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HomeMy Public PortalAbout2020 2nd Quarter ReportVisit the Retirement and Investments Thought Leadership Site (https://retirement-investment-insights.aon.com); sharing our best thinking. MSD Deferred Compensation Plan | Second Quarter 2020 Quarterly Investment Review Executive Summary Page 1 Deferred Compensation Summary Page 5 Tier I Page 15 Tier II Page 63 Tier III Page 79 Appendix Page 95 Market Environment Page 97 Glossary Page 109 Table Of Contents Executive Summary Page 1 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. Thought Leadership Hub Find Additional Research at https://retirement-investment-insights.aon.com/ Thought Leadership Highlights –Defined Contribution Governance OCIO Graduates from Education Phase Link Governance Why OCIO in Turbulent Times? 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Market Highlights 10.7% 4.3% 2.1%2.9%4.3% 9.2%8.5% 4.8% -7.7% 14.0% 10.5% 5.7% 3.3%3.8% 7.7%7.8%6.7% -5.8% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 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 06/30/2020 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg 20.5% 25.4% 14.9%18.1% 2.9%0.3% 11.1%10.2% 5.1%7.5% -6.6%-5.1%-3.4% 8.7% 25.1% 13.2% 0.0% -17.4%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets 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 06/30/2020 Second 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 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Second Quarter YT D 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All C ountry World IM I 19.83%-7.06%1.17%5.55%6.11%9.10% MSCI All C ountry World 19.22%-6.25%2.11%6.14%6.46%9.16% Dow Jones U.S . Total Sto ck Market 22.09%-3.50%6.41%9.97%9.97%13.68% Rus sell 3000 22.03%-3.48%6.53%10.04%10.03%13.72% S&P 500 20.54%-3.08%7.51%10.73%10.73%13.99% Rus sell 2000 25.42%-12.98%-6.63%2.01%4.29%10.50% MSCI All C ountry World ex-U.S . IMI 16.96%-11.24%-4.74%0.96%2.30%5.11% MSCI All C ountry World ex-U.S .16.12%-11.00%-4.80%1.13%2.26%4.97% MSCI EAFE 14.88%-11.34%-5.13%0.81%2.05%5.73% MSCI EAFE (Local C urrenc y)12.60%-10.53%-4.24%1.26%2.63%6.86% MSCI Emerging Markets 18.08%-9.78%-3.39%1.90%2.86%3.27% Fixed Income Bloomberg Barcla ys Global Aggregate 3.32%2.98%4.22%3.79%3.56%2.81% Bloomberg Barcla ys U.S. Aggregate 2.90%6.14%8.74%5.32%4.30%3.82% Bloomberg Barcla ys U.S. Long Go v't 0.28%20.97%25.14%11.96%9.21%7.71% Bloomberg Barcla ys U.S. Long Credit 11.08%5.92%13.19%8.70%8.51%7.77% Bloomberg Barcla ys U.S. Long Go v't/Credit 6.23%12.82%18.91%10.32%8.98%7.84% Bloomberg Barcla ys U.S. TIP S 4.24%6.01%8.28%5.05%3.75%3.52% Bloomberg Barcla ys U.S. Hi gh Yield 10.18%-3.80%0.03%3.33%4.79%6.68% Bloomberg Barcla ys Global Treasury ex U.S.2.39%0.82%0.87%2.82%3.23%1.85% JP Morgan E MBI Global (E merging Markets)11.21%-1.87%1.52%3.31%5.12%5.82% Commodities Bloomberg Commodity Index 5.08%-19.40%-17.38%-6.14%-7.69%-5.82% Gold man Sachs Commodity Index 10.47%-36.31%-33.90%-8.71%-12.54%-8.53% Hedge Funds HF RI Fund-Weighted Composite2 9.08%-3.43%-0.54%2.13%2.33%3.72% HF RI Fund of F unds2 7.48%-1.97%0.09%2.12%1.41%2.75% Real Estate NARE IT U.S. E quity RE ITS 11.82%-18.71%-13.04%0.03%4.06%9.05% NC REIF NFI - OD CE -1.55%2.23%5.66%7.31%10.80% FTSE Global Core Infrastructure Index 8.89%-10.59%-4.61%5.49%7.01%9.75% Private Equity Burgiss Private iQ Global Priva te Equity3 15.31%14.78%12.30%13.19% MSCI Indices show net total returns throug ho ut this report. A ll other i nd ices show g ross total returns. 1 Periods are annuali zed. 2 Latest 5 months of HFR data are estimated by HFR and may cha ng e in the future. 3 Burgiss Private iQ Global Priva te Equity data is as at D ec 31, 2 019 Returns of the Major Capital Markets Period Ending 06/30/2020 Page 4 Deferred Compensation Summary Page 5 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 76,955,985 100.0 Tier I 20,255,526 26.3 Vanguard Institutional Target Retirement Income Fund 1,173,771 1.5 8.0 (69)1.6 (22)5.9 (18)5.5 (12)5.0 (18)- Vanguard Target Income Composite Index 7.9 (69)2.0 (17)6.3 (13)5.7 (10)5.2 (14)- Vanguard Institutional Target Retirement 2015 Fund 1,014,630 1.3 8.9 (84)0.9 (10)5.6 (19)5.9 (10)5.5 (28)- Vanguard Target 2015 Composite Index 8.9 (84)1.3 (6)6.1 (14)6.1 (7)5.7 (9)- Vanguard Institutional Target Retirement 2020 Fund 2,532,145 3.3 11.4 (31)-0.5 (46)5.2 (26)6.1 (9)6.0 (9)- Vanguard Target 2020 Composite Index 11.4 (30)0.0 (31)5.8 (13)6.5 (7)6.3 (1)- Vanguard Institutional Target Retirement 2025 Fund 4,878,391 6.3 13.2 (33)-1.5 (47)4.9 (24)6.4 (16)6.3 (10)- Vanguard Target 2025 Composite Index 13.2 (29)-0.9 (34)5.6 (19)6.8 (12)6.6 (5)- Vanguard Institutional Target Retirement 2030 Fund 2,373,931 3.1 14.6 (37)-2.3 (46)4.4 (33)6.5 (20)6.5 (21)- Vanguard Target 2030 Composite Index 14.5 (38)-1.8 (31)5.1 (19)6.8 (12)6.8 (10)- Vanguard Institutional Target Retirement 2035 Fund 2,545,737 3.3 15.9 (53)-3.2 (38)4.0 (27)6.5 (20)6.7 (26)- Vanguard Target 2035 Composite Index 15.9 (55)-2.7 (30)4.6 (19)6.9 (13)6.9 (14)- Vanguard Institutional Target Retirement 2040 Fund 1,733,175 2.3 17.2 (56)-4.1 (43)3.5 (37)6.5 (21)6.8 (24)- Vanguard Target 2040 Composite Index 17.2 (62)-3.7 (30)4.0 (21)6.9 (13)7.1 (13)- Vanguard Institutional Target Retirement 2045 Fund 2,096,236 2.7 18.6 (48)-5.0 (50)3.0 (36)6.5 (24)6.8 (16)- Vanguard Target 2045 Composite Index 18.5 (53)-4.6 (37)3.5 (30)6.8 (14)7.1 (12)- Vanguard Institutional Target Retirement 2050 Fund 1,234,895 1.6 18.6 (56)-5.0 (43)3.0 (37)6.4 (27)6.8 (22)- Vanguard Target 2050 Composite Index 18.5 (57)-4.6 (34)3.5 (24)6.8 (16)7.1 (13)- Vanguard Institutional Target Retirement 2055 Fund 374,808 0.5 18.6 (61)-4.9 (35)3.0 (37)6.5 (30)6.8 (23)- Vanguard Target 2055 Composite Index 18.5 (62)-4.6 (29)3.5 (27)6.8 (17)7.1 (14)- Vanguard Institutional Target Retirement 2060 Fund 280,478 0.4 18.7 (65)-4.9 (39)3.0 (33)6.4 (37)6.8 (37)- Vanguard Target 2060 Composite Index 18.5 (69)-4.6 (26)3.5 (24)6.8 (20)7.1 (20)- Vanguard Institutional Target Retirement 2065 Fund 17,330 0.0 18.6 (65)-5.1 (45)2.8 (61)--- Vanguard Target 2065 Composite Index 18.5 (69)-4.6 (26)3.5 (24)--- Asset Allocation & Performance As of June 30, 2020 Page 6 Asset Allocation & Performance As of June 30, 2020 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Tier II 27,897,927 36.3 Vanguard Institutional Index Fund 10,969,892 14.3 20.5 (52)-3.1 (51)7.5 (48)10.7 (47)10.7 (43)14.0 (39) S&P 500 Index 20.5 (52)-3.1 (51)7.5 (48)10.7 (47)10.7 (43)14.0 (39) Vanguard Mid-Cap Index Fund 3,915,713 5.1 25.0 (46)-7.2 (46)-0.2 (45)6.5 (46)7.0 (47)12.5 (41) Vanguard Spliced Mid Cap Index 25.0 (46)-7.2 (46)-0.2 (45)6.5 (46)7.0 (47)12.5 (40) Vanguard Small-Cap Index Fund 2,802,771 3.6 26.7 (37)-11.4 (32)-5.6 (31)4.0 (26)5.4 (27)11.6 (24) Vanguard Spliced Small Cap Index 26.7 (37)-11.4 (32)-5.6 (32)4.0 (26)5.4 (27)11.6 (24) Vanguard Total Bond Market Index Fund 4,382,500 5.7 3.0 (82)6.4 (23)9.0 (22)5.3 (29)4.3 (42)3.8 (65) Vanguard Splc Blmbg. 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US Agg Flt Adj 3.0 (81)6.3 (28)8.9 (25)5.4 (24)4.4 (32)3.9 (58) Vanguard Balanced Index Fund 5,827,051 7.6 14.2 (45)1.0 (14)8.2 (7)8.6 (6)8.1 (5)10.0 (12) Vanguard Balanced Composite Index 14.5 (43)1.8 (9)9.1 (6)8.9 (5)8.3 (4)10.2 (9) Tier III 27,397,604 35.6 Vanguard Windsor II Fund 8,255,681 10.7 19.6 (8)-9.9 (8)0.1 (6)4.9 (22)6.3 (24)11.2 (22) Russell 1000 Value Index 14.3 (68)-16.3 (65)-8.8 (73)1.8 (70)4.6 (58)10.4 (44) Vanguard U.S. Growth Fund 7,798,265 10.1 35.7 (8)19.5 (8)29.9 (12)22.2 (11)16.6 (19)17.9 (17) Russell 1000 Growth Index 27.8 (45)9.8 (58)23.3 (29)19.0 (40)15.9 (30)17.2 (28) Vanguard International Growth Fund 5,055,280 6.6 33.0 (1)12.4 (1)24.6 (1)14.2 (1)11.9 (1)11.3 (1) Vanguard Spliced International Index 16.1 (80)-11.0 (87)-4.8 (87)1.1 (85)2.3 (84)5.0 (95) Vanguard Prime Money Market Fund 2,685,212 3.5 0.1 (16)0.5 (12)1.5 (12)1.8 (14)1.2 (12)0.6 (14) ICE BofAML 3 Month U.S. T-Bill 0.0 (67)0.6 (2)1.6 (4)1.8 (13)1.2 (15)0.6 (14) Vanguard Retirement Savings Trust III 3,603,166 4.7 0.6 (-)1.2 (-)2.4 (-)2.3 (-)2.2 (-)2.3 (-) ICE BofAML 3 Month U.S. T-Bill 0.0 (-)0.6 (-)1.6 (-)1.8 (-)1.2 (-)0.6 (-) Tier IV 1,404,929 1.8 Loan Fund 1,404,929 1.8 ------ Page 7 Performance(%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Deferred Compensation 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 (40)-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 June 30, 2020 Page 8 Asset Allocation & Performance As of June 30, 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 (60)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. 