National Garden Clubs, Inc. May 31, 2020 Monthly Financial Overview General Fund June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 278,424 297,597 19,173 6.89% Total 278,424 297,597 19,173 6.89% NGC Endowment June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 350,021 375,984 25,962 Total 350,021 375,984 25,962 7.42% PH&E June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 6,569,750 7,057,758 488,008 Total 6,569,750 7,057,758 488,008 7.43% Deen Day Sanders Fund June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 518,715 557,715 39,000 Total 518,715 557,715 39,000 6.86% June M Kummer Fund June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 2,172,976 2,196,080 23,105 Total 2,172,976 2,196,080 23,105 1.06% Scholarship Fund June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 4,482,263 4,817,905 335,642 Total 4,482,263 4,817,905 335,642 7.49% Wildflower Fund June 1, 2019 May 31, 2020 Change In Value Vanguard Investment 4,134,168 4,443,577 309,409 Total 4,134,168 4,443,577 309,409 7.48% Total of Funds 18,506,317 19,746,616 1,240,299 6.70% Member Services Income For May 2020 Income Cost of Sales Gross Profit May-19 Month YTD Budget Month YTD Budget Month YTD YTD BOOKS 270 34,590 125,000 -2,317 16,496 56,213 2,587 18,094 30,173 CALENDARS 0 31,120 45,000 196 20,432 32,593 -196 10,688 8,800 JEWELRY 229 7,687 13,000 75 4,689 9,158 154 2,998 1,587 NCP 20 1,205 3,000 2 195 109 18 1,010 586 SLIDES 0 0 100 0 0 873 0 0 0 PROGRAM PLANS 10 550 1,000 4 168 90 6 382 530 RIBBONS 147 27,944 45,000 3,435 19,769 22,114 -3,288 8,175 21,454 ORNAMENT 0 0 0 0 0 0 0 0 0 GARDEN CART 30 7,716 10,000 -1,248 2,336 9,431 1,278 5,379 2,477 EDUCATIONAL TOOLS 10 1,090 2,500 3 257 121 7 833 1,580 Total 716 111,902 244,600 150 64,343 130,702 566 47,559 67,187
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National Garden Clubs, Inc.May 31, 2020
Monthly Financial Overview
General Fund June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 278,424 297,597 19,173 6.89%Total 278,424 297,597 19,173 6.89%
NGC Endowment June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 350,021 375,984 25,962Total 350,021 375,984 25,962 7.42%
PH&E June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 6,569,750 7,057,758 488,008Total 6,569,750 7,057,758 488,008 7.43%
Deen Day Sanders Fund June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 518,715 557,715 39,000Total 518,715 557,715 39,000 6.86%
June M Kummer Fund June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 2,172,976 2,196,080 23,105Total 2,172,976 2,196,080 23,105 1.06%
Scholarship Fund June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 4,482,263 4,817,905 335,642Total 4,482,263 4,817,905 335,642 7.49%
Wildflower Fund June 1, 2019 May 31, 2020 Change In ValueVanguard Investment 4,134,168 4,443,577 309,409Total 4,134,168 4,443,577 309,409 7.48%
Total of Funds 18,506,317 19,746,616 1,240,299 6.70%
Member Services Income For May 2020
Income Cost of Sales Gross Profit May-19Month YTD Budget Month YTD Budget Month YTD YTD
BOOKS 270 34,590 125,000 -2,317 16,496 56,213 2,587 18,094 30,173
CALENDARS 0 31,120 45,000 196 20,432 32,593 -196 10,688 8,800
JEWELRY 229 7,687 13,000 75 4,689 9,158 154 2,998 1,587
NCP 20 1,205 3,000 2 195 109 18 1,010 586
SLIDES 0 0 100 0 0 873 0 0 0
PROGRAM PLANS 10 550 1,000 4 168 90 6 382 530
RIBBONS 147 27,944 45,000 3,435 19,769 22,114 -3,288 8,175 21,454
ORNAMENT 0 0 0 0 0 0 0 0 0
GARDEN CART 30 7,716 10,000 -1,248 2,336 9,431 1,278 5,379 2,477
EDUCATIONAL TOOLS 10 1,090 2,500 3 257 121 7 833 1,580
Total 716 111,902 244,600 150 64,343 130,702 566 47,559 67,187
Monetary Receipts ‐ May 2020
Name Amount
239.00State Dues
329.50Meetings: Other Income Convention
3,259.25Natural Disasters
1,360.00Penny Pines
1,165.00Plant America
100.00Running Waters Project
348.98Deen Day Sanders Dividend
200.00Life Membership
20.00PH&E Contributions
35.00FSS Fees
30.00GSS Fees
1,700.00TNG Advertising
8,786.73
Monetary ReceiptsClub Name Name Date Received AmountState
State Dues5/5/2020 239.00NEFEDERATED GARDEN CLUBS OF N LORRAINE PATRICK
239.00
Meetings: Other Income Conv5/5/2020 229.50WIOLBRICH BOTANICAL SOCIETY JOSEPH V
5/12/2020 100.00WICOUTY OF MILWAUKEE DAVID CULLEN
329.50
Natural Disasters5/5/2020 3,259.25GATHE GARDEN CLUB OF GEORGIA EDNA MCCLELLAN
3,259.25
Penny Pines5/12/2020 204.00VAGLASGOW GARDEN CLUB GARNETT TEASS
5/12/2020 68.00OHHOUSE AND GARDEN CLUB CAROL GROVE
5/12/2020 68.00OHWESTERN HILLS GARDEN CLUB PEGGY WALL
5/12/2020 612.00AZPECAN GROVE GARDEN CLUB MARLENA PARROTT
5/22/2020 68.00KYSOUTHERN HILLS GARDEN CLUB CONNIE ALLEN
5/22/2020 68.00WADOGWOOD GARDEN CLUB LISA LIBBY
5/22/2020 68.00AZWEEDERS GARDEN CLUB PATTIE LANGTON
5/22/2020 68.00WAOLYMPIA GARDEN CLUB JOAN BOONE
5/22/2020 68.00NYMORSEMERE GARDEN CLUB SHANNON DAUGHERTY
5/22/2020 68.00NYMORSEMERE GARDEN CLU SHANNON DAUGHERTY
1,360.00
Plant America5/5/2020 100.00MSNA GAY AUSTIN
5/5/2020 25.00TXSAN ANTONIO COUNCIL JOANN NEAL
5/12/2020 40.00NCGARDEN CLUB OF NC INC BARBARA WALTS
5/22/2020 1,000.00ARGARDEN CLUB OF ROGERS RONNA PRECURE
1,165.00
Running Waters Project5/5/2020 100.00MICHEMICAL CITY GARDEN CLUB SHIRLEY RINAS
100.00
Deen Day Sanders Dividend5/5/2020 46.02PAVANGUARD
5/5/2020 49.60PAVANGAURD
5/5/2020 140.01PAVANGUARD
5/5/2020 47.79PAVANGAURD
5/5/2020 65.56PAVANGAURD
Page 1 of 2
Club Name Name Date Received AmountState
348.98
Life Membership5/12/2020 200.00SCLORIS GARDEN CLUB ELLEN SELLARS
200.00
PH&E Contributions5/22/2020 20.00TXHEARTHSTONE GARDEN CLUB E B
20.00
FSS Fees5/5/2020 35.00KYNA SUE KIRKMAN
35.00
GSS Fees5/5/2020 30.00OHNA MARYANN FERGUSON‐RICH
30.00
TNG Advertising5/5/2020 650.00NJTHE ESPOMA COMPANT
5/5/2020 700.00WAPALMFLEX INC
5/5/2020 350.00MAAPROPOS FOOTWEAR CATHERINE DEBEASE
1,700.00
Page 2 of 2
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43581 05/05/2020 VR-ELMBROOK GARDEN CLUB INC 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43582 05/05/2020 VR-CATALPA LANE POTTERY 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43583 05/05/2020 VR-RICHIE ENTERPRISE CORPORATION 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43584 05/05/2020 VR-OSHKOSG GARDEN CLUB 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43585 05/05/2020 VR-FLORAL DESIGNERS OF WISCONSIN 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43586 05/05/2020 VR-KATHLEEN M LARKIN1 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43587 05/05/2020 VR-CAROL CATLIN 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43588 05/05/2020 VR-M ELIZABETH MURKEN 111118 · NGC CONVENTION CHECKING -250.00
Page 1 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43589 05/05/2020 VR-WGCF SOTHERN JUDGES COUNCIL 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43590 05/05/2020 VR-KENNETH SWARTZ 111118 · NGC CONVENTION CHECKING -350.00
167222 · CONVENTION EXPENSES 350.00
350.00
Check 43591 05/05/2020 VR-LOTHAIR G LAMBRECHT 111118 · NGC CONVENTION CHECKING -750.00
167222 · CONVENTION EXPENSES 750.00
750.00
Check 43592 05/05/2020 VR-BOTANY BELLES AND BEAUS GARDEN CLU111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43593 05/05/2020 VR-WESTERN ACRES GARDEN CLUB 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43594 05/05/2020 VR-PHILLIP K DUPRE FAMILY FOUNDATION 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43595 05/05/2020 VR-RENATE A FAVOUR DBA ETC DEISGNS 111118 · NGC CONVENTION CHECKING 0.00
0.00
Page 2 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43596 05/05/2020 VR-MARIANNE R HARVEY 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43597 05/05/2020 VR-RUSSELLWORKS 111118 · NGC CONVENTION CHECKING -150.00
167222 · CONVENTION EXPENSES 150.00
150.00
Check 43598 05/05/2020 VR-ANDREA PSARAS 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43599 05/05/2020 VR-JIM & GRETCHEN VEST 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43600 05/05/2020 VR-GARDEN CLUB OF ILLINOIS 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43601 05/05/2020 VR-EDIE DYER WILSON 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43602 05/05/2020 VR-KAREN BLACKMORE 111118 · NGC CONVENTION CHECKING -90.00
167222 · CONVENTION EXPENSES 90.00
90.00
Page 3 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43603 05/05/2020 VR-KATHLEEN LARKIN2 111118 · NGC CONVENTION CHECKING -50.00
167222 · CONVENTION EXPENSES 50.00
50.00
Check 43604 05/05/2020 VR-WI GARDEN CLUB 111118 · NGC CONVENTION CHECKING -59.00
167222 · CONVENTION EXPENSES 59.00
59.00
Check 43605 05/05/2020 VR-SYLVIA & VERN LOWELL 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43606 05/05/2020 VR-GREATIVE GLOWER ARRANGERS OF WI 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43607 05/05/2020 VR-KATHE SHOEMAKER 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43608 05/05/2020 VR-FRESH JEWELRY COMPANY 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43609 05/05/2020 VR-SHEILA PERMELL RICHARDS 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Page 4 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43610 05/05/2020 VR-PAPER VALLEY GARDEN CLUB 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43611 05/05/2020 VR-LYNNE EHNERT 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43612 05/05/2020 VR-WESTERN ACRES GARDEN CLUB 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43613 05/05/2020 VR-JOAN WEBER-KENNEDY 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43614 05/05/2020 VR-KAREN WILLIAMS 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43615 05/05/2020 VR-PINE'S EYE DESIGNS 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43616 05/05/2020 VR-4 CLEVER GIRLS DBA 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Page 5 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43617 05/05/2020 VR-SHERATON LAWNS GARDEN CLUB 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43618 05/05/2020 VR-EBERT'S GREENHOUSE VILLAGE 111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43619 05/05/2020 VR-MILWAUKEE DISTRICT GARDEN CLUBS INC111118 · NGC CONVENTION CHECKING 0.00
0.00
Check 43620 05/05/2020 VR-VALERIE FRAYER 111118 · NGC CONVENTION CHECKING -200.00
167222 · CONVENTION EXPENSES 200.00
200.00
Check 43621 05/05/2020 VR-WISCONSIN GARDEN CLUB FEDERATION 111118 · NGC CONVENTION CHECKING 0.00
0.00
Bill Pmt -Check 43622 05/07/2020 MUELLER PROST PC 111111 · CASH BOA -3,900.00
Bill 129822 05/07/2020 162201 · AUDIT General 3,900.00
3,900.00
Bill Pmt -Check 43623 05/07/2020 AVAYA INC 211111 · PHE CASH -199.62
Bill 35369666 05/07/2020 267311 · TELEPHONE 199.62
199.62
Bill Pmt -Check 43624 05/07/2020 CLEAN THE UNIFORM COMPANY 211111 · PHE CASH -194.08
Page 6 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Bill 10069956 05/07/2020 266301 · SUPPLIES & MISCELLANEOUS 194.08
194.08
Bill Pmt -Check 43625 05/07/2020 Plant Professor 211111 · PHE CASH -97.95
Bill 408578 05/07/2020 266301 · SUPPLIES & MISCELLANEOUS 97.95
97.95
Bill Pmt -Check 43626 05/07/2020 SFP LANDSCAPING INC 211111 · PHE CASH -5,909.50
Bill 24394 05/07/2020 264144 · GROUNDS MAINT. 5,909.50
5,909.50
Bill Pmt -Check 43627 05/07/2020 STANLEY CONVERGENT SECURITY SOLUTION 211111 · PHE CASH -1,110.18
Bill 17458313 05/07/2020 264122 · BLDG. MAINT. 1,110.18
1,110.18
Bill Pmt -Check 43628 05/07/2020 The Key People Company 211111 · PHE CASH -425.00
Bill 159794 05/07/2020 264161 · JANITORIAL SERVICES 425.00
425.00
