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Safe Harbor Notice and QDIA Notice
1 of 4
BANKUNITED 401(K) PLAN
SAFE HARBOR NOTIFICATION TO ELIGIBLE EMPLOYEES (includes
Qualified Automatic Contribution Arrangement)
This is an annual notice and only applies to the Plan Year
beginning on January 1, 2018. This notice covers the following
points:
Whether the Plan's automatic enrollment feature applies to you;
What amounts will be automatically taken from your pay and
contributed to the Plan;
What other amounts the Employer will contribute to the Plan for
you; and When your Plan account will be vested (that is, not lost
when you leave your job), and when you can receive a distribution
of your Plan account.
You can find out more information about the Plan in the Plan's
Summary Plan Description (SPD). You can obtain a copy of the SPD
from the Plan Administrator. I. Employee deferral contributions
You are allowed to defer a portion of your compensation to the
Plan. These amounts are referred to as deferrals and are held in an
account for your behalf. When you are permitted to take a
distribution from the Plan, you will be entitled to all of your
deferrals, as adjusted for any gains or losses. The type of
compensation that may be deferred under the Plan is explained in
the section of the Summary Plan Description entitled "What
compensation is used to determine my Plan benefits?" (this is in
the Article entitled "COMPENSATION AND ACCOUNT BALANCE").
Your total deferrals in any taxable year may not exceed a dollar
limit which is set by law. The dollar limit may increase each year
for cost-of-living adjustments. The Administrator will notify you
of the maximum percentage you may defer.
If you are projected to attain age 50 during a calendar year,
then you may elect to defer additional amounts (called "catch-up
contributions") to the Plan. These are additional amounts that you
may defer, up to an annual limit imposed by law, regardless of any
other limits imposed by the Plan.
You may make either Regular 401(k) deferrals (pre-tax) or Roth
401(k) deferrals (after-tax). Your election regarding the amount
and type of deferrals is irrevocable with respect to any deferrals
already withheld from your compensation. If you make Regular 401(k)
deferrals, your deferrals are not subject to income tax until
distributed from the Plan. If you make Roth 401(k) deferrals, your
deferrals are subject to income tax at the time of deferral. The
Roth 401(k) deferrals, however, are not taxed when you receive a
distribution from the Plan. In addition, if you satisfy certain
distribution requirements (see the Section below entitled
"Distribution provisions"), then the earnings on the deferrals will
not be subject to income tax when distributed from the Plan. Both
types of deferrals are subject to Social Security taxes at the time
of deferral. Your Employer will deduct the Social Security taxes,
and in the case of Roth 401(k) deferrals will deduct income taxes,
from your remaining compensation. Automatic deferrals. The Plan
includes an automatic enrollment feature known as an Qualified
Automatic Contribution Arrangement ("QACA"). Under the QACA
provisions of the Plan, if you do not complete and return a salary
reduction agreement, then the Employer will automatically withhold
a portion of your eligible compensation from your pay each payroll
period and contribute that amount to the Plan as a Regular 401(k)
deferral (the automatic amount is described below). If you wish to
defer the automatic deferral amount, then you do not need to
complete a salary reduction agreement. You may, however, choose a
different amount. You can contribute more, less, or even nothing to
the Plan. If you want to defer an amount other than the automatic
deferral then you may elect, within a reasonable time after receipt
of this notice, and before the first automatic deferral to which
this notice applies, to defer a different amount of compensation
(including zero). You may make this election by submitting a salary
reduction agreement to the Plan Administrator within a reasonable
period of time prior to the payroll cut-off date. Application of
automatic deferral provisions. The automatic deferral provisions
are effective as of August 16, 2009. Accordingly, the Employer will
automatically withhold a portion of your compensation from your pay
each payroll period and contribute that amount to the Plan as a
pre-tax 401(k) deferral unless you make a contrary election.
Automatic deferral amount. The initial automatic deferral amount
is:
3% of your compensation for each pay period.
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Safe Harbor Notice and QDIA Notice
2 of 4
The initial deferral amount will increase each Plan Year that
you participate in the Plan in accordance with the table below.
Plan Year of application Automatic Deferral Percentage 1-2 3% 3
4% 4 5% 5 and thereafter 6% II. Employer Safe Harbor Contribution
Election In order to maintain "QACA safe harbor" status, your
Employer will make a safe harbor matching contribution equal to
100% of your elective deferrals that do not exceed 1% of your
compensation, plus 70% of your elective deferrals that exceed 1%
but are less than 6% of your compensation. This safe harbor
matching contribution is 100% vested after two Years of Service.
For purposes of calculating the safe harbor matching contribution,
your compensation and deferrals will be determined on an annual
basis. III. Vesting
The following is a general explanation of the vesting provisions
of the Plan. More details can be found in the Article of the
SPD
entitled "VESTING." 100% vested contributions. You are always
100% vested (which means that you are entitled to all of the
amounts) in your accounts attributable to the following
contributions:
elective deferrals including catch-up contributions
rollover contributions Vesting schedules. Your "vested
percentage" for certain Employer contributions is based on vesting
Years of Service. This means at the time you stop working, your
account balance attributable to contributions subject to a vesting
schedule is multiplied by your vested percentage. The result, when
added to the amounts that are always 100% vested as shown above, is
your vested interest in the Plan, which is what you will actually
receive from the Plan. Nonelective Contributions. Your "vested
percentage" in your account attributable to nonelective
contributions is determined under the following schedule. You will
always, however, be 100% vested in your nonelective contributions
if you are employed on or after your Normal Retirement Age or if
you terminate employment on account of your death, or if you
terminate employment as a result of becoming disabled.
Vesting Schedule Nonelective Contributions
Years of Service Percentage
Less than 2 0% 2 20% 3 40% 4 60% 5 80% 6 100%
Qualified Safe Harbor Contributions
Your "vested percentage" in your account attributable to
qualified safe harbor contributions is determined under the
following schedule. You will always, however, be 100% vested in
your qualified safe harbor contributions if you are employed on or
after your Normal Retirement Age or if you die or become
disabled
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Safe Harbor Notice and QDIA Notice
3 of 4
Vesting Schedule
Qualified Safe Harbor Contributions
Years of Service Percentage
Less than 2 0% 2 100%
IV. Distribution provisions
The Plan and law impose restrictions on when you may receive a
distribution from the Plan. Below is general information on when
distributions may be made under the Plan. See the SPD for more
details.
You generally may not withdraw your deferral contributions
except when one of the following events occurs: severance from
employment with the Employer, death, or attainment of age 59½. You
are always 100% vested in your deferral contributions.