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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 (51)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 (17)2.2 (10)1.9 (20)2.0 (7)2.0 (7)2.0 (10)1.9 (22)2.5 (22)3.1 (19) ICE BofAML 3 Month U.S. T-Bill 2.3 (38)1.9 (45)0.9 (94)0.3 (100)0.1 (100)0.0 (100)0.1 (93)0.1 (100)0.1 (100) Tier IV Loan Fund --------- Page 9 5.2 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement 2045- 2060 Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2015 Fund Tier I Funds Risk and Return 3 Years Ending June 30, 2020 Calculation based on monthly periodicity. Page 10 2.8 3.5 4.2 4.9 5.6 6.3 7.0 7.7 8.4 9.1 9.8 10.5 11.2 11.9 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 33.0 Risk (Standard Deviation %) Vanguard Total Bond Market Index Fund Vanguard Small-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier II Funds Risk and Return 3 Years Ending June 30, 2020 Calculation based on monthly periodicity. Page 11 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 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 26.0 28.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust IIIVanguard Prime Money Market Fund Vanguard International Growth Fund Tier III Funds Risk and Return 3 Years Ending June 30, 2020 Calculation based on monthly periodicity. Page 12 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 33,742,322 43.8 5,055,280 6.6 4,382,500 5.7 4,090,141 5.3 5,827,051 7.6 3,603,166 4.7 20,255,526 26.3 76,955,985 100.0 Tier I 20,255,526 100.0 20,255,526 26.3 Vanguard Institutional Target Retirement Income Fund 1,173,771 100.0 1,173,771 1.5 Vanguard Institutional Target Retirement 2015 Fund 1,014,630 100.0 1,014,630 1.3 Vanguard Institutional Target Retirement 2020 Fund 2,532,145 100.0 2,532,145 3.3 Vanguard Institutional Target Retirement 2025 Fund 4,878,391 100.0 4,878,391 6.3 Vanguard Institutional Target Retirement 2030 Fund 2,373,931 100.0 2,373,931 3.1 Vanguard Institutional Target Retirement 2035 Fund 2,545,737 100.0 2,545,737 3.3 Vanguard Institutional Target Retirement 2040 Fund 1,733,175 100.0 1,733,175 2.3 Vanguard Institutional Target Retirement 2045 Fund 2,096,236 100.0 2,096,236 2.7 Vanguard Institutional Target Retirement 2050 Fund 1,234,895 100.0 1,234,895 1.6 Vanguard Institutional Target Retirement 2055 Fund 374,808 100.0 374,808 0.5 Vanguard Institutional Target Retirement 2060 Fund 280,478 100.0 280,478 0.4 Vanguard Institutional Target Retirement 2065 Fund 17,330 100.0 17,330 0.0 Tier II 17,688,376 63.4 4,382,500 15.7 5,827,051 20.9 27,897,927 36.3 Vanguard Institutional Index Fund 10,969,892 100.0 10,969,892 14.3 Vanguard Mid-Cap Index Fund 3,915,713 100.0 3,915,713 5.1 Vanguard Small-Cap Index Fund 2,802,771 100.0 2,802,771 3.6 Vanguard Total Bond Market Index Fund 4,382,500 100.0 4,382,500 5.7 Vanguard Balanced Index Fund 5,827,051 100.0 5,827,051 7.6 Tier III 16,053,945 58.6 5,055,280 18.5 2,685,212 9.8 3,603,166 13.2 27,397,604 35.6 Vanguard Windsor II Fund 8,255,681 100.0 8,255,681 10.7 Vanguard U.S. Growth Fund 7,798,265 100.0 7,798,265 10.1 Vanguard International Growth Fund 5,055,280 100.0 5,055,280 6.6 Vanguard Prime Money Market Fund 2,685,212 100.0 2,685,212 3.5 Vanguard Retirement Savings Trust III 3,603,166 100.0 3,603,166 4.7 Tier IV 1,404,929 100.0 1,404,929 1.8 Loan Fund 1,404,929 100.0 1,404,929 1.8 Total Deferred Compensation Asset Allocation As of June 30, 2020 ($) Page 13 This Page Left Blank Intentionally Writeup Page 14 Tier I Page 15 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.9 2.0 6.3 5.7 5.2 8.0 1.6 5.9 5.5 5.0 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 :$6,667.20 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 16 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement Income Fund 8.0 (69)1.6 (22)5.9 (18)5.5 (12)13.2 (53)-2.0 (15)¢ Vanguard Target Income Composite Index 7.9 (69)2.0 (17)6.3 (13)5.7 (10)13.4 (46)-2.0 (15)˜ 5th Percentile 11.3 2.4 6.5 6.1 17.0 -1.1 1st Quartile 9.6 1.4 5.7 5.3 15.2 -2.5 Median 8.8 0.4 4.7 4.7 13.3 -3.2 3rd Quartile 7.9 -0.9 3.5 4.4 11.8 -3.8 95th Percentile 5.2 -2.5 -0.5 2.0 9.2 -4.6 Population 27 27 27 27 27 28 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target Today (MF) Parentheses contain percentile rankings. Page 17 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 2.0 4.0 6.0 8.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.22 0.35 -0.62 1.00 0.67 -0.34 1.02 5.47 5.59 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 5.71 5.47 1.00 FTSE 3 Month T-Bill -4.00 5.49 -0.73 0.01 N/A 1.74 0.00 1.72 0.17 -0.10 Vanguard Institutional Target Retirement Income Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement Income Fund Page 18 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.0% 1.9% 30.3% 67.8% Fund Characteristics As of 05/31/2020 Total Securities 6 Avg. Market Cap $58,719.25 Million P/E 7.96 P/B 1.84 Div. Yield 0.93% Annual EPS 2.96 5Yr EPS 3.41 3Yr EPS Growth 4.89 Sector/Quality Allocation As of 05/31/2020 0.0%3.0%6.0%9.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 5.8% 5.7% 4.0% 3.9% 3.7% 3.2% 1.2% 1.1% 1.0% 0.8% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of June 30, 2020 Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 8.9 1.3 6.1 6.1 5.7 8.9 0.9 5.6 5.9 5.5 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$8,721.20 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 20 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2015 Fund 8.9 (84)0.9 (10)5.6 (19)5.9 (10)14.9 (74)-2.9 (17)¢ Vanguard Target 2015 Composite Index 8.9 (84)1.3 (6)6.1 (14)6.1 (7)15.1 (64)-2.9 (14)˜ 5th Percentile 11.9 1.3 6.2 6.3 16.8 -2.7 1st Quartile 11.0 0.7 5.4 5.7 16.5 -3.0 Median 10.1 -0.3 4.7 5.5 15.2 -3.7 3rd Quartile 9.3 -0.7 4.1 5.1 14.8 -4.4 95th Percentile 8.6 -1.3 3.6 4.7 14.0 -4.7 Population 21 21 21 21 22 26 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 21 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 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.24 0.40 -0.61 1.00 0.62 -0.33 1.01 5.86 6.73 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.67 0.00 1.00 6.12 6.63 1.00 FTSE 3 Month T-Bill -4.46 6.65 -0.67 0.02 N/A 1.75 0.00 1.72 0.17 -0.12 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2015 Fund Page 22 Asset Allocation As of 05/31/2020 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% 0.0% 1.8% 36.0% 62.1% Fund Characteristics As of 05/31/2020 Total Securities 6 Avg. Market Cap $69,759.40 Million P/E 9.45 P/B 2.19 Div. Yield 1.10% Annual EPS 3.52 5Yr EPS 4.05 3Yr EPS Growth 5.80 Sector/Quality Allocation As of 05/31/2020 0.0%3.0%6.0%9.0%12.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 6.9% 6.7% 4.7% 4.6% 4.4% 3.8% 1.4% 1.3% 1.2% 0.9% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of June 30, 2020 Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 6.0 12.0 18.0 -6.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.4 0.0 5.8 6.5 6.3 11.4 -0.5 5.2 6.1 6.0 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 :$24,216.20 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 24 -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 2020 Fund 11.4 (31)-0.5 (46)5.2 (26)6.1 (9)17.7 (27)-4.2 (44)¢ Vanguard Target 2020 Composite Index 11.4 (30)0.0 (31)5.8 (13)6.5 (7)17.9 (23)-4.1 (41)˜ 5th Percentile 13.1 1.5 6.0 6.6 18.5 -2.8 1st Quartile 12.2 0.2 5.2 5.9 17.7 -3.8 Median 10.6 -0.6 4.5 5.5 16.6 -4.3 3rd Quartile 9.8 -1.3 3.8 5.2 15.5 -5.2 95th Percentile 6.7 -2.2 1.8 3.7 10.6 -5.7 Population 33 33 33 33 34 40 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2020 (MF) Parentheses contain percentile rankings. Page 25 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 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 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 6/20 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 0.50 -0.60 1.00 0.52 -0.40 1.02 6.15 8.88 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.57 0.00 1.00 6.48 8.73 1.00 FTSE 3 Month T-Bill -4.96 8.75 -0.57 0.02 N/A 1.74 0.00 1.72 0.17 -0.14 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2020 Fund Page 26 Asset Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.7% 47.9% 50.3% Fund Characteristics As of 05/31/2020 Total Securities 6 Avg. Market Cap $97,566.98 Million P/E 13.21 P/B 3.06 Div. Yield 1.54% Annual EPS 4.92 5Yr EPS 5.67 3Yr EPS Growth 8.11 Sector/Quality Allocation As of 05/31/2020 0.0%4.0%8.0%12.0%16.