Bill Pmt -Check 43629 05/07/2020 BINDER PR & MARKETING 511111 · WILDFLOWER CHECKING -1,152.50
Bill 5313-65 05/07/2020 562054 · PROMOTIONS/PUBLIC RELATIONS 1,152.50
1,152.50
Bill Pmt -Check 43630 05/07/2020 SPARKS MILLING COMPANY, LLC 511111 · WILDFLOWER CHECKING -4,742.00
Bill 997351 05/07/2020 562047 · WEB SITE 4,742.00
4,742.00
Check 43631 05/05/2020 VR-RICHIE ENTERPRISE CORPORATION 111118 · NGC CONVENTION CHECKING -100.00
Page 7 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43632 05/05/2020 VR-FLORAL DESIGNERS OF WISCONSIN 111118 · NGC CONVENTION CHECKING -1,500.00
167222 · CONVENTION EXPENSES 1,500.00
1,500.00
Check 43633 05/05/2020 VR-WGCF SOTHERN JUDGES COUNCIL 111118 · NGC CONVENTION CHECKING -500.00
167222 · CONVENTION EXPENSES 500.00
500.00
Check 43634 05/05/2020 VR-BOTANY BELLES AND BEAUS GARDEN CLU111118 · NGC CONVENTION CHECKING -50.00
167222 · CONVENTION EXPENSES 50.00
50.00
Check 43635 05/05/2020 VR-PHILLIP K DUPRE FAMILY FOUNDATION 111118 · NGC CONVENTION CHECKING -750.00
167222 · CONVENTION EXPENSES 750.00
750.00
Check 43636 05/05/2020 VR-RENATE A FAVOUR DBA ETC DEISGNS 111118 · NGC CONVENTION CHECKING -100.00
167222 · CONVENTION EXPENSES 100.00
100.00
Check 43637 05/05/2020 VR-GREATIVE GLOWER ARRANGERS OF WI 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Page 8 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43638 05/05/2020 VR-SHERATON LAWNS GARDEN CLUB 111118 · NGC CONVENTION CHECKING -75.00
167222 · CONVENTION EXPENSES 75.00
75.00
Check 43639 05/05/2020 VR-EBERT'S GREENHOUSE VILLAGE 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43640 05/05/2020 VR-MILWAUKEE DISTRICT GARDEN CLUBS INC111118 · NGC CONVENTION CHECKING -4,000.00
167222 · CONVENTION EXPENSES 4,000.00
4,000.00
Check 43641 05/05/2020 VR-WISCONSIN GARDEN CLUB FEDERATION 111118 · NGC CONVENTION CHECKING -14,000.00
167222 · CONVENTION EXPENSES 14,000.00
14,000.00
Check 43642 05/05/2020 VR-WESTERN ACRES GARDEN CLUB 111118 · NGC CONVENTION CHECKING -254.50
167222 · CONVENTION EXPENSES 254.50
254.50
Check 43643 05/05/2020 VR-WESTERN ACRES GARDEN CLUB 111118 · NGC CONVENTION CHECKING -2,000.00
167222 · CONVENTION EXPENSES 2,000.00
2,000.00
Check 43644 05/07/2020 WI CONCIL NATL ACCRD FLOWER SHOW JUDG111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Page 9 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43645 05/07/2020 WISCONSIN GC FED SHEBOYGAN 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Bill Pmt -Check 43646 05/14/2020 Blue Fountain Media 511111 · WILDFLOWER CHECKING 0.00
0.00
Check 43647 05/14/2020 USPS Chouteau Branch 111111 · CASH BOA -200.00
159121 · FREIGHT & POSTAGE 200.00
200.00
Bill Pmt -Check 43648 05/14/2020 Arnold Insurance Company 211111 · PHE CASH -5,504.00
Bill #1 05/14/2020 266311 · Professional Liability Insuranc 5,504.00
5,504.00
Bill Pmt -Check 43649 05/14/2020 Office Essentials 211111 · PHE CASH -10.00
Bill CIV1207640 05/14/2020 268412 · RECYCLING 10.00
10.00
Bill Pmt -Check 43650 05/14/2020 PURITAN SPRINGS WATER 211111 · PHE CASH -46.28
Bill 1625987 05/14/2020 266301 · SUPPLIES & MISCELLANEOUS 46.28
46.28
Bill Pmt -Check 43651 05/14/2020 SFP LANDSCAPING INC 211111 · PHE CASH -911.92
Bill 24424 05/14/2020 264144 · GROUNDS MAINT. 911.92
911.92
Page 10 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43652 05/14/2020 Margie Soileau 511111 · WILDFLOWER CHECKING -826.72
567600 · STATE PRES TRAVEL FD 826.72
826.72
Check 43653 05/14/2020 Janet Warshauer 111111 · CASH BOA -29.25
168201 · SCHOOL FSS CHRM 29.25
29.25
Check 43654 05/14/2020 Bonnie Stockel 111111 · CASH BOA -196.85
163314 · CORRESPONDING SECRETARY 196.85
196.85
Check 43655 05/14/2020 JOAN CORBISIERO 111111 · CASH BOA -1,200.00
163261 · PARLIAMENTARIAN 1,200.00
1,200.00
Check 43656 05/14/2020 JOAN CORBISIERO 111111 · CASH BOA -500.00
163262 · PARLIAMENTARIAN-SUP & POS 500.00
500.00
Bill Pmt -Check 43657 05/21/2020 SFP LANDSCAPING INC 211111 · PHE CASH -848.46
Bill 24429 05/21/2020 264144 · GROUNDS MAINT. 848.46
848.46
Bill Pmt -Check 43658 05/21/2020 Telephonetics, Inc 211111 · PHE CASH -99.98
Bill 453395 05/21/2020 266301 · SUPPLIES & MISCELLANEOUS 99.98
Page 11 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
99.98
Check 43659 05/21/2020 Oshkosh Garden Club 111118 · NGC CONVENTION CHECKING -250.00
167222 · CONVENTION EXPENSES 250.00
250.00
Check 43660 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43661 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43662 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43663 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -8,840.00
161568 · Penny Pines Exp 8,840.00
8,840.00
Check 43664 05/26/2020 DEPARTMENT OF CONSERVATION & RECREAT111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43665 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
Page 12 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
161568 · Penny Pines Exp 68.00
68.00
Check 43666 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43667 05/26/2020 DEPARTMENT OF CONSERVATION & RECREAT111552 · PENNY PINES -136.00
161568 · Penny Pines Exp 136.00
136.00
Check 43668 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -136.00
161568 · Penny Pines Exp 136.00
136.00
Check 43669 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -204.00
161568 · Penny Pines Exp 204.00
204.00
Check 43670 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -136.00
161568 · Penny Pines Exp 136.00
136.00
Check 43671 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43672 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -136.00
Page 13 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
161568 · Penny Pines Exp 136.00
136.00
Check 43673 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -204.00
161568 · Penny Pines Exp 204.00
204.00
Check 43674 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -68.00
161568 · Penny Pines Exp 68.00
68.00
Check 43675 05/26/2020 USDA FOREST SERVICE 111552 · PENNY PINES -816.00
161568 · Penny Pines Exp 816.00
816.00
Bill Pmt -Check 43676 05/28/2020 AT&T TELECONFERENCE SERVICES 211111 · PHE CASH -446.82
Bill 005-019581 05/28/2020 267311 · TELEPHONE 446.82
446.82
Bill Pmt -Check 43677 05/28/2020 CLEAN THE UNIFORM COMPANY 211111 · PHE CASH -37.30
Bill 10074650 05/28/2020 266301 · SUPPLIES & MISCELLANEOUS 37.30
37.30
Bill Pmt -Check 43678 05/28/2020 SumnerOne 211111 · PHE CASH -743.90
Bill L307038022 05/28/2020 266111 · OFF. EQUIP & SERV 743.90
743.90
Page 14 of 15
National Garden Clubs, Inc Check Detail
May 2020Type Num Date Name Account Original Amount
Check 43679 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -408.00
161568 · Penny Pines Exp 408.00
408.00
Check 43680 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -408.00
161568 · Penny Pines Exp 408.00
408.00
Check 43681 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -272.00
161568 · Penny Pines Exp 272.00
272.00
Check 43682 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -204.00
161568 · Penny Pines Exp 204.00
204.00
Check 43683 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -136.00
161568 · Penny Pines Exp 136.00
136.00
Check 43684 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -272.00
161568 · Penny Pines Exp 272.00
272.00
Check 43685 05/29/2020 USDA FOREST SERVICE 111552 · PENNY PINES -408.00
161568 · Penny Pines Exp 408.00
408.00
Page 15 of 15
National Garden Clubs, Inc As of May 31, 2020
Type Date Num Name Memo Debit Credit Balance
111162 · FLOWER SHOW INSTR FUND 12,095.60
Total 111162 · FLOWER SHOW INSTR FUND 12,095.60
111171 · INT'L AFFIL. DIS. FUND 25,977.62
Total 111171 · INT'L AFFIL. DIS. FUND 25,977.62
111281 · Floral Design Publications Fund 150,000.00
Total 111281 · Floral Design Publications Fund 150,000.00
111301 · NATIONAL GARDEN PROJECT 62,620.32
Total 111301 · NATIONAL GARDEN PROJECT 62,620.32
111351 · PRES DISCRETIONARY FUND 561.52
Total 111351 · PRES DISCRETIONARY FUND 561.52
111381 · NATURAL DISASTER FUND 61,792.54Deposit 05/05/2020 6288-MR EDNA MCCLELLAN Club- THE GARDEN 3,259.25 65,051.79
Total 111381 · NATURAL DISASTER FUND 3,259.25 0.00 65,051.79
111521 · WORLD GARDENING 4,326.37
Total 111521 · WORLD GARDENING 4,326.37
111543 · SEPT 11TH MEMORIAL FD 3,837.32
Total 111543 · SEPT 11TH MEMORIAL FD 3,837.32
111552 · PENNY PINES 25,735.99
General Journal 05/03/2020 3028-WF NA Club- A LIVING TRIBUTE ORG CT Inv# - 619 204.00 25,939.99
General Journal 05/03/2020 3029-WF NA Club- A LIVING TRIBUTE ORG CT Inv# - 620 272.00 26,211.99
General Journal 05/08/2020 3030-WF NA Club- A LIVING TRIBUTE ORG CT Inv# - 621 340.00 26,551.99
General Journal 05/10/2020 3031-WF NA Club- A LIVING TRIBUTE ORG CT Inv# - 622 340.00 26,891.99
Deposit 05/12/2020 6302-MR GARNETT TEASS Club- GLASGOW GA 204.00 27,095.99
Deposit 05/12/2020 6303-MR CAROL GROVE Club- HOUSE AND GAR 68.00 27,163.99
Deposit 05/12/2020 6304-MR PEGGY WALL Club- WESTERN HILLS G 68.00 27,231.99
Deposit 05/12/2020 6305-MR MARLENA PARROTT Club- PECAN GR 612.00 27,843.99
General Journal 05/13/2020 3032-WF MARY ALBA Club- NA FL Inv# - 623 0.00 27,843.99
Deposit 05/22/2020 6309-MR CONNIE ALLEN Club- SOUTHERN HILL 68.00 27,911.99
Deposit 05/22/2020 6310-MR SHANNON DAUGHERTY Club- MORSE 68.00 27,979.99
Deposit 05/22/2020 6311-MR SHANNON DAUGHERTY Club- MORSE 68.00 28,047.99
Deposit 05/22/2020 6312-MR JOAN BOONE Club- OLYMPIA GARDEN 68.00 28,115.99
Deposit 05/22/2020 6313-MR PATTIE LANGTON Club- WEEDERS GA 68.00 28,183.99
Deposit 05/22/2020 6314-MR LISA LIBBY Club- DOGWOOD GARDEN 68.00 28,251.99
Check 05/26/2020 43660 USDA FOREST SERVICE Donations rcvd from Arizona Garden Club 68.00 28,183.99
Check 05/26/2020 43661 USDA FOREST SERVICE Donations rcvd from CA Garden Clubs 68.00 28,115.99
Check 05/26/2020 43662 USDA FOREST SERVICE Donations rcvd from CA Garden Clubs 68.00 28,047.99
Check 05/26/2020 43663 USDA FOREST SERVICE Donation rcvd from Florida Garden Clubs 8,840.00 19,207.99
Check 05/26/2020 43664 DEPARTMENT OF CONSERVATION & RECREAT Donation rcvd from Illinois Garden Club 68.00 19,139.99
Page 1 of 4
National Garden Clubs, Inc As of May 31, 2020
Type Date Num Name Memo Debit Credit Balance
Check 05/26/2020 43665 USDA FOREST SERVICE Donation rcvd from Louisiana Garden Club 68.00 19,071.99
Check 05/26/2020 43666 USDA FOREST SERVICE Donations rcvd from Maryland Garden Clubs 68.00 19,003.99
Check 05/26/2020 43667 DEPARTMENT OF CONSERVATION & RECREAT Donations rcvd from Massachusetts Garden club 136.00 18,867.99
Check 05/26/2020 43668 USDA FOREST SERVICE Donation rcvd from NCA Garden Clubs 136.00 18,731.99
Check 05/26/2020 43669 USDA FOREST SERVICE Donation rcvd from Ohio Garden clubs 204.00 18,527.99
Check 05/26/2020 43670 USDA FOREST SERVICE Donations rcvd from OK Garden Clubs 136.00 18,391.99
Check 05/26/2020 43671 USDA FOREST SERVICE Donation rcvd from Pennsylvania Garden club 68.00 18,323.99
Check 05/26/2020 43672 USDA FOREST SERVICE Donations rcvd from Tennessee Garden Clubs 136.00 18,187.99
Check 05/26/2020 43673 USDA FOREST SERVICE Donation rcvd from Virginia Garden Clubs 204.00 17,983.99
Check 05/26/2020 43674 USDA FOREST SERVICE Donation rcvd from Virginia Garden Club 68.00 17,915.99
Check 05/26/2020 43675 USDA FOREST SERVICE Donation rcvd from Washington Garden Clubs 816.00 17,099.99
General Journal 05/27/2020 3035-WF DENISE REAGAN Club- GARDEN CLUB OF JACK 1,400.00 18,499.99