If you make Roth 401(k) deferrals, you may take a qualified
distribution of your Roth 401(k) deferrals only if you satisfy two
requirements. First, the distribution must be on account of
attainment of age 59½ or death. Second, the distribution must not
occur prior to the end of the 5-year participation period that
begins with the first taxable year for which you made a Roth 401(k)
deferral to the Plan, or if earlier, the first taxable year for
which you made a Roth 401(k) deferral to another Roth 401(k) plan
or Roth 403(b) plan that you rolled over to this Plan. If you take
a qualified distribution of your Roth 401(k) deferrals, you will
receive tax-free the earnings on the Roth 401(k) deferrals, in
addition to the Roth 401(k) deferrals. If you take a distribution
of your Roth 401(k) deferrals that is not a qualified distribution,
the earnings on the Roth 401(k) deferrals will be taxable to
you.
If your vested account balance exceeds $1,000, you may elect to
have your vested account balance distributed to you as soon as
administratively feasible following your termination of
employment.
If your vested account balance does not exceed $1,000, a
distribution of your vested account balance may be made to you as
soon as administratively feasible following your termination of
employment.
You may also withdraw money from the Plan from certain accounts
if you have reached age 59½ or if you have an immediate and heavy
financial need. However, there are various rules and requirements
that you must meet before any withdrawal is permitted. See the
Article in the SPD entitled "DISTRIBUTIONS PRIOR TO TERMINATION OF
EMPLOYMENT" for more details.
You may withdraw money at any time from your rollover account.
V. Administrative procedures
The amount you elect to defer will be deducted from your pay in
accordance with a procedure established by the Administrator. Your
election will become effective as soon as administratively
feasible. Your election will remain in effect until you modify or
terminate it.
You may revoke or make modifications to your salary deferral
election in accordance with procedures that the Plan Administrator
provides.
In addition to any other election periods provided above, you
may make or modify a deferral election during the 30-day period
immediately preceding the Plan Year for which this notice is being
provided. VI. Investments Right to direct investment/default
investment. You have the right to direct the investment of your
deferrals (whether the deferrals result from the Plan's automatic
deferral or from a salary reduction agreement) and also other
accounts under the 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 (QDIA).
The Plan’s current QDIA is the Vanguard Target Retirement Funds
Series. Attached are fund sheets describing the investment
objectives,
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Safe Harbor Notice and QDIA Notice
4 of 4
risk and return characteristics and fees and expenses of the
QDIA. Upon participation in the Plan, you have the right under the
Plan to direct the investment of your account, including the right
to transfer out of the QDIA to any of the Plan’s available
investment options The QDIA that will be used for your account will
be the Vanguard Target Retirement Income fund that most closely
corresponds to your Retirement Date Range. The following table
indicates which fund your contributions will be directed to, based
on the date of birth provided for you by your employer.
Fees and expenses: The direct operating and management fees
associated with the fund or funds within the QDIA are listed in the
prospectus. There are no sales charges imposed on purchases, sales
or reinvestment of dividends. Please see the prospectus for each
fund in the QDIA for further information Right to alternative
investment. Even if the Plan invests some or all of your deferrals
and directed accounts in the default investment, you have the
continuing right to direct the investment of your deferrals and
directed accounts in one or more of the other investment choices
available to you as explained above. You may change your
investments in accordance with the investment material provided to
you. If you elect to invest in any of the alternative choices
within the 90-day period beginning on the date of your first
elective deferral, neither the Plan nor the investment vendor will
impose any transfer fees or expenses. However, your account will be
adjusted for any investment gains or losses. If you elect to
transfer to an alternative investment after the 90-day period
beginning on the date of your first elective deferral, then
restrictions and fees may apply. These will be described in the
separate investment material provided to you. Where to go for
further investment information. You can obtain further investment
information about the Plan's investment alternatives and the
procedures for changing your Plan investments by logging onto your
account at www.ingham.com or calling the Ingham Retirement Group
Participant Service Center at 1-888-458-5557. VII. Employer's right
to terminate Plan
Pursuant to the terms of the Plan, your Employer has the right,
at any time, to terminate the Plan. Termination of the Plan will
result in the discontinuance of all contributions to the Plan
(including the safe harbor 401(k) contribution) with respect to any
compensation you receive after the effective date of the
termination. Termination of the Plan will not affect your right to
receive any contributions you have accrued as of the effective date
of the termination. VIII. Additional information
This notice is not a substitute for the Summary Plan
Description. The provisions of the Plan are very complex and you
should always look at the Summary Plan Description if you have any
questions about the Plan. If, after reading the Summary Plan
Description, you still have questions, contact Ingham Retirement
Group or the Plan Administrator.
Fund Name Retirement Date Range (assuming a retirement age of
65)
Date of Birth Range
Vanguard Target Retirement Income Inv ® Retired before 2008
Prior to 1/1/1948 Vanguard Target Retirement Income 2015 Inv ®
2013-2017 1/1/1948 - 12/31/1952 Vanguard Target Retirement Income
2020 Inv ® 2018-2022 1/1/1953 - 12/31/1957 Vanguard Target
Retirement Income 2025 Inv ® 2023-2027 1/1/1958 - 12/31/1962
Vanguard Target Retirement Income 2030 Inv ® 2028-2032 1/1/1963 -
12/31/1967 Vanguard Target Retirement Income 2035 Inv ® 2033-2037
1/1/1968 - 12/31/1972 Vanguard Target Retirement Income 2040 Inv ®
2038-2042 1/1/1973 - 12/31/1977 Vanguard Target Retirement Income
2045 Inv ® 2043-2047 1/1/1978 - 12/31/1982 Vanguard Target
Retirement Income 2050 Inv ® 2048-2052 1/1/1983 - 12/31/1987
Vanguard Target Retirement Income 2055 Inv ® 2053-2057 1/1/1988 -
12/31/1992 Vanguard Target Retirement Income 2060 Inv ® 2058 and
later 1/1/1993 and later
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As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement Income InvStrategy: The investment
seeks to provide current income and some capital appreciation. The
fund invests in other Vanguard mutual funds according to an
assetallocation strategy designed for investors currently in
retirement. Its indirect bond holdings are a diversified mix of
short-, intermediate-, and long-term U.S. government,U.S. agency,
and investment-grade U.S. corporate bonds; inflation-protected
public obligations issued by the U.S. Treasury; mortgage-backed and
asset-backedsecurities; and government, agency, corporate, and
securitized investment-grade foreign bonds issued in currencies
other than the U.S. dollar.
