Loading...
2019 3rd Quarter ReportVisit the Retirement and Investments Thought Leadership Site (https://retirement-investment-insights.aon.com); sharing our best thinking. MSD Deferred Compensation Plan | Third 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 2019 Global Perspectives on Responsible Investing Aon’s survey polled 229 global investors and found an increase in the importance of responsible investing (RI) to institutional investors across geographies, investor types, and firm sizes. Learn more: https://www.aon.com/2019-global-perspectives- responsible-investing-growth-and-evolution/index.html Did you know? In 2018, Aon invested more than $10.5 million in more than 1,900 nonprofit organizations through the Aon Foundation and direct contributions to nonprofits. We invest in educational programs that make a marked difference in the academic achievement of young people, as well as in organizations that help develop our future workforce. We also support organizations that focus on improving the health and vitality of both individuals and our communities at large, such as: American Cancer Society American Heart Association American Red Cross Habitat for Humanity United Way Recap of Aon’s 2019 Retirement & Investment Client Conference Thank you to those who joined us at Aon’s Retirement & Investment Client Conference on September 25-26, 2019 in Chicago. Please reach out to your investment consultant for event presentations or to discuss any of the topics covered. We have created a post-conference summary with session highlights for those who were unable to attend: https://retirement-investment-insights.aon.com/retirement-investment- insights/aon-2019-retirement-and-investment-client-conference-article Aon’s Kristen Doyle honored by Women Investment Professionals* Congratulations to Kristen Doyle for being named the 2019 Distinguished Woman Investment Professional of the Ye ar by Women Investment Professionals as mentioned here in P&I: https://www.pionline.com/awards/aons-kristen-doyle-be-honored-women- investment-professionals Aon’s CEO Greg Case was part of the Vatican energy summit in June Leaders convened to address the impact of climate change and to consider an energy transition and what it would mean for businesses, governments and communities across the world. At the conclusion of the event, most attendees signed two statements: one supporting carbon pricing and the other encouraging company disclosure on the energy transition and how it is being handled. *On an annual basis the Women Investment Professionals (WIP) recognizes an outstanding woman in the investment industry who, over a distinguished career and through her personal conduct, commitment and activities, has exemplified her support for the advancement of women within the industry and her community. Kristen Doyle was named the 2019 Distinguished Woman Investment Professional of the Year. Selection criteria for this award includes nominees with 1 )exceptional leadership qualities as a proven leader in the investment industry 2) exemplifies integrity, collaboration, and concern for others, and 3) acts as a strong supporter of women in the institutional investment industry consistent with the mission of the WIP. Kristen’s receipt of this award is no way indicative of any individual client or investor’s experience with Kristen or her future performance. No fees were paid to be on this list or included as a nominee. The universe of individuals considered for this award generally are members of WIP. This site contains information that has been created, published, maintained or otherwise posted by institutions or organizations independent of AHIC. AHIC does not endorse, approve, certify or control these websites and does not assume responsibility for the accuracy, completeness or timeliness of the information located there. 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 Highlights from Aon’s 2019 Retirement and Investment Client Conference Link Newsletters: Pathways Newsletter for Retirement Plans | CIO Insights | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter White Papers All Investors: Asset Allocation View -It is time to get anxious about the US fiscal black hole Link All Investors: Townsend View of the World (for real assets)Link All Investors: Cyber Risk Exposure from Third-party Asset Managers Link All Investors: Global Perspectives on Responsible Investing Link All Investors: Bank Capital Relief Link All Investors: Asset Allocation View -Why have global bond yields fallen so much?Link Retirement Plans: The Real Deal -Impact of Investment on Retirement Income Adequacy Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Update from Hedge Fund Land Link All Investors ex-DC: The Limitations of Long/Short Equity Funds 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 10.8% 8.2% 3.3%2.3%3.4% 6.7%6.9%5.4% -7.2% 13.2% 11.2% 4.9%3.4%3.7% 6.9%7.8%7.9% -4.3% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Bar clays U.S. Aggreg ate Bloomberg Bar clays U.S. Long Gov't Bloomberg Bar clays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 09/30/2019 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Bar clay s, B loomberg 1.7% -2.4%-1.1% -4.2% 2.3% 7.8%5.6% 1.3% -1.8% 4.3% -8.9% -1.3%-2.0% 10.3% 24.6% 19.9% 6.4% -6.6% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barcla ys U.S. Aggr eg ate Bloomber g Barclays U.S. Long Gov't Bloomberg Barcla ys U.S. Long Credit Bloomber g Barclays U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 09/30/2019 Third Quar ter 2019 One-Year Source:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights Third Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Count ry World IMI -0.18%15.87%0.48%9.36%6.61%8.45% MSCI All Count ry World -0.03%16.20%1.38%9.71%6.65%8.35% Dow Jones U.S. Total Stock Market 1.14%20.05%2.81%12.78%10.40%13.09% Russell 3000 1.16%20.09%2.92%12.83%10.44%13.08% S&P 500 1.70%20.55%4.25%13.39%10.84%13.24% Russell 2000 -2.40%14.18%-8.89%8.23%8.19%11.19% MSCI All Count ry World ex-U.S. IMI -1.72%11.38%-1.84%6.10%3.05%4.66% MSCI All Count ry World ex-U.S.-1.80%11.56%-1.23%6.33%2.90%4.45% MSCI EAFE -1.07%12.80%-1.34%6.48%3.27%4.90% MSCI EAFE (Local Currency)1.75%15.67%1.56%8.30%6.02%7.04% MSCI Emerging Markets -4.25%5.89%-2.02%5.97%2.33%3.37% Fixed Income Bloomberg Barclays Global Aggregate 0.71%6.32%7.60%1.59%1.99%2.34% Bloomberg Barclays U.S. Aggregate 2.27%8.52%10.30%2.92%3.38%3.75% Bloomberg Barclays U.S. Long Gov't 7.83%19.61%24.58%4.11%6.73%6.86% Bloomberg Barclays U.S. Long Credit 5.62%21.92%19.91%6.46%6.90%7.78% Bloomberg Barclays U.S. Long Gov't/Credit 6.58%20.93%21.88%5.56%6.81%7.42% Bloomberg Barclays U.S. TIPS 1.35%7.58%7.13%2.21%2.45%3.46% Bloomberg Barclays U.S. High Yield 1.33%11.41%6.36%6.07%5.37%7.94% Bloomberg Barclays Global Treasury ex U.S.0.07%5.07%7.10%0.33%1.35%1.28% JP Morgan EMBI Global (Emerging Markets)1.34%12.08%10.74%3.84%5.10%6.51% Commodities Bloomberg Commodity Index -1.84%3.13%-6.57%-1.50%-7.18%-4.32% Goldman Sachs Commodity Index -4.18%8.61%-16.31%1.54%-11.74%-5.43% Hedge Funds HF RI Fund-Weighted Composite2 -0.39%6.81%0.40%3.78%2.90%3.97% HF RI Fund of Funds2 -0.90%5.21%0.01%3.16%1.95%2.67% Real Estate NAREIT U.S. Equity REITS 7.80%26.96%18.42%7.36%10.26%13.04% NCREIF NFI - ODCE 1.31%3.78%5.59%7.30%9.34%10.86% FTSE Global Core Infrastructur e Index 2.83%21.70%17.23%11.35%8.32%11.02% Private Equity Burgiss Private iQ Global Private Equity3 11.96%14.28%11.83%14.11% MSCI Indices show net total returns. All other indices show gross total returns. 1 Periods are annua lized. 