DEFERRED SALARY PLAN OF THE ELECTRICAL INDUSTRY QUALIFIED DEFAULT INVESTMENT ... · 2019-12-26 ·...

DEFERRED SALARY PLAN OF THE ELECTRICAL INDUSTRY QUALIFIED DEFAULT INVESTMENT ALTERNATIVE NOTICE

This is an annual notice and only applies to the Plan Year beginning on January 1, 2019. Right to direct investment/default investment. You have the right to direct the investment of elected deferrals and other accounts allowed by your Plan (your "directed accounts") in any of the investment choices explained in the investment information materials provided to you. We encourage you to make an investment election to ensure that amounts in the Plan are invested in accordance with your long-term investment and retirement plans. However, if you do not make an investment election, then the amounts that you could have elected to invest will be invested in a default investment that the Plan officials have selected. Description of default investment. The default investment is:

Name of Investment: Age-appropriate Vanguard Target Retirement Trust Plus fund Investment objectives: See Fund Fact Sheet Risk and return characteristics (if applicable): See Fund Fact Sheet Fees and expenses: See Addendum and Fund Fact Sheet

Right to alternative investment. If the Plan invests some or all of your elected deferrals and other accounts in the default investment, then you have the continuing right to direct the investment of your elected deferrals and other accounts allowed by your Plan in one or more of the other investment choices available to you as explained above. You may change your investments at any time. No transfer fees or expenses will be charged if you elect an alternative investment within 90 days after first being subject to the default investment. However, your account will be adjusted for any investment gains or losses. Where to go for further investment information. You can change your contribution level, change your investments, get daily investment performance information, and perform many other transactions at JIB.Retirepru.com, or by calling Prudential's toll-free phone number 1-877-JIB-401k (1-877-542-4015) Monday through Friday from 8 a.m. to 9 p.m., ET. You can also find out more about the Plan in the Plan's SPD. To learn more about the Plan's investment alternatives and procedures for changing how your accounts are invested you can contact the Plan Administrator at: Contact: Joint Industry Board of the Electrical Industry Address: 158-11 Harry Van Arsdale Jr Ave

Flushing, New York 11365 Telephone: (718) 591-2000

DEFERRED SALARY PLAN OF THE ELECTRICAL INDUSTRY (referred to as the “Plan”)

QUALIFIED DEFAULT INVESTMENT ALTERNATIVE (“QDIA”) ADDENDUM

If you are invested in the Plan’s QDIA, as specified below, this notice applies to you.

This is an addendum to the annual QDIA notice and only applies to the Plan Year beginning on January 1, 2019.

Description of Default Investment

The Plan Sponsor has designated an age-appropriate Vanguard Target Retirement Trust Plus fund as the QDIA for the Plan. This notice

provides information about this default investment fund. Included with this notice is a description of this fund’s underlying investment

objectives, risk and return characteristics, and fees and expenses.

Your future contributions and your existing account balance will continue to be invested in this default investment fund unless you make

a different investment choice. If you do not want to be invested in this fund, you must make a different investment choice.

Your investment returns are reduced by various fees and expenses. The expense ratios for the funds in your Plan’s QDIA are listed

below. Please see the attached User’s Guide for a detailed description of an expense ratio. The expense ratios included in this notice

reflect the expenses specific to your Plan.

Year of Birth Fund Net Expense Ratio

1947 or before Vanguard Target Retirement Income Trust Plus 0.06%

1948 – 1952 Vanguard Target Retirement 2015 Trust Plus 0.06%










1998 or after Vanguard Target Retirement 2065 Trust Plus 0.06%

Available fund fact sheets are enclosed for your review.

Visit www.prudential.com/online/retirement to view the most current fund fact sheets for funds available in your plan.

Fund Fact Sheet User's GuideThis guide will help provide a glossary of terms and benchmark definitions commonly found onfund fact sheets.In providing this information Prudential Retirement is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity.Prudential Retirement may benefit from advisory and other fees paid to it or its affiliates for managing, selling, or settling of the Prudential mutual fundsand other investment products or securities offered by Prudential Retirement or its affiliates. Investment vehicles sponsored or managed by aPrudential Retirement affiliate generate more revenue for the Prudential enterprise than non-proprietary investment vehicles. Prudential Retirement'ssales personnel generally receive greater compensation if plan assets are invested in proprietary investment vehicles. Prudential Retirement maybenefit directly from the difference between investment earnings of Prudential Retirement's stable value funds and the amount credited to deposits inthose funds. Prudential Retirement may also benefit from broker-dealer or other entities' co-sponsorship of Prudential conferences.

AllocationWe break down the investment holdings into general investmentclasses. The pie chart shows how much emphasis is placed on stocks,bonds or cash. We also show how much is held in foreign stocks. Bondinvestments replace the portfolio allocation chart with the following:Quality Distribution: We reveal the quality of the bonds in a bond-heavyportfolio, from least risky to most risky, with the percentage assigned toeach.

Benchmark PerformanceThe holdings and characteristics may differ from those of thebenchmark(s), and such differences may be material. Factors affectingportfolio performance that do not affect benchmark performance mayinclude portfolio rebalancing, the timing of cash flows, credit quality,diversification and differences in volatility. In addition, financial indicesdo not reflect the impact of fees, applicable taxes or trading costs whichreduce returns. Unless otherwise noted, financial indices assumereinvestment of dividends. You cannot make a direct investment in anindex. The statistical data regarding such indices has not beenindependently verified.

Expense RatioThe net and gross expenses shown include the total operating expensesof the funds and the indirect expenses of the funds’ underlying portfolios.Your investment returns are reduced by various fees and expenses. Foreach plan investment option, the “Expense Ratio” presentation showsthese charges as an annual percentage. Depending on the type ofinvestment, these charges are paid to Prudential or to unaffiliated mutualfund complexes or bank collective trusts. For mutual funds the ExpenseRatio is not reduced by any fee or expense waivers from the fundcomplex (i.e., Gross Expense Ratio), and therefore the actual ExpenseRatio may be lower. For other investment options, including separateaccounts and bank collective trusts, the benefit of any waivers isreflected in the Expense Ratio (i.e., Net Expense Ratio). Not all fundscharge an Expense Ratio. Please see specific fund factsheets for details.

Fund/Portfolio CategoryMorningstar, an investment research and investment management firm,assigns each mutual fund to a category, based on their actualinvestment style as measured by their underlying portfolio holdings overthe past three years. Categories for Manager of Managers separateaccounts are determined by Prudential.

Morningstar Style BoxThe Morningstar Style BoxTM reveals a fund's investment strategy. Forequity funds the vertical axis shows the market capitalization of the longstocks owned and the horizontal axis shows investment style (value,blend, or growth).

For fixed-income funds, the vertical axis shows the credit quality of thelong bonds owned and the horizontal axis shows interest rate sensitivityas measured by a bond's effective duration.

Morningstar Style Box (continued)

Morningstar seeks credit rating information from fund companies on aperiodic basis (e.g., quarterly). In compiling credit rating informationMorningstar accepts credit ratings reported by fund companies that havebeen issued by all Nationally Recognized Statistical RatingOrganizations (NRSROs). For a list of all NRSROs, please visithttp://www.sec.gov/divisions/marketreg/ratingagency.htm. Additionally,Morningstar accepts foreign credit ratings from widely recognized orregistered rating agencies. If two rating organizations/agencies haverated a security, fund companies are to report the lower rating; if three ormore organizations/agencies have rated a security, fund companies areto report the median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist, fundcompanies are to use the lower of the two middle ratings. PLEASENOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a creditrating on the fund. An NRSRO or rating agency ratings can change fromtime-to-time.

For credit quality, Morningstar combines the credit rating informationprovided by the fund companies with an average default rate calculationto come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to thescale used by a leading NRSRO. Bond funds are assigned a style boxplacement of "low", "medium", or "high" based on their average creditquality. Funds with a low credit quality are those whose weightedaverage credit quality is determined to be less than "BBB-"; medium arethose less than "AA-", but greater or equal to "BBB-"; and high are thosewith a weighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps the NRSRO creditratings of the underlying holdings to their respective default rates (asdetermined by Morningstar's analysis of actual historical default rates).Morningstar then averages these default rates to determine the averagedefault rate for the entire bond fund. Finally, Morningstar maps thisaverage default rate to its corresponding credit rating along a convexcurve.

For interest-rate sensitivity, Morningstar obtains from fund companiesthe average effective duration. Generally, Morningstar classifies a fixed-income fund's interest rate sensitivity based on the effective duration ofthe Morningstar Core Bond Index (MCBI), which is currently three years.The classification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI's averageeffective duration; funds whose average effective duration is between75% to 125% of the MCBI will be classified as Moderate; and those thatare at 125% or greater of the average effective duration of the MCBI willbe classified as Extensive. For municipal bond funds, Morningstar alsoobtains from fund companies the average effective duration. In thesecases static breakpoints are utilized. These breakpoints are as follows:(i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but lessthan 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration

Fund Fact Sheet User's Guide Page 1 1013935

Morningstar Style Box (continued)breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)Moderate: greater than 3.5 and less than equal to 6 years; (iii)Extensive: greater than 6 years.

Morningstar Style Box/Investment Style BoxWhile the category description tells you how the portfolio has been run inthe past, the Style Box is a snapshot of what the portfolio currently owns.For equity separate accounts, Investment Style Box data is based on aquarter lag and assigned by Prudential.

Morningstar Volatility RankThe Morningstar Volatility Rank is an investment's 3-year standarddeviation overall percentile rank within its US open-end, VA/L fund, orVA/L subaccount universe. The investment with the lowest standarddeviation receives a rank of 1. We then classify investment portfolios ashaving one of three volatility levels relative to all types of mutual funds:Low, Moderate, and High. Investments with wider ranges of returns arelabeled "high," as they are considered riskier than "low" volatilityinvestments, which have had smaller ranges of returns.

©2019 Morningstar. All Rights Reserved. The information containedherein: (1) is proprietary to Morningstar and/or its content providers; (2)may not be copied or distributed; and (3) is not warranted to beaccurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from anyuse of this information. Past performance is no guarantee of futureresults.

Overall Morningstar Rating Portfolio's Overall Rating

Morningstar RatingTM (Open End Mutual Funds, Closed End Funds, orVariable Annuity Underlying Funds)For each fund with at least a three-year history, Morningstar calculates aMorningstar Rating™ based on a Morningstar Risk-Adjusted Returnmeasure that accounts for variation in a funds’ monthly performance(including the effects of sales charges, loads, and redemption fees),placing more emphasis on downward variations and rewardingconsistent performance. The top 10% of funds in each category receive5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, thenext 22.5% receive 2 stars, and the bottom 10% receive 1 star. (Eachshare class is counted as a fraction of one fund within this scale andrated separately, which may cause slight variations in the distributionpercentages.) The Overall Morningstar Rating for a fund is derived froma weighted average of the performance figures associated with itsthree-, five-, and ten-year (if applicable) Morningstar Rating metrics.Past performance is no guarantee of future results.

Morningstar RatingTM (Group Annuity- Variable Annuity Subaccounts)The Morningstar Rating™ is provided for those group variable annuitieswith at least a three-year history. Ratings are based on the groupvariable annuity’s Morningstar Risk-Adjusted Return measure whichaccounts for variation in monthly performance, placing more emphasison downward variations and rewarding consistent performance.Morningstar compares each group variable annuity’s risk-adjusted returnto the open-end mutual fund rating breakpoints for that category. Thegroup variable annuity Morningstar Rating does not affect the retailmutual fund data published by Morningstar. Consistent with the open-end mutual fund ratings, the top 10% of group variable annuities in eachcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%receive 1 star. The Overall Morningstar Rating for each group variableannuity is derived from a weighted average of the performance figuresassociated with its three-, five- and ten-year (if applicable) MorningstarRating metrics. Past performance is no guarantee of future results.

Overall Morningstar Rating Portfolio's Overall Rating (continued)Morningstar RatingTM (Based on Extended Performance)Please note, some of the Morningstar proprietary calculations, includingthe Morningstar Rating™, are not customarily calculated based onadjusted historical returns. The evaluation of this investment does notaffect the retail mutual fund data published by Morningstar. For eachretail mutual fund with at least a three year history, Morningstarcalculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthlyperformance (including the effects of sales charges, loads, andredemption fees), placing more emphasis on downward variations andrewarding consistent performance. The top 10% of funds in eachcategory receive 5 stars, the next 22.5% receive 4 stars, the next 35%receive 3 stars, the next 22.5% receive 2 stars and the bottom 10%receive 1 star. (Each share class is counted as a fraction of one fundwithin this scale and rated separately, which may cause slight variationsin the distribution percentages.) The Overall Morningstar Rating for aretail mutual fund is derived from a weighted average of the performancefigures associated with its three-, five- and ten-year (if applicable)Morningstar Rating metrics. This investment’s independent MorningstarRating metric is then compared against the retail mutual fund universebreakpoints to determine its hypothetical rating. Past performance is noguarantee of future results.

PerformanceThe total return is shown for the quarter, year-to-date and precedingyear, as well as the average annual total return for the past three, five,and 10 years if available. Since inception is also provided whenapplicable. To provide you with a point of comparison, the returns of thebenchmark indexes are also provided.

