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Home My Public Portal About2020 3rd Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. MSD Deferred Compensation Plan | Third 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 96 Market Environment Page 98 Glossary Page 110 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. 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Market Highlights 14.1% 8.0% 5.3% 9.0% 4.2% 8.2%8.8% 6.8% -3.1% 13.7% 9.9% 4.6% 2.5%3.6% 7.2%7.3%6.5% -6.0%-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 09/30/2020 Five-Year Ten-Year Sour ce:Ru ssell, MSCI, Bloomberg Barclay s, B loomberg 8.9% 4.9%4.8% 9.6% 0.6%0.1%2.0%4.6% 9.1% 5.6% -8.7%-7.1% -1.2% 6.8% 21.1% 8.0% 0.6% -12.1%-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 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 09/30/2020 Third Quarter 2020 YT D 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 Third Quarter YT D 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Count ry World IMI 8.11%0.48%9.57%6.47%9.97%8.47% MSCI All Count ry World 8.13%1.37%10.44%7.12%10.30%8.55% Dow Jones U.S. Total St ock Market 9.07%5.25%14.77%11.53%13.60%13.43% Russell 3000 9.21%5.41%15.00%11.65%13.69%13.48% S&P 500 8.93%5.57%15.15%12.28%14.15%13.74% Russell 2000 4.93%-8.69%0.39%1.77%8.00%9.85% MSCI All Count ry World ex-U.S. IMI 6.80%-5.21%3.51%1.13%6.31%4.17% MSCI All Count ry World ex-U.S.6.25%-5.44%3.00%1.16%6.23%4.00% MSCI EAFE 4.80%-7.09%0.49%0.62%5.26%4.62% MSCI EAFE (Local Currenc y)1.22%-9.44%-4.74%0.55%4.83%6.26% MSCI Emerging Markets 9.56%-1.16%10.54%2.42%8.97%2.50% Fixed Income Bloomberg Barclays Global Aggregate 2.66%5.72%6.24%4.10%3.92%2.36% Bloomberg Barclays U.S. Aggregate 0.62%6.79%6.98%5.24%4.18%3.64% Bloomberg Barclays U.S. Long Gov't 0.13%21.13%16.21%11.79%8.18%7.18% Bloomberg Barclays U.S. Long Credit 1.97%8.00%9.28%8.63%8.82%7.32% Bloomberg Barclays U.S. Long Gov't/Credit 1.22%14.20%12.92%10.21%8.78%7.36% Bloomberg Barclays U.S. TIPS 3.03%9.22%10.08%5.79%4.61%3.57% Bloomberg Barclays U.S. High Yield 4.60%0.62%3.25%4.21%6.79%6.47% Bloomberg Barclays Global Treasury ex U.S.3.82%4.67%4.65%3.41%3.72%1.23% JP Morgan EMBI Global (Emerging Markets)2.28%0.37%2.47%3.27%6.03%5.21% Commodities Bloomberg Commodity Index 9.07%-12.08%-8.20%-4.18%-3.09%-6.03% Goldman Sachs Commodity Index 4.61%-33.38%-27.84%-9.46%-7.88%-8.84% Hedge Funds HF RI Fund-Weighted Composite2 4.24%0.64%4.23%2.79%4.07%3.64% HF RI Fund of Funds2 4.13%2.44%5.59%2.84%3.06%2.87% Real Estate NA REIT U.S. Equity REITS 1.44%-17.54%-18.16%0.20%3.95%7.90% FTSE Global Core Infrastructur e Index 3.62%-7.36%-3.88%5.72%8.74%9.00% Private Equity Burgiss Private iQ Global Private Equity3 0.95%10.12%10.00%11.89% MSCI Indices show net total returns througho ut this report. All othe r ind ices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at Mar 31, 2020 Returns of the Major Capital Markets Period Ending 09/30/2020 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 85,872,017 100.0 Tier I 22,291,594 26.0 Vanguard Institutional Target Retirement Income Fund 1,109,012 1.3 3.1 (60)4.7 (25)7.5 (30)5.8 (15)6.1 (23)- Vanguard Target Income Composite Index 3.2 (55)5.2 (10)8.1 (12)6.1 (11)6.3 (20)- Vanguard Institutional Target Retirement 2015 Fund 1,112,850 1.3 3.4 (90)4.3 (28)7.8 (48)6.1 (12)7.1 (46)- Vanguard Target 2015 Composite Index 3.5 (81)4.9 (9)8.4 (34)6.4 (9)7.4 (26)- Vanguard Institutional Target Retirement 2020 Fund 3,021,798 3.5 4.5 (25)3.9 (35)8.5 (30)6.6 (8)8.0 (15)- Vanguard Target 2020 Composite Index 4.6 (20)4.6 (9)9.3 (6)6.9 (5)8.3 (1)- Vanguard Institutional Target Retirement 2025 Fund 5,304,620 6.2 5.2 (30)3.6 (41)9.1 (32)6.9 (13)8.7 (17)- Vanguard Target 2025 Composite Index 5.2 (28)4.3 (18)9.9 (13)7.3 (8)9.0 (3)- Vanguard Institutional Target Retirement 2030 Fund 2,624,525 3.1 5.7 (34)3.2 (41)9.4 (29)7.1 (16)9.1 (29)- Vanguard Target 2030 Composite Index 5.8 (31)3.9 (19)10.2 (13)7.5 (10)9.5 (17)- Vanguard Institutional Target Retirement 2035 Fund 2,681,976 3.1 6.2 (64)2.8 (38)9.7 (35)7.2 (19)9.6 (29)- Vanguard Target 2035 Composite Index 6.4 (41)3.5 (22)10.5 (17)7.6 (12)9.9 (20)- Vanguard Institutional Target Retirement 2040 Fund 1,846,373 2.2 6.8 (59)2.4 (42)9.9 (35)7.3 (24)10.0 (27)- Vanguard Target 2040 Composite Index 6.9 (43)3.0 (26)10.7 (25)7.7 (11)10.3 (12)- Vanguard Institutional Target Retirement 2045 Fund 2,380,704 2.8 7.3 (46)2.0 (47)10.2 (38)7.3 (18)10.2 (21)- Vanguard Target 2045 Composite Index 7.5 (28)2.6 (32)10.9 (26)7.7 (13)10.5 (10)- Vanguard Institutional Target Retirement 2050 Fund 1,420,161 1.7 7.3 (55)2.0 (39)10.2 (39)7.3 (24)10.2 (26)- Vanguard Target 2050 Composite Index 7.5 (36)2.6 (31)11.0 (27)7.7 (14)10.5 (9)- Vanguard Institutional Target Retirement 2055 Fund 446,158 0.5 7.4 (50)2.1 (37)10.2 (39)7.3 (31)10.2 (29)- Vanguard Target 2055 Composite Index 7.5 (40)2.6 (27)11.0 (28)7.7 (17)10.5 (10)- Vanguard Institutional Target Retirement 2060 Fund 320,362 0.4 7.4 (62)2.1 (44)10.3 (63)7.4 (29)10.2 (42)- Vanguard Target 2060 Composite Index 7.5 (44)2.6 (19)11.0 (33)7.7 (20)10.5 (20)- Vanguard Institutional Target Retirement 2065 Fund 23,054 0.0 7.4 (62)1.9 (51)10.1 (69)7.3 (30)-- Vanguard Target 2065 Composite Index 7.5 (44)2.6 (19)11.0 (33)7.7 (20)-- Asset Allocation & Performance As of September 30, 2020 Page 6 Asset Allocation & Performance As of September 30, 2020 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Tier II 31,184,455 36.3 Vanguard Institutional Index Fund 12,410,894 14.5 8.9 (54)5.6 (52)15.1 (52)12.3 (48)14.1 (45)13.7 (40) S&P 500 Index 8.9 (54)5.6 (52)15.1 (52)12.3 (48)14.1 (45)13.7 (40) Vanguard Mid-Cap Index Fund 4,428,786 5.2 7.9 (38)0.2 (44)7.1 (43)8.0 (46)10.3 (46)12.0 (42) Vanguard Spliced Mid Cap Index 8.0 (38)0.2 (44)7.1 (43)8.0 (46)10.4 (46)12.0 (42) Vanguard Small-Cap Index Fund 3,138,711 3.7 5.8 (36)-6.3 (33)1.3 (33)4.4 (27)8.9 (28)10.9 (25) Vanguard Spliced Small Cap Index 5.8 (36)-6.3 (33)1.3 (34)4.4 (27)8.9 (28)10.9 (25) Vanguard Total Bond Market Index Fund 4,641,318 5.4 0.6 (87)7.0 (42)7.0 (51)5.3 (41)4.2 (58)3.6 (66) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.7 (83)7.0 (42)7.1 (46)5.3 (38)4.3 (53)3.7 (61) Vanguard Balanced Index Fund 6,564,746 7.6 5.7 (40)6.8 (8)12.6 (9)9.5 (5)10.1 (12)9.7 (10) Vanguard Balanced Composite Index 5.8 (40)7.7 (6)13.5 (7)9.9 (5)10.4 (8)9.9 (8) Tier III 30,910,900 36.0 Vanguard Windsor II Fund 9,165,020 10.7 7.8 (6)-2.9 (5)6.2 (4)6.7 (7)9.7 (12)11.0 (15) Russell 1000 Value Index 5.6 (34)-11.6 (60)-5.0 (61)2.6 (58)7.7 (53)9.9 (43) Vanguard U.S. Growth Fund 9,194,484 10.7 15.7 (6)38.3 (8)52.8 (8)25.4 (7)21.4 (13)18.4 (8) Russell 1000 Growth Index 13.2 (24)24.3 (44)37.5 (38)21.7 (40)20.1 (25)17.3 (25) Vanguard International Growth Fund 6,055,461 7.1 16.3 (1)30.7 (1)49.3 (1)16.1 (1)18.6 (1)10.9 (1) Vanguard Spliced International Index 6.3 (83)-5.4 (88)3.0 (85)1.2 (88)6.2 (79)4.0 (95) Vanguard Prime Money Market Fund 2,711,687 3.2 0.0 (25)0.5 (15)1.0 (14)1.7 (14)1.2 (12)0.6 (13) ICE BofAML 3 Month U.S. T-Bill 0.0 (4)0.6 (1)1.1 (1)1.7 (12)1.2 (14)0.6 (13) Vanguard Retirement Savings Trust III 3,784,248 