General Journal 05/28/2020 R USDA FOREST SERVICE Reverse of GJE -- For CHK 40457 voided on 05/28 0.00 18,499.99
General Journal 05/28/2020 2020YE58 Reverse Voided Check 40457 408.00 18,907.99
General Journal 05/28/2020 2020YE59 Reverse Voided Check 40459 408.00 19,315.99
General Journal 05/28/2020 2020YE60 Reverse Voided Check 40471 272.00 19,587.99
General Journal 05/28/2020 2020YE61 Reverse Voided Check 40515 204.00 19,791.99
General Journal 05/28/2020 2020YE62 Reverse Voided Check 40522 136.00 19,927.99
General Journal 05/28/2020 2020YE63 Reverse Voided Check 40525 272.00 20,199.99
General Journal 05/28/2020 2020YE64 Reverse Voided Check 40829 408.00 20,607.99
General Journal 05/28/2020 2020YE65 Reverse Voided Check 40856 680.00 21,287.99
General Journal 05/28/2020 2020YE66 Reverse Voided Check 40873 68.00 21,355.99
General Journal 05/28/2020 2020YE67 Reverse Voided Check 40876 136.00 21,491.99
General Journal 05/28/2020 2020YE68 Reverse Voided Check 40881 68.00 21,559.99
General Journal 05/28/2020 2020YE69 Reverse Voided Check 40884 68.00 21,627.99
General Journal 05/28/2020 2020YE70 Reverse Voided Check 41244 68.00 21,695.99
General Journal 05/28/2020 2020YE71 Reverse Voided Check 41246 68.00 21,763.99
General Journal 05/28/2020 2020YE72 Reverse Voided Check 41259 136.00 21,899.99
General Journal 05/28/2020 2020YE73 Reverse Voided Check 41262 68.00 21,967.99
General Journal 05/28/2020 2020YE74 Reverse Voided Check 41267 68.00 22,035.99
General Journal 05/28/2020 2020YE75 Reverse Voided Check 41034 136.00 22,171.99
General Journal 05/28/2020 2020YE76 Reverse Voided Check 41055 136.00 22,307.99
General Journal 05/28/2020 2020YE77 Reverse Voided Check 41063 68.00 22,375.99
General Journal 05/28/2020 2020YE78 Reverse Voided Check 41068 204.00 22,579.99
General Journal 05/28/2020 2020YE79 Reverse Voided Check 41429 204.00 22,783.99
General Journal 05/28/2020 2020YE80 Reverse Voided Check 41434 68.00 22,851.99
General Journal 05/28/2020 2020YE81 Reverse Voided Check 41463 136.00 22,987.99
General Journal 05/28/2020 2020YE82 Reverse Voided Check 41470 136.00 23,123.99
Page 2 of 4
National Garden Clubs, Inc As of May 31, 2020
Type Date Num Name Memo Debit Credit Balance
General Journal 05/28/2020 2020YE83 Reverse Voided Check 41482 136.00 23,259.99
General Journal 05/28/2020 2020YE84 Reverse Voided Check 41672 136.00 23,395.99
General Journal 05/28/2020 2020YE85 Reverse Voided Check 41684 204.00 23,599.99
General Journal 05/28/2020 2020YE86 Reverse Voided Check 41699 136.00 23,735.99
General Journal 05/28/2020 2020YE87 Reverse Voided Check 41702 136.00 23,871.99
General Journal 05/28/2020 2020YE88 Reverse Voided Check 41725 136.00 24,007.99
General Journal 05/28/2020 2020YE89 Reverse Voided Check 41915 136.00 24,143.99
General Journal 05/28/2020 2020YE90 Reverse Voided Check 41916 136.00 24,279.99
General Journal 05/28/2020 2020YE91 Reverse Voided Check 41917 204.00 24,483.99
General Journal 05/28/2020 2020YE92 Reverse Voided Check 41918 204.00 24,687.99
General Journal 05/28/2020 2020YE93 Reverse Voided Check 41948 68.00 24,755.99
General Journal 05/28/2020 2020YE94 Reverse Voided Check 41956 136.00 24,891.99
General Journal 05/28/2020 2020YE95 Reverse Voided Check 41958 272.00 25,163.99
General Journal 05/28/2020 2020YE96 Reverse Voided Check 42164 272.00 25,435.99
Check 05/29/2020 43679 USDA FOREST SERVICE Check to replace check #40457 that was never cashed - rcvd from A 408.00 25,027.99
Check 05/29/2020 43680 USDA FOREST SERVICE CK to replace #40459 that was never cashed - Rcvd from AZ Garde 408.00 24,619.99
Check 05/29/2020 43681 USDA FOREST SERVICE Check to replace #40471 that was never cashed - rcvd from CO Ga 272.00 24,347.99
Check 05/29/2020 43682 USDA FOREST SERVICE Check to replace #40515 that was never cashed - Donation rcvd fro 204.00 24,143.99
Check 05/29/2020 43683 USDA FOREST SERVICE Check to replace #40522 that ws never cashed - rcvd from Oregon G 136.00 24,007.99
Check 05/29/2020 43684 USDA FOREST SERVICE Check to replace #40525 that was never cashed - Rcvd from SC Ga 272.00 23,735.99
Check 05/29/2020 43685 USDA FOREST SERVICE Check to replace #40829 that was never cashed - rcvd from AZ Gar 408.00 23,327.99
General Journal 05/29/2020 3036-WF PAULA BARNETT Club- HILLSDALE GARDEN CLU 68.00 23,395.99
Total 111552 · PENNY PINES 10,920.00 13,260.00 23,395.99
111554 · Running Water Project 1,160.00Deposit 05/05/2020 6289-MR SHIRLEY RINAS Club- CHEMICAL CITY 100.00 1,260.00
Total 111554 · Running Water Project 100.00 0.00 1,260.00
111801 · International Flower Show Fund 50,263.59
Total 111801 · International Flower Show Fund 50,263.59
111923 · Plant America - Restricted Fund -9,729.87
Deposit 05/05/2020 6286-MR GAY AUSTIN Club- NA 100.00 -9,629.87
Deposit 05/05/2020 6287-MR JOANN NEAL Club- SAN ANTONIO COU 25.00 -9,604.87
Deposit 05/12/2020 6306-MR BARBARA WALTS Club- GARDEN CLUB 40.00 -9,564.87
General Journal 05/19/2020 3033-WF GWEN GRAHAM Club- GERNADA GARDEN CLUB 25.00 -9,539.87
Deposit 05/22/2020 6316-MR RONNA PRECURE Club- GARDEN CLU 1,000.00 -8,539.87
Total 111923 · Plant America - Restricted Fund 1,190.00 0.00 -8,539.87
111924 · Plant America - Endowment Fund 408,019.65General Journal 05/31/2020 2020YE110 TRANSFER SURPLUS FOR FBM 2019 15,452.46 423,472.11
Total 111924 · Plant America - Endowment Fund 15,452.46 0.00 423,472.11
Page 3 of 4
National Garden Clubs, Inc As of May 31, 2020
Type Date Num Name Memo Debit Credit Balance
221111 · JK Ground Improvement 2016-2017 1,153.60
Total 221111 · JK Ground Improvement 2016-2017 1,153.60
Page 4 of 4
Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INCWILDFLOWER FUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND 4,443,577 3.90 0.67 -3.28 7.36 5.78 5.48 7.89 6.60 Dec-03NATIONAL GARDEN CLUBS INC WILDFLOWER FUND (Net) 3.90 0.63 -3.36 7.18 5.59 5.30 7.70 6.39
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $1,762,107 39.7% 36.0% 3.7%Non-US Equity $1,089,006 24.5% 24.0% 0.5%US Fixed Income $1,125,316 25.3% 28.0% -2.7%Non-US Fixed Income $467,149 10.5% 12.0% -1.5%Total $4,443,577 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND 4,443,577 100.00 3.90 0.67 -3.28 7.36 5.78 5.48 7.89 6.60 Dec-03NATIONAL GARDEN CLUBS INC WILDFLOWER FUND (Net) 3.90 0.63 -3.36 7.18 5.59 5.30 7.70 6.39
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 2,851,112 64.16 5.76 0.18 -8.33 6.29 5.98 5.87 9.99 7.20 Dec-03
Equity Domestic 1,762,107 39.66 6.34 3.61 -4.35 12.39 10.07 9.10 12.92 8.82 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Equity International 1,089,006 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.25 Feb-11Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11
Total Fixed Income 1,592,464 35.84 0.72 0.61 4.13 8.12 4.94 4.05 4.20 4.49 Dec-03
Fixed Income Domestic 1,125,316 25.32 0.95 1.20 5.10 9.35 5.06 4.05 4.14 4.33 Jun-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.55 Jun-04
Fixed Income International 467,149 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.47 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND 4,443,577 100.00 3.90 0.67 -3.28 7.36 5.78 5.48 7.89 6.60 Dec-03Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 2,851,112 64.16 5.76 0.18 -8.33 6.29 5.98 5.87 9.99 7.20 Dec-03
Equity Domestic 1,762,107 39.66 6.34 3.61 -4.35 12.39 10.07 9.10 12.92 8.82 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Vanguard® Total Stock Market Indx Fund Admiral™Shares 867,229 19.52 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 8.82 May-04
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 6.97 May-04
Vanguard® U.S. Growth Fund Admiral™ Shares 333,745 7.51 8.97 14.13 12.31 31.07 19.84 15.02 16.45 10.81 Jun-05Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 11.07 Jun-05Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 9.55 Jun-05
Vanguard® Windsor™ II Fund Admiral™ Shares 295,576 6.65 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 6.74 Jun-05Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 6.32 Jun-05Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 5.65 Jun-05
Vanguard® Explorer™ Fund Admiral™ Shares 137,940 3.10 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 8.61 Dec-05Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 9.55 Dec-05Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 7.90 Dec-05
Vanguard® Strategic Equity Fund 127,616 2.87 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 7.58 May-04Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 8.89 May-04Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 7.08 May-04
Equity International 1,089,006 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.25 Feb-11Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11
Vanguard® Total International Stock Index Fund Adm™Shares 1,089,006 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 2.24 Feb-11
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 2.56 Feb-11
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 1,592,464 35.84 0.72 0.61 4.13 8.12 4.94 4.05 4.20 4.49 Dec-03
Fixed Income Domestic 1,125,316 25.32 0.95 1.20 5.10 9.35 5.06 4.05 4.14 4.33 Jun-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.55 Jun-04
Vanguard® Total Bond Market Index Fund Admiral™Shares 561,605 12.64 0.54 1.67 5.60 9.45 5.10 3.96 3.87 4.26 May-09
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.36 May-09
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 4.58 May-09
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 248,457 5.59 1.33 0.56 2.21 4.73 3.20 2.75 2.75 3.38 Jun-04
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 3.73 Jun-041-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 2.38 Jun-04
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 170,336 3.83 2.10 1.64 5.14 9.65 5.35 4.56 5.13 5.32 Jun-04
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 5.72 Jun-04Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.99 Jun-04
Vanguard® Long-Term Investment-Grade Admiral Shares 144,918 3.26 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 467,149 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.47 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
Vanguard® Total International Bond Index Fund Adm™Shares 467,149 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.29 Sep-13XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $124,884 $0 $13,056 $0 $137,940
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $166,833 $0 $3,111 $392 $170,336
Vanguard® Long-Term Investment-Grade Admiral Shares $144,131 $0 $374 $413 $144,918
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $245,188 $0 $2,742 $527 $248,457
Vanguard® Strategic Equity Fund $119,203 $0 $8,414 $0 $127,616
Vanguard® Total Bond Market Index Fund Admiral™ Shares $558,566 $0 $1,941 $1,098 $561,605
Vanguard® Total International Bond Index Fund Adm™ Shares $466,366 $0 $407 $376 $467,149
Vanguard® Total International Stock Index Fund Adm™ Shares $1,038,692 $0 $50,314 $0 $1,089,006
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $822,993 $0 $44,236 $0 $867,229
Vanguard® U.S. Growth Fund Admiral™ Shares $306,271 $0 $27,474 $0 $333,745
Vanguard® Windsor™ II Fund Admiral™ Shares $283,644 $0 $11,933 $0 $295,576
Total $4,276,769 $0 $164,002 $2,806 $4,443,577
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $4,276,769 $4,402,033 $4,583,604 $4,134,167Net Cash Flow $0 -$1,770 -$3,808 -$8,446Capital Appreciation $164,002 $28,940 -$157,004 $211,601Income $2,806 $14,374 $20,784 $106,254Ending Market Value $4,443,577 $4,443,577 $4,443,577 $4,443,577