2 Latest 5 months of HFR data are estimat ed by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at March 31, 2019 Returns of the Major Capital Markets Period Ending 09/30/2019 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 71,331,927 100.0 Tier I 18,979,636 26.6 Vanguard Institutional Target Retirement Income Fund 1,013,768 1.4 1.5 (40)10.3 (65)6.7 (21)5.1 (42)-- Vanguard Target Income Composite Index 1.5 (42)10.4 (49)6.8 (19)5.2 (31)-- Vanguard Institutional Target Retirement 2015 Fund 1,008,999 1.4 1.4 (16)11.2 (47)6.1 (17)6.2 (32)-- Vanguard Target 2015 Composite Index 1.4 (19)11.4 (44)6.2 (12)6.4 (28)-- Vanguard Institutional Target Retirement 2020 Fund 2,664,214 3.7 1.2 (37)12.6 (30)5.3 (44)7.1 (21)-- Vanguard Target 2020 Composite Index 1.2 (40)12.7 (23)5.4 (38)7.3 (8)-- Vanguard Institutional Target Retirement 2025 Fund 4,952,533 6.9 1.1 (41)13.7 (24)4.9 (44)7.8 (17)-- Vanguard Target 2025 Composite Index 1.1 (44)13.8 (19)5.0 (34)8.0 (8)-- Vanguard Institutional Target Retirement 2030 Fund 2,322,375 3.3 0.9 (51)14.3 (46)4.2 (53)8.3 (34)-- Vanguard Target 2030 Composite Index 0.9 (51)14.4 (40)4.3 (49)8.5 (21)-- Vanguard Institutional Target Retirement 2035 Fund 2,124,131 3.0 0.7 (40)14.9 (49)3.4 (46)8.8 (34)-- Vanguard Target 2035 Composite Index 0.7 (43)15.0 (44)3.6 (37)9.0 (23)-- Vanguard Institutional Target Retirement 2040 Fund 1,462,186 2.0 0.5 (42)15.4 (53)2.7 (52)9.3 (22)-- Vanguard Target 2040 Composite Index 0.5 (43)15.5 (51)2.8 (48)9.5 (14)-- Vanguard Institutional Target Retirement 2045 Fund 1,817,356 2.5 0.3 (51)15.8 (56)2.1 (56)9.5 (25)-- Vanguard Target 2045 Composite Index 0.3 (52)15.9 (47)2.3 (52)9.7 (15)-- Vanguard Institutional Target Retirement 2050 Fund 1,036,223 1.5 0.3 (42)15.8 (60)2.1 (54)9.5 (34)-- Vanguard Target 2050 Composite Index 0.3 (43)15.9 (52)2.3 (45)9.7 (23)-- Vanguard Institutional Target Retirement 2055 Fund 270,342 0.4 0.3 (42)15.8 (65)2.2 (45)9.5 (35)-- Vanguard Target 2055 Composite Index 0.3 (40)15.9 (54)2.3 (40)9.7 (28)-- Vanguard Institutional Target Retirement 2060 Fund 300,218 0.4 0.3 (31)15.8 (75)2.2 (33)9.5 (52)-- Vanguard Target 2060 Composite Index 0.3 (31)15.9 (72)2.3 (30)9.7 (35)-- Vanguard Institutional Target Retirement 2065 Fund 7,291 0.0 0.3 (32)15.9 (74)2.2 (31)--- Vanguard Target 2065 Composite Index 0.3 (31)15.9 (72)2.3 (30)--- Asset Allocation & Performance As of September 30, 2019 Page 8 Asset Allocation & Performance As of September 30, 2019 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Tier II 26,769,265 37.5 Vanguard Institutional Index Fund 10,504,268 14.7 1.7 (32)20.5 (40)4.2 (33)13.4 (43)10.8 (38)13.2 (30) S&P 500 Index 1.7 (32)20.6 (40)4.3 (33)13.4 (42)10.8 (37)13.2 (30) Vanguard Mid-Cap Index Fund 4,273,017 6.0 0.6 (36)22.6 (37)3.6 (30)10.7 (48)9.2 (42)13.0 (29) Vanguard Spliced Mid Cap Index 0.6 (36)22.7 (36)3.7 (30)10.7 (47)9.2 (42)13.1 (27) Vanguard Small-Cap Index Fund 3,060,165 4.3 -1.5 (58)17.8 (12)-3.8 (9)9.6 (15)8.6 (26)12.4 (18) Vanguard Spliced Small Cap Index -1.5 (60)17.8 (12)-3.8 (9)9.6 (15)8.6 (27)12.4 (18) Vanguard Total Bond Market Index Fund 3,866,055 5.4 2.4 (11)8.7 (55)10.4 (23)2.9 (62)3.3 (47)3.7 (72) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 2.3 (25)8.7 (51)10.4 (22)3.0 (55)3.4 (38)3.8 (66) Vanguard Balanced Index Fund 5,065,760 7.1 1.7 (13)15.6 (22)6.3 (15)9.0 (19)7.8 (5)9.5 (12) Vanguard Balanced Composite Index 1.7 (13)15.6 (21)6.3 (15)9.0 (18)7.9 (5)9.7 (9) Tier III 24,115,555 33.8 Vanguard Windsor II Fund 8,781,116 12.3 1.6 (44)18.1 (31)1.7 (57)10.1 (51)7.5 (57)11.1 (44) Russell 1000 Value Index 1.4 (54)17.8 (35)4.0 (36)9.4 (67)7.8 (51)11.5 (34) Vanguard U.S. Growth Fund 6,145,584 8.6 -1.6 (79)20.8 (57)2.3 (51)15.8 (53)12.9 (38)14.1 (43) Russell 1000 Growth Index 1.5 (14)23.3 (24)3.7 (30)16.9 (29)13.4 (25)14.9 (19) Vanguard International Growth Fund 3,630,556 5.1 -3.0 (100)15.0 (73)-1.9 (82)10.3 (5)7.2 (12)7.8 (4) Vanguard Spliced International Index -1.8 (76)11.6 (100)-1.2 (72)6.3 (65)2.9 (76)4.0 (92) Vanguard Prime Money Market Fund 2,230,259 3.1 0.5 (17)1.8 (15)2.4 (15)1.6 (13)1.1 (13)0.5 (15) ICE BofAML 3 Month U.S. T-Bill 0.6 (8)1.8 (10)2.4 (13)1.5 (16)1.0 (16)0.5 (15) Vanguard Retirement Savings Trust III 3,328,039 4.7 0.6 (13)1.9 (13)2.5 (17)2.2 (6)2.1 (7)2.3 (16) ICE BofAML 3 Month U.S. T-Bill 0.6 (42)1.8 (14)2.4 (19)1.5 (93)1.0 (100)0.5 (100) Tier IV 1,467,471 2.1 Loan Fund 1,467,471 2.1 ------ Page 9 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund -2.0 (15)8.5 (62)5.3 (49)----- Vanguard Target Income Composite Index -2.0 (15)8.7 (59)5.4 (43)----- 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 (31)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 (30)------- Vanguard Target 2065 Composite Index -7.8 (27)------- Asset Allocation & Performance As of September 30, 2019 Page 10 Asset Allocation & Performance As of September 30, 2019 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Tier II Vanguard Institutional Index Fund -4.4 (48)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 (48)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 (57)-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 (57)-1.3 (40)13.8 (9)35.2 (51)16.0 (43)-1.9 (39) Vanguard Small-Cap Index Fund -9.3 (26)16.2 (20)18.3 (79)-3.6 (31)7.5 (9)37.8 (58)18.2 (26)-2.7 (42) Vanguard Spliced Small Cap Index -9.3 (26)16.2 (20)18.3 (79)-3.7 (32)7.5 (9)37.8 (58)18.2 (26)-2.8 (44) 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 (15)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 (45)13.5 (66)-3.1 (50)11.3 (50)30.8 (77)16.8 (40)2.8 (24) Russell 1000 Value Index -8.3 (48)13.7 (83)17.3 (24)-3.8 (69)13.5 (12)32.5 (49)17.5 (28)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 (34)18.5 (20)-0.5 (47) Russell 1000 Growth Index -1.5 (61)30.2 (46)7.1 (9)5.7 (55)13.1 (27)33.5 (57)15.3 (54)2.6 (15) Vanguard International Growth Fund -12.6 (35)43.2 (1)1.8 (23)-0.5 (60)-5.5 (69)23.1 (8)20.2 (51)-13.6 (79) Vanguard Spliced International Index -14.2 (50)27.2 (54)4.5 (14)-5.7 (92)-3.9 (30)15.3 (82)16.8 (77)-13.7 (80) Vanguard Prime Money Market Fund 2.0 (12)1.0 (11)0.5 (6)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 (6)1.9 (8)2.0 (6)2.0 (3)2.0 (11)1.9 (22)2.5 (21)3.1 (27) ICE BofAML 3 Month U.S. T-Bill 1.9 (48)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 4.5 5.0 5.5 6.0 6.5 7.0 7.5 8.0 8.5 9.0 9.5 10.0 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 September 30, 2019 Calculation based on monthly periodicity. Page 12 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 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 September 30, 2019 Calculation based on monthly periodicity. Page 13 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 13.5 15.0 16.5 18.0 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 September 30, 2019 Calculation based on monthly periodicity. Page 14 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 32,764,151 45.9 3,630,556 5.1 3,866,055 5.4 3,697,731 5.2 5,065,760 7.1 3,328,039 4.7 18,979,636 26.6 71,331,927 100.0 Tier I 18,979,636 100.0 18,979,636 26.6 Vanguard Institutional Target Retirement Income Fund 1,013,768 100.0 1,013,768 1.4 Vanguard Institutional Target Retirement 2015 Fund 1,008,999 100.0 1,008,999 1.4 Vanguard Institutional Target Retirement 2020 Fund 2,664,214 100.0 2,664,214 3.7 Vanguard Institutional Target Retirement 2025 Fund 4,952,533 100.0 4,952,533 6.9 Vanguard Institutional Target Retirement 2030 Fund 2,322,375 100.0 2,322,375 3.3 Vanguard Institutional Target Retirement 2035 Fund 2,124,131 100.0 2,124,131 3.0 Vanguard Institutional Target Retirement 2040 Fund 1,462,186 100.0 1,462,186 2.0 Vanguard Institutional Target Retirement 2045 Fund 1,817,356 100.0 1,817,356 2.5 Vanguard Institutional Target Retirement 2050 Fund 1,036,223 100.0 1,036,223 1.5 Vanguard Institutional Target Retirement 2055 Fund 270,342 100.0 270,342 0.4 Vanguard Institutional Target Retirement 2060 Fund 300,218 100.0 300,218 0.4 Vanguard Institutional Target Retirement 2065 Fund 7,291 100.0 7,291 0.0 Tier II 17,837,450 66.6 3,866,055 14.4 5,065,760 18.9 26,769,265 37.5 Vanguard Institutional Index Fund 10,504,268 100.0 10,504,268 14.7 Vanguard Mid-Cap Index Fund 4,273,017 100.0 4,273,017 6.0 Vanguard Small-Cap Index Fund 3,060,165 100.0 3,060,165 4.3 Vanguard Total Bond Market Index Fund 3,866,055 100.0 3,866,055 5.4 Vanguard Balanced Index Fund 5,065,760 100.0 5,065,760 7.1 Tier III 14,926,700 61.9 3,630,556 15.1 2,230,259 9.2 3,328,039 13.8 24,115,555 33.8 Vanguard Windsor II Fund 8,781,116 100.0 8,781,116 12.3 Vanguard U.S. Growth Fund 6,145,584 100.0 6,145,584 8.6 Vanguard International Growth Fund 3,630,556 100.0 3,630,556 5.1 Vanguard Prime Money Market Fund 2,230,259 100.0 2,230,259 3.1 Vanguard Retirement Savings Trust III 3,328,039 100.0 3,328,039 4.7 Tier IV 1,467,471 100.0 1,467,471 2.1 Loan Fund 1,467,471 100.0 1,467,471 2.1 Total Deferred Compensation Asset Allocation As of September 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 September 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 1.5 10.4 6.8 5.2 5.0 1.5 10.3 6.7 5.1 4.9 Product Name :Vanguard ITR Inc;Inst (VITRX) Fund Family :Vanguard Group Inc Ticker :VITRX Peer Group :IM Mixed-Asset Target Today (MF) Benchmark :Vanguard Target Income Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$6,242.20 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 1.00 Page 18 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement Income Fund 1.5 (40)10.3 (65)6.7 (21)5.1 (42)-2.0 (15)8.5 (62)¢ Vanguard Target Income Composite Index 1.5 (42)10.4 (49)6.8 (19)5.2 (31)-2.0 (15)8.7 (59)˜ 5th Percentile 1.9 13.4 7.6 6.4 -1.1 12.0 1st Quartile 1.6 11.3 6.7 5.5 -2.5 10.5 Median 1.4 10.3 6.1 5.0 -3.2 8.9 3rd Quartile 1.1 9.2 5.7 4.5 -3.8 7.9 95th Percentile 0.7 7.9 4.3 3.6 -4.6 6.2 Population 27 27 27 27 28 28 Peer Group Analysis As of September 30, 2019 IM Mixed-Asset Target Today (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 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.12 0.17 -0.70 1.00 0.95 -0.12 1.00 5.11 3.74 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.99 0.00 1.00 5.24 3.74 1.00 FTSE 3 Month T-Bill -3.67 3.72 -0.99 0.01 N/A 1.50 0.01 1.52 0.22 0.09 Vanguard Institutional Target Retirement Income Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement Income Fund Page 20 Asset Allocation As of 07/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 1.3% 29.1% 69.5% Fund Characteristics As of 07/31/2019 Total Securities 6 Avg. Market Cap $41,576.15 Million P/E 7.39 P/B 1.65 Div. Yield 0.81% Annual EPS 6.58 5Yr EPS 4.01 3Yr EPS Growth 5.17 Sector/Quality Allocation As of 07/31/2019 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% 4.1% 3.3% 3.2% 3.0% 1.6% 1.2% 0.9% 0.7% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of September 30, 2019 Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 1.4 11.4 6.2 6.4 5.7 1.4 11.2 6.1 6.2 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 :$8,745.20 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 0.99 Page 22 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2015 Fund 1.4 (16)11.2 (47)6.1 (17)6.2 (32)-2.9 (17)11.5 (50)¢ Vanguard Target 2015 Composite Index 1.4 (19)11.4 (44)6.2 (12)6.4 (28)-2.9 (14)11.6 (46)˜ 5th Percentile 1.6 12.3 6.4 6.8 -2.7 14.0 1st Quartile 1.2 11.8 6.0 6.4 -3.0 12.5 Median 1.1 11.2 5.5 6.1 -3.7 11.5 3rd Quartile 0.8 10.9 4.9 5.8 -4.4 10.8 95th Percentile 0.6 10.3 4.1 4.7 -4.7 8.7 Population 23 23 23 23 26 26 Peer Group Analysis As of September 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.13 0.22 -0.58 1.00 0.99 -0.09 0.99 6.22 4.70 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 1.01 0.00 1.00 6.36 4.73 1.00 FTSE 3 Month T-Bill -4.78 4.73 -1.01 0.00 N/A 1.53 0.00 1.52 0.22 -0.01 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2015 Fund Page 24 Asset Allocation As of 07/31/2019 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% 1.4% 36.7% 61.8% Fund Characteristics As of 07/31/2019 Total Securities 6 Avg. Market Cap $52,433.69 Million P/E 9.32 P/B 2.08 Div. Yield 1.02% Annual EPS 8.30 5Yr EPS 5.05 3Yr EPS Growth 6.52 Sector/Quality Allocation As of 07/31/2019 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 7.9% 5.8% 5.1% 4.1% 4.0% 3.8% 2.0% 1.5% 1.2% 0.9% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of September 30, 2019 Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 1.2 12.7 5.4 7.3 6.3 1.2 12.6 5.3 7.1 6.1 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 :$23,993.10 Million Total Assets Date :07/31/2019 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 3/19 9/19 Vanguard Institutional Target Retirement 2020 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 9/19 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 1.2 (37)12.6 (30)5.3 (44)7.1 (21)-4.2 (44)14.1 (19)¢ Vanguard Target 2020 Composite Index 1.2 (40)12.7 (23)5.4 (38)7.3 (8)-4.1 (41)14.2 (16)˜ 5th Percentile 1.7 13.6 7.0 7.3 -2.8 15.3 1st Quartile 1.3 12.7 5.7 7.1 -3.8 13.9 Median 1.1 12.3 5.2 6.5 -4.3 13.1 3rd Quartile 0.7 11.7 4.1 5.9 -5.2 12.1 95th Percentile 0.5 9.2 3.5 4.5 -5.7 8.4 Population 37 37 37 37 40 40 Peer Group Analysis As of September 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 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.14 0.27 -0.52 1.00 0.91 -0.14 1.00 7.12 6.10 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.93 0.00 1.00 7.27 6.10 1.00 FTSE 3 Month T-Bill -5.71 6.12 -0.93 0.00 N/A 1.54 0.00 1.52 0.22 -0.05 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2020 Fund Page 28 Asset Allocation As of 07/31/2019 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% 0.2% 1.5% 48.2% 50.2% Fund Characteristics As of 07/31/2019 Total Securities 6 Avg. Market Cap $71,834.64 Million P/E 12.75 P/B 2.84 Div. Yield 1.39% Annual EPS 11.36 5Yr EPS 6.92 3Yr EPS Growth 8.92 Sector/Quality Allocation As of 07/31/2019 0.0%5.0%10.0%15.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 10.7% 7.9% 7.0% 5.7% 5.5% 5.2% 2.8% 2.1% 1.6% 1.3% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of September 30, 2019 Page 29 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 1.1 13.8 5.0 8.0 6.7 1.1 13.7 4.9 7.8 6.6 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 :$32,798.00 Million Total Assets Date :07/31/2019 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 3/19 9/19 Vanguard Institutional Target Retirement 2025 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 9/19 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 1.1 (41)13.7 (24)4.9 (44)7.8 (17)-5.0 (42)15.9 (28)¢ Vanguard Target 2025 Composite Index 1.1 (44)13.8 (19)5.0 (34)8.0 (8)-5.0 (42)16.1 (26)˜ 5th Percentile 1.4 14.2 6.2 8.0 -3.2 17.1 1st Quartile 1.2 13.7 5.4 7.8 -4.4 16.1 Median 1.0 13.2 4.8 7.3 -5.3 15.2 3rd Quartile 0.7 12.4 3.6 6.5 -6.0 13.7 95th Percentile 0.3 10.0 3.0 5.4 -6.5 10.7 Population 39 39 39 39 41 41 Peer Group Analysis As of September 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 -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 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.14 0.31 -0.45 1.00 0.88 -0.15 1.00 7.83 7.12 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.90 0.00 1.00 7.98 7.11 1.00 FTSE 3 Month T-Bill -6.44 7.13 -0.90 0.01 N/A 1.54 0.00 1.52 0.22 -0.08 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2025 Fund Page 32 Asset Allocation As of 07/31/2019 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% 0.2% 1.6% 38.7% 59.6% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $85,239.43 Million P/E 15.12 P/B 3.37 Div. Yield 1.65% Annual EPS 13.48 5Yr EPS 8.21 3Yr EPS Growth 10.58 Sector/Quality Allocation As of 07/31/2019 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 12.7% 9.4% 8.3% 6.7% 6.5% 6.2% 3.3% 2.4% 1.9% 1.5% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of September 30, 2019 Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 0.9 14.4 4.3 8.5 7.0 0.9 14.3 4.2 8.3 6.8 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 :$30,672.90 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.9 (51)14.3 (46)4.2 (53)8.3 (34)-5.8 (41)17.6 (37)¢ Vanguard Target 2030 Composite Index 0.9 (51)14.4 (40)4.3 (49)8.5 (21)-5.7 (39)17.7 (36)˜ 5th Percentile 1.4 15.6 6.2 8.9 -4.2 19.2 1st Quartile 1.0 14.6 4.8 8.4 -5.2 18.3 Median 0.9 14.2 4.3 7.9 -6.2 17.2 3rd Quartile 0.5 13.2 2.9 7.2 -7.0 15.8 95th Percentile 0.1 11.4 2.1 6.4 -7.4 13.4 Population 39 39 39 39 42 42 Peer Group Analysis As of September 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 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.17 0.35 -0.49 1.00 0.85 -0.20 1.00 8.32 7.98 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.88 0.00 1.00 8.51 7.95 1.00 FTSE 3 Month T-Bill -6.99 7.98 -0.88 0.01 N/A 1.55 0.00 1.52 0.22 -0.10 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2030 Fund Page 36 Asset Allocation As of 07/31/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.2% 1.6% 31.3% 67.0% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $95,755.93 Million P/E 16.99 P/B 3.79 Div. Yield 1.86% Annual EPS 15.15 5Yr EPS 9.22 3Yr EPS Growth 11.89 Sector/Quality Allocation As of 07/31/2019 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 14.3% 10.6% 9.3% 7.6% 7.3% 6.9% 3.7% 2.7% 2.2% 1.7% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of September 30, 2019 Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.7 15.0 3.6 9.0 7.2 0.7 14.9 3.4 8.8 7.1 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 :$28,114.30 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.7 (40)14.9 (49)3.4 (46)8.8 (34)-6.6 (32)19.1 (39)¢ Vanguard Target 2035 Composite Index 0.7 (43)15.0 (44)3.6 (37)9.0 (23)-6.5 (31)19.2 (37)˜ 5th Percentile 1.1 16.4 4.6 9.5 -5.7 21.1 1st Quartile 0.8 15.4 3.9 9.0 -6.3 20.0 Median 0.6 14.8 3.4 8.4 -7.2 18.9 3rd Quartile 0.3 14.2 2.3 8.0 -7.6 18.0 95th Percentile -0.3 12.7 0.9 7.3 -8.4 16.0 Population 37 37 37 37 39 39 Peer Group Analysis As of September 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 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.15 0.39 -0.38 1.00 0.83 -0.19 1.00 8.84 8.85 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.85 