VTINX
Manager Performance
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
Oct 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Sep
2017
Vanguard Target Retirement Income Inv Morningstar Target-Date
RetirementDow Jones US Target Today
Calendar Year Return
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement Income Inv Morningstar Target-Date
RetirementDow Jones US Target Today
Risk/Return
Stan
dard
Dev
iatio
n
0%
1%
2%
3%
4%
5%
6%
7%
Return0% 1% 2% 3% 4% 5%
Vanguard Target Retirement Income InvMorningstar Target-Date
Retirement
Dow Jones US Target Today
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement Income InvMorningstar Target-Date
Retirement
Dow Jones US Target TodayRussell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date
RetirementCusip 92202E102Inception Date Oct 27, 2003Fund
Availability OpenNet Assets ($mil) $16,645.00Market Capitalization
($mil) $37,348.29
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.13%Prospectus Gross Expense
Ratio 0.13%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement Income Inv 6.31% (72%) 5.26%
(74%) 4.28% (33%) 4.68% (35%) 4.87% (12%) 5.25% -0.17%Morningstar
Target-Date Retirement 6.57% 5.63% 3.67% 4.41% 3.75% 5.17%
-1.75%Morningstar Target-Date Retirement 4.13% 2.54% 3.45% 3.97%
5.13% 3.62% 0.37%
% Fund % PeerCyclical 11.34% 12.96% Basic Materials 1.62% 1.58%
Consumer Cyclical 3.26% 3.71% Financial Services 5.32% 5.61% Real
Estate 1.14% 2.06%Defensive 6.85% 7.36% Consumer Defensive 2.49%
2.66% Healthcare 3.44% 3.74% Utilities 0.92% 0.96%Sensitive 10.93%
11.77% Communication 1.15% 1.16% Energy 1.64% 1.84% Industrials
3.35% 3.60% Technology 4.79% 5.17%
Composition % Fund % PeerDomestic Stock 17.84% 21.35%Foreign
Stock 11.45% 11.01%Domestic Bond 49.06% 49.09%Foreign Bond 18.23%
8.54%Preferred Bond 0.01% 0.08%Convertible Bond 0.02% 0.06%Cash
2.42% 7.84%Other 0.98% 2.03%Number of Stocks 0 80Number of Bonds 0
67Emerging Market 1.85% 1.89%
Regional WeightingsUnited States 17.74% Japan 1.99%Canada 0.77%
Africa 0.18%Latin America 0.35% Middle East 0.09%United Kingdom
1.38% Australasia 0.58%EuroZone 2.49% Asia Dev 1.10%Eur ex.
EuroZone 1.14% Asia EM 1.17%Europe Emerging 0.15% Not Classified
0.00%
Investment StatisticsAlpha 1.60% Beta 0.81Standard Dev 5.09% Eff
Maturity 7.19 YrsR-Squared 92.98% Eff Duration 5.69 YrsSharpe Ratio
0.80% Avg Coupon 2.29%Turnover Ratio 11.00% Yield 1.88%
Credit AnalysisAAA 66.09% B 0.00%AA 8.24% Below B 0.00%A 13.23%
NR/N/A 0.00%BBB 12.45% Avg Credit
Quality BBBBB 0.00%
Top 10 Holdings1. Vanguard Total Bond Market II Idx Inv 37.23%2.
Vanguard Total Stock Mkt Idx Inv 18.06%3. Vanguard Shrt-Term
Infl-Prot Sec Idx Inv 16.76%4. Vanguard Total Intl Bd Idx Investor
15.91%5. Vanguard Total Intl Stock Index Inv 12.04%6. N/A N/A7. N/A
N/A8. N/A N/A9. N/A N/A10. N/A N/ATotal ($16,550,909,952)
100.00%
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As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2015 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2015 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTXVX
Manager Performance
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
Oct 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Sep
2017
Vanguard Target Retirement 2015 Inv Morningstar Target-Date
2015Dow Jones US Target 2015
Calendar Year Return
-30%
-20%
-10%
0%
10%
20%
30%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2015 Inv Morningstar Target-Date
2015Dow Jones US Target 2015
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
Return0% 1% 2% 3% 4% 5% 6%
Vanguard Target Retirement 2015 InvMorningstar Target-Date
2015
Dow Jones US Target 2015
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2015 InvMorningstar Target-Date
2015
Dow Jones US Target 2015Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2015Cusip
92202E300Inception Date Oct 27, 2003Fund Availability OpenNet
Assets ($mil) $17,250.16Market Capitalization ($mil) $37,348.19
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.14%Prospectus Gross Expense
Ratio 0.14%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2015 Inv 8.55% (54%) 7.95%
(66%) 5.35% (43%) 6.92% (31%) 4.88% (18%) 6.16% -0.46%Morningstar
Target-Date 2015 8.44% 8.01% 4.70% 5.66% 3.41% 6.12% -1.39%Dow
Jones US Target 2015 5.17% 3.92% 4.47% 5.66% 5.18% 5.20% 0.28%
% Fund % PeerCyclical 16.46% 16.71% Basic Materials 2.36% 2.01%
Consumer Cyclical 4.73% 5.06% Financial Services 7.72% 7.93% Real
Estate 1.65% 1.71%Defensive 9.95% 10.41% Consumer Defensive 3.62%
3.73% Healthcare 4.99% 5.43% Utilities 1.34% 1.25%Sensitive 15.86%
16.35% Communication 1.67% 1.67% Energy 2.38% 2.42% Industrials
4.86% 4.71% Technology 6.95% 7.55%
Composition % Fund % PeerDomestic Stock 25.89% 28.60%Foreign
Stock 16.62% 15.13%Domestic Bond 38.59% 38.46%Foreign Bond 15.63%
7.94%Preferred Bond 0.02% 0.12%Convertible Bond 0.01% 0.20%Cash
2.10% 5.51%Other 1.14% 4.04%Number of Stocks 0 108Number of Bonds 0
59Emerging Market 2.68% 2.82%
Regional WeightingsUnited States 25.74% Japan 2.89%Canada 1.12%
Africa 0.26%Latin America 0.50% Middle East 0.13%United Kingdom
2.00% Australasia 0.84%EuroZone 3.61% Asia Dev 1.60%Eur ex.
EuroZone 1.65% Asia EM 1.69%Europe Emerging 0.22% Not Classified
0.00%
Investment StatisticsAlpha -1.71% Beta 1.32Standard Dev 8.55%
Eff Maturity 7.47 YrsR-Squared 90.72% Eff Duration 5.88 YrsSharpe
Ratio 0.58% Avg Coupon 2.40%Turnover Ratio 9.00% Yield 1.80%
Credit AnalysisAAA 63.94% B 0.00%AA 8.76% Below B 0.00%A 14.06%
NR/N/A 0.00%BBB 13.23% Avg Credit
Quality BBBBB 0.00%
Top 10 Holdings1. Vanguard Total Bond Market II Idx Inv 31.88%2.
Vanguard Total Stock Mkt Idx Inv 26.21%3. Vanguard Total Intl Stock
Index Inv 17.48%4. Vanguard Total Intl Bd Idx Investor 13.63%5.