4.4 0.5 (15)1.7 (15)2.3 (16)2.3 (10)2.2 (6)2.3 (-) ICE BofAML 3 Month U.S. T-Bill 0.0 (100)0.6 (100)1.1 (100)1.7 (75)1.2 (89)0.6 (-) Tier IV 1,485,068 1.7 Loan Fund 1,485,068 1.7 ------ 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 September 30, 2020 Page 8 Asset Allocation & Performance As of September 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. Barc. US Agg Flt Adj 8.9 (53)-0.1 (24)3.6 (57)2.8 (61)0.4 (40)5.9 (45)-2.0 (62)4.3 (77)7.9 (10) Vanguard Balanced Index Fund 21.8 (33)-2.8 (15)13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40)11.5 (58)4.3 (7) Vanguard Balanced Composite Index 21.9 (32)-2.8 (14)13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39)11.7 (56)4.7 (6) Tier III Vanguard Windsor II Fund 29.2 (22)-8.5 (50)16.9 (46)13.5 (66)-3.1 (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 (23)2.2 (10)1.9 (19)2.0 (7)2.0 (7)2.0 (9)1.9 (21)2.5 (22)3.1 (19) ICE BofAML 3 Month U.S. T-Bill 2.3 (42)1.9 (43)0.9 (95)0.3 (100)0.1 (100)0.0 (99)0.1 (92)0.1 (100)0.1 (100) Tier IV Loan Fund --------- Page 9 5.4 5.6 5.8 6.0 6.2 6.4 6.6 6.8 7.0 7.2 7.4 7.6 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 September 30, 2020 Calculation based on monthly periodicity. Page 10 3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 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 September 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 30.0 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 30.0 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 September 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 38,337,895 44.6 6,055,461 7.1 4,641,318 5.4 4,196,755 4.9 6,564,746 7.6 3,784,248 4.4 22,291,594 26.0 85,872,017 100.0 Tier I 22,291,594 100.0 22,291,594 26.0 Vanguard Institutional Target Retirement Income Fund 1,109,012 100.0 1,109,012 1.3 Vanguard Institutional Target Retirement 2015 Fund 1,112,850 100.0 1,112,850 1.3 Vanguard Institutional Target Retirement 2020 Fund 3,021,798 100.0 3,021,798 3.5 Vanguard Institutional Target Retirement 2025 Fund 5,304,620 100.0 5,304,620 6.2 Vanguard Institutional Target Retirement 2030 Fund 2,624,525 100.0 2,624,525 3.1 Vanguard Institutional Target Retirement 2035 Fund 2,681,976 100.0 2,681,976 3.1 Vanguard Institutional Target Retirement 2040 Fund 1,846,373 100.0 1,846,373 2.2 Vanguard Institutional Target Retirement 2045 Fund 2,380,704 100.0 2,380,704 2.8 Vanguard Institutional Target Retirement 2050 Fund 1,420,161 100.0 1,420,161 1.7 Vanguard Institutional Target Retirement 2055 Fund 446,158 100.0 446,158 0.5 Vanguard Institutional Target Retirement 2060 Fund 320,362 100.0 320,362 0.4 Vanguard Institutional Target Retirement 2065 Fund 23,054 100.0 23,054 0.0 Tier II 19,978,391 64.1 4,641,318 14.9 6,564,746 21.1 31,184,455 36.3 Vanguard Institutional Index Fund 12,410,894 100.0 12,410,894 14.5 Vanguard Mid-Cap Index Fund 4,428,786 100.0 4,428,786 5.2 Vanguard Small-Cap Index Fund 3,138,711 100.0 3,138,711 3.7 Vanguard Total Bond Market Index Fund 4,641,318 100.0 4,641,318 5.4 Vanguard Balanced Index Fund 6,564,746 100.0 6,564,746 7.6 Tier III 18,359,504 59.4 6,055,461 19.6 2,711,687 8.8 3,784,248 12.2 30,910,900 36.0 Vanguard Windsor II Fund 9,165,020 100.0 9,165,020 10.7 Vanguard U.S. Growth Fund 9,194,484 100.0 9,194,484 10.7 Vanguard International Growth Fund 6,055,461 100.0 6,055,461 7.1 Vanguard Prime Money Market Fund 2,711,687 100.0 2,711,687 3.2 Vanguard Retirement Savings Trust III 3,784,248 100.0 3,784,248 4.4 Tier IV 1,485,068 100.0 1,485,068 1.7 Loan Fund 1,485,068 100.0 1,485,068 1.7 Total Deferred Compensation Asset Allocation As of September 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 September 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 3.2 5.2 8.1 6.1 5.6 3.1 4.7 7.5 5.8 5.4 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 :$6,997.10 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 3.1 (60)4.7 (25)7.5 (30)5.8 (15)13.2 (53)-2.0 (15)¢ Vanguard Target Income Composite Index 3.2 (55)5.2 (10)8.1 (12)6.1 (11)13.4 (46)-2.0 (15) 5th Percentile 4.2 5.2 8.7 6.6 17.0 -1.1 1st Quartile 3.8 4.6 7.6 5.6 15.2 -2.5 Median 3.3 4.0 6.6 5.1 13.3 -3.2 3rd Quartile 2.8 2.8 5.5 4.8 11.8 -3.8 95th Percentile 2.0 -0.9 -0.5 1.9 9.2 -4.6 Population 25 25 25 25 27 28 Peer Group Analysis As of September 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 -1.5 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 Income Fund Vanguard Target Income 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.24 0.36 -0.66 1.00 0.73 -0.34 1.02 5.85 5.76 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.78 0.00 1.00 6.10 5.66 1.00 FTSE 3 Month T-Bill -4.46 5.69 -0.78 0.02 N/A 1.68 0.00 1.65 0.21 -0.13 Vanguard Institutional Target Retirement Income Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement Income Fund Page 18 Asset Allocation As of 09/30/2020 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% 0.1% 29.4% 70.5% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $84,255.99 Million P/E 9.56 P/B 2.35 Div. Yield 1.43% Annual EPS 2.77 5Yr EPS 3.74 3Yr EPS Growth 4.71 Sector/Quality Allocation As of 09/30/2020 0.0%3.0%6.0%9.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 6.2% 5.1% 3.9% 3.8% 3.5% 3.1% 1.2% 0.9% 0.9% 0.7% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of September 30, 2020 Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 3.5 4.9 8.4 6.4 6.2 3.4 4.3 7.8 6.1 5.9 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$9,027.40 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 3.4 (90)4.3 (28)7.8 (48)6.1 (12)14.9 (74)-2.9 (17)¢ Vanguard Target 2015 Composite Index 3.5 (81)4.9 (9)8.4 (34)6.4 (9)15.1 (64)-2.9 (14) 5th Percentile 4.5 5.0 8.9 6.7 16.8 -2.7 1st Quartile 4.1 4.4 8.5 6.0 16.5 -3.0 Median 3.9 3.8 7.7 5.7 15.2 -3.7 3rd Quartile 3.6 3.1 7.2 5.6 14.8 -4.4 95th Percentile 3.2 2.4 6.0 5.2 14.0 -4.7 Population 19 19 19 19 22 26 Peer Group Analysis As of September 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 -1.5 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.27 0.41 -0.66 1.00 0.66 -0.34 1.01 6.14 6.91 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.71 0.00 1.00 6.43 6.82 1.00 FTSE 3 Month T-Bill -4.84 6.86 -0.71 0.02 N/A 1.68 0.00 1.65 0.21 -0.14 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2015 Fund Page 22 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 0.1% 34.4% 65.5% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $98,468.21 Million P/E 11.18 P/B 2.74 Div. Yield 1.67% Annual EPS 3.24 5Yr EPS 4.37 3Yr EPS Growth 5.51 Sector/Quality Allocation As of 09/30/2020 0.0%3.0%6.0%9.0%12.