0.30 8.85 11.51 3.29 3.24 2.74 3.73

BloomBar Gov't Bond 0.07 7.74 10.99 2.66 2.72 2.13 3.01

BloomBar US Credit 0.57 13.26 14.88 4.83 4.43 3.81 5.32


BloomBar US Corp High Yield 0.28 11.71 8.38 6.03 5.18 5.79 7.78

FTSE World Govt Bond 0.54 6.84 9.92 2.55 1.96 0.76 1.73

BloomBar Global Aggregate 0.67 7.03 9.54 2.77 2.13 1.32 2.36

BloomBar Multiverse 0.70 7.20 9.50 2.95 2.27 1.51 2.57

Real Assets

Bloomberg Commodity 2.02 5.22 -2.58 -0.68 -6.65 -7.37 -4.44


US T-Bills 90 Day 0.19 2.01 2.40 1.60 1.02 0.75 0.56


This page is intentionally left blank.



Total Portfolio Performance Summary


Value Core Growth

Short - Term Intermediate-Term Long - Term

Conservative Moderate Aggressive

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


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

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

© 2019 Asset Consulting Group, Inc. All Rights Reserved. 24


Total Portfolio Market Values

As of

Sep-19 ($)

Actual

Allocation (%)

As of

Jun-19 ($)

Actual

Allocation (%)

As of

Sep-18 ($)

Actual

Allocation (%)

Total Portfolio 100.00 126,310,796 123,330,085 100.00 114,670,499 100.00

Vanguard Windsor II 2,860,847 2.26 2,689,524 2,630,459 2.18 2.29

Vanguard Institutional Index 6,442,179 5.10 6,215,841 6,489,614 5.04 5.66

Vanguard FTSE Social Index 307,860 0.24 183,772 0 0.15 0.00

Vanguard PRIMECAP 11,627,201 9.21 11,646,084 12,771,867 9.44 11.14

Eaton Vance Atlanta Cap SMID 10,829,475 8.57 10,461,274 10,471,072 8.48 9.13

Vanguard Small Cap Index 2,178,439 1.72 2,138,162 2,293,448 1.73 2.00

Vanguard International Value 0 0.00 0 229,973 0.00 0.20

Vanguard International Growth 0 0.00 0 1,064,234 0.00 0.93

Vanguard Total International Stock Index 4,143,830 3.28 4,093,750 3,115,657 3.32 2.72

Vanguard Emerging Markets Stock Index 72,874 0.06 11,303 0 0.01 0.00

Vanguard All World ex-US Small Cap 37,511 0.03 1,909 0 0.00 0.00

Vanguard Intermediate IG Fund 5,093,970 4.03 4,939,093 0 4.00 0.00

Vanguard Total Bond Index 2,706,918 2.14 2,503,892 2,005,267 2.03 1.75

Vanguard Intermediate Bond Index 0 0.00 0 2,062,295 0.00 1.80

Vanguard Long-Term US Treasury 0 0.00 0 1,476,837 0.00 1.29

Vanguard Inflation Protected Securities 0 0.00 0 554,072 0.00 0.48

Vanguard Retirement Savings Trust 3,829,823 3.03 4,020,697 3,568,749 3.26 3.11

Vanguard Total International Bond Index 120,645 0.10 116,009 0 0.09 0.00

Vanguard Federal Money Market 5,993,911 4.75 5,838,661 5,795,417 4.73 5.05

Vanguard REIT Index 1,260,407 1.00 1,185,875 894,096 0.96 0.78

Vanguard Wellington 9,308,889 7.37 8,972,269 8,077,251 7.28 7.04

Vanguard Target Retirement Income 3,425,202 2.71 3,402,185 2,772,011 2.76 2.42

Vanguard Target Retirement 2015 5,563,364 4.40 5,662,199 5,549,078 4.59 4.84










Total Portfolio Market Values

As of

Sep-19 ($)

Actual

Allocation (%)

As of

Jun-19 ($)

Actual

Allocation (%)

As of

Sep-18 ($)

Actual

Allocation (%)

Vanguard Target Retirement 2055 827,379 0.66 777,397 726,497 0.63 0.63

Vanguard Target Retirement 2060 74,247 0.06 62,005 53,671 0.05 0.05

Loan 699,025 0.55 621,158 317,640 0.50 0.28




For the Period Ending September 30, 2019

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

Eato

n Vance A

tlanta

Cap S

MID

Vanguard W

ellin

gton

Vanguard Ta

rget R

etire

ment 2

020

Vanguard Ta

rget R

etire

ment 2

030

Vanguard Ta

rget R

etire

ment 2

035

Vanguard In

stitu

t ional In

dex

Vanguard Fede

ral M

oney

Mark

et

Vanguard Ta

rget R

etire

ment 2

015

Vanguard In

term

edia

te IG

Fund

Vanguard To

tal In

tern

ational S

tock

Index

Vanguard Ta

rget R

etire

ment 2

045

Vanguard R

etirem

ent Savin

gs Tru

st

Vanguard Ta

rget R

etire

ment I

ncom

e

Vanguard Ta

rget R

etire

ment 2

040

Vanguard W

indso

r II

Vanguard To

tal B

ond In

dex

Vanguard Sm

all C

ap Index

Vanguard Ta

rget R

etire

ment 2

050

Vanguard R

EIT In

dex

Vanguard Ta

rget R

etire

ment 2

055

Loan

Vanguard FTS

E Social In

dex

Vanguard To

tal In

tern

ational B

ond In

dex

Vanguard Ta

rget R

etire

ment 2

060

Vanguard E

mer

ging M

arket

s Sto

ck In

dex

Vanguard A

ll World

ex-

US Sm

all Cap

14.23

11.6310.83

9.31 9.06 8.77

7.48

6.445.99

5.565.09

4.14 4.01 3.833.43 3.33

2.86 2.712.18 2.02

1.260.83 0.70

0.31 0.12 0.07 0.07 0.04

(M arket Value in $M illions)

Total Market Value: $126,310,796



Florida Municipal Pension Trust Fund Participant Directed Mutual Fund Program

Executive Summary Period Ended September 30, 2019

Vanguard Windsor II (VWNAX) – Page 42 This Morningstar three-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 Barrow Hanley, Vanguard Quantitative Equity Group, Hotchkis and Wiley, Sanders Capital and Lazard Asset Management. This fund posted strong results in the third quarter, outpacing the performance of the Russell 1000 Value by 20 basis points. This fund has managed to rank in the top 35th percentile relative to its peer group universe over the past 10 years. Vanguard FTSE Social Index (VFTAX) – Page 44 This Morningstar five-star rated fund was added to the fund lineup in May 2019 to allow participants to invest in a socially-conscious manner. It employs an investment approach that emphasizes companies that have been screened for certain social and environmental criteria. This fund has posted strong absolute returns over the past 10 years, rising 13.69%, outpacing the Russell 1000 Index and ranking in the top 4th percentile of its peer group of large cap equity managers. Vanguard Institutional Index (VINIX) – Page 46 This passively-managed fund has a five star rating from Morningstar, and is focused on providing performance in line with the broad large cap domestic equity market as measured by the S&P 500 Index, with a similar risk profile and very efficient fee structure. This fund has matched the risk-return profile of the S&P 500 over all time periods. Vanguard PRIMECAP (VPMAX) – Page 48 This four star rated fund is tasked with providing excess returns in the large cap growth equity segment of the domestic market, as a complement to a similar value option within the plan. It’s proved to be challenging for this fund to keep up with the robust performance of the Russell 1000 Growth Index over recent time periods. However, it has outperformed its peer group over the past 5-10 years, ranking in the top 22nd percentile of its peer group of US Large Cap Growth managers over the past 10 years. EV Atlanta Capital SMID (ERASX) – Page 50 This five star rated fund focuses on identifying seasoned, high quality small-to-mid capitalization U.S. companies with solid balance sheets and experienced management teams. This fund continues to post strong quarterly results, achieving 402 basis points of excess returns over the Russell 2500 in the third quarter. This fund has a strong track record over the long term, outpacing the benchmark by over 320 basis points on average annually over the past 10 years, and ranking in the top 2nd percentile of its peer group of US Small Cap managers during this time frame. Vanguard Small Cap Index (VSMAX) – Page 52 This fund has a five star rating from Morningstar, and is focused on providing performance in line with the small cap domestic equity market as measured by the CRSP US Small Cap Index, with a similar risk profile and very efficient fee structure. Over the last 3 years, this fund has matched the benchmark’s performance, and ranks in the top 13th percentile of its peer group.