Vanguard Shrt-Term Infl-Prot Sec Idx Inv 10.80%6. N/A N/A7. N/A
N/A8. N/A N/A9. N/A N/A10. N/A N/ATotal ($17,200,998,400)
100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2020 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2020 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTWNX
Manager Performance
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
Jun 2006 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Dec 2015 Sep
2017
Vanguard Target Retirement 2020 Inv Morningstar Target-Date
2020Dow Jones US Target 2020
Calendar Year Return
-30%
-20%
-10%
0%
10%
20%
30%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2020 Inv Morningstar Target-Date
2020Dow Jones US Target 2020
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
Return0% 1% 2% 3% 4% 5% 6%
Vanguard Target Retirement 2020 InvMorningstar Target-Date
2020
Dow Jones US Target 2020
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2020 InvMorningstar Target-Date
2020
Dow Jones US Target 2020Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2020Cusip
92202E805Inception Date Jun 07, 2006Fund Availability OpenNet
Assets ($mil) $31,262.54Market Capitalization ($mil) $37,348.10
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.14%Prospectus Gross Expense
Ratio 0.14%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2020 Inv 10.37% (23%) 10.17%
(33%) 6.23% (13%) 8.08% (10%) 5.15% (8%) 6.95% -0.68%Morningstar
Target-Date 2020 9.00% 8.61% 4.92% 6.20% 3.66% 6.24% -1.60%Dow
Jones US Target 2020 6.08% 5.51% 5.28% 6.93% 5.54% 6.28% 0.27%
% Fund % PeerCyclical 20.95% 18.85% Basic Materials 3.00% 2.20%
Consumer Cyclical 6.02% 5.39% Financial Services 9.83% 8.31% Real
Estate 2.10% 2.95%Defensive 12.66% 10.51% Consumer Defensive 4.61%
3.67% Healthcare 6.35% 5.49% Utilities 1.70% 1.35%Sensitive 20.19%
17.01% Communication 2.13% 1.64% Energy 3.03% 2.52% Industrials
6.18% 5.07% Technology 8.85% 7.78%
Composition % Fund % PeerDomestic Stock 32.95% 31.20%Foreign
Stock 21.16% 15.41%Domestic Bond 28.76% 39.36%Foreign Bond 14.00%
4.56%Preferred Bond 0.02% 0.05%Convertible Bond 0.01% 0.11%Cash
1.80% 5.76%Other 1.30% 3.54%Number of Stocks 0 125Number of Bonds 0
81Emerging Market 3.41% 2.59%
Regional WeightingsUnited States 32.77% Japan 3.68%Canada 1.42%
Africa 0.34%Latin America 0.64% Middle East 0.16%United Kingdom
2.54% Australasia 1.07%EuroZone 4.60% Asia Dev 2.04%Eur ex.
EuroZone 2.10% Asia EM 2.16%Europe Emerging 0.29% Not Classified
0.00%
Investment StatisticsAlpha -1.30% Beta 1.25Standard Dev 10.44%
Eff Maturity 8.11 YrsR-Squared 95.02% Eff Duration 6.30 YrsSharpe
Ratio 0.51% Avg Coupon 2.65%Turnover Ratio 15.00% Yield 1.79%
Credit AnalysisAAA 59.02% B 0.00%AA 9.95% Below B 0.00%A 15.98%
NR/N/A 0.00%BBB 15.05% Avg Credit
Quality BBBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 33.36%2.
Vanguard Total Bond Market II Idx Inv 28.62%3. Vanguard Total Intl
Stock Index Inv 22.25%4. Vanguard Total Intl Bd Idx Investor
12.20%5. Vanguard Shrt-Term Infl-Prot Sec Idx Inv 3.57%6. N/A N/A7.
N/A N/A8. N/A N/A9. N/A N/A10. N/A N/ATotal ($30,859,622,400)
100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2025 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2025 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTTVX
Manager Performance
$500
$1000
$1500
$2000
$2500
$3000
Oct 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Sep
2017
Vanguard Target Retirement 2025 Inv Morningstar Target-Date
2025Dow Jones US Target 2025
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2025 Inv Morningstar Target-Date
2025Dow Jones US Target 2025
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
Return0% 1% 2% 3% 4% 5% 6% 7% 8%
Vanguard Target Retirement 2025 InvMorningstar Target-Date
2025
Dow Jones US Target 2025
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2025 InvMorningstar Target-Date
2025
Dow Jones US Target 2025Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2025Cusip
92202E409Inception Date Oct 27, 2003Fund Availability OpenNet
Assets ($mil) $37,110.93Market Capitalization ($mil) $37,330.10
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.14%Prospectus Gross Expense
Ratio 0.14%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2025 Inv 11.62% (33%) 11.74%
(35%) 6.76% (15%) 8.85% (13%) 5.21% (14%) 7.48% -0.85%Morningstar
Target-Date 2025 10.75% 10.77% 5.72% 7.47% 3.83% 6.75% -1.59%Dow
Jones US Target 2025 7.36% 7.79% 6.36% 8.43% 6.03% 7.77% 0.19%
% Fund % PeerCyclical 24.20% 22.95% Basic Materials 3.47% 2.61%
Consumer Cyclical 6.95% 6.52% Financial Services 11.35% 9.78% Real
Estate 2.43% 4.04%Defensive 14.62% 12.75% Consumer Defensive 5.32%
4.54% Healthcare 7.33% 6.58% Utilities 1.97% 1.63%Sensitive 23.32%
20.50% Communication 2.46% 1.99% Energy 3.50% 3.04% Industrials
7.14% 6.19% Technology 10.22% 9.28%
Composition % Fund % PeerDomestic Stock 38.02% 37.20%Foreign
Stock 24.47% 19.34%Domestic Bond 22.20% 30.37%Foreign Bond 12.27%
3.91%Preferred Bond 0.03% 0.05%Convertible Bond 0.01% 0.14%Cash
1.60% 5.20%Other 1.40% 3.80%Number of Stocks 0 117Number of Bonds 0
42Emerging Market 3.94% 3.21%
Regional WeightingsUnited States 37.81% Japan 4.26%Canada 1.65%
Africa 0.39%Latin America 0.74% Middle East 0.19%United Kingdom
2.94% Australasia 1.23%EuroZone 5.32% Asia Dev 2.36%Eur ex.
EuroZone 2.43% Asia EM 2.49%Europe Emerging 0.33% Not Classified
0.00%
Investment StatisticsAlpha -1.04% Beta 1.08Standard Dev 10.64%
Eff Maturity 8.57 YrsR-Squared 94.06% Eff Duration 6.60 YrsSharpe
Ratio 0.53% Avg Coupon 2.83%Turnover Ratio 15.00% Yield 1.78%
Credit AnalysisAAA 55.45% B 0.00%AA 10.82% Below B 0.00%A 17.37%
NR/N/A 0.00%BBB 16.36% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 38.49%2.