0.00 1.00 9.01 8.81 1.00 FTSE 3 Month T-Bill -7.53 8.84 -0.85 0.01 N/A 1.55 0.00 1.52 0.22 -0.11 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2035 Fund Page 40 Asset Allocation As of 07/31/2019 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% 0.3% 1.6% 23.8% 74.4% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $106,375.78 Million P/E 18.87 P/B 4.21 Div. Yield 2.06% Annual EPS 16.83 5Yr EPS 10.24 3Yr EPS Growth 13.20 Sector/Quality Allocation As of 07/31/2019 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 15.9% 11.8% 10.4% 8.4% 8.2% 7.7% 4.1% 3.0% 2.4% 1.9% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of September 30, 2019 Page 41 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.5 15.5 2.8 9.5 7.5 0.5 15.4 2.7 9.3 7.3 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 :$24,609.20 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.5 (42)15.4 (53)2.7 (52)9.3 (22)-7.3 (34)20.7 (31)¢ Vanguard Target 2040 Composite Index 0.5 (43)15.5 (51)2.8 (48)9.5 (14)-7.2 (32)20.9 (28)˜ 5th Percentile 1.0 17.2 5.1 9.9 -6.2 22.0 1st Quartile 0.7 16.0 3.3 9.3 -7.0 21.0 Median 0.4 15.6 2.7 8.8 -7.9 20.3 3rd Quartile 0.2 14.5 1.7 8.3 -8.5 18.8 95th Percentile -0.5 13.2 0.0 7.6 -9.4 16.3 Population 37 37 37 37 40 40 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.17 0.44 -0.38 1.00 0.81 -0.22 1.01 9.32 9.74 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.83 0.00 1.00 9.51 9.68 1.00 FTSE 3 Month T-Bill -8.06 9.71 -0.83 0.02 N/A 1.55 0.00 1.52 0.22 -0.13 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2040 Fund Page 44 Asset Allocation As of 07/31/2019 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% 0.3% 1.6% 16.4% 81.8% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $116,957.57 Million P/E 20.76 P/B 4.63 Div. Yield 2.27% Annual EPS 18.50 5Yr EPS 11.26 3Yr EPS Growth 14.52 Sector/Quality Allocation As of 07/31/2019 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 17.5% 12.9% 11.4% 9.2% 9.0% 8.5% 4.5% 3.3% 2.6% 2.1% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of September 30, 2019 Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.3 15.9 2.3 9.7 7.6 0.3 15.8 2.1 9.5 7.4 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 :$21,011.50 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.3 (51)15.8 (56)2.1 (56)9.5 (25)-7.9 (37)21.5 (26)¢ Vanguard Target 2045 Composite Index 0.3 (52)15.9 (47)2.3 (52)9.7 (15)-7.8 (35)21.5 (24)˜ 5th Percentile 0.9 17.6 3.6 10.0 -6.7 22.7 1st Quartile 0.5 16.3 3.0 9.5 -7.3 21.5 Median 0.3 15.9 2.4 9.0 -8.0 21.0 3rd Quartile 0.1 14.7 1.5 8.7 -8.9 19.8 95th Percentile -0.6 14.2 -0.2 8.1 -9.7 18.4 Population 37 37 37 37 39 39 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.17 0.46 -0.36 1.00 0.78 -0.21 1.00 9.47 10.33 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 9.66 10.28 1.00 FTSE 3 Month T-Bill -8.26 10.31 -0.80 0.02 N/A 1.55 0.00 1.52 0.22 -0.13 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2045 Fund Page 48 Asset Allocation As of 07/31/2019 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% 0.3% 1.6% 10.0% 88.1% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $125,829.99 Million P/E 22.35 P/B 4.98 Div. Yield 2.44% Annual EPS 19.91 5Yr EPS 12.12 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 07/31/2019 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 18.8% 13.9% 12.3% 9.9% 9.7% 9.1% 4.9% 3.6% 2.8% 2.2% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of September 30, 2019 Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.3 15.9 2.3 9.7 7.6 0.3 15.8 2.1 9.5 7.4 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 :$15,572.60 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.3 (42)15.8 (60)2.1 (54)9.5 (34)-7.9 (35)21.5 (40)¢ Vanguard Target 2050 Composite Index 0.3 (43)15.9 (52)2.3 (45)9.7 (23)-7.8 (33)21.5 (33)˜ 5th Percentile 0.8 17.9 4.0 10.1 -7.0 23.1 1st Quartile 0.6 16.6 3.0 9.5 -7.4 21.9 Median 0.3 16.0 2.2 9.1 -8.3 21.3 3rd Quartile 0.0 14.9 1.1 8.8 -9.2 20.2 95th Percentile -0.6 13.9 -0.4 7.9 -10.0 18.5 Population 37 37 37 37 40 41 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.17 0.45 -0.39 1.00 0.78 -0.21 1.00 9.47 10.33 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 9.66 10.28 1.00 FTSE 3 Month T-Bill -8.26 10.31 -0.80 0.02 N/A 1.55 0.00 1.52 0.22 -0.13 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2050 Fund Page 52 Asset Allocation As of 07/31/2019 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% 0.3% 1.6% 10.0% 88.1% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $125,856.23 Million P/E 22.35 P/B 4.98 Div. Yield 2.44% Annual EPS 19.91 5Yr EPS 12.13 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 07/31/2019 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 18.8% 13.9% 12.3% 9.9% 9.7% 9.1% 4.9% 3.6% 2.8% 2.2% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of September 30, 2019 Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.3 15.9 2.3 9.7 7.6 0.3 15.8 2.2 9.5 7.4 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 :$7,589.00 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.3 (42)15.8 (65)2.2 (45)9.5 (35)-7.8 (31)21.5 (51)¢ Vanguard Target 2055 Composite Index 0.3 (40)15.9 (54)2.3 (40)9.7 (28)-7.8 (30)21.5 (45)˜ 5th Percentile 0.8 18.2 3.3 10.1 -7.0 24.1 1st Quartile 0.5 16.7 2.9 9.8 -7.7 22.1 Median 0.2 16.0 2.1 9.3 -8.3 21.5 3rd Quartile -0.1 15.1 1.0 8.9 -9.3 20.5 95th Percentile -0.7 14.0 -0.7 8.1 -10.4 19.3 Population 36 36 36 36 37 37 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.16 0.46 -0.35 1.00 0.78 -0.19 1.00 9.48 10.31 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 9.66 10.28 1.00 FTSE 3 Month T-Bill -8.26 10.31 -0.80 0.02 N/A 1.55 0.00 1.52 0.22 -0.13 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2055 Fund Page 56 Asset Allocation As of 07/31/2019 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% 0.3% 1.6% 10.0% 88.1% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $125,802.93 Million P/E 22.35 P/B 4.98 Div. Yield 2.44% Annual EPS 19.91 5Yr EPS 12.12 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 07/31/2019 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 18.8% 13.9% 12.3% 9.9% 9.7% 9.1% 4.9% 3.6% 2.8% 2.2% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of September 30, 2019 Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.3 15.9 2.3 9.7 7.6 0.3 15.8 2.2 9.5 7.4 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 :$2,357.50 Million Total Assets Date :07/31/2019 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 3/19 9/19 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 9/19 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 0.3 (31)15.8 (75)2.2 (33)9.5 (52)-7.9 (31)21.4 (69)¢ Vanguard Target 2060 Composite Index 0.3 (31)15.9 (72)2.3 (30)9.7 (35)-7.8 (27)21.5 (63)˜ 5th Percentile 0.6 17.5 3.3 10.1 -7.2 23.3 1st Quartile 0.5 16.8 2.7 9.8 -7.7 22.0 Median 0.2 16.5 1.8 9.5 -8.2 21.7 3rd Quartile -0.1 15.8 1.0 9.2 -9.1 21.3 95th Percentile -0.4 14.1 -0.2 8.4 -10.0 19.3 Population 14 14 14 14 14 14 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.18 0.45 -0.39 1.00 0.78 -0.25 1.01 9.46 10.37 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 9.66 10.28 1.00 FTSE 3 Month T-Bill -8.26 10.31 -0.80 0.02 N/A 1.55 0.00 1.52 0.22 -0.13 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of September 30, 2019Vanguard Institutional Target Retirement 2060 Fund Page 60 Asset Allocation As of 07/31/2019 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% 0.3% 1.7% 10.0% 88.0% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $125,605.97 Million P/E 22.33 P/B 4.97 Div. Yield 2.44% Annual EPS 19.88 5Yr EPS 12.11 3Yr EPS Growth 15.62 Sector/Quality Allocation As of 07/31/2019 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 18.8% 13.9% 12.3% 9.9% 9.7% 9.1% 4.9% 3.6% 2.8% 2.2% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of September 30, 2019 Page 61 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 0.3 15.9 2.3 6.8 0.3 15.9 2.2 6.6 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 :$216.10 Million Total Assets Date :07/31/2019 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 9/19 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 7/19 9/19 1.00 Page 62 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Return1 Quarter Year To Date 1 Year Vanguard Institutional Target Retirement 2065 Fund 0.3 (32)15.9 (74)2.2 (31)¢ Vanguard Target 2065 Composite Index 0.3 (31)15.9 (72)2.3 (30)˜ 5th Percentile 0.6 17.5 3.3 1st Quartile 0.5 16.8 2.7 Median 0.2 16.5 1.8 3rd Quartile -0.1 15.8 1.0 95th Percentile -0.4 14.1 -0.2 