<SEC-DOCUMENT>0001558370-20-007663.txt : 20200619
<SEC-HEADER>0001558370-20-007663.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200619165627
ACCESSION NUMBER:		0001558370-20-007663
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191231
FILED AS OF DATE:		20200619
DATE AS OF CHANGE:		20200619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PENSKE AUTOMOTIVE GROUP, INC.
		CENTRAL INDEX KEY:			0001019849
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-AUTO DEALERS & GASOLINE STATIONS [5500]
		IRS NUMBER:				223086739
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12297
		FILM NUMBER:		20976293

	BUSINESS ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954
		BUSINESS PHONE:		248-648-2500

	MAIL ADDRESS:	
		STREET 1:		2555 TELEGRAPH RD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48302-0954

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UNITED AUTO GROUP INC
		DATE OF NAME CHANGE:	19960726
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>pag-20191231x11k.htm
<DESCRIPTION>11-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.6.2.57--><!--Created on: 6/19/2020 08:56:16 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><div style="padding-top:1.0px;border-top:3.0pt solid #000000;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-top:1pt;text-align:center;border-top:1.0pt solid #000000;margin:0pt;"><font style="font-weight:bold;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">WASHINGTON, DC 20549 </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">FORM 11-K </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><font style="font-family:'Wingdings';"><font style="font-family:'Times New Roman';">&#8999;</font></font>&#160;Annual report pursuant to Section 15(d) of the Securities and Exchange<br>Act of 1934 for the fiscal year ended December 31, 2019</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><font style="font-family:'Wingdings';"><font style="font-family:'Times New Roman';">&#9723;</font></font> Transition report pursuant to Section 15(d) of the Securities<br>Exchange Act of 1934 for the transition period from ___ to ___</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;">Commission file number: 001-12297</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;">A. Full title of the plan and the address of the plan, if different from<br>that of the issuer named below:</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;">B. Name of the issuer of the securities held pursuant to the plan and the<br>address of its principal executive office:</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Penske Automotive Group, Inc.<br>2555 Telegraph Road<br>Bloomfield Hills, MI 48302-0954 </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><font style="font-weight:bold;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><div style="margin-bottom:10pt;margin-top:14pt;padding-bottom:1.0px;border-bottom:3.0pt solid #000000;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;padding-bottom:11pt;border-bottom:1.0pt solid #000000;margin:0pt;"><font style="font-size:12pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Table </b><a name="Toc"></a><b style="font-weight:bold;">of</b><b style="font-weight:bold;"> Contents</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-size:12pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;">&#160; </p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;"><u style="text-decoration:underline;text-decoration-color:#000000;">Page</u>&#160; </p></td></tr><tr><td style="vertical-align:middle;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;">&#160; </p></td><td style="vertical-align:middle;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><a href="#Report_of_Independent_Acc_Firm"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Report of Independent Registered Public Accounting Firm</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">1</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;">Financial Statements and Supplemental Schedules</p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 21.6pt;"><a href="#Statements_Net_Assets_Available_for_Bene"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Statements of Net Assets Available for Benefits as of December 31, 2019 and 2018</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">2</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 21.6pt;"><a href="#Changes_in_Net_Assets"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Statement of Changes in Net Assets Available for Benefits for the year ended December 31, 2019</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">3</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 21.6pt;"><a href="#Notes_to_Financial_Statements"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Notes to Financial Statements as of December 31, 2019 and 2018, and for the year ended December 31, 2019</font></a> </p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">4</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 21.6pt;">Supplemental Schedules*&#160; </p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 36pt;"><a href="#Form_5500"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">10</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0pt 36pt;"><a href="#Form_5500_DelinquentContributions"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Form 5500, Schedule H, Part IV, Line 4a - Schedule of Delinquent Participant Contributions</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">11</p></td></tr><tr><td style="vertical-align:middle;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 18pt;">*All other schedules required by Section 2520 103-10 of the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not&#160;applicable.&#160; </p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 18pt;"><font style="margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><a href="#EXHIBIT_INDEX"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Exhibit Index</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">12</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 18pt;"><font style="margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><a href="#Signatures"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.37;text-align:left;">Signatures</font></a></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt;">13</p></td></tr><tr><td style="vertical-align:bottom;width:94.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 0pt 18pt;"><font style="margin-bottom:5pt;margin-left:0pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:5.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman';font-size:10pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;font-weight:bold;line-height:1.37;margin-bottom:10pt;text-transform:uppercase;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b><a name="Report_of_Independent_Acc_Firm"></a></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">To the Plan Participants and Plan Administrator of </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">Penske Automotive Group 401(k) Savings and Retirement Plan</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Opinion on the Financial Statements</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">We have audited the accompanying statements of net assets available for benefits of Penske Automotive Group 401(k) Savings and Retirement Plan (the &#8220;Plan&#8221;) as of December 31, 2019 and 2018, the related statement of changes in net assets available for benefits for the year ended December 31, 2019, and the related notes (collectively referred to as the &#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2019 and 2018, and the changes in net assets available for benefits for the year ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Basis for Opinion</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">Report on Supplemental Schedules</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">The supplemental schedule of assets (held at end of year) as of December 31, 2019, and the schedule of delinquent participant contributions for the year ended December 31, 2019 have been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial statements. The supplemental schedules are the responsibility of the Plan&#8217;s management. Our audit procedures included determining whether the supplemental schedules reconcile to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedules. In forming our opinion on the supplemental schedules, we evaluated whether the supplemental schedules, including their form and content, are presented in compliance with the Department of Labor&#8217;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedules are fairly stated, in all material respects, in relation to the financial statements as a whole.