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 9.6% 9.4% 6.6% 6.5% 6.2% 5.3% 2.0% 1.9% 1.7% 1.3% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of June 30, 2020 Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 24.0 -8.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 13.2 -0.9 5.6 6.8 6.6 13.2 -1.5 4.9 6.4 6.3 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 :$35,014.90 Million Total Assets Date :05/31/2020 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 6/20 Vanguard Institutional Target Retirement 2025 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 12/19 6/20 0.99 Page 28 -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 2025 Fund 13.2 (33)-1.5 (47)4.9 (24)6.4 (16)19.7 (20)-5.0 (42)¢ Vanguard Target 2025 Composite Index 13.2 (29)-0.9 (34)5.6 (19)6.8 (12)19.9 (14)-5.0 (42)˜ 5th Percentile 14.6 2.6 5.9 7.0 20.4 -3.2 1st Quartile 13.5 -0.7 4.8 6.1 19.6 -4.4 Median 12.5 -1.5 4.3 5.7 18.6 -5.3 3rd Quartile 11.6 -2.2 3.6 5.2 17.7 -6.0 95th Percentile 5.6 -2.8 2.5 4.6 11.0 -6.5 Population 39 39 39 39 39 41 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2025 (MF) Parentheses contain percentile rankings. Page 29 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 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 6/20 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 0.58 -0.57 1.00 0.48 -0.44 1.02 6.38 10.41 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.52 0.00 1.00 6.75 10.24 1.00 FTSE 3 Month T-Bill -5.36 10.26 -0.52 0.02 N/A 1.74 0.00 1.72 0.17 -0.15 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2025 Fund Page 30 Asset Allocation As of 05/31/2020 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.8% 37.8% 60.4% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $117,050.22 Million P/E 15.85 P/B 3.67 Div. Yield 1.84% Annual EPS 5.91 5Yr EPS 6.80 3Yr EPS Growth 9.73 Sector/Quality Allocation As of 05/31/2020 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 11.6% 11.2% 7.9% 7.8% 7.4% 6.3% 2.3% 2.2% 2.0% 1.5% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of June 30, 2020 Page 31 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 8.0 16.0 24.0 -8.0 -16.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 14.5 -1.8 5.1 6.8 6.8 14.6 -2.3 4.4 6.5 6.5 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 :$33,725.90 Million Total Assets Date :05/31/2020 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 6/20 Vanguard Institutional Target Retirement 2030 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 12/19 6/20 0.99 Page 32 -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 2030 Fund 14.6 (37)-2.3 (46)4.4 (33)6.5 (20)21.1 (37)-5.8 (41)¢ Vanguard Target 2030 Composite Index 14.5 (38)-1.8 (31)5.1 (19)6.8 (12)21.3 (32)-5.7 (39)˜ 5th Percentile 16.1 0.2 6.4 7.5 22.4 -4.2 1st Quartile 15.2 -1.5 4.6 6.3 21.7 -5.2 Median 14.0 -2.5 4.0 5.9 20.4 -6.2 3rd Quartile 13.0 -3.2 2.7 5.4 19.1 -7.0 95th Percentile 8.4 -4.4 0.3 3.8 14.8 -7.4 Population 39 39 39 39 39 42 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2030 (MF) Parentheses contain percentile rankings. Page 33 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 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 18.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.33 0.63 -0.52 1.00 0.45 -0.44 1.02 6.45 11.65 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.48 0.00 1.00 6.83 11.45 1.00 FTSE 3 Month T-Bill -5.56 11.48 -0.48 0.02 N/A 1.74 0.00 1.72 0.17 -0.16 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2030 Fund Page 34 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.6% 30.5% 67.8% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $131,529.41 Million P/E 17.80 P/B 4.12 Div. Yield 2.07% Annual EPS 6.63 5Yr EPS 7.64 3Yr EPS Growth 10.93 Sector/Quality Allocation As of 05/31/2020 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 13.0% 12.6% 8.8% 8.7% 8.3% 7.1% 2.6% 2.5% 2.2% 1.7% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of June 30, 2020 Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 15.9 -2.7 4.6 6.9 6.9 15.9 -3.2 4.0 6.5 6.7 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 :$30,688.10 Million Total Assets Date :05/31/2020 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 6/20 Vanguard Institutional Target Retirement 2035 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 12/19 6/20 0.99 Page 36 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2035 Fund 15.9 (53)-3.2 (38)4.0 (27)6.5 (20)22.6 (49)-6.6 (32)¢ Vanguard Target 2035 Composite Index 15.9 (55)-2.7 (30)4.6 (19)6.9 (13)22.8 (44)-6.5 (31)˜ 5th Percentile 17.9 -1.0 6.5 7.8 25.0 -5.7 1st Quartile 17.1 -2.5 4.1 6.4 23.3 -6.3 Median 16.2 -3.4 3.2 6.0 22.4 -7.2 3rd Quartile 15.2 -4.8 2.2 5.5 21.3 -7.6 95th Percentile 13.8 -5.8 0.8 4.8 19.3 -8.4 Population 37 37 37 37 37 39 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2035 (MF) Parentheses contain percentile rankings. Page 37 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.32 0.66 -0.48 1.00 0.42 -0.42 1.01 6.50 12.88 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.45 0.00 1.00 6.87 12.68 1.00 FTSE 3 Month T-Bill -5.74 12.71 -0.45 0.03 N/A 1.74 0.00 1.72 0.17 -0.16 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2035 Fund Page 38 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.5% 23.2% 75.2% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $146,541.12 Million P/E 19.77 P/B 4.59 Div. Yield 2.29% Annual EPS 7.37 5Yr EPS 8.49 3Yr EPS Growth 12.15 Sector/Quality Allocation As of 05/31/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 14.5% 14.0% 9.8% 9.7% 9.3% 7.8% 2.9% 2.8% 2.5% 1.9% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of June 30, 2020 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 17.2 -3.7 4.0 6.9 7.1 17.2 -4.1 3.5 6.5 6.8 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 :$26,981.30 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 40 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2040 Fund 17.2 (56)-4.1 (43)3.5 (37)6.5 (21)23.9 (52)-7.3 (34)¢ Vanguard Target 2040 Composite Index 17.2 (62)-3.7 (30)4.0 (21)6.9 (13)24.2 (48)-7.2 (32)˜ 5th Percentile 19.4 -1.7 6.0 7.7 26.1 -6.2 1st Quartile 18.4 -3.3 3.6 6.5 24.6 -7.0 Median 17.3 -4.4 2.9 6.0 24.0 -7.9 3rd Quartile 16.4 -5.7 0.9 5.3 22.4 -8.5 95th Percentile 14.2 -7.0 -0.7 4.2 19.2 -9.4 Population 37 37 37 37 37 40 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2040 (MF) Parentheses contain percentile rankings. Page 41 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.32 0.69 -0.46 1.00 0.40 -0.42 1.01 6.51 14.12 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.42 0.00 1.00 6.88 13.92 1.00 FTSE 3 Month T-Bill -5.92 13.95 -0.42 0.03 N/A 1.74 0.00 1.72 0.17 -0.16 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2040 Fund Page 42 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.4% 16.2% 82.4% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $160,253.83 Million P/E 21.65 P/B 5.02 Div. Yield 2.51% Annual EPS 8.07 5Yr EPS 9.29 3Yr EPS Growth 13.30 Sector/Quality Allocation As of 05/31/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 15.8% 15.3% 10.7% 10.6% 10.1% 8.6% 3.2% 3.0% 2.7% 2.1% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of June 30, 2020 Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 18.5 -4.6 3.5 6.8 7.1 18.6 -5.0 3.0 6.5 6.8 Product Name :Vanguard ITR 2045;Inst (VITLX) Fund Family :Vanguard Group Inc Ticker :VITLX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$23,072.40 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 