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $2,851,112 64.2%
Equity Domestic $1,762,107 39.7%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $867,229 19.5% 0.040%
Vanguard® Windsor™ II Fund Admiral™ Shares $295,576 6.7% 0.260%
Vanguard® Explorer™ Fund Admiral™ Shares $137,940 3.1% 0.340%
Vanguard® U.S. Growth Fund Admiral™ Shares $333,745 7.5% 0.280%
Vanguard® Strategic Equity Fund $127,616 2.9% 0.170%
Equity International $1,089,006 24.5%
Vanguard® Total International Stock Index Fund Adm™ Shares $1,089,006 24.5% 0.110%
Total Fixed Income $1,592,464 35.8%
Fixed Income Domestic $1,125,316 25.3%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $248,457 5.6% 0.100%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $561,605 12.6% 0.050%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $170,336 3.8% 0.100%
Vanguard® Long-Term Investment-Grade Admiral Shares $144,918 3.3% 0.120%
Fixed Income International $467,149 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $467,149 10.5% 0.110%
Total $4,443,577 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
10/1/2013 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
6/1/2011 9/30/2013 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 18% Spliced Total International Stock Index / 42% Spliced Total Stock MarketIndex
5/1/2009 5/31/2011 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 12% Spliced Total International Stock Index / 48% Spliced Total Stock MarketIndex
1/1/2004 4/30/2009 50% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 10% Spliced Total International Stock Index / 40% Spliced Total Stock MarketIndex
Total Equity
N/A
Equity Domestic
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® Windsor™ II Fund Admiral™ Shares
6/30/2005 Present Russell 1000 Value
Vanguard® Explorer™ Fund Admiral™ Shares
12/31/2005 Present Russell 2500 Growth
Vanguard® U.S. Growth Fund Admiral™ Shares
6/30/2005 Present Russell 1000 Growth
Vanguard® Strategic Equity Fund
5/31/2004 Present 100% MSCI US Small + Mid-Cap 2200 Index
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
_
Equity International
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Vanguard® Total International Stock Index Fund Adm™ Shares
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Total Fixed Income
N/A
Fixed Income Domestic
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
6/30/2004 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
6/30/2004 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
5/31/2009 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
6/30/2004 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped HedgedXXXXX
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC WILDFLOWER FUND
For institutional use only. Not for distribution to retail investors.
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For more information about Vanguard funds or non-Vanguard funds offered through Vanguard Brokerage Services, visit vanguard.com or call your Investment Consultant or Relationship Manager to obtain aprospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.Total Portfolio Net of Fees returns reflect the deduction of fund expense ratios, purchase or redemption fees, and any advisory service fee applied to the client portfolio.
Total Portfolio returns represent client-specific time-weighted returns (TWR) are presented gross of any applicable service fees with the exception of mutual fund expense ratios and other security-level expenses.
Internal rates of return (IRR) are net of any applicable service fees, include account-specific cash flows, and are not directly comparable to a benchmark, since benchmarks do not include cash flows.
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Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.
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Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INCPERMANENT HOME & ENDOWMENTFUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC PERMANENT HOME &ENDOWMENT FUND 7,057,758 3.90 0.66 -3.30 7.31 5.77 5.47 7.95 6.56 Dec-03
NATIONAL GARDEN CLUBS INC PERMANENT HOME &ENDOWMENT FUND (Net) 3.90 0.62 -3.38 7.12 5.58 5.29 7.75 6.36
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $2,795,707 39.6% 36.0% 3.6%Non-US Equity $1,732,169 24.5% 24.0% 0.5%US Fixed Income $1,787,743 25.3% 28.0% -2.7%Non-US Fixed Income $742,140 10.5% 12.0% -1.5%Total $7,057,758 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC PERMANENT HOME &ENDOWMENT FUND 7,057,758 100.00 3.90 0.66 -3.30 7.31 5.77 5.47 7.95 6.56 Dec-03
NATIONAL GARDEN CLUBS INC PERMANENT HOME &ENDOWMENT FUND (Net) 3.90 0.62 -3.38 7.12 5.58 5.29 7.75 6.36
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 4,527,875 64.15 5.76 0.17 -8.37 6.20 5.95 5.85 10.02 7.24 Dec-03
Equity Domestic 2,795,707 39.61 6.34 3.60 -4.36 12.37 10.06 9.09 12.92 8.82 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Equity International 1,732,169 24.54 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.25 Feb-11Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11
Total Fixed Income 2,529,882 35.85 0.72 0.61 4.13 8.12 4.94 4.05 4.20 4.45 Dec-03
Fixed Income Domestic 1,787,743 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.12 4.30 May-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.56 May-04
Fixed Income International 742,140 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC PERMANENT HOME &ENDOWMENT FUND 7,057,758 100.00 3.90 0.66 -3.30 7.31 5.77 5.47 7.95 6.56 Dec-03
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 4,527,875 64.15 5.76 0.17 -8.37 6.20 5.95 5.85 10.02 7.24 Dec-03
Equity Domestic 2,795,707 39.61 6.34 3.60 -4.36 12.37 10.06 9.09 12.92 8.82 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Vanguard® Total Stock Market Indx Fund Admiral™Shares 1,375,674 19.49 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 8.82 May-04
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 6.97 May-04
Vanguard® U.S. Growth Fund Admiral™ Shares 529,442 7.50 8.97 14.13 12.31 31.07 19.84 15.02 16.45 10.35 May-04Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 10.48 May-04Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 9.17 May-04
Vanguard® Windsor™ II Fund Admiral™ Shares 468,883 6.64 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 7.31 May-04Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 6.91 May-04Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 5.95 May-04
Vanguard® Explorer™ Fund Admiral™ Shares 218,921 3.10 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 8.92 Jun-05Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 9.86 Jun-05Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 8.15 Jun-05
Vanguard® Strategic Equity Fund 202,786 2.87 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 7.58 May-04Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 8.89 May-04Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 7.08 May-04
Equity International 1,732,169 24.54 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.25 Feb-11Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11
Vanguard® Total International Stock Index Fund Adm™Shares 1,732,169 24.54 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 2.24 Feb-11
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 2.56 Feb-11
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 2,529,882 35.85 0.72 0.61 4.13 8.12 4.94 4.05 4.20 4.45 Dec-03
Fixed Income Domestic 1,787,743 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.12 4.30 May-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.56 May-04
Vanguard® Total Bond Market Index Fund Admiral™Shares 892,199 12.64 0.54 1.67 5.60 9.45 5.10 3.96 3.87 4.26 May-09
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.36 May-09
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 4.58 May-09
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 394,713 5.59 1.33 0.56 2.21 4.73 3.20 2.75 2.75 3.37 May-04
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 3.72 May-041-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 2.38 May-04
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 270,606 3.83 2.10 1.64 5.14 9.65 5.35 4.56 5.13 5.33 May-04
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 5.73 May-04Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 4.00 May-04
Vanguard® Long-Term Investment-Grade Admiral Shares 230,225 3.26 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 742,140 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
Vanguard® Total International Bond Index Fund Adm™Shares 742,140 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.29 Sep-13XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $198,200 $0 $20,721 $0 $218,921
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $265,040 $0 $4,942 $623 $270,606
Vanguard® Long-Term Investment-Grade Admiral Shares $228,975 $0 $594 $656 $230,225
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $389,519 $0 $4,356 $837 $394,713
Vanguard® Strategic Equity Fund $189,417 $0 $13,370 $0 $202,786
Vanguard® Total Bond Market Index Fund Admiral™ Shares $887,371 $0 $3,084 $1,744 $892,199
Vanguard® Total International Bond Index Fund Adm™ Shares $740,896 $0 $646 $598 $742,140
Vanguard® Total International Stock Index Fund Adm™ Shares $1,652,139 $0 $80,030 $0 $1,732,169
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $1,305,504 $0 $70,171 $0 $1,375,674
Vanguard® U.S. Growth Fund Admiral™ Shares $485,858 $0 $43,584 $0 $529,442
Vanguard® Windsor™ II Fund Admiral™ Shares $449,954 $0 $18,929 $0 $468,883
Total $6,792,873 $0 $260,427 $4,458 $7,057,758
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $6,792,873 $6,993,845 $7,283,468 $6,569,750Net Cash Flow $0 -$2,812 -$6,049 -$12,228Capital Appreciation $260,427 $43,892 -$252,685 $330,671Income $4,458 $22,833 $33,024 $169,565Ending Market Value $7,057,758 $7,057,758 $7,057,758 $7,057,758
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $4,527,875 64.2%
Equity Domestic $2,795,707 39.6%
Vanguard® U.S. Growth Fund Admiral™ Shares $529,442 7.5% 0.280%
Vanguard® Windsor™ II Fund Admiral™ Shares $468,883 6.6% 0.260%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $1,375,674 19.5% 0.040%
Vanguard® Explorer™ Fund Admiral™ Shares $218,921 3.1% 0.340%
Vanguard® Strategic Equity Fund $202,786 2.9% 0.170%
Equity International $1,732,169 24.5%
Vanguard® Total International Stock Index Fund Adm™ Shares $1,732,169 24.5% 0.110%
Total Fixed Income $2,529,882 35.8%
Fixed Income Domestic $1,787,743 25.3%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $270,606 3.8% 0.100%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $394,713 5.6% 0.100%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $892,199 12.6% 0.050%
Vanguard® Long-Term Investment-Grade Admiral Shares $230,225 3.3% 0.120%
Fixed Income International $742,140 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $742,140 10.5% 0.110%
Total $7,057,758 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
10/1/2013 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
6/1/2011 9/30/2013 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 18% Spliced Total International Stock Index / 42% Spliced Total Stock MarketIndex