Vanguard Total Intl Stock Index Inv 25.74%3. Vanguard Total Bond
Market II Idx Inv 25.08%4. Vanguard Total Intl Bd Idx Investor
10.69%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($36,482,572,288) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2030 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2030 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTHRX
Manager Performance
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
Jun 2006 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Dec 2015 Sep
2017
Vanguard Target Retirement 2030 Inv Morningstar Target-Date
2030Dow Jones US Target 2030
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2030 Inv Morningstar Target-Date
2030Dow Jones US Target 2030
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
14%
Return0% 1% 2% 3% 4% 5% 6% 7%
Vanguard Target Retirement 2030 InvMorningstar Target-Date
2030
Dow Jones US Target 2030
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2030 InvMorningstar Target-Date
2030
Dow Jones US Target 2030Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2030Cusip
92202E888Inception Date Jun 07, 2006Fund Availability OpenNet
Assets ($mil) $30,877.21Market Capitalization ($mil) $37,347.06
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.15%Prospectus Gross Expense
Ratio 0.15%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2030 Inv 12.77% (37%) 13.25%
(41%) 7.19% (25%) 9.58% (14%) 5.27% (21%) 7.85% -1.03%Morningstar
Target-Date 2030 11.91% 12.28% 6.24% 8.03% 3.89% 7.34% -1.81%Dow
Jones US Target 2030 8.66% 10.11% 7.30% 9.83% 6.46% 9.12%
-0.15%
% Fund % PeerCyclical 27.02% 27.81% Basic Materials 3.87% 3.20%
Consumer Cyclical 7.76% 7.86% Financial Services 12.68% 12.04% Real
Estate 2.71% 4.71%Defensive 16.33% 15.08% Consumer Defensive 5.94%
5.30% Healthcare 8.19% 7.84% Utilities 2.20% 1.94%Sensitive 26.05%
24.57% Communication 2.74% 2.36% Energy 3.91% 3.59% Industrials
7.98% 7.42% Technology 11.42% 11.20%
Composition % Fund % PeerDomestic Stock 42.50% 44.15%Foreign
Stock 27.29% 23.77%Domestic Bond 17.53% 21.21%Foreign Bond 9.70%
2.92%Preferred Bond 0.03% 0.06%Convertible Bond 0.01% 0.10%Cash
1.47% 3.83%Other 1.46% 3.97%Number of Stocks 0 133Number of Bonds 0
43Emerging Market 4.40% 4.02%
Regional WeightingsUnited States 42.27% Japan 4.75%Canada 1.84%
Africa 0.43%Latin America 0.83% Middle East 0.21%United Kingdom
3.28% Australasia 1.38%EuroZone 5.93% Asia Dev 2.63%Eur ex.
EuroZone 2.71% Asia EM 2.78%Europe Emerging 0.37% Not Classified
0.00%
Investment StatisticsAlpha -0.87% Beta 1.05Standard Dev 12.68%
Eff Maturity 8.57 YrsR-Squared 96.11% Eff Duration 6.60 YrsSharpe
Ratio 0.45% Avg Coupon 2.83%Turnover Ratio 16.00% Yield 1.74%
Credit AnalysisAAA 55.44% B 0.00%AA 10.82% Below B 0.00%A 17.38%
NR/N/A 0.00%BBB 16.36% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 43.03%2.
Vanguard Total Intl Stock Index Inv 28.71%3. Vanguard Total Bond
Market II Idx Inv 19.81%4. Vanguard Total Intl Bd Idx Investor
8.46%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($30,211,125,248) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2035 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2035 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTTHX
Manager Performance
$500
$1000
$1500
$2000
$2500
$3000
$3500
Oct 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Sep
2017
Vanguard Target Retirement 2035 Inv Morningstar Target-Date
2035Dow Jones US Target 2035
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2035 Inv Morningstar Target-Date
2035Dow Jones US Target 2035
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
14%
Return0% 1% 2% 3% 4% 5% 6% 7% 8% 9%
Vanguard Target Retirement 2035 InvMorningstar Target-Date
2035
Dow Jones US Target 2035
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2035 InvMorningstar Target-Date
2035
Dow Jones US Target 2035Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2035Cusip
92202E508Inception Date Oct 27, 2003Fund Availability OpenNet
Assets ($mil) $29,798.17Market Capitalization ($mil) $37,347.22
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.15%Prospectus Gross Expense
Ratio 0.15%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2035 Inv 13.87% (41%) 14.76%
(41%) 7.61% (30%) 10.30% (17%) 5.46% (20%) 8.26% -1.26%Morningstar
Target-Date 2035 13.46% 14.31% 6.88% 9.09% 4.35% 7.58% -1.74%Dow
Jones US Target 2035 9.89% 12.30% 8.17% 11.08% 6.90% 10.36%
-0.45%
% Fund % PeerCyclical 29.83% 31.25% Basic Materials 4.27% 3.50%
Consumer Cyclical 8.57% 9.00% Financial Services 14.00% 13.12% Real
Estate 2.99% 5.63%Defensive 18.03% 17.21% Consumer Defensive 6.56%
6.23% Healthcare 9.04% 8.91% Utilities 2.43% 2.07%Sensitive 28.76%
27.82% Communication 3.03% 2.65% Energy 4.31% 4.20% Industrials
8.81% 8.10% Technology 12.61% 12.87%
Composition % Fund % PeerDomestic Stock 46.93% 48.91%Foreign
Stock 30.13% 27.73%Domestic Bond 12.90% 13.78%Foreign Bond 7.14%
1.88%Preferred Bond 0.03% 0.10%Convertible Bond 0.01% 0.07%Cash
1.33% 4.59%Other 1.52% 2.95%Number of Stocks 0 211Number of Bonds 0
40Emerging Market 4.86% 5.17%
Regional WeightingsUnited States 46.67% Japan 5.24%Canada 2.03%
Africa 0.48%Latin America 0.91% Middle East 0.23%United Kingdom
3.62% Australasia 1.52%EuroZone 6.55% Asia Dev 2.91%Eur ex.
EuroZone 3.00% Asia EM 3.07%Europe Emerging 0.41% Not Classified
0.00%
Investment StatisticsAlpha -0.71% Beta 0.98Standard Dev 12.57%
Eff Maturity 8.57 YrsR-Squared 95.27% Eff Duration 6.60 YrsSharpe
Ratio 0.49% Avg Coupon 2.83%Turnover Ratio 14.00% Yield 1.75%
Credit AnalysisAAA 55.45% B 0.00%AA 10.82% Below B 0.00%A 17.38%
NR/N/A 0.00%BBB 16.36% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 47.51%2.