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">/s/ Deloitte &amp; Touche LLP</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="margin-bottom:13pt;margin-top:13pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">Detroit, Michigan<br>June 19, 2020</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="margin-bottom:13pt;margin-top:13pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">We have served as the auditor of the Plan since 1999. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">1</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Statements of Net Assets Available for Benefits</b><a name="Statements_Net_Assets_Available_for_Bene"></a><b style="font-weight:bold;"> </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">December 31, 2019 and 2018</b></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:79.99%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="5" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:33.69%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December 31,</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:15.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2018</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Assets:</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Investments at fair value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 627,911,326</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 502,644,153</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Receivables:</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 12pt;">Participant contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 2,066,307</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,061,124</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 12pt;">Employer contributions</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,844,380</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,696,296</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 12pt;">Due from broker</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 95,563</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 19,310</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 12pt;">Notes receivable from participants</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 19,901,556</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 19,740,400</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Total receivables</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 25,907,806</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 24,517,130</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Total assets</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 653,819,132</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 527,161,283</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Liabilities:</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Participant refunds payable</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,192</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 60,679</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Due to broker</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 94,624</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 18,471</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Total liabilities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 95,816</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 79,150</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:63.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Net assets available for benefits</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 653,723,316</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.57%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.28%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:14.27%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 527,082,133</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;">See accompanying notes to the financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:14pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Statement of Changes in Net Assets Available for Benefits</b><a name="Changes_in_Net_Assets"></a></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Year Ended December 31, 2019</b></p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:79.99%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.15;"><a name="_MON_1399460559"></a><a name="_MON_1399460646"></a><a name="_MON_1399460656"></a><a name="_MON_1399460665"></a><a name="_MON_1399460700"></a><a name="_MON_1399460713"></a><a name="_MON_1399460725"></a><a name="_MON_1399460887"></a><a name="_MON_1397386863"></a><a name="_MON_1400673201"></a><a name="_MON_1397392879"></a><a name="_MON_1397393084"></a><a name="_MON_1397385999"></a><a name="_MON_1397395122"></a><a name="_MON_1397395136"></a><a name="_MON_1397386667"></a><a name="_MON_1397386705"></a><a name="_MON_1397645282"></a><a name="_MON_1397386762"></a></font><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Investment income:&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 6pt;">Net appreciation in fair value of investments</p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 101,970,245</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;</p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 6pt;">Interest and dividends</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,930,365</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Net investment gain</p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 105,900,610</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Contributions:&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 6pt;">Participant contributions&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 46,415,406</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 6pt;">Employer contributions</p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 17,305,736</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 6pt;">Participant rollover contributions</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 12,259,904</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total contributions&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 75,981,046</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Distributions to participants&#160;</p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> (54,632,891)</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Administration fees&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 0pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> (1,010,083)</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Net transfers to plan</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 402,501</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Increase in net assets&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 126,641,183</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Net assets available for benefits, beginning of year&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.59%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:14.4%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 527,082,133</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:80.77%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Net