Portfolio ManagerThe name of the person(s) who determines which stocks, bonds andcash equivalents belong in the investment portfolio.

Sector AllocationMorningstar classifies each stock holding into 11 major industrial sectorsfor all Retail, Non-Qualified and Variable Annuity Fact sheets. The topfive are listed on the Fund Fact Sheets. For Manager of ManagersInstitutional Equity Sub-Advised Separate Accounts Source of SectorClassification: S&P/MSCI.

Top Five HoldingsThe top holdings are the investment in the fund with the greatest weightand therefore, with the most influence on a portfolio's returns.

Description of PRIAC Separate Accounts

In addition to registered mutual funds and bank collective trust funds,PRIAC makes available an array of insurance company separateaccounts ("Separate Account") from which the retirement plan's fiduciarycan construct the investment lineup for your retirement plan. A PRIACSeparate Account is an insurance company separate account whoseinvestors include only qualified retirement plans and certaingovernmental retirement plans. PRIAC makes most Separate Accountsavailable as commingled investment vehicles; however, in certaininstances, PRIAC may make a Separate Account available only to asingle retirement plan client.

PRIAC offers a variety of different types of Separate Accounts through agroup annuity contract issued by PRIAC. Each retirement plan's fiduciaryis generally responsible for all investment decisions related to its planand for selecting the investment options for the retirement plan'sinvestment lineup. Each retirement plan's fiduciary is also responsible formonitoring and, if necessary, replacing the investment options on theretirement lineup. The following is a general description of the types of


Separate Accounts offered by PRIAC.

A Custom Client Separate Account PRIAC provides investors with theinformation in this Fact Sheet to assist them in making investmentdecisions regarding the Fund. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. To the extent PRIACprovides such information, PRIAC makes no warranty as to the accuracyof such information and makes no undertaking to continue to providesuch information unless PRIAC agrees to continue to provide suchinformation in writing. The investor is solely responsible for the decisionto invest or continue to invest in the Fund. PRIAC assumes noresponsibility for any investor's decision to invest or continue to invest inthe Fund. Selection or termination of the Fund on a retirement plan'sinvestment line-up is the sole responsibility of each retirement plan'sfiduciary. These Separate Accounts are not part of the Manager ofManager's program.

ISelect Platform: Limitation of PRIAC's Responsibilities InstitutionalSelect Separate Accounts. PRIAC provides investors with theinformation in this Fact Sheet to assist them in making investmentdecisions regarding the Fund. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. The investor is solelyresponsible for the decision to invest or continue to invest in the Fund.PRIAC assumes no responsibility for any investor's decision to invest orcontinue to invest in the Fund. These Separate Accounts are not part ofthe Manager-of-Managers program and therefore, PRIAC does notassume any responsibility with respect to the selection, monitoring, orreplacement of the investment manager. Selection or termination of theFund on a retirement plan's investment line-up is the sole responsibilityof each retirement plan's fiduciary.

PRIAC Manager-of-Managers Institutional Sub-Advised SeparateAccounts - With respect to separate accounts designated by Prudentialas Institutional Sub-Advised Funds under the Manager-of-ManagersProgram, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and, ifnecessary, the replacement of the investment manager. Selection ortermination of the fund on a retirement plan's investment line-up is thesole responsibility of each retirement plan's fiduciary.

PRIAC Manager-of-Managers Retail-Branded Sub-Advised SeparateAccounts With respect to separate accounts designated by Prudentialas Retail-Branded Sub-Advised Funds under the Manager-of-ManagersProgram, PRIAC acknowledges it is a fiduciary as defined by ERISASection 3(38), as amended, for the selection, monitoring, and ifnecessary, replacement of the investment manager. Selection ortermination of the Fund on a retirement plan's investment line-up is thesole responsibility of each retirement plan's fiduciary.

Proprietary Separate Accounts Proprietary Funds are managed by anaffiliate of PRIAC. Although PRIAC may provide periodic monitoring withrespect to certain Proprietary Funds, Proprietary Funds are not part ofPRIAC's Manager-of-Managers Program, and therefore, PRIAC doesnot assume any responsibility with respect to the selection, monitoring,or replacement of the investment manager. Selection or termination ofthe Fund on a retirement plan's investment line-up is the soleresponsibility of each retirement plan's fiduciary.

Prudential Retirement Separate Account Fund-of-Fund and TargetDate Products: These separate accounts are manufactured by PRIACand comprised of multiple underlying investment options. For fund-of-fund separate accounts for which PRIAC serves as an ERISA §3(38)investment manager, PRIAC is responsible for the selection, monitoringand replacement of underlying funds. This type of Separate Accountoffered by PRIAC is not part of the Manager of Manager's program, andtherefore, unless otherwise noted, PRIAC does not assume anyresponsibility with respect to the selection, monitoring, or replacement ofthe investment manager.

Custom Plan Investment Options (RecordkeepingConstructs)

These investment options are designed and maintained by your plansponsor and/or the plan's investment adviser and are not investmentoptions offered by PRIAC. PRIAC provides investors with the informationin this Fact Sheet to assist them in making investment decisionsregarding the investment option. Investors must determine whether anyother information is necessary in making those decisions. The investor issolely responsible for obtaining any other information required by theinvestor, which may not be available from PRIAC. The investor is solelyresponsible for the decision to invest or continue to invest in theinvestment option. PRIAC assumes no responsibility for any investor'sdecision to invest or continue to invest in the investment option.Selection or termination of the Fund on a retirement plan's investmentline-up is the sole responsibility of each retirement plan's fiduciary.These investment options are not part of the Manager-of-Managersprogram.

Description of PICA Separate Accounts

The Prudential Insurance Company of America, Inc. (PICA) makesavailable group annuity insurance contracts such as variable annuitiesand insurance company separate accounts to institutional clients. Eachretirement plan's fiduciary is generally responsible for all investmentdecisions related to its plan and for selecting the investment options forthe retirement plan's investment lineup. Each retirement plan's fiduciaryis also responsible for monitoring and, if necessary, replacing theinvestment options on the retirement plan's investment lineup.

For More Information

Para hablar con un representante de servicios al cliente en español (uotros lenguajes), por favor, llama a nuestro numero gratuito 800 entrelas 8:00 a.m. y las 8:00 p.m., Hora del Este, días de trabajo. (Tospeak with a Prudential Service Representative through an interpreter inSpanish (or other languages), please call our tollfree number week-daysbetween 8:00 a.m. and 8:00 p.m. Eastern Time.)

Mutual funds are distributed by Prudential Investment ManagementServices LLC. (PIMS) a registered broker-dealer. QMA (QMA LLC,effective 3/20/19), Jennison Associates LLC and PGIM, Inc. areregistered investment advisors. All are Prudential Financial companiesand affiliates of Prudential Retirement Insurance and Annuity Company(PRIAC). PGIM Fixed Income and Prudential Real Estate Investors areunits of PGIM, Inc. Effective January 4, 2016, Prudential InvestmentManagement ("PIM") rebranded itself as PGIM to coincide with theexpansion of its businesses around the world. Prudential TrustCompany, a Pennsylvania trust company, is located in Scranton,Pennsylvania and is an indirect subsidiary of Prudential Financial, Inc.Prudential Trust Company engages PGIM Fixed Income, JennisonAssociates LLC and QMA as sub-advisors.


QMA is the primary business name of QMA LLC.


Benchmark Definitions

MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever forany data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. Certain informationcontained in this product or report is derived by PGIM, Inc. in part from MSCI's EAFE, Emerging Markets™, Europe ex U.K., Japan Net Dividend,Pacific Ex Japan Net Dividend and/or United Kingdom Net Dividend Index (the "Index Data"). However, MSCI has not reviewed this product orreport, and MSCI does not endorse or express any opinion regarding this product or report or any analysis or other information contained herein or theauthor or source of any such information or analysis. Neither MSCI nor any third party involved in or related to the computing or compiling of the IndexData makes any express or implied warranties, representations or guarantees concerning the Index Data or any information or data derived therefrom,and in no event shall MSCI or any third party have any liability for any direct, indirect, special, punitive, consequential or any other damages (incudinglost profits) relating to any use of this information. Any use of the Index Data requires a direct license from MSCI. None of the Index Data is intended toconstitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Source: Bloomberg Barclays Indices, POINT ©2019 Bloomberg Barclays Inc.:"Bloomberg Barclays and POINT are registered trademarks ofBloomberg Barclays Inc. or its affiliates".

Source: London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Goup"). ©LSE Group 2019. FTSE Russell is a tradingname of certain of the LSE Group companies ["FTSE®" "Russell®", "FTSE Russell®", "MTS®", "FTSE4Good®", "ICB®", "Mergent®, The YieldBook®,"] is/are a trade mark(s) of the relevant LSE Group Companies and is/are used by any other LSE Group company under license. "TMX®" is atrade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Groupcompany which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or dataand no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted withoutthe relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication."

20% Citi 3 Month T-Bill/55% Bloomberg Barclays Agg/19% Russell3000/6% MSCI EAFE (NET) An unmanaged, weighted averagecomposite consisting of the Citigroup Three Month T-Bill (20%),Bloomberg Barclays Aggregate Bond Index (55%), MSCI EAFE (net)(6%) and the Russell 3000 Index (19%).

3 Year Constant Maturity Treasury Index Market yield on U.S.Treasury securities at 3-year constant maturity, quoted on investmentbasis.

5 Yr Treasury Avg Yield Market yield on U.S. Treasury securities at 5-year constant maturity, quoted on investment basis.

60% R1000VALUE/40% Bloomberg Barclays G/C INT Anunmanaged, weighted average composite consisting of the Russell 1000Value Index (60%) and the Bloomberg Barclays U.S. IntermediateGov't/Credit Index (40%).

60% Russell 1000 / 40% Bloomberg Barclays Aggregate Anunmanaged, weighted average composite consisting of the 60% Russell1000, 40% Bloomberg Barclays Aggregate.

60% Russell 1000 Growth / 40% Bloomberg Barclays IntermediateGovernment Credit An unmanaged, weighted average composite indexconsisting of the Russell 1000 Growth Index (60%) and the BloombergBarclays Intermediate Government Credit Index (40%).

60% Russell 1000 Growth Index/40% Bloomberg Barclays U.S.Aggregate Bond Index An unmanaged, weighted average compositeconsisting of the Russell 1000® Growth Index (60%) and the BloombergBarclays Aggregate Bond Index (40%).

60% Russell 1000 Growth Index/40% Bloomberg Barclays U.S.Intermediate Government/Credit Index An unmanaged, weightedaverage composite consisting of the Russell 1000 Growth Index (60%)and the Bloomberg Barclays Intermediate U.S. Government/Credit Index(40%).

60% Russell 1000 Value Index/40% Bloomberg Barclays U.S.Aggregate Bond Index An unmanaged, weighted average compositeconsisting of the Russell 1000 Value Index (60%) and the Bloomberg

Barclays Aggregate Bond Index (40%).

60% S&P 500 Index/40% Bloomberg Barclays U.S. Aggregate BondIndex An unmanaged, weighted average composite Index that consistsof the S&P 500 Index (60%) and the Bloomberg Barclays U.S.Aggregate Bond Index (40%).

65% 5 Yr Treasury/35% S&P 500 An unmanaged, weighted averagecomposite consisting of the 65% 5 Yr Treasury Avg Yield, 35% S&P 500Index.

65% Russell 1000 Value / 35% Bloomberg Barclays Corporate A IntAn unmanaged, weighted average composite consisting of the 35%Bloomberg Barclays Corporate A Index 35%, 65% Russell 1000 Value.

Academic Strategies Asset Allocation Index The custom benchmarkreflects Bloomberg Barclays Aggregate Bond Index 35%, MSCI EAFE13%, Russell 3000 Index 52%.

Balanced Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 45%, MSCI EAFE 11%,Russell 3000 Index 44%.

BlackRock SCF Customized Index An unmanaged, weighted averagecomposite consisting of 41.4% Bloomberg Barclays U.S. TIPS Index,37% FTSE ERPA/NAREIT Developed Real Estate Index, 21.5%Bloomberg Roll Select Commodity Index, (reflects no deductions forfees, expenses or taxes)

Bloomberg Barclays Corporate High Yield Index The BloombergBarclays US Corporate High Yield Bond Index measures the USD-denominated, high yield, fixed-rate corporate bond market. Securitiesare classified as high yield if the middle rating of Moody's, Fitch and S&Pis Ba1/BB+/BB+ or below. Bonds from issuers with an emerging marketscountry of risk, based on Barclays EM country definition, are excluded.

Bloomberg Barclays EM Local Currency Government TR USD TheBloomberg Barclays Emerging Markets Local Currency GovernmentIndex is a flagship index that measures the performance of localcurrency Emerging Markets (EM) debt.


Bloomberg Barclays Global Aggregate Bond Index Ex-US (USDHedged) Measures the performance of global investment grade fixed-rate debt markets that excludes USD-dominated securities.

Bloomberg Barclays Global Aggregate ex-US (Unhedged) Index TheBloomberg Barclays Global Aggregate Index is a measure of globalinvestment grade debt from 24 local currency markets. This multi-currency benchmark includes treasury, government-related, corporateand securitized fixed-rate bonds from both developed and emergingmarkets issuers.

Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RICCapped Index Barclays Global Aggregate ex-USD Float Adjusted RICCapped Index ETFs gather total assets under management of $16.20B.The average expense ratio is 0.09%.

Bloomberg Barclays Global index Bloomberg Barclays Global indexprovides a broad based measure of the international investment gradebond market. The index combines the U.S. Aggregate Index with dollar-denominated versions of the Pan-European Index and the Japanese,Canadian, Australian and New Zealand components of the GlobalTreasury Index.

Bloomberg Barclays Government 1-3 Year Index The index measuresthe performance of the U.S. Treasury and U.S. Agency Indices withmaturities of 1-3 years, including Treasuries and U.S. agencydebentures. It is a component of the U.S. Government/Credit Index andthe U.S. Aggregate Index.

Bloomberg Barclays Government 1-5 Yr TR USD Barclays USGovernment 1-5 Year Unmanaged index that measures the performanceof 1-5 year government bonds issued by the US Treasury.

Bloomberg Barclays Government Bond Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices, includingTreasuries and U.S. agency debentures. It is a component of the U.S.Government/Credit Index and the U.S. Aggregate Index.

Bloomberg Barclays Government/Corporate 1 Yr Duration TR USDThe index measures the performance of investment grade, U.S.denominated, fixed-rate securities excluding STRIPS, TIPS and floaters.Its minimum index rating is A3 and the max maturity is 5 years.

Bloomberg Barclays Municipal 10 Yr 8-12 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 10 years (8-12), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal 20 Yr 17-22 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 20 years (17-22), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal 3 Yr 2-4 Index Measures theperformance of USD-denominated long-term tax exempt bond marketwith maturities of 3 years(2-4), including state and local generalobligation bonds, revenue bonds, insured bonds, and pre-refundedbonds.

Bloomberg Barclays Municipal Bond Index The Barclays MunicipalManaged Money Index is a rules-based, market-value-weighted tax-exempt bond market index.

Bloomberg Barclays Municipal California Exempt TR Measures the

performance of USD-denominated long-term tax exempt bond market,including California bonds only.

Bloomberg Barclays Municipal New York Exempt TR Measures theperformance of USD-denominated long-term tax exempt bond market,including New York bonds only.

Bloomberg Barclays Roll Select Commodity Index The BloombergRoll Select Commodity Index (BCOMRS or "Roll Select") is a dynamicversion of the Bloomberg Commodity Index ("BCOM") that aims tomitigate the effects of contango market structure on index performance.

Bloomberg Barclays Treasury Long Term Index The index measuresthe performance of public obligations of the U.S. Treasury withmaturities of 10 years and greater, including securities roll up to the U.S.Aggregate, U.S. Universal, and Global Aggregate Indices.

Bloomberg Barclays U.S. Aggregate Bond Index Measures theperformance of investment grade, U.S. dollar-denominated, fixed-ratetaxable bond market, including Treasuries, government-related andcorporate securities, MBS (agency fixed-rate and hybrid ARM pass-through's), ABS, and CMBS. It rolls up into other Bloomberg Barclaysflagship indices, such as the multi-currency Global Aggregate Index andthe U.S. Universal Index, which includes high yield and emergingmarkets debt.

Bloomberg Barclays U.S. Aggregate Float Adjusted Index TheBloomberg Barclays US Aggregate Bond Index is a broad-basedbenchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market. The index includesTreasuries, government-related and corporate securities, MBS (agencyfixed-rate and hybrid ARM pass-throughs), ABS and CMBS (agency andnon-agency).

Bloomberg Barclays U.S. Corporate High-Yield Index Measures theperformance of USD-denominated, non-investment grade, fixed-rate,taxable corporate bonds, including corporate bonds, fixed-rate bullet,putable, and callable bonds, SEC Rule 144A securities, Original issuezeros, Pay-in-kind (PIK) bonds, Fixed-rate and fixed-to-floating capitalsecurities.

Bloomberg Barclays U.S. Credit Index Measures the performance ofthe US Corporate and a non-corporate component that includes foreignagencies, sovereigns, supranationals and local authorities. It is a subsetof the US Government/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Government Bond Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices, includingTreasuries and U.S. agency debentures. It is a component of the U.S.Government/Credit Index and the U.S. Aggregate Index.

Bloomberg Barclays U.S. Government Long Index Measures theperformance of the U.S. Treasury and U.S. Agency Indices withmaturities of 10 years and greater, including Treasuries and U.S. agencydebentures. It is a component of the U.S. Government/Credit Index andthe U.S. Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 1-3 Year Index Theindex measures the performance of non-securitized component of theU.S. Aggregate Index with maturities of 1-3 years,including Treasuries,government-related issues and corporates. It is a subset of the U.S.Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 1-5 Year IndexMeasures the performance of the non-securitized component of the U.S.Aggregate Index including treasuries, government-related issues and


corporates with maturities of one to five years. It is a subset of the U.S.Aggregate Index.

Bloomberg Barclays U.S. Government/Credit 5-10 Year IndexMeasures the performance of the US Corporate and a non-corporatecomponent with maturities of 5-10 year that includes foreign agencies,sovereigns, supranationals and local authorities. It is a subset of the USGovernment/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Government/Credit Index Measures theperformance of non-securitized component of the U.S. Aggregate Indexincluding Treasuries, government-related issues and corporates. It is asubset of the U.S. Aggregate Index.

Bloomberg Barclays U.S. High Yield Bond Index, 2% Issuer CappedMeasures the performance of USD-denominated, non-investment grade,fixed-rate, taxable corporate bonds. It follows the same rules as theuncapped index but limits the exposure of each issuer to 2% of the totalmarket value and redistributes any excess market value index-wide on apro-rata basis.

Bloomberg Barclays U.S. Intermediate Government/ Credit IndexMeasures the performance of the U.S. investment grade fixed rate bondmarket, with index components for Agencies, Financial Institutions,Industrial, Treasuries and Utility, with remaining time to maturity of 1-10years. It's a custom index.

Bloomberg Barclays U.S. Long Term Credit Index Measures theperformance of the US Corporate and a non-corporate component thatincludes foreign agencies, sovereigns, supranationals and localauthorities with maturities of 10 years and greater. It is a subset of theUS Government/Credit Index and the US Aggregate Index.

Bloomberg Barclays U.S. Mortgage Backed Securities IndexMeasures the performance of the agency mortgage-backed pass-through securities (both fixed-rate and hybrid ARM) issued by GinnieMae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC).

Bloomberg Barclays U.S. Municipal Index Measures the performanceof USD-denominated long-term tax exempt bond market, including stateand local general obligation bonds, revenue bonds, insured bonds, andpre-refunded bonds.

Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year Theindex measures the performance of inflation-protected securities issuedby the U.S. Treasury (TIPS).

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities(TIPS) 0-5 Year Index The Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS) 0-5 Year Index is a market-capitalization-weighted index that includes all inflation-protected public obligationsissued by the U.S. Treasury with remaining maturities of less than fiveyears.

Bloomberg Barclays U.S. Treasury Inflation-Protected Securities(TIPS) Index Measures the performance of rules-based, market value-weighted inflation-protected securities issued by the U.S. Treasury. It isa subset of the Global Inflation-Linked Index (Series-L).

Bloomberg Barclays U.S. Universal Index Measures the performanceof USD-denominated, taxable bonds that are rated either investmentgrade or high-yield. It represents the union of the U.S. Aggregate Index,U.S. Corporate High Yield Index, Investment Grade 144A Index,Eurodollar Index, U.S. Emerging Markets Index, and the non-ERISAeligible portion of the CMBS Index.

Bloomberg Barclays US Corporate Bond TR USD The BloombergBarclays US Corporate Bond Index measures the investment grade,fixed-rate, taxable corporate bond market. It includes USD-denominatedsecurities publicly issued by US and non-US industrial, utility andfinancial issuers.

Bloomberg Barclays US Government Treasury 1-3 Year Index Theindex measures the performance of the U.S. Treasury and U.S. AgencyIndices with maturities of 1-3 years, including Treasuries and U.S.agency debentures. It is a component of the U.S. Government/CreditIndex and the U.S. Aggregate Index.

Bloomberg Barclays US Government/Credit Long TR USD TheBloomberg Barclays US Government/Credit Bond Index is a broad-based flagship benchmark that measures the non-securitizedcomponent of the US Aggregate Index. It includes investment grade, USdollar-denominated, fixed-rate Treasuries, government-related andcorporate securities.

Bloomberg Barclays US Treasury Inflation Notes TR Index Value TheIndex measures the performance of the U.S. treasury inflation-linkedbond market. Securities must be rated investment grade as defined bythe Index methodology. The principal and the interest of all constituentbonds must be inflation-linked and denominated in U.S. Dollars. NominalU.S. Treasury bonds, floating rate bonds and STRIPS are excluded.

Bloomberg Commodity Index Measures the performance of futurecontracts on physical commodities which traded on US exchanges andLondon Metal Exchange. The commodity weightings are based onproduction and liquidity, subject to weighting restrictions applied annually.

BofAML All Convertible All Qualities BofAML All Convertible AllQualities measures the performance of convertible bonds.

BofAML Preferred Stock Fixed Rate TR USD BofAML Preferred StockFixed Rate TR USD measures the performance of preferred stocksecurities.

Capital Growth Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 25%, MSCI EAFE 15%,Russell 3000 Index 60%.

Carpenters Balanced Benchmark The custom benchmark reflects 5Year Treasury Average Yield (15%), Bloomberg Barclays AggregateBond Index (40%), Bloomberg Barclays Corporate High Yield BondIndex (5%), S&P 500 Index (20%), MSCI EAFE (net) Index (10%),Russell 2000 Growth Index (5%) and Russell 2000 Value Index (5%).

Carpenters' Retirement 2015 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (12.5%), Bloomberg BarclaysAggregate Bond Index (33%), Bloomberg Barclays Corporate High YieldIndex (4.5%), MSCI EAFE (net) (7%), Russell 2000 Growth Index (2%),Russell 2000 Value Index (2%), Russell MidCap Growth Index (2.5%),Russell MidCap Value Index (2.5%), S&P 500 Index (26%), MSCI EAFEGrowth (net) (4%) , MSCI EAFE Value (net) (4%).

Carpenters' Retirement 2020 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (10%), Bloomberg Barclays AggregateBond Index (26.5%), Bloomberg Barclays Corporate High Yield Index(3.5%), MSCI EAFE (net) (9%), Russell 2000 Growth Index (2%),Russell 2000 Value Index (2.5%), Russell MidCap Growth Index (3%),Russell MidCap Value Index (3%), S&P 500 Index (31.5%), MSCI EAFEGrowth (net) (4.5%( , MSCI EAFE Value (net) (4.5%).

Carpenters' Retirement 2025 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (7.5%), Bloomberg Barclays Aggregate


Bond Index (20%), Bloomberg Barclays Corporate High Yield Index(2.5%), MSCI EAFE (net) (10%), Russell 2000 Growth Index (2.5%),Russell 2000 Value Index (3%), Russell MidCap Growth Index (3.5%),Russell MidCap Value Index (3.5%), S&P 500 Index (36.5%), MSCIEAFE Growth (net) (5.5%) , MSCI EAFE Value (net) (5.5%).

Carpenters' Retirement 2030 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (5%), Bloomberg Barclays AggregateBond Index (13%), Bloomberg Barclays Corporate High Yield Index(2%), MSCI EAFE (net) (12%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4%),Russell MidCap Value Index (4%), S&P 500 Index (41.5%), MSCI EAFEGrowth (net) (6%) , MSCI EAFE Value (net) (6%).

Carpenters' Retirement 2035 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3.5%), Bloomberg Barclays AggregateBond Index (10%), Bloomberg Barclays Corporate High Yield Index(1.5%), MSCI EAFE (net) (12.5%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4%),Russell MidCap Value Index (4%), S&P 500 Index (45%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2040 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3.5%), Bloomberg Barclays AggregateBond Index (8.5%), Bloomberg Barclays Corporate High Yield Index(1%), MSCI EAFE (net) (13.5%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (3.5%), Russell MidCap Growth Index (4.5%),Russell MidCap Value Index (4.5%), S&P 500 Index (45.5%), MSCIEAFE Growth (net)(6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2045 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (3%), Bloomberg Barclays AggregateBond Index (7%), Bloomberg Barclays Corporate High Yield Index (1%),MSCI EAFE (net) (13.5%), Russell 2000 Growth Index (3%), Russell2000 Value Index (4%), Russell MidCap Growth Index (4.5%), RussellMidCap Value Index (4.5%), S&P 500 Index (46.5%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2050 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (2.5%), Bloomberg Barclays AggregateBond Index (6.5%), Bloomberg Barclays Corporate High Yield Index(1%), MSCI EAFE (net) (14%), Russell 2000 Growth Index (3%),Russell 2000 Value Index (4%), Russell MidCap Growth Index (4.5%),Russell MidCap Value Index (4.5%), S&P 500 Index (47%), MSCI EAFEGrowth (net) (6.5%) , MSCI EAFE Value (net) (6.5%).

Carpenters' Retirement 2055 Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (1.3%), Bloomberg Barclays Long U.S.Corporate Index (1.95%), Citigroup Three Month T-Bill (1.17%),Bloomberg Commodity Index (8%), Bloomberg Barclays AggregateBond Index (4.94%), Bloomberg Barclays US Treasury: US TIPS Index(3.64%), MSCI All Country World Ex United States Index (15%), MSCIEmerging Markets Index (15%), Russell 2000 Value Index (3.43%),Russell MidCap Growth Index (4.41%), Russell MidCap Value Index(4.41%), S&P 500 Index (36.75%).

