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2019 2nd Quarter ReportVisit the Aon Retirement and Investment Blog (https://retirement-investment-insights.aon.com); sharing our best thinking. MSD Deferred Compensation Plan | Second Quarter 2019 Quarterly Investment Review Executive Summary Page 1 Deferred Compensation Summary Page 7 Tier I Page 17 Tier II Page 65 Tier III Page 81 Appendix Page 99 Market Environment Page 101 Glossary Page 113 Table Of Contents Executive Summary Page 1 Aon Happenings New Thought Leadership Hub ▪Aon’s Retirement & Investment practice has launched a new Thought Leadership Hub to house much of our intellectual capital ▪Check it out at https://retirement-investment-insights.aon.com/ Did you know? Aon United Day for Communities was on June 18. We had a collective impact in the places where we live and work. As an example, in Chicagoland, 1,300 colleagues came together to support 18 local organizations. On Aon United Day for Communities, we: ▪Hosted 300+ athletes from Special Olympics for a day of fun in Millennium Park ▪Built houses with Habitat for Humanity ▪Promoted early childhood education with preschoolers in the Englewood community ▪Brightened the day for young patients and their families at Lurie Children’s Hospital ▪Mapped at-risk communities with the Red Cross Missing Maps project ▪Supported a shelter for women who have experienced domestic violence ▪Packed food boxes for the hungry ▪And more! Aon’s 2019 Retirement & Investment Client Conference Register now for Aon’s Retirement & Investment Client Conference on September 25-26, 2019 in Chicago. The agenda, speaker lineup, registration, and other details are available on the conference website. Human Capital Solutions Aon is a very prominent player in the talent and human capital space, focused on Rewards, Assessment, and Performance capabilities that help drive growth and manage people risks that organizations face. We have more than 1,500 global colleagues supporting clients. To better reflect Aon's capabilities in this space and presence in the market, we have renamed Talent, Rewards & Performance as Human Capital Solutions. Page 2 Thought Leadership Highlights Current Topics of Interest and Events Webinar: Global Perspectives on Real Estate Investing and Townsend View of the World Replay Webinar: Global DC and Financial Wellbeing Employee Survey Replay Second Quarter 2019 Market Review and Outlook Link Newsletters: Pathways Newsletter for Retirement Plans | CIO Insights | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter White Papers All Investors: Townsend View of the World (for real assets)Link All Investors: Cyber Risk Exposure from Third-party Asset Managers Link All Investors: Key Considerations for Responsible Investing Initiatives Link All Investors: What is Different about this Commercial Real Estate Cycle?Link All Investors: Bank Capital Relief Link All Investors: Debating Active vs. Passive Link All Investors: The Real Deal Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Why Diversify Now?Link All Investors ex-DC: Case Study: Custodian Review Drives Lower Fees for More Services Link DC: Case Study: Improving DC Participant Experience Link DC: Government, Education, and Utility Sectors Could be fit for an ‘Aggressive’ Target Date Fund Glide Path Link DC: How to Offer 403(b) Participants a Secure Retirement Income Link DC: Living the Dream: Aon DC and Financial Wellbeing Employee Survey 2018 Link DC: Why Target Date Funds Should be Lower Risk for Populations without Defined Benefit Plans Link Private DB: Retiree Lump Sum Windows Back on the Table -Navigating Risk Management Options (webinar replay)Link Thought Leadership Hub https://retirement-investment-insights.aon.com/ Opinions,estimates,forecasts,and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.The views and strategies described may not be suitable for all investors.References to specific securities,asset classes,and financial markets are for illustrative purposes only and are not intended to be,and should not be interpreted as,recommendations. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights 10.7% 7.1% 2.2%2.5%2.9% 5.7%5.8%4.7% -9.1% 14.7%13.4% 6.9%5.8%3.9% 6.5%8.4%9.2% -3.7% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Ma rk ets Bloo mberg Barcla ys U.S. Aggregate Bloombe rg Barclays U.S. Lo ng G ov 't Bloombe rg Barcla ys U.S. Lo ng C re dit Bloo mberg Barclays U.S. High Yield Bloo mberg Commodity Index LONG TERM ANNUALIZE D RETURNS AS OF 06/30/2019 Five-Year Ten-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg 4.3% 2.1%3.7% 0.6% 3.1% 6.0%7.0% 2.5% -1.2% 10.4% -3.3% 1.1%1.2% 7.9% 12.3% 15.0% 7.5% -6.8%-1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Mark ets Bloo mberg Barcla ys U.S. Aggregat e Bloombe rg Barcla ys U.S. Lo ng G ov 't Bloo mberg Barclays U.S. Lo ng C re dit Bloo mberg Barcla ys U.S. High Yield Bloo mberg Commodity Index SHORT TERM RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights Second Quarter 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI A ll Country World IMI 3.37%4.56%11.42%6.03%10.32% MSCI A ll Country World 3.61%5.74%11.62%6.16%10.15% Dow Jones U.S. Total Stock Market 4.09%8.88%13.99%10.13%14.68% Russell 3000 4.10%8.98%14.02%10.19%14.67% S&P 500 4.30%10.42%14.19%10.71%14.70% Russell 2000 2.10%-3.31%12.30%7.06%13.45% MSCI A ll Country World ex-U.S. IMI 2.74%0.26%9.17%2.25%6.78% MSCI A ll Country World ex-U.S.2.98%1.29%9.39%2.16%6.54% MSCI E AFE 3.68%1.08%9.11%2.25%6.90% MSCI E AFE (Local Currency)2.80%2.17%9.80%5.85%8.35% MSCI E merging Markets 0.61%1.21%10.66%2.49%5.81% Fixed Income Bloomberg Barclays Global Aggregate 3.29%5.85%1.62%1.20%2.89% Bloomberg Barclays U.S . Aggregate 3.08%7.87%2.31%2.95%3.90% Bloomberg Barclays U.S . Long Gov't 6.00%12.28%1.42%5.68%6.54% Bloomberg Barclays U.S . Long Credit 7.02%14.97%5.33%5.78%8.41% Bloomberg Barclays U.S . Long Gov't/Credit 6.59%13.82%3.76%5.68%7.62% Bloomberg Barclays U.S . TIP S 2.86%4.84%2.08%1.76%3.64% Bloomberg Barclays U.S . Hi gh Yield 2.50%7.48%7.52%4.70%9.24% Bloomberg Barclays Global Treasury ex U.S.3.55%4.70%0.51%0.23%1.98% JP Morgan EMB I Global (Emerging Markets)3.76%11.32%4.65%4.47%7.41% Commodities Bloomberg Commodity Ind ex -1.19%-6.75%-2.18%-9.15%-3.74% Goldman Sachs Commodity Ind ex -1.42%-11.49%1.55%-13.33%-5.19% Hedge Funds HF RI Fund -Weighted Composite2 1.89%1.52%5.01%2.95%4.71% HF RI Fund of Fund s2 1.69%1.36%4.32%2.23%3.23% Real Estate NA REIT U.S . Equity RE ITS 1.24%11.21%4.20%7.92%15.46% NC REIF NFI - OD CE 0.99%6.41%7.57%9.76%9.88% FTSE Global C ore Infrastructure Index 3.54%16.81%10.61%7.57%11.87% Private Equity Burgiss Private iQ Global Priva te Equity3 10.43%12.77%11.52%13.12% MSCI Indices show net total returns. A ll other i nd ices show gross total returns. 1 P eriods are annua li ze d. 2 Latest 5 months of HFR data are estimated by HF R and may change in the future. 3 Burgiss Private iQ Global P ri va te E quity data is as at D ecember 31, 2018 Returns of the Major C apital Markets Period Ending 06/30/2019 Page 5 Page 6 Deferred Compensation Summary Page 7 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 71,381,854 100.0 Tier I 18,861,529 26.4 Vanguard Institutional Target Retirement Income Fund 1,048,767 1.5 2.9 (28)8.6 (54)6.6 (1)5.3 (69)-- Vanguard Target Income Composite Index 3.0 (1)8.8 (53)6.7 (1)5.4 (62)-- Vanguard Institutional Target Retirement 2015 Fund 975,801 1.4 3.0 (51)9.7 (69)6.5 (36)6.7 (44)-- Vanguard Target 2015 Composite Index 3.1 (34)9.9 (62)6.6 (32)6.9 (38)-- Vanguard Institutional Target Retirement 2020 Fund 2,925,589 4.1 3.2 (39)11.3 (37)6.6 (30)7.9 (26)-- Vanguard Target 2020 Composite Index 3.3 (25)11.5 (32)6.7 (29)8.0 (18)-- Vanguard Institutional Target Retirement 2025 Fund 5,738,199 8.0 3.4 (25)12.5 (29)6.7 (31)8.8 (28)-- Vanguard Target 2025 Composite Index 3.4 (22)12.6 (23)6.8 (26)8.9 (14)-- Vanguard Institutional Target Retirement 2030 Fund 3,087,568 4.3 3.4 (43)13.3 (40)6.5 (31)9.5 (36)-- Vanguard Target 2030 Composite Index 3.5 (28)13.4 (37)6.6 (28)9.7 (28)-- Vanguard Institutional Target Retirement 2035 Fund 3,211,845 4.5 3.4 (39)14.1 (59)6.3 (31)10.2 (38)-- Vanguard Target 2035 Composite Index 3.5 (33)14.2 (56)6.4 (22)10.4 (34)-- Vanguard Institutional Target Retirement 2040 Fund 2,670,737 3.7 3.5 (45)14.8 (53)6.0 (37)10.8 (32)-- Vanguard Target 2040 Composite Index 3.6 (31)15.0 (51)6.2 (28)11.1 (24)-- Vanguard Institutional Target Retirement 2045 Fund 3,853,872 5.4 3.5 (48)15.4 (53)5.9 (40)11.1 (29)-- Vanguard Target 2045 Composite Index 3.6 (36)15.6 (51)6.1 (30)11.3 (16)-- Vanguard Institutional Target Retirement 2050 Fund 2,341,930 3.3 3.5 (45)15.4 (64)5.9 (42)11.1 (43)-- Vanguard Target 2050 Composite Index 3.6 (34)15.6 (54)6.1 (32)11.3 (25)-- Vanguard Institutional Target Retirement 2055 Fund 1,002,876 1.4 3.5 (45)15.4 (64)6.0 (33)11.1 (46)-- Vanguard Target 2055 Composite Index 3.6 (39)15.6 (61)6.1 (26)11.3 (32)-- Vanguard Institutional Target Retirement 2060 Fund 459,303 0.6 3.5 (68)15.4 (77)5.9 (27)11.1 (62)-- Vanguard Target 2060 Composite Index 3.6 (54)15.6 (75)6.1 (23)11.3 (43)-- Vanguard Institutional Target Retirement 2065 Fund 16,798 0.0 3.6 (62)15.5 (76)5.9 (28)--- Vanguard Target 2065 Composite Index 3.6 (54)15.6 (75)6.1 (23)--- Asset Allocation & Performance As of June 30, 2019 Page 8 Asset Allocation & Performance As of June 30, 2019 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Tier II 25,708,131 36.0 Vanguard Institutional Index Fund 10,771,131 15.1 4.3 (49)18.5 (50)10.4 (41)14.2 (48)10.7 (39)14.7 (31) S&P 500 Index 4.3 (49)18.5 (50)10.4 (41)14.2 (47)10.7 (38)14.7 (30) Vanguard Mid-Cap Index Fund 4,337,454 6.1 4.4 (51)21.9 (41)7.8 (43)12.3 (51)8.8 (41)15.2 (24) Vanguard Spliced Mid Cap Index 4.4 (51)21.9 (41)7.8 (42)12.4 (50)8.9 (41)15.3 (24) Vanguard Small-Cap Index Fund 3,181,432 4.5 2.9 (21)19.5 (12)2.3 (9)12.4 (19)7.7 (23)14.8 (10) Vanguard Spliced Small Cap Index 2.9 (21)19.5 (12)2.3 (9)12.4 (19)7.7 (23)14.8 (11) Vanguard Total Bond Market Index Fund 3,717,370 5.2 3.1 (48)6.1 (69)7.9 (42)2.2 (70)2.9 (48)3.8 (72) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.2 (35)6.2 (57)8.0 (30)2.3 (63)3.0 (38)3.9 (70) Vanguard Balanced Index Fund 5,275,348 7.4 3.7 (14)13.7 (35)8.9 (6)9.4 (32)7.4 (5)10.5 (21) Vanguard Balanced Composite Index 3.8 (13)13.7 (34)8.9 (6)9.4 (31)7.5 (5)10.7 (18) Tier III 25,406,054 35.6 Vanguard Windsor II Fund 9,132,310 12.8 3.9 (43)16.3 (34)7.2 (49)11.0 (49)7.2 (60)12.6 (52) Russell 1000 Value Index 3.8 (43)16.2 (37)8.5 (40)10.2 (73)7.5 (51)13.2 (32) Vanguard U.S. Growth Fund 6,973,187 9.8 5.7 (27)22.8 (34)11.7 (35)18.7 (40)13.5 (35)15.9 (36) Russell 1000 Growth Index 4.6 (56)21.5 (51)11.6 (37)18.1 (48)13.4 (36)16.3 (22) Vanguard International Growth Fund 4,102,008 5.7 3.2 (91)18.6 (46)-0.4 (91)15.4 (1)6.8 (8)10.1 (5) Vanguard Spliced International Index 3.0 (96)13.6 (98)1.3 (70)9.4 (46)2.2 (74)6.1 (82) Vanguard Prime Money Market Fund 2,482,095 3.5 0.6 (14)1.2 (14)2.3 (13)1.5 (11)0.9 (12)0.5 (15) ICE BofAML 3 Month U.S. T-Bill 0.6 (2)1.2 (10)2.3 (14)1.4 (16)0.9 (17)0.5 (16) Vanguard Retirement Savings Trust III 3,704,242 5.2 0.6 (13)1.3 (13)2.4 (14)2.1 (5)2.1 (4)2.4 (16) ICE BofAML 3 Month U.S. T-Bill 0.6 (13)1.2 (13)2.3 (22)1.4 (94)0.9 (100)0.5 (100) Tier IV 1,406,140 2.0 Loan Fund 1,406,140 2.0 ------ Page 9 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund -2.0 (18)8.5 (72)5.3 (75)----- Vanguard Target Income Composite Index -2.0 (15)8.7 (71)5.4 (74)----- Vanguard Institutional Target Retirement 2015 Fund -2.9 (17)11.5 (50)6.3 (64)----- Vanguard Target 2015 Composite Index -2.9 (14)11.6 (46)6.4 (55)----- Vanguard Institutional Target Retirement 2020 Fund -4.2 (44)14.1 (19)7.0 (34)----- Vanguard Target 2020 Composite Index -4.1 (41)14.2 (16)7.2 (31)----- Vanguard Institutional Target Retirement 2025 Fund -5.0 (42)15.9 (28)7.6 (21)----- Vanguard Target 2025 Composite Index -5.0 (42)16.1 (26)7.7 (20)----- Vanguard Institutional Target Retirement 2030 Fund -5.8 (41)17.6 (37)8.0 (35)----- Vanguard Target 2030 Composite Index -5.7 (39)17.7 (36)8.1 (32)----- Vanguard Institutional Target Retirement 2035 Fund -6.6 (32)19.1 (39)8.4 (39)----- Vanguard Target 2035 Composite Index -6.5 (31)19.2 (37)8.6 (32)----- Vanguard Institutional Target Retirement 2040 Fund -7.3 (34)20.7 (31)8.8 (30)----- Vanguard Target 2040 Composite Index -7.2 (32)20.9 (28)9.0 (25)----- Vanguard Institutional Target Retirement 2045 Fund -7.9 (37)21.5 (26)8.9 (35)----- Vanguard Target 2045 Composite Index -7.8 (35)21.5 (24)9.1 (30)----- Vanguard Institutional Target Retirement 2050 Fund -7.9 (35)21.5 (40)8.9 (36)----- Vanguard Target 2050 Composite Index -7.8 (33)21.5 (33)9.1 (32)----- Vanguard Institutional Target Retirement 2055 Fund -7.8 (31)21.5 (51)8.9 (32)----- Vanguard Target 2055 Composite Index -7.8 (30)21.5 (45)9.1 (30)----- Vanguard Institutional Target Retirement 2060 Fund -7.9 (30)21.4 (69)8.9 (31)----- Vanguard Target 2060 Composite Index -7.8 (27)21.5 (63)9.1 (26)----- Vanguard Institutional Target Retirement 2065 Fund -7.8 (29)------- Vanguard Target 2065 Composite Index -7.8 (27)------- Asset Allocation & Performance As of June 30, 2019 Page 10 Asset Allocation & Performance As of June 30, 2019 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Tier II Vanguard Institutional Index Fund -4.4 (49)21.8 (51)11.9 (31)1.4 (48)13.7 (19)32.3 (56)16.0 (47)2.1 (24) S&P 500 Index -4.4 (48)21.8 (51)12.0 (31)1.4 (47)13.7 (19)32.4 (56)16.0 (46)2.1 (24) Vanguard Mid-Cap Index Fund -9.2 (49)19.3 (48)11.2 (56)-1.3 (41)13.8 (9)35.2 (51)16.0 (44)-2.0 (41) Vanguard Spliced Mid Cap Index -9.2 (49)19.3 (48)11.2 (56)-1.3 (40)13.8 (9)35.2 (51)16.0 (43)-1.9 (39) Vanguard Small-Cap Index Fund -9.3 (24)16.2 (20)18.3 (79)-3.6 (32)7.5 (10)37.8 (59)18.2 (26)-2.7 (45) Vanguard Spliced Small Cap Index -9.3 (24)16.2 (20)18.3 (79)-3.7 (33)7.5 (10)37.8 (59)18.2 (26)-2.8 (46) Vanguard Total Bond Market Index Fund 0.0 (21)3.6 (62)2.6 (65)0.4 (46)5.9 (41)-2.1 (71)4.2 (79)7.7 (20) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -0.1 (24)3.6 (57)2.8 (61)0.4 (41)5.9 (45)-2.0 (62)4.3 (77)7.9 (10) Vanguard Balanced Index Fund -2.8 (14)13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40)11.5 (58)4.3 (7) Vanguard Balanced Composite Index -2.8 (14)13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39)11.7 (56)4.7 (6) Tier III Vanguard Windsor II Fund -8.5 (50)16.9 (46)13.5 (67)-3.1 (49)11.3 (50)30.8 (78)16.8 (40)2.8 (24) Russell 1000 Value Index -8.3 (48)13.7 (83)17.3 (25)-3.8 (68)13.5 (11)32.5 (49)17.5 (29)0.4 (43) Vanguard U.S. Growth Fund 0.7 (34)31.8 (30)-0.6 (79)8.6 (21)13.2 (27)35.7 (33)18.5 (20)-0.5 (47) Russell 1000 Growth Index -1.5 (61)30.2 (47)7.1 (8)5.7 (55)13.1 (28)33.5 (57)15.3 (54)2.6 (15) Vanguard International Growth Fund -12.6 (34)43.2 (1)1.8 (26)-0.5 (56)-5.5 (73)23.1 (8)20.2 (49)-13.6 (75) Vanguard Spliced International Index -14.2 (49)27.2 (53)4.5 (17)-5.7 (90)-3.9 (30)15.3 (81)16.8 (75)-13.7 (77) Vanguard Prime Money Market Fund 2.0 (12)1.0 (11)0.5 (5)0.0 (20)0.0 (53)0.0 (31)0.0 (29)0.0 (26) ICE BofAML 3 Month U.S. T-Bill 1.9 (15)0.9 (17)0.3 (15)0.1 (20)0.0 (17)0.1 (11)0.1 (17)0.1 (14) Vanguard Retirement Savings Trust III 2.2 (7)1.9 (4)2.0 (3)2.0 (3)2.0 (8)1.9 (22)2.5 (18)3.1 (25) ICE BofAML 3 Month U.S. T-Bill 1.9 (49)0.9 (100)0.3 (100)0.1 (100)0.0 (100)0.1 (93)0.1 (100)0.1 (100) Tier IV Loan Fund -------- Page 11 4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2 10.8 11.4 12.0 Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement 2045- 2060 Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2015 Fund Tier I Funds Risk and Return 3 Years Ending June 30, 2019 Calculation based on monthly periodicity. Page 12 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 13.5 15.0 16.5 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Total Bond Market Index Fund Vanguard Small-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier II Funds Risk and Return 3 Years Ending June 30, 2019 Calculation based on monthly periodicity. Page 13 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust III Vanguard Prime Money Market Fund Vanguard International Growth Fund Tier III Funds Risk and Return 3 Years Ending June 30, 2019 Calculation based on monthly periodicity. Page 14 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 32,805,666 46.0 3,744,836 5.2 3,572,432 5.0 3,700,859 5.2 23,929,045 33.5 3,629,017 5.1 71,381,854 100.0 Tier I 18,861,529 100.0 18,861,529 26.4 Vanguard Institutional Target Retirement Income Fund 998,191 100.0 998,191 1.4 Vanguard Institutional Target Retirement 2015 Fund 969,448 100.0 969,448 1.4 Vanguard Institutional Target Retirement 2020 Fund 2,775,429 100.0 2,775,429 3.9 Vanguard Institutional Target Retirement 2025 Fund 5,000,835 100.0 5,000,835 7.0 Vanguard Institutional Target Retirement 2030 Fund 2,427,597 100.0 2,427,597 3.4 Vanguard Institutional Target Retirement 2035 Fund 2,056,208 100.0 2,056,208 2.9 Vanguard Institutional Target Retirement 2040 Fund 1,384,710 100.0 1,384,710 1.9 Vanguard Institutional Target Retirement 2045 Fund 1,721,050 100.0 1,721,050 2.4 Vanguard Institutional Target Retirement 2050 Fund 1,103,104 100.0 1,103,104 1.5 Vanguard Institutional Target Retirement 2055 Fund 249,151 100.0 249,151 0.3 Vanguard Institutional Target Retirement 2060 Fund 170,276 100.0 170,276 0.2 Vanguard Institutional Target Retirement 2065 Fund 5,528 100.0 5,528 0.0 Tier II 17,068,183 66.4 3,572,432 13.9 5,067,516 19.7 25,708,131 36.0 Vanguard Institutional Index Fund 10,117,090 100.0 10,117,090 14.2 Vanguard Mid-Cap Index Fund 3,971,518 100.0 3,971,518 5.6 Vanguard Small-Cap Index Fund 2,979,575 100.0 2,979,575 4.2 Vanguard Total Bond Market Index Fund 3,572,432 100.0 3,572,432 5.0 Vanguard Balanced Index Fund 5,067,516 100.0 5,067,516 7.1 Tier III 15,737,483 61.9 3,744,836 14.7 2,294,719 9.0 3,629,017 14.3 25,406,054 35.6 Vanguard Windsor II Fund 8,952,446 100.0 8,952,446 12.5 Vanguard U.S. Growth Fund 6,785,037 100.0 6,785,037 9.5 Vanguard International Growth Fund 3,744,836 100.0 3,744,836 5.2 Vanguard Prime Money Market Fund 2,294,719 100.0 2,294,719 3.2 Vanguard Retirement Savings Trust III 3,629,017 100.0 3,629,017 5.1 Tier IV 1,406,140 100.0 1,406,140 2.0 Loan Fund 1,406,140 100.0 1,406,140 2.0 Total Deferred Compensation Asset Allocation As of June 30, 2019 ($) Page 15 This Page Left Blank Intentionally Writeup Page 16 Tier I Page 17 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement Income Fund Performance Summary Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.0 8.8 6.7 5.4 4.9 2.9 8.6 6.6 5.3 4.8 Product Name :Vanguard ITR Inc;Inst (VITRX) Fund Family :Vanguard Group Inc Ticker :VITRX Peer Group :IM Retirement Income (MF) Benchmark :Vanguard Target Income Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$6,055.90 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement Income Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 18 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement Income Fund 2.9 (28)8.6 (54)6.6 (1)5.3 (69)-2.0 (18)8.5 (72)¢ Vanguard Target Income Composite Index 3.0 (1)8.8 (53)6.7 (1)5.4 (62)-2.0 (15)8.7 (71)˜ 5th Percentile 3.0 10.8 6.2 8.0 -1.8 14.0 1st Quartile 2.9 9.6 5.4 7.2 -2.2 12.5 Median 2.7 9.2 5.3 6.1 -3.7 10.8 3rd Quartile 2.5 7.5 5.2 4.8 -4.7 8.2 95th Percentile 1.9 7.0 3.9 4.1 -6.6 5.5 Population 17 17 17 17 17 17 Peer Group Analysis As of June 30, 2019 IM Retirement Income (MF) Parentheses contain percentile rankings. Page 19 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.15 0.17 -0.91 1.00 1.02 -0.13 1.00 5.26 3.80 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 1.05 0.00 1.00 5.42 3.81 1.00 FTSE 3 Month T-Bill -4.01 3.80 -1.05 0.00 N/A 1.34 0.00 1.36 0.23 0.05 Vanguard Institutional Target Retirement Income Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement Income Fund Page 20 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.0% 1.5% 28.5% 70.0% Fund Characteristics As of 05/31/2019 Total Securities 6 Avg. Market Cap $41,156.19 Million P/E 7.21 P/B 1.60 Div. Yield 0.78% Annual EPS 6.97 5Yr EPS 4.07 3Yr EPS Growth 5.09 Sector/Quality Allocation As of 05/31/2019 0.0%3.0%6.0%9.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 6.2% 4.6% 4.0% 3.2% 3.0% 3.0% 1.6% 1.2% 0.9% 0.7% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of June 30, 2019 Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2015 Fund Performance Summary Vanguard Institutional Target Retirement 2015 Fund Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.1 9.9 6.6 6.9 5.7 3.0 9.7 6.5 6.7 5.5 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$8,475.50 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2015 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 22 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2015 Fund 3.0 (51)9.7 (69)6.5 (36)6.7 (44)-2.9 (17)11.5 (50)¢ Vanguard Target 2015 Composite Index 3.1 (34)9.9 (62)6.6 (32)6.9 (38)-2.9 (14)11.6 (46)˜ 5th Percentile 3.3 11.1 7.3 7.7 -2.7 14.0 1st Quartile 3.2 10.8 6.7 7.1 -3.0 12.5 Median 3.0 10.2 6.1 6.6 -3.7 11.5 3rd Quartile 2.8 9.7 5.7 6.0 -4.4 10.8 95th Percentile 2.7 8.9 5.2 5.1 -5.1 8.7 Population 23 23 23 23 26 26 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 23 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.16 0.21 -0.75 1.00 1.09 -0.10 0.99 6.70 4.81 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 1.12 0.00 1.00 6.86 4.85 1.00 FTSE 3 Month T-Bill -5.42 4.86 -1.12 0.00 N/A 1.37 0.00 1.36 0.23 -0.04 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2015 Fund Page 24 Asset Allocation As of 05/31/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 1.6% 37.0% 61.4% Fund Characteristics As of 05/31/2019 Total Securities 6 Avg. Market Cap $53,487.35 Million P/E 9.35 P/B 2.07 Div. Yield 1.02% Annual EPS 9.05 5Yr EPS 5.28 3Yr EPS Growth 6.60 Sector/Quality Allocation As of 05/31/2019 0.0%3.0%6.0%9.0%12.