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HomeMy Public PortalAbout2020 1st Quarter ReportVisit the Retirement and Investments Thought Leadership Site (https://retirement-investment-insights.aon.com); sharing our best thinking. MSD Defined Contribution Plan | First Quarter 2020 Quarterly Investment Review Executive Summary Page 1 Defined Contribution 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 Our Name has Changed Aon Hewitt Investment Consulting, Inc. is now Aon Investments USA Inc. We changed our name to better reflect the fact that Aon’s Investments business is part of a global organization that provides a spectrum of solutions from traditional advisory to partial delegation to a complete outsourced chief investment officer (OCIO) offering. Aon’s Strategic Advisory Practice helps clients execute complicated transactions and transformations. 200 dedicated M&A professionals around the world help clients across four core competencies Tr ansaction Services To tal Rewards Communication Tr ansAction ManagerTM Key practice strengths Integrated multidisciplinary consulting team Proprietary industry data Experienced and nimble communications team Web-based project management platform Tr ansAction ManagerTM Ability to make it happen and get results Aon to Combine with Willis To wers Wa tson On March 9, 2020, Aon announced our combination with Willis To wers Wa tson which will accelerate innovation on behalf of clients. Expect the transaction to close in the first half of 2021, subject to regulatory and shareholder approvals and other customary closing conditions. Global Investment Management Fee Negotiations Aon actively seeks to renegotiate manager fees for the direct benefit of our investors globally. In 2019 our scale and market strength allowed us to generate Concessions ranging from 10 to 42% on renegotiated rates* Initial discounts as high as 68% on new business* *There is no guarantee that results or savings will be achieved if you should select Aon and/or its affiliated entities to provide services to you. U.S. OCIO Trading Vo lumes Despite recent market turbulence and challenging trading conditions our team successfully helped clients rebalance portfolios and manage liquidity. During February and March 2020, total trading volumes were up 64% from the prior year and 76% compared to the prior two-month period. Aon Happenings Did You Know? Aon Happenings Page 2 Thought Leadership Highlights Current Topics of Interest and Events Aon’s COVID-19 Response Site Link Investment Weekly Market Update Link 5-minute Recording on Investment Ideas for Corporate Defined Benefit Plans –Use Access Code ‘aon2020’Link Webinar: How do you Create DC Plans of the Future Replay Webinar: Investment Implications for Qualified Defined Benefit Plans Replay Webinar: Q2 Investment Market Update –Opportunities in Today’s Challenging Environment 5-minute Summary Use Access Code ‘aon2020’Full Replay White Papers All Investors: Avoiding Behavior Traps in Investing Link All Investors ex-DC: Rebalancing: Ignore the Crowd…Follow Your Policy 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 Retirement Plans: Legal and Compliance Quarterly Update Link Retirement Plans: The Real Deal -Impact of Investment on Retirement Income Adequacy Link Retirement Plans: Six Key Themes of the SECURE Act and Other Retirement Plan Provisions Link Private DB: Global Pension Risk Survey 2019 Link Private DB: 2020 U.S Pension Risk Transfer Annuity Settlement Market Update Link Private DB: Retiree Lump Sum Windows: Analytics, Elections and Adverse Selections in Defined Benefit Pension Plans Link Private DB: Case Study: Integrated Pension Management Simplifies Plan Management and Enhances Outcomes Link DC: 6 Benefits of an OCIO for a DC Plan Link DC: Could Partial OCIO Delegation Improve Your DC Plan Participant Outcomes?Link DC: 2020 Defined Contribution Employer Survey Link Non-Profit: 2020’s Key Themes for Non-Profit Organizations 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 Investments USA Inc. Market Highlights 6.7% -0.2%-0.6%-0.4% 3.4% 7.3% 4.7% 2.8% -7.8% 10.5% 6.9% 2.7% 0.7% 3.9% 8.9% 7.3% 5.6% -6.7%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Bar cla ys U.S. Aggr eg ate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barcla ys U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 03/31/2020 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg -19.6% -30.6% -22.8%-23.6% 3.1% 20.6% -4.7% -12.7% -23.3% -7.0% -24.0% -14.4%-17.7% 8.9% 32.3% 9.0% -6.9% -22.3% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomber g Barclays U.S. Aggreg ate Bloomberg Bar cla ys U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Sour ce:Ru ssell, MSCI, Bloomber g Barclay s, B loomberg MSCI Indi ces show net total retur ns thr oug hout thi s repor t. Al l other indi ces show gross total returns.. Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights First Quarter 1-Year 3-Ye ar1 5-Year1 10-Ye ar1 Equity MSCI A ll C ountry World IMI -22.44%-12.73%0.76%2.45%5.80% MSCI A ll C ountry World -21.37%-11.26%1.50%2.85%5.88% Dow Jones U.S . Total Stock Market -20.96%-9.28%3.92%5.70%10.13% Russell 3000 -20.90%-9.13%4.00%5.77%10.15% S&P 500 -19.60%-6.98%5.10%6.73%10.53% Russell 2000 -30.61%-23.99%-4.64%-0.25%6.90% MSCI A ll C ountry World ex-U.S . IMI -24.11%-16.32%-2.34%-0.66%2.14% MSCI A ll C ountry World ex-U.S .-23.36%-15.57%-1.96%-0.64%2.05% MSCI E AFE -22.83%-14.38%-1.82%-0.62%2.72% MSCI E AFE (Local C urrenc y)-20.55%-12.58%-1.80%-0.15%4.36% MSCI E merging Markets -23.60%-17.69%-1.62%-0.37%0.68% Fixed Income Bloomberg Barclays Global Aggregate -0.33%4.20%3.55%2.64%2.47% Bloomberg Barclays U.S. A ggregate 3.15%8.93%4.82%3.36%3.88% Bloomberg Barclays U.S. Long Go v't 20.63%32.28%13.30%7.32%8.89% Bloomberg Barclays U.S. Long Credit -4.65%9.05%6.58%4.67%7.26% Bloomberg Barclays U.S. Long Go v't/Credit 6.21%19.32%9.68%5.99%8.07% Bloomberg Barclays U.S. TIP S 1.69%6.85%3.46%2.67%3.48% Bloomberg Barclays U.S. High Yield -12.68%-6.94%0.77%2.78%5.64% Bloomberg Barclays Global Treasury ex U.S.-1.53%2.02%2.96%2.44%1.50% JP Morgan EMBI Global (E merging Markets)-11.76%-5.28%0.44%2.85%4.82% Commodities Bloomberg Commodity Index -23.29%-22.31%-8.61%-7.76%-6.74% Goldman Sachs Commodity Ind ex -42.34%-41.01%-13.33%-12.82%-10.43% Hedge Funds HFRI Fund -Weighted Composite2 -9.39%-5.11%0.32%1.09%2.78% HFRI Fund of Funds2 -7.30%-3.94%0.50%0.33%1.91% Real Estate NA REIT U.S . Equity RE ITS -27.30%-21.26%-3.14%-0.35%7.40% NCRE IF NFI - OD CE 0.97%4.87%6.81%8.46%11.45% FTSE Global C ore Infrastructure Index -17.89%-9.29%3.94%4.52%8.30% Private Equity Burgiss Private iQ Global P riva te Equity3 11.61%14.89%11.58%13.92% MSCI Indices show net tota l returns throug ho ut this report. A ll other indices show gross total returns. 1 Periods are annua li ze d. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Priva te Equity data is as at June 30, 2019 Returns of th e Major Capital Markets Period Ending 03/31/2020 Page 5 This Page Left Blank Intentionally Writeup Page 6 Defined Contribution Summary Page 7 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Defined Contribution Plan 11,191,426 100.0 Tier I 8,311,113 74.3 Vanguard Institutional Target Retirement Income Fund 42,406 0.4 -5.9 (31)0.9 (20)3.4 (11)-- Vanguard Target Income Composite Index -5.6 (22)1.4 (4)3.7 (4)-- Vanguard Institutional Target Retirement 2015 Fund 6,876 0.1 -7.4 (9)-0.1 (5)3.7 (8)-- Vanguard Target 2015 Composite Index -7.0 (5)0.4 (4)3.9 (2)-- Vanguard Institutional Target Retirement 2020 Fund 145,564 1.3 -10.7 (67)-2.6 (43)3.3 (14)-- Vanguard Target 2020 Composite Index -10.3 (60)-2.0 (35)3.7 (9)-- Vanguard Institutional Target Retirement 2025 Fund 709,039 6.3 -12.9 (58)-4.2 (44)3.1 (26)-- Vanguard Target 2025 Composite Index -12.4 (42)-3.6 (29)3.5 (17)-- Vanguard Institutional Target Retirement 2030 Fund 577,575 5.2 -14.8 (53)-5.8 (42)2.8 (29)-- Vanguard Target 2030 Composite Index -14.2 (39)-5.0 (29)3.2 (18)-- Vanguard Institutional Target Retirement 2035 Fund 1,205,522 10.8 -16.5 (42)-7.2 (30)2.6 (17)-- Vanguard Target 2035 Composite Index -16.0 (31)-6.5 (19)2.9 (13)-- Vanguard Institutional Target Retirement 2040 Fund 1,164,650 10.4 -18.2 (39)-8.7 (31)2.3 (19)-- Vanguard Target 2040 Composite Index -17.8 (32)-8.1 (17)2.6 (11)-- Vanguard Institutional Target Retirement 2045 Fund 2,040,787 18.2 -19.9 (46)-10.2 (36)1.8 (29)-- Vanguard Target 2045 Composite Index -19.5 (38)-9.5 (29)2.2 (19)-- Vanguard Institutional Target Retirement 2050 Fund 1,274,087 11.4 -19.9 (37)-10.1 (27)1.8 (24)-- Vanguard Target 2050 Composite Index -19.5 (28)-9.5 (21)2.2 (17)-- Vanguard Institutional Target Retirement 2055 Fund 788,006 7.0 -19.9 (26)-10.2 (23)1.8 (27)-- Vanguard Target 2055 Composite Index -19.5 (19)-9.5 (17)2.2 (17)-- Vanguard Institutional Target Retirement 2060 Fund 342,666 3.1 -19.9 (24)-10.1 (22)1.8 (23)-- Vanguard Target 2060 Composite Index -19.5 (19)-9.5 (13)2.2 (19)-- Vanguard Institutional Target Retirement 2065 Fund 13,935 0.1 -20.0 (31)-10.3 (27)--- Vanguard Target 2065 Composite Index -19.5 (19)-9.5 (13)--- Asset Allocation & Performance As of March 31, 2020 Page 8 Asset Allocation & Performance As of March 31, 2020 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 1,661,454 14.8 Vanguard Institutional Index Fund 689,736 6.2 -19.6 (52)-7.0 (50)5.1 (49)6.7 (41)10.5 (36) S&P 500 Index -19.6 (52)-7.0 (50)5.1 (49)6.7 (40)10.5 (35) Vanguard Mid-Cap Index Fund 308,072 2.8 -25.7 (51)-16.6 (48)-0.3 (47)2.1 (46)8.9 (41) Vanguard Spliced Mid Cap Index -25.7 (51)-16.7 (48)-0.2 (47)2.1 (46)8.9 (41) Vanguard Small-Cap Index Fund 198,226 1.8 -30.1 (36)-23.3 (35)-3.3 (29)0.4 (32)7.8 (27) Vanguard Spliced Small Cap Index -30.1 (36)-23.4 (36)-3.3 (29)0.4 (32)7.8 (28) Vanguard Total Bond Market Index Fund 249,541 2.2 3.3 (15)9.1 (10)4.8 (6)3.3 (15)3.8 (48) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.2 (15)9.1 (10)4.9 (6)3.4 (8)3.9 (43) Vanguard Balanced Index Fund 215,879 1.9 -11.6 (30)-1.7 (17)4.7 (5)5.1 (3)7.9 (5) Vanguard Balanced Composite Index -11.1 (27)-1.1 (14)4.9 (5)5.3 (3)8.1 (4) Tier III 1,218,859 10.9 Vanguard Windsor II Fund 133,823 1.2 -24.7 (26)-13.1 (19)-0.2 (34)2.7 (35)7.6 (43) Russell 1000 Value Index -26.7 (59)-17.2 (59)-2.2 (64)1.9 (52)7.7 (42) Vanguard U.S. Growth Fund 196,145 1.8 -12.0 (27)1.1 (27)12.7 (27)10.0 (37)12.7 (29) Russell 1000 Growth Index -14.1 (63)0.9 (28)11.3 (46)10.4 (26)13.0 (19) Vanguard International Growth Fund 430,221 3.8 -15.5 (3)-3.3 (5)7.3 (3)5.9 (3)6.7 (5) Vanguard Spliced International Index -23.4 (87)-15.6 (90)-2.0 (81)-0.6 (77)1.8 (97) Vanguard Prime Money Market Fund 262,707 2.3 0.4 (3)2.0 (7)1.8 (13)1.2 (12)0.6 (14) ICE BofAML 3 Month U.S. T-Bill 0.6 (1)2.3 (1)1.8 (7)1.2 (15)0.6 (14) Vanguard Retirement Savings Trust III 195,964 1.8 0.6 (7)2.5 (11)2.3 (11)2.2 (10)2.3 (14) ICE BofAML 3 Month U.S. T-Bill 0.6 (8)2.3 (32)1.8 (69)1.2 (100)0.6 (100) Page 9 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Defined Contribution Plan Tier I Vanguard Institutional Target Retirement Income Fund 13.2 (53)-2.0 (15)8.5 (62)5.3 (49)----- Vanguard Target Income Composite Index 13.4 (46)-2.0 (15)8.7 (59)5.4 (43)----- Vanguard Institutional Target Retirement 2015 Fund 14.9 (74)-2.9 (17)11.5 (50)6.3 (64)----- Vanguard Target 2015 Composite Index 15.1 (64)-2.9 (14)11.6 (46)6.4 (55)----- Vanguard Institutional Target Retirement 2020 Fund 17.7 (27)-4.2 (44)14.1 (19)7.0 (34)----- Vanguard Target 2020 Composite Index 17.9 (23)-4.1 (41)14.2 (16)7.2 (31)----- Vanguard Institutional Target Retirement 2025 Fund 19.7 (20)-5.0 (42)15.9 (28)7.6 (21)----- Vanguard Target 2025 Composite Index 19.9 (14)-5.0 (42)16.1 (26)7.7 (20)----- Vanguard Institutional Target Retirement 2030 Fund 21.1 (37)-5.8 (41)17.6 (37)8.0 (35)----- Vanguard Target 2030 Composite Index 21.3 (32)-5.7 (39)17.7 (36)8.1 (32)----- Vanguard Institutional Target Retirement 2035 Fund 22.6 (49)-6.6 (32)19.1 (39)8.4 (39)----- Vanguard Target 2035 Composite Index 22.8 (44)-6.5 (31)19.2 (37)8.6 (32)----- Vanguard Institutional Target Retirement 2040 Fund 23.9 (52)-7.3 (34)20.7 (31)8.8 (30)----- Vanguard Target 2040 Composite Index 24.2 (48)-7.2 (32)20.9 (28)9.0 (25)----- Vanguard Institutional Target Retirement 2045 Fund 25.1 (39)-7.9 (37)21.5 (26)8.9 (35)----- Vanguard Target 2045 Composite Index 25.4 (32)-7.8 (35)21.5 (24)9.1 (30)----- Vanguard Institutional Target Retirement 2050 Fund 25.1 (47)-7.9 (35)21.5 (40)8.9 (36)----- Vanguard Target 2050 Composite Index 25.4 (36)-7.8 (33)21.5 (33)9.1 (32)----- Vanguard Institutional Target Retirement 2055 Fund 25.1 (51)-7.8 (31)21.5 (51)8.9 (32)----- Vanguard Target 2055 Composite Index 25.4 (37)-7.8 (30)21.5 (45)9.1 (30)----- Vanguard Institutional Target Retirement 2060 Fund 25.1 (73)-7.9 (31)21.4 (69)8.9 (31)----- Vanguard Target 2060 Composite Index 25.4 (65)-7.8 (27)21.5 (63)9.1 (26)----- Vanguard Institutional Target Retirement 2065 Fund 25.1 (73)-7.8 (30)------- Vanguard Target 2065 Composite Index 25.4 (65)-7.8 (27)------- Asset Allocation & Performance As of March 31, 2020 Page 10 Asset Allocation & Performance As of March 31, 2020 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 Tier II Vanguard Institutional Index Fund 31.5 (42)-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 31.5 (42)-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 31.0 (41)-9.2 (51)19.3 (50)11.2 (55)-1.3 (41)13.8 (10)35.2 (52)16.0 (43)-2.0 (42) Vanguard Spliced Mid Cap Index 31.1 (39)-9.2 (51)19.3 (50)11.2 (55)-1.3 (40)13.8 (9)35.2 (52)16.0 (42)-1.9 (40) Vanguard Small-Cap Index Fund 27.4 (24)-9.3 (31)16.2 (29)18.3 (67)-3.6 (45)7.5 (12)37.8 (59)18.2 (25)-2.7 (48) Vanguard Spliced Small Cap Index 27.3 (24)-9.3 (31)16.2 (29)18.3 (67)-3.7 (46)7.5 (11)37.8 (59)18.2 (25)-2.8 (48) Vanguard Total Bond Market Index Fund 8.7 (61)0.0 (21)3.6 (62)2.6 (65)0.4 (45)5.9 (41)-2.1 (71)4.2 (79)7.7 (20) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 8.9 (53)-0.1 (24)3.6 (57)2.8 (61)0.4 (40)5.9 (45)-2.0 (62)4.3 (77)7.9 (10) Vanguard Balanced Index Fund 21.8 (33)-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 21.9 (32)-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 29.2 (22)-8.5 (50)16.9 (46)13.5 (66)-3.1 (50)11.3 (50)30.8 (77)16.8 (40)2.8 (24) Russell 1000 Value Index 26.5 (48)-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 33.5 (47)0.7 (33)31.8 (29)-0.6 (79)8.6 (21)13.2 (27)35.7 (33)18.5 (20)-0.5 (47) Russell 1000 Growth Index 36.4 (23)-1.5 (61)30.2 (46)7.1 (9)5.7 (55)13.1 (28)33.5 (57)15.3 (54)2.6 (15) Vanguard International Growth Fund 31.5 (8)-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 21.5 (93)-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 2.2 (15)2.0 (12)1.0 (11)0.5 (5)0.0 (20)0.0 (53)0.0 (31)0.0 (29)0.0 (26) ICE BofAML 3 Month U.S. T-Bill 2.3 (10)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 2.5 (14)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 2.3 (33)1.9 (48)0.9 (100)0.3 (100)0.1 (100)0.0 (100)0.1 (93)0.1 (100)0.1 (100) Page 11 1.6 1.8 2.0 2.2 2.4 2.6 2.8 3.0 3.2 3.4 3.6 3.8 4.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Instiutional 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 March 31, 2020 Calculation based on monthly periodicity. Page 12 -4.8 -4.0 -3.2 -2.4 -1.6 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 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 24.0 26.0 28.0 30.0 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 I Funds Risk and Return 3 Years Ending March 31, 2020 Calculation based on monthly periodicity. Page 13 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 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 24.0 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 I Funds Risk and Return 3 Years Ending March 31, 2020 Calculation based on monthly periodicity. Page 14 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Defined Contribution Plan 1,526,001 13.6 430,221 3.8 249,541 2.2 262,707 2.3 215,879 1.9 195,964 1.8 8,311,113 74.3 11,191,426 100.0 Tier I 8,311,113 100.0 8,311,113 74.3 Vanguard Institutional Target Retirement Income Fund 42,406 100.0 42,406 0.4 Vanguard Institutional Target Retirement 2015 Fund 6,876 100.0 6,876 0.1 Vanguard Institutional Target Retirement 2020 Fund 145,564 100.0 145,564 1.3 Vanguard Institutional Target Retirement 2025 Fund 709,039 100.0 709,039 6.3 Vanguard Institutional Target Retirement 2030 Fund 577,575 100.0 577,575 5.2 Vanguard Institutional Target Retirement 2035 Fund 1,205,522 100.0 1,205,522 10.8 Vanguard Institutional Target Retirement 2040 Fund 1,164,650 100.0 1,164,650 10.4 Vanguard Institutional Target Retirement 2045 Fund 2,040,787 100.0 2,040,787 18.2 Vanguard Institutional Target Retirement 2050 Fund 1,274,087 100.0 1,274,087 11.4 Vanguard Institutional Target Retirement 2055 Fund 788,006 100.0 788,006 7.0 Vanguard Institutional Target Retirement 2060 Fund 342,666 100.0 342,666 3.1 Vanguard Institutional Target Retirement 2065 Fund 13,935 100.0 13,935 0.1 Tier II 1,196,034 72.0 249,541 15.0 215,879 13.0 1,661,454 14.8 Vanguard Institutional Index Fund 9,813,635 100.0 9,813,635 87.7 Vanguard Mid-Cap Index Fund 3,701,701 100.0 3,701,701 33.1 Vanguard Small-Cap Index Fund 2,370,549 100.0 2,370,549 21.2 Vanguard Total Bond Market Index Fund 4,752,281 100.0 4,752,281 42.5 Vanguard Balanced Index Fund 4,964,832 100.0 4,964,832 44.4 Tier III 329,967 27.1 430,221 35.3 262,707 21.6 195,964 16.1 1,218,859 10.9 Vanguard Windsor II Fund 7,129,748 100.0 7,129,748 63.7 Vanguard U.S. Growth Fund 5,707,459 100.0 5,707,459 51.0 Vanguard International Growth Fund 4,040,486 100.0 4,040,486 36.1 Vanguard Prime Money Market Fund 2,938,139 100.0 2,938,139 26.3 Vanguard Retirement Savings Trust III 3,549,700 100.0 3,549,700 31.7 Total Defined Contribution Plan Asset Allocation As of March 31, 2020 ($) Page 15 This Page Left Blank Intentionally Page 16 Tier I Page 17 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 5.0 10.0 -5.0 -10.