Marquette Update

September 30, 2018

The City of Olivette

Salaried Employees Pension Plan

Executive Summary

Salaried Employees Pension Plan

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Data as of June 30, 2018$175 billion aua

Client breakdown by quantity (L) & assets (R)

8%

8%

28%

24%

32%

High Net Worth

Corporate

Taft-Hartley

Public

Nonprofit &Healthcare

3%6%

28%

38%

25%

High Net Worth

Corporate

Taft-Hartley

Public


8%

8%

29%

24%

31%

High Net Worth

Corporate

Taft-Hartley

Public


Marquette Update 4Q 2018

CHICAGO BALTIMORE PHILADELPHIA ST. LOUIS

FIRM UPDATES

ff Compliance with the Global Investment Performance Standards (GIPS®) In August, Marquette announced the firm claims compliance with the Global Investment Performance Standards (GIPS®)1 and has been independently verified by ACA Performance Services for the period of July 31, 2013 to December 31, 2017. The GIPS standards are a rigorous set of standardized, industry-wide investment performance measurement principles and are recognized worldwide for lending credibility, integrity and uniformity to a firm’s performance reporting and historical track record.

ff Marquette hired its 100th employee!

ff Client teams attending Illinois Public Pension Fund Association’s (IPPFA) MidAmerican Pension Conference 10/2–10/5 in Lake Geneva, WI

ff Client teams attending and firm hosting annual client brunch at the International Foundation for Employee Benefit Plans (IFEBP) 64th Annual Employee Benefits Conference 10/14–10/17 in New Orleans, LA

ff Client teams attending Resource Center for Religious Institute’s (RCRI) National Conference 10/30–11/2 in Orlando, FL

NEW CLIENTS

Chicago Community Catalyst Fund

LIUNA Midwest Region Funds

RECENT HIRES

Adriana Ramos Performance Analyst

Catherine Crepack Client Analyst

John Waghorne Performance Analyst

Nick Johnsen, CFA Client Analyst

Nicole Johnson-Barnes Research Analyst

Stefan Bordonaro Client Analyst

Megan Klassa Research Analyst

3Q 2018 Market Briefing Webinar: October 18th, 1:00pm cst

Thank you for joining us on September 28th at the Union League Club in Chicago for a day of education and connection. Videos will be posted on our website soon, including six flash talks by members of our Research Team and a firm update presentation by our President & CEO Brian Wrubel. Our two keynotes by John V. Miller and Richard Thaler will also be available.

2018 Investment Symposium – Thank you!

CHICAGO BALTIMORE PHILADELPHIA ST. LOUIS

MARQUETTE ASSOCIATES

180 North LaSalle St, Ste 3500, Chicago, Illinois 60601 PHONE 312-527-5500 CHICAGO I BALTIMORE I PHILADELPHIA I ST. LOUIS WEB marquetteassociates.com

About Marquette

Marquette Associates is an independent investment consulting firm that guides institutional investment programs with a

focused client service approach and careful research. Marquette has served a single mission since 1986 — enable institutions to

become more effective investment stewards. Marquette is a completely independent and 100% employee-owned consultancy

founded with the sole purpose of advising institutions. For more information, please visit www.marquetteassociates.com.

1 GIPS® is a registered trademark of Chartered Financial Analyst (CFA) Institute, a global association of investment professionals. CFA Institute has not been involved in the preparation or review of this announcment. For a copy of a presentation that complies with the GIPS standards and/or the firm’s list of composite descriptions, please email [email protected].

SERVICES

InvestmentConsulting

Defined Contribution Consulting

Outsourced CIO

WealthAdvisement

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Marquette’s continued commitment to diversityOur firm prides itself on its strong history of diversity and inclusion both within our firm and in our utilization of investment managers. At Marquette, we believe in setting the tone about the importance of diversity and believe we are leading the consulting industry in this area. The diversity of our employees is reflected in our approach to our role as your investment consultant—we believe individuals flourish among a variety of perspectives, backgrounds, skills and ideas.

Ultimately, that approach carries through to our investment manager selection and recommendation process, the way we do business, and our approach to new opportunities. We anticipate building on these principles well into the future.

For a full copy of the announcement, please contact your consultant.

ff Ben Mohr speaking on “Crisis Portfolio Construction” panel, David H. Smith moderating “Novel Constructs in Asset Management – Blue Sky vs. Real Life” panel at Institutional Investor Roundtable for Consultants and Institutional Investors 10/3, 10/4

ff Jeremy Zirin moderating “Value-Add and Opportunistic vs. Core and Core Plus Investments” panel at Markets Group Midwest Institutional Real Estate Investor Forum 10/17

ff Sarah E.R. Wilson speaking at Allegheny League of Municipalities Government Benefits Seminar 10/19

ff Mike Spychalski speaking on “Identifying and Accessing Global Growth Opportunities” panel at Pensions & Investments Global Equities Strategies Briefing 10/25

ff Nichole Roman-Bhatty presenting “Investment Strategies for Changing Markets” workshop at Resource Center for Religious Institute’s (RCRI) 2018 National Conference 10/31

ff Tom Latzke presenting at LIUNA Midwest Region Health & Safety Fund Conference 11/13

ff Jeremy Zirin speaking at the Institutional Investing in Infrastructure Editorial Advisory Board meeting 11/13–11/15

ff Nat Kellogg moderating “The Next Generation of Multi-Asset Class Strategies” panel at Pensions & Investrments Multi-Asset Investing Conference 11/13

ff Eric Gaylord speaking on “How Should Employee Education Work?” panel at Investment Management Institute’s DC Literacy Summit 12/5

ff Jeremy Zirin speaking on real estate consulting panel at National Association of Real Estate Investment Managers (NAREIM) Capital Raising and Investor Relations Council Meeting 12/5

UPCOMING SPEAKING ENGAGEMENTS

This presentation is furnished on a confidential basis to the recipient for informational purposes only. For disclosure information, please refer to the end of this presentation.

3Q Market Environment

U.S. economy overview

2Q GDP grew 4.2% thanks to higher personal consumption and net exports; 3Q expected to be about 4.1% according to the Atlanta Fed GDPNow estimate

The unemployment rate remained at 3.7% in September with 134K nonfarm jobs added

CPI increased 2.7% over the trailing 12 months, as energy prices have risen 10.2% during this time. Core CPI growth remains steady at 2.2%

China and U.S. both increased tariffs in September, escalating the trade conflict

Trump administration reached a deal to revise NAFTA, but still needs to be approved by Congress and ratified by both Mexico and Canada

2U.S. Economy

Month (%) 3-Month (%) YTD (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%)Broad Market IndicesBlm BC Aggregate -0.6 0.0 -1.6 -1.2 1.3 2.2 3.8

Intermediate IndicesBlm BC Int. Gov./Credit -0.4 0.2 -0.8 -1.0 0.9 1.5 3.2

Government Only IndicesBlm BC Long Gov. -2.9 -2.8 -5.7 -3.5 0.8 4.4 5.4Blm BC Int. Gov. -0.5 -0.1 -0.8 -1.2 0.2 0.9 2.2Blm BC 1-3 Year Gov. -0.1 0.2 0.3 0.0 0.4 0.6 1.2Blm BC U.S. TIPS -1.1 -0.8 -0.8 0.4 2.0 1.4 3.3

Credit IndicesBlm BC U.S. Long Credit -0.6 1.3 -5.2 -2.2 5.2 5.7 8.4Blm BC High Yield 0.6 2.4 2.6 3.0 8.1 5.5 9.5CS Leveraged Loan Index 0.7 1.9 4.4 5.6 5.4 4.4 5.8

Securitized Bond IndicesBlm BC MBS -0.6 -0.1 -1.1 -0.9 1.0 2.0 3.3Blm BC ABS 0.0 0.5 0.5 0.5 1.2 1.5 3.7Blm BC CMBS -0.5 0.5 -0.6 -0.2 1.7 2.4 5.6

Non-US IndicesBlm BC Global Aggregate Hedged -0.4 0.0 0.0 0.8 2.4 3.1 4.1JPM EMBI Global Diversified 1.5 2.3 -3.0 -1.9 6.0 5.4 7.5JPM GBI-EM Global Diversified 0.9 0.2 0.2 1.1 6.6 6.0 8.0

Municipal IndicesBlm BC Municipal -0.6 -0.2 -0.4 0.3 2.2 3.5 4.8Blm BC HY Municipal -0.4 0.8 4.4 6.4 6.3 6.4 6.5

Fixed Income: Fed hikes as EMD recovers from overselling

3

3rd hike of 2018, 8th since 2008, expect December hike and 3 in 2019

Source: Bloomberg Barclays, Credit Suisse, JPMorgan as of September 30, 2018

Fixed Income

Fixed income takeaways

Core Bonds Fed no longer accommodative after 8 post-recession rate hikes Duration continues to provide principal protection in market corrections Expect yield curve to flatten further but at slower pace

Bank Loans & High Yield Fundamentals are frothier as bank loan acquisitions/LBOs and 2nd lien reach 2007 levels Spreads remain tight vs. historicals, leverage/coverage/issuance/outstanding are moderate Bank loan re-pricings less of a concern as they continue to be benign

Emerging Markets Debt EMD recovering from 1H selloff based on Turkish and Argentine crises of confidence Average fundamentals—current accounts, growth, leverage—remain favorable Other Middle Eastern, other LatAm, Chinese and African issuers continue to have strong

reserves/revenue and strong ability to pay

Municipal Bonds Continue to be attractive on a tax-equivalent basis Persistent net negative supply of municipals should continue to be tailwind Prerefunded bonds for safety and special tax bonds for inefficiency are most attractive