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 8.0% 6.0% 5.2% 4.2% 3.9% 3.9% 2.1% 1.5% 1.2% 0.9% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of June 30, 2019 Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2020 Fund Performance Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.3 11.5 6.7 8.0 6.4 3.2 11.3 6.6 7.9 6.2 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$23,117.40 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2020 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 26 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2020 Fund 3.2 (39)11.3 (37)6.6 (30)7.9 (26)-4.2 (44)14.1 (19)¢ Vanguard Target 2020 Composite Index 3.3 (25)11.5 (32)6.7 (29)8.0 (18)-4.1 (41)14.2 (16)˜ 5th Percentile 3.6 12.2 7.3 8.3 -2.8 15.3 1st Quartile 3.3 11.6 7.0 7.9 -3.8 13.9 Median 3.1 10.9 6.2 7.1 -4.3 13.1 3rd Quartile 3.0 10.3 5.5 6.7 -5.2 12.1 95th Percentile 2.2 7.5 4.2 4.7 -6.2 8.4 Population 37 37 37 37 40 40 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2020 (MF) Parentheses contain percentile rankings. Page 27 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.17 0.25 -0.70 1.00 1.03 -0.16 1.00 7.86 6.22 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 1.06 0.00 1.00 8.05 6.22 1.00 FTSE 3 Month T-Bill -6.61 6.25 -1.06 0.01 N/A 1.38 0.00 1.36 0.23 -0.07 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2020 Fund Page 28 Asset Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.7% 48.3% 49.9% Fund Characteristics As of 05/31/2019 Total Securities 6 Avg. Market Cap $72,134.33 Million P/E 12.62 P/B 2.80 Div. Yield 1.37% Annual EPS 12.22 5Yr EPS 7.13 3Yr EPS Growth 8.91 Sector/Quality Allocation As of 05/31/2019 0.0%5.0%10.0%15.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 10.8% 8.1% 7.0% 5.6% 5.3% 5.2% 2.8% 2.0% 1.6% 1.2% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of June 30, 2019 Page 29 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2025 Fund Performance Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.4 12.6 6.8 8.9 6.9 3.4 12.5 6.7 8.8 6.7 Product Name :Vanguard ITR 2025;Inst (VRIVX) Fund Family :Vanguard Group Inc Ticker :VRIVX Peer Group :IM Mixed-Asset Target 2025 (MF) Benchmark :Vanguard Target 2025 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$30,943.10 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :9% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 30 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2025 Fund 3.4 (25)12.5 (29)6.7 (31)8.8 (28)-5.0 (42)15.9 (28)¢ Vanguard Target 2025 Composite Index 3.4 (22)12.6 (23)6.8 (26)8.9 (14)-5.0 (42)16.1 (26)˜ 5th Percentile 3.6 13.4 7.3 9.1 -3.2 17.1 1st Quartile 3.4 12.5 6.8 8.8 -4.4 16.1 Median 3.2 12.1 6.2 8.2 -5.3 15.2 3rd Quartile 3.1 11.4 5.5 7.4 -6.0 13.7 95th Percentile 2.5 8.6 4.9 5.8 -6.5 10.7 Population 39 39 39 39 41 41 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2025 (MF) Parentheses contain percentile rankings. Page 31 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.17 0.30 -0.59 1.00 1.01 -0.17 1.00 8.75 7.22 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 1.04 0.00 1.00 8.94 7.22 1.00 FTSE 3 Month T-Bill -7.50 7.24 -1.04 0.01 N/A 1.38 0.00 1.36 0.23 -0.09 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2025 Fund Page 32 Asset Allocation As of 05/31/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.9% 38.8% 59.2% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $85,717.48 Million P/E 14.98 P/B 3.32 Div. Yield 1.63% Annual EPS 14.51 5Yr EPS 8.46 3Yr EPS Growth 10.58 Sector/Quality Allocation As of 05/31/2019 0.0%5.0%10.0%15.0%20.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 12.8% 9.6% 8.3% 6.7% 6.3% 6.2% 3.4% 2.4% 1.9% 1.4% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of June 30, 2019 Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2030 Fund Performance Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.5 13.4 6.6 9.7 7.2 3.4 13.3 6.5 9.5 7.0 Product Name :Vanguard ITR 2030;Inst (VTTWX) Fund Family :Vanguard Group Inc Ticker :VTTWX Peer Group :IM Mixed-Asset Target 2030 (MF) Benchmark :Vanguard Target 2030 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$28,876.20 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 34 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2030 Fund 3.4 (43)13.3 (40)6.5 (31)9.5 (36)-5.8 (41)17.6 (37)¢ Vanguard Target 2030 Composite Index 3.5 (28)13.4 (37)6.6 (28)9.7 (28)-5.7 (39)17.7 (36)˜ 5th Percentile 3.7 14.5 7.3 10.3 -4.2 19.2 1st Quartile 3.5 13.8 6.7 9.7 -5.2 18.3 Median 3.3 13.1 6.1 9.0 -6.2 17.2 3rd Quartile 3.2 12.5 5.5 8.2 -7.0 15.8 95th Percentile 2.7 10.6 4.0 7.1 -8.1 13.4 Population 39 39 39 39 42 42 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2030 (MF) Parentheses contain percentile rankings. Page 35 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.19 0.32 -0.58 1.00 0.99 -0.21 1.00 9.46 8.07 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 1.02 0.00 1.00 9.66 8.05 1.00 FTSE 3 Month T-Bill -8.23 8.08 -1.02 0.01 N/A 1.39 0.00 1.36 0.23 -0.10 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2030 Fund Page 36 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.9% 31.4% 66.6% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $96,371.51 Million P/E 16.84 P/B 3.74 Div. Yield 1.83% Annual EPS 16.31 5Yr EPS 9.51 3Yr EPS Growth 11.90 Sector/Quality Allocation As of 05/31/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 14.4% 10.8% 9.3% 7.5% 7.0% 7.0% 3.8% 2.7% 2.1% 1.6% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of June 30, 2019 Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2035 Fund Performance Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.5 14.2 6.4 10.4 7.5 3.4 14.1 6.3 10.2 7.3 Product Name :Vanguard ITR 2035;Inst (VITFX) Fund Family :Vanguard Group Inc Ticker :VITFX Peer Group :IM Mixed-Asset Target 2035 (MF) Benchmark :Vanguard Target 2035 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$26,284.50 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 38 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2035 Fund 3.4 (39)14.1 (59)6.3 (31)10.2 (38)-6.6 (32)19.1 (39)¢ Vanguard Target 2035 Composite Index 3.5 (33)14.2 (56)6.4 (22)10.4 (34)-6.5 (31)19.2 (37)˜ 5th Percentile 3.8 15.8 7.0 11.2 -5.7 21.1 1st Quartile 3.6 14.8 6.4 10.6 -6.3 20.0 Median 3.3 14.3 5.8 9.7 -7.2 18.9 3rd Quartile 3.2 13.7 5.1 9.2 -7.6 18.0 95th Percentile 2.8 12.6 4.0 8.5 -8.7 16.0 Population 37 37 37 37 39 39 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2035 (MF) Parentheses contain percentile rankings. Page 39 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.20 0.36 -0.54 1.00 0.98 -0.23 1.00 10.16 8.93 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 1.00 0.00 1.00 10.38 8.89 1.00 FTSE 3 Month T-Bill -8.95 8.92 -1.00 0.01 N/A 1.39 0.00 1.36 0.23 -0.12 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2035 Fund Page 40 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.0% 24.0% 74.0% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $106,897.16 Million P/E 18.70 P/B 4.15 Div. Yield 2.03% Annual EPS 18.10 5Yr EPS 10.56 3Yr EPS Growth 13.21 Sector/Quality Allocation As of 05/31/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 16.0% 12.0% 10.3% 8.3% 7.8% 7.7% 4.2% 3.0% 2.3% 1.8% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of June 30, 2019 Page 41 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2040 Fund Performance Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.6 15.0 6.2 11.1 7.8 3.5 14.8 6.0 10.8 7.6 Product Name :Vanguard ITR 2040;Inst (VIRSX) Fund Family :Vanguard Group Inc Ticker :VIRSX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$22,873.00 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 42 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2040 Fund 3.5 (45)14.8 (53)6.0 (37)10.8 (32)-7.3 (34)20.7 (31)¢ Vanguard Target 2040 Composite Index 3.6 (31)15.0 (51)6.2 (28)11.1 (24)-7.2 (32)20.9 (28)˜ 5th Percentile 4.0 16.5 6.9 11.4 -6.2 22.0 1st Quartile 3.6 15.6 6.3 11.1 -7.0 21.0 Median 3.4 15.0 5.7 10.3 -7.9 20.3 3rd Quartile 3.2 14.2 4.6 9.7 -8.5 18.8 95th Percentile 2.6 12.9 3.7 9.1 -9.5 16.3 Population 37 37 37 37 40 40 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2040 (MF) Parentheses contain percentile rankings. Page 43 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.21 0.42 -0.51 1.00 0.96 -0.26 1.00 10.84 9.79 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.99 0.00 1.00 11.08 9.74 1.00 FTSE 3 Month T-Bill -9.67 9.77 -0.99 0.02 N/A 1.39 0.00 1.36 0.23 -0.13 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2040 Fund Page 44 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.0% 16.4% 81.5% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $118,016.55 Million P/E 20.60 P/B 4.57 Div. Yield 2.24% Annual EPS 19.97 5Yr EPS 11.64 3Yr EPS Growth 14.56 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 17.6% 13.2% 11.3% 9.2% 8.6% 8.5% 4.6% 3.3% 2.6% 2.0% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of June 30, 2019 Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2045 Fund Performance Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.6 15.6 6.1 11.3 8.0 3.5 15.4 5.9 11.1 7.8 Product Name :Vanguard ITR 2045;Inst (VITLX) Fund Family :Vanguard Group Inc Ticker :VITLX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$19,366.30 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 46 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2045 Fund 3.5 (48)15.4 (53)5.9 (40)11.1 (29)-7.9 (37)21.5 (26)¢ Vanguard Target 2045 Composite Index 3.6 (36)15.6 (51)6.1 (30)11.3 (16)-7.8 (35)21.5 (24)˜ 5th Percentile 4.1 16.9 6.8 11.6 -6.7 22.7 1st Quartile 3.7 16.1 6.2 11.2 -7.3 21.5 Median 3.4 15.6 