Carpenter's Retirement Income Benchmark The custom benchmarkreflects 5 Yr Treasury Avg Yield (19%), Bloomberg Barclays AggregateBond Index (49.5%), Bloomberg Barclays Corporate High Yield Index(6.5%), MSCI EAFE (net) (3.5%), Russell 2000 Growth Index (1%),Russell 2000 Value Index (1%), Russell MidCap Growth Index (1%),Russell MidCap Value Index (1%), S&P 500 Index (13.5%), MSCI EAFEGrowth (net) (2%) , MSCI EAFE Value (net) (2%).

CBOE S&P 500 BuyWrite BXM The CBOE S&P 500 BuyWrite Index(ticker symbol BXM) is a benchmark index designed to show the

hypothetical performance of a portfolio that engages in a buy-writestrategy using S&P 500 index call options.

Citigroup Dollar World Non-U.S. Government Bond Index Measuresthe performance of fixed-rate, local currency, investment-gradesovereign bonds of all WGBI countries except the United States and isstated in US dollar terms. It is a subset of Citigroup World GovernmentBond Index (WGBI).

Credit Suisse Equity Market Neutral USD The Credit Suisse EquityMarket Neutral Hedge Fund Index is a subset of the Credit SuisseHedge Fund IndexSM that measures the aggregate performance ofdedicated short bias funds. Equity market neutral funds typically takeboth long and short positions in stocks while seeking to reduce exposureto the systematic risk of the market (i.e., a beta of zero is desired).Equity market neutral funds typically seek to exploit investmentopportunities unique to a specific group of stocks, while maintaining aneutral exposure to broad groups of stocks defined for example bysector, industry, market capitalization, country, or region. The index hasa number of subsectors including statistical arbitrage, quantitativelong/short, fundamental long/short and index arbitrage. Managers oftenapply leverage to enhance returns.

Credit Suisse Leveraged Loan USD This index tracks the investablemarket of the U.S. dollar denominated leveraged loan market. It consistsof issues rated "5B" or lower, meaning that the highest rated issuesincluded in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year andare made by issuers domiciled in developed countries.

Credit Suisse Managed Futures USD The index measures theperformance of market trends across a range of asset classes, including:Equities, Fixed Income, Commodities and Currencies. It hasdemonstrated positive expected returns during upward trending marketsand the ability to hedge against some negative tail risk events,potentially making it a less expensive but effective hedge over the longterm. The index is asset-weighted.

CRSP U.S. Large Cap Index The CRSP US Large Cap Index includesU.S. companies that comprise the top 85 percent of investable marketcapitalization and are traded on NYSE, NYSE American, NYSE ARCA,NASDAQ, Bats Global Markets, and the Investors Exchange.

CRSP U.S. Large Cap Value Index The CRSP U.S. Value StyleIndexes are part of CRSP's investable index family. Once securities areassigned to a size-based market cap index, they are made eligible forassignment to a value or growth index using CRSP's multifactor model.CRSP classifies value securities using the following factors: book toprice, forward earnings to price, historical earnings to price, dividend-to-price ratio and sales-to-price ratio.

CRSP U.S. Mega Cap Index The CRSP U.S. Mega Cap Index includesthe largest U.S. companies, with a target of including the top 70 percentof investable market capitalization. The index includes securities tradedon NYSE, NYSE American, NYSE ARCA, NASDAQ, Bats GlobalMarkets, and the Investors Exchange.

CRSP U.S. Mid Cap Index The CRSP U.S. Mid Cap Index targetsinclusion of the U.S. companies that fall between the 70-85 percent ofinvestable market capitalization. The index includes securities traded onNYSE, NYSE American, NYSE ARCA, NASDAQ, Bats Global Markets,and the Investors Exchange.

CRSP U.S. Small Cap Index The CRSP U.S. Small Cap Index includesU.S. companies that fall between the bottom 2-15 percent of theinvestable market capitalization. There is no lower limit in market


capitalization, other than what is specified by investability screens. Theindex includes securities traded on NYSE, NYSE American, NYSEARCA, NASDAQ, Bats Global Markets and the Investors Exchange.

CRSP U.S. Total Market Index Nearly 4,000 constituents across mega,large, small and micro capitalizations, representing nearly 100% of theU.S. investable equity market, comprise the CRSP US Total MarketIndex.

DJ Brookfld Global Infra TR USD The Dow Jones Brookfield GlobalInfrastructure Composite Index is designed to measure the performanceof pure-play infrastructure companies domiciled globally. The indexcovers all sectors of the infrastructure market and includes MasterLimited Partnerships (MLPs) in addition to other equity securities.

Dow Jones U.S. Completion Total Stock Market Index The Dow JonesU.S. Completion Total Stock Market Index is a subindex of the DowJones U.S. Total Stock Market Index that excludes components of theS&P 500®.

Dow Jones U.S. Total Stock Market Index The index measures theperformance of all US equity securities with readily available prices. Itrepresents the top 95% of the US stock market based on marketcapitalisation. The index is float-adjusted market capitalisation weighted.

FTSE 4Good US Select Index The FTSE4Good US Select Index is asocially responsible investment (SRI) index of US stocks that excludescompanies with certain business activities such as weapons, tobacco,gambling, alcohol, nuclear power, and adult entertainment. Additionally,in order to be included companies must meet a series of stringentenvironmental and social criteria in areas including environmentalmanagement, labor rights, human rights, health and safety, and diversity.

FTSE Developed Markets Ex North America Index The FTSEDeveloped Markets Ex North America Index comprises Large and Midcap stocks providing coverage of Developed markets, excluding the USand Canada.

FTSE EPRA/Nareit Developed Index The FTSE EPRA Nareit GlobalReal Estate Index Series is designed to represent general trends in.eligible real estate equities worldwide. Relevant activities are defined asthe ownership, disposal and development of income-producing realestate.

FTSE Global All Cap ex US Index The FTSE Global All Cap ex USIndex is a free-float, market-capitalization weighted index representingthe performance of around 5350 large, mid and small cap companies in46 developed and emerging markets worldwide, excluding the USA.

FTSE Gold Mines PR USD The FTSE Gold Mines Index encompassesall gold mining companies that have a sustainable, attributable goldproduction of at least 300,000 ounces a year and that derive 51% ormore of their revenue from mined gold. 5-Year Performance - CapitalReturn

FTSE Three Month T-Bill Measures the performance of the last threethree-month Treasury bill month-end rates.

FTSE WGBI NonUSD USD The index measures the performance offixed-rate, local currency, investment-grade sovereign bonds of all WGBIcountries except the United States and is stated in US dollar terms. It isa subset of Citigroup World Government Bond Index (WGBI).

HFRI RV: Multi-Strategy Index Multi-Strategies employ an investmentthesis is predicated on realization of a spread between related yieldinstruments in which one or multiple components of the spread contains

a fixed income, derivative, equity, real estate, MLP or combination ofthese or other instruments. Strategies are typically quantitatively drivento measure the existing relationship between instruments and, in somecases, identify attractive positions in which the risk adjusted spreadbetween these instruments represents an attractive opportunity for theinvestment manager. In many cases these strategies may exist asdistinct strategies across which a vehicle which allocates directly, or mayexist as related strategies over which a single individual or decisionmaking process manages. Multi-strategy is not intended to providebroadest-based mass market investors appeal, but are most frequentlydistinguished from others arbitrage strategies in that they expect tomaintain >30% of portfolio exposure in 2 or more strategies meaningfullydistinct from each other that are expected to respond to diverse marketinfluences.

ICE BofAML Fixed Rate Preferred Securities The Index is designed toreplicate the total return of a diversified group of investment-gradepreferred securities.

ICE BofAML US 3-Month Treasury Bill Index This index measures theperformance of the US dollar denominated ICE LIBOR rate with maturityof the 3 months. LIBOR indicates the interest rate that banks pay whenthey borrow from each other on an unsecured basis. It is fundamental tothe operation of both UK and international financial markets, includingmarkets in interest rate derivatives contracts. it is used to determinepayments made under derivatives by a wide range of counterpartiesincluding small businesses, large financial institutions and publicauthorities.

ICE BofAML US Convt Bonds The ICE BofAML U.S. Corporate,Government and Mortgage Index is a broad-based measure of the totalrate of return performance of the U.S. investment grade bond markets.

ICE BofAML US Dollar 3-Month Deposit Offered Rate ConstantMaturity Is a subset of The Bank of America Merrill Lynch 0-1 Year USTreasury Index including all securities with a remaining term to finalmaturity less than 3 months.

ICE BofAML US High Yield ICE BofAML US High Yield Index tracksthe performance of US dollar denominated below investment gradecorporate debt publicly issued in the US domestic market. Qualifyingsecurities must have a below investment grade rating (based on anaverage of Moody's, S&P and Fitch), at least 18 months to final maturityat the time of issuance, at least one year remaining term to final maturityas of the rebalancing date, a fixed coupon schedule and a minimumamount outstanding of $250 million. In addition, qualifying securitiesmust have risk exposure to countries that are members of the FX-G10,Western Europe or territories of the US and Western Europe. The FX-G10 includes all Euro members, the US, Japan, the UK, Canada,Australia, New Zealand, Switzerland, Norway and Sweden.

iMoneyNet Taxable Money Funds - Net Includes all taxable retail andinstitutional money funds. Consists of funds in the Treasury Retail,Treasury Institutional, Treasury & Repo Retail, Treasury & RepoInstitutional, Government & Agency Retail, Government & AgencyInstitutional, First Tier Retail, First Tier Institutional, Second Tier Retail,and Second Tier Institutional categories.

iMoneyNet Taxable Money Funds Index Measures the equallyweighted returns of over 1,600 of the largest taxable money marketfunds.

IncomeFlex Aggressive Fund Benchmark IncomeFlex AggressiveFund Benchmark: Each IncomeFlex Fund's composite benchmarkreflects the weighted average of the Fund's stock/internationalstock/bond allocation, as represented by the S&P 500 Index, the MSCI


EAFE Index and the Bloomberg Barclays US Aggregate Bond Index,respectively.

IncomeFlex Conservative Fund Benchmark IncomeFlex ConservativeFund Primary Benchmark : Each IncomeFlex Fund's compositebenchmark reflects the weighted average of the Fund'sstock/international stock/bond/cash allocation, as represented by theS&P 500 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

IncomeFlex Moderate Fund Benchmark IncomeFlex Moderate FundPrimary Benchmark : Each IncomeFlex Fund's composite benchmarkreflects the weighted average of the Fund's stock/internationalstock/bond allocation, as represented by the S&P 500 Index,the MSCIEAFE Index and the Bloomberg Barclays US Aggregate Bond Index,respectively.

JP Morgan Emerging Market Bonds Plus Measures the performanceof fix-rate for external-currency denominated debt instruments includingbrady bonds, loans, Eurobonds in emerging markets. Countries coveredare Argentina, Brazil, Bulgaria, Mexico, Morocco, Nigeria, thePhilippines, Poland, Russia, and South Africa. It covers more of theeligible instruments than the EMBI+ by relaxing somewhat the strict EMBI+ limits on secondary market trading liquidity.

JPM EMBI Global TR USD The index measures the performance of fix-rate for external-currency denominated debt instruments including bradybonds, loans, Eurobonds in emerging markets. Countries covered areArgentina, Brazil, Bulgaria, Mexico, Morocco, Nigeria, the Philippines,Poland, Russia, and South Africa. It covers more of the eligibleinstruments than the EMBI+ by relaxing somewhat the strict EMBI+limits on secondary market trading liquidity.

JPMorgan Govt Bond Index exUS ($Hdgd) The index measures theperformance of fixed rate issuances for local debt instruments from high-income countries spanning Europe, North America and Asia-Pacificregions. It is a sub-set of GBI Global index excluding bond from U.S.The developed markets index lineup has a long track record since thelaunch of the GBI Global in 1989 and has grown to include indicescovering the Eurozone and Cash Deposit Rates.

Lifestyle 30 Performance Benchmark Prudential/Lazard LifeStyleFunds Custom Benchmarks are composite benchmarks that reflect theweighted average of the benchmarks for the underlying Funds (in whichthe Prudential/Lazard LifeStyle Fund invests.)




Lifetime Aggressive Growth Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

Lifetime Balanced Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

Lifetime Conservative Growth Primary Benchmark These indices arecomposite benchmarks that reflect the weighted average of thebenchmarks for the underlying funds in which each specific LifetimeFund invests.

Lifetime Growth Primary Benchmark Each Lifetime Fund's compositebenchmark reflects the weighted average of the Fund'sstock/international stock/bond allocation, as represented by the Russell3000 Index, the MSCI EAFE Index and the Bloomberg Barclays USAggregate Bond Index, respectively.

Lifetime Income & Equity Primary Benchmark Each Lifetime Fund'scomposite benchmark reflects the weighted average of the Fund'sstock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively.