4Fixed Income

U.S. equities: steady as she goes

Month (%) 3-Month (%) YTD (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%)

Broad Market Indices

Dow Jones 2.0 9.6 8.8 20.8 20.5 14.6 12.2

Wilshire 5000 0.2 7.3 10.5 17.6 17.3 13.6 12.0

Russell 3000 0.2 7.1 10.6 17.6 17.1 13.5 12.0

Large-Cap Market Indices

S&P 500 0.6 7.7 10.6 17.9 17.3 13.9 12.0

Russell 1000 0.4 7.4 10.5 17.8 17.1 13.7 12.1

Russell 1000 Value 0.2 5.7 3.9 9.5 13.6 10.7 9.8

Russell 1000 Growth 0.6 9.2 17.1 26.3 20.6 16.6 14.3

Mid-Cap Market Indices

Russell MidCap -0.6 5.0 7.5 14.0 14.5 11.7 12.3

Russell MidCap Value -0.8 3.3 3.1 8.8 13.1 10.7 11.3

Russell MidCap Growth -0.4 7.6 13.4 21.1 16.6 13.0 13.5

Small-Cap Market Indices

Russell 2000 -2.4 3.6 11.5 15.2 17.1 11.1 11.1

Russell 2000 Value -2.5 1.6 7.1 9.3 16.1 9.9 9.5

Russell 2000 Growth -2.3 5.5 15.8 21.1 18.0 12.1 12.7

5

U.S. equity index returns

Source: Morningstar Direct as of September 30, 2018

U.S. Equities

U.S. equity takeaways

Growth and momentum continue to lead the market

Forward earnings estimates are strong, which should support equity markets

NAFTA negotiations coming to a close, but tensions with China continue to escalate

Strong economic data in the U.S. may dampen the effect of rising interest rates on the stock market

6U.S. Equities

Non-U.S. equities: mixed returns

September shows positive returns for DM, EM still lags

Source: Bloomberg as of September 30, 2018


MSCI ACWI ex. U.S. 0.5 0.7 -3.1 1.8 10.0 4.1 5.2

MSCI EAFE 0.9 1.4 -1.4 2.7 9.2 4.4 5.4

MSCI EAFE Local 1.4 2.4 1.4 5.1 9.4 7.9 6.7

MSCI Emerging Markets -0.5 -1.1 -7.7 -0.8 12.4 3.6 5.4

MSCI EM Local -1.2 0.0 -2.9 2.7 12.2 7.3 7.7

MSCI EAFE Small-Cap -0.7 -0.9 -2.2 3.7 12.4 8.0 9.7

MSCI EM Small-Cap -3.3 -4.2 -12.3 -4.2 7.4 2.7 7.4

MSCI Frontier -0.1 -2.0 -12.6 -7.7 5.3 2.9 -0.2

7Non-U.S. Equities

Non-U.S. equity takeaways

Despite negative YTD returns, our outlook remains positive

Recent volatility more normal compared to 2017

This year could continue to be bumpy with issues in UK, Italy, Brazil, Russia, and Turkey

Global trade conflicts serve as another source of volatility

Earnings growth and economic growth remain positive

8Non-U.S. Equities

Hedge Fund September performance

9

Credit and interest rate strategies drove relative value


HFRX Global -0.7 -0.4 -1.2 0.2 2.2 1.0 0.7

HFRX Hedged Equity -1.6 -1.1 -0.9 1.8 3.2 2.4 0.8

HFRI Composite -0.2 0.6 1.5 4.1 5.4 4.1 4.6

HFRI Fund of Funds 0.0 0.4 1.2 3.3 3.3 3.2 2.6

HFRI Convertible Arbitrage 0.1 0.8 1.6 2.9 5.3 4.1 7.2

HFRI Equity Hedge -0.4 0.7 1.9 5.3 7.4 5.1 5.2

HFRI Event-Driven -0.1 0.3 2.3 4.3 6.6 4.3 5.5

HFRI Macro -0.3 0.0 -1.8 0.5 0.4 1.5 1.6

HFRI Merger Arbitrage 0.3 0.5 3.3 3.3 4.5 3.5 3.9

HFRI Relative Value 0.5 1.5 3.2 4.3 5.2 4.4 6.0

Source: Hedge Fund Research as of September 30, 2018

Hedge Funds

Hedge fund takeaways

Equity hedge struggled to generate alpha in September

Net exposures across all regions are sitting at YTD lows

Technology was the most sold sector during the month due to an increase in short activity

Industrials and consumer staples were net bought during the month

10

Source: Morgan Stanley Prime Brokerage

Hedge Funds

Real Estate performance snapshot

Another positive quarter for real estate

Sources: NCREIF, Bloomberg as of June 30, 2018

2Q18 (%) YTD (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%) 10 Yr Risk(%)

NPI 1.8 3.5 7.2 8.3 9.8 6.2 5.7Income 1.1 2.3 4.6 4.7 5.0 5.5 0.3Appreciation 0.7 1.3 2.5 3.4 4.6 0.7 5.8

NFI-ODCE 2.1 4.3 8.4 9.4 11.0 5.3 8.5Income 1.1 2.1 4.3 4.4 4.7 5.2 0.4Appreciation 1.0 2.2 4.0 4.8 6.1 0.1 8.6

FTSE NAREIT All Eq. REITs 8.5 1.3 4.9 9.1 8.9 8.3 24.9Property Type

NPI Apartment 1.5 3.1 6.5 7.5 8.8 6.2 6.2NPI Office 1.5 3.4 6.5 7.1 8.9 5.0 6.1NPI Industrial 3.6 6.9 14.1 13.3 13.4 7.6 6.0NPI Retail 1.3 2.0 4.6 7.8 10.1 7.5 4.8NPI Hotel 2.0 3.0 6.3 6.5 8.2 3.7 6.5Geographic Sectors

NPI East 1.3 2.5 5.2 6.4 7.8 5.0 6.1NPI Midwest 1.7 2.9 5.8 7.0 8.8 5.8 4.7NPI South 1.9 3.8 7.2 8.1 10.2 6.9 5.1NPI West 2.2 4.4 9.2 10.3 11.6 7.1 6.2

11Real Estate

Real estate key themes and takeaways

Further moderation of returns to the mid-to-high single digits

Emphasis on income growth (NOI) over appreciation

Fundamentals are healthy, but keep an eye on supply and demand dynamics

Impact of rising interest rates on real estate is not linear

12Real Estate

Private equity: outperformance continues

13

Private equity returns are still compelling

Source: Cambridge Associates as of March 31, 2018

QTR (%) 1 Year (%) 3 Year (%) 5 Year (%) 10 Year (%) 15 Year (%)

Cambridge Associates US PE Index 2.7 16.4 11.9 13.4 10.3 14.2

Ex-US Developed Markets PE & VC Index 3.6 27.4 17.0 13.2 6.5 14.3

Global Buyout & Growth Equity Index 2.9 20.7 14.1 14.2 9.4 14.6

Cambridge Associates VC Index 4.0 12.1 7.9 15.7 9.6 9.9

US VC Early Stage Index 4.1 13.2 8.5 16.7 10.0 9.6

US VC Late & Expansion Stage Index 5.8 12.3 7.0 13.1 9.8 11.2

NASDAQ Composite Index 2.3 19.5 13.0 16.7 12.0 11.7

Russell 1000 Index -0.7 14.0 10.4 13.2 9.6 10.4

Russell 2000 Index -0.1 11.8 8.4 11.5 9.8 11.5

S&P 500 Index -0.8 14.0 10.8 13.3 9.5 10.1

Wilshire 5000 Total Market Index -0.8 13.7 10.5 13.1 9.7 10.6

Private Equity

Private equity takeaways

Industry fundraising has slowed this year due to less mega funds being closed in the 1st half of 2018

Interest in high-quality managers continues to be robust as industry returns are expected to decelerate to low double-digits while likely generating a wider dispersion of performance

Significant dry powder is expected to be deployed over the next few years which will increase the level of competition for assets and likely support current valuations

Private equity continues to provide a relatively attractive investment opportunity for institutional investors due to an expanding opportunity set, active ownership approach to creating value, and modestly lower valuation multiples vs. public comparables

14Private Equity

Purpose:

Guide institutional investmentprograms

MissionEnable institutions to become more effective investment stewards

VisionLeading investment consultant of risk-adjusted returns & client services

Principles Real-world pragmatism Independent expertise Focused client service Careful research

The sources of information used in this report are believed to be reliable. Marquette Associates, Inc. has not

independently verified all of the information and its accuracy cannot be guaranteed. Opinions, estimates,

projections and comments on financial market trends constitute our judgment and are subject to change without

notice. References to specific securities are for illustrative purposes only and do not constitute recommendations.

Past performance does not guarantee future results.