44 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2045 Fund 18.6 (48)-5.0 (50)3.0 (36)6.5 (24)25.1 (39)-7.9 (37)¢ Vanguard Target 2045 Composite Index 18.5 (53)-4.6 (37)3.5 (30)6.8 (14)25.4 (32)-7.8 (35)˜ 5th Percentile 20.2 -2.1 5.5 7.7 26.7 -6.7 1st Quartile 19.0 -3.9 3.6 6.4 25.5 -7.3 Median 18.5 -5.0 2.6 6.1 24.8 -8.0 3rd Quartile 17.6 -7.0 0.5 5.2 23.2 -8.9 95th Percentile 16.2 -7.8 -0.7 4.5 21.9 -9.7 Population 37 37 37 37 37 39 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2045 (MF) Parentheses contain percentile rankings. Page 45 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.29 0.73 -0.40 1.00 0.38 -0.37 1.01 6.45 15.15 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.40 0.00 1.00 6.79 14.97 1.00 FTSE 3 Month T-Bill -5.99 15.00 -0.40 0.03 N/A 1.74 0.00 1.72 0.17 -0.17 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2045 Fund Page 46 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.2% 9.4% 89.3% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $173,598.01 Million P/E 23.46 P/B 5.44 Div. Yield 2.73% Annual EPS 8.75 5Yr EPS 10.07 3Yr EPS Growth 14.41 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 17.1% 16.6% 11.6% 11.5% 11.0% 9.3% 3.5% 3.3% 2.9% 2.2% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of June 30, 2020 Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 18.5 -4.6 3.5 6.8 7.1 18.6 -5.0 3.0 6.4 6.8 Product Name :Vanguard ITR 2050;Inst (VTRLX) Fund Family :Vanguard Group Inc Ticker :VTRLX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$17,819.30 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 48 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2050 Fund 18.6 (56)-5.0 (43)3.0 (37)6.4 (27)25.1 (47)-7.9 (35)¢ Vanguard Target 2050 Composite Index 18.5 (57)-4.6 (34)3.5 (24)6.8 (16)25.4 (36)-7.8 (33)˜ 5th Percentile 20.7 -2.5 5.4 7.6 26.9 -7.0 1st Quartile 19.6 -4.4 3.4 6.5 26.0 -7.4 Median 18.8 -5.5 2.4 6.0 25.0 -8.3 3rd Quartile 18.0 -7.1 0.5 5.1 24.0 -9.2 95th Percentile 16.3 -8.4 -1.5 4.2 20.3 -10.0 Population 37 37 37 37 37 40 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2050 (MF) Parentheses contain percentile rankings. Page 49 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.31 0.71 -0.43 1.00 0.37 -0.39 1.01 6.44 15.15 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.40 0.00 1.00 6.79 14.97 1.00 FTSE 3 Month T-Bill -5.99 15.00 -0.40 0.03 N/A 1.74 0.00 1.72 0.17 -0.17 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2050 Fund Page 50 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.2% 9.6% 89.1% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $173,089.24 Million P/E 23.41 P/B 5.42 Div. Yield 2.72% Annual EPS 8.73 5Yr EPS 10.04 3Yr EPS Growth 14.38 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 17.1% 16.6% 11.6% 11.5% 10.9% 9.3% 3.5% 3.3% 2.9% 2.2% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of June 30, 2020 Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 18.5 -4.6 3.5 6.8 7.1 18.6 -4.9 3.0 6.5 6.8 Product Name :Vanguard ITR 2055;Inst (VIVLX) Fund Family :Vanguard Group Inc Ticker :VIVLX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$9,634.60 Million Total Assets Date :05/31/2020 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 6/20 Vanguard Institutional Target Retirement 2055 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 12/19 6/20 0.99 Page 52 -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 2055 Fund 18.6 (61)-4.9 (35)3.0 (37)6.5 (30)25.1 (51)-7.8 (31)¢ Vanguard Target 2055 Composite Index 18.5 (62)-4.6 (29)3.5 (27)6.8 (17)25.4 (40)-7.8 (30)˜ 5th Percentile 21.0 -2.5 5.5 7.7 28.5 -7.0 1st Quartile 19.9 -4.5 3.6 6.5 26.4 -7.7 Median 18.9 -5.7 2.0 6.1 25.1 -8.3 3rd Quartile 18.0 -7.0 0.5 5.1 24.7 -9.3 95th Percentile 17.1 -8.3 -1.1 4.3 22.4 -10.4 Population 36 36 36 36 36 37 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2055 (MF) Parentheses contain percentile rankings. Page 53 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.28 0.70 -0.40 1.00 0.38 -0.36 1.01 6.46 15.14 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.40 0.00 1.00 6.79 14.97 1.00 FTSE 3 Month T-Bill -5.99 15.00 -0.40 0.03 N/A 1.74 0.00 1.72 0.17 -0.17 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2055 Fund Page 54 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.2% 9.7% 89.0% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $172,770.27 Million P/E 23.37 P/B 5.41 Div. Yield 2.72% Annual EPS 8.71 5Yr EPS 10.03 3Yr EPS Growth 14.35 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 17.1% 16.6% 11.6% 11.4% 10.9% 9.3% 3.4% 3.3% 2.9% 2.2% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of June 30, 2020 Page 55 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 30.0 -15.0Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 18.5 -4.6 3.5 6.8 7.1 18.7 -4.9 3.0 6.4 6.8 Product Name :Vanguard ITR 2060;Inst (VILVX) Fund Family :Vanguard Group Inc Ticker :VILVX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$3,404.50 Million Total Assets Date :05/31/2020 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 6/20 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 12/19 6/20 0.99 Page 56 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2060 Fund 18.7 (65)-4.9 (39)3.0 (33)6.4 (37)25.1 (73)-7.9 (31)¢ Vanguard Target 2060 Composite Index 18.5 (69)-4.6 (26)3.5 (24)6.8 (20)25.4 (65)-7.8 (27)˜ 5th Percentile 20.3 -4.2 3.9 7.3 27.0 -7.2 1st Quartile 19.6 -4.6 3.4 6.5 26.5 -7.7 Median 19.0 -5.6 3.0 6.4 26.0 -8.2 3rd Quartile 18.3 -6.1 2.1 5.8 25.0 -9.1 95th Percentile 17.8 -7.7 -0.7 4.3 22.5 -10.0 Population 19 19 18 14 14 14 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 57 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.29 0.73 -0.40 1.00 0.37 -0.39 1.01 6.45 15.18 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.40 0.00 1.00 6.79 14.97 1.00 FTSE 3 Month T-Bill -5.99 15.00 -0.40 0.03 N/A 1.74 0.00 1.72 0.17 -0.17 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of June 30, 2020Vanguard Institutional Target Retirement 2060 Fund Page 58 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.2% 9.6% 89.0% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $173,136.94 Million P/E 23.40 P/B 5.42 Div. Yield 2.72% Annual EPS 8.72 5Yr EPS 10.04 3Yr EPS Growth 14.37 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 17.1% 16.6% 11.6% 11.5% 10.9% 9.3% 3.4% 3.3% 2.9% 2.2% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of June 30, 2020 Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 15.0 30.0 -15.0Return 1 Quarter Year To Date 1 Year Inception 8/1/17 18.5 -4.6 3.5 6.2 18.6 -5.1 2.8 5.8 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 :$424.90 Million Total Assets Date :05/31/2020 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 6/20 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.98 0.99 1.00 1.01 7/17 1/18 7/18 1/19 7/19 1/20 6/20 0.99 Page 60 -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 Vanguard Institutional Target Retirement 2065 Fund 18.6 (65)-5.1 (45)2.8 (61)¢ Vanguard Target 2065 Composite Index 18.5 (69)-4.6 (26)3.5 (24)˜ 5th Percentile 20.3 -4.2 3.9 1st Quartile 19.6 -4.6 3.4 Median 19.0 -5.6 3.0 3rd Quartile 18.3 -6.1 2.1 95th Percentile 17.8 -7.7 -0.7 Population 19 19 18 Peer Group Analysis As of June 30, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 61 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 1.2% 9.5% 89.2% Fund Characteristics As of 05/31/2020 Total Securities 5 Avg. Market Cap $173,867.67 Million P/E 23.45 P/B 5.44 Div. Yield 2.72% Annual EPS 8.75 5Yr EPS 10.06 3Yr EPS Growth 14.41 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Discretionary Consumer Staples Materials Energy Utilities Telecommunication Services 17.2% 16.6% 11.6% 11.5% 11.0% 9.3% 3.4% 3.3% 2.9% 2.2% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of June 30, 2020 Page 62 Tier II Page 63 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 -15.