Manning & Napier Pro-Blend Conservative Term A composite indexthat consists of 15% Russell 3000 Index, 5% MSCI All Country World ExUnited States Index, 80% Bloomberg Barclays Aggregate Bond Index

Manning & Napier Pro-Blend Moderate Term 30% Russell 3000Index/10% MSCI All Country World Ex United States Index/60%Bloomberg Barclays US Aggregate Bond Index.

Manning & Napier Pro-Mix Extended Term An unmanaged, weightedaverage composite consisting of the Russell 3000 Index (15%), MSCI AllCountry World Ex United States Index (5%) and Bloomberg BarclaysAggregate Bond Index (80%).

Manning & Napier Pro-Mix Maximum Term An unmanaged, weigthedaverage composite consisting of the Russell 3000 Index (40%), MSCI AllCountry World Ex United States Index (15%) and Bloomberg BarclaysAggregate Bond Index (45%).

Morningstar Aggressive Target Risk TR USD The Morningstar TargetRisk Index series consists of five asset allocation indexes that span therisk spectrum from conservative to aggressive. The family of assetallocation indexes can serve as benchmarks to help with target-riskmutual fund selection and evaluation by offering an objective yardstickfor performance comparison.

Morningstar Conservative Target Risk TR USD The MorningstarTarget Risk Index family is designed to meet the needs of investors whowould like to maintain a target level of equity exposure through aportfolio diversified across equities, bonds and inflation-hedgedinstruments. The Morningstar Conservative Target Risk Index seeksapproximately 20% exposure to global equity markets.

Morningstar Global Allocation TR USD The Morningstar GlobalAllocation Index is a broadly diversified index of liquid 60% globalequities and 40% global bonds that reflects the global investmentopportunities available to an investor with a moderate risk tolerance.

Morningstar Global Long/Short Currency The index measures theperformance of global highly liquid exchange listed futures contracts incurrencies. It has the ability to go both long and short, providing greaterflexibility and the potential to capture both upward and downwardmovements in price.


Morningstar Lifetime Allocation Moderate 2010 TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfoliois held in proportions appropriate for a US investor who has a targetmaturity date of 2010. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.









Morningstar Lifetime Allocation Moderate 2055 TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfolio

is held in proportions appropriate for a US investor who has a targetmaturity date of 2055. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.


Morningstar Lifetime Allocation Moderate Income TR USD The indexmeasures the performance of a portfolio of global equities, bonds andtraditional inflation hedges such as commodities and TIPS. This portfoliois held in proportions appropriate for a US investor who has a target ofmoderate income. The Moderate risk profile is for investors who arecomfortable with average exposure to equity market volatility.

Morningstar Long-Only Commodity Index Measures the performanceof future contracts on eligible long commodities. Eligibility is defined as acommodity that has future contracts traded on one of the US exchangesand rank in the top 95% by the 12-month average of total dollar value ofopen interest. The index is reconstituted annually, on the third Friday ofDecember each year. It is a fully collateralized commodity futures index.

Morningstar MLP Composite The index measures the performance ofUS publicly trading energy master limited partnerships. It is a diversified,distribution-dollar weighted index that targets the top 97% of investableuniverse by float market capitalization.

Morningstar Moderate Target Risk Index The Morningstar Target RiskIndex family is designed to meet the needs of investors who would liketo maintain a target level of equity exposure through a portfoliodiversified across equities, bonds and inflation-hedged instruments. TheMorningstar Moderate Target Risk Index seeks approximately 60%exposure to global equity markets.

Morningstar Moderately Aggressive Index The MorningstarModerately Aggressive Index represents a portfolio of global equities,bonds and traditional inflation hedges such as commodities and IPS.This portfolio is held in a static allocation appropriate for U.S. investorswho seek a slightly above-average exposure to equity market risk andreturns.

Morningstar Moderately Conservative Target Risk TR USD TheMorningstar Target Risk Index Serires consisits of five allocation indexesthat span the risk spectrum from conservative to aggressive.

Morningstar Technology Sector Index Measures the performance ofcompanies engaged in the design, development, and support ofcomputer operating systems and applications. This sector also includescompanies that provide computer technology consulting services. Alsoincludes companies engaged in the manufacturing of computerequipment, data storage products, networking products,semiconductors, and components.

Morningstar US Market The index measures the performance of USsecurities and targets 97% market capitalization coverage of theinvestable universe. It is a diversified broad market index.

MSCI AC Asia Ex Japan NR USD The MSCI AC Asia ex Japan Indexcaptures large and mid cap representation across 2 of 3 DevelopedMarkets (DM) countries* (excluding Japan) and 9 Emerging Markets(EM) countries* in Asia. With 953 constituents, the index coversapproximately 85% of the free floatadjusted market capitalization in eachcountry.


MSCI AC Far East Ex Japan NR USD The MSCI AC Far East exJapan Index captures large and mid cap representation across 2Developed Markets countries (excluding Japan) and 7 EmergingMarkets countries in the Far East*. With 863 constituents, the indexcovers approximately 85% of the free float-adjusted market capitalizationin each country.

MSCI ACWI Ex USA NR USD The MSCI ACWI ex USA Index captureslarge and mid cap representation across 22 of 23 Developed Marketscountries (excluding the US) and 24 Emerging Markets countries. With2,163 constituents, the index covers approximately 85% of the globalequity opportunity set outside the US.

MSCI ACWI Ex USA Value Index Measures the performance of thevalue large and mid cap segments of the particular regions, excludingUSA equity securities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

MSCI ACWI Index Captures large and mid cap representation across23 Developed Markets (DM) and 24 Emerging Markets (EM)countries.With 2,499 constituents, the index covers approximately 85%of the global investable equity opportunity set.

MSCI ACWI Large Cap NR USD The MSCI ACWI Large Cap Indexcaptures large cap representation across 23 Developed Markets (DM)and 24 Emerging Markets (EM) countries*. With 1,487 constituents, theindex covers about 70% of the free float-adjusted market capitalization ineach country.

MSCI ACWI SMID NR USD The MSCI ACWI SMID Cap Indexcaptures mid and small cap representation across 23 DevelopedMarkets (DM) and 24 Emerging Markets (EM) countries*. With 7,329constituents, the index covers approximately 28% of the free float-adjusted market capitalization in each country.

MSCI All Country Asia Pacific Cmp The index measures theperformance of the large and mid cap segments of the Asia Pacificregion equity securities, including developed and emerging market. It isfree float-adjusted market-capitalization weighted.

MSCI All Country World Ex United States Net Index The MSCI ACWIex USA Index captures large and mid cap representation across 22 of23 Developed Markets (DM) countries (excludingthe US) and 24Emerging Markets (EM) countries*. With 1,863 constituents, the indexcovers approximately 85% of the global equityopportunity set outside theUS.

MSCI All Country World Ex US Investable Market Index The MSCIACWI ex USA Investable Market Index (IMI) captures large, mid andsmall cap representation across 22 of 23 Developed Markets countries(excluding the United States) and 24 Emerging Markets countries. With6,435 constituents, the index covers approximately 99% of the globalequity opportunity set outside the US.

MSCI All Country World Ex. U.S. Growth Index Measures theperformance of the growth large and mid cap segments of the particularregions, excluding USA equity securities, including developed andemerging market. It is free float-adjusted market-capitalization weighted.

MSCI All Country World Ex. U.S. Index Measures the performance ofthe large and mid cap segments of the particular regions, excluding USAequity securities, including developed and emerging market. It is freefloat-adjusted market-capitalization weighted.

MSCI All Country World Index (net) The MSCI ACWI captures largeand mid cap representation across 23 Developed Markets (DM) and 24

Emerging Markets (EM) countries.

MSCI China NR USD The MSCI China Index captures large and midcap representation across China H shares, B shares, Red chips, P chipsand foreign listings (e.g. ADRs). With 461 constituents, the index coversabout 85% of this China equity universe. Currently, the index alsoincludes Large Cap A shares represented at 5% of their free floatadjusted market capitalization.

MSCI EAFE Growth Index (net) The MSCI EAFE Growth Indexcaptures large and mid cap securities exhibiting overall growth stylecharacteristics across Developed Markets countries around the world,excluding the US and Canada

MSCI EAFE Index (net) The MSCI EAFE Index is designed torepresent the performance of large and mid-cap securities across 21developed markets, including countries in Europe, Australasia and theFar East, excluding the U.S. and Canada. The Index is available for anumber of regions, market segments/sizes and covers approximately85% of the free float-adjusted market capitalization in each of the 21countries.

MSCI EAFE Value Index (net) The index measures the performance ofthe value large and mid cap segments of developed markets, excludingthe US & Canada equity securities. It is free float-adjusted market-capitalization weighted.

MSCI EM (Emerging Markets) Latin America Index Measures theperformance of the large and mid cap segments of emerging LatinAmerica equity securities. It is free float-adjusted market-capitalizationweighted.

MSCI Emerging Markets Index Measures the performance of the largeand mid cap segments of emerging market equity securities. It is freefloat-adjusted market-capitalization weighted.

MSCI Emerging Markets Net Dividend Index Measures theperformance of the large and mid cap segments of emerging marketequity securities. It is free float-adjusted market-capitalization weighted.

MSCI EMU Net Dividend Index MSCI EMU (European Economic andMonetary Union) Index is a free float-adjusted market capitalizationweighted index that is designed to measure the equity marketperformance of countries within EMU. As of June 2007 the MSCI EMUIndex consisted of the following 11 developed market country indices:Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, theNetherlands, Portugal, and Spain. The returns shown in the performancechart are calculated with dividends reinvested and are net of foreignwithholding tax.

MSCI Europe Index Measures the performance of the large and midcap segments of developed Europe equity securities. It is free float-adjusted market-capitalization weighted.

MSCI Europe Net Dividend Index Represents the performance of largeand mid-cap equities across 15 developed countries in Europe. TheIndex has a number of sub-Indexes which cover various sub-regionsmarket segments/sizes, sectors and covers approximately 85% of thefree float-adjusted market capitalization in each country.

MSCI India NR USD The MSCI India Index is designed to measure theperformance of the large and mid cap segments of the Indian market.With 79 constituents, the index covers approximately 85% of the Indianequity universe.

MSCI Japan Index Measures the performance of the large and mid cap


segments of Japan equity securities. It is free float-adjusted market-capitalization weighted.

MSCI Japan Net Dividend Index MSCI Japan Index measures theperformance of the large and mid cap segments of Japan equitysecurities. It is free float-adjusted market-capitalization weighted.

MSCI Pacific Index Captures large and mid cap representation across5 Developed Markets (DM) countries in the Pacific region. With 471constituents, the index covers approximately 85% of the free float-adjusted market capitalization in each country.

MSCI US REIT Index Measures the performance of the large, mid andsmall cap segments of the US equity securities. It is comprised of EquityREITs securities and based on the MSCI USA Investable Market Index,with the exception of Mortgage REIT and selected Specialized REITs.The index represents approximately most of the US REIT universe andsecurities are classified in the REIT sector according to the GlobalIndustry Classification Standard. It is a free float market capitalizationweighted index.

MSCI World Ex USA SMID NR USD The MSCI World ex USA SMIDCap Index captures mid and small cap representation across 22 of 23Developed Market (DM) countries*. With 3,117 constituents, the indexcovers approximately 28% of the free float-adjusted market capitalizationin each country.

MSCI World Growth Index (net) Measures the performance of thegrowth large and mid cap segments of world equity securities. It is freefloat-adjusted market-capitalization weighted.

MSCI World Index Captures large and mid cap representation across23 Developed Markets (DM) countries. With 1,653 constituents, theindex covers approximately 85% of the free float-adjusted marketcapitalization in each country.

MSCI World Metals & Mining Index The MSCI World Metals andMining Index is composed of large and mid cap stocks across 23Developed Markets (DM) countries*. All securities in the index areclassified in the Metals & Mining industry (within the Materials sector)according to the Global IndustryClassification Standard (GICS®).

MSCI World Real Estate Index Measures the performance of the largeand mid cap real estate (industry group) segments of world equitysecurities. It is constructed using GICS-Global Industry ClassificationStandard. The index is free float-adjusted market-capitalization weighted.

MSCI World Value Index (net) Measures the performance of the valuelarge and mid cap segments of world equity securities.

NASDAQ Composite Total Return Includes all domestic andinternational based common type stocks listed on The NASDAQ StockMarket. The NASDAQ Composite Index is a broad based Index.

NCREIF Open End Diversified Core Equity Fund Index The NFI-ODCE, short for NCREIF Fund Index - Open End Diversified CoreEquity, is the first of the NCREIF Fund Database products and is anindex of investment returns reporting on both a historical and currentbasis the results of 36 open-end commingled funds pursuing a coreinvestment strategy, some of which have performance histories datingback to the 1970s. The NFI-ODCE Index is capitalization-weighted andis reported gross of fees. Measurement is time-weighted. NCREIF willcalculate the overall aggregated Index return.

Preservation Asset Allocation Index The custom benchmark reflectsBloomberg Barclays Aggregate Bond Index 65%, MSCI EAFE 7%,

Russell 3000 Index 28%.

Pru Day One IncomeFlex Target 2010 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.




Pru Day One IncomeFlex Target 2030 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developed


ex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.




Pru Day One IncomeFlex Target 2050 Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in the

mandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.