assets available for benefits, end of year&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.58%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.59%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:normal;width:14.4%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 653,723,316</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 0pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:14pt 0pt 10pt 0pt;">See accompanying notes to the financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:14pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Notes to Financial Statements</b><a name="Notes_to_Financial_Statements"></a></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 10pt 0pt;"><b style="font-weight:bold;">1. Description of the Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(a) General</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The following description of the Penske Automotive Group 401(k) Savings and Retirement Plan, as amended through December 31, 2019 (the &#8220;Plan&#8221;), is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Plan is a defined contribution savings plan (401(k) plan) covering all eligible employees of Penske Automotive Group, Inc. (the &#8220;Company&#8221; or &#8220;Plan Sponsor&#8221;) and its subsidiaries, including eligible employees of Premier Truck Group (&#8220;PTG&#8221;), in the United States who elect to participate in the Plan. The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974 (&#8220;ERISA&#8221;). The 401(k) Savings and Retirement Plan Committee (the &#8220;Committee&#8221;) is the designated administrator of the Plan, and has responsibility for reviewing the performance of the Plan&#8217;s investments. Certain asset based fees are paid by the Plan participants. On July 1, 2019, Principal Financial Group, Inc. completed the purchase agreement with Wells Fargo Bank, N.A. to acquire its institutional retirement and trust business, including its recordkeeping and custody services. Under the parent company Principal Financial Group, Inc., Wells Fargo (the &#8220;Trustee&#8221; or &#8220;Recordkeeper&#8221;) serves as the trustee and recordkeeper of the Plan. Participants with balances from plans merged into the Plan due to acquisitions by the Plan Sponsor may retain certain rights of such merged plans.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(b) Eligibility</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Full-time employees in the United States, and part-time or temporary employees in the United States who are scheduled to complete 1,000 hours of service in a twelve consecutive month period beginning with their date of hire, are eligible to participate in the Plan on the first day of the calendar month following the date they have completed sixty days of service.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(c) Participant Accounts</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Individual accounts are maintained by the Recordkeeper for each of the Plan&#8217;s participants. Such accounts include the participant&#8217;s contributions and related Employer Match Contributions (as defined below), as adjusted by the net investment return on the participant&#8217;s holdings. Participant accounts are also charged with recordkeeping administrative fees.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(d) Contributions</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Under the provisions of the Plan, participants may elect to defer, through payroll deductions, a portion of their compensation to the Plan in an amount generally from 1% to 20% of gross earnings. Highly compensated employees (&#8220;HCEs&#8221;) are limited to deferring up to 10% of gross earnings. The Plan provides for both pre-tax contributions, and effective July 1, 2018, after-tax (Roth) contributions. Such contributions may not exceed Internal Revenue Code (&#8220;IRC&#8221;) 402(g) limitations ($19,000 in 2019). The Plan also permits participants who are 50 or older to make additional contributions (up to $6,000 in 2019). A participant&#8217;s elective contributions and any related Employer Match Contributions, as defined below, are invested at the direction of the participant. If a participant does not make such an election, he or she is deemed to have elected to invest in an age-appropriate target retirement fund (&#8220;Default Investment&#8221;). &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">Effective January 1, 2018, new employees are automatically enrolled in the Plan at a deferral rate of 2% of eligible employee compensation. Participants may adjust their deferral percentage at any time.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 10pt 0pt;">During 2019, the Plan Sponsor funded discretionary matching contributions at a level of 62.5% of the first 4% of eligible salary deferrals for most participants and at a level of 50% of the first 6% of eligible salary deferrals for participants of certain subsidiaries (&#8220;Employer Match Contributions&#8221;). Eligible salary deferrals used to determine discretionary matching contributions may not exceed IRC 401(a)(17) limitations ($280,000 in 2019). Employer Match Contributions are invested based on participant investment elections or in the Default Investment if the participant did not make an election. </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">During 2019 and 2018, certain HCEs deferred a portion of their compensation in excess of the Plan limit. The Plan intends to refund the excess contributions and has recorded a participant refund payable of $1,192 and $60,679 at December 31, 2019 and 2018, respectively, relating to these excess contributions. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(e) Notes Receivable from Participants</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Participants may take loans from their accounts from a minimum of $1,000 up to the lesser of a defined amount or $50,000. Loan terms range from one to five years, or up to ten years for the purchase of a primary residence. The loans are collateralized by the balance in the participant&#8217;s account and bear interest at a rate commensurate with prevailing rates. Principal and interest are paid ratably through payroll deductions. Repayment of the entire balance is permitted at any time. Participants are limited to having only one loan outstanding at any point in time, and participants are restricted to initiating only one loan in any consecutive twelve-month period.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(f) Vesting</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Employee contributions to the Plan vest immediately. Employer Match Contributions vest upon the attainment by the participant of three years of credited service.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(g) Investments</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">As of December 31, 2019 and 2018 participant investment options consisted primarily of common collective trust funds, employer securities and mutual funds. Participants are generally permitted to change investment options daily.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(h) Payment of Benefits</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Upon retirement, death, disability, termination of employment, or attainment of age 59 1/2, the participant or beneficiary may elect to receive a benefit payment in the form of a lump sum distribution. Participants may also make a hardship withdrawal in certain cases of financial need as established by Internal Revenue Service (&#8220;IRS&#8221;) regulations.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(i) Forfeited Accounts</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">At December 31, 2019 and 2018, forfeited non-vested assets totaled $67,631 and $72,698, respectively, which may be used to pay Plan administration fees and/or Employer Match Contributions. During 2019, approximately $617,992 of fees and matching contributions were paid by the Plan Sponsor using forfeited amounts.