5/1/2009 5/31/2011 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 12% Spliced Total International Stock Index / 48% Spliced Total Stock MarketIndex
1/1/2004 4/30/2009 50% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 10% Spliced Total International Stock Index / 40% Spliced Total Stock MarketIndex
Total Equity
N/A
Equity Domestic
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® U.S. Growth Fund Admiral™ Shares
5/31/2004 Present Russell 1000 Growth
Vanguard® Windsor™ II Fund Admiral™ Shares
5/31/2004 Present Russell 1000 Value
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® Explorer™ Fund Admiral™ Shares
6/30/2005 Present Russell 2500 Growth
Vanguard® Strategic Equity Fund
5/31/2004 Present 100% MSCI US Small + Mid-Cap 2200 Index
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
_
Equity International
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Vanguard® Total International Stock Index Fund Adm™ Shares
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Total Fixed Income
N/A
Fixed Income Domestic
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
5/31/2004 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
5/31/2004 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
5/31/2004 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
5/31/2009 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped HedgedXXXXX
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC PERMANENT HOME & ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Legal
For more information about Vanguard funds or non-Vanguard funds offered through Vanguard Brokerage Services, visit vanguard.com or call your Investment Consultant or Relationship Manager to obtain aprospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.Total Portfolio Net of Fees returns reflect the deduction of fund expense ratios, purchase or redemption fees, and any advisory service fee applied to the client portfolio.
Total Portfolio returns represent client-specific time-weighted returns (TWR) are presented gross of any applicable service fees with the exception of mutual fund expense ratios and other security-level expenses.
Internal rates of return (IRR) are net of any applicable service fees, include account-specific cash flows, and are not directly comparable to a benchmark, since benchmarks do not include cash flows.
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Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INCSCHOLARSHIP FUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND 4,817,905 3.90 0.67 -3.28 7.35 5.77 5.46 7.87 6.63 Dec-03NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND (Net) 3.90 0.63 -3.36 7.17 5.59 5.28 7.68 6.44
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $1,910,136 39.6% 36.0% 3.6%Non-US Equity $1,181,068 24.5% 24.0% 0.5%US Fixed Income $1,220,174 25.3% 28.0% -2.7%Non-US Fixed Income $506,528 10.5% 12.0% -1.5%Total $4,817,905 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND 4,817,905 100.00 3.90 0.67 -3.28 7.35 5.77 5.46 7.87 6.63 Dec-03NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND(Net) 3.90 0.63 -3.36 7.17 5.59 5.28 7.68 6.44
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 3,091,204 64.16 5.76 0.18 -8.34 6.27 5.98 5.87 10.04 7.24 Dec-03
Equity Domestic 1,910,136 39.65 6.34 3.60 -4.36 12.38 10.07 9.09 12.92 8.69 Dec-03Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.72 Dec-03
Equity International 1,181,068 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.72 4.94 May-04Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 4.97 May-04
Total Fixed Income 1,726,701 35.84 0.72 0.61 4.13 8.12 4.94 4.04 4.18 4.49 Dec-03
Fixed Income Domestic 1,220,174 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.11 4.45 Dec-03Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.42 Dec-03
Fixed Income International 506,528 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND 4,817,905 100.00 3.90 0.67 -3.28 7.35 5.77 5.46 7.87 6.63 Dec-03Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.63 Dec-03
Total Equity 3,091,204 64.16 5.76 0.18 -8.34 6.27 5.98 5.87 10.04 7.24 Dec-03
Equity Domestic 1,910,136 39.65 6.34 3.60 -4.36 12.38 10.07 9.09 12.92 8.69 Dec-03Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.72 Dec-03
Vanguard® Total Stock Market Indx Fund Admiral™Shares 940,030 19.51 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 8.82 May-04
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 6.97 May-04
Vanguard® U.S. Growth Fund Admiral™ Shares 361,766 7.51 8.97 14.13 12.31 31.07 19.84 15.02 16.45 10.71 Jan-05Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 10.87 Jan-05Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 9.40 Jan-05
Vanguard® Windsor™ II Fund Admiral™ Shares 320,391 6.65 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 6.85 Jan-05Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 6.39 Jan-05Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 5.64 Jan-05
Vanguard® Explorer™ Fund Admiral™ Shares 149,535 3.10 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 8.92 Jun-05Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 9.86 Jun-05Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 8.15 Jun-05
Vanguard® Strategic Equity Fund 138,414 2.87 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 7.58 May-04Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 8.89 May-04Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 7.08 May-04
Equity International 1,181,068 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.72 4.94 May-04Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 4.97 May-04
Vanguard® Total International Stock Index Fund Adm™Shares 1,181,068 24.51 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 2.24 Feb-11
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 2.56 Feb-11
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 1,726,701 35.84 0.72 0.61 4.13 8.12 4.94 4.04 4.18 4.49 Dec-03
Fixed Income Domestic 1,220,174 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.11 4.45 Dec-03Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.42 Dec-03
Vanguard® Total Bond Market Index Fund Admiral™Shares 608,946 12.64 0.54 1.67 5.60 9.45 5.10 3.96 3.87 4.26 May-09
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.36 May-09
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 4.58 May-09
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 269,399 5.59 1.33 0.56 2.21 4.73 3.20 2.75 2.75 3.37 May-04
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 3.72 May-041-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 2.38 May-04
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 184,694 3.83 2.10 1.64 5.14 9.65 5.35 4.56 5.13 5.33 May-04
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 5.73 May-04Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 4.00 May-04
Vanguard® Long-Term Investment-Grade Admiral Shares 157,134 3.26 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 506,528 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
Vanguard® Total International Bond Index Fund Adm™Shares 506,528 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.29 Sep-13XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $135,382 $0 $14,154 $0 $149,535
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $180,896 $0 $3,373 $426 $184,694
Vanguard® Long-Term Investment-Grade Admiral Shares $156,281 $0 $406 $447 $157,134
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $265,855 $0 $2,973 $572 $269,399
Vanguard® Strategic Equity Fund $129,288 $0 $9,126 $0 $138,414
Vanguard® Total Bond Market Index Fund Admiral™ Shares $605,651 $0 $2,105 $1,190 $608,946
Vanguard® Total International Bond Index Fund Adm™ Shares $505,679 $0 $441 $408 $506,528
Vanguard® Total International Stock Index Fund Adm™ Shares $1,126,500 $0 $54,568 $0 $1,181,068
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $892,081 $0 $47,949 $0 $940,030
Vanguard® U.S. Growth Fund Admiral™ Shares $331,985 $0 $29,781 $0 $361,766
Vanguard® Windsor™ II Fund Admiral™ Shares $307,456 $0 $12,934 $0 $320,391
Total $4,637,053 $0 $177,809 $3,043 $4,817,905
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $4,637,053 $4,773,119 $4,970,133 $4,482,263Net Cash Flow $0 -$1,920 -$4,129 -$8,344Capital Appreciation $177,809 $31,120 -$170,638 $228,678Income $3,043 $15,585 $22,539 $115,309Ending Market Value $4,817,905 $4,817,905 $4,817,905 $4,817,905
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $3,091,204 64.2%
Equity Domestic $1,910,136 39.6%
Vanguard® Strategic Equity Fund $138,414 2.9% 0.170%
Vanguard® U.S. Growth Fund Admiral™ Shares $361,766 7.5% 0.280%
Vanguard® Windsor™ II Fund Admiral™ Shares $320,391 6.6% 0.260%
Vanguard® Explorer™ Fund Admiral™ Shares $149,535 3.1% 0.340%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $940,030 19.5% 0.040%
Equity International $1,181,068 24.5%
Vanguard® Total International Stock Index Fund Adm™ Shares $1,181,068 24.5% 0.110%
Total Fixed Income $1,726,701 35.8%
Fixed Income Domestic $1,220,174 25.3%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $608,946 12.6% 0.050%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $269,399 5.6% 0.100%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $184,694 3.8% 0.100%
Vanguard® Long-Term Investment-Grade Admiral Shares $157,134 3.3% 0.120%
Fixed Income International $506,528 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $506,528 10.5% 0.110%
Total $4,817,905 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
10/1/2013 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
6/1/2011 9/30/2013 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 18% Spliced Total International Stock Index / 42% Spliced Total Stock MarketIndex
5/1/2009 5/31/2011 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 12% Spliced Total International Stock Index / 48% Spliced Total Stock MarketIndex
1/1/2004 4/30/2009 50% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 10% Spliced Total International Stock Index / 40% Spliced Total Stock MarketIndex
Total Equity
N/A
Equity Domestic
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
12/31/2003 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® Strategic Equity Fund
5/31/2004 Present 100% MSCI US Small + Mid-Cap 2200 Index
Vanguard® U.S. Growth Fund Admiral™ Shares
1/31/2005 Present Russell 1000 Growth
Vanguard® Windsor™ II Fund Admiral™ Shares
1/31/2005 Present Russell 1000 Value
Vanguard® Explorer™ Fund Admiral™ Shares
6/30/2005 Present Russell 2500 Growth
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
_
Equity International
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
12/16/2010 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
9/1/2006 12/15/2010 100% MSCI EAFE + Emerging Markets Gross
5/31/2004 8/31/2006 100% Total International Composite Index
Vanguard® Total International Stock Index Fund Adm™ Shares
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Total Fixed Income
N/A
Fixed Income Domestic
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
12/31/2003 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
5/31/2009 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
5/31/2004 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
5/31/2004 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC SCHOLARSHIP FUND
For institutional use only. Not for distribution to retail investors.