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.6 -5.6 1.4 3.7 3.8 -5.9 -5.9 0.9 3.4 3.6 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 :$6,526.70 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :12% 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 3/20 Vanguard Institutional Target Retirement Income Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 18 -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 2019 2018 Vanguard Institutional Target Retirement Income Fund -5.9 (31)-5.9 (31)0.9 (20)3.4 (11)13.2 (53)-2.0 (15)¢ Vanguard Target Income Composite Index -5.6 (22)-5.6 (22)1.4 (4)3.7 (4)13.4 (46)-2.0 (15)˜ 5th Percentile -4.6 -4.6 1.4 3.6 17.0 -1.1 1st Quartile -5.7 -5.7 0.4 3.1 15.2 -2.5 Median -7.6 -7.6 -1.5 2.7 13.3 -3.2 3rd Quartile -9.5 -9.5 -2.7 2.0 11.8 -3.8 95th Percentile -10.9 -10.9 -4.0 0.9 9.2 -4.6 Population 27 27 27 27 27 28 Peer Group Analysis As of March 31, 2020 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 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 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 Income Fund Vanguard Target Income 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 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.23 0.33 -0.70 1.00 0.36 -0.34 1.03 3.42 4.97 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.42 0.00 1.00 3.67 4.81 1.00 FTSE 3 Month T-Bill -1.99 4.80 -0.42 0.01 N/A 1.73 0.00 1.74 0.16 0.09 Vanguard Institutional Target Retirement Income Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement Income Fund Page 20 Asset Allocation As of 11/30/2019 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% 1.6% 29.8% 68.5% Fund Characteristics As of 11/30/2019 Total Securities 6 Avg. Market Cap $45,839.46 Million P/E 7.80 P/B 1.67 Div. Yield 0.82% Annual EPS 6.07 5Yr EPS 4.00 3Yr EPS Growth 5.03 Sector/Quality Allocation As of 11/30/2019 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 6.4% 4.9% 4.1% 3.5% 3.3% 3.1% 1.5% 1.2% 1.0% 0.8% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of March 31, 2020 Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 6.0 12.0 -6.0 -12.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -7.0 -7.0 0.4 3.9 4.2 -7.4 -7.4 -0.1 3.7 3.9 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 :$8,845.60 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 Vanguard Institutional Target Retirement 2015 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 22 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2015 Fund -7.4 (9)-7.4 (9)-0.1 (5)3.7 (8)14.9 (74)-2.9 (17)¢ Vanguard Target 2015 Composite Index -7.0 (5)-7.0 (5)0.4 (4)3.9 (2)15.1 (64)-2.9 (14)˜ 5th Percentile -7.3 -7.3 -0.2 3.7 16.8 -2.7 1st Quartile -8.1 -8.1 -1.2 3.1 16.5 -3.0 Median -8.8 -8.8 -1.7 2.9 15.2 -3.7 3rd Quartile -10.6 -10.6 -3.3 2.2 14.8 -4.4 95th Percentile -11.9 -11.9 -4.2 1.9 14.0 -4.7 Population 21 21 21 21 22 26 Peer Group Analysis As of March 31, 2020 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 0.8 1.6 2.4 3.2 4.0 4.8 5.6 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 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 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.25 0.38 -0.65 1.00 0.34 -0.33 1.02 3.67 6.08 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.39 0.00 1.00 3.93 5.95 1.00 FTSE 3 Month T-Bill -2.31 5.95 -0.39 0.00 N/A 1.74 0.00 1.74 0.16 0.03 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2015 Fund Page 24 Asset Allocation As of 11/30/2019 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% 1.7% 37.0% 61.2% Fund Characteristics As of 11/30/2019 Total Securities 6 Avg. Market Cap $56,856.61 Million P/E 9.69 P/B 2.08 Div. Yield 1.02% Annual EPS 7.54 5Yr EPS 4.96 3Yr EPS Growth 6.25 Sector/Quality Allocation As of 11/30/2019 0.0%3.0%6.0%9.0%12.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 8.0% 6.1% 5.1% 4.4% 4.1% 3.9% 1.8% 1.5% 1.2% 1.0% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of March 31, 2020 Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -10.3 -10.3 -2.0 3.7 4.2 -10.7 -10.7 -2.6 3.3 3.9 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 :$25,009.90 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :13% 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 3/20 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 6/19 3/20 0.99 Page 26 -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 2019 2018 Vanguard Institutional Target Retirement 2020 Fund -10.7 (67)-10.7 (67)-2.6 (43)3.3 (14)17.7 (27)-4.2 (44)¢ Vanguard Target 2020 Composite Index -10.3 (60)-10.3 (60)-2.0 (35)3.7 (9)17.9 (23)-4.1 (41)˜ 5th Percentile -5.7 -5.7 -0.2 3.8 18.5 -2.8 1st Quartile -8.9 -8.9 -1.6 3.1 17.7 -3.8 Median -10.0 -10.0 -2.7 2.8 16.6 -4.3 3rd Quartile -11.5 -11.5 -3.8 2.6 15.5 -5.2 95th Percentile -12.7 -12.7 -4.9 1.6 10.6 -5.7 Population 34 34 34 34 34 40 Peer Group Analysis As of March 31, 2020 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 0.6 1.2 1.8 2.4 3.0 3.6 4.2 4.8 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 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 12.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.30 0.48 -0.64 1.00 0.23 -0.39 1.02 3.32 8.03 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.28 0.00 1.00 3.65 7.85 1.00 FTSE 3 Month T-Bill -2.17 7.85 -0.28 0.00 N/A 1.74 0.00 1.74 0.16 0.01 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2020 Fund Page 28 Asset Allocation As of 11/30/2019 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% 1.6% 47.8% 50.5% Fund Characteristics As of 11/30/2019 Total Securities 6 Avg. Market Cap $77,461.36 Million P/E 13.21 P/B 2.83 Div. Yield 1.39% Annual EPS 10.27 5Yr EPS 6.76 3Yr EPS Growth 8.52 Sector/Quality Allocation As of 11/30/2019 0.0%5.0%10.0%15.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 10.9% 8.3% 7.0% 5.9% 5.6% 5.3% 2.5% 2.0% 1.7% 1.3% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of March 31, 2020 Page 29 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -12.4 -12.4 -3.6 3.5 4.2 -12.9 -12.9 -4.2 3.1 3.9 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 :$35,315.90 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :9% 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 3/20 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 6/19 3/20 0.99 Page 30 -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 2019 2018 Vanguard Institutional Target Retirement 2025 Fund -12.9 (58)-12.9 (58)-4.2 (44)3.1 (26)19.7 (20)-5.0 (42)¢ Vanguard Target 2025 Composite Index -12.4 (42)-12.4 (42)-3.6 (29)3.5 (17)19.9 (14)-5.0 (42)˜ 5th Percentile -5.6 -5.6 2.8 4.0 20.4 -3.2 1st Quartile -11.4 -11.4 -3.2 3.2 19.6 -4.4 Median -12.5 -12.5 -4.4 2.5 18.6 -5.3 3rd Quartile -13.5 -13.5 -5.4 2.2 17.7 -6.0 95th Percentile -14.5 -14.5 -6.4 1.8 11.0 -6.5 Population 39 39 39 39 39 41 Peer Group Analysis As of March 31, 2020 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 0.6 1.2 1.8 2.4 3.0 3.6 4.2 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 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 12.0 14.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.33 0.56 -0.58 1.00 0.19 -0.41 1.02 3.12 9.43 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.23 0.00 1.00 3.48 9.22 1.00 FTSE 3 Month T-Bill -2.12 9.22 -0.23 0.00 N/A 1.74 0.00 1.74 0.16 0.00 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2025 Fund Page 32 Asset Allocation As of 11/30/2019 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% 1.7% 38.3% 59.9% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $91,890.80 Million P/E 15.65 P/B 3.36 Div. Yield 1.64% Annual EPS 12.18 5Yr EPS 8.02 3Yr EPS Growth 10.10 Sector/Quality Allocation As of 11/30/2019 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 12.9% 9.8% 8.3% 7.0% 6.7% 6.3% 3.0% 2.4% 2.0% 1.5% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of March 31, 2020 Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 10.0 20.0 -10.0 -20.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -14.2 -14.2 -5.0 3.2 4.1 -14.8 -14.8 -5.8 2.8 3.8 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 :$33,602.00 Million Total Assets Date :12/31/2019 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 3/20 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 34 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2030 Fund -14.8 (53)-14.8 (53)-5.8 (42)2.8 (29)21.1 (37)-5.8 (41)¢ Vanguard Target 2030 Composite Index -14.2 (39)-14.2 (39)-5.0 (29)3.2 (18)21.3 (32)-5.7 (39)˜ 5th Percentile -8.7 -8.7 -0.7 4.2 22.4 -4.2 1st Quartile -13.4 -13.4 -4.5 2.9 21.7 -5.2 Median -14.8 -14.8 -6.6 2.4 20.4 -6.2 3rd Quartile -15.6 -15.6 -7.1 2.0 19.1 -7.0 95th Percentile -16.6 -16.6 -8.0 1.3 14.8 -7.4 Population 39 39 39 39 39 42 Peer Group Analysis As of March 31, 2020 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 1.0 1.5 2.0 2.5 3.0 3.5 4.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 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 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.34 0.61 -0.55 1.00 0.16 -0.41 1.02 2.85 10.57 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.19 0.00 1.00 3.22 10.35 1.00 FTSE 3 Month T-Bill -1.98 10.35 -0.19 0.00 N/A 1.74 0.00 1.74 0.16 -0.01 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2030 Fund Page 36 Asset Allocation As of 11/30/2019 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% 31.1% 67.1% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $103,143.42 Million P/E 17.55 P/B 3.77 Div. Yield 1.84% Annual EPS 13.67 5Yr EPS 9.00 3Yr EPS Growth 11.32 Sector/Quality Allocation As of 11/30/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 14.4% 11.0% 9.3% 7.9% 7.5% 7.0% 3.3% 2.7% 2.3% 1.7% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of March 31, 2020 Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 10.0 20.0 -10.0 -20.