28


Vanguard All World ex-US Small Cap (VFSAX) – Page 54 This Morningstar two star rated index fund was added to the fund lineup in May 2019 to provide low-cost exposure to small capitalization companies located in non-U.S. developed markets. This fund is subject to currency risk and country risk, and may experience heightened volatility because of its focus on small cap stocks. While this fund has struggled to match the risk-return profile over longer term time periods, it ranks in the top 34th percentile of it’s peer group of international Small/Mid Cap managers over the trailing year. Vanguard Emerging Markets Stock Index (VEMAX) – Page 56 This fund was added to the fund lineup in May 2019. This fund is rated three stars by Morningstar, and employs an indexing investment approach to give investors a low cost exposure to emerging markets countries. This fund serves as an opportunity for investors to diversify their exposure to the international markets. This fund has performed in line with the MSCI Diversified Emerging Markets Index on a risk-adjusted basis over the past 5-10 years. Vanguard Total International Stock Index (VT1AX) – Page 58 This Morningstar three star rated fund is focused on providing performance in line with the broad international equity market as measured by the FTSE Global All Cap Ex-US Index, with a similar risk profile and very efficient fee structure. This fund has performed in line with its benchmark on a risk adjusted basis over the past 3-5 years. Vanguard Intermediate Investment Grade Fund (VFIDX) – Page 60 This actively managed fund is rated 3 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 nearly 90 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 62 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 64 This fund seeks to provide a high level of current and stable income by investing in synthetic investment contracts backed by high-quality fixed income investments and traditional investments issued by insurance companies and banks, with a goal of maintaining a net asset value of $1 per share. This fund has managed to outperform the US 90 Day T-Bills over all longer term time periods. Vanguard Total International Bond Index (VTABX) – Page 65 This Morningstar four 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 years.

29


Vanguard Federal Money Market (VMFXX) – Page 67 This fund seeks a high level of current income by investing in high-quality money market instruments, with an average maturity of 90 days or less and a goal of maintaining a net asset value of $1 per share. Vanguard REIT Index (VGSLX) – Page 68 This Morningstar three star rated fund is designed to track the performance of the domestic real estate investment trust (REIT) market. Performance has been in line with the NAREIT Index on a risk-adjusted basis and better than the peer group of specialty real estate managers over all longer term time periods years. Vanguard Wellington (VWENX) – Page 70 This balanced equity and fixed income fund carries a five star rating by Morningstar given its long history of outperforming objectives. The bond portfolio typically emphasizes high quality issues, while the equity portfolio focuses on dividend-paying companies with modest valuations. The mix between stocks and bonds can change over time depending on the manager’s view of opportunities in the marketplace, with the current allocation at 64% stocks and 36% cash/bonds. This fund is in line with objectives, ranking in the top decile of its peer group over all trailing time periods. Vanguard Target Retirement Income (VTINX) – Page 72 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 74 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 63% fixed income/cash and 37% equity. Vanguard Target Retirement 2020 (VTWNX) – Page 76 This Morningstar five star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2020. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 49% fixed income/cash and 51% equity. Vanguard Target Retirement 2025 (VTTVX) – Page 78 This fund carries a five star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2025. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 40% fixed income/cash and 60% equity

30


Vanguard Target Retirement 2030 (VTHRX) – Page 80 This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2030. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of Vanguard fee-efficient mutual funds. The current asset allocation of this fund is 33% fixed income/cash and 67% equity. Vanguard Target Retirement 2035 (VTTHX) – Page 82 This fund carries a four star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2035. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 25% fixed income/cash and 75% equity. Vanguard Target Retirement 2040 (VFORX) – Page 84 This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2040. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 18% fixed income/cash and 82% equity. Vanguard Target Retirement 2045 (VTIVX) – Page 86 This fund carries a four star rating from Morningstar and provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2045. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity. Vanguard Target Retirement 2050 (VFIFX) – Page 88 This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2050. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity. Vanguard Target Retirement 2055 (VFFVX) – Page 90 This Morningstar four star rated fund provides a shifting mix of stocks and bonds to investors that intend to retire in or around 2055. The fund’s asset allocation becomes more conservative as it approaches its target date and into retirement, putting an increasingly greater emphasis on income. The fund’s assets are invested in an underlying blend of fee-efficient Vanguard mutual funds. The current asset allocation of this fund is 12% fixed income/cash and 88% equity. While the trailing three and five year returns for the fund lag those of the benchmark due to a larger allocation towards more volatile non-US stocks and bonds, the fund ranks in the top 22nd percentile of the Morningstar universe of Target Date 2060+ funds over the past nine years.

31


Vanguard Target Retirement 2060 (VTTSX) – Page 92 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 12% fixed income/cash and 88% equity. While the trailing three and five year returns for the fund lag those of the benchmark due to a larger allocation towards more volatile non-US stocks and bonds, the fund ranks in the top 36th percentile of the Morningstar universe of Target Date 2060+ funds over the past three years and in the top 2nd percentile over the past seven years.

32

FMPTF Participant-Directed Mutual Fund Program

Active Managers StrategyMorningstar Rating 3 or

Better

3 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 NO YES YES NO

Vanguard PRIMECAP US Large Cap Growth Equity YES NO NO NO YES NO Ranked in top 22nd percentile over trailing 10 years.

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

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

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

Vanguard Wellington Moderate Balanced YES YES YES 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 FTSE Social Index US Large Cap Equity YES NO YES YES YES

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

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

Vanguard All World ex US Small Cap International Small-Cap Equity NO NO NO YES YES Ranked in the top 34th percentile over trailing 1 year.

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

Vanguard Total Intl Stock Index International All-Cap Equity YES YES YES YES YES

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

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

Vanguard REIT Index US REIT YES YES YES YES YES

Targe Retirement Managers StrategyMorningstar Rating 3 or

Better



3 Year Sharpe Ratio >

Benchmark

5 Year Sharpe Ratio >

BenchmarkComments

Vanguard Target Retirement Income Balanced YES YES YES YES YES

Vanguard Target Retirement 2015 Balanced YES YES YES YES YES





Vanguard Target Retirement 2040 Balanced YES YES YES YES NO

Vanguard Target Retirement 2045 Balanced YES YES YES YES NO

Vanguard Target Retirement 2050 Balanced YES YES NO YES NO

Vanguard Target Retirement 2055 Balanced YES NO NO YES NO Ranked in the 22nd percentile over trailing 9 years.

Vanguard Target Retirement 2060 Balanced YES NO NO NO NO Ranked in the 36th percentile over trailing 3 years.

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 EvaluationFor the Periods Ending September 30, 2019


Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Equity

US Equity

US Large Cap Value

Vanguard Windsor II * 1.56 1.73 10.10 7.53 10.76 11.09 VWNAX 0.25 3

Russell 1000 Value 1.36 4.00 9.43 7.79 11.30 11.46

Difference (+/-) 0.20 -2.27 0.67 -0.26 -0.54 -0.37

Median MF US Large Cap Value Net 1.54 2.31 9.45 7.16 10.57 10.61

Rank 50 54 35 42 44 35

US Large Cap Core

Vanguard FTSE Social Index * 1.87 5.29 14.60 11.59 14.77 13.69 VFTAX 0.14 5

Russell 1000 1.42 3.87 13.19 10.62 13.21 13.23

Difference (+/-) 0.45 1.42 1.41 0.97 1.56 0.46

Median MF US Large Cap Blend Net 1.48 2.94 11.99 9.16 11.99 11.95

Rank 31 23 5 4 2 4

Vanguard Institutional Index * 1.69 4.23 13.36 10.81 13.22 13.22 VINIX 0.04 5

S&P 500 1.70 4.25 13.39 10.84 13.26 13.24

Difference (+/-) -0.01 -0.02 -0.03 -0.03 -0.04 -0.02

Median MF US Large Cap Blend Net 1.48 2.94 11.99 9.16 11.99 11.95

Rank 37 31 16 11 10 7


* Performance and statistics are presented net of fees.

34

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

US Large Cap Growth

Vanguard PRIMECAP * 0.80 -2.34 14.14 11.65 15.90 14.32 VPMAX 0.31 4

Russell 1000 Growth 1.49 3.71 16.89 13.39 15.02 14.94

Difference (+/-) -0.69 -6.05 -2.75 -1.74 0.88 -0.62

Median MF US Large Cap Growth Net -0.07 1.85 14.75 11.38 13.51 13.32

Rank 31 87 59 46 7 22

US Small/Mid Cap Equity

Eaton Vance Atlanta Cap SMID * 2.74 8.64 16.34 15.18 15.74 15.42 ERASX 0.82 5

Russell 2500 -1.28 -4.04 9.51 8.57 11.43 12.22

Difference (+/-) 4.02 12.68 6.83 6.61 4.31 3.20

Median MF US Small Cap Blend Net -1.23 -7.96 7.40 7.33 10.10 10.85

Rank 3 2 2 2 2 2

Vanguard Small Cap Index * -1.45 -3.81 9.62 8.62 11.59 12.38 VSMAX 0.05 5

CRSP US Small Cap -1.47 -3.80 9.61 8.60 11.73 12.71

Difference (+/-) 0.02 -0.01 0.01 0.02 -0.14 -0.33

Median MF US Small Cap Blend Net -1.23 -7.96 7.40 7.33 10.10 10.85

Rank 57 18 13 23 13 10

Non US Equity

Vanguard All World ex-US Small Cap * -2.23 -6.21 3.87 2.89 5.27 5.49 VFSAX 0.16 2