Vanguard Total Intl Stock Index Inv 31.69%3. Vanguard Total Bond
Market II Idx Inv 14.58%4. Vanguard Total Intl Bd Idx Investor
6.22%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($29,119,596,544) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2040 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2040 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VFORX
Manager Performance
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
Jun 2006 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Dec 2015 Sep
2017
Vanguard Target Retirement 2040 Inv Morningstar Target-Date
2040Dow Jones US Target 2040
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2040 Inv Morningstar Target-Date
2040Dow Jones US Target 2040
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
14%
16%
Return0% 1% 2% 3% 4% 5% 6% 7% 8%
Vanguard Target Retirement 2040 InvMorningstar Target-Date
2040
Dow Jones US Target 2040
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2040 InvMorningstar Target-Date
2040
Dow Jones US Target 2040Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2040Cusip
92202E870Inception Date Jun 07, 2006Fund Availability OpenNet
Assets ($mil) $22,324.25Market Capitalization ($mil) $37,357.71
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.16%Prospectus Gross Expense
Ratio 0.16%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2040 Inv 14.96% (30%) 16.26%
(34%) 7.97% (30%) 10.80% (16%) 5.73% (19%) 8.73% -1.59%Morningstar
Target-Date 2040 13.93% 14.91% 7.09% 9.19% 4.23% 7.96% -1.98%Dow
Jones US Target 2040 10.92% 14.13% 8.87% 12.05% 7.28% 11.37%
-0.70%
% Fund % PeerCyclical 32.66% 34.56% Basic Materials 4.68% 3.82%
Consumer Cyclical 9.38% 9.68% Financial Services 15.32% 14.07% Real
Estate 3.28% 6.99%Defensive 19.73% 18.30% Consumer Defensive 7.18%
6.56% Healthcare 9.90% 9.51% Utilities 2.65% 2.23%Sensitive 31.47%
29.68% Communication 3.31% 2.82% Energy 4.72% 4.44% Industrials
9.64% 8.75% Technology 13.80% 13.67%
Composition % Fund % PeerDomestic Stock 51.39% 52.75%Foreign
Stock 32.96% 30.18%Domestic Bond 8.26% 8.70%Foreign Bond 4.56%
1.28%Preferred Bond 0.04% 0.09%Convertible Bond 0.00% 0.06%Cash
1.20% 4.40%Other 1.58% 2.54%Number of Stocks 0 130Number of Bonds 0
20Emerging Market 5.31% 5.49%
Regional WeightingsUnited States 51.11% Japan 5.73%Canada 2.22%
Africa 0.52%Latin America 1.00% Middle East 0.25%United Kingdom
3.96% Australasia 1.66%EuroZone 7.16% Asia Dev 3.18%Eur ex.
EuroZone 3.28% Asia EM 3.36%Europe Emerging 0.45% Not Classified
0.00%
Investment StatisticsAlpha -0.56% Beta 0.95Standard Dev 13.85%
Eff Maturity 8.57 YrsR-Squared 95.69% Eff Duration 6.60 YrsSharpe
Ratio 0.44% Avg Coupon 2.83%Turnover Ratio 16.00% Yield 1.72%
Credit AnalysisAAA 55.47% B 0.00%AA 10.81% Below B 0.00%A 17.37%
NR/N/A 0.00%BBB 16.35% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 52.03%2.
Vanguard Total Intl Stock Index Inv 34.66%3. Vanguard Total Bond
Market II Idx Inv 9.33%4. Vanguard Total Intl Bd Idx Investor
3.97%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($21,749,444,608) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2045 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2045 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTIVX
Manager Performance
$500
$1000
$1500
$2000
$2500
$3000
$3500
Oct 2003 Dec 2005 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Sep
2017
Vanguard Target Retirement 2045 Inv Morningstar Target-Date
2045Dow Jones US Target 2045
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2045 Inv Morningstar Target-Date
2045Dow Jones US Target 2045
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
14%
16%
Return0% 2% 4% 6% 8% 10%
Vanguard Target Retirement 2045 InvMorningstar Target-Date
2045
Dow Jones US Target 2045
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2045 InvMorningstar Target-Date
2045
Dow Jones US Target 2045Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2045Cusip
92202E607Inception Date Oct 27, 2003Fund Availability OpenNet
Assets ($mil) $20,413.11Market Capitalization ($mil) $37,347.94
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.16%Prospectus Gross Expense
Ratio 0.16%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2045 Inv 15.40% (34%) 16.84%
(34%) 8.14% (27%) 10.91% (14%) 5.77% (20%) 8.87% -1.57%Morningstar
Target-Date 2045 14.79% 16.02% 7.44% 9.83% 4.57% 7.96% -1.81%Dow
Jones US Target 2045 11.64% 15.40% 9.34% 12.63% 7.59% 12.06%
-0.87%
% Fund % PeerCyclical 33.94% 35.84% Basic Materials 4.86% 3.92%
Consumer Cyclical 9.75% 9.97% Financial Services 15.92% 14.45% Real
Estate 3.41% 7.50%Defensive 20.50% 18.92% Consumer Defensive 7.46%
6.83% Healthcare 10.28% 9.78% Utilities 2.76% 2.31%Sensitive 32.70%
30.61% Communication 3.44% 2.92% Energy 4.90% 4.60% Industrials
10.02% 9.02% Technology 14.34% 14.07%
Composition % Fund % PeerDomestic Stock 53.36% 54.47%Foreign
Stock 34.26% 31.29%Domestic Bond 6.16% 5.81%Foreign Bond 3.41%
0.94%Preferred Bond 0.04% 0.09%Convertible Bond 0.00% 0.05%Cash
1.14% 4.46%Other 1.61% 2.89%Number of Stocks 0 227Number of Bonds 0
28Emerging Market 5.52% 5.75%
Regional WeightingsUnited States 53.07% Japan 5.96%Canada 2.31%
Africa 0.55%Latin America 1.04% Middle East 0.26%United Kingdom
4.12% Australasia 1.73%EuroZone 7.45% Asia Dev 3.30%Eur ex.
EuroZone 3.41% Asia EM 3.49%Europe Emerging 0.46% Not Classified
0.00%
Investment StatisticsAlpha -0.36% Beta 0.92Standard Dev 12.88%
Eff Maturity 8.57 YrsR-Squared 95.40% Eff Duration 6.60 YrsSharpe
Ratio 0.52% Avg Coupon 2.83%Turnover Ratio 13.00% Yield 1.71%
Credit AnalysisAAA 55.43% B 0.00%AA 10.83% Below B 0.00%A 17.38%
NR/N/A 0.00%BBB 16.36% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 54.03%2.