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -16.0 -16.0 -6.5 2.9 4.0 -16.5 -16.5 -7.2 2.6 3.7 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 :$30,674.00 Million Total Assets Date :12/31/2019 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 3/20 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 38 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2035 Fund -16.5 (42)-16.5 (42)-7.2 (30)2.6 (17)22.6 (49)-6.6 (32)¢ Vanguard Target 2035 Composite Index -16.0 (31)-16.0 (31)-6.5 (19)2.9 (13)22.8 (44)-6.5 (31)˜ 5th Percentile -13.2 -13.2 -5.2 3.6 25.0 -5.7 1st Quartile -15.7 -15.7 -7.0 2.4 23.3 -6.3 Median -17.2 -17.2 -8.2 1.9 22.4 -7.2 3rd Quartile -18.2 -18.2 -9.1 1.6 21.3 -7.6 95th Percentile -19.1 -19.1 -9.9 1.3 19.3 -8.4 Population 37 37 37 37 37 39 Peer Group Analysis As of March 31, 2020 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 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.33 0.64 -0.51 1.00 0.13 -0.39 1.02 2.57 11.70 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.16 0.00 1.00 2.94 11.49 1.00 FTSE 3 Month T-Bill -1.83 11.49 -0.16 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2035 Fund Page 40 Asset Allocation As of 11/30/2019 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% 1.5% 23.8% 74.4% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $114,267.43 Million P/E 19.45 P/B 4.17 Div. Yield 2.04% Annual EPS 15.15 5Yr EPS 9.97 3Yr EPS Growth 12.55 Sector/Quality Allocation As of 11/30/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 16.0% 12.2% 10.3% 8.8% 8.3% 7.8% 3.7% 3.0% 2.5% 1.9% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of March 31, 2020 Page 41 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 10.0 20.0 -10.0 -20.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -17.8 -17.8 -8.1 2.6 3.9 -18.2 -18.2 -8.7 2.3 3.6 Product Name :Vanguard ITR 2040;Inst (VIRSX) Fund Family :Vanguard Group Inc Ticker :VIRSX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$27,131.30 Million Total Assets Date :12/31/2019 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 3/20 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 42 -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2040 Fund -18.2 (39)-18.2 (39)-8.7 (31)2.3 (19)23.9 (52)-7.3 (34)¢ Vanguard Target 2040 Composite Index -17.8 (32)-17.8 (32)-8.1 (17)2.6 (11)24.2 (48)-7.2 (32)˜ 5th Percentile -14.8 -14.8 -6.5 3.3 26.1 -6.2 1st Quartile -17.5 -17.5 -8.4 2.2 24.6 -7.0 Median -18.9 -18.9 -10.0 1.6 24.0 -7.9 3rd Quartile -19.7 -19.7 -10.7 1.2 22.4 -8.5 95th Percentile -20.9 -20.9 -11.9 0.2 19.2 -9.4 Population 37 37 37 37 37 40 Peer Group Analysis As of March 31, 2020 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 1.2 1.5 1.8 2.1 2.4 2.7 3.0 3.3 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.33 0.67 -0.49 1.00 0.10 -0.38 1.02 2.27 12.85 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.13 0.00 1.00 2.63 12.64 1.00 FTSE 3 Month T-Bill -1.67 12.64 -0.13 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2040 Fund Page 44 Asset Allocation As of 11/30/2019 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% 1.5% 16.5% 81.7% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $125,468.11 Million P/E 21.37 P/B 4.59 Div. Yield 2.24% Annual EPS 16.63 5Yr EPS 10.95 3Yr EPS Growth 13.79 Sector/Quality Allocation As of 11/30/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 17.6% 13.4% 11.3% 9.6% 9.1% 8.6% 4.0% 3.2% 2.7% 2.1% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of March 31, 2020 Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 15.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -19.5 -19.5 -9.5 2.2 3.7 -19.9 -19.9 -10.2 1.8 3.4 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 :$23,161.10 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :4% 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 3/20 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 46 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2045 Fund -19.9 (46)-19.9 (46)-10.2 (36)1.8 (29)25.1 (39)-7.9 (37)¢ Vanguard Target 2045 Composite Index -19.5 (38)-19.5 (38)-9.5 (29)2.2 (19)25.4 (32)-7.8 (35)˜ 5th Percentile -16.5 -16.5 -7.3 3.1 26.7 -6.7 1st Quartile -18.8 -18.8 -9.3 2.0 25.5 -7.3 Median -20.3 -20.3 -10.8 1.5 24.8 -8.0 3rd Quartile -20.9 -20.9 -11.8 0.8 23.2 -8.9 95th Percentile -22.2 -22.2 -13.1 0.1 21.9 -9.7 Population 37 37 37 37 37 39 Peer Group Analysis As of March 31, 2020 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 1.4 1.6 1.8 2.0 2.2 2.4 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 18.0 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.34 0.70 -0.48 1.00 0.08 -0.38 1.01 1.82 13.76 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.10 0.00 1.00 2.19 13.57 1.00 FTSE 3 Month T-Bill -1.37 13.58 -0.10 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2045 Fund Page 48 Asset Allocation As of 11/30/2019 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% 1.5% 9.9% 88.4% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $135,736.12 Million P/E 23.11 P/B 4.96 Div. Yield 2.43% Annual EPS 17.99 5Yr EPS 11.84 3Yr EPS Growth 14.91 Sector/Quality Allocation As of 11/30/2019 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 19.0% 14.5% 12.2% 10.4% 9.9% 9.3% 4.4% 3.5% 3.0% 2.3% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of March 31, 2020 Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 15.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -19.5 -19.5 -9.5 2.2 3.7 -19.9 -19.9 -10.1 1.8 3.4 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 :$17,484.80 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :3% 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 3/20 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 50 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2050 Fund -19.9 (37)-19.9 (37)-10.1 (27)1.8 (24)25.1 (47)-7.9 (35)¢ Vanguard Target 2050 Composite Index -19.5 (28)-19.5 (28)-9.5 (21)2.2 (17)25.4 (36)-7.8 (33)˜ 5th Percentile -16.5 -16.5 -7.6 2.9 26.9 -7.0 1st Quartile -19.2 -19.2 -10.1 1.8 26.0 -7.4 Median -20.6 -20.6 -11.3 1.4 25.0 -8.3 3rd Quartile -21.2 -21.2 -11.9 0.7 24.0 -9.2 95th Percentile -22.4 -22.4 -13.3 -0.1 20.3 -10.0 Population 37 37 37 37 37 40 Peer Group Analysis As of March 31, 2020 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 1.4 1.6 1.8 2.0 2.2 2.4 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 18.0 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.33 0.68 -0.49 1.00 0.08 -0.37 1.01 1.83 13.76 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.10 0.00 1.00 2.19 13.57 1.00 FTSE 3 Month T-Bill -1.37 13.58 -0.10 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2050 Fund Page 52 Asset Allocation As of 11/30/2019 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% 1.5% 9.9% 88.4% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $135,646.28 Million P/E 23.11 P/B 4.96 Div. Yield 2.43% Annual EPS 17.98 5Yr EPS 11.84 3Yr EPS Growth 14.90 Sector/Quality Allocation As of 11/30/2019 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 19.0% 14.5% 12.2% 10.4% 9.9% 9.3% 4.4% 3.5% 3.0% 2.3% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of March 31, 2020 Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 15.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -19.5 -19.5 -9.5 2.2 3.7 -19.9 -19.9 -10.2 1.8 3.4 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 :$9,036.30 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :3% 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 3/20 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 54 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2055 Fund -19.9 (26)-19.9 (26)-10.2 (23)1.8 (27)25.1 (51)-7.8 (31)¢ Vanguard Target 2055 Composite Index -19.5 (19)-19.5 (19)-9.5 (17)2.2 (17)25.4 (37)-7.8 (30)˜ 5th Percentile -17.4 -17.4 -7.5 3.0 27.5 -7.0 1st Quartile -19.9 -19.9 -10.4 1.9 26.2 -7.7 Median -20.7 -20.7 -11.5 1.3 25.1 -8.3 3rd Quartile -21.6 -21.6 -12.2 0.7 24.7 -9.3 95th Percentile -22.5 -22.5 -13.8 -0.2 22.4 -10.4 Population 36 36 36 36 36 37 Peer Group Analysis As of March 31, 2020 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 1.4 1.6 1.8 2.0 2.2 2.4 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 18.0 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.33 0.66 -0.50 1.00 0.08 -0.37 1.01 1.83 13.75 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.10 0.00 1.00 2.19 13.57 1.00 FTSE 3 Month T-Bill -1.37 13.58 -0.10 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2055 Fund Page 56 Asset Allocation As of 11/30/2019 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% 1.5% 9.9% 88.3% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $135,471.02 Million P/E 23.09 P/B 4.95 Div. Yield 2.43% Annual EPS 17.96 5Yr EPS 11.83 3Yr EPS Growth 14.89 Sector/Quality Allocation As of 11/30/2019 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 19.0% 14.5% 12.2% 10.4% 9.9% 9.3% 4.4% 3.5% 3.0% 2.3% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of March 31, 2020 Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 15.