Population 14 14 14 Peer Group Analysis As of September 30, 2019 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 07/31/2019 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% 1.0% 1.6% 9.9% 87.5% Fund Characteristics As of 07/31/2019 Total Securities 5 Avg. Market Cap $127,888.02 Million P/E 22.11 P/B 4.90 Div. Yield 2.43% Annual EPS 19.96 5Yr EPS 12.25 3Yr EPS Growth 15.25 Sector/Quality Allocation As of 07/31/2019 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 18.8% 14.1% 12.1% 9.8% 9.4% 9.1% 4.8% 3.6% 2.8% 2.2% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of September 30, 2019 Page 64 Tier II Page 65 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 1.7 20.6 4.3 13.4 10.8 13.2 1.7 20.5 4.2 13.4 10.8 13.2 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 :$114,406.20 Million Total Assets Date :07/31/2019 Gross Expense :0.04% Net Expense :0.04% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 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 1.7 (32)20.5 (40)4.2 (33)13.4 (43)10.8 (38)13.2 (30)-4.4 (48)21.8 (51)11.9 (31)¢ S&P 500 Index 1.7 (32)20.6 (40)4.3 (33)13.4 (42)10.8 (37)13.2 (30)-4.4 (48)21.8 (51)12.0 (31)˜ 5th Percentile 3.3 25.4 8.7 18.0 14.2 15.2 3.0 34.8 18.3 1st Quartile 1.9 21.9 5.3 15.2 11.7 13.6 -1.3 27.6 12.9 Median 1.1 19.9 3.2 12.9 10.0 12.5 -4.6 21.9 9.5 3rd Quartile 0.0 17.4 0.5 10.9 8.2 11.1 -7.2 18.2 4.1 95th Percentile -2.3 13.3 -2.4 8.4 6.5 9.6 -11.0 13.3 -1.9 Population 463 463 463 463 458 316 472 486 487 Peer Group Analysis As of September 30, 2019 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 67 Asset Allocation As of 07/31/2019 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% 0.3% 99.7% Fund Characteristics As of 07/31/2019 Total Securities 510 Avg. Market Cap $237,719.65 Million P/E 26.62 P/B 7.10 Div. Yield 2.39% Annual EPS 31.24 5Yr EPS 17.14 3Yr EPS Growth 20.29 Sector/Quality Allocation As of 07/31/2019 0.0%10.0%20.0%30.0%40.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Telecommunication Services Materials 22.1% 18.5% 12.9% 12.5% 12.3% 7.9% 4.9% 3.3% 2.1% 1.9% Vanguard Institutional Index Fund Mutual Fund Attributes As of September 30, 2019 Page 68 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 0.6 22.7 3.7 10.7 9.2 13.1 0.6 22.6 3.6 10.7 9.2 13.0 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 :$45,116.70 Million Total Assets Date :07/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 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 0.6 (36)22.6 (37)3.6 (30)10.7 (48)9.2 (42)13.0 (29)-9.2 (49)19.3 (48)11.2 (57)¢ Vanguard Spliced Mid Cap Index 0.6 (36)22.7 (36)3.7 (30)10.7 (47)9.2 (42)13.1 (27)-9.2 (49)19.3 (48)11.2 (57)˜ 5th Percentile 3.0 29.4 9.0 17.5 13.7 14.5 0.5 31.2 23.8 1st Quartile 1.1 23.6 4.8 13.8 10.8 13.2 -4.9 24.5 17.4 Median -0.3 20.8 1.2 10.5 8.5 12.0 -9.7 18.7 12.1 3rd Quartile -1.8 17.5 -3.7 7.7 6.5 10.8 -13.2 14.2 6.2 95th Percentile -5.8 10.8 -8.6 4.4 3.9 8.9 -18.8 9.7 1.0 Population 230 230 230 230 224 129 238 241 241 Peer Group Analysis As of September 30, 2019 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 70 Asset Allocation As of 07/31/2019 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% 1.0% 99.0% Fund Characteristics As of 07/31/2019 Total Securities 373 Avg. Market Cap $17,605.29 Million P/E 30.21 P/B 5.58 Div. Yield 2.29% Annual EPS 24.12 5Yr EPS 12.97 3Yr EPS Growth 18.04 Sector/Quality Allocation As of 07/31/2019 0.0%10.0%20.0%30.0% Financials Industrials Information Technology Consumer Discretionary Consumer Staples Health Care Utilities Energy Materials Telecommunication Services 21.0% 18.3% 15.3% 11.7% 9.2% 8.4% 6.3% 4.5% 3.5% 0.4% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of September 30, 2019 Page 71 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 10.0 20.0 30.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -1.5 17.8 -3.8 9.6 8.6 12.4 -1.5 17.8 -3.8 9.6 8.6 12.4 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 :$40,802.00 Million Total Assets Date :07/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 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 -1.5 (58)17.8 (12)-3.8 (9)9.6 (15)8.6 (26)12.4 (18)-9.3 (26)16.2 (20)18.3 (79)¢ Vanguard Spliced Small Cap Index -1.5 (60)17.8 (12)-3.8 (9)9.6 (15)8.6 (27)12.4 (18)-9.3 (26)16.2 (20)18.3 (79)˜ 5th Percentile 2.4 19.7 -1.8 12.0 11.1 13.2 -0.3 25.1 34.5 1st Quartile 0.6 14.6 -7.8 8.9 8.7 11.7 -9.3 14.3 28.3 Median -0.9 12.1 -10.2 6.4 6.5 10.5 -13.1 11.3 23.9 3rd Quartile -3.7 7.7 -15.3 4.4 4.5 9.2 -16.4 8.4 18.8 95th Percentile -9.4 2.3 -20.7 0.9 1.0 5.1 -22.5 3.1 8.2 Population 111 111 111 111 108 75 128 140 140 Peer Group Analysis As of September 30, 2019 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 73 Asset Allocation As of 07/31/2019 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% 2.9% 97.0% Fund Characteristics As of 07/31/2019 Total Securities 1,407 Avg. Market Cap $5,025.77 Million P/E 29.46 P/B 5.29 Div. Yield 2.68% Annual EPS 23.30 5Yr EPS 13.29 3Yr EPS Growth 15.79 Sector/Quality Allocation As of 07/31/2019 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 25.3% 19.7% 12.2% 11.4% 10.8% 6.5% 3.7% 3.1% 2.9% 1.1% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of September 30, 2019 Page 74 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2.3 8.7 10.4 3.0 3.4 3.8 2.4 8.7 10.4 2.9 3.3 3.7 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 :$102,650.00 Million Total Assets Date :07/31/2019 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 1.00 Page 75 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Total Bond Market Index Fund 2.4 (11)8.7 (55)10.4 (23)2.9 (62)3.3 (47)3.7 (72)0.0 (21)3.6 (62)2.6 (65)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 2.3 (25)8.7 (51)10.4 (22)3.0 (55)3.4 (38)3.8 (66)-0.1 (24)3.6 (57)2.8 (61)˜ 5th Percentile 2.5 10.0 10.8 3.8 3.9 4.9 0.6 5.1 5.2 1st Quartile 2.3 9.2 10.4 3.3 3.5 4.4 -0.1 4.2 3.8 Median 2.2 8.7 10.0 3.0 3.3 4.0 -0.5 3.8 3.0 3rd Quartile 2.0 8.3 9.5 2.7 3.1 3.6 -0.8 3.4 2.4 95th Percentile 1.0 6.2 6.0 2.1 2.4 2.8 -1.3 2.3 1.8 Population 116 116 116 116 110 82 119 125 125 Peer Group Analysis As of September 30, 2019 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 76 Asset Allocation As of 06/30/2019 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -1.1 % 0.0% 0.0% 1.9% 99.3% Fund Characteristics As of 06/30/2019 Avg. Coupon 3.21 % Nominal Maturity N/A Effective Maturity 7.99 Years Duration 5.72 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 06/30/2019 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated Foreign Securities Equities/Other 72.0% 12.5% 12.3% 4.5% 0.0% Maturity Distribution As of 06/30/2019 0.0%15.0%30.0%45.0%-15.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 1-3Yrs 3-5Yrs 5-10Yrs -1.1 % 0.5% 1.9% 4.1% 13.7% 24.5% 25.4% 31.1% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of September 30, 2019 Page 77 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2019 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 1.7 15.6 6.3 9.0 7.9 9.7 1.7 15.6 6.3 9.0 7.8 9.5 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 :$10,741.40 Million Total Assets Date :07/31/2019 Gross Expense :0.06% Net Expense :0.06% Turnover :44% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Balanced Index Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 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 1.7 (13)15.6 (22)6.3 (15)9.0 (19)7.8 (5)9.5 (12)-2.8 (15)13.9 (54)8.8 (22)¢ Vanguard Balanced Composite Index 1.7 (13)15.6 (21)6.3 (15)9.0 (18)7.9 (5)9.7 (9)-2.8 (14)13.9 (54)8.9 (22)˜ 5th Percentile 2.4 17.4 8.3 10.0 7.7 10.0 -1.4 22.1 12.2 1st Quartile 1.3 15.2 5.4 8.6 6.7 8.8 -3.8 18.7 8.6 Median 0.8 13.3 3.5 7.1 5.6 7.6 -5.9 14.3 7.0 3rd Quartile 0.3 11.0 1.7 5.4 4.4 6.3 -7.9 10.7 5.5 95th Percentile -0.8 5.7 -3.0 2.8 1.8 4.3 -10.7 5.2 2.1 Population 957 957 957 957 933 506 1,020 1,038 1,051 Peer Group Analysis As of September 30, 2019 IM All Balanced (MF) Parentheses contain percentile rankings. Page 79 Asset Allocation As of 07/31/2019 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% 1.3% 39.3% 59.3% Fund Characteristics As of 07/31/2019 Total Securities 13,502 Avg. Market Cap $197,977.05 Million P/E 27.23 P/B 6.91 Div. Yield 2.43% Annual EPS 29.66 5Yr EPS 16.60 3Yr EPS Growth 19.79 Sector/Quality Allocation As of 07/31/2019 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 12.4% 11.6% 8.0% 7.6% 7.4% 4.7% 2.7% 1.9% 1.3% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of September 30, 2019 Page 80 Tier III Page 81 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2019 