Legal
For more information about Vanguard funds or non-Vanguard funds offered through Vanguard Brokerage Services, visit vanguard.com or call your Investment Consultant or Relationship Manager to obtain aprospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.Total Portfolio Net of Fees returns reflect the deduction of fund expense ratios, purchase or redemption fees, and any advisory service fee applied to the client portfolio.
Total Portfolio returns represent client-specific time-weighted returns (TWR) are presented gross of any applicable service fees with the exception of mutual fund expense ratios and other security-level expenses.
Internal rates of return (IRR) are net of any applicable service fees, include account-specific cash flows, and are not directly comparable to a benchmark, since benchmarks do not include cash flows.
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Performance figures assume the reinvestment of dividends and capital gains distributions. The fund performance percentages are based on fund total return data, adjusted for expenses, obtained from Lipper, a Thomson ReutersCompany. The total return data was not adjusted for fees and loads.
Benchmark comparative indexes represent unmanaged or average returns on various financial assets, which can be compared with funds' total returns for the purpose of measuring relative performance.
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Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INCENDOWMENT FUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND 375,983 3.90 0.66 -3.30 7.30 5.77 5.45 7.86 6.72 Apr-04NATIONAL GARDEN CLUBS INC ENDOWMENT FUND (Net) 3.90 0.62 -3.38 7.12 5.58 5.27 7.66 6.52
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.75 Apr-04XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $148,910 39.6% 36.0% 3.6%Non-US Equity $92,296 24.5% 24.0% 0.5%US Fixed Income $95,240 25.3% 28.0% -2.7%Non-US Fixed Income $39,537 10.5% 12.0% -1.5%Total $375,983 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND 375,983 100.00 3.90 0.66 -3.30 7.30 5.77 5.45 7.86 6.72 Apr-04NATIONAL GARDEN CLUBS INC ENDOWMENT FUND (Net) 3.90 0.62 -3.38 7.12 5.58 5.27 7.66 6.52
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.75 Apr-04
Total Equity 241,206 64.15 5.76 0.17 -8.37 6.19 5.96 5.86 9.99 7.25 May-04
Equity Domestic 148,910 39.61 6.34 3.60 -4.36 12.37 10.07 9.10 12.90 8.74 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Equity International 92,296 24.55 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.72 4.94 May-04Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 4.97 May-04
Total Fixed Income 134,776 35.85 0.72 0.61 4.13 8.12 4.94 4.05 4.18 4.57 May-04
Fixed Income Domestic 95,240 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.13 4.53 May-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.56 May-04
Fixed Income International 39,537 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND 375,983 100.00 3.90 0.66 -3.30 7.30 5.77 5.45 7.86 6.72 Apr-04Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 7.82 6.75 Apr-04
Total Equity 241,206 64.15 5.76 0.17 -8.37 6.19 5.96 5.86 9.99 7.25 May-04
Equity Domestic 148,910 39.61 6.34 3.60 -4.36 12.37 10.07 9.10 12.90 8.74 May-04Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 8.83 May-04
Vanguard® Total Stock Market Indx Fund Admiral™Shares 73,273 19.49 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 12.39 Nov-10
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 12.40 Nov-10Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 9.67 Nov-10
Vanguard® U.S. Growth Fund Admiral™ Shares 28,201 7.50 8.97 14.13 12.31 31.07 19.84 15.02 16.45 15.17 Dec-14Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 14.50 Dec-14Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 12.93 Dec-14
Vanguard® Windsor™ II Fund Admiral™ Shares 24,974 6.64 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 5.62 Dec-14Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 4.29 Dec-14Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 4.02 Dec-14
Vanguard® Explorer™ Fund Admiral™ Shares 11,661 3.10 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 9.15 Dec-14Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 9.64 Dec-14Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 8.81 Dec-14
Vanguard® Strategic Equity Fund 10,802 2.87 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 7.58 May-04Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 8.89 May-04Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 7.08 May-04
Equity International 92,296 24.55 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.72 4.94 May-04Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 4.97 May-04
Vanguard® Total International Stock Index Fund Adm™Shares 92,296 24.55 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 2.24 Feb-11
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.25 Feb-11International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 2.56 Feb-11
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 134,776 35.85 0.72 0.61 4.13 8.12 4.94 4.05 4.18 4.57 May-04
Fixed Income Domestic 95,240 25.33 0.95 1.20 5.10 9.35 5.05 4.05 4.13 4.53 May-04Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.56 May-04
Vanguard® Total Bond Market Index Fund Admiral™Shares 47,531 12.64 0.54 1.67 5.60 9.45 5.10 3.96 3.87 3.66 Nov-10
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 3.75 Nov-10
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.54 Nov-10
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 21,028 5.59 1.33 0.56 2.21 4.73 3.20 2.75 2.75 2.78 Dec-14
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 2.96 Dec-141-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 1.96 Dec-14
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 14,416 3.83 2.10 1.64 5.14 9.65 5.35 4.56 5.13 4.76 Jun-11
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 5.21 Jun-11Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.56 Jun-11
Vanguard® Long-Term Investment-Grade Admiral Shares 12,265 3.26 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 39,537 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
Vanguard® Total International Bond Index Fund Adm™Shares 39,537 10.52 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.46 Sep-13
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.71 Sep-13
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.29 Sep-13XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $10,557 $0 $1,104 $0 $11,661
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $14,120 $0 $263 $33 $14,416
Vanguard® Long-Term Investment-Grade Admiral Shares $12,198 $0 $32 $35 $12,265
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $20,751 $0 $232 $45 $21,028
Vanguard® Strategic Equity Fund $10,090 $0 $712 $0 $10,802
Vanguard® Total Bond Market Index Fund Admiral™ Shares $47,274 $0 $164 $93 $47,531
Vanguard® Total International Bond Index Fund Adm™ Shares $39,470 $0 $34 $32 $39,537
Vanguard® Total International Stock Index Fund Adm™ Shares $88,032 $0 $4,264 $0 $92,296
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $69,535 $0 $3,738 $0 $73,273
Vanguard® U.S. Growth Fund Admiral™ Shares $25,879 $0 $2,322 $0 $28,201
Vanguard® Windsor™ II Fund Admiral™ Shares $23,966 $0 $1,008 $0 $24,974
Total $361,872 $0 $13,873 $237 $375,983
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $361,872 $372,594 $388,033 $350,020Net Cash Flow $0 -$150 -$322 -$651Capital Appreciation $13,873 $2,322 -$13,488 $17,575Income $237 $1,216 $1,759 $9,039Ending Market Value $375,983 $375,983 $375,983 $375,983
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $241,206 64.2%
Equity Domestic $148,910 39.6%
Vanguard® Strategic Equity Fund $10,802 2.9% 0.170%
Vanguard® Explorer™ Fund Admiral™ Shares $11,661 3.1% 0.340%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $73,273 19.5% 0.040%
Vanguard® U.S. Growth Fund Admiral™ Shares $28,201 7.5% 0.280%
Vanguard® Windsor™ II Fund Admiral™ Shares $24,974 6.6% 0.260%
Equity International $92,296 24.5%
Vanguard® Total International Stock Index Fund Adm™ Shares $92,296 24.5% 0.110%
Total Fixed Income $134,776 35.8%
Fixed Income Domestic $95,240 25.3%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $14,416 3.8% 0.100%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $47,531 12.6% 0.050%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $21,028 5.6% 0.100%
Vanguard® Long-Term Investment-Grade Admiral Shares $12,265 3.3% 0.120%
Fixed Income International $39,537 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $39,537 10.5% 0.110%
Total $375,983 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
10/1/2013 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
6/1/2011 9/30/2013 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 18% Spliced Total International Stock Index / 42% Spliced Total Stock MarketIndex
5/1/2009 5/31/2011 40% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 12% Spliced Total International Stock Index / 48% Spliced Total Stock MarketIndex
5/1/2004 4/30/2009 50% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 10% Spliced Total International Stock Index / 40% Spliced Total Stock MarketIndex
Total Equity
N/A
Equity Domestic
7/1/2013 Present 100% CRSP US Total Market TR USD
5/1/2005 6/30/2013 100% MSCI US Broad Market
5/31/2004 4/30/2005 100% Dow Jones Wilshire 5000 Index
Vanguard® Strategic Equity Fund
5/31/2004 Present 100% MSCI US Small + Mid-Cap 2200 Index
Vanguard® Explorer™ Fund Admiral™ Shares
12/31/2014 Present Russell 2500 Growth
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
7/1/2013 Present 100% CRSP US Total Market TR USD
11/30/2010 6/30/2013 100% MSCI US Broad Market
Vanguard® U.S. Growth Fund Admiral™ Shares
12/31/2014 Present Russell 1000 Growth
Vanguard® Windsor™ II Fund Admiral™ Shares
12/31/2014 Present Russell 1000 Value
Equity International
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
_
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
12/16/2010 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
9/1/2006 12/15/2010 100% MSCI EAFE + Emerging Markets Gross
5/31/2004 8/31/2006 100% Total International Composite Index
Vanguard® Total International Stock Index Fund Adm™ Shares
6/3/2013 Present 100% FTSE Global All-Cap ex-US Index
2/28/2011 6/2/2013 100% MSCI ACWI ex-USA IMI Index Net
Total Fixed Income
N/A
Fixed Income Domestic
1/1/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
5/31/2004 12/31/2009 100% BBgBarc US Aggregate TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
6/30/2011 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
11/30/2010 Present 100% BBgBarc US Aggregate Float Adjusted TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
12/31/2014 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
9/30/2013 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped HedgedXXXXX
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC ENDOWMENT FUND
For institutional use only. Not for distribution to retail investors.
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For more information about Vanguard funds or non-Vanguard funds offered through Vanguard Brokerage Services, visit vanguard.com or call your Investment Consultant or Relationship Manager to obtain aprospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.Total Portfolio Net of Fees returns reflect the deduction of fund expense ratios, purchase or redemption fees, and any advisory service fee applied to the client portfolio.
Total Portfolio returns represent client-specific time-weighted returns (TWR) are presented gross of any applicable service fees with the exception of mutual fund expense ratios and other security-level expenses.