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">2. Significant Accounting Policies</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(a) Basis of Accounting</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The accompanying financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;).</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(b) Investment Valuation and Income Recognition</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Plan&#8217;s investments in Company common stock and mutual funds are stated at fair value as determined by quoted market prices. The Plan&#8217;s investments in common collective trust funds are stated at net asset value as determined by the issuer of the funds and based on the fair value of the underlying investments held by the funds, discussed further below. The Plan&#8217;s investment in the Wells Fargo Stable Return Fund (the &#8220;Fund&#8221;) is a common collective trust fund stated at net asset value and is valued based on the underlying investments in the Fund. The Fund holds synthetic and other fully benefit-responsive guaranteed investment contracts, which are recorded at contract value because they guarantee a minimum rate of return and provide for benefit responsiveness. Contract value represents contributions made to the Fund, plus earnings, less participant withdrawals and administrative expenses. While there are certain Fund and Plan level restrictions that may affect the Fund&#8217;s ability to transact at contract value, Plan management believes that the occurrence of events that would cause the Fund to transact at less than contract value are not probable of occurring.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The Plan&#8217;s investments in common collective trust funds are divided into units of participation, as determined daily by the Trustee. The daily value of each unit of participation, or net asset value (&#8220;NAV&#8221;), is determined by dividing the total fair market value of all assets in the fund by the total number of fund units. Under provisions of the Plan, interest and dividend </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">income and net appreciation or depreciation of the fair value of each investment option are allocated to each Participant&#8217;s account based on the change in unit value. There are no restrictions on redemptions or unfunded commitments as of December 31, 2019 and 2018.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">See the supplemental schedule of assets (held at end of year) for the title (investment strategy) of each investment held by the Plan as of December 31, 2019.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Purchases and sales of investments are recorded on a trade date basis. Dividends are recorded on the ex-dividend date.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">(c) Notes Receivable from Participants</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(d) Payment of Benefits</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">Benefit payments are recorded upon distribution. There were no amounts allocated to accounts of persons who had elected to withdraw from the Plan, but had not yet been paid, at December 31, 2019 and 2018.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(e) Use of Estimates</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, additions, deductions and the disclosure of contingent assets and liabilities in the accompanying financial statements. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">(f) Risks and Uncertainties</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Plan provides for various investment options. The underlying investment securities are exposed to various risks, such as interest rate risk, market risk and credit risk. Due to the level of risk associated with certain investment securities and the level of uncertainty related to changes in the value of investment securities, it is at least reasonably possible that changes in risk factors in the near term could materially affect participants&#8217; account balances and the amounts reported in the statements of net assets available for benefits and the statement of changes in net assets available for benefits.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The 2019 novel coronavirus (&#8220;COVID-19&#8221;) has adversely affected, and may continue to adversely affect the global economy. Following the COVID-19 outbreak, the values of investment securities have fluctuated significantly. The economic conditions related to the COVID-19 outbreak may continue to adversely affect the Plan. The extent of the adverse impact related to COVID-19 on the Plan&#8217;s participants&#8217; account balances and the amounts reported in future Statements of Net Assets Available for Benefits cannot be predicted at this time.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">3. Fair Value Measurements </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The Financial Accounting Standards Board has established a single authoritative definition of fair value and has established the following three-tier hierarchy that requires an entity to maximize the use of observable inputs when measuring fair value:</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 10pt 36pt;">Level 1: Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 10pt 36pt;">Level 2: Inputs are observable inputs other than quoted (Level 1) prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:36pt;text-align:justify;text-indent:-36pt;margin:0pt 0pt 10pt 36pt;">Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">The availability of observable market data is monitored by the Plan&#8217;s management to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. Plan management evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">transfer relative to total net assets available for benefits. For the years ended December 31, 2019 and 2018, there were no transfers between levels.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:justify;margin:0pt 0pt 6pt 0pt;">Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Below is a summary of assets measured at fair value on a recurring basis and assets measured at net asset value:</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:43.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="line-height:1.15;"><a name="_MON_1401091008"></a><a name="_MON_1401782377"></a><a name="_MON_1401782388"></a><a name="_MON_1397389119"></a><a name="_MON_1397390831"></a></font><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:43.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:13.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:top;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="7" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:36.62%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Fair Value Measurement</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:43.56%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total Investments</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:14.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December 31, 2019</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:12.92%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 1</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 2</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.27%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 3</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:43.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Common Collective Trust Funds (1)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 519,690,141</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:43.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Employer Securities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 31,015,119</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 31,015,119</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:43.