MSCI ACWI ex US SC NetDiv -1.19 -5.63 4.64 3.98 6.22 6.13

Difference (+/-) -1.04 -0.58 -0.77 -1.09 -0.95 -0.64

Median MF Foreign Small/Mid Cap Core Net -1.62 -7.36 4.19 3.78 6.55 6.41

Rank 72 34 62 76 77 85



35

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Emerging Markets Stock Index * -3.60 1.27 5.26 2.01 2.28 3.16 VEMAX 0.14 3

MSCI Emerging Markets NetDiv -4.25 -2.02 5.97 2.33 2.41 3.37

Difference (+/-) 0.65 3.29 -0.71 -0.32 -0.13 -0.21

Median MF Diversified Emerging Markets Net -3.41 0.58 5.33 2.14 2.64 3.55

Rank 56 44 51 53 59 60

Vanguard Total International Stock Index * -1.60 -1.56 6.06 3.16 5.30 4.53 VTIAX 0.11 3

FTSE Global All Cap ex US -1.58 -1.35 6.50 3.49 5.63 5.13

Difference (+/-) -0.02 -0.21 -0.44 -0.33 -0.33 -0.60

Median MF Foreign Large Cap Core Net -1.36 -2.53 5.44 2.81 5.43 4.66

Rank 60 38 32 36 57 56

Fixed Income

Intermediate Core Bonds

Vanguard Intermediate IG Fund * 1.89 11.01 3.40 4.04 3.47 5.19 VFIDX 0.10 3

BloomBar US Credit Int 1.70 9.27 3.33 3.47 3.06 4.31

Difference (+/-) 0.19 1.74 0.07 0.57 0.41 0.88

Median MF Intermediate Core Bond Net 2.16 9.68 2.63 3.01 2.46 3.69

Rank 75 3 5 2 2 2

Vanguard Total Bond Index * 2.43 10.43 2.90 3.35 2.67 3.69 VBTLX 0.05 3

BloomBar US Aggregate 2.27 10.30 2.92 3.38 2.72 3.75

Difference (+/-) 0.16 0.13 -0.02 -0.03 -0.05 -0.06

Median MF Intermediate Core Bond Net 2.16 9.68 2.63 3.01 2.46 3.69

Rank 8 14 31 21 29 51



36

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Short Term Core Bonds

Vanguard Retirement Savings Trust * 0.59 2.35 2.03 1.98 1.92 2.19 -- 0.47 3

US T-Bills 90 Day 0.57 2.39 1.54 0.98 0.72 0.54

Difference (+/-) 0.02 -0.04 0.49 1.00 1.20 1.65

Median MF Ultrashort Bond Net 0.63 2.75 1.89 1.40 1.12 1.19

Rank 72 76 35 7 5 10

Non US Fixed Income

International Core Bonds

Vanguard Total International Bond Index * 2.98 11.28 4.10 4.54 -- -- VTABX 0.11 4

BloomBar Glbl Aggregate Bd US Hgd 2.59 10.65 3.65 4.12 3.80 4.17

Difference (+/-) 0.39 0.63 0.45 0.42 -- --

Median MF World Bond-USD Hedged Net 2.27 10.15 3.46 3.67 3.45 4.36

Rank 19 32 28 19 -- --


Vanguard Federal Money Market * 0.54 2.26 1.46 0.93 0.66 0.47 VMFXX 0.11

US T-Bills 90 Day 0.57 2.39 1.54 0.98 0.72 0.54

Difference (+/-) -0.03 -0.13 -0.08 -0.05 -0.06 -0.07

Real Assets

Vanguard REIT Index * 7.40 19.89 7.06 9.94 9.78 12.89 VGSLX 0.12 3

FTSE NAREIT US Real Estate 7.80 18.42 7.36 10.26 10.03 13.04

Difference (+/-) -0.40 1.47 -0.30 -0.32 -0.25 -0.15

Median MF Real Estate Net 7.51 18.21 6.85 9.48 9.18 12.27

Rank 53 31 46 38 31 31



37

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Balanced

Balanced - Intermediate

Vanguard Wellington * 3.20 8.65 10.09 8.22 9.70 9.90 VWENX 0.17 5

60% S&P 500/40% BloomBar US Agg 1.96 7.10 9.32 8.00 9.11 9.59

Difference (+/-) 1.24 1.55 0.77 0.22 0.59 0.31

Median MF Moderate Allocation Net 0.88 3.68 6.99 5.60 7.20 7.84

Rank 2 4 5 4 4 6

Target Date Retirement Funds

Vanguard Target Retirement Income * 1.52 6.75 5.10 4.57 4.78 5.76 VTINX 0.12 4

S&P Target Date Retirement Income 1.32 5.66 4.91 4.36 4.62 5.38

Difference (+/-) 0.20 1.09 0.19 0.21 0.16 0.38

Median MF Target Date 2000-2010 Net 0.95 5.50 5.43 4.67 5.55 6.52

Rank 5 4 78 61 84 78

Vanguard Target Retirement 2015 * 1.38 6.08 6.18 5.33 6.46 7.26 VTXVX 0.13 4

S&P Target Date 2015 1.23 4.87 6.12 5.28 6.23 6.86

Difference (+/-) 0.15 1.21 0.06 0.05 0.23 0.40


Rank 16 15 38 27 31 30

Vanguard Target Retirement 2020 * 1.19 5.29 7.08 5.97 7.36 7.96 VTWNX 0.13 5

S&P Target Date 2020 1.17 4.57 6.71 5.70 6.93 7.49

Difference (+/-) 0.02 0.72 0.37 0.27 0.43 0.47


Rank 36 32 12 5 5 7



38

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2025 * 1.10 4.89 7.77 6.39 7.98 8.48 VTTVX 0.13 5

S&P Target Date 2025 1.04 3.96 7.36 6.10 7.55 8.03

Difference (+/-) 0.06 0.93 0.41 0.29 0.43 0.45


Rank 33 29 13 5 10 11

Vanguard Target Retirement 2030 * 0.89 4.15 8.29 6.67 8.51 8.92 VTHRX 0.14 4

S&P Target Date 2030 0.88 3.23 7.93 6.48 8.13 8.51

Difference (+/-) 0.01 0.92 0.36 0.19 0.38 0.41


Rank 32 36 25 18 13 18

Vanguard Target Retirement 2035 * 0.70 3.37 8.78 6.92 9.03 9.35 VTTHX 0.14 4

S&P Target Date 2035 0.73 2.52 8.46 6.82 8.63 8.91

Difference (+/-) -0.03 0.85 0.32 0.10 0.40 0.44


Rank 34 35 28 25 15 14

Vanguard Target Retirement 2040 * 0.49 2.63 9.28 7.15 9.39 9.61 VFORX 0.14 4

S&P Target Date 2040 0.60 2.09 8.84 7.06 8.98 9.19

Difference (+/-) -0.11 0.54 0.44 0.09 0.41 0.42


Rank 40 40 20 24 14 16



39

Performance Summary



3

Months

(%)

1

Year

(%)

3

Years

(%)

5

Years

(%)

7

Years

(%)

10

Years

(%) Ticker

Expense

Ratio

(%)

MStar

Rating

Vanguard Target Retirement 2045 * 0.26 2.06 9.41 7.23 9.45 9.66 VTIVX 0.15 4

S&P Target Date 2045 0.53 1.83 9.07 7.21 9.24 9.38

Difference (+/-) -0.27 0.23 0.34 0.02 0.21 0.28


Rank 51 47 22 24 13 16

Vanguard Target Retirement 2050 * 0.29 2.07 9.42 7.24 9.45 9.65 VFIFX 0.15 4

S&P Target Date 2050 0.47 1.59 9.29 7.34 9.47 9.54

Difference (+/-) -0.18 0.48 0.13 -0.10 -0.02 0.11


Rank 43 42 28 25 15 18

Vanguard Target Retirement 2055 * 0.27 2.09 9.41 7.21 9.43 -- VFFVX 0.15 4

S&P Target Date 2055 0.46 1.57 9.43 7.41 9.64 9.67

Difference (+/-) -0.19 0.52 -0.02 -0.20 -0.21 --


Rank 40 39 30 30 22 --

Vanguard Target Retirement 2060 * 0.28 2.07 9.41 7.20 9.42 -- VTTSX 0.15 3

S&P Target Date 2060+ 0.45 1.56 9.61 7.49 9.70 --

Difference (+/-) -0.17 0.51 -0.20 -0.29 -0.28 --

Median MF Target Date 2060+ Net 0.16 1.84 9.06 7.25 9.42 --

Rank 40 38 36 61 2 --



40


Investment Manager Analysis



Vanguard Windsor II


Fund Information

Ticker VWNAX

Assets $(Millions) 45,365

Morningstar Rating 3

Expense Ratio 0.25%

Benchmark(s) Russell 1000 Value

Universe(s) MF US Large Cap Value Net

Avg Manager Tenure 6.82

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)

16.61

2.03

88.36

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

2.65

7.836.39

10.07

21.36

15.09

11.03

18.77

3.86

0.532.42


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

42


Vanguard Windsor II

For the Periods Ending September 30, 2019Return

(%)

