Loading...
2019 1st Quarter ReportVisit the Aon Retirement and Investment Blog (https://retirement-investment-insights.aon.com); sharing our best thinking. MSD Deferred Compensation Plan | First Quarter 2019 Quarterly Investment Review Executive Summary Page 1 Deferred Compensation Summary Page 7 Tier I Page 17 Tier II Page 65 Tier III Page 81 Appendix Page 99 Market Environment Page 101 Glossary Page 113 Table Of Contents Executive Summary Page 1 Aon Happenings New Thought Leadership Hub Aon’s Retirement & Investment practice has launched a new Thought Leadership Hub to house much of our intellectual capital Check it out at https://retirement-investment-insights.aon.com/ Did you know? Aon recently completed our triennial study on the retirement readiness of American workers, “The Real Deal.”1 Key findings include: Only 1 in 3 workers will have saved enough to retire comfortably by age 67 70 is the age at which the median employee is expected to be financially ready to retire 11.1 is the multiple of pay at an age 67 retirement the average employee needs to maintain their standard of living in retirement 16% is the proportion of pay, from both employer contributions and employee savings, the average employee needs to defer beginning at age 25 to accumulate 11.1 times pay at age 67 Ask your Aon consultant if you want our experts to analyze your plan population for retirement readiness and review opportunities to improve Aon’s 2019 Retirement & Investment Client Conference Mark your calendar for September 25-26, 2019, when Aon will be hosting our Client Conference in Chicago. We’ll provide more details, such as the agenda and speakers, as the event gets closer. 1The Real Deal: 2018 Retirement Income Adequacy Study. https://retirement-investment-insights.aon.com/retirement-investment-insights/real-deal-2018-retirement-income-study Your new Aon Client Portal is here! On the portal, you’ll be able to securely access: Documents shared by your consultant Thought leadership Over 2/3 of Aon’s investment consulting clients are using the Portal as of 4/4/2019. Please give us feedback on what you think or if you want to review whether it might help your investment program. Page 2 Thought Leadership Highlights Current Topics of Interest First Quarter 2019 Market Review and Outlook Link Newsletters: Pathways Newsletter for Retirement Plans | CIO Newsletter | Connections Newsletter for Non-Profits | Legal Consulting and Compliance Newsletter White Papers All Investors: Cyber Risk Exposure from Third-party Asset Managers Link All Investors: Global Invested Capital Markets Link All Investors: Key Considerations for Responsible Investing Initiatives Link All Investors: What is Different about this Commercial Real Estate Cycle?Link All Investors: Bank Capital Relief Link All Investors: Debating Active vs. Passive Link All Investors: Making Portfolios More Fee-Efficient Link All Investors: The Real Deal Link All Investors ex-DC: Alternative Premia, Alternative Price Link All investors ex-DC: Direct Lending: An Investment Opportunity Within Private Debt Link All Investors ex-DC: When Opportunity Knocks Again: Ideas for Incorporating Opportunistic Flexibility Into Asset Allocation Link All Investors ex-DC: Why Diversify Now?Link DC: DC Case Study Improving Participant Experience Link DC: Government, Education, and Utility Sectors Could be fit for an ‘Aggressive’ Target Date Fund Glide Path Link DC: How