16

EXHIBIT I

Marquette Associates, Inc. 1

Total Fund Composite Manager StatusMarket Value: $21.8 Million and 100.0% of Fund

2 Marquette Associates, Inc.

Total Fund CompositeMarket Value: $21.8 Million and 100.0% of Fund

Ending September 30, 2018

Asset Class Market Value($)

3 Mo NetCash Flows ($) % of Portfolio Policy % Policy Difference

($)_

Total Fund Composite 21,820,596 -316,808 100.0 100.0 0

Fixed Income Composite 6,322,164 -278,008 29.0 30.0 -224,014

Principal Preferred Securities Preferred Stock 556,302 0 2.5 2.5 10,787

Principal Bond & Mortgage Int. Fixed Income 321,109 -16,708 1.5 2.5 -224,406

Principal High Yield High Yield Fixed Income 535,192 0 2.5 2.5 -10,323

Principal Fixed Income Core Plus Fixed Income 4,909,562 -261,300 22.5 22.5 -72

US Equity Composite 8,893,025 -138,700 40.8 40.0 164,787

Principal Large Cap S&P 500 Index Large-Cap Core 1,630,882 -408,700 7.5 9.0 -332,972

Vanguard 500 Index Large-Cap Core 2,709,846 270,000 12.4 11.0 309,581

Vanguard Mid Cap Value Mid-Cap Value 1,083,768 0 5.0 5.0 -7,262

Vanguard Mid Cap Growth Mid-Cap Growth 1,120,975 0 5.1 5.0 29,945

Vanguard Small Cap Value Small-Cap Value 1,149,887 0 5.3 5.0 58,857

Vanguard Small Cap Growth Small-Cap Growth 1,197,667 0 5.5 5.0 106,638

Non-US Equity Composite 4,298,318 100,000 19.7 20.0 -65,801

Vanguard Total International Stock Non-U.S. Large-CapGrowth 2,206,842 0 10.1 10.0 24,782

Vanguard Emerging Markets Emerging Markets 1,058,230 0 4.8 5.0 -32,800

Vanguard FTSE All World ex-US Small-CapFund

Non-U.S. Small-CapCore 1,033,247 100,000 4.7 5.0 -57,783

Real Estate Composite 2,304,856 0 10.6 10.0 122,796

Principal US Property Core Real Estate 2,304,856 0 10.6 10.0 122,796

Cash Composite 2,232 -100 0.0 0.0 2,232

Vanguard Cash Cash & Equivalents 2,232 -100 0.0 0.0 2,232XXXXX


Current Policy Difference %_

Fixed Income $6,322,164 $6,546,179 -$224,014 -1.0%

U.S. Equity $8,893,025 $8,728,238 $164,787 0.8%

Non-U.S. Equity $4,298,318 $4,364,119 -$65,801 -0.3%

Real Assets $2,304,856 $2,182,060 $122,796 0.6%

Other $2,232 $0 $2,232 0.0%

Total $21,820,596 $21,820,596XXXXX

Total Fund Composite Asset AllocationMarket Value: $21.8 Million and 100.0% of Fund


Total Fund Composite Asset AllocationMarket Value: $21.8 Million and 100.0% of Fund


Total Fund Composite Market Value HistoryMarket Value: $21.8 Million and 100.0% of Fund

Summary of Cash Flows Third Quarter Year-To-Date One Year Three Years

_

Beginning Market Value $21,543,554.47 $21,776,026.66 $20,987,106.03 $18,400,448.19

Net Cash Flow -$316,808.16 -$704,014.57 -$758,338.10 -$2,421,113.43

Net Investment Change $593,849.59 $748,583.81 $1,591,827.97 $5,841,261.14

Ending Market Value $21,820,595.90 $21,820,595.90 $21,820,595.90 $21,820,595.90_

Ending September 30, 20181 Mo 3 Mo YTD 1 Yr 2 Yrs 3 Yrs 4 Yrs 5 Yrs 7 Yrs 10 Yrs

_

Total Fund Composite -0.2 2.8 3.5 7.7 10.1 10.2 7.7 8.2 10.3 6.9Total Fund Composite Custom Benchmark -0.2 3.3 4.4 8.4 10.2 10.6 7.9 8.4 10.1 7.7

InvestorForce Public DB < $50mm NetRank 82 65 51 41 21 17 9 5 3 55

Fixed Income Composite -0.3 0.6 -0.2 0.4 1.6 3.2 2.7 2.9 -- --BBgBarc US Aggregate TR -0.6 0.0 -1.6 -1.2 -0.6 1.3 1.7 2.2 2.0 3.8

InvestorForce Public DB US Fix Inc NetRank 18 5 9 6 6 8 4 5 -- --

US Equity Composite -0.3 6.2 10.1 16.7 17.1 15.7 11.8 12.6 -- --Russell 3000 0.2 7.1 10.6 17.6 18.1 17.1 12.4 13.5 16.9 12.0

InvestorForce Public DB US Eq NetRank 72 65 24 42 45 64 51 49 -- --

Non-US Equity Composite -0.5 -0.7 -4.8 0.3 9.3 9.9 3.3 3.7 -- --MSCI EAFE + Emerging Markets 0.5 0.7 -3.1 1.8 10.5 10.0 4.2 4.2 7.5 5.3

InvestorForce Public DB ex-US Eq NetRank 80 78 82 69 74 66 87 85 -- --

Real Estate Composite 0.6 2.4 6.6 8.5 8.5 8.7 10.3 10.5 -- --NFI 0.6 1.9 5.8 7.7 7.2 7.8 9.3 9.7 10.1 4.6

InvestorForce Public DB Real Estate PrivNet Rank 85 28 34 35 38 46 28 38 -- --

XXXXX


Total Fund Composite Annualized Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund


Calendar Year2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007

_

Total Fund Composite 15.6 8.8 0.4 7.8 16.8 13.7 1.8 15.2 11.8 -34.8 9.5Total Fund Composite Custom Benchmark 14.7 9.3 0.2 8.3 17.5 10.9 3.3 13.2 14.2 -26.8 7.3

InvestorForce Public DB < $50mm NetRank 19 5 23 4 41 6 34 7 81 99 28

Fixed Income Composite 5.1 5.8 -1.0 4.7 -0.9 -- -- -- -- -- --BBgBarc US Aggregate TR 3.5 2.6 0.6 6.0 -2.0 4.2 7.8 6.5 5.9 5.2 7.0

InvestorForce Public DB US Fix IncNet Rank 25 30 71 53 42 -- -- -- -- -- --

US Equity Composite 20.0 11.3 0.9 11.3 32.8 -- -- -- -- -- --Russell 3000 21.1 12.7 0.5 12.6 33.6 16.4 1.0 16.9 28.3 -37.3 5.1

InvestorForce Public DB US Eq NetRank 60 74 18 44 81 -- -- -- -- -- --

Non-US Equity Composite 28.8 6.8 -9.5 -2.2 5.1 -- -- -- -- -- --MSCI EAFE + Emerging Markets 28.0 3.2 -4.2 -4.3 16.1 17.5 -13.8 10.4 40.4 -45.5 15.9

InvestorForce Public DB ex-US EqNet Rank 42 10 97 22 99 -- -- -- -- -- --

Real Estate Composite 7.9 8.8 13.4 12.6 13.3 -- -- -- -- -- --NFI 6.7 7.8 13.9 11.5 12.9 9.8 15.0 15.3 -30.4 -10.7 14.8

InvestorForce Public DB Real EstatePriv Net Rank 43 32 31 42 38 -- -- -- -- -- --

XXXXX

Total Fund Composite Calendar Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund



_

Total Fund Composite -0.2 2.8 3.5 7.7 10.1 10.2 7.7 8.2 10.3 6.9Total Fund Composite Custom Benchmark -0.2 3.3 4.4 8.4 10.2 10.6 7.9 8.4 10.1 7.7

InvestorForce Public DB < $50mm NetRank 82 65 51 41 21 17 9 5 3 55

Fixed Income Composite -0.3 0.6 -0.2 0.4 1.6 3.2 2.7 2.9 -- --BBgBarc US Aggregate TR -0.6 0.0 -1.6 -1.2 -0.6 1.3 1.7 2.2 2.0 3.8

InvestorForce Public DB US Fix Inc NetRank 18 5 9 6 6 8 4 5 -- --

Principal Preferred Securities -0.4 0.9 -1.0 0.0 3.9 4.9 4.8 6.1 7.3 --ICE BofAML US Preferred Stock FixedRate TR -1.0 0.2 0.2 0.7 3.3 5.5 5.8 7.1 6.7 9.2

BBgBarc US Aggregate TR -0.6 0.0 -1.6 -1.2 -0.6 1.3 1.7 2.2 2.0 3.8eV US Corporate Fixed Inc Net Rank 77 70 12 1 1 1 1 1 1 --

Principal Bond & Mortgage -0.5 0.4 -1.9 -1.3 0.2 2.2 1.9 2.5 3.1 5.1BBgBarc US Aggregate TR -0.6 0.0 -1.6 -1.2 -0.6 1.3 1.7 2.2 2.0 3.8BBgBarc US Mortgage TR -0.6 -0.1 -1.1 -0.9 -0.3 1.0 1.6 2.0 1.8 3.3

eV US Core Fixed Inc Net Rank 22 13 87 75 17 13 44 34 13 9

Principal High Yield 0.5 2.1 2.1 2.0 4.4 6.3 3.8 4.3 6.5 --BBgBarc US High Yield TR 0.6 2.4 2.6 3.0 5.9 8.1 5.1 5.5 7.6 9.5

eV US High Yield Fixed Inc Net Rank 57 54 49 76 79 66 71 77 65 --

Principal Fixed Income -0.3 0.5 -0.3 0.3 1.0 2.7 -- -- -- --BBgBarc US Aggregate TR -0.6 0.0 -1.6 -1.2 -0.6 1.3 1.7 2.2 2.0 3.8

eV US Core Plus Fixed Inc Net Rank 40 36 13 10 20 30 -- -- -- --

US Equity Composite -0.3 6.2 10.1 16.7 17.1 15.7 11.8 12.6 -- --Russell 3000 0.2 7.1 10.6 17.6 18.1 17.1 12.4 13.5 16.9 12.0