Rank Std Dev

(%)

Sharpe

Ratio

10 Years Relative Statistics

Russell

1000 Value

Beta 1.00

Up Capture (%) 99.62

Down Capture (%) 104.22

Calendar Year Returns

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

27

.17

10

.70

2.7

8

16

.80

30

.80

11

.26

-3.1

4

13

.49

16

.89

-8.5

3

19

.69

15

.51

0.3

9

17

.51

32

.53

13

.45

-3.8

3

17

.34

13

.66

-8.2

7

24

.04

13

.64

-0.0

2

15

.14

31

.79

11

.09

-3.5

7

14

.47

16

.06

-8.9

6

Re

turn

(%

)

3 Months

Vanguard Windsor II * 1.56 50 -- --

Russell 1000 Value 1.36 -- --

MF US Large Cap Value Net * 1.54 -- --

1 Year

Vanguard Windsor II * 1.73 54 21.59 -0.03

Russell 1000 Value 4.00 19.64 0.08

MF US Large Cap Value Net * 2.31 18.68 0.00

3 Years

Vanguard Windsor II * 10.10 35 12.60 0.68

Russell 1000 Value 9.43 11.48 0.69


5 Years


Russell 1000 Value 7.79 10.41 0.65


10 Years


Russell 1000 Value 11.46 12.86 0.85


10 Years Risk / Return

10.00 11.00 12.00 13.00 14.00 15.00 16.008.00

9.00

10.00

11.00

12.00

13.00

14.00

Standard Deviat ion (%)

Re

turn

(%

)


Performance and statistics are calculated using quarterly return data.

* Net of Fee Returns

43


Vanguard FTSE Social Index


Fund Information

Ticker VFTAX



Expense Ratio 0.14%

Benchmark(s) Russell 1000

Universe(s) MF US Large Cap Blend Net


Manager Multiple

Strategy US Large Cap Core

Investment Strategy

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

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

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

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

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

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


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00


19.99

3.27

96.67

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

0.15

10.67

5.87

2.71

18.7316.43

6.87

30.67

2.434.33

1.15



44


Vanguard FTSE Social Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Beta 0.97




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

35

.12

14

.43

-0.7

8

17

.84

36

.84

15

.75

1.1

7

10

.24

24

.11

-3.4

5

28

.43

16

.10

1.5

0

16

.42

33

.11

13

.24

0.9

2

12

.05

21

.69

-4.7

8

27

.25

14

.37

0.1

7

15

.66

32

.17

11

.86

-0.1

4

10

.67

20

.92

-6.0

4

Re

turn

(%

)

3 Months

Vanguard FTSE Social Index * 1.87 31 -- --

Russell 1000 1.42 -- --

MF US Large Cap Blend Net * 1.48 -- --

1 Year

Vanguard FTSE Social Index * 5.29 23 22.32 0.13

Russell 1000 3.87 23.05 0.06

MF US Large Cap Blend Net * 2.94 18.97 0.03

3 Years


Russell 1000 13.19 13.00 0.90


5 Years


Russell 1000 10.62 11.16 0.86


10 Years


Russell 1000 13.23 13.03 0.97



10.00 11.00 12.00 13.00 14.00 15.00 16.008.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




45


Vanguard Institutional Index


Fund Information

Ticker VINIX



Expense Ratio 0.04%

Benchmark(s) S&P 500

Universe(s) MF US Large Cap Blend Net


Manager Multiple

Strategy US Large Cap Core

Investment Strategy


return of large-capitalization stocks. The fund employs an indexing investment approach designed to

track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S.

stock market performance that is dominated by the stocks of large U.S. companies. The advisor

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

that make up the index, holding each stock in approximately the same proportion as its weighting in

the index.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00


20.32

3.18

111.22

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

3.41

11.77

8.13

4.53

15.67

13.55

10.40

23.34

2.403.22 3.59



46


Vanguard Institutional Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P 500

Beta 1.00




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

26

.63

15

.05

2.0

9

15

.98

32

.35

13

.65

1.3

7

11

.93

21

.79

-4.4

2

26

.46

15

.06

2.1

1

16

.00

32

.39

13

.69

1.3

8

11

.96

21

.83

-4.3

8

27

.25

14

.37

0.1

7

15

.66

32

.17

11

.86

-0.1

4

10

.67

20

.92

-6.0

4

Re

turn

(%

)

3 Months

Vanguard Institutional Index * 1.69 37 -- --

S&P 500 1.70 -- --

MF US Large Cap Blend Net * 1.48 -- --

1 Year

Vanguard Institutional Index * 4.23 31 22.55 0.08

S&P 500 4.25 22.54 0.08


3 Years


S&P 500 13.39 12.79 0.93


5 Years


S&P 500 10.84 11.00 0.90


10 Years


S&P 500 13.24 12.73 1.00



10.00 11.00 12.00 13.00 14.00 15.00 16.008.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




47


Vanguard PRIMECAP


Fund Information

Ticker VPMAX



Expense Ratio 0.31%

Benchmark(s) Russell 1000 Growth

Universe(s) MF US Large Cap Growth Net


Manager Multiple

Strategy US Large Cap Growth

Investment Strategy

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

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

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


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

20.00

40.00

60.00

80.00

100.00


17.78

3.60

83.91

Sector Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

45.00

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

0.22

9.22

0.051.53

9.47

24.07

19.34

35.19

0.93 0.00 0.00



48


Vanguard PRIMECAP


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 1000

Growth

Beta 0.96




-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

34

.60

12

.99

-1.7

7

15

.38

39

.86

18

.83

2.6

4

10

.72

29

.60

-1.9

4

37

.21

16

.71

2.6

4

15

.26

33

.48

13

.05

5.6

7

7.0

8

30

.21

-1.5

1

36

.10

15

.86

-1.1

2

15

.67

34

.69

10

.54

4.1

3

3.0

9

28

.41

-2.0

1

Re

turn

(%

)

3 Months

Vanguard PRIMECAP * 0.80 31 -- --

Russell 1000 Growth 1.49 -- --

MF US Large Cap Growth Net * -0.07 -- --

1 Year

Vanguard PRIMECAP * -2.34 87 20.96 -0.23

Russell 1000 Growth 3.71 26.47 0.05

MF US Large Cap Growth Net * 1.85 20.30 -0.02

3 Years

Vanguard PRIMECAP * 14.14 59 13.10 0.96

Russell 1000 Growth 16.89 15.21 1.01

MF US Large Cap Growth Net * 14.75 13.47 0.97

5 Years


Russell 1000 Growth 13.39 12.69 0.98


10 Years


Russell 1000 Growth 14.94 13.77 1.05



10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.0010.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00


Re

turn

(%

)




49


Eaton Vance Atlanta Cap SMID


Fund Information

Ticker ERASX



Expense Ratio 0.82%

Benchmark(s) Russell 2500

Universe(s) MF US Small Cap Blend Net


Manager Multiple

Strategy US Small/Mid Cap Core

Investment Strategy

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

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

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

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

TM Index.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00


25.54

3.72

8.64

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

0.00

22.00

0.00 0.00

14.0512.91

26.42

20.68

2.681.25

0.00



50


Eaton Vance Atlanta Cap SMID


(%)

Rank Std Dev

(%)

Sharpe

Ratio


Russell 2500

Beta 0.89




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

35

.25

25

.80

5.6

2

14

.26

36

.06

5.2

5 9.8

2

11

.35

24

.84

-5.2

7

34

.38

26

.71

-2.5

1

17

.88

36

.80

7.0

7

-2.9

0

17

.59

16

.81

-10

.00

28

.82

25

.87

-2.6

8

15

.81

37

.89

4.9

5

-4.3

6

20

.84

12

.93

-12

.55

Re

turn

(%

)

3 Months

Eaton Vance Atlanta Cap SMID * 2.74 3 -- --

Russell 2500 -1.28 -- --

MF US Small Cap Blend Net * -1.23 -- --

1 Year

Eaton Vance Atlanta Cap SMID * 8.64 2 27.75 0.23

Russell 2500 -4.04 28.33 -0.23

MF US Small Cap Blend Net * -7.96 24.69 -0.41

3 Years


Russell 2500 9.51 15.75 0.51

MF US Small Cap Blend Net * 7.40 17.03 0.35

5 Years


Russell 2500 8.57 13.78 0.55


10 Years


Russell 2500 12.22 16.03 0.73



12.00 13.00 14.00 15.00 16.00 17.00 18.00 19.00 20.008.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00

17.00

18.00


Re

turn

(%

)




51


Vanguard Small Cap Index


Fund Information

Ticker VSMAX



Expense Ratio 0.05%

Benchmark(s) CRSP US Small Cap

Universe(s) MF US Small Cap Blend Net


Manager Multiple

Strategy US Small Cap Core

Investment Strategy


return of small-capitalization stocks. The fund employs an indexing investment approach designed to

track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of small

U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all,

of its assets in the stocks that make up the index, holding each stock in approximately the same

proportion as its weighting in the index.