to Offer 403(b) Participants a Secure Retirement Income Link DC: Living the Dream: Aon DC and Financial Wellbeing Employee Survey 2018 Link DC: Why Target Date Funds Should be Lower Risk for Populations without Defined Benefit Plans Link Health Care: Managing Health Care Reserves: Aligning Operating Assets with Broader Organizational Goals Link Non-Profit: Key Components of Effective Investment Policy Statements for Non-Profit Organizations Link Private DB: Retiree Lump Sum Windows Back on the Table -Navigating Risk Management Options (webinar replay)Link Thought Leadership Hub https://retirement-investment-insights.aon.com/ Opinions,estimates,forecasts,and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.The views and strategies described may not be suitable for all investors.References to specific securities,asset classes,and financial markets are for illustrative purposes only and are not intended to be,and should not be interpreted as,recommendations. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights 13.6%14.6% 10.0%9.9% 2.9% 4.6% 7.9%7.3%6.3% 9.5% 2.0% -3.7% -7.4% 4.5% 6.2%4.6%5.9% -5.3% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Mark et s Bloo mberg Barclays U.S. Aggregate Bloo mberg Barcla ys U.S. Lo ng G ov 't Bloo mberg Barclays U.S. Lo ng C re dit Bloo mberg Barclays U.S. High Yield Bloo mberg Commodity Index SHORT TERM RETURNS AS OF 03/31/2019 First Qua rt er 201 9 On e-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg 10.9% 7.1% 2.3%3.7%2.7% 5.4%5.4%4.7% -8.9% 15.9%15.4% 9.0%8.9% 3.8%5.2% 9.0% 11.3% -2.6% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% 20 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Mark et s Bloo mberg Barclays U.S. Aggregate Bloo mberg Barcla ys U.S. Lo ng G ov 't Bloo mberg Barclays U.S. Lo ng C re dit Bloo mberg Barclays U.S. High Yield Bloo mberg Commodity Index LONG TERM ANNUALIZE D RETURNS AS OF 03/31/2019 Five-Year Ten-Year Sourc e:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg Page 4 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Market Highlights First Quarter 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country W orld IMI 12.29%1.89%10.58%6.33%12.27% MSCI All Country W orld 12.18%2.60%10.67%6.45%11.98% Dow J ones U.S. Total Stock Market 14.04%8.66%13.45%10.29%16.01% Russell 3000 14.04%8.77%13.48%10.36%16.00% S&P 500 13.65%9.50%13.51%10.91%15.92% Russell 2000 14.58%2.05%12.92%7.05%15.36% MSCI All Country W orld ex-U.S. IMI 10.30%-4.96%7.94%2.66%9.20% MSCI All Country W orld ex-U.S.10.31%-4.22%8.09%2.57%8.85% MSCI EAFE 9.98%-3.71%7.27%2.33%8.96% MSCI EAFE (Local Currency)10.59%2.83%8.53%5.98%9.75% MSCI Emerging Markets 9.92%-7.41%10.68%3.68%8.94% Fixed Income Bloomberg Barclays Global Aggr egate 2.20%-0.38%1.49%1.04%3.05% Bloomberg Barclays U.S. Aggregate 2.94%4.48%2.03%2.74%3.77% Bloomberg Barclays U.S. Long Gov't 4.64%6.20%1.54%5.43%5.19% Bloomberg Barclays U.S. Long Credit 7.86%4.58%5.21%5.38%9.00% Bloomberg Barclays U.S. Long Gov't/Credit 6.45%5.24%3.75%5.35%7.23% Bloomberg Barclays U.S. TIPS 3.19%2.70%1.70%1.94%3.41% Bloomberg Barclays U.S. High Yield 7.26%5.93%8.56%4.68%11.26% Bloomberg Barclays Global Treasury ex U.S.1.39%-3.81%0.91%0.09%2.18% JP Morgan EMBI Global (Emerging Markets)6.59%3.52%5.20%4.80%8.12% Commo dities Bloomberg Commodity Index 6.32%-5.25%2.22%-8.92%-2.56% Goldman Sachs Commo dity Inde x 14.97%-3.04%6.18%-12.61%-3.37% Hedge Funds HFRI Fund-Weighted Compo site2 5.88%0.90%5.12%3.06%5.48% HFRI Fund of Funds 2 4.99%0.49%4.05%2.27%3.58% Real Estate NAREIT U.S. Equity REITS 16.33%20.86%6.13%9.12%18.28% NCREIF NFI - ODCE 1.42%7.52%7.97%10.17%8.74% FTSE Glo ba l Core Infrastructur e Index 14.30%17.72%11.34%8.69%12.92% Private Equity Burgiss Private iQ Global Private Equi ty3 0.00%17.51%12.00%13.67%9.75% MSCI Indices show net total returns. All othe r indices show gross total returns . 