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Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INC DEENDAY SANDERS FUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND 557,329 3.90 0.66 -3.28 7.41 5.81 5.47 -- 5.90 Sep-14NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND(Net) 3.90 0.63 -3.36 7.23 5.62 5.28 -- 5.71
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Sep-14XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $221,046 39.7% 36.0% 3.7%Non-US Equity $136,881 24.6% 24.0% 0.6%US Fixed Income $140,727 25.3% 28.0% -2.7%Non-US Fixed Income $58,675 10.5% 12.0% -1.5%Total $557,329 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERSFUND 557,329 100.00 3.90 0.66 -3.28 7.41 5.81 5.47 -- 5.90 Sep-14
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERSFUND (Net) 3.90 0.63 -3.36 7.23 5.62 5.28 -- 5.71
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Sep-14
Total Equity 357,927 64.22 5.77 0.17 -8.38 6.25 6.03 5.91 -- 6.68 Sep-14
Equity Domestic 221,046 39.66 6.34 3.59 -4.38 12.36 10.09 9.11 -- 9.82 Sep-14Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.71 Sep-14
Equity International 136,881 24.56 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 1.56 Sep-14Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 1.52 Sep-14
Total Fixed Income 199,402 35.78 0.72 0.61 4.13 8.12 4.94 4.04 -- 4.06 Sep-14
Fixed Income Domestic 140,727 25.25 0.95 1.20 5.10 9.35 5.05 4.05 -- 4.03 Sep-14Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.02 Sep-14
Fixed Income International 58,675 10.53 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.09 Sep-14Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.33 Sep-14
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERSFUND 557,329 100.00 3.90 0.66 -3.28 7.41 5.81 5.47 -- 5.90 Sep-14
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Sep-14
Total Equity 357,927 64.22 5.77 0.17 -8.38 6.25 6.03 5.91 -- 6.68 Sep-14
Equity Domestic 221,046 39.66 6.34 3.59 -4.38 12.36 10.09 9.11 -- 9.82 Sep-14Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.71 Sep-14
Vanguard® Total Stock Market Indx Fund Admiral™Shares 108,491 19.47 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 9.70 Sep-14
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.71 Sep-14Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 6.86 Sep-14
Vanguard® U.S. Growth Fund Admiral™ Shares 41,940 7.53 8.97 14.13 12.31 31.07 19.84 15.02 16.45 15.17 Dec-14Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 14.50 Dec-14Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 12.93 Dec-14
Vanguard® Windsor™ II Fund Admiral™ Shares 37,180 6.67 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 5.62 Dec-14Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 4.29 Dec-14Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 4.02 Dec-14
Vanguard® Explorer™ Fund Admiral™ Shares 17,354 3.11 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 9.15 Dec-14Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 9.64 Dec-14Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 8.81 Dec-14
Vanguard® Strategic Equity Fund 16,082 2.89 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 5.02 Sep-14Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 6.99 Sep-14Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 4.56 Sep-14
Equity International 136,881 24.56 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 1.56 Sep-14Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 1.52 Sep-14
Vanguard® Total International Stock Index Fund Adm™Shares 136,881 24.56 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 1.56 Sep-14
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 1.52 Sep-14International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 1.71 Sep-14
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 199,402 35.78 0.72 0.61 4.13 8.12 4.94 4.04 -- 4.06 Sep-14
Fixed Income Domestic 140,727 25.25 0.95 1.20 5.10 9.35 5.05 4.05 -- 4.03 Sep-14Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.02 Sep-14
Vanguard® Total Bond Market Index Fund Admiral™Shares 70,269 12.61 0.54 1.67 5.60 9.45 5.10 3.96 3.87 3.95 Sep-14
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 4.02 Sep-14
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.45 Sep-14
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 31,077 5.58 1.33 0.56 2.21 4.73 3.20 2.75 2.75 2.78 Dec-14
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 2.96 Dec-141-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 1.96 Dec-14
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 21,295 3.82 2.10 1.64 5.14 9.65 5.35 4.56 5.13 4.56 Dec-14
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 4.85 Dec-14Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.38 Dec-14
Vanguard® Long-Term Investment-Grade Admiral Shares 18,086 3.25 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 58,675 10.53 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.09 Sep-14Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.33 Sep-14
Vanguard® Total International Bond Index Fund Adm™Shares 58,675 10.53 0.17 -0.79 1.86 5.26 4.64 4.00 -- 4.09 Sep-14
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 4.33 Sep-14
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.08 Sep-14XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $15,711 $0 $1,643 $0 $17,354
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $20,905 -$49 $390 $49 $21,295
Vanguard® Long-Term Investment-Grade Admiral Shares $18,039 -$52 $47 $52 $18,086
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $30,733 -$66 $344 $66 $31,077
Vanguard® Strategic Equity Fund $15,022 $0 $1,060 $0 $16,082
Vanguard® Total Bond Market Index Fund Admiral™ Shares $70,025 -$138 $243 $138 $70,269
Vanguard® Total International Bond Index Fund Adm™ Shares $58,624 -$47 $51 $47 $58,675
Vanguard® Total International Stock Index Fund Adm™ Shares $130,556 $0 $6,324 $0 $136,881
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $102,957 $0 $5,534 $0 $108,491
Vanguard® U.S. Growth Fund Admiral™ Shares $38,487 $0 $3,453 $0 $41,940
Vanguard® Windsor™ II Fund Admiral™ Shares $35,679 $0 $1,501 $0 $37,180
Total $536,740 -$352 $20,589 $352 $557,329
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $536,740 $554,215 $577,919 $530,886Net Cash Flow -$352 -$2,030 -$3,100 -$14,477Capital Appreciation $20,589 $3,336 -$20,111 $27,418Income $352 $1,808 $2,620 $13,501Ending Market Value $557,329 $557,329 $557,329 $557,329
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $357,927 64.2%
Equity Domestic $221,046 39.7%
Vanguard® U.S. Growth Fund Admiral™ Shares $41,940 7.5% 0.280%
Vanguard® Windsor™ II Fund Admiral™ Shares $37,180 6.7% 0.260%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $108,491 19.5% 0.040%
Vanguard® Explorer™ Fund Admiral™ Shares $17,354 3.1% 0.340%
Vanguard® Strategic Equity Fund $16,082 2.9% 0.170%
Equity International $136,881 24.6%
Vanguard® Total International Stock Index Fund Adm™ Shares $136,881 24.6% 0.110%
Total Fixed Income $199,402 35.8%
Fixed Income Domestic $140,727 25.3%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $31,077 5.6% 0.100%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $70,269 12.6% 0.050%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $21,295 3.8% 0.100%
Vanguard® Long-Term Investment-Grade Admiral Shares $18,086 3.2% 0.120%
Fixed Income International $58,675 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $58,675 10.5% 0.110%
Total $557,329 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
10/1/2014 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
Total Equity
N/A
Equity Domestic
9/30/2014 Present 100% CRSP US Total Market TR USD
Vanguard® U.S. Growth Fund Admiral™ Shares
12/31/2014 Present Russell 1000 Growth
Vanguard® Windsor™ II Fund Admiral™ Shares
12/31/2014 Present Russell 1000 Value
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
9/30/2014 Present 100% CRSP US Total Market TR USD
Vanguard® Explorer™ Fund Admiral™ Shares
12/31/2014 Present Russell 2500 Growth
Vanguard® Strategic Equity Fund
9/30/2014 Present 100% MSCI US Small + Mid-Cap 2200 Index
Equity International
9/30/2014 Present 100% FTSE Global All-Cap ex-US Index
Vanguard® Total International Stock Index Fund Adm™ Shares
9/30/2014 Present 100% FTSE Global All-Cap ex-US Index
Total Fixed Income
N/A
Fixed Income Domestic
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
_
9/30/2014 Present 100% BBgBarc US Aggregate Float Adjusted TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
12/31/2014 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
9/30/2014 Present 100% BBgBarc US Aggregate Float Adjusted TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
12/31/2014 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
9/30/2014 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
9/30/2014 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped HedgedXXXXX
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC DEEN DAY SANDERS FUND
For institutional use only. Not for distribution to retail investors.
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For more information about Vanguard funds or non-Vanguard funds offered through Vanguard Brokerage Services, visit vanguard.com or call your Investment Consultant or Relationship Manager to obtain aprospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.Total Portfolio Net of Fees returns reflect the deduction of fund expense ratios, purchase or redemption fees, and any advisory service fee applied to the client portfolio.
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Monthly Performance Report
Period Ending May 31, 2020
NATIONAL GARDEN CLUBS INC JUNE MKUMMER FUND
PREPARED FOR
For institutional use only. Not for distribution to retail investors.
Market Value($)
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND 2,196,080 3.90 0.58 -3.33 7.27 5.61 5.37 -- 5.81 Jan-15NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND(Net) 3.90 0.54 -3.41 7.09 5.42 5.19 -- 5.63
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Jan-15XXXXX
- Composite Benchmark = 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float Adjusted Index / 24% Spliced TotalInternational Stock Index / 36% Spliced Total Stock Market Index
Current % Policy Difference*_
US Equity $869,140 39.6% 36.0% 3.6%Non-US Equity $539,900 24.6% 24.0% 0.6%US Fixed Income $556,188 25.3% 28.0% -2.7%Non-US Fixed Income $230,852 10.5% 12.0% -1.5%Total $2,196,080 100.0% 100.0%
XXXXX
*Difference between Policy and Current Allocation
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
1
Total Portfolio Performance & Asset AllocationPerformance Summary ending May 31, 2020
Current Allocation as of May 31, 2020
Current $ Current % Policy Difference*
Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND 2,196,080 100.00 3.90 0.58 -3.33 7.27 5.61 5.37 -- 5.81 Jan-15NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND(Net) 3.90 0.54 -3.41 7.09 5.42 5.19 -- 5.63
Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Jan-15
Total Equity 1,409,040 64.16 5.76 0.12 -8.42 6.14 5.93 5.84 -- 6.91 Jan-15
Equity Domestic 869,140 39.58 6.34 3.53 -4.44 12.29 10.04 9.07 -- 9.91 Jan-15Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.87 Jan-15
Equity International 539,900 24.58 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.44 Jan-15Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.36 Jan-15
Total Fixed Income 787,040 35.84 0.72 0.61 4.13 8.12 4.96 4.06 -- 3.62 Jan-15
Fixed Income Domestic 556,188 25.33 0.95 1.21 5.10 9.35 5.08 4.07 -- 3.64 Jan-15Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 3.51 Jan-15
Fixed Income International 230,852 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 3.51 Jan-15Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 3.76 Jan-15
XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
2
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND 2,196,080 100.00 3.90 0.58 -3.33 7.27 5.61 5.37 -- 5.81 Jan-15Composite Benchmark 2.99 0.63 -3.56 7.19 5.74 5.43 -- 5.81 Jan-15
Total Equity 1,409,040 64.16 5.76 0.12 -8.42 6.14 5.93 5.84 -- 6.91 Jan-15
Equity Domestic 869,140 39.58 6.34 3.53 -4.44 12.29 10.04 9.07 -- 9.91 Jan-15Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.87 Jan-15
Vanguard® Total Stock Market Indx Fund Admiral™Shares 427,719 19.48 5.37 2.91 -5.56 11.34 9.54 9.15 12.81 9.86 Jan-15
Spliced Total Stock Market Index 5.39 2.91 -5.56 11.36 9.55 9.16 12.83 9.87 Jan-15Multi-Cap Core Funds Average 5.62 1.35 -7.48 7.55 6.49 6.13 10.21 7.01 Jan-15
Vanguard® U.S. Growth Fund Admiral™ Shares 163,878 7.46 8.97 14.13 12.31 31.07 19.85 15.03 16.45 15.72 Jan-15Russell 1000 Growth 6.71 10.45 5.23 26.25 17.21 14.50 16.07 15.08 Jan-15Large-Cap Growth Funds Average 7.32 10.28 5.78 23.54 16.14 12.90 14.32 13.50 Jan-15
Vanguard® Windsor™ II Fund Admiral™ Shares 146,015 6.65 4.19 -1.60 -11.44 5.43 5.01 5.48 10.38 6.51 Jan-15Russell 1000 Value 3.43 -4.61 -15.70 -1.64 2.60 4.36 9.85 5.15 Jan-15Large-Cap Value Funds Average 3.79 -3.72 -15.50 -1.41 2.79 3.88 8.97 4.92 Jan-15
Vanguard® Explorer™ Fund Admiral™ Shares 68,205 3.11 10.47 3.69 -5.54 9.27 11.27 8.63 12.77 8.47 Feb-15Russell 2500 Growth 10.44 5.44 -1.60 13.53 11.59 8.71 13.28 8.81 Feb-15Small-Cap Growth Funds Average 10.50 4.35 -2.66 9.04 10.98 8.26 11.82 8.23 Feb-15
Vanguard® Strategic Equity Fund 63,323 2.88 7.06 -4.82 -16.09 -3.58 1.31 3.19 10.89 4.26 Jan-15Spliced Small and Mid-Cap Index 7.44 -2.20 -12.04 0.97 4.91 5.51 11.11 6.57 Jan-15Mid-Cap Core Funds Average 5.85 -4.68 -14.87 -2.25 2.14 3.21 8.94 4.34 Jan-15
Equity International 539,900 24.58 4.84 -4.94 -14.27 -2.68 -0.14 1.02 -- 2.44 Jan-15Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.36 Jan-15
Vanguard® Total International Stock Index Fund Adm™Shares 539,900 24.58 4.84 -4.94 -14.27 -2.68 -0.14 1.02 4.71 2.44 Jan-15
Spliced Total International Stock Index 3.72 -4.67 -14.78 -3.12 -0.24 1.00 4.64 2.36 Jan-15International Funds Average 5.30 -3.50 -12.78 -0.73 -0.03 0.93 5.00 2.40 Jan-15
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
3
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Market Value($)
% ofPortfolio
1 Mo(%)
3 Mo(%)
YTD(%)
1 Yr(%)
3 Yrs(%)
5 Yrs(%)
10 Yrs(%)
Inception(%)
InceptionDate
_
Total Fixed Income 787,040 35.84 0.72 0.61 4.13 8.12 4.96 4.06 -- 3.62 Jan-15
Fixed Income Domestic 556,188 25.33 0.95 1.21 5.10 9.35 5.08 4.07 -- 3.64 Jan-15Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 3.51 Jan-15
Vanguard® Total Bond Market Index Fund Admiral™Shares 277,549 12.64 0.54 1.67 5.60 9.45 5.10 3.96 3.87 3.42 Jan-15
Spliced Bloomberg Barclays US Aggregate FloatAdjusted Index 0.48 1.63 5.58 9.59 5.13 3.99 3.96 3.51 Jan-15
Spliced Intermediate-Term Investment-Grade DebtFunds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.07 Jan-15
Vanguard® Short-Term Investment-Grade Fund Adm™Shares 122,768 5.59 1.33 0.56 2.21 4.73 3.20 2.75 2.75 2.66 Jan-15
BBgBarc US Credit 1-5 Yr TR 1.28 0.73 2.45 5.48 3.54 2.92 3.07 2.82 Jan-151-5 Year Investment-Grade Debt Funds Average 1.17 -0.31 0.96 2.92 2.31 1.93 2.02 1.88 Jan-15
Vanguard® Inter-Term Investment-Grade Fund Adm ™Shares 84,182 3.83 2.10 1.64 5.14 9.65 5.35 4.56 5.13 4.13 Jan-15
BBgBarc US Credit 5-10 Yr TR 2.19 -0.45 3.02 9.23 5.53 4.79 5.64 4.36 Jan-15Spliced Core Bond Funds Average 1.12 0.69 4.07 7.82 4.33 3.44 3.83 3.07 Jan-15
Vanguard® Long-Term Investment-Grade Admiral Shares 71,690 3.26 0.55 0.04 8.04 17.77 9.36 8.07 8.40 17.77 May-19BBgBarc US Credit Long A+ TR 0.40 -0.85 6.62 16.66 8.69 7.52 7.97 16.66 May-19Corporate A-Rated Debt Funds Average 1.27 -0.32 4.06 9.04 5.17 4.28 4.51 9.04 May-19
Fixed Income International 230,852 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 3.51 Jan-15Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 3.76 Jan-15
Vanguard® Total International Bond Index Fund Adm™Shares 230,852 10.51 0.17 -0.79 1.86 5.26 4.64 4.00 -- 3.51 Jan-15
Bloomberg Barclays Global Aggregate ex-USD FloatAdjusted RIC Capped Hedged 0.20 -0.71 1.95 5.44 4.85 4.23 -- 3.76 Jan-15
International Income Funds Average 1.77 -2.26 -2.23 0.87 1.71 2.02 2.39 1.47 Jan-15XXXXX
Performance Summary (Gross of Advisory Fees) ending May 31, 2020
4
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Total Portfolio Performance
Returns greater than one year represent annualized returns. Returns less than one year represent cumulative returns.