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00


17.82

2.14

4.06

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

0.83

13.38

3.802.66

14.24

10.86

14.77

18.30

5.43

12.30

3.45



52


Vanguard Small Cap Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


CRSP US

Small Cap

Beta 1.00




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

36

.33

27

.89

-2.6

9

18

.24

37

.81

7.5

0

-3.6

4

18

.30

16

.24

-9.3

1

40

.11

27

.98

-1.8

5

18

.59

38

.48

7.5

4

-3.6

8

18

.26

16

.24

-9.3

3

28

.82

25

.87

-2.6

8

15

.81

37

.89

4.9

5

-4.3

6

20

.84

12

.93

-12

.55

Re

turn

(%

)

3 Months

Vanguard Small Cap Index * -1.45 57 -- --

CRSP US Small Cap -1.47 -- --

MF US Small Cap Blend Net * -1.23 -- --

1 Year

Vanguard Small Cap Index * -3.81 18 28.47 -0.22

CRSP US Small Cap -3.80 28.49 -0.22

MF US Small Cap Blend Net * -7.96 24.69 -0.41

3 Years

Vanguard Small Cap Index * 9.62 13 15.83 0.51

CRSP US Small Cap 9.61 15.83 0.51


5 Years




10 Years





14.00 15.00 16.00 17.00 18.00 19.00 20.008.00

9.00

10.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




53


Vanguard All World ex-US Small Cap


Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

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

13.52

1.34 1.50

Investment Strategy


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

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

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

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

of key risk factors and other characteristics.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

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

1.68

15.04

5.383.68

10.65

6.28

17.36

14.80

10.49 11.16

3.48

Region Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00

US/Canada United

Kingdom

Europe

ex -UK

Japan As ia Pacific

ex -Japan

Emerging

Markets

Other

15.71

10.74

24.22

15.71

6.16

25.23

2.24


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VFSAX



Expense Ratio 0.16%

Benchmark(s) MSCI ACWI ex US SC NetDiv

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


Manager Multiple

Strategy Non US Equity



54


Vanguard All World ex-US Small Cap


(%)

Rank Std Dev

(%)

Sharpe

Ratio


MSCI

ACWI ex US

SC NetDiv

Beta 1.03




-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

25

.27

-18

.91

19

.12

17

.69

-4.6

7

-0.2

0

4.3

3

30

.27

-18

.45

25

.21

-18

.50

18

.52

19

.73

-4.0

3

2.6

0

3.9

1

31

.65

-18

.20

21

.59

-15

.26

19

.14 2

8.5

4

-5.8

0

5.2

5

1.3

3

33

.19

-20

.35

Re

turn

(%

)

3 Months

Vanguard All World ex-US Small

Cap *

-2.23 72 -- --

MSCI ACWI ex US SC NetDiv -1.19 -- --

MF Foreign Small/Mid Cap Core Net

*

-1.62 -- --

1 Year


Cap *

-6.21 34 20.65 -0.42

MSCI ACWI ex US SC NetDiv -5.63 20.40 -0.39


*

-7.36 17.85 -0.55

3 Years


Cap *

3.87 62 13.83 0.17

MSCI ACWI ex US SC NetDiv 4.64 13.78 0.22


*

4.19 12.48 0.21

5 Years


Cap *

2.89 76 12.59 0.15



*

3.78 12.60 0.23

10 Years


Cap *

5.49 85 16.06 0.31



*

6.41 15.09 0.40


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

9.00

10.00


Re

turn

(%

)




55


Vanguard Emerging Markets Stock Index


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00


13.20

1.63

19.91

Investment Strategy


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

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

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

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

characteristics.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00

32.00

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

4.57

11.90

7.01 7.43

24.70

3.136.07

19.69

8.24

4.08 3.20

Region Allocation

0.00

5.00

10.0015.00

20.00

25.00

30.00

35.0040.00

45.00

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

12.76

5.70 5.23

34.56 35.22

0.11 1.195.22


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VEMAX



Expense Ratio 0.14%

Benchmark(s) MSCI Emerging Markets NetDiv

Universe(s) MF Diversified Emerging Markets Net


Manager Multiple




56


Vanguard Emerging Markets Stock Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


MSCI

Emerging

Markets

Beta 1.01




-40.00

-20.00

0.00

20.00

40.00

60.00

80.00

100.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

76

.18

18

.99

-18

.67

18

.86

-5.0

2

0.6

0

-15

.35

11

.73

31

.38

-14

.58

78

.51

18

.88

-18

.42

18

.22

-2.6

0

-2.1

9

-14

.92

11

.19

37

.28

-14

.57

73

.97

18

.85

-18

.90

19

.35

-1.1

3

-2.8

1

-13

.47

8.4

8

36

.09

-16

.63

Re

turn

(%

)

3 Months

Vanguard Emerging Markets Stock

Index *

-3.60 56 -- --

MSCI Emerging Markets NetDiv -4.25 -- --

MF Diversified Emerging Markets

Net *

-3.41 -- --

1 Year


Index *

1.27 44 15.50 -0.07

MSCI Emerging Markets NetDiv -2.02 15.15 -0.29


Net *

0.58 18.14 -0.11

3 Years


Index *

5.26 51 13.33 0.28

MSCI Emerging Markets NetDiv 5.97 13.63 0.33


Net *

5.33 14.15 0.27

5 Years


Index *

2.01 53 14.16 0.07



Net *

2.14 14.82 0.08

10 Years


Index *

3.16 60 16.37 0.16



Net *

3.55 17.01 0.18


14.00 15.00 16.00 17.00 18.00 19.00 20.000.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




57


Vanguard Total International Stock Index


Characteristics

0.00

4.00

8.00

12.00

16.00

20.00

24.00

28.00


14.65

1.52

22.64

Investment Strategy


return of stocks issued by companies located in developed and emerging markets, excluding the

United States. The fund employs an indexing investment approach designed to track the performance

of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index

designed to measure equity market performance of companies located in developed and emerging

markets, excluding the United States. It invests all, or substantially all, of its assets in the common

stocks included in its target index.

Sector Allocation

0.00

4.00

8.00

12.00

16.00

20.00

24.00

Com

m

Services

Con

s Disc

Con

s St

aples

Energ

y

Financia

ls

Health C

are

Indust

rials

Info

Tec

h

Mate

rials

Real Estate

Utilitie

s

3.70

11.599.65

6.45

20.20

8.54

12.17 12.12

8.18

4.06 3.35

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

8.03

10.72

29.58

17.20

6.81

25.27

2.35


Large

Mid

Small

GrowthCoreValue

Fund Information

Ticker VTIAX



Expense Ratio 0.11%

Benchmark(s) FTSE Global All Cap ex US

Universe(s) MF Foreign Large Cap Core Net


Manager Multiple




58


Vanguard Total International Stock Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


FTSE

Global All

Cap ex US

Beta 1.02




-30.00

-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

36

.73

11

.04

-14

.52

18

.21

15

.14

-4.1

7

-4.2

6

4.6

7

27

.55

-14

.43

45

.04

13

.23

-14

.03

17

.92

15

.90

-3.1

2

-4.0

3

5.0

4

27

.77

-14

.36

31

.75

10

.09

-13

.36

18

.02

20

.57

-5.4

2

-1.0

0

0.9

0

25

.38

-15

.21

Re

turn

(%

)

3 Months

Vanguard Total International Stock

Index *

-1.60 60 -- --

FTSE Global All Cap ex US -1.58 -- --

MF Foreign Large Cap Core Net * -1.36 -- --

1 Year


Index *

-1.56 38 18.31 -0.22

FTSE Global All Cap ex US -1.35 18.45 -0.20

MF Foreign Large Cap Core Net * -2.53 16.35 -0.29

3 Years


Index *

6.06 32 12.03 0.38

FTSE Global All Cap ex US 6.50 11.93 0.42

MF Foreign Large Cap Core Net * 5.44 11.67 0.34

5 Years


Index *

3.16 36 11.56 0.19



10 Years


Index *

4.53 56 14.67 0.27




12.00 13.00 14.00 15.00 16.00 17.00 18.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




59


Vanguard Intermediate IG Fund


Fund Information

Ticker VFIDX



Expense Ratio 0.10%

Benchmark(s) BloomBar US Credit Int

Universe(s) MF Intermediate Core Bond Net


Manager Multiple

Strategy Intermediate Core Bonds

Investment Strategy

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

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

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

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

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

average maturity of 5 to 10 years.