Pru Day One IncomeFlex Target Balanced Benchmark The custombenchmark reflects the normal weighted average of the respective DayOne Fund's stock/non-traditional assets/bond/cash allocation, asrepresented by the S&P 1500 Composite Index, the Russell Developedex North America Large Cap Index, the MSCI Emerging Markets NetDividend Index, the Bloomberg Commodities Index, the PRREFComposite Index, the Barclays U.S. Treasury Inflation-ProtectedSecurities (TIPS) Index (Series-L), the Bloomberg Barclays USAggregate Bond Index and the Citigroup Three Month T-Bill. EffectiveJanuary 1, 2013, the International asset class is represented in themandate benchmark by the Russell Developed ex North America LargeCap Index, replacing the MSCI EAFE Net Dividend Index. Because theasset allocation of each Fund changes over time, the custom benchmarkallocations also change over time.

Prudential Day One 2010 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.

Prudential Day One 2015 Benchmark The custom benchmark reflects


the normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.




Prudential Day One 2035 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index

(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.




Prudential Day One 2055 Benchmark The custom benchmark reflectsthe normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change over


time.


Prudential Day One Income Benchmark The custom benchmarkreflects the normal weighted average of the respective Day One Fund'sstock/non-traditional assets/bond/cash allocation, as represented by theS&P 1500 Composite Index, the Russell Developed ex North AmericaLarge Cap Index, the MSCI Emerging Markets Net Dividend Index, theBloomberg Commodities Index, the PRREF Composite Index, theBarclays U.S. Treasury Inflation-Protected Securities (TIPS) Index(Series-L), the Bloomberg Barclays US Aggregate Bond Index and theCitigroup Three Month T-Bill. Effective January 1, 2013, the Internationalasset class is represented in the mandate benchmark by the RussellDeveloped ex North America Large Cap Index, replacing the MSCIEAFE Net Dividend Index. Because the asset allocation of each Fundchanges over time, the custom benchmark allocations also change overtime.

Retirement Goal 2010 Primary Benchmark The custom benchmark forthe Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.stock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.



Retirement Goal 2040 Primary Benchmark The custom benchmark forthe Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.

stock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.



Retirement Goal Income Primary Benchmark The custom benchmarkfor the Fund is a pro rata combination of the benchmarks for the Fund'sunderlying asset classes, based on the normal asset allocation for eachFund. The benchmark reflects the weighted average of the Fund's U.S.stock/international stock/bond/cash allocation, as represented by theRussell 3000 Index, the MSCI EAFE Index, the Bloomberg Barclays USAggregate Bond Index and the Citigroup 3-Month T-Bill Index,respectively. Because the asset allocation of each Fund changes overtime, the custom benchmark allocations also change over time.

Russell 1000 Index Measures the performance of the large-capsegment of the US equity universe. It is a subset of the Russell 3000Index and represents approximately 92% of the US market. It includesapproximately 1,000 of the largest securities based on a combination oftheir market cap and current index membership. The index isconstructed to provide a comprehensive and unbiased barometer for thelarge-cap segment and is completely reconstituted annually to ensurenew and growing equities are reflected.

Russell 1000 Value Index Measures the performance of the large-capvalue segment of the US equity securities. It includes the Russell 1000index companies with lower price-to-book ratios and lower expectedgrowth values. It is market-capitalization weighted.

Russell 1000® Growth Index Measures the performance of the large-cap growth segment of the US equity securities. It includes the Russell1000 index companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalization weighted.

Russell 2000® Growth Index Measures the performance of small-capgrowth segment of the US equity universe. It includes those Russell2000 companies with higher price/book ratios and higher predicted andforecasted growth values. It is market-capitalization weighted.

Russell 2000® Index Measures the performance of the small-capsegment of the US equity universe. It is a subset of the Russell 3000Index and it represents approximately 8% of the US market. It includesapproximately 2,000 of the smallest securities based on a combinationof thier market cap and current index membership.


Russell 2000® Value Index Measures the performance of small-capvalue segment of the US equity universe. It includes those Russell 2000companies with lower price-to-book ratios and lower expected andhistorical growth values.

Russell 2500 Growth Index Measures the performance of the small tomid-cap growth segment of the US equity universe. It includes Russell2500 index companies with higher price-to-book ratios and higherforecasted growth values. It is market-capitalization weighted.

Russell 2500® Index Measures the performance of the small to mid-cap segment of the US equity universe, commonly referred to as smidcap. It is a subset of the Russell 3000 index. It includes approximately2,500 of the smallest securities based on a combination of their marketcap and current index membership. The index is constructed to providea comprehensive and unbiased barometer for the small to mid-capsegment. The index is completely reconstituted annually to esnure largerstocks do not distort the performance and characteristics of the truesmall to mid-cap opportunity set.

Russell 2500® Value Index Measures the performance of the small tomid-cap value segment of the US equity universe. It includes Russell2500 index companies with lower price-to-book ratios and lowerexpected and historical growth rates.

Russell 3000 Growth Index Measures the performance of the broadgrowth segment of the US equity universe. It includes Russell 3000index companies with higher price-to-book ratios and higher forecastedgrowth values. It is market-capitalization weighted.

Russell 3000 Value Index Measures the performance of the broadvalue segment of US equity value universe. It includes Russell 3000index companies with lower price-to-book ratios and lower forecastedgrowth values. It is market-capitalization weighted.

Russell 3000® Index Measures the performance of the largest 3,000US companies representing approximately 98% of the investable USequity market. It is constructed to provide a comprehensive, unbiasedand stable barometer of the broad market and is completelyreconstituted annually to ensure new and growing equities are reflected.

Russell Developed ex North America Large Cap Index Net Measuresthe performance of all Russell Developed except North America largecap constituents. It follows the RGS (Russell Global Sectors) standards.The index is market weighted.

Russell Midcap Value Index Measures the performance of the mid-capvalue segment of the US equity universe. It includes Russell midcapindex companies with lower price-to-book ratios and lower forecastedgrowth values. It is market-capitalization weighted.

Russell Midcap® Growth Index Measures the performance of themidcap growth segment of the U.S. equity universe. It includes thoseRussell Midcap Index companies with higher price-to-book ratios andhigher forecasted growth values.

Russell Midcap® Index Measures the performance of the mid-capsegment of the US equity universe. It is a subset of Russell 1000 indexand includes approximately 800 of the smallest securities based on acombination of their market cap and current index membership. Theindex represents approximately 31% of the total market capitalization ofthe Russell 1000 companies. It is constructed to provide acomprehensive and unbiased barometer for the mid-cap segment. Theindex is completely reconstituted annually to ensure larger stocks do notdistort the performance and characteristics of the true mid-capopportunity set.

Russell Top 200 Index Measures the performance of the largest capsegment of the US equity universe. It is a subset of the Russell 3000index. It includes approximately 200 of the largest securities based on acombination of their market cap and current index membership andrepresents approximately 68% of the US market. The index isconstructed to provide a comprehensive and unbiased barometer for thisvery large cap segment and is completely reconstituted annually toensure new and growing equities are reflected.

S&P 1000 Index The S&P 1000® Index combines the S&P MidCap 400® and the S&P SmallCap 600® to form an investable benchmark for themid- to small-cap segment of the U.S. equity market.

S&P 1500 Cons Discretionary TR The S&P Composite 1500®Consumer Discretionary Index comprises those companies included inthe S&P Composite 1500 that are classified as members of the GICS®consumer discretionary sector.

S&P 1500 Cons Staples TR The S&P Composite 1500® ConsumerStaples Index comprises those companies included in the S&PComposite 1500 that are classified as members of the GICS® consumerstaples sector.

S&P 1500 Energy TR The S&P Composite 1500® Energy Indexcomprises those companies included in in the S&P Composite 1500 thatare classified as members of the GICS® energy sector.

S&P 1500 Financials TR The S&P Composite 1500® Financials Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® financials sector.

S&P 1500 Health Care TR The S&P Composite 1500® Health CareIndex comprises those companies included in the S&P Composite 1500that are classified as members of the GICS® health care sector.

S&P 1500 Index The S&P Composite 1500® combines three leadingindices, the S&P 500®, the S&P MidCap 400®, and the S&P SmallCap600® to cover approximately 90% of the U.S. market capitalization. It isdesigned for investors seeking to replicate the performance of the U.S.equity market or benchmark against a representative universe oftradable stocks.

S&P 1500 Industrials TR The S&P Composite 1500® Industrials Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® industrials sector.

S&P 1500 Telecom Services TR The S&P Composite 1500®Communication Services comprises those companies included in in theS&P Composite 1500 that are classified as members of the GICS®communication services sector.

S&P 1500 Utilities TR The S&P Composite 1500® Utilities Indexcomprises those companies included in the S&P Composite 1500 thatare classified as members of the GICS® utilities sector.

S&P 500 Information Technology Comprises those companiesincluded in the S&P 500 that are classified as members of the GICS®information technology sector.

S&P 500 Index The S&P 500® is widely regarded as the best singlegauge of large-cap U.S. equities. There is over USD 7.8 trillionbenchmarked to the index, with index assets comprising approximatelyUSD 2.2 trillion of this total. The index includes 500 leading companiesand captures approximately 80% coverage of available marketcapitalization.


S&P 500 Industrials The S&P 500® Industrials Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® industrials sector

S&P 500 Technology Index Measures the performance of all thosecompanies held in the S&P 500 index that are classified as a informationtechnology(sector) company using the Global Industry ClassificationStandard(GICS) system.

S&P 500 Telecomm Service The S&P 500® TelecommunicationServices Index comprises those companies included in the S&P 500 thatare classified as members of the GICS® telecommunication servicessector.

S&P 500 Value Index We measure value stocks using three factors:the ratios of book value, earnings, and sales to price. S&P Style Indicesdivide the complete market capitalization of each parent index intogrowth and value segments. Constituents are drawn from the S&P 500®.

S&P 500-Consumer Discretionary The S&P 500® ConsumerDiscretionary Index comprises those companies included in the S&P 500that are classified as members of the GICS® consumer discretionarysector.

S&P 500-Energy The S&P 500® Energy Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® energy sector.

S&P 500-Financial Services The S&P 500® Financials Indexcomprises those companies included in the S&P 500 that are classifiedas members of the GICS® financials sector.

S&P 500-Health Care The S&P 500® Health Care Index comprisesthose companies included in the S&P 500 that are classified asmembers of the GICS® health care sector.

S&P 500-Utilities The S&P 500® Utilities Index comprises thosecompanies included in the S&P 500 that are classified as members ofthe GICS® utilities sector.

S&P 600 Index The S&P SmallCap 600 Index (S&P 600) is a stockmarket index established by Standard & Poor's. It covers roughly thesmall-cap range of US stocks, using a capitalization-weighted index.

S&P Composite 1500® Index The S&P Composite 1500® combinesthree leading indices, the S&P 500®, the S&P MidCap 400®, and theS&P SmallCap 600® to cover approximately 90% of the U.S. marketcapitalization. It is designed for investors seeking to replicate theperformance of the U.S. equity market or benchmark against arepresentative universe of tradable stocks.

S&P Developed Property Index This index defines and measures theinvestable universe of publicly traded property companies domiciled indeveloped markets. The companies in the index are engaged in realestate related activities, such as property ownership, management,development, rental and investment.

S&P Global Infrastructure Index The S&P Global Infrastructure Indexis designed to track 75 companies from around the world chosen torepresent the listed infrastructure industry while maintaining liquidity andtradability. To create diversified exposure, the index includes threedistinct infrastructure clusters: energy, transportation, and utilities.

S&P Global REIT Measures the performance of publicly traded equityREITs listed in both developed and emerging markets. It is a member ofthe S&P Global Property Index Series.

S&P MidCap 400 Growth Index Measures growth stocks using threefactors: sales growth, the ratio of earnings change to price, andmomentum. S&P Style Indices divide the complete market capitalizationof each parent index into growth and value segments. Constituents aredrawn from the S&P MidCap 400®.

S&P MidCap 400 Index The S&P MidCap 400® provides investors witha benchmark for mid-sized companies. The index, which is distinct fromthe large-cap S&P 500®, measures the performance of mid-sizedcompanies, reflecting the distinctive risk and return characteristics ofthis market segment.

S&P North American Natural Resources TR The S&P North AmericanNatural Resources Index provides investors with a benchmark thatrepresents U.S. traded securities that are classified under the GICS®

energy and materials sector excluding the chemicals industry; and steelsub-industry.

S&P Small Cap 600 Index The S&P SmallCap 600® measures thesmall-cap segment of the U.S. equity market. The index is designed totrack companies that meet specific inclusion criteria to ensure that theyare liquid and financially viable.

S&P United States REIT Measures the performance of investableuniverse of publicly traded real estate investment trusts domiciled in theUnited States.

S&P/LSTA Leveraged Loan Index The S&P/LSTA Leveraged LoanIndex represents the U.S. Senior loan market.

S&P500-Consumer Staples The S&P 500® Consumer Staples Indexcomprises those companies included in the S&P 500 that are classifiedas members of the GICS® consumer staples sector.