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 7.2% 6.0% 4.6% 4.4% 4.0% 3.7% 1.4% 1.1% 1.0% 0.8% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of September 30, 2020 Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 4.6 4.6 9.3 6.9 6.9 4.5 3.9 8.5 6.6 6.6 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$25,131.60 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 4.5 (25)3.9 (35)8.5 (30)6.6 (8)17.7 (27)-4.2 (44)¢ Vanguard Target 2020 Composite Index 4.6 (20)4.6 (9)9.3 (6)6.9 (5)17.9 (23)-4.1 (41) 5th Percentile 5.0 4.7 9.3 6.9 18.5 -2.8 1st Quartile 4.5 4.2 8.6 6.3 17.7 -3.8 Median 4.0 3.6 7.9 5.9 16.6 -4.3 3rd Quartile 3.7 2.8 6.2 5.4 15.5 -5.2 95th Percentile 2.2 0.4 2.9 3.6 10.6 -5.7 Population 29 29 29 29 34 40 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.32 0.50 -0.63 1.00 0.56 -0.41 1.01 6.59 9.13 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.61 0.00 1.00 6.94 9.00 1.00 FTSE 3 Month T-Bill -5.49 9.04 -0.61 0.03 N/A 1.68 0.00 1.65 0.21 -0.16 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2020 Fund Page 26 Asset Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 0.1% 48.9% 50.9% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $139,963.81 Million P/E 15.90 P/B 3.90 Div. Yield 2.38% Annual EPS 4.60 5Yr EPS 6.21 3Yr EPS Growth 7.83 Sector/Quality Allocation As of 09/30/2020 0.0%5.0%10.0%15.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 10.3% 8.5% 6.5% 6.3% 5.7% 5.2% 2.0% 1.5% 1.4% 1.2% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of September 30, 2020 Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 5.2 4.3 9.9 7.3 7.3 5.2 3.6 9.1 6.9 7.0 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 :$37,179.80 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 5.2 (30)3.6 (41)9.1 (32)6.9 (13)19.7 (20)-5.0 (42)¢ Vanguard Target 2025 Composite Index 5.2 (28)4.3 (18)9.9 (13)7.3 (8)19.9 (14)-5.0 (42) 5th Percentile 5.6 4.8 10.1 7.4 20.4 -3.2 1st Quartile 5.3 4.0 9.2 6.6 19.6 -4.4 Median 4.9 3.5 8.1 6.2 18.6 -5.3 3rd Quartile 4.5 2.6 7.3 5.7 17.7 -6.0 95th Percentile 1.9 1.0 5.5 4.7 11.0 -6.5 Population 35 35 35 35 39 41 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.35 0.59 -0.59 1.00 0.53 -0.44 1.01 6.94 10.72 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.57 0.00 1.00 7.32 10.56 1.00 FTSE 3 Month T-Bill -6.00 10.60 -0.57 0.03 N/A 1.68 0.00 1.65 0.21 -0.17 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2025 Fund Page 30 Asset Allocation As of 09/30/2020 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% 0.1% 40.5% 59.4% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $170,529.04 Million P/E 19.31 P/B 4.75 Div. Yield 2.88% Annual EPS 5.59 5Yr EPS 7.55 3Yr EPS Growth 9.52 Sector/Quality Allocation As of 09/30/2020 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 12.5% 10.3% 7.9% 7.7% 7.0% 6.3% 2.4% 1.9% 1.7% 1.4% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of September 30, 2020 Page 31 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 5.8 3.9 10.2 7.5 7.6 5.7 3.2 9.4 7.1 7.3 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 :$36,362.10 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 5.7 (34)3.2 (41)9.4 (29)7.1 (16)21.1 (37)-5.8 (41)¢ Vanguard Target 2030 Composite Index 5.8 (31)3.9 (19)10.2 (13)7.5 (10)21.3 (32)-5.7 (39) 5th Percentile 6.2 4.4 11.5 7.8 22.4 -4.2 1st Quartile 5.9 3.7 9.8 6.9 21.7 -5.2 Median 5.5 3.0 8.8 6.5 20.4 -6.2 3rd Quartile 5.1 2.0 7.6 6.0 19.1 -7.0 95th Percentile 3.5 0.0 3.9 4.0 14.8 -7.4 Population 36 36 36 36 39 42 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.35 0.63 -0.55 1.00 0.49 -0.45 1.01 7.08 12.00 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.53 0.00 1.00 7.48 11.82 1.00 FTSE 3 Month T-Bill -6.28 11.86 -0.53 0.03 N/A 1.67 0.00 1.65 0.21 -0.18 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2030 Fund Page 34 Asset Allocation As of 09/30/2020 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% 0.1% 32.6% 67.2% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $193,151.21 Million P/E 21.86 P/B 5.38 Div. Yield 3.25% Annual EPS 6.34 5Yr EPS 8.55 3Yr EPS Growth 10.78 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 14.2% 11.7% 9.0% 8.7% 7.9% 7.1% 2.7% 2.1% 2.0% 1.6% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of September 30, 2020 Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 6.4 3.5 10.5 7.6 7.9 6.2 2.8 9.7 7.2 7.6 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 :$33,490.70 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 6.2 (64)2.8 (38)9.7 (35)7.2 (19)22.6 (49)-6.6 (32)¢ Vanguard Target 2035 Composite Index 6.4 (41)3.5 (22)10.5 (17)7.6 (12)22.8 (44)-6.5 (31) 5th Percentile 6.9 4.5 12.1 8.1 25.0 -5.7 1st Quartile 6.6 3.4 10.2 7.1 23.3 -6.3 Median 6.3 2.4 9.4 6.8 22.4 -7.2 3rd Quartile 5.8 1.1 7.7 6.2 21.3 -7.6 95th Percentile 4.6 -0.3 5.1 5.4 19.3 -8.4 Population 33 33 33 33 37 39 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.35 0.67 -0.53 1.00 0.47 -0.45 1.01 7.19 13.27 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.50 0.00 1.00 7.60 13.09 1.00 FTSE 3 Month T-Bill -6.55 13.13 -0.50 0.03 N/A 1.67 0.00 1.65 0.21 -0.18 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2035 Fund Page 38 Asset Allocation As of 09/30/2020 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% 0.1% 24.9% 74.9% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $215,436.46 Million P/E 24.38 P/B 5.99 Div. Yield 3.63% Annual EPS 7.07 5Yr EPS 9.54 3Yr EPS Growth 12.02 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 15.8% 13.0% 10.0% 9.7% 8.8% 8.0% 3.0% 2.4% 2.2% 1.8% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of September 30, 2020 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 6.9 3.0 10.7 7.7 8.1 6.8 2.4 9.9 7.3 7.8 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 :$29,789.20 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 0.98 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 6.8 (59)2.4 (42)9.9 (35)7.3 (24)23.9 (52)-7.3 (34)¢ Vanguard Target 2040 Composite Index 6.9 (43)3.0 (26)10.7 (25)7.7 (11)24.2 (48)-7.2 (32) 5th Percentile 7.5 4.6 12.5 8.2 26.1 -6.2 1st Quartile 7.1 3.1 10.7 7.2 24.6 -7.0 Median 6.9 2.0 9.6 7.0 24.0 -7.9 3rd Quartile 6.3 0.3 7.4 6.0 22.4 -8.5 95th Percentile 5.2 -1.7 3.6 4.3 19.2 -9.4 Population 34 34 34 34 37 40 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.36 0.70 -0.51 1.00 0.44 -0.45 1.01 7.27 14.55 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.47 0.00 1.00 7.69 14.38 1.00 FTSE 3 Month T-Bill -6.81 14.42 -0.47 0.03 N/A 1.67 0.00 1.65 0.21 -0.19 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2040 Fund Page 42 Asset Allocation As of 09/30/2020 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% 0.1% 17.3% 82.5% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $237,047.07 Million P/E 26.83 P/B 6.60 Div. Yield 4.00% Annual EPS 7.78 5Yr EPS 10.49 3Yr EPS Growth 13.23 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 17.4% 14.3% 11.0% 10.6% 9.7% 8.8% 3.3% 2.6% 2.4% 1.9% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of September 30, 2020 Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.5 2.6 10.9 7.7 8.2 7.3 2.0 10.2 7.3 7.9 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 :$25,714.10 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 7.3 (46)2.0 (47)10.2 (38)7.3 (18)25.1 (39)-7.9 (37)¢ Vanguard Target 2045 Composite Index 7.5 (28)2.6 (32)10.9 (26)7.7 (13)25.4 (32)-7.8 (35) 5th Percentile 8.0 4.5 12.3 8.3 26.7 -6.7 1st Quartile 7.6 2.9 11.0 7.3 25.5 -7.3 Median 7.2 1.9 9.7 7.0 24.8 -8.0 3rd Quartile 6.7 0.0 7.8 6.1 23.2 -8.9 95th Percentile 5.8 -1.9 5.5 5.0 21.9 -9.7 Population 33 33 33 33 37 