Characteristics

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

Avg Eff Maturity Avg Eff Durat ion Avg Coupon

5.60 5.45

3.50

Quality Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

AAA AA A BBB BB B CCC CC C Below

C/NR

24.21

10.59

43.71

18.59

1.11 0.37 0.00 0.00 0.00 1.42

Morningstar Investment Style

High

Med

Low

Short Med Long

Qu

alit

y

Duration

Sector Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

10.50

61.94

0.71 1.138.34

0.03

14.66

2.69



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

60


Vanguard Intermediate IG Fund


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

US

Credit Int

Beta 1.27




-8.00

-4.00

0.00

4.00

8.00

12.00

16.00

20.00

24.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

17

.87

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

15

.93

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

Re

turn

(%

)

3 Months

Vanguard Intermediate IG Fund * 1.89 75 -- --

BloomBar US Credit Int 1.70 -- --

MF Intermediate Core Bond Net * 2.16 -- --

1 Year

Vanguard Intermediate IG Fund * 11.01 3 2.73 3.15

BloomBar US Credit Int 9.27 2.53 2.72

MF Intermediate Core Bond Net * 9.68 3.73 2.02

3 Years




5 Years




10 Years





0.00 1.00 2.00 3.00 4.00 5.00 6.000.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




61


Vanguard Total Bond Index


Fund Information

Ticker VBTLX



Expense Ratio 0.05%

Benchmark(s) BloomBar US Aggregate

Universe(s) MF Intermediate Core Bond Net


Manager Joshua C. Barrickman

Strategy Intermediate Core Bonds

Investment Strategy

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

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

Aggregate Float Adjusted Index. This index represents a wide spectrum of public, investment-grade,

taxable, fixed income securities in the United States-including government, corporate, and

international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all

with maturities of more than 1 year. All of its investments will be selected through the sampling

process, and at least 80% of its assets will be invested in bonds held in the index.

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00


8.30

6.20

3.23

Quality Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

AAA AA A BBB BB B CCC CC C Below

C/NR

67.35

3.51

11.17

17.97

0.00 0.00 0.00 0.00 0.00 0.00


High

Med

Low

Short Med Long

Qu

alit

y

Duration

Sector Allocation

0.00

10.00

20.00

30.00

40.00

50.00

Trea

sury

Inv

Gra

de

Cre

ditM

BS

Agency

CM

BS

Bank Lo

ans

Oth

er

Cash

42.84

25.9322.17

3.981.22 0.00 1.67 2.20




62


Vanguard Total Bond Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

US

Aggregate

Beta 1.03




-4.00

-2.00

0.00

2.00

4.00

6.00

8.00

10.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6.0

4

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

5.9

3

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

1Re

turn

(%

)

3 Months

Vanguard Total Bond Index * 2.43 8 -- --

BloomBar US Aggregate 2.27 -- --

MF Intermediate Core Bond Net * 2.16 -- --

1 Year

Vanguard Total Bond Index * 10.43 14 1.33 6.05

BloomBar US Aggregate 10.30 1.33 5.93


3 Years




5 Years




10 Years





0.00 1.00 2.00 3.00 4.00 5.00 6.000.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




63


Vanguard Retirement Savings Trust


(%)

Rank Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta -0.02


Down Capture (%)


0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

2.9

8

2.8

7

2.9

4

2.3

7

1.7

3

1.8

2

1.9

0

1.8

7

1.7

6 2.0

9

0.2

1

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

5.6

0

1.6

0

0.3

8

1.6

4

0.4

7

0.4

0

0.2

5

1.3

3

1.3

7 1.6

8

Re

turn

(%

)

3 Months


*

0.59 72 -- --

US T-Bills 90 Day 0.57 -- --

MF Ultrashort Bond Net * 0.63 -- --

1 Year


*

2.35 76 0.03 -1.28

US T-Bills 90 Day 2.39 0.07 0.00

MF Ultrashort Bond Net * 2.75 0.44 0.86

3 Years


*

2.03 35 0.13 3.64

US T-Bills 90 Day 1.54 0.39 0.00


5 Years


*

1.98 7 0.11 9.28

US T-Bills 90 Day 0.98 0.46 0.00


10 Years


*

2.19 10 0.23 7.21

US T-Bills 90 Day 0.54 0.39 0.00



-2.00 -1.00 0.00 1.00 2.00 3.00 4.00-2.00

-1.00

0.00

1.00

2.00

3.00

4.00

5.00

6.00


Re

turn

(%

)




64


Vanguard Total International Bond Index


Fund Information

Ticker VTABX



Expense Ratio 0.11%

Benchmark(s) BloomBar Glbl Aggregate Bd US Hgd

Universe(s) MF World Bond-USD Hedged Net


Manager Joshua C. Barrickman

Strategy International Core Bonds

Investment Strategy


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

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

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

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

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

US/Canada United

Kingdom

Europe

ex -UK

Japan As ia Pacific

ex -Japan

Emerging

Markets

Other

8.94 7.24

48.96

19.76

2.93

7.484.69

Characteristics

0.00

2.00

4.00

6.00

8.00

10.00

12.00


10.00

8.36

2.16

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

64.89

14.95

0.05

13.98

0.00 0.255.11

0.76


High

Med

Low

Short Med Long

Qu

alit

y

Duration




65


Vanguard Total International Bond Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


BloomBar

Glbl

Aggregate

Beta 1.03




0.00

2.00

4.00

6.00

8.00

10.00

12.00

2014 2015 2016 2017 2018

8.8

2

1.0

6

4.6

6

2.3

9 2.9

3

7.5

8

1.0

2

3.9

5

3.0

4

1.7

6

Re

turn

(%

)

3 Months

Vanguard Total International Bond

Index *

2.98 19 -- --

BloomBar Glbl Aggregate Bd US

Hgd

2.59 -- --

MF World Bond-USD Hedged Net * 2.27 -- --

1 Year


Index *

11.28 32 1.18 7.53


Hgd

10.65 1.15 7.19

MF World Bond-USD Hedged Net * 10.15 3.16 2.56

3 Years


Index *

4.10 28 3.03 0.84


Hgd

3.65 3.03 0.70


5 Years


Index *

4.54 19 3.32 1.07


Hgd

4.12 3.12 1.01


6 Years


Index *

4.88 22 3.09 1.31


Hgd

4.35 2.91 1.21



0.00 1.00 2.00 3.00 4.00 5.00 6.002.00

3.00

4.00

5.00

6.00

7.00

8.00


Re

turn

(%

)




66


Vanguard Federal Money Market


(%)

Std Dev

(%)

Sharpe

Ratio


US T-Bills

90 Day

Beta 0.97


Down Capture (%)


0.00

0.40

0.80

1.20

1.60

2.00

2.40

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

0.4

0

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

0.2

1

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

Re

turn

(%

)

3 Months

Vanguard Federal Money Market * 0.54 -- --

US T-Bills 90 Day 0.57 -- --

1 Year

Vanguard Federal Money Market * 2.26 0.04 -3.01

US T-Bills 90 Day 2.39 0.07 0.00

3 Years


US T-Bills 90 Day 1.54 0.39 0.00

5 Years


US T-Bills 90 Day 0.98 0.46 0.00

10 Years


US T-Bills 90 Day 0.54 0.39 0.00


-2.00 -1.00 0.00 1.00 2.00 3.00 4.00-2.00

-1.00

0.00

1.00

2.00

3.00

4.00


Re

turn

(%

)




67


Vanguard REIT Index


Fund Information

Ticker VGSLX



Expense Ratio 0.12%

Benchmark(s) FTSE NAREIT US Real Estate

Universe(s) MF Real Estate Net


Manager Multiple

Strategy Core Real Estate - Mid Core

Investment Strategy

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

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

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

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

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

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

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


Large

Mid

Small

GrowthCoreValue

Characteristics

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00


31.16

2.75

16.21

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 0.29

99.67

0.00



68


Vanguard REIT Index


(%)

Rank Std Dev

(%)

Sharpe

Ratio


FTSE

NAREIT US

Real Estate

Beta 1.00




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

29

.76

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

.00

27

.95

8.2

9

18

.06

2.4

7

30

.14

3.2

0 8.5

2

5.2

3

-4.6

2

29

.63

27

.67

8.0

7

16

.74

1.6

6

29

.79

3.0

4 5.9

1

5.3

3

-5.9

2

Re

turn

(%

)

3 Months

Vanguard REIT Index * 7.40 53 -- --

FTSE NAREIT US Real Estate 7.80 -- --

MF Real Estate Net * 7.51 -- --

1 Year

Vanguard REIT Index * 19.89 31 19.94 0.88

FTSE NAREIT US Real Estate 18.42 19.58 0.82

MF Real Estate Net * 18.21 16.11 1.00

3 Years




5 Years




10 Years





10.00 11.00 12.00 13.00 14.00 15.00 16.00 17.00 18.0010.00

11.00

12.00

13.00

14.00

15.00

16.00


Re

turn

(%

)




69


Vanguard Wellington


Fund Information

Ticker VWENX



Expense Ratio 0.17%

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

Universe(s) MF Moderate Allocation Net


Manager Multiple

Strategy Balanced

Investment Strategy

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

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

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

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

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

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

Asset Allocation Fund Type

Risk Based

Age Based

Region Allocation

0.00

20.00

40.00

60.00

80.00

100.00

120.00

U S/Canada U nited

K ingdom

Europe ex-U K Japan As ia Pacific

ex-Japan

Emerging

M arkets

Other

84

.54

3.3

7 9.1

0

0.7

8

0.1

5

1.3

8

0.6

8

10

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

0.0

0

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

Agg

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

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

52

.73

26

.86

11

.53

5.4

3

2.9

1

0.5

4

60

.00

40

.00

0.0

0

0.0

0

0.0

0

0.0

0

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

Agg



70


Vanguard Wellington


(%)