SFDCP 2020 Benchmark An unmanaged, weighted average compositeconsisting of the Bloomberg Barclays Aggregate Bond Index (41.64%),S&P 500 Index (12.65%), Bloomberg Barclays 1-3 Year GovernmentIndex (7.94%), Bloomberg Barclays U.S. TIPS Index (Series-L%)(4.41%), Bloomberg Commodity Index Total Return (2.57%), BloombergBarclays U.S. High-Yield 2% Issuer Capped Bond Index (3.60%), FTSEEPRA/NAREIT Developed Real Estate Index NET (1.72%), JPM EMBIGlobal Diversified (1.80%), MSCI AC WORLD INDEX ex USA Net(10.37%), MSCI AC World Index - Net (5.25%), MSCI Emerging MarketsIndex Net (1.98%), Russell 2500® Index (3.79%), and S&P GlobalInfrastructure Index (TR%) (2.28%).

SFDCP 2025 Benchmark An unmanaged, weighted average compositeconsisting of the Bloomberg Barclays Aggregate Bond Index (40.16%),S&P 500 Index (14.41%), Bloomberg Barclays 1-3 Year GovernmentIndex (4.78%), Bloomberg Barclays U.S. TIPS Index (Series-L%)(2.65%), Bloomberg Commodity Index Total Return (2.66%), BloombergBarclays U.S. High-Yield 2% Issuer Capped Bond Index (3.14%), FTSEEPRA/NAREIT Developed Real Estate Index NET (1.85%), JPM EMBIGlobal Diversified (1.54%), MSCI AC WORLD INDEX ex USA Net(12.02%), MSCI AC World Index - Net (6.93%), MSCI Emerging MarketsIndex Net (2.55%), Russell 2500® Index (5.01%), and S&P GlobalInfrastructure Index (TR%) (2.30%).

SFDCP 2030 Benchmark An unmanaged, weighted average compositeconsisting of the Bloomberg Barclays Aggregate Bond Index (36.35%),S&P 500 Index (17.47%), Bloomberg Commodity Index Total Return(2.89%), Bloomberg Barclays U.S. High-Yield 2% Issuer Capped BondIndex (2.55%), FTSE EPRA/NAREIT Developed Real Estate Index NET(2.09%), JPM EMBI Global Diversified (1.22%), MSCI AC WORLDINDEX ex USA Net (14.84%), MSCI AC World Index - Net (9.61%),MSCI Emerging Markets Index Net (3.56%), Russell 2500® Index


(7.00%), and S&P Global Infrastructure Index (TR%) (2.42%).

SFDCP 2035 Benchmark An unmanaged, weighted average compositeconsisting of the Bloomberg Barclays Aggregate Bond Index (20.27%),S&P 500 Index (21.46%), Bloomberg Commodity Index Total Return(3.26%), Bloomberg Barclays U.S. High-Yield 2% Issuer Capped BondIndex (1.77%), FTSE EPRA/NAREIT Developed Real Estate Index NET(2.26), JPM EMBI Global Diversified (0.83%), MSCI AC WORLD INDEXex USA Net (18.44%), MSCI AC World Index - Net (12.91%), MSCIEmerging Markets Index Net (5.91%), Russell 2500® Index (10.14%),and S&P Global Infrastructure Index (TR) (2.75%).

SFDCP 2040 Benchmark An unmanaged, weighted average compositeconsisting of the Bloomberg Barclays Aggregate Bond Index (7.00%),S&P 500 Index (26.5%), Bloomberg Commodity Index Total Return(3.50%), Bloomberg Barclays U.S. High-Yield 2% Issuer Capped BondIndex (1.00%), FTSE EPRA/NAREIT Developed Real Estate Index NET(2.50%), MSCI AC WORLD INDEX ex USA Net (21.50%), MSCI ACWorld Index - Net (14.50%), MSCI Emerging Markets Index Net (7.50%),Russell 2500® Index (13.00%), and S&P Global Infrastructure Index (TR%) (3.00%).





SFDCP Retirement Benchmark An unmanaged, weighted averagecomposite consisting of the Bloomberg Barclays Aggregate Bond Index(41.30%), S&P 500 Index (12.19%), Bloomberg Barclays 1-3 YearGovernment Index (8.72%), Bloomberg Barclays U.S. TIPS Index

(Series-L%) (5.19%), Bloomberg Commodity Index Total Return(2.53%), Bloomberg Barclays U.S. High-Yield 2% Issuer Capped BondIndex (3.73%), FTSE EPRA/NAREIT Developed Real Estate Index NET(1.68%), JPM EMBI Global Diversified (1.88%), MSCI AC WORLDINDEX ex USA Net (10.01%), MSCI AC World Index - Net (5.02%),MSCI Emerging Markets Index Net (1.88%), Russell 2500® Index(3.63%), and S&P Global Infrastructure Index (TR%) (2.24%).

SFDCP Retirement Simple Benchmark Is a composite of otherindexes. These sub indexes represent two major asset classes-equityand fixed income. The asset classes are weighted within each TargetDate Index to reflect a targeted level of risk. Over time, the weights areadjusted based on predetermined formulas to reduce the level ofpotential risk as the index's maturity date approaches.

State of Hawaii Lifecycle 2015 Index The custom benchmark reflectsCitigroup Three Month T-Bill (14.5%), Bloomberg Barclays U.S.Treasury Inflation Notes: 1-10 Year (7.5%), Bloomberg BarclaysAggregate Bond Index (30.2%), MSCI All Country World Ex UnitedStates Net Index (9.55%), MSCI EAFE (net) (9.55%), MSCI EmergingMarkets Net Dividend Index (4.8%), Russell 2500 Index (7.2%) and S&P500 Index (16.7%).

State of Hawaii Lifecycle 2025 Index The custom benchmark reflectsBloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year (6.3%),Bloomberg Barclays Aggregate Bond Index (20.9%), MSCI All CountryWorld Ex United States Net Index (14.55%), MSCI EAFE (net) (14.55%),MSCI Emerging Markets Net Dividend Index (7.3%), Russell 2500 Index(10.9%) and S&P 500 Index (25.5%).




State of Hawaii Lifecycle Income Index The custom benchmarkreflects Bloomberg Barclays U.S. Treasury Inflation Notes: 1-10 Year(8%), Bloomberg Barclays Aggregate Bond Index (26%), MSCI AllCountry World Ex United States Net Index (5.35%), MSCI EAFE (net)(5.35%), MSCI Emerging Markets Net Dividend Index (2.7%), Russell2500 Index (4%), S&P 500 Index (9.4%) and Citigroup Three Month T-Bill (39.2%).

USTREAS Treasury Bill Constant Maturity Rate 3 Year This index isan average yield on United States Treasury securities adjusted to aconstant maturity of 3 year, as made available by the Federal ReserveBoard. Yields are interpolated by the United States Treasury from thedaily yield curve.


This material has been prepared by The Vanguard Group, Inc., which is not affiliated with Prudential Retirement. Prudential Retirement serves as recordkeeper for your plan, but does not make any representations as to the accuracy or completeness of the information contained in the fact sheet. This information is provided for informational purposes only and should not be considered a recommendation to buy or sell any security. Any performance data quoted represents past performance, and past performance does not guarantee future results. In general, the investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For additional information, please call Prudential Retirement 1-877-778-2100.

Fact sheet | June 30, 2019

Vanguard Target Retirement Income Trust PlusBalanced fund (stocks and bonds)

$13,790 Fund as of 12/31/18

$13,865 Benchmark as of 12/31/18

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 1.67 8.33 5.87 5.72 -0.08 5.28 8.61 -1.99

Benchmark — — 1.59 8.42 6.03 5.76 0.13 5.35 8.68 -1.98

Benchmark

Target Retirement Income Compos. Ix

Investment objective

Vanguard Target Retirement Income Trust Plusseeks to provide current income and somecapital appreciation.

Investment strategy

The trust invests in Vanguard mutual fundsaccording to an asset allocation strategydesigned for investors currently in retirement.The underlying funds are: Vanguard Total BondMarket II Index Fund, Vanguard Total StockMarket Index Fund, Vanguard Short-TermInflation-Protected Securities Index Fund,Vanguard Total International Bond Index Fundand Vanguard Total International Stock IndexFund.

The trust’s indirect bond holdings are adiversified mix of short-, intermediate-, andlong-term U.S. government, U.S. agency, andinvestment-grade U.S. corporate bonds;inflation-protected public obligations issued bythe U.S. Treasury; mortgage-backed andasset-backed securities; and government,agency, corporate, and securitizedinvestment-grade foreign bonds issued incurrencies other than the U.S. dollar (but hedgedby Vanguard to minimize currency exposures).The trust’s indirect stock holdings are adiversified mix of U.S. and foreign large-, mid-,and small-capitalization stocks.

* Partial return since fund started, August 15, 2011.Target Retirement Income Compos. Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter;for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWIex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index throughDecember 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter, as well as the Bloomberg Barclays U.S. Treasury Inflation-ProtectedSecurities Index through June 2, 2013, and the Bloomberg Barclays U.S. Treasury Inflation-Protected Securities (TIPS)0–5 Year Index thereafter; for short-term reserves, the Citigroup Three-Month Treasury Bill Index through June 2, 2013;for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginningJune 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow JonesWilshire 5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP USTotal Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes. F1661 062019

Risk levelLow High

Total netassets

Expense ratio as of 06/26/15

Turnover rateas of 03/31/19

Inceptiondate

Fundnumber

1 2 3 4 5 $2,848 MM 0.06% 13.0% 08/15/11 1661

Growth of a $10,000 investment : August 31, 2011—December 31, 2018

Annual returns

Periods ended June 30, 2019

Quarter Year to date One year Three years Five years Since inception

Fund 2.95% 8.72% 6.63% 5.31% 4.26% 5.29%

Benchmark 3.04% 8.81% 6.69% 5.42% 4.35% —

The performance data shown represent past performance, which is not a guarantee of futureresults. Investment returns and principal value will fluctuate, so investors’ shares, when sold,may be worth more or less than their original cost. Current performance may be lower or higherthan the performance data cited. For performance data current to the most recent month-end,visit our website at vanguard.com/performance.Figures for periods of less than one year are cumulative returns. All other figures represent averageannual returns. Performance figures include the reinvestment of all dividends and any capital gainsdistributions. All returns are net of expenses.

Total returns


Vanguard Target Retirement Income Trust Plus

Balanced fund (stocks and bonds)

Connect with Vanguard ® > vanguard.comPlain talk about riskThe trust is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, based on the trust’s currentallocation between stocks and the less volatile asset class of bonds, the trust’s overall level of risk should be higher than those funds that invest mostly inbonds, but lower than those investing mostly in stocks. In addition to the risks inherent in the asset classes of the underlying funds, the trust also is subject to asset allocation risk, which is the chance that the selection of underlying funds and the allocation of fund assets will cause the fund to underperform otherfunds with a similar investment objective.

Note on frequent trading restrictionsFrequent trading policies may apply to those funds offered as investment options within your plan. Please log on to Vanguard.com for your employer plans orcontact Participant Services at 800-523-1188 for additional information.

This investment is not a mutual fund. It is a collective trust available only to tax-qualified plans and their eligible participants.

This collective trust is managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc., and is not a mutualfund. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing.For more information about Vanguard investments, see below which situation is right for you. If you receive your retirement plan statement from Vanguard or log on to Vanguard’s website to view your plan, visit vanguard.com or call 800-523-1188.If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper’s website that is not Vanguard to viewyour plan, please call 855-402-2646.

© 2019 The Vanguard Group, Inc. All rights reserved. F1661 062019

Allocation of underlying funds†

Total Bond Market II Index 37.3%Total Stock Market Index Plus 18.1STerm Inf Pro Sec Idx Fund 16.8

†Fund holdings are subject to change.

Total Intl Bond Idx Fund 15.8Total Intl Stock Idx Fund 12.0


Vanguard Target Retirement 2015 Trust PlusBalanced fund (stocks and bonds)

$15,566 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 1.43 11.50 13.09 6.67 -0.39 6.30 11.56 -2.94

Benchmark — — 1.43 11.46 13.27 6.77 -0.22 6.40 11.61 -2.88

Benchmark

Target Retirement 2015 Composite Ix


Vanguard Target Retirement 2015 Trust Plusseeks to provide capital appreciation and currentincome consistent with its current assetallocation.

Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2015 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2015, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Stock Market IndexFund, Vanguard Total Bond Market II Index Fund,Vanguard Total International Stock Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Short-Term Inflation-ProtectedSecurities Fund.


* Partial return since fund started, August 15, 2011.Target Retirement 2015 Composite Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter;for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWIex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index throughDecember 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter, as well as theBloomberg Barclays U.S. Treasury Inflation-Protected Securities Index through June 2, 2013, and the BloombergBarclays U.S. Treasury Inflation-Protected Securities (TIPS) 0–5 Year Index thereafter; for international bonds, theBloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S.stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) throughApril 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes.

F1652 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $3,177 MM 0.06% 17.1% 08/15/11 1652


Annual returns



Fund 3.08% 9.78% 6.51% 6.72% 4.98% 7.11%

Benchmark 3.14% 9.88% 6.65% 6.86% 5.08% —


Total returns


Vanguard Target Retirement 2015 Trust Plus


Connect with Vanguard ® > vanguard.comPlain talk about riskThe trust is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, based on the trust’s currentallocation between stocks and the less volatile asset class of bonds, the trust’s overall level of risk should be higher than those trusts that invest mostly inbonds, but lower than those investing mostly in stocks. As the trust’s allocation between underlying funds gradually changes, the trust’s overall level of riskalso will decline. In addition to the risks inherent in the asset classes of the underlying funds, the trust also is subject to asset allocation risk, which is thechance that the selection of underlying funds and the allocation of fund assets will cause the trust to underperform other trusts with a similar investmentobjective. Investments in Target Retirement Trusts are subject to the risks of their underlying funds. The year in the trust name refers to the approximate year2015 when an investor in the trust would retire and leave the workforce. The trust will gradually shift its emphasis from more aggressive investments to moreconservative ones based on its target date. An investment in the Target Retirement Trust is not guaranteed at any time, including on or after the target date.