39 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.34 0.74 -0.46 1.00 0.43 -0.42 1.01 7.34 15.64 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.45 0.00 1.00 7.74 15.48 1.00 FTSE 3 Month T-Bill -7.02 15.53 -0.45 0.04 N/A 1.67 0.00 1.65 0.21 -0.19 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2045 Fund Page 46 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.6% 90.2% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $259,292.29 Million P/E 29.33 P/B 7.21 Div. Yield 4.36% Annual EPS 8.50 5Yr EPS 11.47 3Yr EPS Growth 14.46 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.7% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of September 30, 2020 Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.5 2.6 11.0 7.7 8.2 7.3 2.0 10.2 7.3 7.9 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 :$20,065.60 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 0.98 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 7.3 (55)2.0 (39)10.2 (39)7.3 (24)25.1 (47)-7.9 (35)¢ Vanguard Target 2050 Composite Index 7.5 (36)2.6 (31)11.0 (27)7.7 (14)25.4 (36)-7.8 (33) 5th Percentile 8.1 4.5 12.4 8.3 26.9 -7.0 1st Quartile 7.7 2.8 11.2 7.3 26.0 -7.4 Median 7.4 1.8 9.7 7.1 25.0 -8.3 3rd Quartile 6.9 0.0 7.7 6.0 24.0 -9.2 95th Percentile 5.7 -2.3 3.8 4.7 20.3 -10.0 Population 34 34 34 34 37 40 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.36 0.71 -0.50 1.00 0.43 -0.43 1.01 7.33 15.64 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.45 0.00 1.00 7.74 15.49 1.00 FTSE 3 Month T-Bill -7.03 15.53 -0.45 0.04 N/A 1.67 0.00 1.65 0.21 -0.19 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2050 Fund Page 50 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.3% 90.4% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $260,062.05 Million P/E 29.42 P/B 7.24 Div. Yield 4.38% Annual EPS 8.53 5Yr EPS 11.51 3Yr EPS Growth 14.51 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.1% 15.7% 12.1% 11.7% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of September 30, 2020 Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.5 2.6 11.0 7.7 8.2 7.4 2.1 10.2 7.3 7.9 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 :$11,081.50 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 7.4 (50)2.1 (37)10.2 (39)7.3 (31)25.1 (51)-7.8 (31)¢ Vanguard Target 2055 Composite Index 7.5 (40)2.6 (27)11.0 (28)7.7 (17)25.4 (40)-7.8 (30) 5th Percentile 8.0 4.5 12.8 8.3 28.5 -7.0 1st Quartile 7.7 2.7 11.3 7.4 26.4 -7.7 Median 7.3 1.4 9.5 7.1 25.1 -8.3 3rd Quartile 6.9 0.1 7.9 6.1 24.7 -9.3 95th Percentile 5.9 -2.4 5.2 4.9 22.4 -10.4 Population 32 32 32 32 36 37 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.34 0.71 -0.49 1.00 0.43 -0.41 1.01 7.35 15.63 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.45 0.00 1.00 7.74 15.49 1.00 FTSE 3 Month T-Bill -7.03 15.53 -0.45 0.04 N/A 1.67 0.00 1.65 0.21 -0.19 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2055 Fund Page 54 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.1% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $258,273.36 Million P/E 29.28 P/B 7.19 Div. Yield 4.37% Annual EPS 8.48 5Yr EPS 11.45 3Yr EPS Growth 14.43 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 18.9% 15.7% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of September 30, 2020 Page 55 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.5 2.6 11.0 7.7 8.2 7.4 2.1 10.3 7.4 7.9 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 :$4,041.70 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 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 9/20 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 7.4 (62)2.1 (44)10.3 (63)7.4 (29)25.1 (73)-7.9 (31)¢ Vanguard Target 2060 Composite Index 7.5 (44)2.6 (19)11.0 (33)7.7 (20)25.4 (65)-7.8 (27) 5th Percentile 8.0 2.9 11.7 8.3 27.0 -7.2 1st Quartile 7.9 2.4 11.5 7.5 26.5 -7.7 Median 7.4 1.9 10.4 7.3 26.0 -8.2 3rd Quartile 7.2 1.3 9.6 6.7 25.0 -9.1 95th Percentile 6.6 -1.7 6.2 5.2 22.5 -10.0 Population 19 19 18 14 14 14 Peer Group Analysis As of September 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.33 0.73 -0.45 1.00 0.43 -0.42 1.01 7.36 15.67 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.45 0.00 1.00 7.74 15.49 1.00 FTSE 3 Month T-Bill -7.03 15.53 -0.45 0.04 N/A 1.67 0.00 1.65 0.21 -0.19 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of September 30, 2020Vanguard Institutional Target Retirement 2060 Fund Page 58 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.1% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $258,953.11 Million P/E 29.30 P/B 7.21 Div. Yield 4.36% Annual EPS 8.49 5Yr EPS 11.46 3Yr EPS Growth 14.45 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.6% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of September 30, 2020 Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year Inception 8/1/17 7.5 2.6 11.0 8.17.4 1.9 10.1 7.7 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 :$507.60 Million Total Assets Date :08/31/2020 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 6/18 12/18 6/19 12/19 6/20 9/20 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 9/20 0.99 Page 60 -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 Vanguard Institutional Target Retirement 2065 Fund 7.4 (62)1.9 (51)10.1 (69)¢ Vanguard Target 2065 Composite Index 7.5 (44)2.6 (19)11.0 (33) 5th Percentile 8.0 2.9 11.7 1st Quartile 7.9 2.4 11.5 Median 7.4 1.9 10.4 3rd Quartile 7.2 1.3 9.6 95th Percentile 6.6 -1.7 6.2 Population 19 19 18 Peer Group Analysis As of September 30, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 61 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.0% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $259,697.47 Million P/E 29.31 P/B 7.22 Div. Yield 4.34% Annual EPS 8.50 5Yr EPS 11.47 3Yr EPS Growth 14.46 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.6% 12.0% 11.6% 10.6% 9.5% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of September 30, 2020 Page 62 Tier II Page 63 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2020 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 8.9 5.6 15.1 12.3 14.1 13.7 8.9 5.6 15.1 12.3 14.1 13.7 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard Group Inc Ticker :VINIX Peer Group :IM U.S. Large Cap Equity (MF) Benchmark :S&P 500 Index Fund Inception :07/31/1990 Portfolio Manager :Butler/Louie Total Assets :$116,843.50 Million Total Assets Date :08/31/2020 Gross Expense :0.04% Net Expense :0.04% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.00 Page 64 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Institutional Index Fund 8.9 (54)5.6 (52)15.1 (52)12.3 (48)14.1 (45)13.7 (40)31.5 (42)-4.4 (48)21.8 (51)¢ S&P 500 Index 8.9 (54)5.6 (52)15.1 (52)12.3 (48)14.1 (45)13.7 (40)31.5 (42)-4.4 (48)21.8 (51) 5th Percentile 14.0 32.1 48.2 24.3 21.1 18.0 37.5 3.0 34.7 1st Quartile 11.2 20.6 31.5 18.6 17.7 15.2 33.1 -1.3 27.6 Median 9.2 5.9 15.3 12.1 13.6 13.1 30.6 -4.6 21.9 3rd Quartile 6.1 -6.2 2.4 5.9 9.6 10.7 27.6 -7.3 18.2 95th Percentile 2.8 -15.0 -8.7 0.5 6.0 8.3 22.1 -11.0 13.3 Population 444 444 444 444 444 325 457 471 485 Peer Group Analysis As of