Rank Std Dev

(%)

Sharpe

Ratio


60% S&P

500/40%

BloomBar

Beta 1.05




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

22

.34

11

.04

3.9

5

12

.67

19

.76

9.9

0

0.1

4

11

.09 14

.82

-3.3

5

18

.39

12

.14

4.6

8

11

.34

17

.56

10

.62

1.2

8

8.3

1

14

.21

-2.3

5

24

.52

12

.25

0.2

7

12

.29 1

7.2

7

6.2

9

-1.2

5

6.9

1

13

.88

-5.6

4

Re

turn

(%

)

3 Months

Vanguard Wellington * 3.20 2 -- --

60% S&P 500/40% BloomBar US Agg 1.96 -- --

MF Moderate Allocation Net * 0.88 -- --

1 Year

Vanguard Wellington * 8.65 4 12.95 0.48

60% S&P 500/40% BloomBar US Agg 7.10 14.08 0.33

MF Moderate Allocation Net * 3.68 11.68 0.12

3 Years




5 Years




10 Years





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

11.00

12.00


Re

turn

(%

)




71


Vanguard Target Retirement Income


Fund Information

Ticker VTINX



Expense Ratio 0.12%

Benchmark(s) S&P Target Date Retirement Income

Universe(s) MF Target Date 2000-2010 Net


Manager Multiple

Strategy Target Date Retirement Funds

Investment Strategy

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

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

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

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

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

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

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

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


Risk Based

Age Based

Region Allocation

0.00

20.00

40.00

60.00

80.00

100.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

72

.02

2.7

4

12

.02

5.5

3

1.3

7

4.6

7

1.6

4

58

.51

4.7

1 13

.26

6.9

7

3.5

7 10

.36

2.6

2

Vanguard Target Ret irement

Income

S&P Target Date Ret irement

Income

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

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

50

.72

18

.23

18

.10

11

.55

1.1

1

0.3

0

42

.73

5.9

6

22

.74

10

.93

6.4

1 11

.23


Income

S&P Target Date Ret irement

Income



72


Vanguard Target Retirement Income


(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P

Target Date

Retirement

Beta 0.94




-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

14

.28

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

11

.37

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

24

.26

11

.42

0.3

7

10

.59

10

.83

4.6

0

-0.9

9

6.1

7

10

.26

-3.4

2

Re

turn

(%

)

3 Months

Vanguard Target Retirement

Income *

1.52 5 -- --

S&P Target Date Retirement

Income

1.32 -- --

MF Target Date 2000-2010 Net * 0.95 -- --

1 Year


Income *

6.75 4 7.31 0.60


Income

5.66 7.98 0.41

MF Target Date 2000-2010 Net * 5.50 6.71 0.48

3 Years


Income *

5.10 78 4.37 0.81


Income

4.91 4.64 0.72


5 Years


Income *

4.57 61 3.86 0.93


Income

4.36 4.00 0.84


10 Years


Income *

5.76 78 3.94 1.32


Income

5.38 4.17 1.16



0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.002.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




73


Vanguard Target Retirement 2015


Fund Information

Ticker VTXVX



Expense Ratio 0.13%

Benchmark(s) S&P Target Date 2015



Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

70

.16

3.0

1

12

.43

5.8

6

1.5

6

5.3

6

1.6

2

58

.82

4.8

3

13

.56

7.2

4

3.6

7 9.4

1

2.4

7


2015S&P Target Date 2015

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

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

44

.37

22

.44

16

.98

14

.77

1.1

4

0.3

0

36

.73

28

.68

4.8

7

13

.98

5.2

6 10

.48





74




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2015

Beta 0.99




-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

21

.30

12

.47

1.7

1

11

.37

13

.00

6.5

6

-0.4

6

6.1

6

11

.50

-2.9

7

17

.48

11

.85

1.5

3

10

.32

12

.16

5.4

9

-0.1

6

6.5

6

11

.39

-3.6

7

25

.08

11

.75

-0.2

2

11

.48

13

.12

4.8

9

-1.1

2

6.4

7

11

.50

-3.9

2

Re

turn

(%

)

3 Months

Vanguard Target Retirement 2015 * 1.38 16 -- --

S&P Target Date 2015 1.23 -- --


1 Year

Vanguard Target Retirement 2015 * 6.08 15 9.32 0.40

S&P Target Date 2015 4.87 10.50 0.24


3 Years


S&P Target Date 2015 6.12 5.96 0.77


5 Years


S&P Target Date 2015 5.28 5.26 0.82


10 Years


S&P Target Date 2015 6.86 6.79 0.93



4.00 5.00 6.00 7.00 8.00 9.00 10.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




75




Fund Information

Ticker VTWNX



Expense Ratio 0.13%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

67

.44

3.4

3

12

.93

6.3

1

1.8

5 6.4

7

1.5

7

57

.92

4.9

0

13

.80

7.3

3

3.7

1 9.7

3

2.6

1



Asset Allocation

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

40.00

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

33

.37

30

.48

20

.10

14

.49

1.2

6

0.2

9

33

.52

32

.17

15

.91

4.7

4

5.0

8

8.5

8





76




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2020

Beta 1.01




-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

23

.10

13

.12

0.6

0

12

.35

15

.85

7.1

1

-0.6

8

6.9

5

14

.08

-4.2

4

19

.95

12

.93

0.5

8

11

.48

14

.76

5.6

7

-0.1

9

7.2

2

12

.80

-4.1

6

26

.86

12

.70

-0.2

9

11

.92

13

.36

5.2

6

-1.0

7

6.3

8

12

.78

-4.5

1

Re

turn

(%

)

3 Months


S&P Target Date 2020 1.17 -- --


1 Year


S&P Target Date 2020 4.57 11.60 0.19


3 Years


S&P Target Date 2020 6.71 6.58 0.79


5 Years


S&P Target Date 2020 5.70 5.86 0.80


10 Years


S&P Target Date 2020 7.49 7.91 0.88



4.00 5.00 6.00 7.00 8.00 9.00 10.004.00

5.00

6.00

7.00

8.00

9.00

10.00


Re

turn

(%

)




77




Fund Information

Ticker VTTVX



Expense Ratio 0.13%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

65

.19

3.7

6

13

.46

6.6

9

2.0

7 7.2

6

1.5

7

56

.64

4.9

9

14

.05

7.4

5

3.8

0 10

.38

2.6

9



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

36

.36

25

.03

23

.81

13

.13

1.3

9

0.2

9

37

.99

27

.47

19

.64

4.0

0

4.2

9 6.6

1





78




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2025

Beta 1.01




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

24

.81

13

.84

-0.3

7

13

.29 18

.14

7.1

7

-0.8

5

7.4

8

15

.94

-5.1

5

22

.03

13

.82

-0.2

8

12

.51 17

.03

5.5

6

-0.2

5

7.8

2

14

.55

-5.0

2

28

.97

13

.53

-2.0

0

13

.23

16

.76

5.4

2

-1.2

1

6.9

5

15

.05

-5.4

1

Re

turn

(%

)

3 Months


S&P Target Date 2025 1.04 -- --


1 Year


S&P Target Date 2025 3.96 13.46 0.12


3 Years


S&P Target Date 2025 7.36 7.60 0.77


5 Years


S&P Target Date 2025 6.10 6.71 0.76


10 Years


S&P Target Date 2025 8.03 8.99 0.83



6.00 7.00 8.00 9.00 10.00 11.00 12.004.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




79




Fund Information

Ticker VTHRX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

64

.85

3.8

9

13

.16

6.7

1

2.1

9 7.7

6

1.4

5

55

.92

5.0

7

14

.30

7.5

7

3.8

7 10

.50

2.7

7



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

40

.79

26

.68

20

.27

10

.62

1.3

7

0.2

7

44

.27

23

.23

20

.50

3.1

1

3.3

1

5.5

8





80




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2030

Beta 1.01




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

26

.72

14

.43

-1.2

7

14

.24 20

.49

7.1

7

-1.0

3

7.8

5

17

.52

-5.8

6

23

.70

14

.52

-1.1

7

13

.43 19

.14

5.6

4

-0.3

0

8.3

5

16

.19

-5.9

9

30

.35

13

.80

-2.4

4

14

.05 18

.82

5.6

0

-1.2

4

7.3

4

17

.10

-6.5

0

Re

turn

(%

)

3 Months


S&P Target Date 2030 0.88 -- --


1 Year


S&P Target Date 2030 3.23 15.50 0.05


3 Years


S&P Target Date 2030 7.93 8.73 0.73


5 Years


S&P Target Date 2030 6.48 7.62 0.72


10 Years


S&P Target Date 2030 8.51 10.00 0.80



6.00 7.00 8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




81




Fund Information

Ticker VTTHX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

64

.45

4.0

3

12

.93

6.7

4

2.3

0 8.2

1

1.3

3

54

.34

5.1

8

14

.67

7.7

0

3.9

7 11

.16

2.9

8



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00


45

.38

29

.52

15

.28

8.2

0

1.3

8

0.2

4

50

.03

27

.06

13

.70

2.2

7

2.4

0

4.5

4





82




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2035

Beta 1.03




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

28

.17

15

.14

-2.2

4

15

.16

22

.82

7.2

4

-1.2

6

8.2

6

19

.12

-6.5

8

24

.99

15

.02

-1.7

1

14

.12 2

0.8

4

5.6

9

-0.3

5

8.8

5

17

.78

-6.8

8

31

.26

14

.56

-3.3

6

15

.03 2

1.6

4

5.6

0

-1.4

6

7.8

0

18

.73

-7.2

8

Re

turn

(%

)