5.6 10.9 -8.0 21.0 3rd Quartile 3.2 14.9 4.5 10.2 -8.9 19.8 95th Percentile 2.8 13.9 3.5 9.6 -9.8 18.4 Population 37 37 37 37 39 39 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2045 (MF) Parentheses contain percentile rankings. Page 47 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.21 0.44 -0.48 1.00 0.94 -0.24 1.00 11.10 10.35 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 11.33 10.31 1.00 FTSE 3 Month T-Bill -9.96 10.34 -0.96 0.02 N/A 1.39 0.00 1.36 0.23 -0.13 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2045 Fund Page 48 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.0% 10.5% 87.4% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $126,072.22 Million P/E 22.08 P/B 4.89 Div. Yield 2.40% Annual EPS 21.36 5Yr EPS 12.46 3Yr EPS Growth 15.59 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.9% 14.1% 12.2% 9.8% 9.2% 9.1% 5.0% 3.5% 2.7% 2.1% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of June 30, 2019 Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2050 Fund Performance Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.6 15.6 6.1 11.3 8.0 3.5 15.4 5.9 11.1 7.8 Product Name :Vanguard ITR 2050;Inst (VTRLX) Fund Family :Vanguard Group Inc Ticker :VTRLX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$14,280.70 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 50 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2050 Fund 3.5 (45)15.4 (64)5.9 (42)11.1 (43)-7.9 (35)21.5 (40)¢ Vanguard Target 2050 Composite Index 3.6 (34)15.6 (54)6.1 (32)11.3 (25)-7.8 (33)21.5 (33)˜ 5th Percentile 4.1 17.4 6.7 11.7 -7.0 23.1 1st Quartile 3.7 16.2 6.2 11.3 -7.4 21.9 Median 3.4 15.6 5.7 11.0 -8.3 21.3 3rd Quartile 3.2 14.9 4.2 10.2 -9.2 20.2 95th Percentile 2.7 13.9 3.4 9.5 -10.2 18.5 Population 37 37 37 37 40 41 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2050 (MF) Parentheses contain percentile rankings. Page 51 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.23 0.42 -0.55 1.00 0.94 -0.27 1.00 11.07 10.35 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 11.33 10.31 1.00 FTSE 3 Month T-Bill -9.96 10.34 -0.96 0.02 N/A 1.39 0.00 1.36 0.23 -0.13 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2050 Fund Page 52 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.0% 10.5% 87.4% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $126,149.12 Million P/E 22.08 P/B 4.90 Div. Yield 2.40% Annual EPS 21.36 5Yr EPS 12.47 3Yr EPS Growth 15.59 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.9% 14.1% 12.2% 9.8% 9.2% 9.1% 5.0% 3.5% 2.7% 2.1% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of June 30, 2019 Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2055 Fund Performance Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.6 15.6 6.1 11.3 8.0 3.5 15.4 6.0 11.1 7.8 Product Name :Vanguard ITR 2055;Inst (VIVLX) Fund Family :Vanguard Group Inc Ticker :VIVLX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$6,837.50 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 54 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2055 Fund 3.5 (45)15.4 (64)6.0 (33)11.1 (46)-7.8 (31)21.5 (51)¢ Vanguard Target 2055 Composite Index 3.6 (39)15.6 (61)6.1 (26)11.3 (32)-7.8 (30)21.5 (45)˜ 5th Percentile 4.2 17.7 6.8 11.8 -7.0 24.1 1st Quartile 3.7 16.2 6.1 11.4 -7.7 22.1 Median 3.5 15.8 5.6 11.1 -8.3 21.5 3rd Quartile 3.2 15.1 4.1 10.3 -9.3 20.5 95th Percentile 2.9 14.0 3.3 10.0 -10.5 19.3 Population 36 36 36 36 37 37 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2055 (MF) Parentheses contain percentile rankings. Page 55 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.21 0.43 -0.49 1.00 0.94 -0.22 1.00 11.10 10.33 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 11.33 10.31 1.00 FTSE 3 Month T-Bill -9.96 10.34 -0.96 0.02 N/A 1.39 0.00 1.36 0.23 -0.13 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2055 Fund Page 56 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.0% 10.4% 87.4% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $126,221.11 Million P/E 22.09 P/B 4.90 Div. Yield 2.40% Annual EPS 21.38 5Yr EPS 12.48 3Yr EPS Growth 15.60 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.9% 14.1% 12.2% 9.8% 9.2% 9.1% 5.0% 3.5% 2.7% 2.1% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of June 30, 2019 Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2060 Fund Performance Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 3.6 15.6 6.1 11.3 8.0 3.5 15.4 5.9 11.1 7.8 Product Name :Vanguard ITR 2060;Inst (VILVX) Fund Family :Vanguard Group Inc Ticker :VILVX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$2,093.30 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 58 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2060 Fund 3.5 (68)15.4 (77)5.9 (27)11.1 (62)-7.9 (30)21.4 (69)¢ Vanguard Target 2060 Composite Index 3.6 (54)15.6 (75)6.1 (23)11.3 (43)-7.8 (27)21.5 (63)˜ 5th Percentile 3.9 17.1 6.9 11.9 -7.2 23.3 1st Quartile 3.8 16.4 6.0 11.5 -7.7 22.0 Median 3.6 16.2 5.6 11.3 -8.2 21.7 3rd Quartile 3.5 15.6 4.4 11.0 -9.1 21.3 95th Percentile 3.1 14.3 3.3 9.9 -10.4 19.3 Population 14 14 14 14 14 14 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 59 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 6/18 9/18 12/18 3/19 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.22 0.43 -0.50 1.00 0.94 -0.29 1.01 11.08 10.39 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 11.33 10.31 1.00 FTSE 3 Month T-Bill -9.96 10.34 -0.96 0.02 N/A 1.39 0.00 1.36 0.23 -0.13 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of June 30, 2019Vanguard Institutional Target Retirement 2060 Fund Page 60 Asset Allocation As of 05/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 2.1% 10.3% 87.5% Fund Characteristics As of 05/31/2019 Total Securities 5 Avg. Market Cap $126,469.95 Million P/E 22.13 P/B 4.91 Div. Yield 2.41% Annual EPS 21.42 5Yr EPS 12.49 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.9% 14.2% 12.2% 9.9% 9.2% 9.1% 5.0% 3.5% 2.7% 2.1% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of June 30, 2019 Page 61 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Institutional Target Retirement 2065 Fund Performance Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year Inception 8/1/17 3.6 15.6 6.1 7.6 3.6 15.5 5.9 7.4 Product Name :Vanguard ITR 2065;Inst (VSXFX) Fund Family :Vanguard Group Inc Ticker :VSXFX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2065 Composite Index Fund Inception :07/12/2017 Portfolio Manager :Coleman/Nejman Total Assets :$182.90 Million Total Assets Date :05/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :28% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % 12/17 3/18 6/18 9/18 12/18 3/19 6/19 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.99 1.00 1.01 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 6/19 1.00 Page 62 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 Return1 Quarter Year To Date 1 Year Vanguard Institutional Target Retirement 2065 Fund 3.6 (62)15.5 (76)5.9 (28)¢ Vanguard Target 2065 Composite Index 3.6 (54)15.6 (75)6.1 (23)˜ 5th Percentile 3.9 17.1 6.9 1st Quartile 3.8 16.4 6.0 Median 3.6 16.2 5.6 3rd Quartile 3.5 15.6 4.4 95th Percentile 3.1 14.3 3.3 Population 14 14 14 Peer Group Analysis As of June 30, 2019 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 12/31/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.5% 10.9% 88.5% Fund Characteristics As of 12/31/2018 Total Securities 6 Avg. Market Cap $102,648.94 Million P/E 19.73 P/B 4.45 Div. Yield 2.72% Annual EPS 21.65 5Yr EPS 10.86 3Yr EPS Growth 11.23 Sector/Quality Allocation As of 12/31/2018 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.1% 13.2% 11.8% 10.5% 10.3% 9.3% 5.0% 3.8% 2.9% 2.3% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of June 30, 2019 Page 64 Tier II Page 65 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 4.3 18.5 10.4 14.2 10.7 14.7 4.3 18.5 10.4 14.2 10.7 14.7 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard Group Inc Ticker :VINIX Peer Group :IM U.S. Large Cap Equity (MF) Benchmark :S&P 500 Index Fund Inception :07/31/1990 Portfolio Manager :Butler/Louie Total Assets :$108,047.10 Million Total Assets Date :05/31/2019 Gross Expense :0.04% Net Expense :0.04% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 66 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Institutional Index Fund 4.3 (49)18.5 (50)10.4 (41)14.2 (48)10.7 (39)14.7 (31)-4.4 (49)21.8 (51)11.9 (31)¢ S&P 500 Index 4.3 (49)18.5 (50)10.4 (41)14.2 (47)10.7 (38)14.7 (30)-4.4 (48)21.8 (51)12.0 (31)˜ 5th Percentile 6.8 25.1 15.5 21.1 14.5 16.9 3.0 34.8 18.3 1st Quartile 5.2 21.0 11.7 16.9 12.1 15.0 -1.3 27.6 12.9 Median 4.3 18.5 9.7 13.9 10.0 13.9 -4.6 21.9 9.5 3rd Quartile 3.5 16.3 7.3 11.7 7.9 12.6 -7.3 18.2 4.1 95th Percentile 2.0 12.5 2.6 9.0 6.0 11.1 -11.1 13.2 -1.9 Population 470 470 470 470 453 313 474 488 489 Peer Group Analysis As of June 30, 2019 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 67 Asset Allocation As of 05/31/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.5% 99.5% Fund Characteristics As of 05/31/2019 Total Securities 510 Avg. Market Cap $214,269.46 Million P/E 25.49 P/B 6.83 Div. Yield 2.56% Annual EPS 31.02 5Yr EPS 16.41 3Yr EPS Growth 20.64 Sector/Quality Allocation As of 05/31/2019 0.0%10.0%20.0%30.