September 30, 2020 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 65 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Other Convertibles Fixed Income Equities -0.7 % 0.0% 0.0% 0.0% 100.7% Fund Characteristics As of 09/30/2020 Total Securities 510 Avg. Market Cap $443,562.76 Million P/E 34.11 P/B 10.35 Div. Yield 2.27% Annual EPS 11.83 5Yr EPS 15.13 3Yr EPS Growth 18.52 Sector/Quality Allocation As of 09/30/2020 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Health Care Industrials Consumer Staples Utilities Energy Materials Telecommunication Services 28.8% 15.4% 14.6% 13.1% 11.8% 7.6% 3.0% 2.1% 2.0% 1.9% Vanguard Institutional Index Fund Mutual Fund Attributes As of September 30, 2020 Page 66 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 8.0 0.2 7.1 8.0 10.4 12.0 7.9 0.2 7.1 8.0 10.3 12.0 Product Name :Vanguard Md-Cp I;Adm (VIMAX) Fund Family :Vanguard Group Inc Ticker :VIMAX Peer Group :IM U.S. Mid Cap Equity (MF) Benchmark :Vanguard Spliced Mid Cap Index Fund Inception :11/12/2001 Portfolio Manager :Butler/Johnson Total Assets :$46,873.50 Million Total Assets Date :08/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.00 Page 67 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Mid-Cap Index Fund 7.9 (38)0.2 (44)7.1 (43)8.0 (46)10.3 (46)12.0 (42)31.0 (41)-9.2 (51)19.3 (50)¢ Vanguard Spliced Mid Cap Index 8.0 (38)0.2 (44)7.1 (43)8.0 (46)10.4 (46)12.0 (42)31.1 (39)-9.2 (51)19.3 (50) 5th Percentile 14.8 35.8 48.0 23.2 19.9 16.6 39.8 1.1 31.4 1st Quartile 9.3 12.9 20.7 15.3 14.6 13.9 34.1 -4.6 24.6 Median 6.9 -2.5 4.1 5.9 9.5 10.8 30.1 -9.1 19.2 3rd Quartile 4.9 -12.6 -6.1 0.5 6.1 8.9 26.1 -12.6 14.5 95th Percentile 2.6 -19.5 -14.5 -3.2 2.7 6.5 19.9 -18.8 9.2 Population 200 200 200 200 200 119 214 223 226 Peer Group Analysis As of September 30, 2020 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 68 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Other Convertibles Fixed Income Equities -0.1 % 0.0% 0.0% 0.0% 100.0% Fund Characteristics As of 09/30/2020 Total Securities 352 Avg. Market Cap $21,232.61 Million P/E 33.69 P/B 7.44 Div. Yield 2.62% Annual EPS 15.16 5Yr EPS 13.20 3Yr EPS Growth 19.07 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Utilities Materials Energy Non Classified Equity 19.9% 19.1% 15.0% 11.9% 10.6% 9.5% 6.3% 3.3% 2.6% 1.5% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of September 30, 2020 Page 69 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 8.0 16.0 24.0 -8.0 -16.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 5.8 -6.3 1.3 4.4 8.9 10.9 5.8 -6.3 1.3 4.4 8.9 10.9 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 :$38,852.00 Million Total Assets Date :08/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 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 5.8 (36)-6.3 (33)1.3 (33)4.4 (27)8.9 (28)10.9 (25)27.4 (24)-9.3 (31)16.2 (29)¢ Vanguard Spliced Small Cap Index 5.8 (36)-6.3 (33)1.3 (34)4.4 (27)8.9 (28)10.9 (25)27.3 (24)-9.3 (31)16.2 (29) 5th Percentile 11.7 19.3 31.2 18.1 16.2 14.8 35.1 -0.4 27.0 1st Quartile 7.1 -1.5 7.0 4.6 9.2 10.8 26.9 -8.5 17.6 Median 4.6 -12.2 -5.0 -0.4 6.3 9.0 24.0 -12.2 13.0 3rd Quartile 2.5 -20.2 -14.1 -4.6 3.5 7.3 21.2 -15.7 9.5 95th Percentile -0.3 -26.0 -20.2 -8.0 0.7 5.3 15.1 -20.5 4.2 Population 379 379 379 379 379 257 397 431 443 Peer Group Analysis As of September 30, 2020 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 71 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -0.2 % 0.0% 0.0% 0.1% 100.1% Fund Characteristics As of 09/30/2020 Total Securities 1,407 Avg. Market Cap $5,967.92 Million P/E 32.22 P/B 6.19 Div. Yield 3.25% Annual EPS 9.44 5Yr EPS 13.37 3Yr EPS Growth 15.71 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Financials Industrials Health Care Information Technology Consumer Discretionary Consumer Staples Materials Utilities Energy Non Classified Equity 20.8% 19.7% 15.9% 13.4% 11.2% 8.0% 3.4% 3.0% 2.5% 1.9% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of September 30, 2020 Page 72 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.7 7.0 7.1 5.3 4.3 3.7 0.6 7.0 7.0 5.3 4.2 3.6 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 :$119,401.60 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 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 0.6 (87)7.0 (42)7.0 (51)5.3 (41)4.2 (58)3.6 (66)8.7 (60)0.0 (21)3.6 (62)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.7 (83)7.0 (42)7.1 (46)5.3 (38)4.3 (53)3.7 (61)8.9 (53)-0.1 (24)3.6 (57) 5th Percentile 2.2 8.9 9.0 6.0 5.2 4.5 10.6 0.6 5.1 1st Quartile 1.5 7.5 7.8 5.5 4.7 4.1 9.6 -0.1 4.2 Median 1.1 6.8 7.0 5.2 4.3 3.8 9.0 -0.5 3.8 3rd Quartile 0.9 6.1 6.3 4.9 4.0 3.5 8.4 -0.8 3.4 95th Percentile 0.4 4.2 4.6 3.6 3.1 2.6 6.6 -1.3 2.3 Population 110 110 110 110 110 83 115 119 125 Peer Group Analysis As of September 30, 2020 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 74 Asset Allocation As of 06/30/2020 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -2.6 % 0.0% 0.0% 3.6% 99.0% Fund Characteristics As of 06/30/2020 Avg. Coupon 3.14 % Nominal Maturity N/A Effective Maturity 8.28 Years Duration 6.23 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated Foreign Securities Equities/Other 71.2% 13.5% 13.5% 4.4% 0.0% Maturity Distribution As of 06/30/2020 0.0%15.0%30.0%45.0%-15.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 5-10Yrs 1-3Yrs 3-5Yrs -2.6 % 0.9% 3.6% 5.2% 15.0% 21.7% 27.1% 29.2% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of September 30, 2020 Page 75 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2020 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 5.8 7.7 13.5 9.9 10.4 9.9 5.7 6.8 12.6 9.5 10.1 9.7 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard Group Inc Ticker :VBAIX Peer Group :IM All Balanced (MF) Benchmark :Vanguard Balanced Composite Index Fund Inception :12/01/2000 Portfolio Manager :Barrickman/Coleman/O'Reily Total Assets :$11,037.00 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 0.99 Page 76 -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 5 Years 10 Years 2019 2018 2017 Vanguard Balanced Index Fund 5.7 (40)6.8 (8)12.6 (9)9.5 (5)10.1 (12)9.7 (10)21.8 (33)-2.8 (15)13.9 (54)¢ Vanguard Balanced Composite Index 5.8 (40)7.7 (6)13.5 (7)9.9 (5)10.4 (8)9.9 (8)21.9 (32)-2.8 (14)13.9 (54) 5th Percentile 8.1 9.0 14.6 9.4 10.8 10.2 26.4 -1.4 22.1 1st Quartile 6.7 4.0 9.8 7.0 9.2 8.8 22.7 -3.8 18.7 Median 5.2 2.3 7.5 5.8 7.5 7.3 18.9 -5.9 14.3 3rd Quartile 3.7 -0.5 4.3 4.2 5.7 5.7 15.1 -7.9 10.7 95th Percentile 1.7 -8.0 -4.6 0.1 2.8 3.7 8.5 -10.7 5.2 Population 889 889 888 884 884 519 943 1,020 1,038 Peer Group Analysis As of September 30, 2020 IM All Balanced (MF) Parentheses contain percentile rankings. Page 77 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%-15.0 %-30.0 % Cash Other Convertibles Fixed Income Equities 0.0% 0.0% 0.0% 39.8% 60.3% Fund Characteristics As of 09/30/2020 Total Securities 14,160 Avg. Market Cap $370,445.27 Million P/E 34.56 P/B 10.10 Div. Yield 2.36% Annual EPS 11.99 5Yr EPS 15.06 3Yr EPS Growth 18.65 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Utilities Materials Energy Telecommunication Services 16.0% 9.2% 8.8% 8.0% 7.5% 5.1% 1.7% 1.2% 1.2% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of September 30, 2020 Page 78 Tier III Page 79 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2020 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 10.0 20.