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -19.5 -19.5 -9.5 2.2 3.7 -19.9 -19.9 -10.1 1.8 3.4 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 :$3,008.00 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :3% 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 3/20 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 0.99 Page 58 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2060 Fund -19.9 (24)-19.9 (24)-10.1 (22)1.8 (23)25.1 (73)-7.9 (31)¢ Vanguard Target 2060 Composite Index -19.5 (19)-19.5 (19)-9.5 (13)2.2 (19)25.4 (65)-7.8 (27)˜ 5th Percentile -19.1 -19.1 -8.7 2.6 27.0 -7.2 1st Quartile -19.9 -19.9 -10.2 1.8 26.5 -7.7 Median -20.6 -20.6 -11.1 1.5 26.0 -8.2 3rd Quartile -20.8 -20.8 -11.7 1.3 25.0 -9.1 95th Percentile -22.0 -22.0 -13.1 -0.3 22.5 -10.0 Population 19 19 14 14 14 14 Peer Group Analysis As of March 31, 2020 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 1.4 1.6 1.8 2.0 2.2 2.4 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 18.0 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.33 0.70 -0.47 1.00 0.08 -0.37 1.01 1.83 13.79 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.10 0.00 1.00 2.19 13.57 1.00 FTSE 3 Month T-Bill -1.37 13.58 -0.10 0.00 N/A 1.74 0.00 1.74 0.16 -0.02 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of March 31, 2020Vanguard Institutional Target Retirement 2060 Fund Page 60 Asset Allocation As of 11/30/2019 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% 9.9% 88.3% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $135,437.83 Million P/E 23.08 P/B 4.95 Div. Yield 2.42% Annual EPS 17.96 5Yr EPS 11.83 3Yr EPS Growth 14.89 Sector/Quality Allocation As of 11/30/2019 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 19.0% 14.5% 12.2% 10.4% 9.8% 9.3% 4.4% 3.5% 3.0% 2.3% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of March 31, 2020 Page 61 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 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 10.0 -10.0 -20.0 -30.0Return 1 Quarter Year To Date 1 Year Inception 8/1/17 -19.5 -19.5 -9.5 0.2 -20.0 -20.0 -10.3 -0.3 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 :$307.90 Million Total Assets Date :12/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % -1.2 % 12/17 3/18 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.98 0.99 1.00 1.01 7/17 10/17 1/18 4/18 7/18 10/18 1/19 4/19 7/19 10/19 3/20 0.99 Page 62 -28.0 -25.0 -22.0 -19.0 -16.0 -13.0 -10.0 -7.0 -4.0 Return1 Quarter Year To Date 1 Year Vanguard Institutional Target Retirement 2065 Fund -20.0 (31)-20.0 (31)-10.3 (27)¢ Vanguard Target 2065 Composite Index -19.5 (19)-19.5 (19)-9.5 (13)˜ 5th Percentile -19.1 -19.1 -8.7 1st Quartile -19.9 -19.9 -10.2 Median -20.6 -20.6 -11.1 3rd Quartile -20.8 -20.8 -11.7 95th Percentile -22.0 -22.0 -13.1 Population 19 19 14 Peer Group Analysis As of March 31, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 11/30/2019 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% 0.8% 1.4% 9.8% 88.0% Fund Characteristics As of 11/30/2019 Total Securities 5 Avg. Market Cap $134,569.52 Million P/E 23.00 P/B 4.92 Div. Yield 2.42% Annual EPS 17.86 5Yr EPS 11.77 3Yr EPS Growth 14.82 Sector/Quality Allocation As of 11/30/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.9% 14.4% 12.2% 10.3% 9.8% 9.3% 4.3% 3.5% 2.9% 2.3% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of March 31, 2020 Page 64 Tier II Page 65 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -19.6 -19.6 -7.0 5.1 6.7 10.5 -19.6 -19.6 -7.0 5.1 6.7 10.5 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 :$116,814.00 Million Total Assets Date :12/31/2019 Gross Expense :0.04% Net Expense :0.04% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.00 Page 66 -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 2019 2018 2017 Vanguard Institutional Index Fund -19.6 (52)-19.6 (52)-7.0 (50)5.1 (49)6.7 (41)10.5 (36)31.5 (42)-4.4 (48)21.8 (51)¢ S&P 500 Index -19.6 (52)-19.6 (52)-7.0 (50)5.1 (49)6.7 (40)10.5 (35)31.5 (42)-4.4 (48)21.8 (51)˜ 5th Percentile -11.0 -11.0 2.6 13.5 11.2 13.3 37.5 3.0 34.7 1st Quartile -14.5 -14.5 -1.9 9.2 8.4 11.5 33.1 -1.3 27.6 Median -19.4 -19.4 -7.0 4.9 6.1 9.6 30.6 -4.6 21.9 3rd Quartile -24.2 -24.2 -13.0 1.1 3.4 8.1 27.5 -7.3 18.2 95th Percentile -29.2 -29.2 -20.7 -3.4 0.4 6.2 22.1 -11.1 13.3 Population 451 451 451 451 451 318 457 471 485 Peer Group Analysis As of March 31, 2020 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 67 Asset Allocation As of 11/30/2019 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 11/30/2019 Total Securities 512 Avg. Market Cap $262,580.30 Million P/E 28.65 P/B 7.38 Div. Yield 2.22% Annual EPS 26.50 5Yr EPS 15.75 3Yr EPS Growth 19.09 Sector/Quality Allocation As of 11/30/2019 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 22.9% 18.4% 13.6% 12.9% 12.4% 7.8% 4.2% 3.3% 2.1% 2.0% Vanguard Institutional Index Fund Mutual Fund Attributes As of March 31, 2020 Page 68 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 20.0 40.0 -20.0 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -25.7 -25.7 -16.7 -0.2 2.1 8.9 -25.7 -25.7 -16.6 -0.3 2.1 8.9 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 :$47,640.00 Million Total Assets Date :12/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.00 Page 69 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Mid-Cap Index Fund -25.7 (51)-25.7 (51)-16.6 (48)-0.3 (47)2.1 (46)8.9 (41)31.0 (41)-9.2 (51)19.3 (50)¢ Vanguard Spliced Mid Cap Index -25.7 (51)-25.7 (51)-16.7 (48)-0.2 (47)2.1 (46)8.9 (41)31.1 (39)-9.2 (51)19.3 (50)˜ 5th Percentile -15.0 -15.0 -2.7 11.0 8.6 11.8 39.8 1.1 31.4 1st Quartile -19.9 -19.9 -9.5 5.7 5.0 9.9 34.1 -4.6 24.6 Median -25.6 -25.6 -17.5 -1.0 1.7 8.0 30.1 -9.1 19.2 3rd Quartile -30.8 -30.8 -23.8 -5.5 -0.9 6.2 26.1 -12.6 14.5 95th Percentile -36.3 -36.3 -30.0 -9.6 -4.0 4.1 19.9 -18.8 9.2 Population 211 211 211 211 211 123 214 223 226 Peer Group Analysis As of March 31, 2020 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 70 Asset Allocation As of 11/30/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.9% 99.1% Fund Characteristics As of 11/30/2019 Total Securities 350 Avg. Market Cap $17,723.23 Million P/E 30.31 P/B 6.05 Div. Yield 2.22% Annual EPS 24.56 5Yr EPS 13.43 3Yr EPS Growth 18.53 Sector/Quality Allocation As of 11/30/2019 0.0%10.0%20.0%30.0% Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Utilities Energy Materials Telecommunication Services 21.4% 17.1% 15.7% 11.5% 9.3% 9.1% 6.3% 4.1% 3.9% 0.6% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of March 31, 2020 Page 71 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 20.0 40.0 -20.0 -40.0 -60.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -30.1 -30.1 -23.4 -3.3 0.4 7.8 -30.1 -30.1 -23.3 -3.3 0.4 7.8 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard Group Inc Ticker :VSMAX Peer Group :IM U.S. Small Cap Equity (MF) Benchmark :Vanguard Spliced Small Cap Index Fund Inception :11/13/2000 Portfolio Manager :Coleman/O'Reilly Total Assets :$42,386.40 Million Total Assets Date :12/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.00 Page 72 -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Small-Cap Index Fund -30.1 (36)-30.1 (36)-23.3 (35)-3.3 (29)0.4 (32)7.8 (27)27.4 (24)-9.3 (31)16.2 (29)¢ Vanguard Spliced Small Cap Index -30.1 (36)-30.1 (36)-23.4 (36)-3.3 (29)0.4 (32)7.8 (28)27.3 (24)-9.3 (31)16.2 (29)˜ 5th Percentile -20.5 -20.5 -12.2 6.0 4.7 10.7 35.1 -0.4 27.0 1st Quartile -27.0 -27.0 -20.6 -2.2 1.2 8.0 26.9 -8.5 17.6 Median -32.1 -32.1 -25.5 -6.2 -1.4 6.2 24.0 -12.1 13.0 3rd Quartile -35.5 -35.5 -30.5 -9.5 -3.5 4.8 21.2 -15.7 9.5 95th Percentile -40.5 -40.5 -36.3 -13.9 -6.8 2.0 15.1 -20.5 4.2 Population 396 396 396 396 396 259 397 431 443 Peer Group Analysis As of March 31, 2020 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 73 Asset Allocation As of 11/30/2019 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% 2.5% 97.4% Fund Characteristics As of 11/30/2019 Total Securities 1,375 Avg. Market Cap $5,262.33 Million P/E 29.78 P/B 5.19 Div. Yield 2.59% Annual EPS 21.89 5Yr EPS 13.01 3Yr EPS Growth 15.58 Sector/Quality Allocation As of 11/30/2019 0.0%10.0%20.0%30.0%40.0% Financials Industrials Information Technology Health Care Consumer Discretionary Consumer Staples Materials Utilities Energy Telecommunication Services 25.8% 20.6% 12.3% 11.7% 11.1% 6.8% 3.4% 3.1% 2.2% 0.3% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of March 31, 2020 Page 74 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 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 3.2 3.2 9.1 4.9 3.4 3.93.3 3.3 9.1 4.8 3.3 3.8 Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard Group Inc Ticker :VBTLX Peer Group :IM U.S. Broad Market Core Fixed Income (MF) Benchmark :Vanguard Splc Blmbg. Barc. US Agg Flt Adj Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$107,097.70 Million Total Assets Date :12/31/2019 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.00 Page 75 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Total Bond Market Index Fund 3.3 (15)3.3 (15)9.1 (10)4.8 (6)3.3 (15)3.8 (48)8.7 (61)0.0 (21)3.6 (62)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.2 (15)3.2 (15)9.1 (10)4.9 (6)3.4 (8)3.9 (43)8.9 (53)-0.1 (24)3.6 (57)˜ 5th Percentile 4.0 4.0 9.3 4.9 3.5 4.5 10.6 0.6 5.1 1st Quartile 2.2 2.2 7.7 4.5 3.3 4.1 9.6 -0.1 4.2 Median 0.8 0.8 6.5 4.0 3.0 3.8 9.0 -0.5 3.8 3rd Quartile -0.5 -0.5 5.1 3.4 2.6 3.5 8.4 -0.8 3.4 95th Percentile -3.5 -3.5 0.9 2.1 1.6 2.6 6.6 -1.3 2.3 Population 114 114 114 114 114 82 115 119 125 Peer Group Analysis As of March 31, 2020 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 76 Asset Allocation As of 09/30/2019 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -1.5 % 0.0% 0.0% 2.2% 99.3% Fund Characteristics As of 09/30/2019 Avg. Coupon 3.20 % Nominal Maturity N/A Effective Maturity 8.10 Years Duration 5.96 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 09/30/2019 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated Equities/Other 72.3% 12.6% 12.5% 4.2% Maturity Distribution As of 09/30/2019 0.0%15.0%30.0%45.0%-15.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 1-3Yrs 3-5Yrs 5-10Yrs -1.5 % 0.5% 2.2% 4.3% 14.4% 24.4% 26.3% 29.4% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of March 31, 2020 Page 77 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 10.0 20.