Vanguard Total Intl Stock Index Inv 36.04%3. Vanguard Total Bond
Market II Idx Inv 6.96%4. Vanguard Total Intl Bd Idx Investor
2.97%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($19,851,360,256) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2050 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2050 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VFIFX
Manager Performance
$600
$800
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
Jun 2006 Dec 2007 Dec 2009 Dec 2011 Dec 2013 Dec 2015 Sep
2017
Vanguard Target Retirement 2050 Inv Morningstar Target-Date
2050Dow Jones US Target 2050
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2050 Inv Morningstar Target-Date
2050Dow Jones US Target 2050
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
14%
16%
Return0% 1% 2% 3% 4% 5% 6% 7% 8% 9%
Vanguard Target Retirement 2050 InvMorningstar Target-Date
2050
Dow Jones US Target 2050
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2050 InvMorningstar Target-Date
2050
Dow Jones US Target 2050Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2050Cusip
92202E862Inception Date Jun 07, 2006Fund Availability OpenNet
Assets ($mil) $13,407.11Market Capitalization ($mil) $37,379.76
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.16%Prospectus Gross Expense
Ratio 0.16%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2050 Inv 15.40% (38%) 16.84%
(41%) 8.15% (30%) 10.91% (15%) 5.78% (24%) 8.85% -1.58%Morningstar
Target-Date 2050 14.66% 15.79% 7.44% 9.63% 4.43% 8.24% -1.97%Dow
Jones US Target 2050 11.97% 15.97% 9.55% 12.79% 7.67% 12.36%
-0.92%
% Fund % PeerCyclical 33.93% 36.24% Basic Materials 4.85% 4.01%
Consumer Cyclical 9.75% 10.03% Financial Services 15.92% 14.91%
Real Estate 3.41% 7.29%Defensive 20.51% 19.52% Consumer Defensive
7.46% 6.90% Healthcare 10.29% 10.18% Utilities 2.76% 2.44%Sensitive
32.70% 30.70% Communication 3.44% 2.98% Energy 4.90% 4.52%
Industrials 10.01% 9.18% Technology 14.35% 14.02%
Composition % Fund % PeerDomestic Stock 53.45% 54.92%Foreign
Stock 34.18% 31.95%Domestic Bond 6.17% 5.29%Foreign Bond 3.40%
1.26%Preferred Bond 0.04% 0.07%Convertible Bond 0.00% 0.03%Cash
1.14% 4.15%Other 1.61% 2.34%Number of Stocks 0 182Number of Bonds 0
24Emerging Market 5.51% 5.64%
Regional WeightingsUnited States 53.16% Japan 5.95%Canada 2.30%
Africa 0.54%Latin America 1.03% Middle East 0.26%United Kingdom
4.11% Australasia 1.72%EuroZone 7.43% Asia Dev 3.30%Eur ex.
EuroZone 3.40% Asia EM 3.48%Europe Emerging 0.46% Not Classified
0.00%
Investment StatisticsAlpha -0.65% Beta 0.92Standard Dev 13.86%
Eff Maturity 8.57 YrsR-Squared 95.62% Eff Duration 6.60 YrsSharpe
Ratio 0.44% Avg Coupon 2.83%Turnover Ratio 12.00% Yield 1.67%
Credit AnalysisAAA 55.50% B 0.00%AA 10.80% Below B 0.00%A 17.36%
NR/N/A 0.00%BBB 16.35% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 54.12%2.
Vanguard Total Intl Stock Index Inv 35.95%3. Vanguard Total Bond
Market II Idx Inv 6.97%4. Vanguard Total Intl Bd Idx Investor
2.96%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($12,973,411,328) 100.00%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2055 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2055 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VFFVX
Manager Performance
$1000
$1200
$1400
$1600
$1800
$2000
$2200
$2400
$2600
Aug 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Sep
2017
Vanguard Target Retirement 2055 Inv Morningstar Target-Date
2055Dow Jones US Target 2055
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2055 Inv Morningstar Target-Date
2055Dow Jones US Target 2055
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
12%
Return0% 2% 4% 6% 8% 10% 12% 14%
Vanguard Target Retirement 2055 InvMorningstar Target-Date
2055
Dow Jones US Target 2055
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2055 InvMorningstar Target-Date
2055
Dow Jones US Target 2055Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2055Cusip
92202E847Inception Date Aug 18, 2010Fund Availability OpenNet
Assets ($mil) $5,599.97Market Capitalization ($mil) $37,382.12
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.16%Prospectus Gross Expense
Ratio 0.16%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2055 Inv 15.41% (44%) 16.86%
(52%) 8.10% (37%) 10.88% (23%) N/A (N/A) 8.88% -1.72%Morningstar
Target-Date 2055 15.16% 16.48% 7.69% 10.24% 4.67% 8.00% -1.62%Dow
Jones US Target 2055 11.99% 15.99% 9.56% 12.80% 7.67% 12.37%
-0.92%
% Fund % PeerCyclical 33.91% 36.70% Basic Materials 4.85% 4.06%
Consumer Cyclical 9.75% 9.93% Financial Services 15.91% 14.90% Real
Estate 3.40% 7.81%Defensive 20.50% 19.84% Consumer Defensive 7.46%
7.10% Healthcare 10.28% 10.21% Utilities 2.76% 2.53%Sensitive
32.69% 30.50% Communication 3.44% 3.06% Energy 4.90% 4.51%
Industrials 10.01% 9.21% Technology 14.34% 13.72%
Composition % Fund % PeerDomestic Stock 53.45% 54.62%Foreign
Stock 34.17% 32.77%Domestic Bond 6.18% 4.87%Foreign Bond 3.39%
1.29%Preferred Bond 0.04% 0.05%Convertible Bond 0.00% 0.01%Cash
1.16% 4.38%Other 1.61% 2.00%Number of Stocks 0 277Number of Bonds 0
31Emerging Market 5.51% 5.44%
Regional WeightingsUnited States 53.15% Japan 5.95%Canada 2.30%
Africa 0.54%Latin America 1.03% Middle East 0.26%United Kingdom
4.11% Australasia 1.72%EuroZone 7.43% Asia Dev 3.29%Eur ex.
EuroZone 3.40% Asia EM 3.48%Europe Emerging 0.46% Not Classified
0.00%
Investment StatisticsAlpha -1.02% Beta 0.93Standard Dev 10.79%
Eff Maturity 8.57 YrsR-Squared 93.54% Eff Duration 6.60 YrsSharpe
Ratio 1.09% Avg Coupon 2.83%Turnover Ratio 8.00% Yield 1.72%
Credit AnalysisAAA 55.54% B 0.00%AA 10.77% Below B 0.00%A 17.34%
NR/N/A 0.00%BBB 16.35% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 54.12%2.