InvestorForce Public DB US Eq NetRank 72 65 24 42 45 64 51 49 -- --

Principal Large Cap S&P 500 Index 0.5 7.6 10.3 17.5 17.9 -- -- -- -- --S&P 500 0.6 7.7 10.6 17.9 18.3 17.3 12.5 13.9 16.9 12.0

eV US Large Cap Core Equity NetRank 36 31 28 33 34 -- -- -- -- --

Vanguard 500 Index 0.6 7.7 10.5 17.9 18.2 17.3 -- -- -- --S&P 500 0.6 7.7 10.6 17.9 18.3 17.3 12.5 13.9 16.9 12.0

Large Blend MStar MF Rank 34 24 23 23 29 13 -- -- -- --

Vanguard Mid Cap Value -0.6 3.1 3.1 9.4 12.3 13.1 9.9 11.5 -- --CRSP US Mid Cap Value TR USD -0.7 3.1 3.1 9.5 12.3 13.1 10.0 11.5 16.1 12.4

Mid-Cap Value MStar MF Rank 42 51 51 40 43 46 27 13 -- --

Vanguard Mid Cap Growth -0.3 6.2 12.1 17.8 16.6 14.5 11.3 11.8 -- --CRSP US Mid Cap Growth TR USD -0.3 6.2 12.2 17.9 16.7 14.5 11.4 11.9 15.8 12.1

Mid-Cap Growth MStar MF Rank 45 63 69 74 83 71 71 58 -- --

Investment Manager Annualized Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund



_

Vanguard Small Cap Value -1.7 3.2 6.4 11.2 14.4 15.1 11.1 11.5 -- --CRSP US Small Cap Value TR USD -1.7 3.2 6.4 11.2 14.4 15.1 11.2 11.5 17.2 13.1

Small Value MStar MF Rank 13 7 28 17 34 20 24 9 -- --

Vanguard Small Cap Growth -1.3 6.7 16.9 23.6 20.2 17.8 12.9 11.5 -- --CRSP US Small Cap Growth TR USD -1.3 6.7 16.9 23.6 20.2 17.7 12.9 11.4 16.3 12.6

Small Growth MStar MF Rank 38 59 62 58 64 56 73 62 -- --

Non-US Equity Composite -0.5 -0.7 -4.8 0.3 9.3 9.9 3.3 3.7 -- --MSCI EAFE + Emerging Markets 0.5 0.7 -3.1 1.8 10.5 10.0 4.2 4.2 7.5 5.3

InvestorForce Public DB ex-US Eq NetRank 80 78 82 69 74 66 87 85 -- --

Vanguard Total International Stock 0.3 0.5 -3.1 1.5 10.0 9.9 4.3 4.4 -- --FTSE Global All Cap ex US 0.3 0.6 -3.0 2.3 10.7 10.5 4.7 4.9 8.0 6.1

Foreign Large Growth MStar MF Rank 15 42 88 83 63 52 90 83 -- --

Vanguard Emerging Markets -1.3 -1.8 -8.9 -3.3 7.1 9.9 2.0 2.8 -- --FTSE Emerging Markets -0.6 -0.6 -7.4 -0.9 9.2 11.8 3.3 4.0 5.1 5.7

Diversified Emerging Mkts MStar MFRank 55 33 35 44 61 62 63 65 -- --

Vanguard FTSE All World ex-US Small-CapFund -1.5 -2.3 -4.7 0.6 -- -- -- -- -- --

FTSE Global Small-Cap ex. USA -1.6 -2.4 -4.7 1.0 9.6 10.6 5.4 5.5 8.4 7.9Foreign Small/Mid Growth MStar MFRank 66 60 80 83 -- -- -- -- -- --

Real Estate Composite 0.6 2.4 6.6 8.5 8.5 8.7 10.3 10.5 -- --NFI 0.6 1.9 5.8 7.7 7.2 7.8 9.3 9.7 10.1 4.6

InvestorForce Public DB Real Estate PrivNet Rank 85 28 34 35 38 46 28 38 -- --

Principal US Property 0.6 2.4 6.6 8.5 8.5 8.7 10.3 10.5 10.9 5.1NFI 0.6 1.9 5.8 7.7 7.2 7.8 9.3 9.7 10.1 4.6

XXXXX

Investment Manager Annualized Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund


Calendar Year2017

(%)2016

(%)2015

(%)2014

(%)2013

(%)2012

(%)2011

(%)2010

(%)2009

(%)2008

(%)2007

(%)_

Total Fund Composite 15.6 8.8 0.4 7.8 16.8 13.7 1.8 15.2 11.8 -34.8 9.5Total Fund Composite Custom Benchmark 14.7 9.3 0.2 8.3 17.5 10.9 3.3 13.2 14.2 -26.8 7.3

InvestorForce Public DB < $50mm NetRank 19 5 23 4 41 6 34 7 81 99 28

Fixed Income Composite 5.1 5.8 -1.0 4.7 -0.9 -- -- -- -- -- --BBgBarc US Aggregate TR 3.5 2.6 0.6 6.0 -2.0 4.2 7.8 6.5 5.9 5.2 7.0

InvestorForce Public DB US Fix IncNet Rank 25 30 71 53 42 -- -- -- -- -- --

Principal Preferred Securities 10.4 3.6 4.9 11.4 1.6 19.0 1.3 16.3 -- -- --ICE BofAML US Preferred StockFixed Rate TR 10.6 2.3 7.6 15.4 -3.7 13.6 4.1 13.7 20.1 -25.2 -11.3

BBgBarc US Aggregate TR 3.5 2.6 0.6 6.0 -2.0 4.2 7.8 6.5 5.9 5.2 7.0eV US Corporate Fixed Inc NetRank 1 95 1 5 5 1 99 1 -- -- --

Principal Bond & Mortgage 4.5 5.0 -1.0 5.1 1.0 7.5 6.8 11.6 21.7 -13.2 3.7BBgBarc US Aggregate TR 3.5 2.6 0.6 6.0 -2.0 4.2 7.8 6.5 5.9 5.2 7.0BBgBarc US Mortgage TR 2.5 1.7 1.5 6.1 -1.4 2.6 6.2 5.4 5.9 8.3 6.9

eV US Core Fixed Inc Net Rank 11 6 98 78 3 17 73 1 5 97 97

Principal High Yield 5.6 13.8 -4.9 2.1 6.9 14.8 3.1 14.8 -- -- --BBgBarc US High Yield TR 7.5 17.1 -4.5 2.5 7.4 15.8 5.0 15.1 58.2 -26.2 1.9

eV US High Yield Fixed Inc NetRank 81 48 78 48 56 53 64 33 -- -- --

Principal Fixed Income 4.5 5.3 -1.2 -- -- -- -- -- -- -- --BBgBarc US Aggregate TR 3.5 2.6 0.6 6.0 -2.0 4.2 7.8 6.5 5.9 5.2 7.0

eV US Core Plus Fixed Inc NetRank 65 33 82 -- -- -- -- -- -- -- --

US Equity Composite 20.0 11.3 0.9 11.3 32.8 -- -- -- -- -- --Russell 3000 21.1 12.7 0.5 12.6 33.6 16.4 1.0 16.9 28.3 -37.3 5.1

InvestorForce Public DB US Eq NetRank 60 74 18 44 81 -- -- -- -- -- --

Principal Large Cap S&P 500 Index 21.4 -- -- -- -- -- -- -- -- -- --S&P 500 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.5 -37.0 5.5

eV US Large Cap Core Equity NetRank 50 -- -- -- -- -- -- -- -- -- --

Vanguard 500 Index 21.8 11.9 -- -- -- -- -- -- -- -- --S&P 500 21.8 12.0 1.4 13.7 32.4 16.0 2.1 15.1 26.5 -37.0 5.5

Large Blend MStar MF Rank 32 28 -- -- -- -- -- -- -- -- --

Vanguard Mid Cap Value 17.0 15.3 -1.8 14.0 -- -- -- -- -- -- --CRSP US Mid Cap Value TR USD 17.1 15.3 -1.8 14.1 37.4 17.9 -0.4 24.6 35.2 -37.9 -6.1

Mid-Cap Value MStar MF Rank 12 77 20 12 -- -- -- -- -- -- --

Investment Manager Calendar Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund


Calendar Year2017

(%)2016

(%)2015

(%)2014

(%)2013

(%)2012

(%)2011

(%)2010

(%)2009

(%)2008

(%)2007

(%)_

Vanguard Mid Cap Growth 21.8 6.7 -1.0 13.5 -- -- -- -- -- -- --CRSP US Mid Cap Growth TR USD 21.9 6.8 -0.9 13.6 33.0 15.8 -2.2 27.5 38.4 -44.9 19.2

Mid-Cap Growth MStar MF Rank 73 46 55 7 -- -- -- -- -- -- --

Vanguard Small Cap Value 11.8 24.8 -4.7 10.6 -- -- -- -- -- -- --CRSP US Small Cap Value TR USD 11.8 24.8 -4.6 10.6 38.5 20.5 0.0 27.2 37.8 -33.2 -4.9

Small Value MStar MF Rank 26 56 39 3 -- -- -- -- -- -- --

Vanguard Small Cap Growth 21.9 10.7 -2.5 4.0 38.2 -- -- -- -- -- --CRSP US Small Cap Growth TR USD 21.9 10.6 -2.6 4.0 38.4 15.4 -3.1 29.4 41.9 -39.5 9.6