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -11.1 -11.1 -1.1 4.9 5.3 8.1 -11.6 -11.6 -1.7 4.7 5.1 7.9 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 :$11,143.20 Million Total Assets Date :12/31/2019 Gross Expense :0.06% Net Expense :0.06% Turnover :44% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 0.99 Page 78 -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 2019 2018 2017 Vanguard Balanced Index Fund -11.6 (30)-11.6 (30)-1.7 (17)4.7 (5)5.1 (3)7.9 (5)21.8 (33)-2.8 (15)13.9 (54)¢ Vanguard Balanced Composite Index -11.1 (27)-11.1 (27)-1.1 (14)4.9 (5)5.3 (3)8.1 (4)21.9 (32)-2.8 (14)13.9 (54)˜ 5th Percentile -5.1 -5.1 1.3 4.6 4.6 7.7 26.4 -1.4 22.1 1st Quartile -10.8 -10.8 -3.1 2.7 3.2 6.6 22.7 -3.8 18.7 Median -14.7 -14.7 -6.9 1.8 2.7 5.7 18.9 -5.9 14.3 3rd Quartile -19.1 -19.1 -10.6 0.5 1.7 4.6 15.1 -7.9 10.7 95th Percentile -22.4 -22.4 -15.4 -3.2 -1.3 2.9 8.5 -10.7 5.2 Population 941 941 936 936 936 529 943 1,020 1,038 Peer Group Analysis As of March 31, 2020 IM All Balanced (MF) Parentheses contain percentile rankings. Page 79 Asset Allocation As of 11/30/2019 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% 1.8% 38.7% 59.6% Fund Characteristics As of 11/30/2019 Total Securities 13,642 Avg. Market Cap $219,412.81 Million P/E 28.95 P/B 7.10 Div. Yield 2.27% Annual EPS 25.67 5Yr EPS 15.46 3Yr EPS Growth 18.83 Sector/Quality Allocation As of 11/30/2019 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 12.8% 11.8% 8.0% 8.0% 7.7% 4.7% 2.3% 1.9% 1.3% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of March 31, 2020 Page 80 Tier III Page 81 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 20.0 40.0 -20.0 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -26.7 -26.7 -17.2 -2.2 1.9 7.7 -24.7 -24.7 -13.1 -0.2 2.7 7.6 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard Group Inc Ticker :VWNAX Peer Group :IM U.S. Large Cap Value Equity (MF) Benchmark :Russell 1000 Value Index Fund Inception :05/14/2001 Portfolio Manager :Team Managed Total Assets :$35,505.60 Million Total Assets Date :12/31/2019 Gross Expense :0.26% Net Expense :0.26% Turnover :29% Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Windsor II Fund Benchmark 0.96 1.00 1.04 1.08 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.04 Page 82 -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 2019 2018 2017 Vanguard Windsor II Fund -24.7 (26)-24.7 (26)-13.1 (19)-0.2 (34)2.7 (35)7.6 (43)29.2 (22)-8.5 (50)16.9 (46)¢ Russell 1000 Value Index -26.7 (59)-26.7 (59)-17.2 (59)-2.2 (64)1.9 (52)7.7 (42)26.5 (48)-8.3 (48)13.7 (83)˜ 5th Percentile -21.1 -21.1 -11.2 1.8 4.5 9.1 31.8 -2.4 20.9 1st Quartile -24.6 -24.6 -13.9 0.2 3.3 8.2 28.9 -5.9 18.8 Median -26.4 -26.4 -16.3 -1.5 2.0 7.2 26.3 -8.5 16.7 3rd Quartile -28.6 -28.6 -19.6 -3.0 0.9 6.5 23.9 -9.8 14.4 95th Percentile -31.3 -31.3 -23.5 -5.3 -0.5 5.0 19.9 -13.0 11.4 Population 111 111 111 111 111 79 113 117 120 Peer Group Analysis As of March 31, 2020 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 0.5 1.0 1.5 2.0 2.5 3.0 3.5 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 12/07 6/09 12/10 6/12 12/13 6/15 12/16 6/18 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 0.81 2.29 0.36 0.98 0.18 0.85 0.99 2.74 14.86 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.13 0.00 1.00 1.90 14.83 1.00 FTSE 3 Month T-Bill -1.90 14.85 -0.13 0.00 N/A 1.13 0.00 1.12 0.25 -0.04 Vanguard Windsor II Fund Risk Profile As of March 31, 2020Vanguard Windsor II Fund Page 84 Asset Allocation As of 09/30/2019 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.1 % 0.0% 0.1% 4.0% 95.9% Fund Characteristics As of 09/30/2019 Total Securities 285 Avg. Market Cap $184,935.86 Million P/E 22.63 P/B 4.69 Div. Yield 2.45% Annual EPS 25.90 5Yr EPS 8.42 3Yr EPS Growth 12.15 Sector/Quality Allocation As of 09/30/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Health Care Consumer Discretionary Energy Consumer Staples Materials Utilities Non Classified Equity 20.2% 17.5% 13.1% 12.0% 9.9% 9.0% 6.9% 2.4% 2.3% 1.7% Vanguard Windsor II Fund Mutual Fund Attributes As of March 31, 2020 Page 85 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 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 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -14.1 -14.1 0.9 11.3 10.4 13.0 -12.0 -12.0 1.1 12.7 10.0 12.7 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 :$18,021.00 Million Total Assets Date :12/31/2019 Gross Expense :0.28% Net Expense :0.28% Turnover :41% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard U.S. Growth Fund Benchmark 0.92 0.96 1.00 1.04 1.08 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 0.98 Page 86 -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 2019 2018 2017 Vanguard U.S. Growth Fund -12.0 (27)-12.0 (27)1.1 (27)12.7 (27)10.0 (37)12.7 (29)33.5 (47)0.7 (33)31.8 (29)¢ Russell 1000 Growth Index -14.1 (63)-14.1 (63)0.9 (28)11.3 (46)10.4 (26)13.0 (19)36.4 (23)-1.5 (61)30.2 (46)˜ 5th Percentile -10.1 -10.1 3.8 14.7 12.0 14.0 39.1 5.3 36.7 1st Quartile -11.9 -11.9 1.2 12.7 10.4 12.8 36.2 1.6 32.4 Median -13.4 -13.4 -0.6 11.1 9.3 12.0 33.2 -0.8 29.9 3rd Quartile -14.9 -14.9 -3.5 8.9 7.9 10.9 30.9 -2.8 26.8 95th Percentile -18.8 -18.8 -7.1 5.7 6.1 8.7 25.5 -5.6 23.0 Population 158 158 158 158 158 107 161 165 170 Peer Group Analysis As of March 31, 2020 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 -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 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 3/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -0.24 3.20 -0.08 0.95 0.65 -0.39 1.01 10.01 14.53 0.98 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 0.70 0.00 1.00 10.36 13.97 1.00 FTSE 3 Month T-Bill -9.75 13.97 -0.70 0.00 N/A 1.12 0.00 1.12 0.25 0.02 Vanguard U.S. Growth Fund Risk Profile As of March 31, 2020Vanguard U.S. Growth Fund Page 88 Asset Allocation As of 09/30/2019 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -1.1 % 0.0% 0.1% 3.4% 97.6% Fund Characteristics As of 09/30/2019 Total Securities 277 Avg. Market Cap $263,672.79 Million P/E 38.97 P/B 11.21 Div. Yield 1.42% Annual EPS 30.77 5Yr EPS 27.54 3Yr EPS Growth 32.18 Sector/Quality Allocation As of 09/30/2019 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Industrials Health Care Consumer Staples Non Classified Equity Energy Materials Utilities 31.8% 17.7% 14.5% 13.4% 10.9% 8.4% 0.7% 0.2% 0.1% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of March 31, 2020 Page 89 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2020 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 15.0 30.0 -15.0 -30.0 -45.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -23.4 -23.4 -15.6 -2.0 -0.6 1.8 -15.5 -15.5 -3.3 7.3 5.9 6.7 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 :$33,021.60 Million Total Assets Date :12/31/2019 Gross Expense :0.32% Net Expense :0.32% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 6.0% 12.0% 18.0% -6.0 % -12.0 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard International Growth Fund Benchmark 0.80 1.00 1.20 1.40 1.60 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.38 Page 90 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard International Growth Fund -15.5 (3)-15.5 (3)-3.3 (5)7.3 (3)5.9 (3)6.7 (5)31.5 (8)-12.6 (35)43.2 (1)¢ Vanguard Spliced International Index -23.4 (87)-23.4 (87)-15.6 (90)-2.0 (81)-0.6 (77)1.8 (97)21.5 (93)-14.2 (50)27.2 (54)˜ 5th Percentile -16.2 -16.2 -3.4 6.4 5.4 6.4 31.8 -7.9 32.8 1st Quartile -18.5 -18.5 -7.6 2.6 2.3 4.8 28.7 -12.2 31.2 Median -20.4 -20.4 -9.7 0.3 0.2 3.3 27.5 -14.4 27.6 3rd Quartile -22.2 -22.2 -13.3 -1.3 -0.6 2.3 25.2 -16.2 24.0 95th Percentile -24.8 -24.8 -16.6 -3.4 -2.2 2.0 20.6 -18.7 22.1 Population 43 43 43 43 43 26 43 44 45 Peer Group Analysis As of March 31, 2020 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 -4.0 -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 3/19 3/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 6.68 5.87 1.14 0.87 0.37 6.87 1.04 5.95 16.18 0.93 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 -0.05 0.00 1.00 -0.64 14.52 1.00 FTSE 3 Month T-Bill 0.71 14.53 0.05 0.00 N/A 1.13 0.00 1.12 0.25 -0.03 Vanguard International Growth Fund Risk Profile As of March 31, 2020Vanguard International Growth Fund Page 92 Asset Allocation As of 09/30/2019 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -2.8 % 0.0% 0.1% 4.3% 98.4% Fund Characteristics As of 09/30/2019 Total Securities 130 Avg. Market Cap $129,472.11 Million P/E 32.74 P/B 6.40 Div. Yield 1.91% Annual EPS 13.35 5Yr EPS 21.14 3Yr EPS Growth 21.67 Sector/Quality Allocation As of 09/30/2019 0.0%15.0%30.0%45.0% Consumer Discretionary Consumer Staples Information Technology Financials Health Care Industrials Materials Energy Telecommunication Services Non Classified Equity 26.9% 15.1% 15.1% 13.4% 11.3% 9.9% 3.1% 1.8% 1.1% 0.7% Top 5 Countries As of 09/30/2019 China 16.55 % Japan 11.21 % France 8.11 % United States 7.15 % United Kingdom 6.71 % Vanguard International Growth Fund Mutual Fund Attributes As of March 31, 2020 Page 93 Regional Allocation As of 09/30/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Emg. MidEast, Africa, Europe Emerging Latin America Other North America Pacific Basin Emerging Asia Europe 0.5% 3.2% 4.8% 8.0% 15.9% 21.4% 46.3% Vanguard International Growth Fund Mutual Fund Attributes As of March 31, 2020 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 03/31/20 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.8 1.6 2.4 3.2 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.6 2.3 1.8 1.2 0.6 0.4 2.0 1.8 1.2 0.6 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 :$107,303.20 Million Total Assets Date :12/31/2019 Gross Expense :0.16% Net Expense :0.16% Turnover :N/A Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 1.00 Vanguard Prime Money Market Fund Performance Summary As of March 31, 