3 Months


S&P Target Date 2035 0.73 -- --


1 Year


S&P Target Date 2035 2.52 17.28 0.01


3 Years


S&P Target Date 2035 8.46 9.73 0.71


5 Years


S&P Target Date 2035 6.82 8.44 0.69


10 Years


S&P Target Date 2035 8.91 10.77 0.78



8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




83




Fund Information

Ticker VFORX



Expense Ratio 0.14%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

64

.12

4.1

6

12

.63

6.7

4

2.4

4 8.6

9

1.2

1

53

.78

5.2

0

14

.73

7.7

5

3.9

9

11

.61

2.9

4



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


49

.58

32

.42

10

.73

5.6

4

1.4

0

0.2

2

53

.86

29

.46

9.4

0

1.5

3

1.6

3

4.1

2





84




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2040

Beta 1.02




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

28

.32

15

.17

-2.5

5

15

.56

24

.37

7.1

5

-1.5

9

8.7

3

20

.71

-7.3

2

25

.97

15

.38

-2.1

7

14

.69 2

2.1

0

5.6

9

-0.4

0

9.2

3

18

.87

-7.4

1

31

.65

14

.89

-3.7

3

15

.13 2

2.5

7

5.8

6

-1.4

6

7.9

8

19

.95

-7.9

8

Re

turn

(%

)

3 Months


S&P Target Date 2040 0.60 -- --


1 Year


S&P Target Date 2040 2.09 18.39 -0.02


3 Years


S&P Target Date 2040 8.84 10.36 0.70


5 Years


S&P Target Date 2040 7.06 8.97 0.68


10 Years


S&P Target Date 2040 9.19 11.32 0.76



8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




85




Fund Information

Ticker VTIVX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.76

4.2

8

12

.40

6.7

7

2.5

4 9.1

1

1.1

1

53

.65

5.2

6

14

.87

7.8

5

4.0

5 11

.38

2.9

4



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53

.38

35

.00

6.5

6

3.4

4

1.4

2

0.2

1

55

.82

31

.44

6.8

7

1.1

2

1.1

9

3.5

6





86




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2045

Beta 1.00




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

28

.15

15

.19

-2.5

1

15

.58

24

.37

7.1

6

-1.5

7

8.8

7

21

.42

-7.9

0

26

.40

15

.62

-2.5

6

15

.15

23

.14

5.6

7

-0.4

6

9.5

4

19

.56

-7.7

4

31

.24

15

.12

-4.0

0

15

.58 2

3.3

5

5.7

6

-1.5

5

8.1

4

20

.64

-8.2

9

Re

turn

(%

)

3 Months


S&P Target Date 2045 0.53 -- --


1 Year

Vanguard Target Retirement 2045 * 2.06 47 19.32 -0.02

S&P Target Date 2045 1.83 18.97 -0.03

MF Target Date 2041-2045 Net * 1.96 16.05 -0.02

3 Years


S&P Target Date 2045 9.07 10.70 0.70


5 Years


S&P Target Date 2045 7.21 9.29 0.67


10 Years


S&P Target Date 2045 9.38 11.66 0.76



8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




87




Fund Information

Ticker VFIFX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.79

4.2

8

12

.39

6.7

6

2.5

4 9.1

1

1.1

1

52

.13

5.3

7

15

.30

7.9

6

4.1

2

11

.85

3.2

7



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53

.38

34

.98

6.5

8

3.4

1

1.4

4

0.2

1

56

.99

32

.13

5.4

0

0.9

9

1.0

5

3.4

4





88




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2050

Beta 0.99




-20.00

-10.00

0.00

10.00

20.00

30.00

40.00

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

28

.31

15

.20

-2.5

4

15

.58

24

.34

7.1

8

-1.5

8

8.8

5

21

.39

-7.9

0

26

.40

15

.62

-2.8

7

15

.49

24

.13

5.6

9

-0.4

7

9.7

4

20

.18

-7.9

4

31

.25

14

.96

-4.0

7

15

.52 2

3.3

5

5.9

2

-1.3

9

8.2

0

20

.86

-8.6

2

Re

turn

(%

)

3 Months


S&P Target Date 2050 0.47 -- --


1 Year


S&P Target Date 2050 1.59 19.37 -0.04


3 Years


S&P Target Date 2050 9.29 10.95 0.71


5 Years


S&P Target Date 2050 7.34 9.54 0.67


10 Years


S&P Target Date 2050 9.54 11.87 0.76



8.00 9.00 10.00 11.00 12.00 13.00 14.00 15.00 16.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




89




Fund Information

Ticker VFFVX



Expense Ratio 0.15%




Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.85

4.2

8

12

.37

6.7

5

2.5

4 9.1

1

1.1

1

51

.74

5.4

1

15

.42

8.0

3

4.1

5

11

.98

3.2

7



Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53

.39

34

.94

6.5

9

3.3

7

1.5

1

0.2

0

57

.38

32

.95

4.7

1

0.8

7

0.9

1

3.1

8





90




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2055

Beta 0.98




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

2011 2012 2013 2014 2015 2016 2017 2018

-2.2

7

15

.58

24

.33

7.1

9

-1.7

2

8.8

8

21

.38

-7.8

9-2.8

7

15

.81

24

.96

5.6

4

-0.5

4

9.9

4

20

.48

-7.9

7-4.3

8

15

.73

23

.27

5.8

9

-1.5

6

8.2

2

21

.14

-8.5

9

Re

turn

(%

)

3 Months


S&P Target Date 2055 0.46 -- --


1 Year


S&P Target Date 2055 1.57 19.43 -0.04


3 Years


S&P Target Date 2055 9.43 11.00 0.72


5 Years


S&P Target Date 2055 7.41 9.63 0.67


9 Years


S&P Target Date 2055 9.56 11.34 0.79



8.00 9.00 10.00 11.00 12.00 13.00 14.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




91




Fund Information

Ticker VTTSX



Expense Ratio 0.15%

Benchmark(s) S&P Target Date 2060+

Universe(s) MF Target Date 2060+ Net


Manager Multiple


Investment Strategy










Risk Based

Age Based

Region Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

U S/Canada U nited

K ingdom


ex-Japan

Emerging

M arkets

Other

63

.91

4.2

7

12

.36

6.7

3

2.5

3 9.1

1

1.1

0

52

.26

5.3

5

15

.25

7.9

2

4.1

0

11

.85

3.2

7


2060S&P Target Date 2060+

Asset Allocation

0.00

10.00

20.00

30.00

40.00

50.00

60.00

70.00


53

.47

34

.89

6.5

8

3.3

5

1.5

1

0.2

0

58

.15

32

.58

4.4

6

0.8

2

0.8

7

3.1

2


2060S&P Target Date 2060+



92




(%)

Rank Std Dev

(%)

Sharpe

Ratio


S&P Target

Date 2060+

Beta 0.99




-15.00

-10.00

-5.00

0.00

5.00

10.00

15.00

20.00

25.00

30.00

35.00

2013 2014 2015 2016 2017 2018

24

.35

7.1

6

-1.6

8

8.8

4

21

.36

-7.8

7

24

.96

5.6

4

-0.6

6

10

.08

20

.75

-7.9

5

24

.35

5.7

2

-0.8

5

7.8

7

21

.27

-8.7

0

Re

turn

(%

)

3 Months


S&P Target Date 2060+ 0.45 -- --

MF Target Date 2060+ Net * 0.16 -- --

1 Year


S&P Target Date 2060+ 1.56 19.63 -0.04

MF Target Date 2060+ Net * 1.84 16.51 -0.03

3 Years


S&P Target Date 2060+ 9.61 11.12 0.73

MF Target Date 2060+ Net * 9.06 10.56 0.72

5 Years


S&P Target Date 2060+ 7.49 9.75 0.67


7 Years


S&P Target Date 2060+ 9.70 9.14 0.98



6.00 7.00 8.00 9.00 10.00 11.00 12.006.00

7.00

8.00

9.00

10.00

11.00

12.00


Re

turn

(%

)




93

This page is intentionally left blank.



Definitions



Definitions of Statistical Measures

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

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

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

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

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

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

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

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

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

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

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

cannot be used for comparison purposes.

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

portfolio returns.

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

the manager is attempting to track.

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

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

Higher portfolio up-capture is preferred.


Disclaimer and Legal Notice

Information Disclaimer:

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

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

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

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

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

any third party data or the financial information contained herein.

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

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

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

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

unmanaged and do not reflect the deduction of advisory fees.

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

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

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


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