Small Growth MStar MF Rank 48 50 53 41 70 -- -- -- -- -- --

Non-US Equity Composite 28.8 6.8 -9.5 -2.2 5.1 -- -- -- -- -- --MSCI EAFE + Emerging Markets 28.0 3.2 -4.2 -4.3 16.1 17.5 -13.8 10.4 40.4 -45.5 15.9

InvestorForce Public DB ex-US EqNet Rank 42 10 97 22 99 -- -- -- -- -- --

Vanguard Total International Stock 27.4 4.7 -4.4 -4.2 15.0 -- -- -- -- -- --FTSE Global All Cap ex US 27.8 5.0 -4.0 -3.1 15.9 17.9 -14.0 13.2 45.0 -46.0 17.6

Foreign Large Growth MStar MFRank 79 3 99 55 75 -- -- -- -- -- --

Vanguard Emerging Markets 31.2 11.6 -15.5 0.4 -5.2 -- -- -- -- -- --FTSE Emerging Markets 32.5 13.5 -15.2 1.6 -3.5 17.9 -19.0 19.8 82.6 -52.9 39.7

Diversified Emerging Mkts MStarMF Rank 74 32 67 25 82 -- -- -- -- -- --

Vanguard FTSE All World ex-US Small-Cap Fund -- -- -- -- -- -- -- -- -- -- --

FTSE Global Small-Cap ex. USA 30.3 4.3 -0.2 -4.0 18.4 18.9 -18.2 25.2 61.2 -52.0 13.6Foreign Small/Mid Growth MStarMF Rank -- -- -- -- -- -- -- -- -- -- --

Real Estate Composite 7.9 8.8 13.4 12.6 13.3 -- -- -- -- -- --NFI 6.7 7.8 13.9 11.5 12.9 9.8 15.0 15.3 -30.4 -10.7 14.8

InvestorForce Public DB Real EstatePriv Net Rank 43 32 31 42 38 -- -- -- -- -- --

Principal US Property 7.9 8.8 13.4 12.6 13.3 11.5 15.3 15.9 -31.6 -13.2 13.4NFI 6.7 7.8 13.9 11.5 12.9 9.8 15.0 15.3 -30.4 -10.7 14.8

XXXXX

Investment Manager Calendar Performance (Net of Fees)Market Value: $21.8 Million and 100.0% of Fund


Total Fund vs. Peer UniverseMarket Value: $21.8 Million and 100.0% of Fund


3 Years Ending September 30, 2018

SharpeRatio

TrackingError Anlzd Alpha Beta R-Squared Information

Ratio

AnlzdStandardDeviation

Up MktCapture

Ratio Anlzd

Down MktCapture

Ratio Anlzd_

Total Fund Composite 1.6 0.6% -0.5% 1.0 1.0 -0.5 5.8% 98.0% 101.8%

Total Fund Composite CustomBenchmark 1.7 -- -- -- -- -- 5.7% -- --

Fixed Income Composite 0.9 1.5% 2.1% 0.8 0.7 1.2 2.5% 121.3% 65.0%

BBgBarc US Aggregate TR 0.2 -- -- -- -- -- 2.7% -- --

Principal Preferred Securities 1.3 2.2% 1.3% 0.7 0.7 -0.3 3.1% 78.5% 60.5%

ICE BofAML US Preferred StockFixed Rate TR 1.2 -- -- -- -- -- 4.0% -- --

Principal Bond & Mortgage 0.5 1.1% 1.1% 0.9 0.8 0.8 2.6% 110.2% 82.5%


Principal High Yield 1.2 1.0% -0.8% 0.9 1.0 -1.9 4.4% 83.3% 99.8%

BBgBarc US High Yield TR 1.5 -- -- -- -- -- 4.9% -- --

Principal Fixed Income 0.7 1.3% 1.5% 0.9 0.8 1.1 2.6% 115.5% 74.9%


US Equity Composite 1.6 1.1% -1.5% 1.0 1.0 -1.2 9.5% 95.9% 106.4%

Russell 3000 1.7 -- -- -- -- -- 9.3% -- --

Vanguard 500 Index 1.8 0.0% 0.0% 1.0 1.0 -4.3 9.2% 99.8% 100.2%

S&P 500 1.8 -- -- -- -- -- 9.2% -- --

Vanguard Mid Cap Value 1.3 0.0% 0.0% 1.0 1.0 -1.3 9.7% 99.7% 99.9%

CRSP US Mid Cap Value TR USD 1.3 -- -- -- -- -- 9.8% -- --

Vanguard Mid Cap Growth 1.3 0.0% 0.0% 1.0 1.0 -1.6 10.2% 99.7% 100.1%

CRSP US Mid Cap Growth TRUSD 1.3 -- -- -- -- -- 10.2% -- --

Vanguard Small Cap Value 1.2 0.0% 0.0% 1.0 1.0 -0.3 11.8% 100.0% 100.0%

CRSP US Small Cap Value TRUSD 1.2 -- -- -- -- -- 11.8% -- --

Vanguard Small Cap Growth 1.5 0.0% 0.0% 1.0 1.0 1.6 11.5% 100.2% 99.9%

CRSP US Small Cap Growth TRUSD 1.5 -- -- -- -- -- 11.5% -- --

Non-US Equity Composite 0.8 3.1% 0.5% 0.9 0.9 0.0 10.9% 93.0% 90.9%

MSCI EAFE + Emerging Markets 0.8 -- -- -- -- -- 11.1% -- --

Vanguard Total International Stock 0.9 1.8% 0.0% 0.9 1.0 -0.4 10.2% 93.9% 95.9%

FTSE Global All Cap ex US 0.9 -- -- -- -- -- 10.8% -- --

Vanguard Emerging Markets 0.6 1.9% -1.4% 1.0 1.0 -1.0 13.9% 90.9% 98.9%

FTSE Emerging Markets 0.8 -- -- -- -- -- 14.4% -- --

Real Estate Composite 10.0 0.8% 5.0% 0.5 0.1 1.1 0.8% 111.4% --

NFI 15.3 -- -- -- -- -- 0.5% -- --

Principal US Property 10.0 0.8% 5.0% 0.5 0.1 1.1 0.8% 111.4% --

NFI 15.3 -- -- -- -- -- 0.5% -- --

Cash Composite -1.2 0.2% -0.2% 0.9 0.3 -1.4 0.3% 60.2% --

Investment Manager StatisticsMarket Value: $21.8 Million and 100.0% of Fund


CharacteristicsPortfolio S&P 500

Number of Holdings 512 505Weighted Avg. Market Cap. ($B) 228.0 228.1Median Market Cap. ($B) 21.5 21.5Price To Earnings 32.5 24.5Price To Book 6.8 5.3Price To Sales 4.3 4.1Return on Equity (%) 24.5 22.8Yield (%) 1.9 1.9Beta 1.0 1.0R-Squared 1.0 1.0

CharacteristicsPortfolio S&P 500

INDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 6.0 6.0Materials 2.4 2.4Industrials 9.7 9.7Consumer Discretionary 10.3 10.3Consumer Staples 6.7 6.7Health Care 15.0 15.0Financials 13.3 13.3Information Technology 21.0 21.0Communication Services 10.0 10.0Utilities 2.8 2.8Real Estate 2.7 2.7Unclassified 0.0 0.0

Largest HoldingsEnd Weight Return

APPLE 4.2 22.4MICROSOFT 3.6 16.4AMAZON.COM 3.3 17.8BERKSHIRE HATHAWAY 'B' 1.6 14.7FACEBOOK CLASS A 1.6 -15.4

Bottom ContributorsBeg Wgt Return Contribution

FACEBOOK CLASS A 2.0 -15.4 -0.3GENERAL ELECTRIC 0.5 -16.3 -0.1WELLS FARGO & CO 1.1 -4.5 0.0TWITTER 0.1 -34.8 0.0INTEL 1.0 -4.3 0.0

Market CapitalizationSmall

CapSmall/

MidMidCap

Mid/Large

LargeCap

Vanguard 500 Index 0.0% 1.6% 15.7% 31.6% 51.1%S&P 500 0.1% 1.6% 15.7% 31.6% 51.1%Weight Over/Under -0.1% 0.0% 0.0% 0.0% 0.0%

Vanguard 500 Index CharacteristicsAs of September 30, 2018 Market Value: $2.7 Million and 12.4% of Fund

Top ContributorsBeg Wgt Return Contribution

APPLE 4.0 22.4 0.9MICROSOFT 3.3 16.4 0.5AMAZON.COM 3.0 17.8 0.5BERKSHIRE HATHAWAY 'B' 1.5 14.7 0.2PFIZER 0.9 22.5 0.2


Vanguard 500 Index Performance Attribution vs. S&P 500Attribution Effects Returns Sector Weights

Total Selection Allocation InteractionEffects Effect Effect Effects Portfolio Benchmark Portfolio Benchmark