2020Vanguard Prime Money Market Fund Page 95 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)1.14 Avg. Maturity 49.00 Holdings Count 393 Maturity Distribution (%) 0.0 20.0 40.0 60.0 80.0 1-7 Days8-29 Days30-89 Days90-179 Days180-269 Days11.7 20.1 50.2 16.4 1.6 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/Foreign4.1 2.4 2.0 0.4 6.2 34.0 50.9 Vanguard Prime Money Market Portfolio Characteristics As of March 31, 2020 Page 96 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2020 Vanguard Retirement Savings Trust III Performance Summary Vanguard Retirement Savings Trust III Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return1 Year 3 Years 5 Years 10 Years Inception 10/1/01 2.3 1.8 1.2 0.6 1.4 2.5 2.3 2.2 2.3 3.2 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 % 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 3/20 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 3/20 1.39 Page 97 Portfolio Characteristics Portfolio MV/BV Ratio (%)102.67 Crediting Rate 2.32 Effective Duration 2.80 # of Wrap Providers 13 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 Treas./Ag.AAAAAABBB<BBBReservesOther41.3 27.1 11.3 14.7 0.0 0.0 0.0 5.6 Sector Distribution (%) 0.0 15.0 30.0 45.0 Treasury/AgenciesMortgage-BackedCorporateHigh YieldAsset-BackedInternationalCash & EquivalentsOther13.0 31.0 22.0 0.0 15.0 5.0 11.0 3.0 Wrap Providers 0.0%4.0%8.0%12.0%16.0% Metropolitian Life Ins Pacific Life Insurance JP Morgan Chase American General Life Massachutes Mutual NY life Insurance Prudential Aegon/ Transamerica Nationwide State Street 6.5% 7.1% 7.5% 8.3% 9.7% 8.8% 8.9% 9.0% 9.3% 9.8% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of March 31, 2020 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)0.4%$42,406 0.09%$38 0.00%$0 0.24%$100 P Vanguard Institutional Target Retirement 2015 MF VITVX Mixed-Asset Target 2015 (Passive)0.1%$6,876 0.09%$6 0.00%$0 0.16%$11 P Vanguard Institutional Target Retirement 2020 MF VITWX Mixed-Asset Target 2020 (Passive)1.3%$145,564 0.09%$131 0.00%$0 0.29%$422 P Vanguard Institutional Target Retirement 2025 MF VRIVX Mixed-Asset Target 2025 (Passive)6.3%$709,039 0.09%$638 0.00%$0 0.24%$1,666 P Vanguard Institutional Target Retirement 2030 MF VTTWX Mixed-Asset Target 2030 (Passive)5.2%$577,575 0.09%$520 0.00%$0 0.24%$1,357 P Vanguard Institutional Target Retirement 2035 MF VITFX Mixed-Asset Target 2035 (Passive)10.8%$1,205,522 0.09%$1,085 0.00%$0 0.24%$2,833 P Vanguard Institutional Target Retirement 2040 MF VIRSX Mixed-Asset Target 2040 (Passive)10.4%$1,164,650 0.09%$1,048 0.00%$0 0.29%$3,377 P Vanguard Institutional Target Retirement 2045 MF VITLX Mixed-Asset Target 2045 (Passive)18.2%$2,040,787 0.09%$1,837 0.00%$0 0.24%$4,796 P Vanguard Institutional Target Retirement 2050 MF VTRLX Mixed-Asset Target 2050 (Passive)11.4%$1,274,087 0.09%$1,147 0.00%$0 0.24%$2,994 P Vanguard Institutional Target Retirement 2055 MF VIVLX Mixed-Asset Target 2055 (Passive)7.0%$788,006 0.09%$709 0.00%$0 0.24%$1,852 P Vanguard Institutional Target Retirement 2060 MF VILVX Mixed-Asset Target 2060+ (Passive)3.1%$342,666 0.09%$308 0.00%$0 0.18%$617 P Vanguard Institutional Target Retirement 2065 MF VSXFX Mixed-Asset Target 2060+ (Passive)0.1%$13,935 0.09%$13 0.00%$0 0.18%$25 P Vanguard Institutional Index Fund MF VINIX U.S. Large Cap Core Equity (WSP)6.2%$689,736 0.04%$241 0.00%$0 0.20%$1,379 P Vanguard Mid-Cap Index Fund MF VIMAX U.S. Mid Cap Core Equity (Passive)2.8%$308,072 0.05%$154 0.00%$0 0.09%$287 P Vanguard Small-Cap Index Fund MF VSMAX U.S. SMID Cap Core Equity (Passive)1.8%$198,226 0.05%$99 0.00%$0 0.23%$456 P Vanguard Total Bond Market Index Fund MF VBTLX U.S. Broad Market Core Fixed Income (Passive)2.2%$249,541 0.05%$125 0.00%$0 0.12%$299 P Vanguard Balanced Index Fund MF VBAIX Mixed-Asset Target Today (Passive)1.9%$215,879 0.06%$130 0.00%$0 0.24%$507 P Vanguard Windsor II Fund MF VWNAX U.S. Large Cap Value Equity 1.2%$133,823 0.25%$335 0.00%$0 0.69%$923 P Vanguard U.S. Growth Fund MF VWUAX U.S. Large Cap Growth Equity 1.8%$196,145 0.28%$549 0.00%$0 0.80%$1,559 P Vanguard International Growth Fund MF VWILX International Large Cap Growth Equity 3.8%$430,221 0.32%$1,377 0.00%$0 0.87%$3,743 P Vanguard Prime Money Market Fund MF VMMXX U.S. Taxable Money Market 2.3%$262,707 0.16%$420 0.00%$0 0.35%$919 P Vanguard Retirement Savings Trust III CF N/A Stable Value 1.8%$195,964 0.29%$568 0.00%$0 0.47%$927 P $11,191,426 0.10%$11,478 0.00%$0 0.28%$31,052 ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity MSD Defined Contribution Plan As of March 31, 2020 Investment Fee Analysis Asset Information Fund Expense Information Institutional Peer Comparison³ 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. Page 100 Market Environment Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets -22.4%-24.1% -21.1% -30.0% -17.4% -28.9% -20.9%-23.3% -28.4% -24.4% -12.7% -16.3% -9.7% -23.3% -7.5% -21.0% -13.8%-13.3% -24.5% -18.9% -40% -30% -20% -10% 0% ACWI IMI 44.2% ACWI ex-U.S. IMI 55.8% USA IMI 4.5% UK IMI 8.1% Ja pa n IMI 2.8% Ca na da IMI 0.2% Isra el IMI 13.5% Europe ex-UK IMI 3.3% Pacific ex-Japan IMI 11.8% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: MSCI A decade-long bull market came to an abrupt halt as the Covid-19 outbreak in China turned into a global pandemic. After reaching all-time highs in mid-February, global equities sold off sharply as infection numbers grew and governments worldwide ramped up virus containment measures. With much of the economy shuttered, a deep global recession appears to be inevitable despite unprecedented fiscal and monetary stimulus measures. In local currency terms, the MSCI AC World Investable Market Index fell by 21.0%. Appreciation of the U.S. dollar further dragged down the returns to -22.4% in USD terms in Q1 2020. UK equities were the worst performers (-30.0%) over the quarter where its sizeable resource sector (Oil & Gas and Basic Materials) underperformed due to sharp drop in crude oil prices amidst the coronavirus outbreak. Brexit negotiations ran into difficulties as the UK and the European Union (EU) clashed on “level playing field” requirements. The UK Prime Minister Boris Johnson stated that Britain would be prepared to leave the EU on the World Tr ade Organization’s (WTO) terms if progress is not made by June 2020. Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets US A 55.8% UK 4.5% Ca nada 2.8% Pa cific ex -Japan 3.3%Ja pan 8.1% Eu rope ex -UK 13.5% Is rael 0.2% Latin Americ a 1.0% Asia 9.3% Ea stern Eu rope, Mi ddle Ea st & Africa 1.5% Emer ging Ma rkets 11.8% MSCI ALL COUNT RY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 03/31/2020 Sour ce:MSCI UK 10.2% Ca nada 6.3% Pa cific ex - Japan 7.5% Ja pan 18.3% Eu rope ex -UK 30.6% Is rael 0.5%Latin A me rica 2.2% Asia 21.0% Ea stern Eu rope, Mi ddle Ea st & Africa 3.5% Emerging Ma rkets 26.7% MSCI ALL COUNTRY WORLD EX -U.S. IMI INDEX GEOGRAP HI C ALLOCAT ION AS OF 03/31/2020 Source: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. Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Equity Markets -20.9% -12.1%-12.9% -20.5% -15.1% -51.6% -28.3%-27.8%-28.6% -15.1% -9.1% 8.0% -2.1% -10.6% -4.2% -54.5% -19.2%-19.7% -15.6% -3.2% -60.0% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Russell 3000 25.1% Te ch nology 15.1% Healthcare 14.5% Cons . Di sc 6.2% Cons. Staples 2.5% Energy 3.0% Mater ia ls & Processi ng 9.1% Produ ce r Durables 18.9% Fi nanc ial Serv ices 5.5% Utilities RUS SELL SECTOR RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: Rus sell Indexes -20.9%-24.2% -12.5% -31.7% -20.0% -35.7% -25.8% -9.1% -13.6% 3.7% -24.1% -9.4% -29.6% -18.6% -40.0% -35.0% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Russell 3000 28.8% Large Value 42.1% Large Gr owth 13.1% Medium Value 10.2% Medium Gr owth 2.6% Small Value 3.2% Small Gr owth RUS SELL STYL E RETURNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source: Russell Index es Three major U.S. equity indices (S&P 500, Dow Jones Industrial Average and Nasdaq Composite) entered bear market territory as the indices fell more than 20% below their mid-February peaks in the fastest bear market on record ending the 11-year bull market, the longest on record. Returns were on pace to be much worse before stock markets rallied to end the quarter. Large fiscal stimulus packages were credited as the major reason for improving risk sentiment. For the quarter, the Dow Jones US Total Stock Market Index returned -21.0%. The Russell 3000 Index fell 20.9% during the first quarter and 9.1% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, set a new record peak of 82.7 in mid-March before ending the quarter slightly lower at 53.5 after having averaged 19.0 over the previous 12 months. All sectors generated negative returns over the quarter. In particular, Energy (-51.6%) and Financial Services (-28.6%) were the worst performing sectors in Q1 2020. Performance was negative across the market capitalization spectrum over the quarter. Small cap stocks underperformed both large and medium cap stocks over the quarter. Value stocks underperformed their Growth counterparts in Q1 2020 and over the last year. Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets 3.1% 8.1% -3.6% 2.8% -0.2% 1.2% 8.9% 13.1% 5.0% 7.0% 2.8% 6.1% -6.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% Bar cl ays Agg. Bon d 44.2% Govt 25.2% Corp. 27.9% MBS 0.4% ABS 2.2% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 03/31/2020 Firs t Quarter 2020 On e-YearSource: FactSet 1.8%2.8%2.7%2.1% 6.2%4.6% 7.0%7.4%8.8% 19.3% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 1-3 Yr.3-5 Yr.