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Mutual Funds</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 77,206,066</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.06%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.85%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 77,206,066</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.07%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.19%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:43.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Total</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.25%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 627,911,326</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.06%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.85%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 108,221,185</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.13%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.07%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.19%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">The fair value of each common collective trust fund has been estimated using the net asset value of the investment as a practical expedient.</font></td></tr></table><div style="margin-top:6pt;"></div><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:middle;width:43.65%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.79%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.17%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:43.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:13.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:top;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:top;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="7" style="background-color:auto;vertical-align:top;white-space:nowrap;width:36.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Fair Value Measurement</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:43.65%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total Investments</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:14.58%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">December 31, 2018</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 1</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.51%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 2</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:10.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Level 3</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:43.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Common Collective Trust Funds (1)</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 404,847,540</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:43.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Employer Securities</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 32,193,948</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.79%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 32,193,948</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:43.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Mutual Funds</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 65,602,665</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:10.79%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 65,602,665</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.17%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:9.35%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:43.65%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">Total</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.42%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 502,644,153</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.79%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 97,796,613</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.15%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.17%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:9.35%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> &#8212;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.22%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><div style="margin-top:6pt;"></div><table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;font-family:'Times New Roman';font-size:12pt;line-height:1.19;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"></td><td style="font-family:'Times New Roman';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">(1)</td><td style="padding:0pt;"><font style="color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:justify;">The fair value of each common collective trust fund has been estimated using the net asset value of the investment as a practical expedient. </font></td></tr></table><div style="margin-top:6pt;"></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">4. Exempt Party-in-Interest Transactions</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">As of December 31, 2019 and 2018, the Plan (through investments in Penske Automotive Group, Inc. Common Stock) held 617,585 and 798,461 shares, respectively, of Penske Automotive Group, Inc. Common Stock with a cost basis of $25,249,009 and $31,996,099, respectively. The fair value of Penske Automotive Group, Inc. Common Stock held by the Plan was $31,015,119 and $32,193,948 at December 31, 2019 and 2018, respectively. In addition, certain Plan investments are shares of various funds managed by Wells Fargo, which is the trustee of the Plan. Fees paid for investment management services were included as a reduction of the return earned on each fund. These investments and their related transactions are considered exempt party-in-interest transactions. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">5. Plan Termination</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">Although it has not expressed any intention to do so, the Company retains the right, if necessary, to terminate the Plan. Any such termination of the Plan would be subject to the provisions of ERISA. In the event of plan termination, participants would become 100% vested in their account balances.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">6. Federal Income Tax Status</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Plan uses a prototype plan document sponsored by Wells Fargo. Wells Fargo received an opinion letter from the IRS, dated March 31, 2014, which states that the prototype document satisfies the applicable provisions of the IRC. The Plan itself has not received a determination letter from the IRS since adopting the prototype plan document effective January 1, 2018. However, the Plan&#8217;s management believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Therefore, no provision for income tax has been included in the Plan&#8217;s financial statements.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;">Accounting principles generally accepted in the United States require plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. As the Plan is tax-exempt, the Plan Administrator has concluded that as of&#160;December&#160;31, 2019&#160;and&#160;2018, there are no uncertain tax positions taken or expected to be taken that would require </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan Administrator believes the Plan is no longer subject to income tax examinations for years prior to 2016.