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 20.5 -3.1 7.5 10.7 10.7 14.0 20.5 -3.1 7.5 10.7 10.7 14.0 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 :$105,847.00 Million Total Assets Date :05/31/2020 Gross Expense :0.04% Net Expense :0.04% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Page 64 -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 20.5 (52)-3.1 (51)7.5 (48)10.7 (47)10.7 (43)14.0 (39)31.5 (42)-4.4 (48)21.8 (51)¢ S&P 500 Index 20.5 (52)-3.1 (51)7.5 (48)10.7 (47)10.7 (43)14.0 (39)31.5 (42)-4.4 (48)21.8 (51)˜ 5th Percentile 32.2 16.8 29.1 21.7 16.8 17.9 37.5 3.0 34.7 1st Quartile 26.2 8.6 18.7 16.5 13.7 15.4 33.1 -1.3 27.6 Median 20.8 -2.9 7.2 10.3 10.1 13.2 30.6 -4.6 21.9 3rd Quartile 16.9 -11.8 -2.5 5.2 6.6 11.1 27.6 -7.3 18.2 95th Percentile 13.1 -18.1 -10.6 0.7 3.3 8.8 22.1 -11.1 13.3 Population 447 447 447 447 447 318 457 471 485 Peer Group Analysis As of June 30, 2020 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 65 Asset Allocation As of 05/31/2020 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.0% 0.0% 100.0% Fund Characteristics As of 05/31/2020 Total Securities 510 Avg. Market Cap $332,469.85 Million P/E 30.55 P/B 8.56 Div. Yield 2.48% Annual EPS 11.04 5Yr EPS 12.99 3Yr EPS Growth 18.11 Sector/Quality Allocation As of 05/31/2020 0.0%15.0%30.0%45.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Utilities Energy Telecommunication Services Materials 26.7% 15.5% 14.4% 14.0% 11.4% 7.5% 3.2% 2.9% 2.0% 1.9% Vanguard Institutional Index Fund Mutual Fund Attributes As of June 30, 2020 Page 66 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 15.0 30.0 45.0 -15.0 -30.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 25.0 -7.2 -0.2 6.5 7.0 12.5 25.0 -7.2 -0.2 6.5 7.0 12.5 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 :$42,843.60 Million Total Assets Date :05/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Page 67 -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 Mid-Cap Index Fund 25.0 (46)-7.2 (46)-0.2 (45)6.5 (46)7.0 (47)12.5 (41)31.0 (41)-9.2 (51)19.3 (50)¢ Vanguard Spliced Mid Cap Index 25.0 (46)-7.2 (46)-0.2 (45)6.5 (46)7.0 (47)12.5 (40)31.1 (39)-9.2 (51)19.3 (50)˜ 5th Percentile 40.2 17.0 22.4 19.9 14.0 15.9 39.8 1.1 31.4 1st Quartile 29.9 3.6 10.8 13.3 10.4 14.0 34.1 -4.6 24.6 Median 24.3 -9.3 -2.7 4.8 6.5 11.3 30.1 -9.1 19.2 3rd Quartile 19.6 -16.9 -10.8 -0.1 2.9 9.5 26.1 -12.6 14.5 95th Percentile 16.2 -23.4 -17.1 -3.5 -0.3 7.6 19.9 -18.8 9.2 Population 205 205 205 205 205 121 214 223 226 Peer Group Analysis As of June 30, 2020 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 68 Asset Allocation As of 05/31/2020 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% 0.2% 99.8% Fund Characteristics As of 05/31/2020 Total Securities 347 Avg. Market Cap $18,418.74 Million P/E 31.49 P/B 6.89 Div. Yield 2.65% Annual EPS 18.31 5Yr EPS 13.59 3Yr EPS Growth 20.85 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Health Care Consumer Discretionary Consumer Staples Utilities Materials Energy Non Classified Equity 19.0% 18.9% 16.8% 10.7% 10.4% 9.4% 6.5% 4.2% 2.6% 0.9% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of June 30, 2020 Page 69 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 60.0 -20.0 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 26.7 -11.4 -5.6 4.0 5.4 11.6 26.7 -11.4 -5.6 4.0 5.4 11.6 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard Group Inc Ticker :VSMAX Peer Group :IM U.S. Small Cap Equity (MF) Benchmark :Vanguard Spliced Small Cap Index Fund Inception :11/13/2000 Portfolio Manager :Coleman/O'Reilly Total Assets :$35,806.60 Million Total Assets Date :05/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Page 70 -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 Small-Cap Index Fund 26.7 (37)-11.4 (32)-5.6 (31)4.0 (26)5.4 (27)11.6 (24)27.4 (24)-9.3 (31)16.2 (29)¢ Vanguard Spliced Small Cap Index 26.7 (37)-11.4 (32)-5.6 (32)4.0 (26)5.4 (27)11.6 (24)27.3 (24)-9.3 (31)16.2 (29)˜ 5th Percentile 40.1 7.1 12.1 15.4 10.4 14.9 35.1 -0.4 27.0 1st Quartile 29.4 -8.6 -2.5 4.3 5.6 11.3 26.9 -8.5 17.6 Median 24.2 -16.3 -10.8 -0.2 2.9 9.6 24.0 -12.2 13.0 3rd Quartile 20.6 -22.1 -16.5 -3.8 0.6 8.1 21.2 -15.7 9.5 95th Percentile 15.1 -26.8 -22.1 -7.4 -2.6 5.5 15.1 -20.5 4.2 Population 387 387 387 387 387 257 397 431 443 Peer Group Analysis As of June 30, 2020 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 71 Asset Allocation As of 05/31/2020 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 0.1% 0.1% 99.8% Fund Characteristics As of 05/31/2020 Total Securities 1,347 Avg. Market Cap $5,568.94 Million P/E 29.85 P/B 5.96 Div. Yield 3.35% Annual EPS 10.97 5Yr EPS 13.91 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 05/31/2020 0.0%8.0%16.0%24.0%32.0% Financials Industrials Health Care Information Technology Consumer Discretionary Consumer Staples Utilities Materials Energy Non Classified Equity 21.3% 20.2% 16.0% 15.2% 11.0% 7.0% 3.3% 3.3% 1.8% 0.5% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of June 30, 2020 Page 72 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 3.0 6.3 8.9 5.4 4.4 3.9 3.0 6.4 9.0 5.3 4.3 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 :$113,933.70 Million Total Assets Date :05/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :31% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Page 73 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Total Bond Market Index Fund 3.0 (82)6.4 (23)9.0 (22)5.3 (29)4.3 (42)3.8 (65)8.7 (60)0.0 (21)3.6 (62)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.0 (81)6.3 (28)8.9 (25)5.4 (24)4.4 (32)3.9 (58)8.9 (53)-0.1 (24)3.6 (57)˜ 5th Percentile 7.2 7.5 10.1 6.0 5.0 4.7 10.6 0.6 5.1 1st Quartile 5.6 6.3 8.8 5.4 4.4 4.3 9.6 -0.1 4.2 Median 4.8 5.7 8.3 5.1 4.2 4.0 9.0 -0.5 3.8 3rd Quartile 3.7 4.8 7.1 4.7 3.9 3.7 8.4 -0.8 3.4 95th Percentile 2.6 2.2 4.3 3.4 3.0 2.9 6.6 -1.3 2.3 Population 111 111 111 111 111 81 115 119 125 Peer Group Analysis As of June 30, 2020 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 74 Asset Allocation As of 03/31/2020 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -0.5 % 0.0% 0.0% 1.3% 99.2% Fund Characteristics As of 03/31/2020 Avg. Coupon 3.13 % Nominal Maturity N/A Effective Maturity 8.02 Years Duration 5.98 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 03/31/2020 0.0%50.0%100.0%150.0% Government/AAA A Rated BBB Rated AA Rated BB AND B Rated Foreign Securities Equities/Other 72.8% 12.4% 11.1% 4.0% 0.1% 0.1% Maturity Distribution As of 03/31/2020 0.0%15.0%30.0%45.0%-15.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 5-10Yrs 1-3Yrs 3-5Yrs -0.5 % 0.7% 1.4% 4.6% 14.6% 21.5% 27.3% 30.5% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of June 30, 2020 Page 75 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2020 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 14.5 1.8 9.1 8.9 8.3 10.2 14.2 1.0 8.2 8.6 8.1 10.0 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard Group Inc Ticker :VBAIX Peer Group :IM All Balanced (MF) Benchmark :Vanguard Balanced Composite Index Fund Inception :12/01/2000 Portfolio Manager :Barrickman/Coleman/O'Reily Total Assets :$10,222.10 Million Total Assets Date :05/31/2020 Gross Expense :0.06% Net Expense :0.06% Turnover :37% 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 6/20 Vanguard Balanced Index 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 12/19 6/20 0.99 Page 76 -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 5 Years 10 Years 2019 2018 2017 Vanguard Balanced Index Fund 14.2 (45)1.0 (14)8.2 (7)8.6 (6)8.1 (5)10.0 (12)21.8 (33)-2.8 (15)13.9 (54)¢ Vanguard Balanced Composite Index 14.5 (43)1.8 (9)9.1 (6)8.9 (5)8.3 (4)10.2 (9)21.9 (32)-2.8 (14)13.9 (54)˜ 5th Percentile 20.3 3.1 9.4 8.7 7.9 10.6 26.4 -1.4 22.1 1st Quartile 17.2 -0.5 4.8 6.3 6.3 9.2 22.7 -3.8 18.7 Median 13.4 -3.1 3.1 5.3 5.4 7.8 18.9 -5.9 14.3 3rd Quartile 10.0 -5.9 0.3 3.8 4.1 6.2 15.1 -7.9 10.7 95th Percentile 5.3 -11.7 -7.4 -0.4 0.8 4.1 8.5 -10.7 5.2 Population 932 932 931 927 927 536 943 1,020 1,038 Peer Group Analysis As of June 30, 2020 IM All Balanced (MF) Parentheses contain percentile rankings. Page 77 Asset Allocation As of 05/31/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%-15.0 %-30.0 % Cash Other Convertibles Fixed Income Equities -0.3 % 0.0% 0.0% 38.9% 61.4% Fund Characteristics As of 05/31/2020 Total Securities 13,605 Avg. Market Cap $280,575.85 Million P/E 30.71 P/B 8.30 Div. Yield 2.58% Annual EPS 