Gross of Advisory Fee returns reflect the deduction of fund expense ratios and any purchase or redemption fees.Net of Fee returns reflect the deduction of fund expense ratios, any purchase or redemption fees, and VIAS advisory fee applied to the client portfolio.
5
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Month Ending May 31, 2020
BeginningMarket Value Net Cash Flow Capital
Appreciation Income EndingMarket Value
Vanguard® Explorer™ Fund Admiral™ Shares $61,750 $0 $6,456 $0 $68,205
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $82,451 $0 $1,537 $194 $84,182
Vanguard® Long-Term Investment-Grade Admiral Shares $71,300 $0 $185 $204 $71,690
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $121,153 $0 $1,355 $260 $122,768
Vanguard® Strategic Equity Fund $59,149 $0 $4,175 $0 $63,323
Vanguard® Total Bond Market Index Fund Admiral™ Shares $276,047 $0 $959 $543 $277,549
Vanguard® Total International Bond Index Fund Adm™ Shares $230,465 $0 $201 $186 $230,852
Vanguard® Total International Stock Index Fund Adm™ Shares $514,956 $0 $24,944 $0 $539,900
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $405,901 $0 $21,817 $0 $427,719
Vanguard® U.S. Growth Fund Admiral™ Shares $150,388 $0 $13,491 $0 $163,878
Vanguard® Windsor™ II Fund Admiral™ Shares $140,120 $0 $5,895 $0 $146,015
Total $2,113,678 $0 $81,015 $1,387 $2,196,080
6
Cash Flow Summary
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
Last Month Last ThreeMonths Year-To-Date One Year
_
Beginning Market Value $2,113,678 $2,178,934 $191,771 $172,976Net Cash Flow $0 -$875 $1,999,040 $1,998,877Capital Appreciation $81,015 $10,934 -$2,346 $13,016Income $1,387 $7,088 $7,615 $11,212Ending Market Value $2,196,080 $2,196,080 $2,196,080 $2,196,080
_
For institutional use only. Not for distribution to retail investors.
Name Market Value % of Portfolio Expense Ratio
Total Equity $1,409,040 64.2%
Equity Domestic $869,140 39.6%
Vanguard® U.S. Growth Fund Admiral™ Shares $163,878 7.5% 0.280%
Vanguard® Windsor™ II Fund Admiral™ Shares $146,015 6.6% 0.260%
Vanguard® Strategic Equity Fund $63,323 2.9% 0.170%
Vanguard® Total Stock Market Indx Fund Admiral™ Shares $427,719 19.5% 0.040%
Vanguard® Explorer™ Fund Admiral™ Shares $68,205 3.1% 0.340%
Equity International $539,900 24.6%
Vanguard® Total International Stock Index Fund Adm™ Shares $539,900 24.6% 0.110%
Total Fixed Income $787,040 35.8%
Fixed Income Domestic $556,188 25.3%
Vanguard® Total Bond Market Index Fund Admiral™ Shares $277,549 12.6% 0.050%
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares $122,768 5.6% 0.100%
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares $84,182 3.8% 0.100%
Vanguard® Long-Term Investment-Grade Admiral Shares $71,690 3.3% 0.120%
Fixed Income International $230,852 10.5%
Vanguard® Total International Bond Index Fund Adm™ Shares $230,852 10.5% 0.110%
Total $2,196,080 100.0% 0.120%XXXXX
Investment Expense Analysis as of May 31, 2020
7
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
Name May-20 Last 3 Months YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs_
US EquityCRSP US Total Market TR USD 5.4 2.9 -5.6 11.4 9.6 9.2 12.8S&P 500 4.8 3.6 -5.0 12.8 10.2 9.9 13.2S&P 400 MidCap 7.3 -2.3 -13.9 -0.8 2.5 4.7 10.5S&P 600 SmallCap 4.3 -8.8 -20.8 -8.1 0.3 3.9 10.0
International EquityMSCI Emerging Markets 0.8 -6.9 -16.0 -4.4 -0.2 0.9 2.5MSCI Emerging Markets NR LCL 0.6 -4.7 -11.4 -0.6 2.8 3.3 5.4MSCI EAFE 4.4 -3.7 -14.3 -2.8 -0.4 0.8 5.3MSCI EAFE NR LCL 4.1 -4.0 -12.8 -2.7 0.1 1.2 6.3MSCI ACWI ex USA 3.3 -5.0 -14.8 -3.4 -0.2 0.8 4.4
Fixed Income DomesticBBgBarc US Aggregate TR 0.5 1.6 5.5 9.4 5.1 3.9 3.9BBgBarc US Corporate 1-5 Years TR 1.5 0.6 2.2 5.4 3.6 3.0 3.3BBgBarc US Credit/Corp 5-10 Yr TR 2.2 -0.4 3.0 9.4 5.6 4.9 5.8BBgBarc US Corporate Long TR 1.1 -2.2 3.7 15.6 8.3 7.4 8.0BBgBarc US Govt/Credit Long TR 0.1 1.5 11.1 20.3 10.0 7.8 8.1BBgBarc US Treasury Strips 20-30 Yr Equal Parity TR -2.9 7.2 28.0 36.2 16.1 11.0 11.5BBgBarc US High Yield TR 4.4 -3.4 -4.7 1.3 3.0 4.3 6.7BBgBarc US Govt TR -0.2 3.2 8.5 11.2 5.4 3.8 3.5BBgBarc US Credit TR 1.6 -0.8 2.9 9.5 5.6 4.8 5.3BBgBarc US Treasury 1-5 Yr TR 0.2 2.0 4.2 6.0 3.2 2.3 1.9BBgBarc US Treasury 5-10 Yr TR 0.2 3.9 9.5 12.3 5.8 4.3 4.4BBgBarc US Treasury Long TR -1.9 6.2 21.0 26.9 12.1 8.4 8.2BBgBarc US Treasury TIPS 0-5 Yr TR 0.7 0.2 1.2 3.3 2.3 1.8 1.7BBgBarc US TIPS TR 0.3 1.3 4.8 8.0 4.3 3.3 3.6
Fixed Income InternationalBBgBarc Global Aggregate ex US Tres Hedged TR 0.0 -0.6 1.9 5.2 4.7 4.1 4.2BBgBarc Emerging Markets TR 4.6 -4.1 -2.8 3.2 3.3 4.4 6.0
REITMSCI US REIT Gross 0.2 -15.0 -20.8 -14.3 -0.2 2.5 8.2
XXXXX
Market Performance as of May 31, 2020
8
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
_
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
6/1/2015 Present 12% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 28% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 24% Spliced Total International Stock Index / 36% Spliced Total Stock Market Index
2/1/2015 5/31/2015 8% Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged / 32% Spliced Bloomberg Barclays US Aggregate Float AdjustedIndex / 18% Spliced Total International Stock Index / 42% Spliced Total Stock Market Index
Total Equity
N/A
Equity Domestic
1/31/2015 Present 100% CRSP US Total Market TR USD
Vanguard® U.S. Growth Fund Admiral™ Shares
1/31/2015 Present Russell 1000 Growth
Vanguard® Windsor™ II Fund Admiral™ Shares
1/31/2015 Present Russell 1000 Value
Vanguard® Strategic Equity Fund
1/31/2015 Present 100% MSCI US Small + Mid-Cap 2200 Index
Vanguard® Total Stock Market Indx Fund Admiral™ Shares
1/31/2015 Present 100% CRSP US Total Market TR USD
Vanguard® Explorer™ Fund Admiral™ Shares
2/28/2015 Present Russell 2500 Growth
Equity International
1/31/2015 Present 100% FTSE Global All-Cap ex-US Index
Vanguard® Total International Stock Index Fund Adm™ Shares
1/31/2015 Present 100% FTSE Global All-Cap ex-US Index
Total Fixed Income
N/A
Fixed Income Domestic
Benchmark History as of May 31, 2020
9
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
_
1/31/2015 Present 100% BBgBarc US Aggregate Float Adjusted TR
Vanguard® Total Bond Market Index Fund Admiral™ Shares
1/31/2015 Present 100% BBgBarc US Aggregate Float Adjusted TR
Vanguard® Short-Term Investment-Grade Fund Adm™ Shares
1/31/2015 Present BBgBarc US Credit 1-5 Yr TR
Vanguard® Inter-Term Investment-Grade Fund Adm ™ Shares
1/31/2015 Present BBgBarc US Credit 5-10 Yr TR
Vanguard® Long-Term Investment-Grade Admiral Shares
5/31/2019 Present BBgBarc US Credit Long A+ TR
Fixed Income International
1/31/2015 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Hedged
Vanguard® Total International Bond Index Fund Adm™ Shares
1/31/2015 Present Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped HedgedXXXXX
Benchmark History as of May 31, 2020
10
NATIONAL GARDEN CLUBS INC JUNE M KUMMER FUND
For institutional use only. Not for distribution to retail investors.
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