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 5.6 -11.6 -5.0 2.6 7.7 9.9 7.8 -2.9 6.2 6.7 9.7 11.0 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard Group Inc Ticker :VWNAX Peer Group :IM U.S. Large Cap Value Equity (MF) Benchmark :Russell 1000 Value Index Fund Inception :05/14/2001 Portfolio Manager :Team Managed Total Assets :$32,608.10 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Windsor II Fund Benchmark 0.84 0.91 0.98 1.05 1.12 1.19 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.10 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 7.8 (6)-2.9 (5)6.2 (4)6.7 (7)9.7 (12)11.0 (15)29.2 (22)-8.5 (50)16.9 (46)¢ Russell 1000 Value Index 5.6 (34)-11.6 (60)-5.0 (61)2.6 (58)7.7 (53)9.9 (43)26.5 (48)-8.3 (48)13.7 (83) 5th Percentile 7.9 -3.0 5.6 7.3 10.6 11.7 31.8 -2.4 20.9 1st Quartile 6.0 -8.7 -0.8 4.8 9.0 10.7 28.9 -5.9 18.8 Median 4.8 -10.9 -3.8 3.2 7.9 9.7 26.3 -8.5 16.7 3rd Quartile 3.5 -14.0 -7.6 1.2 6.7 8.7 24.0 -9.8 14.4 95th Percentile 1.1 -18.4 -11.9 -1.2 4.9 7.1 19.9 -13.0 11.4 Population 110 110 110 110 110 81 113 117 120 Peer Group Analysis As of September 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 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 1.97 2.73 0.72 0.97 0.59 1.89 1.01 9.72 15.90 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.48 0.00 1.00 7.66 15.50 1.00 FTSE 3 Month T-Bill -7.47 15.53 -0.48 0.02 N/A 1.17 0.00 1.16 0.24 -0.13 Vanguard Windsor II Fund Risk Profile As of September 30, 2020Vanguard Windsor II Fund Page 82 Asset Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.7 % 0.0% 0.1% 4.4% 96.2% Fund Characteristics As of 06/30/2020 Total Securities 186 Avg. Market Cap $302,819.35 Million P/E 25.77 P/B 6.10 Div. Yield 2.45% Annual EPS 9.74 5Yr EPS 12.18 3Yr EPS Growth 16.01 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Materials Telecommunication Services Utilities 26.2% 18.0% 15.4% 12.1% 10.5% 7.0% 4.4% 1.2% 0.9% 0.5% Vanguard Windsor II Fund Mutual Fund Attributes As of September 30, 2020 Page 83 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 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 20.0 40.0 60.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 13.2 24.3 37.5 21.7 20.1 17.315.7 38.3 52.8 25.4 21.4 18.4 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 :$27,860.50 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard U.S. Growth Fund Benchmark 0.90 0.96 1.02 1.08 1.14 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.06 Page 84 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard U.S. Growth Fund 15.7 (6)38.3 (8)52.8 (8)25.4 (7)21.4 (13)18.4 (8)33.5 (47)0.7 (33)31.8 (29)¢ Russell 1000 Growth Index 13.2 (24)24.3 (44)37.5 (38)21.7 (40)20.1 (25)17.3 (25)36.4 (23)-1.5 (61)30.2 (46) 5th Percentile 15.8 39.3 55.2 26.3 22.6 18.8 39.1 5.3 36.7 1st Quartile 13.2 28.5 40.8 22.7 20.0 17.2 36.2 1.6 32.4 Median 11.7 23.4 35.4 21.0 19.2 16.1 33.2 -0.8 29.9 3rd Quartile 10.9 20.4 30.4 18.3 17.3 15.2 30.9 -2.8 26.8 95th Percentile 8.7 10.4 20.5 14.4 14.3 12.8 25.5 -5.6 23.0 Population 155 155 155 155 155 110 161 165 170 Peer Group Analysis As of September 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 -12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund 1.31 3.60 0.36 0.96 1.15 0.13 1.06 21.42 17.31 0.98 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 1.16 0.00 1.00 20.10 16.00 1.00 FTSE 3 Month T-Bill -18.56 16.03 -1.16 0.01 N/A 1.19 0.00 1.16 0.24 -0.12 Vanguard U.S. Growth Fund Risk Profile As of September 30, 2020Vanguard U.S. Growth Fund Page 86 Asset Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.8 % 0.0% 0.2% 2.9% 97.8% Fund Characteristics As of 06/30/2020 Total Securities 258 Avg. Market Cap $432,450.76 Million P/E 44.30 P/B 15.31 Div. Yield 1.19% Annual EPS 10.83 5Yr EPS 22.22 3Yr EPS Growth 29.14 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Industrials Financials Health Care Consumer Staples Telecommunication Services Non Classified Equity Materials Utilities 37.1% 19.1% 12.0% 11.2% 10.2% 7.4% 0.6% 0.1% 0.1% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of September 30, 2020 Page 87 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2020 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 25.0 50.0 75.0 -25.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 6.3 -5.4 3.0 1.2 6.2 4.0 16.3 30.7 49.3 16.1 18.6 10.9 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 :$46,904.90 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard International Growth Fund Benchmark 0.40 0.80 1.20 1.60 2.00 2.40 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.73 Page 88 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard International Growth Fund 16.3 (1)30.7 (1)49.3 (1)16.1 (1)18.6 (1)10.9 (1)31.5 (8)-12.6 (35)43.2 (1)¢ Vanguard Spliced International Index 6.3 (83)-5.4 (88)3.0 (85)1.2 (88)6.2 (79)4.0 (95)21.5 (93)-14.2 (50)27.2 (54) 5th Percentile 11.8 13.3 24.5 10.7 13.0 9.4 31.8 -7.9 32.8 1st Quartile 9.2 6.3 15.8 7.5 10.0 7.0 29.1 -12.2 31.2 Median 8.1 2.8 12.3 4.6 7.8 6.0 27.5 -14.4 27.6 3rd Quartile 7.1 -2.5 6.3 2.9 6.4 4.7 25.2 -16.2 24.0 95th Percentile 5.1 -7.6 -1.2 0.5 3.9 3.9 20.6 -18.7 22.1 Population 42 42 42 42 42 26 43 44 45 Peer Group Analysis As of September 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 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 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 9/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 11.56 7.00 1.65 0.85 1.00 11.29 1.11 18.58 17.52 0.92 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.41 0.00 1.00 6.23 14.49 1.00 FTSE 3 Month T-Bill -5.96 14.53 -0.41 0.03 N/A 1.18 0.00 1.16 0.24 -0.17 Vanguard International Growth Fund Risk Profile As of September 30, 2020Vanguard International Growth Fund Page 90 Asset Allocation As of 06/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -2.0 % 0.0% 0.1% 3.8% 98.1% Fund Characteristics As of 06/30/2020 Total Securities 130 Avg. Market Cap $176,388.97 Million P/E 38.30 P/B 10.14 Div. Yield 1.78% Annual EPS 6.08 5Yr EPS 17.27 3Yr EPS Growth 18.83 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0% Consumer Discretionary Information Technology Consumer Staples Health Care Industrials Financials Materials Energy Telecommunication Services Utilities 31.8% 16.6% 15.2% 10.7% 10.0% 8.0% 2.3% 1.4% 1.0% 0.7% Top 5 Countries As of 06/30/2020 China 18.36 % United States 10.04 % Japan 9.49 % Netherlands 9.25 % Germany 8.20 % Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2020 Page 91 Regional Allocation As of 06/30/2020 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% 4.2% 4.4% 10.5% 12.7% 21.7% 47.7% Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2020 Page 92 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 09/30/20 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.6 