_

Energy 0.0% 0.0% 0.0% 0.0% 0.5% 0.5% 6.3% 6.3%Materials 0.0% 0.0% 0.0% 0.0% 0.3% 0.3% 2.6% 2.6%Industrials 0.0% 0.0% 0.0% 0.0% 10.0% 10.1% 9.6% 9.5%Consumer Discretionary 0.0% 0.0% 0.0% 0.0% 8.3% 8.3% 13.0% 12.9%Consumer Staples 0.0% 0.0% 0.0% 0.0% 5.7% 5.9% 6.9% 7.0%Health Care 0.0% 0.0% 0.0% 0.0% 14.5% 14.5% 14.1% 14.1%Financials 0.0% 0.0% 0.0% 0.0% 4.4% 4.4% 13.8% 13.8%Information Technology 0.0% 0.0% 0.0% 0.0% 9.1% 9.1% 26.0% 26.0%Communication Services 0.0% 0.0% 0.0% 0.0% 7.1% 7.1% 2.0% 2.0%Utilities 0.0% 0.0% 0.0% 0.0% 2.4% 2.4% 3.0% 3.0%Real Estate 0.0% 0.0% 0.0% 0.0% 0.7% 0.7% 2.8% 2.8%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio 0.0% = 0.0% + 0.0% + 0.0% 7.7% 7.7% 100.0% 100.0%

_

Market Cap Attribution vs. S&P 500

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 325.45 19.7% 19.7% 0.0% 11.4% 11.4% 0.0% 0.0% 0.0% 0.0% 0.7% 0.7%2) 155.83 - 325.45 19.7% 19.7% 0.0% 8.2% 8.2% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1%3) 67.41 - 155.83 20.5% 20.5% 0.0% 8.2% 8.2% 0.0% 0.0% 0.0% 0.0% 0.1% 0.1%4) 30.68 - 67.41 20.2% 20.2% 0.0% 6.0% 6.0% 0.0% 0.0% 0.0% 0.0% -0.3% -0.3%5) 0.00 - 30.68 19.9% 19.9% 0.0% 4.7% 4.8% -0.1% 0.0% 0.0% 0.0% -0.6% -0.6%Total 7.7% 7.7% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

XXXXX

Vanguard 500 Index AttributionAs of September 30, 2018 Market Value: $2.7 Million and 12.4% of Fund


Characteristics

PortfolioRussellMidCap

ValueNumber of Holdings 205 594Weighted Avg. Market Cap. ($B) 14.0 14.7Median Market Cap. ($B) 11.9 7.5Price To Earnings 17.8 20.0Price To Book 2.9 2.6Price To Sales 2.2 3.1Return on Equity (%) 17.8 11.4Yield (%) 2.2 2.2Beta 0.8 1.0R-Squared 0.7 1.0

Characteristics

PortfolioRussellMidCap

ValueINDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 5.0 7.9Materials 7.9 6.1Industrials 9.3 12.6Consumer Discretionary 14.9 9.0Consumer Staples 4.9 4.9Health Care 5.2 6.8Financials 20.6 17.5Information Technology 12.0 9.1Communication Services 4.9 3.3Utilities 9.7 10.1Real Estate 4.3 12.7Unclassified 1.4 0.0

Vanguard Mid Cap Value CharacteristicsAs of September 30, 2018 Market Value: $1.1 Million and 5.0% of Fund


CapSmall/

MidMidCap

Mid/Large

LargeCap

Vanguard Mid Cap Value 0.6% 16.6% 81.6% 1.2% 0.0%Russell MidCap Value 2.6% 29.2% 60.5% 7.8% 0.0%Weight Over/Under -2.0% -12.5% 21.2% -6.6% 0.0%


ADVANCED MICRO DEVICES 0.3 106.1 0.3ROYAL CARIBBEAN CRUISES 0.8 26.1 0.2KEURIG DR PEPPER 1.0 18.0 0.2ANDEAVOR 0.9 16.9 0.2CENTURYLINK 0.9 16.6 0.1


WESTERN DIGITAL 1.0 -23.7 -0.2FREEPORT-MCMORAN 1.1 -19.1 -0.2NEWMONT MINING 1.0 -19.5 -0.2LEAR 0.6 -21.6 -0.1NEWELL BRANDS 0.5 -20.5 -0.1


NETAPP 1.1 9.9ROYAL CARIBBEAN CRUISES 1.0 26.1M&T BANK 1.0 -2.8MOTOROLA SOLUTIONS 1.0 12.3WEC ENERGY GROUP 1.0 4.1


Vanguard Mid Cap Value Performance Attribution vs. Russell MidCap ValueAttribution Effects Returns Sector Weights


_

Energy -0.1% -0.1% 0.0% 0.0% -0.1% 0.9% 6.7% 7.3%Materials -0.2% -0.1% -0.1% 0.0% -2.3% -1.0% 8.3% 6.4%Industrials 0.1% 0.5% -0.2% -0.2% 13.6% 9.6% 8.2% 12.0%Consumer Discretionary 0.0% 0.1% -0.2% 0.1% 1.9% 0.8% 18.9% 11.7%Consumer Staples 0.0% 0.1% 0.0% 0.0% 0.7% -0.3% 6.4% 5.1%Health Care -0.4% -0.5% -0.1% 0.1% 2.2% 9.2% 4.9% 6.5%Financials 0.2% 0.2% 0.0% 0.0% 2.6% 1.4% 20.1% 18.0%Information Technology 0.0% 0.0% 0.1% 0.0% 7.0% 7.6% 11.4% 9.0%Communication Services 0.0% 0.0% 0.0% 0.0% 16.6% 16.1% 0.9% 0.7%Utilities 0.0% 0.0% 0.0% 0.0% 3.0% 3.1% 10.1% 10.2%Real Estate 0.3% 0.0% 0.2% 0.0% 0.5% 0.5% 4.2% 13.1%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio 0.0% = 0.2% + -0.3% + 0.0% 3.2% 3.3% 100.0% 100.0%

_

Vanguard Mid Cap Value AttributionAs of September 30, 2018 Market Value: $1.1 Million and 5.0% of Fund

Market Cap Attribution vs. Russell MidCap Value

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 20.72 9.6% 20.3% -10.7% -1.6% 3.8% -5.3% -0.1% -0.5% -0.6% 0.1% -0.5%2) 15.65 - 20.72 25.2% 19.5% 5.7% 3.7% 3.0% 0.7% 0.0% 0.2% 0.2% -0.1% 0.1%3) 10.65 - 15.65 34.9% 19.9% 15.0% 3.8% 3.4% 0.4% 0.0% 0.2% 0.2% 0.0% 0.2%4) 6.56 - 10.65 25.8% 20.3% 5.5% 3.4% 4.0% -0.6% 0.0% -0.2% -0.1% 0.2% 0.0%5) 0.00 - 6.56 4.6% 20.0% -15.5% 4.8% 2.1% 2.7% 0.2% 0.1% 0.3% -0.2% 0.1%Total 3.2% 3.3% 0.0% 0.2% -0.2% 0.0% 0.0% 0.0%

XXXXX


Characteristics

PortfolioRussellMidCapGrowth



CapSmall/

MidMidCap

Mid/Large

LargeCap

Vanguard Mid Cap Growth 0.1% 7.5% 76.0% 16.3% 0.0%Russell MidCap Growth 0.6% 24.7% 60.3% 14.3% 0.0%Weight Over/Under -0.5% -17.2% 15.7% 2.0% 0.0%


EDWARDS LIFESCIENCES 1.6 19.6AUTODESK 1.5 19.1FISERV 1.5 11.2ROPER TECHNOLOGIES 1.4 7.5CONCHO RESOURCES 1.4 10.4

Characteristics

PortfolioRussellMidCapGrowth

Number of Holdings 185 415Weighted Avg. Market Cap. ($B) 18.3 16.4Median Market Cap. ($B) 13.6 8.7Price To Earnings 33.0 30.7Price To Book 7.4 8.8Price To Sales 5.6 4.8Return on Equity (%) 12.6 23.7Yield (%) 0.8 0.8Beta 0.9 1.0R-Squared 0.9 1.0


TWITTER 1.4 -34.8 -0.5WYNN RESORTS 0.8 -23.7 -0.2MICROCHIP TECH. 1.0 -12.9 -0.1MARTIN MRTA.MATS. 0.7 -18.3 -0.1MOHAWK INDUSTRIES 0.7 -18.2 -0.1


SQUARE CL.A 0.8 60.6 0.5ADVANCED MICRO DEVICES 0.3 106.1 0.4EDWARDS LIFESCIENCES 1.5 19.6 0.3WORLDPAY A 1.2 23.8 0.3AUTODESK 1.4 19.1 0.3

Vanguard Mid Cap Growth CharacteristicsAs of September 30, 2018 Market Value: $1.1 Million and 5.1% of Fund


Vanguard Mid Cap Growth Performance Attribution vs. Russell MidCap GrowthAttribution Effects Returns Sector Weights


_

Energy -0.3% 0.0% -0.4% 0.0% -0.1% -1.0% 6.0% 1.7%Materials 0.1% 0.0% 0.1% 0.0% -4.4% -5.1% 3.4% 4.0%Industrials -0.3% -0.3% 0.0% 0.0% 7.4% 9.4% 18.0% 16.2%Consumer Discretionary -0.1% -0.5% 0.2% 0.2% 2.1% 4.7% 11.1% 18.3%Consumer Staples 0.0% 0.1% 0.0% 0.0% 12.1% 9.5% 1.6% 3.5%Health Care -0.2% -0.2% 0.0% 0.0% 10.8% 12.3% 14.5% 14.5%Financials 0.1% 0.1% 0.0% 0.0% 1.2% -0.2% 6.8% 7.2%Information Technology -0.3% -0.2% -0.1% 0.0% 10.3% 10.8% 28.8% 32.2%Communication Services 0.0% 0.0% 0.0% 0.0% -4.8% -4.8% 0.4% 0.2%Utilities 0.0% -- -- -- -- -- 0.0% 0.0%Real Estate -0.5% 0.0% -0.7% 0.1% 0.0% -1.8% 9.5% 2.2%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio -1.5% = -0.9% + -0.9% + 0.3% 6.2% 7.7% 100.0% 100.0%