11.53 5Yr EPS 13.14 3Yr EPS Growth 18.22 Sector/Quality Allocation As of 05/31/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Health Care Consumer Discretionary Industrials Consumer Staples Utilities Energy Materials Telecommunication Services 15.5% 10.1% 8.7% 8.6% 7.5% 4.8% 1.9% 1.7% 1.3% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of June 30, 2020 Page 78 Tier III Page 79 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 14.3 -16.3 -8.8 1.8 4.6 10.4 19.6 -9.9 0.1 4.9 6.3 11.2 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 :$29,739.00 Million Total Assets Date :05/31/2020 Gross Expense :0.26% Net Expense :0.26% Turnover :32% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Windsor II Fund Benchmark 0.96 1.02 1.08 1.14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.08 Page 80 -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 Windsor II Fund 19.6 (8)-9.9 (8)0.1 (6)4.9 (22)6.3 (24)11.2 (22)29.2 (22)-8.5 (50)16.9 (46)¢ Russell 1000 Value Index 14.3 (68)-16.3 (65)-8.8 (73)1.8 (70)4.6 (58)10.4 (44)26.5 (48)-8.3 (48)13.7 (83)˜ 5th Percentile 20.2 -9.2 0.5 6.7 7.5 12.1 31.8 -2.4 20.9 1st Quartile 17.2 -12.6 -4.7 4.5 6.2 11.0 28.9 -5.9 18.8 Median 15.4 -15.2 -7.4 2.8 4.9 10.2 26.3 -8.5 16.7 3rd Quartile 13.6 -17.3 -9.6 1.2 4.0 9.3 24.0 -9.8 14.4 95th Percentile 11.9 -20.2 -13.6 -0.9 2.5 8.0 19.9 -13.0 11.4 Population 111 111 111 111 111 79 113 117 120 Peer Group Analysis As of June 30, 2020 IM U.S. Large Cap Value Equity (MF) Parentheses contain percentile rankings. Page 81 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 1.58 2.60 0.61 0.97 0.39 1.57 1.00 6.26 15.92 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.30 0.00 1.00 4.64 15.65 1.00 FTSE 3 Month T-Bill -4.64 15.67 -0.30 0.00 N/A 1.16 0.00 1.15 0.25 -0.06 Vanguard Windsor II Fund Risk Profile As of June 30, 2020Vanguard Windsor II Fund Page 82 Asset Allocation As of 03/31/2020 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -1.3 % 0.0% 0.1% 6.1% 95.1% Fund Characteristics As of 03/31/2020 Total Securities 182 Avg. Market Cap $240,073.49 Million P/E 20.34 P/B 4.85 Div. Yield 2.86% Annual EPS 9.39 5Yr EPS 12.59 3Yr EPS Growth 15.60 Sector/Quality Allocation As of 03/31/2020 0.0%10.0%20.0%30.0%40.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Telecommunication Services Utilities Non Classified Equity 25.1% 17.2% 15.2% 12.7% 10.6% 7.1% 4.2% 1.0% 0.7% 0.7% Vanguard Windsor II Fund Mutual Fund Attributes As of June 30, 2020 Page 83 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 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 45.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 27.8 9.8 23.3 19.0 15.9 17.2 35.7 19.5 29.9 22.2 16.6 17.9 Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard Group Inc Ticker :VWUAX Peer Group :IM U.S. Large Cap Growth Equity (MF) Benchmark :Russell 1000 Growth Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$20,614.80 Million Total Assets Date :05/31/2020 Gross Expense :0.28% Net Expense :0.28% Turnover :41% Quarterly Out Performance Quarterly Under Performance 0.0% 6.0% 12.0% 18.0% -6.0 % -12.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard U.S. Growth Fund Benchmark 0.85 0.90 0.95 1.00 1.05 1.10 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.03 Page 84 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard U.S. Growth Fund 35.7 (8)19.5 (8)29.9 (12)22.2 (11)16.6 (19)17.9 (17)33.5 (47)0.7 (33)31.8 (29)¢ Russell 1000 Growth Index 27.8 (45)9.8 (58)23.3 (29)19.0 (40)15.9 (30)17.2 (28)36.4 (23)-1.5 (61)30.2 (46)˜ 5th Percentile 37.8 20.7 31.7 23.8 18.2 18.9 39.1 5.3 36.7 1st Quartile 30.0 13.6 24.3 20.4 16.2 17.3 36.2 1.6 32.4 Median 27.7 10.4 21.4 18.3 14.7 16.3 33.2 -0.8 29.9 3rd Quartile 26.0 7.8 17.5 16.2 13.3 15.2 30.9 -2.8 26.8 95th Percentile 21.8 0.9 10.1 12.6 10.8 12.9 25.5 -5.6 23.0 Population 156 156 156 156 156 107 161 165 170 Peer Group Analysis As of June 30, 2020 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 85 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 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund 0.80 3.57 0.22 0.96 0.94 -0.10 1.06 16.59 16.72 0.98 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 0.96 0.00 1.00 15.89 15.49 1.00 FTSE 3 Month T-Bill -14.87 15.50 -0.96 0.00 N/A 1.16 0.00 1.15 0.25 -0.03 Vanguard U.S. Growth Fund Risk Profile As of June 30, 2020Vanguard U.S. Growth Fund Page 86 Asset Allocation As of 03/31/2020 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% 4.1% 95.8% Fund Characteristics As of 03/31/2020 Total Securities 263 Avg. Market Cap $325,431.88 Million P/E 37.65 P/B 11.40 Div. Yield 1.46% Annual EPS 17.15 5Yr EPS 30.30 3Yr EPS Growth 29.49 Sector/Quality Allocation As of 03/31/2020 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Financials Industrials Health Care Consumer Staples Telecommunication Services Materials Non Classified Equity Utilities 35.5% 19.3% 12.5% 10.7% 10.6% 6.6% 0.4% 0.1% 0.1% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of June 30, 2020 Page 87 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of June 30, 2020 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 20.0 40.0 60.0 -20.0 -40.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 16.1 -11.0 -4.8 1.1 2.3 5.0 33.0 12.4 24.6 14.2 11.9 11.3 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 :$35,112.80 Million Total Assets Date :05/31/2020 Gross Expense :0.32% Net Expense :0.32% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% 30.0% -10.0 % -20.0 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard International Growth Fund Benchmark 0.60 0.90 1.20 1.50 1.80 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.57 Page 88 -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 International Growth Fund 33.0 (1)12.4 (1)24.6 (1)14.2 (1)11.9 (1)11.3 (1)31.5 (8)-12.6 (35)43.2 (1)¢ Vanguard Spliced International Index 16.1 (80)-11.0 (87)-4.8 (87)1.1 (85)2.3 (84)5.0 (95)21.5 (93)-14.2 (50)27.2 (54)˜ 5th Percentile 25.4 3.0 13.4 9.3 8.6 10.1 31.8 -7.9 32.8 1st Quartile 20.8 -2.8 4.8 6.4 5.7 7.8 28.7 -12.2 31.2 Median 18.2 -5.7 2.1 3.6 3.4 6.8 27.5 -14.4 27.6 3rd Quartile 16.8 -8.4 -0.9 2.1 2.6 5.5 25.2 -16.2 24.0 95th Percentile 14.3 -12.3 -8.1 -0.1 0.2 4.9 20.6 -18.7 22.1 Population 43 43 43 43 43 26 43 44 45 Peer Group Analysis As of June 30, 2020 IM International Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 89 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 0.0 4.0 8.0 12.0 16.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 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 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 6/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 9.47 6.71 1.41 0.86 0.66 9.54 1.10 11.90 17.56 0.93 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.15 0.00 1.00 2.26 14.85 1.00 FTSE 3 Month T-Bill -2.20 14.87 -0.15 0.00 N/A 1.16 0.00 1.15 0.25 -0.07 Vanguard International Growth Fund Risk Profile As of June 30, 2020Vanguard International Growth Fund Page 90 Asset Allocation As of 03/31/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -0.6 % 0.0% 0.1% 2.0% 98.5% Fund Characteristics As of 03/31/2020 Total Securities 130 Avg. Market Cap $147,067.93 Million P/E 30.98 P/B 6.98 Div. Yield 2.22% Annual EPS 15.50 5Yr EPS 19.77 3Yr EPS Growth 19.29 Sector/Quality Allocation As of 03/31/2020 0.0%15.0%30.0%45.0% Consumer Discretionary Information Technology Consumer Staples Health Care Financials Industrials Materials Telecommunication Services Energy Utilities 30.2% 16.7% 15.2% 11.2% 9.9% 9.6% 2.6% 1.0% 0.9% 0.8% Top 5 Countries As of 03/31/2020 China 19.63 % Japan 10.00 % United States 8.76 % Netherlands 8.40 % France 7.10 % Vanguard International Growth Fund Mutual Fund Attributes As of June 30, 2020 Page 91 Regional Allocation As of 03/31/2020 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Emg. MidEast, Africa, Europe Other Emerging Latin America North America Pacific Basin Emerging Asia Europe 0.7% 2.4% 3.1% 9.4% 14.4% 23.5% 46.5% Vanguard International Growth Fund Mutual Fund Attributes As of June 30, 2020 Page 92 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 06/30/20 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 