1.2 1.8 2.4 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.0 1.1 1.7 1.2 0.6 0.0 1.0 1.7 1.2 0.6 Product Name :Vanguard CRsFdl 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 :$97,690.60 Million Total Assets Date :08/31/2020 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 1.00 Vanguard Prime Money Market Fund Performance Summary As of September 30, 2020Vanguard Prime Money Market Fund Page 93 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 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 1.1 1.7 1.2 0.6 1.4 2.3 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 % 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 9/20 Vanguard Retirement Savings Trust III Benchmark 0.80 1.00 1.20 1.40 1.60 9/01 6/03 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 9/20 1.41 Page 94 Portfolio Characteristics Portfolio MV/BV Ratio (%)104.05 Crediting Rate 2.43 Effective Duration 3.00 # of Wrap Providers 13 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 75.0 Treas./Ag.AAAAAABBB<BBBReservesOther44.3 16.4 13.0 26.2 0.0 0.0 0.0 0.1 Sector Distribution (%) 0.0 15.0 30.0 45.0 Treasury/AgenciesMortgage-BackedCorporateHigh YieldAsset-BackedInternationalCash & EquivalentsOther13.8 27.9 28.4 0.0 16.4 4.9 3.4 5.2 Wrap Providers 0.0%4.0%8.0%12.0%16.0% Metropolitan Tower Life Pacific Life Insurance American General Life Transamerica Premier Life NYL Insurance and Annuity Prudential Insurance Co. Nationwide Life JPMorgan Chase Massachusetts Mutual State Street Bank 8.2% 8.6% 8.2% 8.1% 8.3% 9.4% 8.5% 9.6% 9.4% 9.8% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of September 30, 2020 Page 95 Appendix Page 96 MSD Deferred Compensation Plan As of September 30, 2020 Investment Fee Analysis Fund Expense Information Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group 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 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 admin istration 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. ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity 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.Page 97 Market Environment Page 98 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets 8.1%6.8%9.1% 0.8% 7.4%6.5% 2.1% 6.7% 3.2% 9.8%9.6% 3.5% 14.5% -14.5% 6.8% -1.7%-0.4% 5.6% -4.4% 10.1% -20% -10% 0% 10% 20% ACWI IMI 42.6% ACWI ex-U.S. IMI 57.4% US A IMI 3.8% UK IMI 7.4% Japa n IMI 2.8% Ca na da IMI 0.2% Israel IMI 13.1% Europe ex-UK IMI 3.2% Pacific ex-Ja pa n IMI 12.2% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 09/30/2020 Third Q uarter 2020 On e-Year Source: MSCI Global equities continued their rebound over the third quarter as they broke through their pre-pandemic all time highs in early September. This performance was supported by optimism over progress in Covid-19 vaccine trials and supportive monetary and fiscal policies. However, rising fears of a second wave coronavirus outbreak and failure to agree further fiscal stimulus reversed some of the equity market‘s gains, bringing the MSCI AC World Investable Market Index’s local currency return over the quarter to 6.9%. Depreciation of the U.S. dollar further pushed up the returns to 8.1% in USD terms. Emerging Markets equities were the best performers with a return of 9.8% over the quarter, supported by strong returns from the Consumer Discretionary and Information Te chnology sectors. Chinese equities continued their strong performance, boosted by the government’s successful containment of Covid-19, despite increasing U.S.- China tensions. UK equities were the worst performer, returning 0.8% over the quarter. The UK’s economy contracted by 19.8% over the second quarter, the worst Q2 contraction of any major developed economy. Heightened Brexit uncertainty also weighed on UK equities, as trade negotiations continue ahead of the end of the transition period in December. Page 99 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 100 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets 9.2%5.2% 14.0% 6.4%9.4% 2.6%7.2% 15.0% -3.9% 41.2% -7.3% 23.2% -14.9% 15.7% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Russell 3000 29.6% Large Value 41.2% Large Gr owth 15.0% Medium Value 8.5% Medium Gr owth 2.7% Small Value 3.0% Small Gr owth RUS SELL STYL E RETURNS AS OF 09/30/2020 Third Q uarter 2020 One-Year Sourc e: Russell Indexes U.S. equities ended the quarter above the pre-pandemic high set in February 2020, as rebounding economic data and strong performances from big tech stocks continued to push equity markets. The U.S. unemployment rate fell to 8.4% in August, down from April’s all-time high of 14.7%, with jobless claims data suggesting that over half of the jobs lost since the start of the pandemic have now been recovered. However, an acrimonious election campaign ahead of November’s presidential election and deadlocked congressional negotiations over a new fiscal stimulus package cast a shadow over the market.The Russell 3000 Index rose 9.2% during the third quarter and 15.0% over the one-year period. Except Energy, all sectors generated positive returns over the quarter. Consumer Discretionary was the best performing sector with a return of 17.5% while the Energy sector fell by 16.4%. Small cap stocks underperformed both large and medium cap stocks over the quarter, whilst Value stocks continued to underperform their Growth counterparts in Q3 2020. 9.2%12.0%6.5% 17.5%7.7% -16.4% 11.9%11.7% 3.3%5.7% 15.0% 47.6% 24.6%29.9% 4.7% -43.0% 9.0% 1.5% -7.9%-5.4% -5 0.0% -4 0.0% -3 0.0% -2 0.0% -1 0.0% 0.0% 10 .0% 20 .0% 30 .0% 40 .0% 50 .0% Russ ell 3000 26.5% Techno logy 14.1% Healthcare 16.4% Cons. Disc 5.5% Cons. Staples 2.0% Energy 1.9% Basic Mate ria ls 13.6% Industrials 9.7% Financials 3.1% Utilities RUSSELL SECTOR RETURNS AS OF 09/30/2020 Third Qu ar te r 20 20 On e-Year Source: Russell Index es . Russell introduced Telecommu nicat ions and Re al Es tate as new sectors on 09/30/2020. Returns for the new sectors have been excluded due to t he lack of historic al data. Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets 0.6%0.2% 1.5% 0.1%0.8% 1.7% 7.0% 8.0%7.9% 4.4%4.5% 6.6% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Bar cl ay s Agg. Bon d 40.6% Gov t 28.6% Corp. 28.1% MBS 0.4% ABS 2.3% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 09/30/2020 Third Q uarter 2020 One-YearSource: Fac tSet 0.2%0.4%0.8%1.3%1.2% 3.4% 5.6% 7.8% 9.3% 12.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 09/30/2020 Third Q uarter 2020 One-YearSource: FactSet 0.2% 0.9%1.2% 2.1% 4.6% 6.6%6.9% 8.4% 7.0% 3.3% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 09/30/2020 Third Q uarter 2020 On e-YearSource: Fac tSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 0.6%. CMBS bonds were the best performer with a return of 1.7%, followed by corporate bonds which rose by 1.5%. Bonds with 7-10 year maturities performed the best with a return of 1.3%. The Federal Reserve (Fed) continued to buy corporate bonds through its $750 billion corporate lending facility, ensuring that demand remains high High yield bonds rose by 4.6%. Within investment grade bonds, Baa bonds outperformed with a return of 2.1%. Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Sep 10 Sep 12 Sep 14 Sep 16 Sep 18 Sep 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% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 9/30/2019 6/30/2020 9/30/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve slightly steepened over the quarter, but overall yields were broadly unchanged. The Fed projected that it would keep interest rates near zero until at least 2023. During the quarter, the Fed also announced a major policy shift by adopting an “average inflation targeting” approach. Under this new approach the Fed will seek an average of 2.0% inflation over time by allowing inflation to run above the target to make up for periods where inflation ran below the target. Since inflation has recently run below the target, a period of higher inflation could be tolerated under the approach without the Fed having to tighten monetary policy. The 10-year U.S. treasury yield ended the quarter 3bps higher at 0.69% and the 30-year yield increased by 5bps to 1.46%. The 10-year TIPS yield fell by 26bps over the quarter to -0.94%. Breakeven inflation rose across the curve, with the short end rising by a greater extent. The Fed’s new “average inflation targeting” approach, the continued relaxation of lockdown measures and the anticipation of further fiscal stimulus raised inflationary expectations over the quarter. Page 103 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 continued to narrow across the Euro Area. European Union leaders struck a deal on a €750bn coronavirus recovery package, which the European Commission will fund by borrowing in the capital markets for the first time. Elsewhere, the Eurozone witnessed a second consecutive month of deflation, putting pressure on the European Central Bank to allow inflation to overshoot its target in the future. German bund yields fell by 5bps to -0.53% over the quarter. In Q2 2020 the Eurozone economy suffered the sharpest drop in growth since its inception, with GDP contracting by 12.1% on a quarter-on-quarter basis. Spain, which is one of the worst hit countries by the Covid-19 pandemic, was the worst performing major Eurozone economy over the quarter as it contracted by 18.5%. Italian government bond yields fell the most at 37bps to 0.87%, whereas, Spanish and Portuguese government bond yields fell by 22bps and 21bps to 0.25% and 0.26% respectively. Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Spre ad (bps)09/30/2020 06/30/2020 09/30/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 60 68 46 -8 14 Long Gov't 0 1 1 -1 -1 Long Credit 188 202 167 -14 21 Long Gov't /Credit 111 120 95 -9 16 MBS 61 70 46 -9 15 CMBS 106 132 70 -26 36 ABS 41 68 37 -27 4 Corporate 136 150 115 -14 21 High Yield 517 626 373 -109 144 Global Emerging Mark et s 334 393 312 -59 22 So urce: F actSet, B lo omberg Barclays Credit markets generally performed well as spreads continued to fall, especially in the riskier credit areas. However, similar to equity markets, growing concerns over rising COVID cases and uncertainty with regards to the next round of fiscal stimulus caused spreads to widen in September. Overall, credit spreads over U.S. treasuries narrowed over the quarter. Riskier areas of credit, such as U.S. high yield bonds and emerging market debt performed well. High yield credit spreads narrowed significantly in Q3 2020, decreasing by 109bps, whilst Global Emerging Markets spreads narrowed by 59bps over the quarter. Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency 80 90 100 110 120 130 140 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 09/30/2014 EUR/USD GBP/USD JPY/USD Source: FactSet St ronger Do llar We ak er Do llar 90 95 100 105 110 115 120 125 Sep 14 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar weakened against major currencies over the quarter as it fell by 2.9% on a trade-weighted basis. The resurgence of Covid-19 cases in the US and heightened political uncertainty ahead of November’s presidential election was a drag on the dollar, whilst expectations of looser monetary policy and a higher inflation outlook provided further headwinds. Sterling rose by 1.8% on a trade-weighted basis over the quarter. Hopes that a UK-EU trade deal will be reached by the end of the year boosted sterling over July and August, but sterling came under renewed pressure in September as UK-EU clashes over the Internal Markets Bill raised fears of a chaotic departure. Over the quarter sterling appreciated by 4.4% against the U.S. dollar. The U.S. dollar depreciated by 4.2% and 2.2% against the euro and yen respectively. Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities 9.1% 10.7% 4.3% 11.2% 7.8% 11.9% 7.7% 12.3% 13.8% -8.2% 5.9% -40.7% 1.6% 27.2% 2.8% 2.6% 1.2% -25.1% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0% Bloomber g Commodity Index Ex-Ener gy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livest ock COMMODITY R ETURNS AS OF 09/30/2020 Third Quarter 2020 On e-Year Source:Bl oomb erg Note: Softs and G rains are par t of the wi der Agr iculture sector Commodities started the quarter off strong before falling back in tandem with equity markets in September. Despite the poor performance in September, the Bloomberg Commodity Index returned 9.1%. The Energy sector rose by 4.3% over the quarter. Oil had another turbulent quarter with prices seeming to stabilize in July and August as OPEC+ agreed to scale back its production cuts from 9.7 million barrels per day to 7.7 million barrels per day until the end of the year. However, WTI crude prices fell by 5.6% in September as OPEC reduced its demand expectations for the rest of 2020 to 90.2 million barrels per day as global coronavirus cases continued to grow. The price of Brent crude oil fell by 0.5% to $40.9/bbl. whilst WTI crude oil spot prices rose by 2.4% to $40.2/bbl. On a one-year basis, the Energy sector is down by 40.7%. Livestock was the best performing sector, rising by 13.8% in Q3 2020. Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview Hedge fund performance was positive across all strategies in the third quarter. Over the quarter, Fixed Income/Convertible Arbitrage and Equity Hedge strategies were the best performers, returning 6.6% and 6.0% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 4.2% and 4.1% respectively. Page 108 This Page Left Blank Intentionally Writeup Page 109 Glossary Page 110 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 111 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 112 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 113 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 114 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 115 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 116 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 117 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 118 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 119 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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