_

Vanguard Mid Cap Growth AttributionAs of September 30, 2018 Market Value: $1.1 Million and 5.1% of Fund

Market Cap Attribution vs. Russell MidCap Growth

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 22.41 18.4% 19.4% -1.1% 7.0% 5.2% 1.8% 0.0% 0.3% 0.4% -0.5% -0.1%2) 16.41 - 22.41 27.0% 20.8% 6.3% 8.0% 9.1% -1.0% 0.1% -0.3% -0.2% 0.3% 0.1%3) 11.99 - 16.41 32.3% 19.9% 12.5% 5.7% 8.4% -2.7% 0.1% -0.9% -0.8% 0.1% -0.6%4) 7.43 - 11.99 19.8% 20.1% -0.4% 4.7% 8.3% -3.6% 0.0% -0.7% -0.7% 0.1% -0.6%5) 0.00 - 7.43 2.5% 19.8% -17.3% -1.4% 7.3% -8.6% 0.1% -0.2% -0.2% -0.1% -0.2%Total 6.2% 7.7% -1.5% 0.3% -1.8% -1.5% 0.0% -1.5%

XXXXX



CapSmall/

MidMidCap

Mid/Large

LargeCap

Vanguard Small Cap Value 38.8% 55.9% 5.4% 0.0% 0.0%Russell 2000 Value 79.7% 20.3% 0.0% 0.0% 0.0%Weight Over/Under -40.9% 35.5% 5.4% 0.0% 0.0%

Characteristics

PortfolioRussell

2000Value

Number of Holdings 862 1,387Weighted Avg. Market Cap. ($B) 4.3 2.1Median Market Cap. ($B) 2.2 0.8Price To Earnings 17.5 14.5Price To Book 2.9 1.8Price To Sales 2.4 2.6Return on Equity (%) 13.0 7.1Yield (%) 2.0 1.8Beta 0.6 1.0R-Squared 0.9 1.0

Characteristics

PortfolioRussell

2000Value



WELLCARE HEALTH PLANS 0.6 30.2 0.2PERKINELMER 0.4 32.9 0.1NRG ENERGY 0.5 21.9 0.1DONALDSON CO. 0.3 29.6 0.1OKTA CL.A 0.2 39.7 0.1


ON SEMICONDUCTOR 0.5 -17.1 -0.1US FOODS HOLDING 0.4 -18.5 -0.1DELPHI TECHNOLOGIES 0.2 -30.8 -0.1WEIGHT WATCHERSINTERNATIONAL 0.2 -28.8 -0.1

VISTEON 0.2 -28.1 -0.1

Vanguard Small Cap Value CharacteristicsAs of September 30, 2018 Market Value: $1.1 Million and 5.3% of Fund


IDEX 0.6 10.7NRG ENERGY 0.5 21.9PERKINELMER 0.5 32.9ATMOS ENERGY 0.5 4.7LEIDOS HOLDINGS 0.5 17.7


Vanguard Small Cap Value Performance Attribution vs. Russell 2000 ValueAttribution Effects Returns Sector Weights


_

Energy 0.2% 0.3% 0.1% -0.1% 3.2% -0.7% 4.7% 7.4%Materials -0.1% 0.0% 0.0% 0.0% 0.7% 1.2% 7.7% 4.5%Industrials 0.4% 0.1% 0.2% 0.1% 6.3% 5.1% 16.7% 11.8%Consumer Discretionary -0.2% -0.2% 0.0% 0.0% 1.3% 2.6% 11.8% 11.5%Consumer Staples -0.1% 0.0% -0.1% 0.0% -6.6% -6.8% 3.8% 2.7%Health Care 0.5% 0.3% 0.1% 0.1% 14.3% 7.6% 6.3% 4.7%Financials 0.3% 0.3% 0.1% -0.1% 1.8% 0.7% 21.8% 28.4%Information Technology 0.3% 0.4% 0.0% 0.0% 5.0% 1.6% 10.1% 10.7%Communication Services -0.1% -0.1% 0.0% 0.0% 20.6% 30.2% 0.5% 0.5%Utilities 0.1% 0.1% 0.0% 0.0% 4.6% 3.7% 6.5% 5.9%Real Estate 0.1% 0.1% 0.0% 0.0% -0.3% -0.9% 10.2% 11.8%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio 1.6% = 1.3% + 0.3% + 0.0% 3.3% 1.7% 100.0% 100.0%

_

Vanguard Small Cap Value AttributionAs of September 30, 2018 Market Value: $1.1 Million and 5.3% of Fund

Market Cap Attribution vs. Russell 2000 Value

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 3.11 61.7% 19.4% 42.2% 3.2% 2.7% 0.6% 0.4% 0.4% 0.7% 0.2% 0.9%2) 2.25 - 3.11 14.9% 20.3% -5.4% 3.2% 2.0% 1.2% 0.0% 0.2% 0.2% 0.1% 0.2%3) 1.56 - 2.25 12.4% 20.3% -7.9% 4.4% 3.5% 0.9% -0.1% 0.1% 0.0% 0.4% 0.3%4) 0.90 - 1.56 8.1% 20.3% -12.2% 3.2% 1.0% 2.2% 0.1% 0.2% 0.3% -0.1% 0.1%5) 0.00 - 0.90 2.9% 19.7% -16.8% 1.5% -0.6% 2.1% 0.4% 0.1% 0.4% -0.5% 0.0%Total 3.3% 1.7% 1.6% 0.7% 0.9% 1.6% 0.0% 1.6%

XXXXX


Characteristics

PortfolioRussell

2000Growth

Number of Holdings 654 1,253Weighted Avg. Market Cap. ($B) 5.2 2.7Median Market Cap. ($B) 2.6 1.0Price To Earnings 25.8 19.0Price To Book 7.5 5.9Price To Sales 5.4 3.7Return on Equity (%) 10.2 6.9Yield (%) 0.8 0.5Beta 0.7 1.0R-Squared 0.8 1.0


ZILLOW GROUP CLASS C 0.4 -25.1 -0.1SCIENTIFIC GAMES 0.2 -48.3 -0.1EXELIXIS 0.4 -17.7 -0.1ATHENAHEALTH 0.4 -16.0 -0.1ROYAL GOLD 0.4 -16.8 -0.1


CapSmall/

MidMidCap

Mid/Large

LargeCap

Vanguard Small Cap Growth 29.3% 61.6% 9.2% 0.0% 0.0%Russell 2000 Growth 66.8% 33.1% 0.1% 0.0% 0.0%Weight Over/Under -37.5% 28.4% 9.1% 0.0% 0.0%

Vanguard Small Cap Growth CharacteristicsAs of September 30, 2018 Market Value: $1.2 Million and 5.5% of Fund


FORTINET 0.5 47.8 0.3DEXCOM 0.5 50.6 0.2VEEVA SYSTEMS CL.A 0.6 41.6 0.2GRUBHUB 0.6 32.1 0.2PAYCOM SOFTWARE 0.3 57.2 0.2


PTC 0.7 13.2NEUROCRINE BIOSCIENCES 0.7 25.2BURLINGTON STORES 0.6 8.2SAREPTA THERAPEUTICS 0.6 22.2EXACT SCIS. 0.6 32.0

Characteristics

PortfolioRussell

2000Growth



Vanguard Small Cap Growth Performance Attribution vs. Russell 2000 GrowthAttribution Effects Returns Sector Weights


_

Energy -0.1% 0.1% -0.3% 0.1% -1.3% -6.3% 5.1% 2.5%Materials 0.0% -0.1% 0.1% 0.0% -1.7% 1.1% 2.6% 4.2%Industrials 0.5% 0.6% 0.1% -0.1% 7.1% 4.0% 14.2% 18.5%Consumer Discretionary -0.1% -0.1% 0.0% 0.0% 4.3% 4.9% 14.5% 15.2%Consumer Staples 0.1% 0.1% 0.0% 0.0% 6.7% 2.9% 2.0% 2.9%Health Care 0.4% 0.8% -0.2% -0.2% 10.8% 7.8% 19.2% 26.3%Financials -0.2% -0.4% 0.1% 0.1% -3.0% 1.9% 6.0% 7.5%Information Technology 0.9% 0.5% 0.2% 0.2% 11.9% 9.1% 25.2% 19.0%Communication Services 0.0% 0.0% 0.0% 0.0% 12.7% 15.0% 0.6% 0.8%Utilities 0.0% 0.0% 0.0% 0.0% 3.9% 4.5% 0.3% 0.4%Real Estate -0.3% 0.0% -0.3% 0.0% 1.3% 1.8% 10.3% 2.5%Cash 0.0% -- -- -- -- -- 0.0% 0.0%Portfolio 1.2% = 1.5% + -0.3% + 0.0% 6.8% 5.6% 100.0% 100.0%

_

Vanguard Small Cap Growth AttributionAs of September 30, 2018 Market Value: $1.2 Million and 5.5% of Fund