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Telecommunication Services Materials 21.3% 18.5% 13.1% 12.9% 12.3% 7.9% 4.9% 3.4% 2.0% 2.0% Vanguard Institutional Index Fund Mutual Fund Attributes As of June 30, 2019 Page 68 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 4.4 21.9 7.8 12.4 8.9 15.3 4.4 21.9 7.8 12.3 8.8 15.2 Product Name :Vanguard Md-Cp I;Adm (VIMAX) Fund Family :Vanguard Group Inc Ticker :VIMAX Peer Group :IM U.S. Mid Cap Equity (MF) Benchmark :Vanguard Spliced Mid Cap Index Fund Inception :11/12/2001 Portfolio Manager :Butler/Johnson Total Assets :$39,939.10 Million Total Assets Date :05/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 69 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Mid-Cap Index Fund 4.4 (51)21.9 (41)7.8 (43)12.3 (51)8.8 (41)15.2 (24)-9.2 (49)19.3 (48)11.2 (56)¢ Vanguard Spliced Mid Cap Index 4.4 (51)21.9 (41)7.8 (42)12.4 (50)8.9 (41)15.3 (24)-9.2 (49)19.3 (48)11.2 (56)˜ 5th Percentile 8.6 31.7 17.8 20.8 13.4 16.4 0.6 31.3 23.7 1st Quartile 5.8 26.0 11.8 15.8 10.4 15.1 -4.9 24.5 17.4 Median 4.4 20.6 6.1 12.3 7.8 13.9 -9.7 18.7 12.1 3rd Quartile 2.8 17.4 0.6 9.4 5.8 12.7 -13.2 14.2 6.2 95th Percentile 0.6 12.9 -5.3 6.3 3.2 10.3 -18.8 9.0 1.0 Population 229 229 229 229 220 128 235 238 238 Peer Group Analysis As of June 30, 2019 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 70 Asset Allocation As of 05/31/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.9% 99.1% Fund Characteristics As of 05/31/2019 Total Securities 374 Avg. Market Cap $16,407.81 Million P/E 29.48 P/B 5.32 Div. Yield 2.45% Annual EPS 23.35 5Yr EPS 12.37 3Yr EPS Growth 16.88 Sector/Quality Allocation As of 05/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Industrials Information Technology Consumer Discretionary Consumer Staples Health Care Utilities Energy Materials Telecommunication Services 20.6% 19.8% 15.1% 11.2% 9.3% 8.4% 6.4% 4.7% 3.1% 0.4% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of June 30, 2019 Page 71 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2.9 19.5 2.3 12.4 7.7 14.8 2.9 19.5 2.3 12.4 7.7 14.8 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard Group Inc Ticker :VSMAX Peer Group :IM U.S. Small Cap Equity (MF) Benchmark :Vanguard Spliced Small Cap Index Fund Inception :11/13/2000 Portfolio Manager :Coleman/O'Reilly Total Assets :$35,398.60 Million Total Assets Date :05/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 72 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Small-Cap Index Fund 2.9 (21)19.5 (12)2.3 (9)12.4 (19)7.7 (23)14.8 (10)-9.3 (24)16.2 (20)18.3 (79)¢ Vanguard Spliced Small Cap Index 2.9 (21)19.5 (12)2.3 (9)12.4 (19)7.7 (23)14.8 (11)-9.3 (24)16.2 (20)18.3 (79)˜ 5th Percentile 6.2 23.6 6.5 20.0 11.0 15.5 0.6 25.8 34.3 1st Quartile 2.3 15.8 -4.9 11.8 7.5 14.2 -9.7 14.3 27.5 Median 1.0 13.5 -7.9 9.6 5.3 12.8 -13.1 11.2 23.6 3rd Quartile -0.4 11.0 -10.7 7.3 3.3 11.2 -16.6 8.0 18.7 95th Percentile -4.7 5.0 -18.7 4.4 -1.2 8.1 -22.7 3.1 8.2 Population 124 124 124 124 117 80 138 150 150 Peer Group Analysis As of June 30, 2019 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 73 Asset Allocation As of 05/31/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Fixed Income Other Cash Equities 0.0% 0.0% 0.1% 2.2% 97.6% Fund Characteristics As of 05/31/2019 Total Securities 1,382 Avg. Market Cap $4,673.20 Million P/E 28.09 P/B 4.92 Div. Yield 2.85% Annual EPS 24.38 5Yr EPS 13.74 3Yr EPS Growth 15.64 Sector/Quality Allocation As of 05/31/2019 0.0%10.0%20.0%30.0%40.0% Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Materials Utilities Energy Non Classified Equity 26.2% 19.7% 12.2% 11.8% 10.8% 6.1% 3.4% 3.3% 3.1% 0.6% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of June 30, 2019 Page 74 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Total Bond Market Index Fund Performance Summary Vanguard Total Bond Market Index Fund Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 3.2 6.2 8.0 2.3 3.0 3.9 3.1 6.1 7.9 2.2 2.9 3.8 Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard Group Inc Ticker :VBTLX Peer Group :IM U.S. Broad Market Core Fixed Income (MF) Benchmark :Vanguard Splc Blmbg. Barc. US Agg Flt Adj Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$97,926.30 Million Total Assets Date :05/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :54% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 75 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Total Bond Market Index Fund 3.1 (48)6.1 (69)7.9 (42)2.2 (70)2.9 (48)3.8 (72)0.0 (21)3.6 (62)2.6 (65)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.2 (35)6.2 (57)8.0 (30)2.3 (63)3.0 (38)3.9 (70)-0.1 (24)3.6 (57)2.8 (61)˜ 5th Percentile 3.5 7.7 8.6 3.4 3.4 5.5 0.6 5.1 5.2 1st Quartile 3.2 6.9 8.0 2.9 3.1 4.8 -0.1 4.2 3.8 Median 3.1 6.4 7.8 2.5 2.9 4.4 -0.5 3.8 3.0 3rd Quartile 2.9 6.0 7.3 2.2 2.6 3.8 -0.8 3.4 2.4 95th Percentile 2.1 4.7 4.9 1.6 2.1 2.9 -1.3 2.3 1.8 Population 118 118 118 118 111 82 119 125 125 Peer Group Analysis As of June 30, 2019 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 76 Asset Allocation As of 03/31/2019 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -1.3 % 0.0% 0.0% 1.9% 99.3% Fund Characteristics As of 03/31/2019 Avg. Coupon 3.21 % Nominal Maturity N/A Effective Maturity 8.08 Years Duration 5.80 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 03/31/2019 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated 71.1% 12.5% 11.9% 4.6% Maturity Distribution As of 03/31/2019 0.0%10.0%20.0%30.0%40.0%50.0% Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 3-5Yrs 1-3Yrs 5-10Yrs 0.0% 0.5% 0.6% 4.0% 13.1% 22.9% 23.8% 35.1% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of June 30, 2019 Page 77 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 3.8 13.7 8.9 9.4 7.5 10.7 3.7 13.7 8.9 9.4 7.4 10.5 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard Group Inc Ticker :VBAIX Peer Group :IM All Balanced (MF) Benchmark :Vanguard Balanced Composite Index Fund Inception :12/01/2000 Portfolio Manager :Barrickman/Coleman/O'Reily Total Assets :$9,896.70 Million Total Assets Date :05/31/2019 Gross Expense :0.06% Net Expense :0.06% Turnover :44% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Balanced Index Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Page 78 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Balanced Index Fund 3.7 (14)13.7 (35)8.9 (6)9.4 (32)7.4 (5)10.5 (21)-2.8 (14)13.9 (54)8.8 (22)¢ Vanguard Balanced Composite Index 3.8 (13)13.7 (34)8.9 (6)9.4 (31)7.5 (5)10.7 (18)-2.8 (14)13.9 (54)8.9 (22)˜ 5th Percentile 4.2 16.6 9.1 11.6 7.3 11.4 -1.4 22.1 12.2 1st Quartile 3.5 14.5 6.7 9.9 6.2 10.2 -3.8 18.7 8.6 Median 3.1 12.1 5.7 7.9 5.0 8.8 -6.0 14.3 7.0 3rd Quartile 2.7 9.9 4.1 6.0 3.8 7.3 -7.9 10.7 5.5 95th Percentile 1.0 5.3 -0.7 3.1 1.2 4.9 -10.9 5.2 2.1 Population 973 973 973 973 906 487 1,020 1,038 1,051 Peer Group Analysis As of June 30, 2019 IM All Balanced (MF) Parentheses contain percentile rankings. Page 79 Asset Allocation As of 05/31/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.0% 1.4% 39.8% 58.9% Fund Characteristics As of 05/31/2019 Total Securities 13,402 Avg. Market Cap $179,202.13 Million P/E 25.97 P/B 6.59 Div. Yield 2.61% Annual EPS 29.58 5Yr EPS 16.03 3Yr EPS Growth 20.04 Sector/Quality Allocation As of 05/31/2019 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Energy Utilities Materials Telecommunication Services 11.9% 11.6% 7.9% 7.6% 7.5% 4.6% 2.7% 1.9% 1.3% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of June 30, 2019 Page 80 Tier III Page 81 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 3.8 16.2 8.5 10.2 7.5 13.2 3.9 16.3 7.2 11.0 7.2 12.6 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard Group Inc Ticker :VWNAX Peer Group :IM U.S. Large Cap Value Equity (MF) Benchmark :Russell 1000 Value Index Fund Inception :05/14/2001 Portfolio Manager :Team Managed Total Assets :$32,179.30 Million Total Assets Date :05/31/2019 Gross Expense :0.25% Net Expense :0.25% Turnover :29% Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Windsor II Fund Benchmark 0.96 0.99 1.02 1.05 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 0.99 Page 82 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Windsor II Fund 3.9 (43)16.3 (34)7.2 (49)11.0 (49)7.2 (60)12.6 (52)-8.5 (50)16.9 (46)13.5 (67)¢ Russell 1000 Value Index 3.8 (43)16.2 (37)8.5 (40)10.2 (73)7.5 (51)13.2 (32)-8.3 (48)13.7 (83)17.3 (25)˜ 5th Percentile 5.4 19.1 12.8 13.3 9.3 14.4 -2.3 20.9 20.4 1st Quartile 4.2 16.6 9.7 11.9 8.2 13.4 -6.0 18.9 17.3 Median 3.6 15.5 7.1 10.9 7.5 12.6 -8.5 16.8 14.8 3rd Quartile 2.7 14.1 4.9 10.1 6.6 11.8 -10.1 14.6 12.5 95th Percentile 0.9 10.8 1.0 8.5 5.4 10.2 -13.0 11.4 9.8 Population 115 115 115 115 111 79 116 119 119 Peer Group Analysis As of June 30, 2019 IM U.S. Large Cap Value Equity (MF) Parentheses contain percentile rankings. Page 83 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Russell 1000 Value Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/06 9/07 12/08 3/10 6/11 9/12 12/13 3/15 6/16 9/17 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund -0.23 2.27 -0.10 0.97 0.55 -0.42 1.02 7.16 12.42 0.98 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.59 0.00 1.00 7.46 11.93 1.00 FTSE 3 Month T-Bill -7.08 11.93 -0.59 0.00 N/A 0.84 0.00 0.84 0.25 0.02 Vanguard Windsor II Fund Risk Profile As of June 30, 2019Vanguard Windsor II Fund Page 84 Asset Allocation As of 03/31/2019 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.6 % 0.0% 0.1% 3.5% 97.0% Fund Characteristics As of 03/31/2019 Total Securities 273 Avg. Market Cap $172,314.12 Million P/E 21.07 P/B 4.53 Div. Yield 2.67% Annual EPS 28.55 5Yr EPS 6.88 3Yr EPS Growth 10.89 Sector/Quality Allocation As of 03/31/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Health Care Industrials Energy Consumer Discretionary Consumer Staples Materials Utilities Telecommunication Services 20.6% 16.8% 13.3% 11.0% 10.8% 9.1% 8.4% 3.3% 2.4% 1.5% Vanguard Windsor II Fund Mutual Fund Attributes As of June 30, 2019 Page 85 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 4.6 21.5 11.6 18.1 13.4 16.3 5.7 22.8 11.7 18.7 13.5 15.9 Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard Group Inc Ticker :VWUAX Peer Group :IM U.S. Large Cap Growth Equity (MF) Benchmark :Russell 1000 Growth Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$16,251.10 Million Total Assets Date :05/31/2019 Gross Expense :0.28% Net Expense :0.28% Turnover :33% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard U.S. Growth Fund Benchmark 0.96 1.00 1.04 1.08 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.01 Page 86 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard U.S. Growth Fund 5.7 (27)22.8 (34)11.7 (35)18.7 (40)13.5 (35)15.9 (36)0.7 (34)31.8 (30)-0.6 (79)¢ Russell 1000 Growth Index 4.6 (56)21.5 (51)11.6 (37)18.1 (48)13.4 (36)16.3 (22)-1.5 (61)30.2 (47)7.1 (8)˜ 5th Percentile 7.3 26.8 16.7 22.3 15.4 18.1 5.3 36.7 7.4 1st Quartile 5.7 23.3 12.6 20.0 13.8 16.3 1.7 32.5 5.6 Median 4.8 21.5 10.7 17.9 12.9 15.5 -0.7 30.0 2.5 3rd Quartile 3.9 20.3 8.8 16.5 11.6 14.4 -2.6 27.0 0.0 95th Percentile 2.7 17.5 5.7 13.7 9.2 12.1 -5.6 23.1 -5.1 Population 164 164 164 164 157 105 165 170 170 Peer Group Analysis As of June 30, 2019 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 87 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/06 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund 0.17 2.90 0.06 0.95 0.95 0.02 1.01 13.51 13.49 0.98 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 0.97 0.00 1.00 13.39 13.03 1.00 FTSE 3 Month T-Bill -12.63 13.02 -0.97 0.00 N/A 0.83 0.00 0.84 0.25 0.04 Vanguard U.S. Growth Fund Risk Profile As of June 30, 2019Vanguard U.S. Growth Fund Page 88 Asset Allocation As of 03/31/2019 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -3.5 % 0.0% 0.1% 6.5% 96.8% Fund Characteristics As of 03/31/2019 Total Securities 143 Avg. Market Cap $209,778.67 Million P/E 39.15 P/B 10.34 Div. Yield 1.46% Annual EPS 28.92 5Yr EPS 26.44 3Yr EPS Growth 30.19 Sector/Quality Allocation As of 03/31/2019 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Health Care Industrials Consumer Staples Non Classified Equity Energy Materials Telecommunication Services 26.7% 20.4% 17.4% 11.5% 11.3% 8.2% 1.1% 0.2% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of June 30, 2019 Page 89 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2019 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 10.0 20.0 30.0 -10.