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">7. Nonexempt Party-in-Interest Transactions</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company remitted $3,203 of certain participant contributions to the trustee later than required by Department of Labor (&#8220;DOL&#8221;) Regulation 2510.3-102 during the year ended December 31, 2018. In 2019, the Company filed Form 5330 with the IRS and paid the required excise tax on the transaction. Participant accounts were credited with the amount of investment income that would have been earned had the participant contributions been remitted on a timely basis as required by the DOL guidelines. &#160;</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">8. Subsequent Events</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">Subsequent to December 31, 2019, there was an outbreak of the 2019 novel coronavirus (&#8220;COVID-19&#8221;) which was declared a pandemic by the World Health Organization on March 11, 2020. The COVID-19 pandemic has negatively impacted financial markets and the world economy. The duration of the pandemic is uncertain, and the financial impact on the amounts reported in future Statements of Net Assets Available for Benefits cannot be predicted at this time.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security (&#8220;CARES&#8221;) Act was passed by Congress. The CARES Act provides relief for retirement plan sponsors and their participants respective to employer contributions, distributions, and participant loans. Utilization of the provisions included within the CARES Act are optional and may be effective prior to amending the plan document. Plan management is currently evaluating the impact of these provisions.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:14pt 0pt 10pt 0pt;">The Plan was amended on May 15, 2020 to make employer matching contributions for employees of certain subsidiaries discretionary, rather than fixed, consistent with the remaining plan participants. Subsequently, employer matching contributions were suspended to mitigate the challenging business conditions in light of the COVID-19 pandemic. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">9. Reconciliation of Financial Statements to Form 5500</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The following is a reconciliation of net assets available for benefits per the financial statements as of December 31, 2019 and 2018 to the Form 5500:</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:normal;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:normal;width:12.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2019</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;white-space:normal;width:12.83%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">2018</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0.05pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Net assets available for benefits per the financial statements&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 653,723,316</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 527,082,133</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Less: </p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Participant contributions receivable&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 2,066,307</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,061,124</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Employer contributions receivable&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,844,380</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,696,296</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Plus:</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Participant refunds payable&#160; </p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,192</font></p></td><td style="vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:1.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:normal;width:11.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 60,679</font></p></td><td style="vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:69.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;padding-left:7.2pt;text-indent:-7.2pt;margin:0.05pt 0pt 0.05pt 0pt;">Net assets available for benefits per the Form 5500&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 647,813,821</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:2.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:1.41%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:11.41%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 522,385,392</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:normal;width:0.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0.05pt 0pt 0.05pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;">The following is a reconciliation of total contributions per the financial statements for the year ended December 31, 2019 to the Form 5500:</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:77.03%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total contributions per the financial statements&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 75,981,046</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Add:&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Contributions receivable - December 31, 2018</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 4,757,420</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Less:&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Contributions receivable - December 31, 2019</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 5,910,687</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total contributions per the Form 5500&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 74,827,779</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 10pt 0pt;">The following is a reconciliation of total distributions per the financial statements for the year ended December 31, 2019 to the Form 5500:</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:77.03%;" align="center"><tr style="height:1pt;"><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:50%;transform:translate(0,-50%);width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total distributions per the financial statements&#160; </p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;&#160;&#160;&#160;</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 54,632,891</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Add:&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Participant refunds payable - December 31, 2018</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 60,679</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Less:&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Participant refunds payable - December 31, 2019</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.33%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:13.48%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 1,192</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:16.6pt;"><td style="vertical-align:middle;width:81.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">Total distributions per the Form 5500&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.67%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.33%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;">$</p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.48%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0.05pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 54,692,378</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0.05pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt;"><font style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:14pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year) </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">As of December 31, 201</b><a name="Form_5500"></a><b style="font-weight:bold;">9</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 6pt 0pt;">Name of Plan Sponsor: Penske Automotive Group, Inc. <br>Employer Identification Number: 22-3086739<br>Plan number: 005</p><div><table style="border-collapse:collapse;font-size:16pt;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="line-height:1.15;"><a name="_MON_1401540280"></a><a name="_MON_1397394308"></a><a name="_MON_1401625375"></a><a name="_MON_1401625951"></a><a name="_MON_1397389861"></a><a name="_MON_1397390267"></a><a name="_MON_1397390388"></a><a name="_MON_1397390545"></a><a name="_MON_1397390636"></a><a name="_MON_1397390649"></a><a name="_MON_1397390741"></a><a name="_MON_1397393173"></a><a name="_MON_1401530661"></a><a name="_MON_1401540238"></a></font><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Description of Investment Including Maturity Date, Rate of Interest,<br>Collateral, Par or Maturity Value**</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:13.