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 1.4 17.8 4.0 9.4 7.8 11.5 1.6 18.1 1.7 10.1 7.5 11.1 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 :$33,842.60 Million Total Assets Date :07/31/2019 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Windsor II Fund Benchmark 0.96 0.99 1.02 1.05 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 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 1.6 (44)18.1 (31)1.7 (57)10.1 (51)7.5 (57)11.1 (44)-8.5 (50)16.9 (45)13.5 (66)¢ Russell 1000 Value Index 1.4 (54)17.8 (35)4.0 (36)9.4 (67)7.8 (51)11.5 (34)-8.3 (48)13.7 (83)17.3 (24)˜ 5th Percentile 3.3 21.4 7.5 12.3 9.5 12.7 -2.4 20.9 20.4 1st Quartile 2.1 18.6 5.0 11.1 8.4 11.8 -5.9 18.8 17.2 Median 1.4 16.9 2.3 10.1 7.8 10.9 -8.5 16.6 14.6 3rd Quartile 0.5 15.2 -0.4 8.9 6.9 10.3 -9.8 14.4 12.4 95th Percentile -0.7 11.7 -2.6 7.7 5.5 8.6 -13.0 11.4 9.3 Population 114 114 114 114 113 79 117 120 120 Peer Group Analysis As of September 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 12.0 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund -0.19 2.29 -0.08 0.97 0.57 -0.37 1.02 7.53 12.41 0.98 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.61 0.00 1.00 7.79 11.92 1.00 FTSE 3 Month T-Bill -7.28 11.93 -0.61 0.00 N/A 0.96 0.00 0.96 0.26 0.00 Vanguard Windsor II Fund Risk Profile As of September 30, 2019Vanguard Windsor II Fund Page 84 Asset Allocation As of 06/30/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Fixed Income Cash Other Equities 0.0% 0.1% 0.1% 4.1% 95.8% Fund Characteristics As of 06/30/2019 Total Securities 275 Avg. Market Cap $178,219.54 Million P/E 21.70 P/B 4.67 Div. Yield 2.48% Annual EPS 26.18 5Yr EPS 7.55 3Yr EPS Growth 13.15 Sector/Quality Allocation As of 06/30/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Health Care Industrials Energy Consumer Discretionary Consumer Staples Materials Utilities Non Classified Equity 21.0% 17.2% 12.7% 11.7% 9.6% 8.9% 7.5% 2.6% 2.3% 1.4% Vanguard Windsor II Fund Mutual Fund Attributes As of September 30, 2019 Page 85 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 15.0 30.0 45.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 1.5 23.3 3.7 16.9 13.4 14.9 -1.6 20.8 2.3 15.8 12.9 14.1 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 :$17,504.40 Million Total Assets Date :07/31/2019 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard U.S. Growth Fund Benchmark 0.96 1.00 1.04 1.08 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 0.98 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 -1.6 (79)20.8 (57)2.3 (51)15.8 (53)12.9 (38)14.1 (43)0.7 (34)31.8 (30)-0.6 (79)¢ Russell 1000 Growth Index 1.5 (14)23.3 (24)3.7 (30)16.9 (29)13.4 (25)14.9 (19)-1.5 (61)30.2 (46)7.1 (9)˜ 5th Percentile 2.4 27.1 8.5 19.3 14.9 15.8 5.3 36.7 7.9 1st Quartile 1.0 23.2 4.2 17.2 13.4 14.6 1.7 32.5 5.9 Median 0.0 21.3 2.4 15.9 12.4 13.9 -0.8 30.0 2.6 3rd Quartile -1.4 19.5 0.3 14.2 11.0 12.8 -2.8 26.9 0.1 95th Percentile -4.6 14.6 -3.7 11.7 9.0 10.7 -5.6 23.0 -5.1 Population 163 163 163 163 161 106 166 171 171 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -0.33 3.00 -0.11 0.95 0.91 -0.53 1.02 12.94 13.41 0.97 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 0.97 0.00 1.00 13.39 12.88 1.00 FTSE 3 Month T-Bill -12.50 12.87 -0.97 0.00 N/A 0.95 0.00 0.96 0.26 0.02 Vanguard U.S. Growth Fund Risk Profile As of September 30, 2019Vanguard U.S. Growth Fund Page 88 Asset Allocation As of 06/30/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Cash Fixed Income Other Equities 0.0% 0.0% 0.2% 3.9% 95.9% Fund Characteristics As of 06/30/2019 Total Securities 266 Avg. Market Cap $257,877.50 Million P/E 39.88 P/B 11.84 Div. Yield 1.43% Annual EPS 31.62 5Yr EPS 28.20 3Yr EPS Growth 34.39 Sector/Quality Allocation As of 06/30/2019 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Industrials Health Care Consumer Staples Non Classified Equity Energy Materials Utilities 30.6% 19.1% 13.9% 12.5% 11.2% 7.6% 0.7% 0.2% 0.1% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of September 30, 2019 Page 89 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 -1.8 11.6 -1.2 6.3 2.9 4.0 -3.0 15.0 -1.9 10.3 7.2 7.8 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 :$29,317.10 Million Total Assets Date :07/31/2019 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard International Growth Fund Benchmark 0.80 1.00 1.20 1.40 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 1.23 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 -3.0 (100)15.0 (73)-1.9 (82)10.3 (5)7.2 (12)7.8 (4)-12.6 (35)43.2 (1)1.8 (23)¢ Vanguard Spliced International Index -1.8 (76)11.6 (100)-1.2 (72)6.3 (65)2.9 (76)4.0 (92)-14.2 (50)27.2 (54)4.5 (14)˜ 5th Percentile 0.9 20.3 7.4 10.3 7.8 7.7 -7.9 32.8 6.3 1st Quartile -0.3 19.1 4.6 8.5 5.4 6.8 -12.2 31.2 1.3 Median -1.3 16.8 1.1 6.9 3.8 5.5 -14.4 27.6 -0.5 3rd Quartile -1.8 14.5 -1.5 5.4 3.0 4.4 -16.2 24.0 -3.9 95th Percentile -2.5 12.1 -3.2 4.3 1.5 3.8 -18.7 22.1 -6.8 Population 44 44 44 44 43 26 44 45 45 Peer Group Analysis As of September 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 9/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 4.49 5.39 0.83 0.89 0.47 4.00 1.15 7.20 15.24 0.94 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.21 0.00 1.00 2.90 12.48 1.00 FTSE 3 Month T-Bill -2.68 12.48 -0.21 0.00 N/A 0.96 0.00 0.96 0.26 0.00 Vanguard International Growth Fund Risk Profile As of September 30, 2019Vanguard International Growth Fund Page 92 Asset Allocation As of 06/30/2019 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -2.1 % 0.0% 0.1% 3.9% 98.1% Fund Characteristics As of 06/30/2019 Total Securities 132 Avg. Market Cap $134,535.03 Million P/E 31.45 P/B 6.82 Div. Yield 1.89% Annual EPS 13.13 5Yr EPS 20.98 3Yr EPS Growth 21.35 Sector/Quality Allocation As of 06/30/2019 0.0%15.0%30.0%45.0% Consumer Discretionary Consumer Staples Financials Information Technology Health Care Industrials Materials Energy Telecommunication Services Non Classified Equity 26.0% 15.4% 14.5% 14.2% 10.7% 10.0% 3.1% 1.9% 1.3% 1.0% Top 5 Countries As of 06/30/2019 China 16.79 % Japan 10.63 % United States 8.02 % France 7.92 % United Kingdom 7.25 % Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2019 Page 93 Regional Allocation As of 06/30/2019 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% 3.2% 4.2% 8.9% 16.1% 21.9% 45.4% Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2019 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 09/30/19 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 2.4 1.5 1.0 0.50.5 2.4 1.6 1.1 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 :$104,126.90 Million Total Assets Date :07/31/2019 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 1.00 Vanguard Prime Money Market Fund Performance Summary As of September 30, 2019Vanguard Prime Money Market Fund Page 95 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)2.10 Avg. Maturity 44.00 Holdings Count 390 Maturity Distribution (%) 0.0 25.0 50.0 75.0 100.0 1-7 Days8-29 Days30-89 Days90-179 Days180-269 Days270+ Days0.0 3.6 12.4 12.1 1.6 70.3 Sector Distribution (%) 0.0 20.0 40.0 60.0 80.0 Certificates of DepositU.S. Commercial PaperOtherRepurchase AgreementsU.S. Govt. ObligationsU.S. Treasury BillsYankee/Foreign6.2 3.0 0.0 0.0 8.7 29.3 52.8 Vanguard Prime Money Market Portfolio Characteristics As of September 30, 2019 Page 96 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 2.4 1.5 1.0 0.5 1.4 2.5 2.2 2.1 2.3 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 % 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 9/19 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 9/19 1.39 Page 97 Portfolio Characteristics Portfolio MV/BV Ratio (%)101.98 Crediting Rate 2.47 Effective Duration 2.92 # of Wrap Providers 12 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 Treas./Ag.AAAAAABBB<BBBReservesOther40.6 29.3 11.4 18.7 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 & EquivalentsOther21.2 21.7 19.6 0.0 19.1 6.6 7.2 4.6 Wrap Providers 0.0%5.0%10.0%15.0%20.0% New York Life Pacific Life Nationwide Life American General Life Metropolitan Tower Life Massachusetts Mutual Transamerica Premiere Life JPMorgan Chase Prudential State Street Bank 4.9% 7.3% 7.6% 8.1% 9.1% 10.0% 11.2% 11.3% 11.6% 10.8% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of September 30, 2019 Page 98 Appendix Page 99 Assets Assets Expense Ratio² Expense Ratio² Revenue Share Revenue Share Universe Median Universe Median Offering vs. Median %$%$%$%$ Vanguard Institutional Target Retirement Income MF VITRX Mixed-Asset