Total Bond Market II Index 34.0%Total Stock Market Index Plus 22.9Total Intl Stock Idx Fund 15.4


Total Intl Bond Idx Fund 14.5STerm Inf Pro Sec Idx Fund 13.2



$16,408 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 1.30 12.50 15.94 7.24 -0.54 7.02 14.19 -4.16

Benchmark — — 1.67 12.47 16.21 7.37 -0.40 7.17 14.22 -4.13

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2020 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2020, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Stock Market IndexFund, Vanguard Total Bond Market II Index Fund,Vanguard Total International Bond Index Fund,Vanguard Total International Stock Index Fund,and Vanguard Short-Term Inflation-ProtectedSecurities Index Fund.


* Partial return since fund started, August 15, 2011.Target Retirement 2020 Composite Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter;for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI EmergingMarkets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSEGlobal All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index throughDecember 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter; for internationalbonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013;and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes.

F1653 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $8,874 MM 0.06% 13.2% 08/15/11 1653


Annual returns



Fund 3.24% 11.37% 6.61% 7.91% 5.65% 8.04%

Benchmark 3.31% 11.45% 6.71% 8.05% 5.75% —


Total returns










Total Stock Market Index Plus 31.1%Total Bond Market II Index 29.0Total Intl Stock Idx Fund 20.8


Total Intl Bond Idx Fund 12.4STerm Inf Pro Sec Idx Fund 6.7



$17,021 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 1.13 13.41 18.25 7.27 -0.69 7.54 16.04 -5.05

Benchmark — — 1.54 13.39 18.52 7.45 -0.58 7.67 16.08 -5.01

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2025 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2025, the fund’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Bond Market II IndexFund, Vanguard Total Stock Market Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.

The trust ’s indirect stock holdings are adiversified mix of U.S. and foreign large-, mid-,and small-capitalization stocks. The trust’sindirect bond holdings are a diversified mix ofshort-, intermediate-, and long-term U.S.government, U.S. agency, and investment-gradeU.S. corporate bonds; mortgage-backed andasset-backed securities; and government,agency, corporate, and securitizedinvestment-grade foreign bonds issued incurrencies other than the U.S. dollar (but hedgedby Vanguard to minimize currency exposures).

* Partial return since fund started, August 15, 2011.Target Retirement 2025 Composite Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter;for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWIex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, theBloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S.Aggregate Float Adjusted Index thereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USDFloat Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock MarketIndex (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005, the MSCI US Broad MarketIndex through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns areadjusted for withholding taxes.

F1654 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $13,527 MM 0.06% 10.7% 08/15/11 1654


Annual returns



Fund 3.40% 12.54% 6.72% 8.78% 6.06% 8.69%

Benchmark 3.45% 12.62% 6.79% 8.94% 6.15% —


Total returns










Total Stock Market Index Plus 36.8%Total Bond Market II Index 27.1


Total Intl Stock Idx Fund 24.5Total Intl Bond Idx Fund 11.6



$17,609 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 1.00 14.42 20.59 7.27 -0.89 7.94 17.63 -5.78

Benchmark — — 1.39 14.31 20.88 7.51 -0.79 8.11 17.66 -5.75

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2030 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2030, the fund’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Bond Market II IndexFund, Vanguard Total Stock Market Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.



F1655 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $12,324 MM 0.06% 9.4% 08/15/11 1655


Annual returns



Fund 3.43% 13.33% 6.56% 9.50% 6.33% 9.26%

Benchmark 3.48% 13.40% 6.60% 9.65% 6.44% —


Total returns










Total Stock Market Index Plus 41.3%Total Intl Stock Idx Fund 27.4


Total Bond Market II Index 22.0Total Intl Bond Idx Fund 9.3



$18,193 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 0.80 15.34 22.96 7.30 -1.11 8.39 19.22 -6.51

Benchmark — — 1.22 15.23 23.27 7.57 -1.02 8.55 19.25 -6.48

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2035 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2035, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Bond Market II IndexFund, Vanguard Total Stock Market Index Fund,Vanguard Total International Bond Index, andVanguard Total International Stock Index Fund.



F1656 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $12,238 MM 0.06% 8.5% 08/15/11 1656


Annual returns



Fund 3.45% 14.10% 6.32% 10.20% 6.60% 9.82%

Benchmark 3.52% 14.18% 6.40% 10.37% 6.71% —


Total returns




Connect with Vanguard ® > vanguard.comPlain talk about riskThe trust is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, based on the trust’s currentallocation between stocks and the less volatile asset class of bonds, the fund’s overall level of risk should be higher than those funds that invest mostly inbonds, but lower than those investing mostly in stocks. As the trust’s allocation between underlying funds gradually changes, the trust’s overall level of riskalso will decline. In addition to the risks inherent in the asset classes of the underlying funds, the trust also is subject to asset allocation risk, which is thechance that the selection of underlying funds and the allocation of fund assets will cause the trust to underperform other funds with a similar investmentobjective. Investments in Target Retirement Trusts are subject to the risks of their underlying funds. The year in the trust name refers to the approximate year2035 when an investor in the trust would retire and leave the workforce. The trust will gradually shift its emphasis from more aggressive investments to moreconservative ones based on its target date. An investment in the Target Retirement Trust is not guaranteed at any time, including on or after the target date.











$18,571 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 0.77 15.71 24.47 7.30 -1.41 8.77 20.84 -7.27

Benchmark — — 1.21 15.58 24.79 7.61 -1.25 8.98 20.86 -7.23

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2040 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2040, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus . The underlyingfunds are: Vanguard Total Stock Market IndexFund, Vanguard Total Bond Market II Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.



F1657 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $9,752 MM 0.06% 6.9% 08/15/11 1657


Annual returns



Fund 3.48% 14.87% 6.10% 10.89% 6.84% 10.21%

Benchmark 3.55% 14.97% 6.19% 11.08% 6.98% —


Total returns




Connect with Vanguard ® > vanguard.comPlain talk about riskThe trust is subject to several stock and bond market risks, any of which could cause an investor to lose money. However, based on the trust’s currentallocation between stocks and the less volatile asset class of bonds, the trust’s overall level of risk should be higher than those funds that invest mostly inbonds, but lower than those investing mostly in stocks. As the trust’s allocation between underlying funds gradually changes, the trust’s overall level of riskalso will decline. In addition to the risks inherent in the asset classes of the underlying funds, the trust also is subject to asset allocation risk, which is thechance that the selection of underlying funds and the allocation of fund assets will cause the trust to underperform other funds with a similar investmentobjective. Investments in Target Retirement Trusts are subject to the risks of their underlying funds. The year in the trust name refers to the approximate year2040 when an investor in the trust would retire and leave the workforce. The trust will gradually shift its emphasis from more aggressive investments to moreconservative ones based on its target date. An investment in the Target Retirement Trust is not guaranteed at any time, including on or after the target date.











$18,591 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 0.77 15.75 24.46 7.30 -1.43 8.94 21.52 -7.84

Benchmark — — 1.21 15.58 24.79 7.61 -1.25 9.13 21.55 -7.77

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2045 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2045, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Bond Market II IndexFund, Vanguard Total Stock Market Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.



F1658 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $8,907 MM 0.06% 5.3% 08/15/11 1658


Annual returns



Fund 3.51% 15.44% 5.96% 11.12% 6.96% 10.29%

Benchmark 3.57% 15.56% 6.06% 11.33% 7.12% —


Total returns



$18,601 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — 0.77 15.78 24.54 7.32 -1.52 8.96 21.51 -7.82

Benchmark — — 1.21 15.58 24.79 7.61 -1.25 9.13 21.55 -7.77

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2050 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2050, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus . The underlyingfunds are: Vanguard Total Stock Market IndexFund, Vanguard Total Bond Market II Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.

The trust’s indirect bond holdings are adiversified mix of short-, intermediate-, andlong-term U.S. government, U.S. agency, andinvestment-grade U.S. corporate bonds;inflation-protected public obligations issued bythe U.S. Treasury; mortgage-backed andasset-backed securities; and government,agency, corporate, and securitizedinvestment-grade foreign bonds issued incurrencies other than the U.S. dollar (but hedgedby Vanguard to minimize currency exposures).The trust’s indirect stock holdings are adiversified mix of U.S. and foreign large-,mid-,and small-capitalization stocks.


F1659 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $6,249 MM 0.06% 4.7% 08/15/11 1659


Annual returns



Fund 3.51% 15.44% 5.96% 11.13% 6.95% 10.30%

Benchmark 3.57% 15.56% 6.06% 11.33% 7.12% —


Total returns



$18,544 Fund as of 12/31/18


2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

2009 2010 2011* 2012 2013 2014 2015 2016 2017 2018

Fund — — -0.10 15.74 24.42 7.32 -1.63 9.00 21.52 -7.83

Benchmark — — 0.33 15.58 24.79 7.61 -1.25 9.13 21.55 -7.77

Benchmark




Investment strategy

The trust invests in Vanguard mutual funds usingan asset allocation strategy designed forinvestors planning to retire and leave theworkforce in or within a few years of 2055 (thetarget year). The trust’s asset allocation willbecome more conservative over time. Withinseven years after 2055, the trust’s assetallocation should resemble that of the TargetRetirement Income Trust Plus. The underlyingfunds are: Vanguard Total Stock Market IndexFund, Vanguard Total Bond Market II Index Fund,Vanguard Total International Bond Index Fund,and Vanguard Total International Stock IndexFund.


* Partial return since fund started, November 30, 2011.Target Retirement 2055 Composite Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013,and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the MSCI Emerging Markets Indexthrough December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap exUS Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; for internationalbonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013;and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes. F1660 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $3,123 MM 0.06% 3.7% 11/30/11 1660

Growth of a $10,000 investment : November 30, 2011—December 31, 2018

Annual returns



Fund 3.51% 15.44% 5.97% 11.13% 6.93% 10.56%

Benchmark 3.57% 15.56% 6.06% 11.33% 7.12% —


Total returns



$16,711 Fund as of 12/31/18


2009 2010 2011 2012* 2013 2014 2015 2016 2017 2018

2009 2010 2011 2012* 2013 2014 2015 2016 2017 2018

Fund — — — 4.72 24.35 7.33 -1.56 8.96 21.52 -7.80

Benchmark — — — 4.35 24.79 7.61 -1.25 9.13 21.55 -7.77

Benchmark




Investment strategy



* Partial return since fund started, March 23, 2012.Target Retirement 2060 Composite Ix: Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developedmarkets, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter;for emerging-market stocks, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap exUS Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Float Adjusted Index; for internationalbonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013;and for U.S. stocks, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Indexthereafter. International stock benchmark returns are adjusted for withholding taxes. F1695 062019

Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $1,187 MM 0.06% 4.6% 03/23/12 1695

Growth of a $10,000 investment : March 31, 2012—December 31, 2018

Annual returns



Fund 3.53% 15.45% 5.98% 11.13% 6.95% 9.54%

Benchmark 3.57% 15.56% 6.06% 11.33% 7.12% —


Total returns

F1796 062019



Investment strategy



Risk levelLow High

Total netassets



Inceptiondate

Fundnumber

1 2 3 4 5 $140 MM 0.06% 5.0% 07/24/17 1796



Benchmark


Target Retirement 2065 Composite Ix: Derived by applying the fund’s target asset allocation to the results of thefollowing benchmarks: the FTSE Global All Cap ex US Index for international stocks, the Bloomberg Barclays U.S.Aggregate Float Adjusted Index for U.S. bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RICCapped Index for international bonds, and the CRSP US Total Market Index for U.S. stocks. International stockbenchmark returns are adjusted for withholding taxes.

Total returnsPeriods ended June 30, 2019

Quarter Year to date One year Since inception

Fund 3.52% 15.48% 6.03% 9.70%

Benchmark 3.57% 15.56% 6.06% —


Allocation of underlying funds










This collective trust is managed by Vanguard Fiduciary Trust Company, a wholly owned subsidiary of The Vanguard Group, Inc., and is not a mutualfund. Investment objectives, risks, charges, expenses, and other important information should be considered carefully before investing.

For more information about Vanguard investments, see below which situation is right for you. If you receive your retirement plan statement from Vanguard or log on to Vanguard’s website to view your plan, visit vanguard.com or call 800-523-1188.If you receive your retirement plan statement from a service provider other than Vanguard or log on to a recordkeeper’s website that is not Vanguard to viewyour plan, please call 855-402-2646.

DEFERRED SALARY PLAN OF THE ELECTRICAL INDUSTRY QUALIFIED DEFAULT INVESTMENT ... · 2019-12-26 ·...

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Transcript of DEFERRED SALARY PLAN OF THE ELECTRICAL INDUSTRY QUALIFIED DEFAULT INVESTMENT ... · 2019-12-26 ·...