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Current Value</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;">&#160;</p></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:auto;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><b style="font-weight:bold;">COMMON COLLECTIVE TRUST FUNDS</b>&#160; </p></td><td style="background-color:auto;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:middle;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">*WELLS FARGO STABLE RETURN FUND</p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 84,479,716</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">*WELLS FARGO ENHANCED STOCK MARKET FUND</p></td><td style="vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 63,159,424</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">NORTHERN TRUST S&amp;P 500 INDEX FUND</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 31,314,443</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA NON LENDING RUSSELL SMALL/MID CAP INDEX FUND</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 23,072,835</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2060 NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 6,325,078</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2055 NON LENDING</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 20,910,493</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2050 NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 42,179,705</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2045 NON LENDING</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 39,337,521</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2040 NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 38,569,279</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2035 NON LENDING </p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 42,131,403</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2030 NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 42,278,220</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2025 NON LENDING</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 38,864,087</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2020 NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 26,014,904</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT 2015 NON LENDING</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 7,363,522</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA TARGET RETIREMENT INCOME NON LENDING</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 5,363,754</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA U.S. BOND INDEX NON LENDING SERIES FUND</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 4,841,757</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">SSGA INTERNATIONAL INDEX NON LENDING FUND</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,484,000</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">TOTAL COMMON COLLECTIVE TRUST FUNDS&#160; </p></td><td style="vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 519,690,141</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="font-weight:bold;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><b style="font-weight:bold;">EMPLOYER SECURITIES</b>&#160; </p></td><td style="vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">*PENSKE AUTOMOTIVE GROUP, INC. COMMON STOCK</p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 31,015,119</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="font-weight:bold;margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><b style="font-weight:bold;">MUTUAL FUNDS</b>&#160; </p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">DODGE &amp; COX INTERNATIONAL STOCK FUND</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 17,410,726</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">VANGUARD STRATEGIC EQUITY FUND</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 42,884,277</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">DFA EMERGING MARKETS CORE EQUITY FUND</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,488,951</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">PIMCO TOTAL RETURN FUND</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 13,422,112</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;">TOTAL MUTUAL FUNDS&#160; </p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 77,206,066</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">*PARTICIPANT LOANS (MATURING 2020 TO 2034 AT INTEREST RATES OF 3.25% - 9.50%)</p></td><td style="vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 19,901,556</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:middle;width:82.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><b style="font-weight:bold;">TOTAL&#160; </b></p></td><td style="background-color:#cceeff;vertical-align:middle;width:3.02%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 6pt;"><font style="margin-bottom:10pt;margin-left:0pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.74%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:12.18%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 647,812,882</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:0.51%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;">* Represents a party-in-interest to the plan </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;">** Cost information is not required for participant-directed investments and therefore is not included.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><a name="Form_5500_DelinquentContributions"></a><a name="_contentSection_b9fea551_e878_46c8_9c2a_"></a><b style="font-weight:bold;">Penske Automotive Group 401(k) Savings and Retirement Plan</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Form 5500, Schedule H, Part IV, Line 4a - Schedule of Delinquent Participant Contributions </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Year Ended December 31, 2019 * </b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:14pt 0pt 6pt 0pt;">Name of Plan Sponsor: Penske Automotive Group, Inc. <br>Employer Identification Number: 22-3086739<br>Plan number: 005</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:37.19%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.5%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:37.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="8" style="background-color:auto;vertical-align:bottom;width:43.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total that Constitute Nonexempt Prohibited Transactions</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">  <font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:auto;vertical-align:middle;width:37.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;">Check here if Late Participant <br>Loan Repayments are included:<br>( )</p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:13.13%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Contributions Not Corrected</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;font-weight:bold;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:13.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Contributions Corrected Outside VFCP</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:13.25%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Contributions Pending Correction in VFCP</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="background-color:auto;vertical-align:bottom;width:13.26%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;text-align:center;margin:0pt 0pt 0.05pt 0pt;"><b style="font-weight:bold;">Total Fully Corrected Under VFCP and PTE 2002-51</b></p></td><td style="background-color:auto;vertical-align:bottom;white-space:nowrap;width:1.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:37.