Market Cap Attribution vs. Russell 2000 Growth

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 3.62 64.0% 19.6% 44.4% 8.0% 6.1% 2.0% 0.2% 1.3% 1.5% 0.1% 1.6%2) 2.71 - 3.62 12.9% 20.2% -7.3% 5.6% 6.2% -0.6% 0.0% -0.1% -0.1% 0.1% 0.0%3) 1.93 - 2.71 11.9% 20.1% -8.1% -0.6% 3.5% -4.1% 0.2% -0.5% -0.3% -0.4% -0.7%4) 1.15 - 1.93 8.3% 20.1% -11.8% 9.1% 8.2% 0.9% -0.3% 0.1% -0.2% 0.5% 0.3%5) 0.00 - 1.15 2.9% 20.0% -17.1% 7.8% 3.9% 3.8% 0.3% 0.1% 0.4% -0.3% 0.1%Total 6.8% 5.6% 1.2% 0.3% 0.9% 1.2% 0.0% 1.2%

XXXXX


Non-US Equity Composite CharacteristicsAs of September 30, 2018 Market Value: $4.3 Million and 19.7% of Fund

Characteristics

Portfolio

MSCIEAFE +

EmergingMarkets

Number of Holdings 8,077 2,075Weighted Avg. Market Cap. ($B) 44.4 63.5Median Market Cap. ($B) 1.2 7.6Price To Earnings 20.3 18.9Price To Book 3.1 2.7Price To Sales 3.3 2.4Return on Equity (%) 16.6 15.7Yield (%) 2.8 3.0Beta 1.0 1.0R-Squared 0.9 1.0

Region % ofTotal

% ofBench

_

North America ex U.S. 6.8% 0.0%United States 0.5% 0.0%Europe Ex U.K. 22.3% 33.9%United Kingdom 8.4% 13.0%Pacific Basin Ex Japan 11.3% 8.6%Japan 13.1% 17.9%Emerging Markets 36.4% 26.0%Other 1.2% 0.7%Total 100.0% 100.0%

XXXXX

Characteristics

Portfolio

MSCIEAFE +

EmergingMarkets


Market Capitalization

SmallCap

MidCap

LargeCap

Non-US Equity Composite 37.0% 15.2% 47.9%

MSCI EAFE + Emerging Markets 6.2% 19.8% 73.9%

Weight Over/Under 30.7% -4.6% -26.0%


Non-US Equity Composite AttributionAs of September 30, 2018 Market Value: $4.3 Million and 19.7% of Fund

Market Cap Attribution vs. MSCI EAFE + Emerging Markets

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 93.61 13.3% 19.9% -6.6% -1.5% -0.2% -1.4% 0.1% -0.2% 0.0% -0.2% -0.2%2) 44.72 - 93.61 11.9% 20.1% -8.2% 2.2% 2.2% 0.0% -0.1% 0.1% 0.0% 0.3% 0.3%3) 23.12 - 44.72 11.6% 19.9% -8.3% 1.6% 0.5% 1.1% 0.0% 0.2% 0.2% -0.1% 0.2%4) 10.74 - 23.12 13.8% 20.0% -6.3% -0.4% 1.1% -1.5% 0.0% -0.1% -0.2% 0.1% -0.1%5) 0.00 - 10.74 49.4% 20.0% 29.4% -1.7% 0.2% -1.9% -0.1% -1.3% -1.4% -0.1% -1.5%Total -0.7% 0.8% -1.4% -0.1% -1.3% -1.4% 0.0% -1.4%

XXXXX


Non-US Equity Composite StyleAs of September 30, 2018 Market Value: $4.3 Million and 19.7% of Fund


Characteristics

Portfolio MSCIEAFE

Number of Holdings 6,331 924Weighted Avg. Market Cap. ($B) 53.6 57.8Median Market Cap. ($B) 1.6 10.8Price To Earnings 20.2 19.0Price To Book 3.1 2.6Price To Sales 3.0 2.3Return on Equity (%) 16.7 14.7Yield (%) 2.9 3.1Beta 0.9 1.0R-Squared 0.9 1.0

Region % ofTotal

% ofBench

_


XXXXX


CapMidCap

LargeCap

Vanguard Total International Stock 20.4% 19.0% 60.6%MSCI EAFE 5.6% 20.2% 74.2%Weight Over/Under 14.8% -1.2% -13.6%

Vanguard Total International Stock CharacteristicsAs of September 30, 2018 Market Value: $2.2 Million and 10.1% of Fund

Characteristics

Portfolio MSCIEAFE



Performance By Characteristic

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 90.87 17.2% 19.6% -2.4% 0.2% 1.5% -1.3% 0.0% -0.2% -0.2% 0.0% -0.2%2) 47.40 - 90.87 15.3% 20.4% -5.1% 2.6% 2.3% 0.3% -0.1% 0.1% 0.0% 0.2% 0.2%3) 27.23 - 47.40 14.7% 20.0% -5.3% 0.4% -0.1% 0.5% 0.1% 0.1% 0.2% -0.3% -0.1%4) 12.55 - 27.23 18.1% 19.9% -1.8% 1.5% 2.6% -1.1% 0.0% -0.2% -0.2% 0.2% 0.1%5) 0.00 - 12.55 34.7% 20.1% 14.7% -0.6% 0.5% -1.2% -0.1% -0.6% -0.7% -0.2% -0.8%Total 0.5% 1.4% -0.8% -0.1% -0.7% -0.8% 0.0% -0.8%

XXXXX

Vanguard Total International Stock AttributionAs of September 30, 2018 Market Value: $2.2 Million and 10.1% of Fund


Vanguard Emerging Markets CharacteristicsAs of September 30, 2018 Market Value: $1.1 Million and 4.8% of Fund

Characteristics

PortfolioMSCI

EmergingMarkets

Number of Holdings 3,948 1,151Weighted Avg. Market Cap. ($B) 66.9 79.3Median Market Cap. ($B) 1.2 5.3Price To Earnings 21.8 18.6Price To Book 3.4 3.1Price To Sales 4.3 2.5Return on Equity (%) 19.2 17.7Yield (%) 2.8 2.7Beta 1.0 1.0R-Squared 1.0 1.0

Region % ofTotal

% ofBench

_

EM Asia 58.4% 74.4%EM Latin America 12.8% 11.4%EM Europe & Middle East 5.2% 5.9%EM Africa 6.8% 6.3%Other 16.8% 2.0%Total 100.0% 100.0%

XXXXX

Characteristics

PortfolioMSCI

EmergingMarkets



CapMidCap

LargeCap

Vanguard Emerging Markets 15.7% 17.3% 67.1%MSCI Emerging Markets 5.5% 17.5% 77.0%Weight Over/Under 10.2% -0.3% -9.9%


Performance By Characteristic

PortfolioWeight

IndexWeight

ExcessWeight

PortfolioUSD

Return

IndexUSD

Return

ExcessUSD

Return

AllocationEffect

(Local)

SelectionEffect

(Local)

ActiveContrib.

PassiveContrib.

TotalContrib.

_

Market Cap. Quintile ($Bil) 1) Above 4.08 13.2% 20.1% -6.9% -4.1% -0.1% -4.1% 0.0% -0.5% -0.5% 0.1% -0.4%2) 2.84 - 4.08 15.6% 20.1% -4.5% -1.9% -1.1% -0.8% 0.0% -0.1% -0.1% -0.1% -0.1%3) 1.86 - 2.84 19.1% 20.0% -0.8% -2.9% -1.0% -1.9% 0.0% -0.4% -0.4% 0.0% -0.4%4) 1.13 - 1.86 23.1% 20.1% 3.0% -2.7% -1.1% -1.6% 0.0% -0.4% -0.4% -0.1% -0.5%5) 0.00 - 1.13 29.0% 19.8% 9.2% -1.7% -0.6% -1.1% 0.0% -0.5% -0.4% 0.0% -0.4%Total -2.5% -0.8% -1.7% 0.0% -1.8% -1.7% 0.0% -1.7%

XXXXX

Vanguard Emerging Markets AttributionAs of September 30, 2018 Market Value: $1.1 Million and 4.8% of Fund


Vanguard FTSE All World ex-US Small-Cap FundVanguard FTSE All World ex-US Small-Cap Fund AttributionAs of September 30, 2018 Market Value: $1.0 Million and 4.7% of Fund

Characteristics

PortfolioMSCIEAFE

Small CapNumber of Holdings 3,591 2,344Weighted Avg. Market Cap. ($B) 2.1 2.8Median Market Cap. ($B) 0.8 1.1Price To Earnings 19.0 19.2Price To Book 3.0 2.5Price To Sales 3.1 2.5Return on Equity (%) 13.6 13.2Yield (%) 2.5 2.4Beta 1.0R-Squared 1.0

Region % ofTotal

% ofBench

_


XXXXX

Characteristics

PortfolioMSCIEAFE

Small CapINDUSTRY SECTOR DISTRIBUTION (% Equity)Energy 5.2 3.1Materials 10.3 8.6Industrials 19.1 22.0Consumer Discretionary 13.3 13.0Consumer Staples 5.9 6.6Health Care 7.5 7.5Financials 10.6 11.9Information Technology 11.3 9.7Communication Services 3.9 4.7Utilities 2.7 2.0Real Estate 9.9 10.7Unclassified 0.3 0.0


CapMidCap

LargeCap

Vanguard FTSE All World ex-US Small-Cap Fund 97.6% 2.4% 0.0%MSCI EAFE Small Cap 94.3% 5.7% 0.0%Weight Over/Under 3.2% -3.2% 0.0%


Principal US Property CharacteristicsAs of September 30, 2018 Market Value: $2.3 Million and 10.6% of Fund

Total Fund Composite Fee ScheduleMarket Value: $21.8 Million and 100.0% of Fund


Documents

Marquette Update