Vanguard Total Intl Stock Index Inv 35.93%3. Vanguard Total Bond
Market II Idx Inv 6.98%4. Vanguard Total Intl Bd Idx Investor
2.95%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($5,351,716,864) 99.98%
-
As of September 30, 2017Created with Zephyr StyleADVISOR.
Manager returns supplied by: Morningstar, Inc.
Vanguard Target Retirement 2060 InvStrategy: The investment
seeks to provide capital appreciation and current income consistent
with its current asset allocation. The fund invests in other
Vanguardmutual funds according to an asset allocation strategy
designed for investors planning to retire and leave the workforce
in or within a few years of 2060 (the target year).The fund's asset
allocation will become more conservative over time, meaning that
the percentage of assets allocated to stocks will decrease while
the percentage ofassets allocated to bonds and other fixed income
investments will increase.
VTTSX
Manager Performance
$800
$1000
$1200
$1400
$1600
$1800
$2000
Jan 2012 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Sep 2017
Vanguard Target Retirement 2060 Inv Morningstar Target-Date
2060+Dow Jones US Target 2060
Calendar Year Return
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
YTD 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007
Vanguard Target Retirement 2060 Inv Morningstar Target-Date
2060+Dow Jones US Target 2060
Risk/Return
Stan
dard
Dev
iatio
n
0%
2%
4%
6%
8%
10%
Return0% 2% 4% 6% 8% 10% 12% 14%
Vanguard Target Retirement 2060 InvMorningstar Target-Date
2060+
Dow Jones US Target 2060
Manager Style
Russell 1000 Value Russell 1000 Growth
Russell 2000 Value Russell 2000 Growth
Small
-1
0
1
Large
Value -1 0 1 Growth
Vanguard Target Retirement 2060 InvMorningstar Target-Date
2060+
Dow Jones US Target 2060Russell Generic Corners
*Disclosure: Retirement plan participants that invest through
the Ingham Retirement Group platform are not assessed sales
charges, front or deferred loads for the purchase of investments in
their plan. However, redemption fees may apply when selling certain
mutual funds. The amount of any redemption fee, ifapplicable, will
depend on actual trading activity within the mutual fund. The
historical performance data on this report represents past
performance and is not necessarily indicative of future
performance. The return and principal value of an investment will
fluctuate so that an investor’s shares, when redeemed, may beworth
more or less than their original cost. The investment portfolio
characteristics and statistics of funds may change over time. Total
return figures include the actual change in NAV (net asset value)
over the period listed, plus it is assumed that all dividends and
capital gains distributions are reinvested at the time theywere
made. Any miscellaneous distributions and stock splits are
accounted for accurately in these calculations. Performance does
not reflect sales charges, loads, or fees that may be applicable on
certain investments. If applicable, the sales charges, loads or
fees would reduce the investment performance provided in
thisreport. Performance information current to the most recent
month end is available by calling 1-800-235-0910 or by visiting
www.ingham.com and logging into your account. Prior to investing,
please read each fund's prospectus by logging into your account at
www.ingham.com.
Fund InformationShare Class InvCategory Target-Date 2060+Cusip
92202E839Inception Date Jan 19, 2012Fund Availability OpenNet
Assets ($mil) $2,080.52Market Capitalization ($mil) $37,408.46
Management InformationAddress Line 1 Vanguard Chester
FundsAddress Line 2 Po Box 2600 Vm #v34City, State, Zip Valley
Forge, PA 19482Phone 800-662-7447Website www.vanguard.comManager
Name William ColemanAvg Manager Tenure 4.61 Yrs
Fees and Expenses (see prospectus for details)Expense Ratio
0.00%Prospectus Net Expense Ratio 0.16%Prospectus Gross Expense
Ratio 0.16%*Front Load N/A*Deferred Load N/ARedemption Fee N/A12b-1
N/A
Portfolio Analysis
YTD (Rank) 1 Yr (Rank) 3 Yrs (Rank) 5 Yrs (Rank) 10 Yrs (Rank)
2016 2015Vanguard Target Retirement 2060 Inv 15.39% (51%) 16.84%
(60%) 8.09% (61%) 10.87% (1%) N/A (N/A) 8.84% -1.68%Morningstar
Target-Date 2060+ 15.30% 16.73% 7.92% 10.63% N/A 7.90% -1.06%Dow
Jones US Target 2060 11.99% 15.99% 9.56% 12.80% 7.67% 12.37%
-0.92%
% Fund % PeerCyclical 33.92% 35.09% Basic Materials 4.85% 4.45%
Consumer Cyclical 9.75% 9.93% Financial Services 15.91% 15.32% Real
Estate 3.41% 5.39%Defensive 20.51% 19.94% Consumer Defensive 7.46%
7.24% Healthcare 10.29% 10.09% Utilities 2.76% 2.61%Sensitive
32.70% 31.86% Communication 3.44% 3.26% Energy 4.90% 4.84%
Industrials 10.01% 9.69% Technology 14.35% 14.07%
Composition % Fund % PeerDomestic Stock 53.53% 54.05%Foreign
Stock 34.11% 33.38%Domestic Bond 6.18% 5.51%Foreign Bond 3.39%
2.06%Preferred Bond 0.04% 0.06%Convertible Bond 0.00% 0.01%Cash
1.14% 2.68%Other 1.61% 2.25%Number of Stocks 0 90Number of Bonds 0
14Emerging Market 5.50% 5.69%
Regional WeightingsUnited States 53.24% Japan 5.93%Canada 2.30%
Africa 0.54%Latin America 1.03% Middle East 0.26%United Kingdom
4.10% Australasia 1.72%EuroZone 7.41% Asia Dev 3.29%Eur ex.
EuroZone 3.39% Asia EM 3.48%Europe Emerging 0.46% Not Classified
0.00%
Investment StatisticsAlpha -0.42% Beta 0.90Standard Dev 9.04%
Eff Maturity 8.57 YrsR-Squared 90.03% Eff Duration 6.60 YrsSharpe
Ratio 1.20% Avg Coupon 2.83%Turnover Ratio 6.00% Yield 1.71%
Credit AnalysisAAA 55.56% B 0.00%AA 10.76% Below B 0.00%A 17.33%
NR/N/A 0.00%BBB 16.35% Avg Credit
Quality BBBB 0.00%
Top 10 Holdings1. Vanguard Total Stock Mkt Idx Inv 54.20%2.
Vanguard Total Intl Stock Index Inv 35.87%3. Vanguard Total Bond
Market II Idx Inv 6.99%4. Vanguard Total Intl Bd Idx Investor
2.95%5. N/A N/A6. N/A N/A7. N/A N/A8. N/A N/A9. N/A N/A10. N/A
N/ATotal ($1,986,732,672) 100.00%