Target Today (Passive)1.5%$1,013,768 0.09%$912 0.00%$0 0.24%$2,382 P Vanguard Institutional Target Retirement 2015 MF VITVX Mixed-Asset Target 2015 (Passive)1.4%$1,008,999 0.09%$908 0.00%$0 0.16%$1,614 P Vanguard Institutional Target Retirement 2020 MF VITWX Mixed-Asset Target 2020 (Passive)3.8%$2,664,214 0.09%$2,398 0.00%$0 0.29%$7,726 P Vanguard Institutional Target Retirement 2025 MF VRIVX Mixed-Asset Target 2025 (Passive)7.1%$4,952,533 0.09%$4,457 0.00%$0 0.24%$11,638 P Vanguard Institutional Target Retirement 2030 MF VTTWX Mixed-Asset Target 2030 (Passive)3.3%$2,322,375 0.09%$2,090 0.00%$0 0.24%$5,458 P Vanguard Institutional Target Retirement 2035 MF VITFX Mixed-Asset Target 2035 (Passive)3.0%$2,124,131 0.09%$1,912 0.00%$0 0.24%$4,992 P Vanguard Institutional Target Retirement 2040 MF VIRSX Mixed-Asset Target 2040 (Passive)2.1%$1,462,186 0.09%$1,316 0.00%$0 0.29%$4,240 P Vanguard Institutional Target Retirement 2045 MF VITLX Mixed-Asset Target 2045 (Passive)2.6%$1,817,356 0.09%$1,636 0.00%$0 0.24%$4,271 P Vanguard Institutional Target Retirement 2050 MF VTRLX Mixed-Asset Target 2050 (Passive)1.5%$1,036,223 0.09%$933 0.00%$0 0.24%$2,435 P Vanguard Institutional Target Retirement 2055 MF VIVLX Mixed-Asset Target 2055 (Passive)0.4%$270,342 0.09%$243 0.00%$0 0.24%$635 P Vanguard Institutional Target Retirement 2060 MF VILVX Mixed-Asset Target 2060+ (Passive)0.4%$300,218 0.09%$270 0.00%$0 0.18%$540 P Vanguard Institutional Target Retirement 2065 MF VSXFX Mixed-Asset Target 2060+ (Passive)0.0%$7,291 0.09%$7 0.00%$0 0.18%$13 P Vanguard Institutional Index Fund MF VINIX U.S. Large Cap Core Equity (WSP)15.0%$10,504,268 0.04%$3,676 0.00%$0 0.20%$21,009 P Vanguard Mid-Cap Index Fund MF VIMAX U.S. Mid Cap Core Equity (Passive)6.1%$4,273,017 0.05%$2,137 0.00%$0 0.09%$3,974 P Vanguard Small-Cap Index Fund MF VSMAX U.S. SMID Cap Core Equity (Passive)4.4%$3,060,165 0.05%$1,530 0.00%$0 0.23%$7,038 P Vanguard Total Bond Market Index Fund MF VBTLX U.S. Broad Market Core Fixed Income (Passive)5.5%$3,866,055 0.05%$1,933 0.00%$0 0.12%$4,639 P Vanguard Balanced Index Fund MF VBAIX Mixed-Asset Target Today (Passive)7.3%$5,065,760 0.06%$3,039 0.00%$0 0.24%$11,905 P Vanguard Windsor II Fund MF VWNAX U.S. Large Cap Value Equity 12.6%$8,781,116 0.25%$21,953 0.00%$0 0.69%$60,590 P Vanguard U.S. Growth Fund MF VWUAX U.S. Large Cap Growth Equity 8.8%$6,145,584 0.28%$17,208 0.00%$0 0.80%$48,857 P Vanguard International Growth Fund MF VWILX International Large Cap Growth Equity 5.2%$3,630,556 0.32%$11,618 0.00%$0 0.87%$31,586 P Vanguard Prime Money Market Fund MF VMMXX U.S. Taxable Money Market 3.2%$2,230,259 0.16%$3,568 0.00%$0 0.35%$7,806 P Vanguard Retirement Savings Trust III CF N/A Stable Value 4.8%$3,328,039 0.32%$10,650 0.00%$0 0.47%$15,752 P $69,864,456 0.14%$94,394 0.00%$0 0.37%$259,101 ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity ³Institutional mutual fund fee universes were 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 Morningstar 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 consultant. 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 expense is reasonable depends on a variety of factors including the level of returns achieved and the method with which administration and operational expenses 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, custodial fees, trustee fees, revenue sharing components and/or charges for fund or plan administration. MSD Deferred Compensation Plan As of September 30, 2019 Investment Fee Analysis Asset Information Fund Expense Information Institutional Peer Comparison³ 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 -0.2% -1.7% 1.1% -2.3% 3.3% 0.6%0.3% -1.8% -4.8%-4.3% 0.5% -1.8% 2.4% -3.4% -4.9% 2.2% -1.9% -1.0% 2.5% -2.4% -6% -4% -2% 0% 2% 4% ACWI IMI 44.7% ACWI ex-U.S. IMI 55.3% USA IMI 5.0% UK IMI 7.7% Ja pa n IMI 3.1% Ca na da IMI 0.2% Isra el IMI 13.6% Europe ex-UK IMI 3.7% Pacific ex-Japan IMI 11.3% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 09/30/2019 Third Quarter 2019 One-Year Source: MSCI Concerns of slowing global growth and trade wars ramped up significantly over the quarter before giving way to monetary stimulus that helped to bolster stocks. In local currency terms, the MSCI AC World Investable Market Index returned 1.1% but due to U.S. dollar appreciation, global equities returned -0.2% in USD terms. Japanese stocks were the strongest performers (3.3%) where significant multiple expansion saw cyclical sectors, such as the Consumer Discretionary sector, outperform strongly. Pacific ex-Japan was the worst performer with a return of -4.8%, significantly dragged down by double-digit decline in Hong Kong equity returns due to slowdown in China and heightened political unrest with growing protests triggered by a controversial extradition bill. Emerging Markets (EM) equities fell sharply at -4.3% as impact of trade concerns continues to be a strong headwind. In particular, a double-digit decline in Chinese stocks detracted from EM returns as both the rhetoric and size of tariffs increased.Much of the fall can be attributed however to the strong appreciation of the U.S. dollar with the MSCI EM IMI down by 1.9% in local currency terms. 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 55.3% UK 5.0% Ca nada 3.1% Pa cific ex -Japan 3.7%Japan 7.7% Eu rope ex -UK 13.6% Is rael 0.2% Latin Americ a 1.4% Asia 8.2% Ea stern Eu rope, Mi ddle Ea st & Africa 1.7% Emer ging Ma rkets 11.3% MSCI ALL COUNT RY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 09/30/2019 Sour ce:MSCI 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. UK 11.2% Canada 7.0% Pacifi c ex -Japan 8.2% Japan 17.3% Europe ex -UK 30.5% Is rael 0.5% Latin America 3.1% Asia 18.3% Eastern Europe, Middle East & Afri ca 3.9% Emerging Mark ets 25.3% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2019 Sourc e:MS CI Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets 1.2%3.4% -3.6%-0.4% 5.7% -7.6% -0.3% 0.5%2.6% 8.5% 2.9% 5.4% -5.1% 3.2% 11.1% -23.0% 0.3%1.1% 8.1% 21.2% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Russell 3000 21.4% Te ch nology 13.9% Healthcare 14.4% Cons . Di sc 5.7% Cons. Staples 5.1% Energy 3.4% Mater ia ls & Processi ng 10.5% Produ ce r Durables 20.4% Fi nanc ial Serv ices 5.1% Utilities RUS SELL GI CS SECTOR RET URNS AS OF 09/30/2019 Third Q uarter 2019 One-Year Source: Rus sell Indexes 1.2%1.4%2.1% 1.2% -0.7%-0.6% -4.2% 2.9% 5.2% 3.2% 1.6% 5.2% -8.2% -9.6%-12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% Russe ll 3000 30.4% Large Value 37.4% Large Gr owth 15.7% Medium Value 10.0% Medium Gr owth 3.3% Small Value 3.3% Small Gr owth RUS SELL STYL E RETURNS AS OF 09/30/2019 Third Quar ter 2019 One-Year Source: Rus sell Indexes With expectations of corporate earnings turning lower, the positive return for U.S. equities was primarily driven by multiple expansion. In general, less economically-sensitive sectors outperformed which is not too surprising given the deteriorating outlook. The Russell 3000 Index rose 1.2% during the third quarter and 2.9% over the one-year period. Relative to their international peers, U.S. stocks broadly outperformed with particularly resilience from the Financials sector. Energy (-7.6%) and Healthcare (-3.6%) were the worst performers over the quarter. The former was affected by lower crude oil prices, while the latter despite its more defensive nature underperformed due to political headwinds. Meanwhile, Utilities (8.5%) and Consumer Staples (5.7%) were the best performing sectors in Q3 2019. Performance was mixed across the market capitalization spectrum over the quarter. In general, small cap stocks underperformed both large and medium cap stocks over the quarter. Small-cap stocks underperformed on a fairly broad basis, rather than any meaningful differences in sector allocations although the near double-digit decline in small-cap Health Care stocks was notable. Growth stocks generally underperformed their Value counterparts in Q3 2019 and over the last year. 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 The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.3% over the quarter. Corporate bonds were the best performers, returning 3.0%. Securitized debt underperformed other areas of the U.S. bond market with lower duration of the segment attributed to the more modest returns with a return of 0.9%. Strong underlying government bond returns supported corporate bonds returns across all credit grades. Within investment grade bonds, Baa bonds rose the most at 3.3%. High Yield bonds returned 1.3% with minimal movement in spreads over the quarter. As the U.S. yield curve flattened over the quarter, long- maturity bonds outperformed intermediate and short- maturity bonds. Long-maturity bonds returned 6.6% while short-maturity bonds returned only 0.7%. 