1.4 2.1 2.8 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.0 1.6 1.8 1.2 0.6 0.1 1.5 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 :$106,986.40 Million Total Assets Date :05/31/2020 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 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 1.00 Vanguard Prime Money Market Fund Performance Summary As of June 30, 2020Vanguard Prime Money Market Fund Page 93 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of June 30, 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 1.6 1.8 1.2 0.6 1.4 2.4 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 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 6/20 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 6/20 1.40 Page 94 Appendix Page 95 Expense Ratio² Revenue Share Net of Revenue Share Universe Median Offering vs. Median %%%% Tier I - Target Date Funds Vanguard Institutional Target Retirement Income MF Mixed-Asset Target Today (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2015 MF Mixed-Asset Target 2015 (Passive)0.09%0.00%0.09%0.12%P Vanguard Institutional Target Retirement 2020 MF Mixed-Asset Target 2020 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2025 MF Mixed-Asset Target 2025 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2030 MF Mixed-Asset Target 2030 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2035 MF Mixed-Asset Target 2035 (Passive)0.09%0.00%0.09%0.14%P Vanguard Institutional Target Retirement 2040 MF Mixed-Asset Target 2040 (Passive)0.09%0.00%0.09%0.14%P Vanguard Institutional Target Retirement 2045 MF Mixed-Asset Target 2045 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2050 MF Mixed-Asset Target 2050 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2055 MF Mixed-Asset Target 2055 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2060 MF Mixed-Asset Target 2060+ (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2065 MF Mixed-Asset Target 2060+ (Passive)0.09%0.00%0.09%0.15%P Tier II - Passive Funds Vanguard Institutional Index Fund MF U.S. Large Cap Core Equity (WSP)0.04%0.00%0.04%0.20%P Vanguard Mid-Cap Index Fund MF U.S. Mid Cap Core Equity (Passive)0.05%0.00%0.05%0.06%P Vanguard Small-Cap Index Fund MF U.S. SMID Cap Core Equity (Passive)0.05%0.00%0.05%0.20%P Vanguard Total Bond Market Index Fund MF U.S. Broad Market Core Fixed Income (Passive)0.05%0.00%0.05%0.08%P Vanguard Balanced Index Fund MF Mixed-Asset Target Today (Passive)0.06%0.00%0.06%0.15%P Tier III - Active Funds Vanguard Windsor II Fund MF U.S. Large Cap Value Equity 0.26%0.00%0.26%0.69%P Vanguard U.S. Growth Fund MF U.S. Large Cap Growth Equity 0.28%0.00%0.28%0.79%P Vanguard International Growth Fund MF International Large Cap Growth Equity 0.32%0.00%0.32%0.91%P Vanguard Prime Money Market Fund MF Money Market Taxable 0.16%0.00%0.16%0.21%P Vanguard Retirement Savings Trust III CF Stable Value 0.29%0.00%0.29%0.45%P ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity 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 Aon Investments 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. ³Institutional mutual fund fee universes were created by Aon Investments, as of December 31, 2019, 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, Aon Investments 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 Aon Investments consultant. MSD Deferred Compensation Plan As of June 30, 2020 Investment Fee Analysis Fund Expense Information Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group Page 96 Market Environment Page 97 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets 19.8%17.0% 22.1% 8.8%11.8% 23.0% 15.0%18.4% 22.3% 18.9% 1.2% -4.7% 6.1% -17.2% 2.8% -7.1% -2.1%-2.8% -11.8% -4.0% -20% -10% 0% 10% 20% 30% ACWI IMI 43.1% ACWI ex-U.S. IMI 56.9% US A IMI 4.1% UK IMI 7.4% Japa n IMI 2.8% Ca na da IMI 0.2% Israel IMI 13.2% Europe ex-UK IMI 3.4% Pacific ex-Ja pa n IMI 12.0% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Source: MSCI Global equities rebounded sharply over the second quarter, recovering the bulk of losses sustained during the previous quarter ’s selloff. Investors appear to be willing to overlook economic data suggesting the worst recession in generations. Data on infections indicated that the “first wave” of the pandemic may have passed in many developed economies and a relatively quick re-opening of economies has boosted investor optimism. This coupled with expanding fiscal and monetary stimulus measures from governments has provided further support for markets. In local currency terms, the MSCI AC World Investable Market Index rose by 18.8% in Q2 2020. Depreciation of the U.S. dollar further pushed up the returns to 19.8% in USD terms. Canadian equities were the best performers with a return of 23.0% over the quarter, supported by strong returns from the Information Te chnology and Materials sectors. UK equities were the worst performer returning 8.8% over the quarter. The UK suffered the fastest monthly contraction on record as GDP plunged by 20.4% in April, the first full month of the UK’s coronavirus lockdown. Meanwhile, the UK formally rejected the option to extend its post-Brexit transition period beyond the end of 2020 but did announce plans for “intensified” trade negotiations over July in a bid to break the deadlock. Page 98 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Global Equity Markets 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 99 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Equity Markets 22.0% 31.2% 16.9% 30.9% 9.3% 33.2% 27.0% 18.3%16.1% 3.8%6.5% 36.2% 12.8%10.2% 2.8% -37.1% -2.9% -8.7%-8.4% -2.8% -50.0% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Russell 3000 27.2% Te ch nology 14.4% Healthcare 15.6% Cons . Di sc 5.5% Cons. Staples 2.7% Energy 3.2% Mater ia ls & Processi ng 8.8% Produ ce r Durables 17.8% Fi nanc ial Serv ices 4.7% Utilities RUS SELL SECTOR RET URNS AS OF 06/30/2020 Second Quar ter 2020 One-Year Source: Rus sell Indexes 22.0% 11.7% 27.2% 19.9% 30.3% 18.9% 30.6% 6.5% -7.3% 26.4% -11.8% 11.9% -17.5% 3.5% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% Russe ll 3000 30.9% Large Value 39.6% Large Gr owth 15.4% Medium Value 8.4% Medium Gr owth 2.8% Small Value 2.9% Small Gr owth RUS SELL STYL E RETURNS AS OF 06/30/2020 Second Quar ter 2020 One-Year Source: Rus sell Indexes U.S. equity markets achieved significant gains over the quarter, boosted by rebounding economic data. The U.S. unemployment rate fell from April’s all-time high of 14.7% to 11.1% in June, defying analysts who have been expecting the unemployment rate to peak at close to 20%. The technology and consumer discretionary sectors provided the bulk of the gains, benefiting from increased demand for technology and e-commerce services amidst social distancing measures. The Russell 3000 Index rose 22.0% during the second quarter and 6.5% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, steadily declined over the quarter from the record highs seen in Q1. It fell from 53.5 to 30.4 over the quarter, having averaged 23.8 over the previous 12 months. All sectors generated positive returns over the quarter. In particular, the energy sector achieved a 33.2% return on the back of rebounding oil prices, but the sector is still 37.1% down over the past 12 months. Large cap stocks underperformed both medium and small cap stocks over the quarter, whilst Value stocks continued to underperform their Growth counterparts in Q2 2020. Page 100 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets 2.9% 0.5% 9.0% 0.7% 3.5%4.0% 8.7% 10.3% 9.5% 5.7% 4.7% 6.8% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Bar cl ay s Agg. Bon d 40.5% Govt 28.7% Corp. 28.1% MBS 0.4% ABS 2.3% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 06/30/2020 Second Quarter 2020 On e-YearSource: Fac tSet 0.9%1.8% 3.7% 5.7%6.2% 4.0% 6.5% 8.6% 10.9% 18.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% 1-3 Y r.3-5 Y r.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY MATURI TY A S OF 06/30/2020 Second Quar ter 2020 One-YearSource: FactSet 0.7% 4.5% 7.0% 11.2% 10.2% 8.5%8.8% 10.3% 8.2% 0.