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RET URNS BY MATURI TY A S OF 03/31/2020 Firs t Quarter 2020 One-YearSource: FactSet 5.8% 1.5% -0.6% -7.4% -12.7% 10.5% 7.5%7.4% 1.9% -6.9% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 03/31/2020 Firs t Quarter 2020 One-YearSource: FactSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 3.1% over the quarter, supported by Government bond’s return of 8.1%. The risk asset sell- off which tormented equity markets were also evident in the corporate bonds space, as concerns over corporate leverage that were disregarded in more benign times resurfaced. Corporate bonds underperformed with a return of -3.6%. Performance was mixed across all credit grades. High yield bonds fell by 12.7%. Within investment grade bonds, Aaa bonds outperformed with a return of 5.8%. Long-maturity bonds outperformed intermediate and short-maturity bonds over the quarter. Long-maturity bonds returned 6.2% while short-maturity bonds returned only 1.8% in Q1 2020. Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Mar 10 Mar 12 Mar 14 Mar 16 Mar 18 Mar 20 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 3/31/2019 12/31/2019 3/31/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve shifted downwards over the quarter as the combination of economic damage caused by the Pandemic and the response of easing monetary policy caused yields to fall across the curve. The rate cuts, along with decreases in global output, caused 10-year US treasury yields to decrease by over 122 basis points to 0.70%, the first time in history it fell below 1.0%, and it remained there at the end of the quarter. The 30-year yield began the quarter at 2.39% and ended the quarter at 1.27%, a decline of 1.12%. The 30-year yield briefly closed below 1% on March 9, 2020, a sign of how stressed the outlook had become The 10-year TIPS yield fell by 32bps over the quarter to -0.17%. The US Federal Reserve (Fed) announced two emergency rate cuts over the quarter, lowering the Fed Funds Rate target by a total of 150bps to 0.00%-0.25%. The Federal Reserve also launch unlimited QE, and an expansion of QE into other markets, such as corporate bonds and municipal bonds. In addition to this, Congress passed a $2.2tn stimulus package, the largest bailout in US history. Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. European Fixed Income Markets 0% 5% 10% 15% 20% 25% 30% 2012 2013 2014 2015 2016 2017 2018 2019 2020 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 rose across the Euro Area with core yields falling and peripheral yields rising (except Ireland). The European Central Bank (ECB) expanded its asset purchase programme and removed a self-imposed limit to buy no more than a third of any country’s eligible bond, restoring some stability to the Euro Area’s government bond market. German government bund yields fell in line with other developed market government bond yields, falling by 30bps to -0.49% over the quarter. Germany’s annual economic growth slowed to its lowest rate in six years at 0.6% whilst it posted zero growth in Q4, hit by falling household and government consumption while capital investment in machinery and equipment fell. Italian government bond yields rose by 6bps to 1.48% over the quarter, retracting from a nine-month high of 2.3% after it spiked by 130bps mid-March and Spanish government bond yields rose by 18bps to 0.64%. Both the countries were the worst affected by novel coronavirus in Europe and were the first to impose quarantine measures. Greek government bond yields rose by 18bps to 1.61% over the quarter which saw the country’s 10-year yield drop below 1% mid-Feb for the first time. Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Credit Spreads Spre ad (bps)03/31/2020 12/31/2019 03/31/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 95 39 44 56 51 Long Gov't 4 0 1 4 3 Long Credit 279 139 172 140 107 Long Gov't /Credit 151 79 99 72 52 MBS 60 39 35 21 25 CMBS 188 72 69 116 119 ABS 213 44 39 169 174 Corporate 272 93 119 179 153 High Yield 880 336 391 544 489 Global Emerging Mark et s 619 287 283 332 336 So urce: F actSet, B lo omberg Barclays The rapid reassessment of the economic outlook took a dramatic toll on credit assets during the quarter. Credit spreads over U.S. Treasuries widened over the quarter. Riskier areas of credit, such as US high yield bonds and emerging market debt, saw double digit losses due to a decrease in investors’ risk appetite. High Yield bond spreads widened significantly in Q1 2020, increasing by 544bps. This was followed by Global Emerging Markets bonds spreads, which widened by 332bps. Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Currency 80 90 100 110 120 130 140 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 03/31/2014 EUR/USD GBP/USD JPY /USD Source: FactSet St ronger Do llar We ak er Do llar 80 85 90 95 100 105 110 115 120 125 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar generally strengthened against major currencies over the quarter as it rose 7.1% on a trade-weighted basis.U.S. dollar appreciated against euro and sterling but marginally depreciated against Japanese yen. Sterling fell sharply over the quarter amidst “risk-off” trade flows as the coronavirus outbreak escalated. The UK’s current account deficit and its status as a relatively small open economy means that sterling is particularly exposed to international fund flows. As investor concerns over economic growth and financial market stability grew, capital flows started to dry up from the UK as investors seek “safe haven” assets such as the US dollar.Sterling depreciated by 6.4% against the U.S. dollar. Alongside a more dovish ECB and a weaker economic outlook, the euro fell against both the US dollar and the Japanese yen, depreciating by 2.2% and 2.9% respectively. However, it rose by 4.2% against sterling. Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Commodities -23.3% -11.5% -51.1% -18.5% -1.1% -9.9% -16.8% -7.2% -28.1% -22.3% -8.3% -52.9% -22.7% 15.7% -5.3% -13.7% -2.6% -35.5% -60.0%-50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 03/31/2020 Firs t Quarter 2020 One-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Amidst Covid-19 pandemic, commodities fell sharply over the quarter which saw the Bloomberg Commodity Index tumble by 23.3%. Energy was the worst performing sector over the quarter with a return of -51.1% as crude oil prices fell sharply following Saudi Arabia’s plans to raise production and offer deep discounts to key markets in a bid to gain market share after Russia rejected a proposal by OPEC to cut oil production. The price of Brent crude oil fell by 65.5% to $23/bbl. and WTI crude oil spot prices fell by 66.5% to $20/bbl. Livestock (-28.1%) was the second worst performing sector in Q1 2020. Page 110 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Hedge Fund Markets Overview -3.4% 0.1% -12.9% -13.9% -15.3% -12.2% -7.0% -9.4% -7.3% 1.4% 4.2% -8.0% -10.4% -12.6% -12.4% -3.8% -5.1% -3.9% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relative Value Fund-Weighted Composit e Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 03/31/2020 Firs t Quarter 2020 One-Year Note: Lates t 5 months o f HFR data are es ti mated by H FR a nd may change in the future. Source:HFRHedge fund performance was generally negative across all strategies in the first quarter. Over the quarter, Global Macro was the only strategy to generate marginal positive return of 0.1%. Conversely, Event- Driven and Emerging Markets were the worst performers, falling 15.3% and 13.9% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of -9.4% and -7.3% 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 U.S.D-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 U.S.D investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-U.S. -The Barclays Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to U.S. 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 M 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 M 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 M 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 M 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 M 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 M 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 U.S. Large Cap Index -an index comprised of nearly 640 U.S. large cap companies and includes securities traded on NYSE, NYSE Market, 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 equal-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 M 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 U.S. Dollar and have a minimum of $50 M 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-U.S. 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 M 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@aon.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 Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’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.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments 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 Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments 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 Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments 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. 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