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">Participant Contributions Transferred Late to Plan</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.5%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.61%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:right;margin:0pt 3pt 0.05pt 0pt;"><font style="white-space:pre-wrap;"> 3,203</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.61%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.63%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.61%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:9pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;">$</p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:11.64%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="font-size:9pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="background-color:#cceeff;vertical-align:bottom;white-space:nowrap;width:1.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:37.19%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.5%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:11.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 0.05pt 0pt;"><font style="margin-bottom:10pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">* </b>Contributions Corrected Outside VFCP are related to 2018 plan year participant contributions that were corrected during the 2019 plan year. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">EXHIBIT INDEX</b><a name="EXHIBIT_INDEX"></a></p><div style="margin-left:0pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:16.35%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.89%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:80.75%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:16.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">EXHIBIT NO.</b></p></td><td style="vertical-align:top;width:2.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td style="vertical-align:top;width:80.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><b style="font-weight:bold;">DESCRIPTION</b></p></td></tr><tr><td style="vertical-align:top;width:16.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:80.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:16.35%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;">EX-23</p></td><td style="vertical-align:top;width:2.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:80.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><a href="pag-20191231xex23.htm"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Consent of Independent Registered Public Accounting Firm</font></a> </p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt;"><font style="font-size:1pt;margin-bottom:10pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:6pt 0pt 0pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:always;width:79.41%;border-width:0;"><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="margin-top:21.6pt;min-height:41.4pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 30pt 0pt;"><a href="#Toc"><font style="font-family:'Times New Roman';font-size:10pt;font-style:normal;font-weight:normal;line-height:1.19;text-align:left;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt;"><font style="font-size:1pt;margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 6pt 0pt;"><font style="margin-bottom:5pt;margin-top:5pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:14pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Signatures</b><a name="Signatures"></a></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:justify;margin:14pt 0pt 0pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. </p><div align="left"><table style="border-collapse:collapse;font-size:16pt;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:1pt;line-height:1.37;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:1pt;line-height:1.37;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:1pt;line-height:1.37;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:1pt;line-height:1.37;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:40.96%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0pt 10pt 0pt;"><font style="line-height:1.37;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt 0.8pt 10pt 0pt;"><font style="line-height:1.37;margin-right:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 10pt 0pt;"><font style="font-size:1pt;line-height:1.37;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:40.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Penske Automotive Group 401(k) Savings and</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">Retirement Plan</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:10.8pt;"><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">By:</p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:40.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:5pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:10pt;">/s/ Anthony R. Pordon</font>&#160;</p></td></tr><tr style="height:1pt;"><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:5pt;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:5pt;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:5pt;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:5pt;font-style:italic;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:40.96%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:5pt;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-style:italic;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:40.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Anthony R. Pordon</p></td></tr><tr><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">Date: June 19, 2020</p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-style:italic;line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:40.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="line-height:1.37;margin-bottom:10pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:52.56%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><font style="font-size:12pt;line-height:1.37;margin-bottom:10pt;margin-right:0pt;text-decoration:underline;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:3.71%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.37%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><i style="font-style:italic;">&#160;</i></p></td><td style="vertical-align:top;width:40.96%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0.8pt 0pt 0pt;"><i style="font-style:italic;">Chairman, 401(k) Savings and Retirement Plan Committee</i></p></td></tr></table></div><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.37;margin:0pt 0pt 10pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23
<SEQUENCE>2
<FILENAME>pag-20191231xex23.htm
<DESCRIPTION>EX-23
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.6.2.57--><!--Created on: 6/19/2020 08:56:10 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.29%;padding-right:10.29%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:right;text-indent:36pt;margin:0pt 0pt 0pt 72pt;"><b style="font-weight:bold;">Exhibit 23</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-align:center;margin:13pt 0pt 13pt 0pt;"><b style="font-weight:bold;text-transform:uppercase;">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:13.5pt;margin:13pt 0pt 13pt 0pt;">We consent to the incorporation by reference in Registration Statement No. 333-177855 on Form S-8 of our report dated June 19, 2020, relating to the financial statements and supplemental schedules of Penske Automotive Group 401(k) Savings and Retirement Plan, appearing in this Annual Report on Form 11-K of Penske Automotive Group 401(k) Savings and Retirement Plan, for the year ended December 31, 2019.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:13pt 0pt 13pt 0pt;">/s/ Deloitte &amp; Touche LLP</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;">Detroit, Michigan<br>June&#160;19, 2020</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.29%;margin-right:10.29%;margin-top:30pt;page-break-after:avoid;width:79.41%;border-width:0;"></body></html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