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 06/30/2020 Seco nd Quar ter 2020 One-YearSource: Fac tSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.9%. The increase in investors’ risk appetite were evident in the corporate bonds space as corporate bonds rose by 9.0%. Corporate bonds were also boosted by the Fed’s decision to start buying individual corporate bonds on the secondary market for the first time in history through its $750 billion corporate lending facility. High yield bonds rose by 10.2%. Within investment grade bonds, Baa bonds outperformed with a return of 11.2%. Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. U.S. Fixed Income Markets -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 4.0% Jun 10 Jun 12 Ju n 14 Jun 16 Jun 18 Jun 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 6/30/2019 3/31/2020 6/30/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve ended the quarter broadly unchanged. The Federal Reserve forecasted that the U.S. economy will contract by 6.5% this year before rebounding by 5.0% in 2021, as Fed officials signaled that interest rates will likely remain near zero until the end of 2022. The 10-year US treasury yield ended the quarter 4bps lower at 0.66% whilst the 30-year yield increased by 6bps to 1.41%. The 10-year TIPS yield fell by 51bps over the quarter to -0.68%, whilst the 10-year breakeven inflation increased from 0.87% to 1.34%. Breakeven inflation rebounded as markets appeared to be anticipating some longer-term inflationary effects from recent monetary and fiscal stimulus measures. Meanwhile, rising oil prices and the relaxation of lockdown measures also raised near-term inflationary expectations. Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. European Fixed Income Markets 0% 2% 4% 6% 8% 10% 12% 14% 16% 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 narrowed across the Euro Area. The European Commission proposed a €750 billion recovery fund to be funded partly by issuing mutualized EU debt. The move towards fiscal burden sharing stabilised the spread between peripheral and core Eurozone government bonds, reducing a source of friction within the Eurozone. Meanwhile, the European Central Bank (ECB) increased the size of its asset purchases under the Pandemic Emergency Purchase Program by an additional €600 billion to €1.35 trillion and extended the program until June 2021. German government bund yields rose by 1bp to -0.48% over the quarter. The Eurozone recorded a quarter-on-quarter growth rate of -3.8%, the worst economic contraction since the Eurozone was formed. France, which was amongst the first European countries to be locked down, recorded a quarter-on-quarter contraction of 5.8% in Q1, its worst GDP figure since 1945, whilst the German economy contracted by 2.2%. Greek and Portuguese government bond yields fell by 41bps and 39bps to 1.20% and 0.47% respectively. Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Credit Spreads Spre ad (bps)06/30/2020 03/31/2020 06/30/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 68 95 46 -27 22 Long Gov't 1 4 1 -3 0 Long Credit 202 279 161 -77 41 Long Gov't /Credit 120 151 92 -31 28 MBS 70 60 46 10 24 CMBS 132 188 69 -56 63 ABS 68 213 41 -145 27 Corporate 150 272 115 -122 35 High Yield 626 880 377 -254 249 Global Emerging Mark et s 393 619 282 -226 111 So urce: F actSet, B lo omberg Barclays Credit assets rebounded strongly, benefiting from a broad risk asset recovery due to improving investor sentiment and reduced coronavirus fears. Credit spreads reversed much of last quarter’s spike, boosted by huge fiscal and monetary stimulus measures. Credit spreads over U.S. Treasuries narrowed over the quarter (except MBS). Riskier areas of credit, such as US high yield bonds and emerging market debt also performed well. Boosted by the Federal Reserve’s decision to expand its quantitative easing programmes to include some non-investment grade credit, High Yield credit spreads narrowed significantly in Q2 2020, decreasing by 254bps. Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Currency 80 90 100 110 120 130 140 Ju n 14 Ju n 15 Jun 16 Jun 17 Jun 18 Jun 19 Jun 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 06/30/2014 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 Ju n 14 Ju n 15 Ju n 16 Ju n 17 Ju n 18 Ju n 19 Ju n 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar generally weakened against major currencies over the quarter as it fell 1.6% on a trade-weighted basis. The safe haven fund flows which supported the dollar over the first quarter was partially reversed in Q2 on the back of easing coronavirus concerns. U.S. dollar depreciated against euro and yen but marginally appreciated against sterling. Sterling fell by 2.2% on a trade-weighted basis over the quarter. The increasing prospects of negative rates in the UK made holding sterling assets less attractive, whilst a weak economic outlook and ongoing Brexit uncertainty also weighed on sterling. Sterling depreciated by 0.4% against the U.S. dollar. The U.S. dollar depreciated by 2.3% and 0.1% against the euro and yen respectively. Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Commodities 5.1% 4.1% 9.8% 12.3% 15.0% -4.8% 0.6% -6.3% -8.6% -17.4% -5.0% -45.7% -6.4% 24.2% -13.8% -12.9% -15.8% -33.7% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Bloomberg Commodity Index Ex-Energy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livestock COM MODITY R ETURNS AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Source:Bl oomb er g Note: Softs and Grains are part of the wi der Agr iculture sector Commodities rose over the quarter which saw the Bloomberg Commodity Index return 5.1%. The Energy sector rose by 9.8% over the quarter. Oil had an especially turbulent quarter as U.S oil futures prices fell into negative territory for the first time ever when the price of West Texas Intermediate (WTI) futures expiring in May closed at -$37.63 on April 20th. Investors faced storage facility shortages and a decreasing demand, leaving them with no choice but to pay in order to not receive physical barrels. To combat the growing imbalance between supply and demand OPEC+, led by Saudi Arabia and Russia, implemented record setting production cuts in May. An increase in global travel along with the supply cuts created major tailwinds for oil later in the quarter. The price of Brent crude oil recovered and sharply rose by 81.0% to $41/bbl. and WTI crude oil spot prices rose by 91.7% to $39/bbl. On a one-year basis, the Energy sector is down by 46%. Livestock was the worst performing sector, falling by 8.6% in Q2 2020. Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Hedge Fund Markets Overview 5.7% 0.8% 13.3% 12.7% 9.7% 7.2% 6.4% 9.1% 7.5% 2.7% 0.6% 0.8% -1.7% -4.9% -7.0% -2.4% -0.5% 0.1% -10.0%-5.0%0.0%5.0%10.0%15.0% Fixe d Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Dist ress ed -Restruc turing Relativ e Value Fund-Weighted Compos ite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 06/30/2020 Seco nd Quar ter 2020 On e-Year Note: Latest 5 months o f HFR data are es ti mated by H FR a nd may c hange in the future. Sour ce:HFR Hedge fund performance was positive across all strategies in the second quarter. The HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 9.1% and 7.5% respectively. Equities-oriented strategies performed well amidst a broad risk assets rally. Equity Hedge and Emerging Markets strategies were the best performers over the quarter, returning 13.3% and 12.7% respectively. Page 107 This Page Left Blank Intentionally Writeup Page 108 Glossary Page 109 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 110 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 111 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 112 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 113 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 114 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 115 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 116 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 117 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 118 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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