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 3.0 13.6 1.3 9.4 2.2 6.1 3.2 18.6 -0.4 15.4 6.8 10.1 Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard Group Inc Ticker :VWILX Peer Group :IM International Large Cap Growth Equity (MF) Benchmark :Vanguard Spliced International Index Fund Inception :08/13/2001 Portfolio Manager :Anderson/Coutts/Webber Total Assets :$27,479.20 Million Total Assets Date :05/31/2019 Gross Expense :0.32% Net Expense :0.32% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard International Growth Fund Benchmark 0.80 1.00 1.20 1.40 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.25 Page 90 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard International Growth Fund 3.2 (91)18.6 (46)-0.4 (91)15.4 (1)6.8 (8)10.1 (5)-12.6 (34)43.2 (1)1.8 (26)¢ Vanguard Spliced International Index 3.0 (96)13.6 (98)1.3 (70)9.4 (46)2.2 (74)6.1 (82)-14.2 (49)27.2 (53)4.5 (17)˜ 5th Percentile 6.7 20.9 9.0 12.8 7.1 10.0 -8.9 32.8 6.5 1st Quartile 5.8 19.1 6.0 10.5 4.5 8.2 -12.3 30.4 1.8 Median 4.9 18.2 2.6 8.9 3.0 7.4 -14.9 27.6 -0.4 3rd Quartile 4.1 16.1 0.4 7.7 2.1 6.5 -16.2 23.9 -2.9 95th Percentile 3.0 13.9 -0.9 6.4 -0.1 4.2 -18.7 22.1 -6.5 Population 43 43 43 43 41 25 43 44 44 Peer Group Analysis As of June 30, 2019 IM International Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 91 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard International Growth Fund Vanguard Spliced International Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard International Growth Fund Vanguard Spliced International Index 0.0 6.0 12.0 18.0 24.0 30.0 36.0 9/06 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 6/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 4.82 5.33 0.90 0.90 0.45 4.45 1.16 6.78 15.35 0.95 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.17 0.00 1.00 2.16 12.55 1.00 FTSE 3 Month T-Bill -2.08 12.54 -0.17 0.00 N/A 0.84 0.00 0.84 0.25 0.05 Vanguard International Growth Fund Risk Profile As of June 30, 2019Vanguard International Growth Fund Page 92 Asset Allocation As of 03/31/2019 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -3.9 % 0.0% 0.1% 5.2% 98.7% Fund Characteristics As of 03/31/2019 Total Securities 126 Avg. Market Cap $134,708.15 Million P/E 31.39 P/B 6.95 Div. Yield 2.00% Annual EPS 14.47 5Yr EPS 22.65 3Yr EPS Growth 19.69 Sector/Quality Allocation As of 03/31/2019 0.0%15.0%30.0%45.0% Consumer Discretionary Financials Consumer Staples Information Technology Health Care Industrials Materials Energy Telecommunication Services Non Classified Equity 26.4% 15.1% 15.0% 14.6% 10.2% 9.9% 3.6% 1.9% 1.7% 0.4% Top 5 Countries As of 03/31/2019 China 18.68 % Japan 10.66 % United Kingdom 8.06 % United States 7.96 % France 7.08 % Vanguard International Growth Fund Mutual Fund Attributes As of June 30, 2019 Page 93 Regional Allocation As of 03/31/2019 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% Emg. MidEast, Africa, Europe Emerging Latin America Other North America Pacific Basin Emerging Asia Europe 0.5% 3.0% 5.6% 9.0% 16.4% 24.5% 45.0% Vanguard International Growth Fund Mutual Fund Attributes As of June 30, 2019 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 06/30/19 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.9 1.8 2.7 3.6 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.6 2.3 1.4 0.9 0.50.6 2.3 1.5 0.9 0.5 Product Name :Vanguard Prime MM;Inv (VMMXX) Fund Family :Vanguard Group Inc Ticker :VMMXX Peer Group :IM U.S. Taxable Money Market (MF) Benchmark :ICE BofAML 3 Month U.S. T-Bill Fund Inception :06/04/1975 Portfolio Manager :Nafis T. Smith Total Assets :$104,042.00 Million Total Assets Date :05/31/2019 Gross Expense :0.16% Net Expense :0.16% Turnover :N/A Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 1.00 Vanguard Prime Money Market Fund Performance Summary As of June 30, 2019Vanguard Prime Money Market Fund Page 95 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)2.35 Avg. Maturity 31.00 Holdings Count 435 Maturity Distribution (%) 0.0 15.0 30.0 45.0 1-7 Days8-29 Days30-89 Days90-179 Days180-269 Days270+ Days14.8 29.2 30.4 21.3 2.2 2.1 Sector Distribution (%) 0.0 25.0 50.0 75.0 100.0 Certificates of DepositU.S. Commercial PaperRepurchase AgreementsU.S. Govt. ObligationsU.S. Treasury BillsYankee/Foreign7.5 8.1 2.8 11.0 9.7 60.9 Vanguard Prime Money Market Portfolio Characteristics As of June 30, 2019 Page 96 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 2019 Vanguard Retirement Savings Trust III Performance Summary Vanguard Retirement Savings Trust III Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return1 Year 3 Years 5 Years 10 Years Inception 10/1/01 2.3 1.4 0.9 0.5 1.4 2.4 2.1 2.1 2.4 3.3 Account Name:Vanguard Retirement Savings Trust III Inception Date:10/01/2018 Account Structure:Commingled Fund Asset Class:US Stable Value Benchmark:ICE BofAML 3 Month U.S. T-Bill Peer Group:IM U.S. GIC/Stable Value (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% 0.9% -0.3 % 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 6/19 Vanguard Retirement Savings Trust III Benchmark 0.80 1.00 1.20 1.40 1.60 9/01 6/03 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 6/19 1.39 Page 97 Portfolio Characteristics Portfolio MV/BV Ratio (%)101.54 Crediting Rate 2.56 Effective Duration 2.82 # of Wrap Providers 11 Credit Quality Distribution (%) 0.0 10.0 20.0 30.0 40.0 50.0 Treas./Ag.AAAAAABBB<BBBReservesOther33.9 31.5 15.8 18.8 0.0 0.0 0.0 0.0 Sector Distribution (%) 0.0 8.0 16.0 24.0 32.0 Treasury/AgenciesMortgage-BackedCorporateHigh YieldAsset-BackedInternationalCash & EquivalentsOther14.6 22.0 19.2 0.0 21.9 7.2 10.4 4.7 Wrap Providers 0.0%6.0%12.0%18.0%24.0% New York Life Pacific Life Insurance Nationwide Life American General Life Metropolitan Tower Life Massachusetts Mutual Transamerica Premiere Life JPMorgan Chase Prudential Insurance Co. State Street Bank 5.4% 6.3% 8.7% 9.1% 10.1% 11.1% 12.2% 12.3% 12.8% 13.8% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of June 30, 2019 Page 98 Appendix Page 99 Assets Assets Expense Ratio²Expense Ratio²Revenue Share Revenue Sh are Universe Median Universe Median Offering vs. Median %$%$%$%$ Vanguard Institutional Target Retirement Income MF VITRX Mixed-Asset Target Today (Passive)1.4%$998,191 0.09%$898 0.00%$0 0.24%$2,346  Vanguard Institutional Target Retirement 2015 MF VITVX Mixed-Asset Target 2015 (Passive)1.4%$969,448 0.09%$873 0.00%$0 0.16%$1,551  Vanguard Institutional Target Retirement 2020 MF VITWX Mixed-Asset Target 2020 (Passive)4.0%$2,775,429 0.09%$2,498 0.00%$0 0.29%$8,049  Vanguard Institutional Target Retirement 2025 MF VRIVX Mixed-Asset Target 2025 (Passive)7.1%$5,000,835 0.09%$4,501 0.00%$0 0.24%$11,752  Vanguard Institutional Target Retirement 2030 MF VTTWX Mixed-Asset Target 2030 (Passive)3.5%$2,427,597 0.09%$2,185 0.00%$0 0.24%$5,705  Vanguard Institutional Target Retirement 2035 MF VITFX Mixed-Asset Target 2035 (Passive)2.9%$2,056,208 0.09%$1,851 0.00%$0 0.24%$4,832  Vanguard Institutional Target Retirement 2040 MF VIRSX Mixed-Asset Target 2040 (Passive)2.0%$1,384,710 0.09%$1,246 0.00%$0 0.29%$4,016  Vanguard Institutional Target Retirement 2045 MF VITLX Mixed-Asset Target 2045 (Passive)2.5%$1,721,050 0.09%$1,549 0.00%$0 0.24%$4,044  Vanguard Institutional Target Retirement 2050 MF VTRLX Mixed-Asset Target 2050 (Passive)1.6%$1,103,104 0.09%$993 0.00%$0 0.24%$2,592  Vanguard Institutional Target Retirement 2055 MF VIVLX Mixed-Asset Target 2055 (Passive)0.4%$249,151 0.09%$224 0.00%$0 0.24%$586  Vanguard Institutional Target Retirement 2060 MF VILVX Mixed-Asset Target 2060+ (Passive)0.2%$170,276 0.09%$153 0.00%$0 0.18%$306  Vanguard Institutional Target Retirement 2065 MF VSXFX Mixed-Asset Target 2060+ (Passive)0.0%$5,528 0.09%$5 0.00%$0 0.18%$10  Vanguard Institutional Index Fund MF VINIX U.S. Large Cap Core Equity (WSP)14.5%$10,117,090 0.04%$3,541 0.00%$0 0.20%$20,234  Vanguard Mid-Cap Index Fund MF VIMAX U.S. Mid Cap Core Equity (Passive)5.7%$3,971,518 0.05%$1,986 0.00%$0 0.09%$3,694  Vanguard Small-Cap Index Fund MF VSMAX U.S. SMID Cap Core Equity (Passive)4.3%$2,979,575 0.05%$1,490 0.00%$0 0.23%$6,853  Vanguard Total Bond Market Index Fund MF VBTLX U.S. Broad Market Core Fixed Income (Passive)5.1%$3,572,432 0.05%$1,786 0.00%$0 0.12%$4,287  Vanguard Balanced Index Fund MF VBAIX Mixed-Asset Target Today (Passive)7.2%$5,067,516 0.06%$3,041 0.00%$0 0.24%$11,909  Vanguard W indsor II Fund MF VW NAX U.S. Large Cap Value Equity 12.8%$8,952,446 0.25%$22,381 0.00%$0 0.69%$61,772  Vanguard U.S. Growth Fund MF VW UAX U.S. Large Cap Growth Equity 9.7%$6,785,037 0.28%$18,998 0.00%$0 0.80%$53,941  Vanguard International Growth Fund MF VW ILX International Large Cap Growth Equity 5.4%$3,744,836 0.32%$11,983 0.00%$0 0.87%$32,580  Vanguard Prime Money Market Fund MF VMMXX U.S. Taxable Money Market 3.3%$2,294,719 0.16%$3,672 0.00%$0 0.35%$8,032  Vanguard Retirement Savings Trust III CF N/A Stable Value 5.2%$3,629,017 0.31%$11,250 0.00%$0 0.47%$17,176  $69,975,714 0.14%$97,103 0.00%$0 0.38%$266,266 ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investme nt Trust, "SA" = Sepa rate Account, "A" = Annuity MSD Deferred Compensation Plan As of June 30, 2019 Investment Fee Analysis Asset In formation Fund Expense In formation In stitutional Peer Comparison³ ³Institutional mutual fund fee universes we re created by AHIC, as of December 31, 2018, using a custom proprietary methodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Mornings tar for all asset classes except the stable value universe which uses information from Hueler. Since fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your AHIC c onsultant. Fund Name Vehicle Type¹Ticker Peer Group Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to medians from style-specific institutional mutual fund peer universes, which AHIC believes is an appropriate comparison regardless of vehicle-type being utilized. Additional universe statistics including percentile distributions, averages and dollar-weighted metrics are available upon request. Determining whether an investment's expens e is reasonable depends on a variety of factors including the level of returns achieved and the metho d with which administration and operational expens es are paid. Understanding and evaluating the total cost of plan operations, including both investment and administration fees is a critical analysis that should be completed periodically. ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b-1 fees, cus todial fees, trus tee fees, revenue sharing components and/or charges for fund or plan admi nistration. Page 100 Market Environment Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets Global trade negotiations dominated equity markets in Q2 2019. In local currency terms, the MSCI AC World Investable Market Index returned 3.4% which was supported by prospects of looser monetary policy by major central banks and positive progress in U.S.-China trade negotiations. Increased expectations of further monetary stimulus from the European Central Bank (ECB) combined with a strengthening of the euro against the U.S. dollar resulted in the European equities being the strongest performer (in USD terms) over the quarter. Japanese equities delivered positive returns in USD terms due to strong yen performance against the U.S. dollar over the quarter. In local currency terms, however, Japanese equities largely lagged other markets with yen strength and escalating trade tensions leading Japanese equities to be the only equity market to post negative returns in local currency terms over the second quarter. Emerging market equities especially those with greater linkages to China came under pressure due to uncertainties around ongoing trade dispute. 3.4%2.7%3.9% 0.7%0.7% 4.5% 1.3% 5.6%4.7% 0.4% 4.6% 0.3% 8.3% -3.2% -5.2% 2.2% 6.2% 2.3% 6.9% 0.5% -10% 0% 10% ACWI IMI 45.2% ACWI ex-U.S. IMI 54.8% US A IMI 5.2% UK IMI 7.5% Japa n IMI 3.1% Ca na da IMI 0.2% Isra el IMI 13.8% Europe ex-UK IMI 3.9% Pacific ex-Japan IMI 11.6% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D, Net) AS OF 06/30/2019 Seco nd Quarter 2019 On e-Year Sour ce: MSCI Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets US A 54.8% UK 5.2% Canada 3.1% Pacifi c ex-Japan 3.9%Japan 7.5% Europe ex -UK 13.8% Is rael 0.2% Latin America 1.4% Asia 8.4% Eastern Europe, Middle East & Africa 1.8% Emerging Mark et s 11.6% MS CI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 06/30/2019 Sourc e:MS CI UK 11.4% Canada 6.8% Pacific ex- Japan 8.6% Japan 16.6% Europe ex-UK 30.4% Is rael 0.5% Latin America 3.2% Asia 18.6% Eastern Europe, Middle East & Africa 3.9% Emerging Mark et s 25.7% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 06/30/2019 Sourc e:MS CI The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets 4.1%4.0% 1.4% 6.2% 1.9% -3.7% 5.7%4.0% 7.0% 3.4% 9.0% 11.2%11.8% 10.4%10.6% -16.1% 1.5% 10.0%9.8% 16.7% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% Russ ell 3000 21.4% Techno logy 13.9% Healthcare 14.4% Cons. Disc 5.7% Cons. Staples 5.1% Energy 3.4% Materia ls & Processing 10.5% Producer Durables 20.4% Financial Services 5.1% Utilities RUSSELL GICS SECTOR RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Source: Russell Inde xes 4.1%4.2%4.4% 3.2% 5.4% 1.4% 2.7% 9.0% 10.9%10.8% 3.7% 13.9% -6.2% -0.5% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% Russell 30 00 31 .0% La rg e Valu e 36 .2% La rg e Gr ow th 14 .8% Medium Valu e 11 .1% Medium Gr ow th 3.3% Small Value 3.6% Small Gr ow th RUSSELL STYLE RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Source: Russell Inde xes U.S. equities continued their rally fueled by the increased expectation for an interest rate cut by the U.S. Federal Reserve (Fed). Equities rallied despite mixed economic data releases and a murkier economic outlook. Greater optimism over thawing U.S.-China trade tensions towards the end of the quarter also helped to lift investor sentiment. The Russell 3000 Index rose 4.1% during the second quarter and 9.0% over the one-year period. All sectors, except for Energy (-3.7%), generated positive returns over the quarter. In particular, Financial Services (7.0%) and Consumer Discretionary (6.2%) were the best performing sectors in Q2 2019. Performance was positive across the market capitalization spectrum over the quarter. In general, small cap stocks underperformed both large and medium cap stocks over the quarter. Growth stocks outperformed their Value counterparts in Q2 2019, benefitting from the fall in U.S. yields. Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets 3.1%3.0% 4.5% 2.0%1.7% 3.3% 7.9%7.2% 10.7% 6.2% 5.0% 9.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% Barclay s Agg. Bond 42 .7% Govt 26 .2% Co rp. 28 .5 % MBS 0.5% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 06/30/2019 Second Quarter 2019 On e-YearSource: FactSet 1.5%2.2%2.6% 3.6% 6.6% 4.3% 6.5%7.5% 9.0% 13.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% 16 .0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Y r.>10 Yr. BLOOMBERG BARCLAYS AGGREGAT E RETURNS BY MATURI TY AS OF 06/30/2019 Second Quarter 2019 One-Year Source: FactSet 2.6%3.3% 4.2%4.8% 2.5% 6.9% 8.5% 10.1% 11.4% 7.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RET URNS BY QUALITY AND HI GH YIELD RET URNS AS OF 06/30/2019 Second Quarter 2019 On e-YearSource: Fa ctSet The Bloomberg Barclays U.S. Aggregate Bond Index returned 3.1% over the quarter. Corporate bonds were the best performers, returning 4.5% whilst ABS bonds underperformed with a return of 1.7%. Performance was positive across all credit grades. Within investment grade bonds, lower quality bonds outperformed with Baa bonds returning 4.8%. Long-maturity bonds outperformed both intermediate and short-maturity bonds over the quarter. Long- maturity bonds returned 6.6% while short-maturity bonds returned only 1.5% in Q2 2019. Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets -2 .0% -1 .0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Jun 09 Jun 11 Jun 13 Jun 15 Jun 17 Jun 19 U.S. 10-YE AR TREASURY AND TIPS YIELDS 10 Y TIPS Yield 10 Y Trea sury Yield Sourc e:U.S. Depart ment of Treas ury 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Maturity (Years ) U.S. TREASURY YIELD CURVE 6/30/2018 3/31/2019 6/30/2019 Sourc e:U.S. Department of Treas ury The U.S. nominal yield curve shifted downwards over the quarter with yields falling across all maturities. In Q2 2019, 10-year US Treasury yield dipped below 2.0% for the first time since 2016 but ultimately rested at 2.0% at the end of quarter; a 41bps decrease since the end of March. The Fed appeared to capitulate to financial market pressure by signaling possible rate cuts this year, with eight out of seventeen officials expecting at least one rate cut in 2019. This came amidst a slowing US economy and elevated risks from the ongoing trade dispute. The 10-year TIPS yield fell by 22bps over the quarter and ended the period at 0.31%. Breakeven inflation decreased as inflation expectations had moved lower. Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. European Fixed Income Markets -1 % 1% 3% 5% 7% 9% 11 % 13 % 15 % 20 13 20 14 20 15 20 16 20 17 20 18 20 19 EUROZONE PERIPHERAL BOND SPREADS (10-YE AR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Gree ce Ireland Sourc e:FactSet Eurozone government bond spreads over 10-year German bunds generally fell across the Eurozone. ECB officials indicated the possibility of a fresh round of quantitative easing if needed to stimulate the flagging economy. German government bund yields fell by 26bps to a record low of -0.33% as the country’s manufacturing sector continued in the contraction territory. Italian government bond yields fell by 41bps to 2.08% over the quarter. The dovish stance from the ECB encourage greater risk appetite and sent more risky bond yields lower. Minutes from the European Commission meeting on June 5th indicated that the European Commission will hold off disciplinary actions over Italy’s fiscal target and could give additional time until the end of the year to reduce its public debt. Greek government bond yields reached a record low over the quarter, falling by 130bps to 2.43%. Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads Spread (bps)06/30/2019 03/31/2019 06/30/2018 Quarterly Change (bps)1-Year Change (bps) U.S. Aggr egate 46 44 44 2 2 Long Go v't 1 1 1 0 0 Long Credit 161 172 174 -11 -13 Long Go v't/Credit 92 99 101 -7 -9 MBS 46 35 28 11 18 CMBS 69 69 70 0 -1 ABS 41 39 47 2 -6 Corpor ate 115 119 123 -4 -8 Hi gh Yield 377 391 363 -14 14 Global Emerging Markets 282 283 288 -1 -6 Source: Fa ctSet, Bloomberg Barclays Mirroring equity market concern, credit spreads increased in the middle of the quarter but broadly retraced May’s spread widening late in the quarter as investor eased and risk appetite returned. In Q2 2019, High Yield bond spreads narrowed by 14bps –the largest spread narrowing among credit market we consider here. Despite the spread narrowing, High Yield bonds underperformed investment grade bonds due to the lower duration of the index. Spreads on securitized debt widened slightly, most notably for Mortgage-Backed Securities which increased by 11bps. Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency 80 90 10 0 11 0 12 0 13 0 14 0 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 U.S. DOLLAR RELATIVE TO EUR, GBP AN D JPY REBASED TO 100 AT 06/30/2013 EUR/USD GBP/USD JPY/USD Sourc e: FactSet Stronge r Dollar Weaker Dollar 80 85 90 95 10 0 10 5 11 0 11 5 12 0 12 5 Jun 13 Jun 14 Jun 15 Jun 16 Jun 17 Jun 18 Jun 19 TRADE WEIGHTED U.S. DOLLAR INDEX (1973 = 100) Sourc e:Federal Reserve The U.S. dollar fell 0.4% on a trade-weighted basis over the quarter, depreciating against all major currencies with the exception of sterling.The upward trend in the US dollar stalled in the second quarter. The dollar fell in June as expectations of Fed easing grew. Cyclical supports to the ‘greenback’ (stronger relative economic growth and wide interest rate differentials) lost momentum. In the UK, Brexit uncertainties continued as UK Prime Minister Theresa May announced her resignation and the prohibitive favorite, Boris Johnson, has taken a very tough stance on Brexit which has increased expectations of a “Hard-Brexit” by the end of October. Against this backdrop, sterling depreciated by 2.3% against the U.S. dollar. Despite a more dovish ECB and a weaker economic outlook, the euro appreciated by 1.4% against the U.S. dollar. The yen strengthened over the quarter as investors moved back to the 'safe-haven' currency. Similar to the Euro Area, there was less disappointment in economic releases over the quarter while the gap between US and Japanese government bond yields narrowed by just under 50bps. Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities -1.2% 0.4% -4.6% -7.2% 7.1% 4.5% -0.3% 8.4% -11.0% -6.8% -3.1% -14.3% -11.0% 7.6% -4.2% -11.8% -0.2% -3.5% -2 0.0%-1 5.0%-1 0.0%-5 .0%0.0%5.0%10 .0% Bloo mberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 06/30/2019 Second Quarter 2019 On e-Year Sourc e:Bloomberg Note: Softs and Grains are part of the wi der Agriculture sector Commodities generally fell over the quarter with the Bloomberg Commodity Index returning -1.2%. Livestock (-11.0%) was the worst performing sector whilst Precious Metals (7.1%) returned the most. The latter benefitted from safe-haven buying in a quarter where geopolitical risks rose and gold prices surged by 8.8%. The Energy sector fell 4.6% over the quarter. The price of Brent crude oil fell by 2.7% to $67/bbl and the WTI crude oil spot price fell by 2.8% to $58/bbl. Oil prices got some support from rising tensions in Middle East as the U.S. re- imposed sanctions on Iran. However, a sharp rise in U.S. crude inventories and, more significantly, signs of slowing global growth put pressure on energy prices. Weaker anticipated demand due to a slowing economic environment also pushed Industrial Metals lower with copper prices falling 7.9% to $5,972/t. Page 110 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Hedge Fund Markets Overview Hedge fund performance was positive across all strategies in the second quarter. Over the quarter, Global Macro and Equity Hedge strategies were the best performers with returns of 2.7% and 1.8%.The former’s strong return offset weaker performance over the previous nine months and led to a positive return of 2.6% over the trailing twelve months. Conversely, Distressed-Restructuring and Emerging Markets were the worst performers, returning 1.3% and 1.2%, respectively. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 1.9% and 1.7%, respectively. 1.7% 2.7% 1.8% 1.2% 1.4% 1.3% 1.5% 1.9% 1.7% 2.7% 2.6% 0.5% 0.5% 1.3% -0.1% 3.2% 1.5% 1.4% -0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restructuring Relative Value Fund-Weighted Compos ite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 06/30/2019 Second Quarter 2019 One-Year Note: Lates t 5 months o f HFR data are es ti mated by H FR a nd may c hange in the future. Source:HFR Page 111 This Page Left Blank Intentionally Writeup Page 112 Glossary Page 113 Fund Benchmarks and Universes Vanguard Target Retirement Funds Performance Benchmark:Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex- USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes. Universe: A universe of target date mutual funds compiled by Lipper. Vanguard Institutional Index Fund Performance Benchmark:S&P 500 Index. Vanguard Mid-Cap Index Fund Performance Benchmark:Vanguard Spliced Mid Cap Index. S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter. Vanguard Small-Cap Index Fund Performance Benchmark:Vanguard Spliced Small Cap Index. Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index through January 30, 2013; CRSP US Small Cap Index thereafter. Vanguard Total Bond Market Index Fund Performance Benchmark:Vanguard Spliced Bloomberg Barclays U.S. Aggregate Float Adj Index (Net). Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Vanguard Balanced Index Fund Performance Benchmark:Vanguard Balanced Composite Index. Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Page 114 Fund Benchmarks and Universes Vanguard Windsor II Fund Performance Benchmark:Russell 1000 Value Index. Universe: A universe of U.S. Large Cap Value mutual funds compiled by Lipper. Vanguard U.S. Growth Fund Performance Benchmark:Russell 1000 Growth Index. Universe: A universe of U.S. Large Cap Growth mutual funds compiled by Lipper. Vanguard International Growth Fund Performance Benchmark:Vanguard Spliced International Index. MSCI EAFE Index through May 31, 2010; MSCI All Country World Index ex USA thereafter. Universe: A universe of International Large Cap Growth mutual funds compiled by Lipper. Vanguard Prime Money Market Fund Performance Benchmark:ICE BofAML 3 Month U.S. T-Bill. Vanguard Retirement Savings Trust II Performance Benchmark:ICE BofAML 3 Month U.S. T-Bill. Page 115 Benchmark Descriptions Bloomberg Barclays Corporate High Yield Bond Index -An index that covers the USD-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-US -The Barclays Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 116 Benchmark Descriptions Bloomberg Barclays U.S. Long Gov’t/Credit Index -The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market capitalization-weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP US Large Cap Index -an index comprised of nearly 640 US large cap companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP US Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of US stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 117 Benchmark Descriptions FTSE EPRA NAREIT Global ex-U.S. Index -Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex US Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of US based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equity-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S. dollars. Only fund-of- fund products are included in the index that have at least $50 million under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 118 Benchmark Descriptions MSCI All Country World ex-U.S. Small Cap Index -Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization. MSCI All Country World Index -A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI All Country World Index IMI -A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set. MSCI EAFE Growth Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies. MSCI EAFE Index -A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East. MSCI EAFE Small Cap Index -A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East. MSCI EAFE Value Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies. MSCI Emerging Markets Index -A capitalization-weighted index of stocks representing 22 emerging country markets. MSCI Emerging Markets Value Index -A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI U.S. Broad Market Index -A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies. MSCI U.S. REIT Index -A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe. MSCI World Index -A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices. NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index -A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index. Rolling 3-year Constant Maturity Treasury Index -An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity. Russell 1000 Growth Index -An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher I/B/E/S growth forecasts. Russell 1000 Index -A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization. Page 119 Benchmark Descriptions Russell 1000 Value Index -An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2000 Growth Index -A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2000 Index -A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest-and smallest-capitalization issues in the domestic stock market. Russell 2000 Value Index -An index that measures the performance of those stocks included in the Russell 2000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2500 Growth Index -A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2500 Index -The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list. Russell 2500 Value Index -An index that measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 3000 Growth Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 3000 Index -A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market. Russell 3000 Value Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell Mid Cap Growth Index -A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell Mid Cap Index -A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks. Russell Mid Cap Value Index -A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. S&P 500 Index -A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries. Page 120 Benchmark Descriptions S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small,and micro cap companies. S&P Leverage Loan Index -A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P MidCap 400 Index -A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT -A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 million and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aonhewitt.com for more index information. Page 121 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted.They are geometric and time weighted.Returns for periods longer than one year are annualized. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 122 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by AHIC’s investment advisory fees or other trust payable expenses you may incur as a client.AHIC’s advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.AHIC has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify AHIC with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,AHIC’s performance reporting vendor,via the PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”)©FTSE 2017.“FTSE®”and “FTSE4Good®”are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license.The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange,Bursa Malaysia Berhad,The Philippine Stock Exchange,Inc.,Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges").All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges.Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and /or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Hewitt Investment Consulting,Inc.(“AHIC”)is a federally registered investment advisor with the U.S.Securities and Exchange Commission (“SEC”).AHIC is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor,and is a member of the National Futures Association.The AHIC ADV Form Part 2A disclosure statement is available upon written request to: Aon Hewitt Investment Consulting, Inc. 200 East Randolph Street Suite 1500 Chicago, IL 60601 ATTN: AHIC Compliance Officer Disclaimer