2.3%2.4%3.0% 1.4%0.9%1.9% 10.3%10.4% 13.0% 7.8% 5.4% 10.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% Barclay s U.S. Agg. Bond 43 .0 % Go vt 26 .4 % Co rp. 28 .1 % MBS 0.5% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: FactSet 0.7%1.3%1.5%2.8% 6.6% 4.7% 7.7%8.9% 12.1% 22.0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% 25 .0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Y r.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURI TY AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: FactSet 2.0%2.6%2.9%3.3% 1.3% 9.3% 11.0% 12.6%13.5% 6.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10 .0% 12 .0% 14 .0% 16 .0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HIGH YIELD RET URNS AS OF 09/30/2019 Th ird Qu ar te r 20 19 On e-YearSource: Fa ctSet 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% Sep 09 Sep 11 Sep 13 Sep 15 Sep 17 Sep 19 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 9/30/2018 6/30/2019 9/30/2019 Sour ce:U.S. Department of Treasur y The U.S. nominal yields fell across all maturities with the yield curve flattening over the quarter as longer-term yields decreased by more than short-term yields. Over the quarter, the widely watched spread between 10 and 2-year U.S. Treasury yields briefly fell into negative territory for the first time since 2007, a concerning development as a recession has followed every yield curve inversion since the 1960s. The 10-year U.S. Treasury yield ended the quarter at 1.68%, 32bps lower than at the start of the quarter in which the U.S. Federal Reserve (Fed) twice cut the interest rate by 25bps each to 1.75%-2.00%. Despite the two rate cuts, the Fed made it clear that it was not the beginning of a sustained easing cycle. This more conservative messaging was maintained at the September Fed meeting although the Federal Open Market Committee (FOMC) appeared to be divided on the future direction of rates with a member arguing for more aggressive cuts to be made. The weaker economic outlook was reflected in the downward movements in TIPS yields by 16bps over the quarter and ended the period at 0.15%, while lower inflation expectations led breakeven inflation lower by 16bps to 1.54%. 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% 2013 2014 2015 2016 2017 2018 2019 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds generally fell across the Euro Area with the exception of Spanish and Irish government bonds. The European Central Bank (ECB) cut its deposit rate by 10bps to - 0.5% and announced that its bond purchasing program will be restarted with the purchase of €20billion of bonds each month from November 2019. Furthermore, the ECB indicated that this policy would not be time limited but will be in place until their inflation target is reached. German government bund yields fell by 27bps to -0.58% over the quarter after the country’s manufacturing sector dived deeper into contraction territory. Meanwhile, the 30-year German bund yield turned negative for the first time in history. Italian government bond yields fell by 129bps to a record low of 0.81% over the quarter as political uncertainty eased after a new coalition government was formally agreed. Greek government bond yields fell by 109bps over the quarter to a record low of 1.34%. Greece submitted a request to repay part of its expensive loans from the International Monetary Fund (IMF) early. Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads Spre ad (bps)09/30/2019 06/30/2019 12/31/2018 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 46 46 39 0 7 Long Gov't 1 1 2 0 -1 Long Credit 167 161 153 6 14 Long Gov't /Credit 95 92 90 3 5 MBS 46 46 28 0 18 CMBS 70 69 60 1 10 ABS 37 41 38 -4 -1 Corporate 115 115 106 0 9 High Yield 373 377 316 -4 57 Global Emerging Mark et s 312 282 273 30 39 So urce: F actSet, B lo omberg Barclays Movements in credit spreads over U.S. Treasuries were mixed over the quarter. There were fairly muted movements in U.S. credit with modest narrowing in U.S. high yield spreads while U.S. corporate spreads were unchanged. Emerging market bond spreads widened significantly by 30bps over the quarter. The ongoing trade war, U.S. dollar debt vulnerabilities among certain EM countries given the increase in the ‘greenback’ and less risk appetite weighed on emerging market debt in general. Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency 80 85 90 95 100 105 110 115 120 125 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar continued on an upward trend with economic releases surprising to the upside in the U.S. and cyclical supports –a wide interest rate differential and relative economic strength –remaining intact. The U.S. dollar strengthened against major currencies over the quarter, rising by 2.8% on a trade-weighted basis over the quarter, supported by appreciation against sterling and the euro, up 3.3% and 4.5% respectively. The U.S. dollar appreciated less against the Japanese yen which benefited from some safe haven flows during bouts of market volatility over the quarter. Once again, closely tied to Brexit developments, sterling slipped by just 0.1% on a trade weighted basis but fell by considerably more to a post-EU referendum low against the U.S. dollar.Sterling depreciated by 3.2% against the U.S. dollar. The euro was weak over the quarter as economic releases disappointed with data pointing to near-recessionary conditions in the bloc. With the region exposed to global economic activity, the ongoing trade war and decelerating growth weighed on the region and the currency. Further headwinds pushed the euro lower later in the quarter as the ECB eased monetary policy and lowered interest rates. Against this backdrop, the euro slid by c.4% against the U.S. dollar. 80 90 10 0 11 0 12 0 13 0 14 0 Sep 13 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 U.S. DOLLAR RELATIVE TO EUR, GBP AN D JPY REBASED TO 100 AT 09/30/2013 EUR/USD GBP/USD JPY/USD Sourc e: FactSet Stronger Dollar Weaker Dollar Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities -1.8% -0.6% -4.5% 2.4% 5.3% -6.1% -8.6% -6.5% 0.8% -6.6% 1.6% -21.6% -2.1% 20.5% -4.9% -7.8% -3.8% -5.5% -25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 09/30/2019 Third Quarter 2019 On e-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Commodities fell over the quarter which saw the Bloomberg Commodity Index return -1.8%. Despite ongoing supply risks, exacerbated by the drone attacks on oil infrastructure in Saudi Arabia that accounts for nearly half of the Kingdom's production, crude oil prices ended the quarter lower. Weaker energy demand led to lower crude oil prices: the price of Brent crude oil fell by 8.7% to $61/bbl while WTI crude oil spot price fell by 7.5% to $54/bbl. Energy sector disappointed with a return of -4.5%. Supported partly by safe-haven buying over the quarter, Precious Metals was the best performing sector over the quarter with a return of 5.3%. This took the one-year return to over 20%. All other commodity sectors posted negative returns over the same period. Agriculture (-6.1%) was the worst performing sector in Q3 2019. Within the Agriculture sector, Softs fell by 8.6% whilst Grains fell by 6.5%. Page 110 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Hedge Fund Markets Overview 0.9% 1.5% -1.1% -2.0% -0.6% -1.6% 0.2% -0.4% -0.9% 2.6% 4.0% -1.2% 2.1% -0.2% -2.8% 2.0% 0.4% 0.0% -4.0%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%4.0%5.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relative Value Fund-Weighted Compos it e Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 09/30/2019 Third 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 futur e. Source:HFR Hedge fund performance was mixed across all strategies in the third quarter. Over the quarter, Global Macro hedge fund strategies were the best performers with a return of 1.5%. Most of the outperformance occurred over August when market risks were elevated. Conversely, Emerging Markets and Distressed-Restructuring were the worst performers, returning -2.0% and -1.6% respectively. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of -0.4% and -0.9%, respectively. 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. §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 700 Chicago, IL 60601 ATTN: AHIC Compliance Officer Disclaimer