1 Periods are annua lized. 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 June 30, 2018 Returns of the Major Capital Markets Period Ending 03/31/2019 Page 5 Page 6 Deferred Compensation Summary Page 7 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 68,037,786 100.0 Tier I 18,069,217 26.6 Vanguard Institutional Target Retirement Income Fund 1,050,240 1.5 5.6 (62)4.0 (4)5.0 (73)-- Vanguard Target Income Composite Index 5.6 (61)4.1 (4)5.0 (65)-- Vanguard Institutional Target Retirement 2015 Fund 955,886 1.4 6.5 (81)3.9 (33)6.3 (54)-- Vanguard Target 2015 Composite Index 6.5 (78)4.1 (31)6.4 (50)-- Vanguard Institutional Target Retirement 2020 Fund 2,803,641 4.1 7.8 (46)3.9 (37)7.4 (29)-- Vanguard Target 2020 Composite Index 7.9 (36)4.1 (30)7.6 (21)-- Vanguard Institutional Target Retirement 2025 Fund 5,359,412 7.9 8.8 (34)3.9 (38)8.2 (31)-- Vanguard Target 2025 Composite Index 8.9 (26)4.1 (31)8.4 (25)-- Vanguard Institutional Target Retirement 2030 Fund 2,901,748 4.3 9.6 (55)3.8 (37)8.9 (35)-- Vanguard Target 2030 Composite Index 9.6 (53)4.0 (31)9.1 (33)-- Vanguard Institutional Target Retirement 2035 Fund 3,012,482 4.4 10.3 (60)3.6 (32)9.6 (40)-- Vanguard Target 2035 Composite Index 10.3 (59)3.9 (24)9.7 (37)-- Vanguard Institutional Target Retirement 2040 Fund 2,495,866 3.7 11.0 (62)3.4 (32)10.2 (27)-- Vanguard Target 2040 Composite Index 11.0 (60)3.7 (26)10.4 (25)-- Vanguard Institutional Target Retirement 2045 Fund 3,572,364 5.3 11.5 (51)3.3 (36)10.5 (26)-- Vanguard Target 2045 Composite Index 11.6 (49)3.6 (26)10.6 (21)-- Vanguard Institutional Target Retirement 2050 Fund 2,205,197 3.2 11.5 (58)3.3 (34)10.5 (38)-- Vanguard Target 2050 Composite Index 11.6 (55)3.6 (28)10.6 (21)-- Vanguard Institutional Target Retirement 2055 Fund 925,256 1.4 11.5 (63)3.4 (33)10.5 (44)-- Vanguard Target 2055 Composite Index 11.6 (62)3.6 (28)10.6 (27)-- Vanguard Institutional Target Retirement 2060 Fund 403,779 0.6 11.5 (77)3.3 (29)10.5 (55)-- Vanguard Target 2060 Composite Index 11.6 (76)3.6 (19)10.6 (38)-- Vanguard Institutional Target Retirement 2065 Fund 13,040 0.0 11.5 (77)3.3 (31)--- Vanguard Target 2065 Composite Index 11.6 (76)3.6 (19)--- Asset Allocation & Performance As of March 31, 2019 Page 8 Asset Allocation & Performance As of March 31, 2019 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 24,646,429 36.2 Vanguard Institutional Index Fund 10,153,586 14.9 13.7 (48)9.5 (42)13.5 (44)10.9 (37)15.9 (33) S&P 500 Index 13.6 (48)9.5 (42)13.5 (43)10.9 (37)15.9 (33) Vanguard Mid-Cap Index Fund 4,033,658 5.9 16.8 (37)6.0 (44)11.6 (51)8.8 (38)16.7 (20) Vanguard Spliced Mid Cap Index 16.8 (37)6.0 (44)11.6 (50)8.9 (37)16.7 (18) Vanguard Small-Cap Index Fund 3,331,932 4.9 16.2 (9)5.6 (13)12.8 (22)7.9 (19)17.0 (20) Vanguard Spliced Small Cap Index 16.2 (9)5.6 (13)12.8 (22)7.9 (20)16.9 (21) Vanguard Total Bond Market Index Fund 3,530,018 5.2 2.9 (76)4.5 (27)2.0 (71)2.7 (51)3.7 (77) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.0 (69)4.5 (26)2.0 (64)2.7 (44)3.8 (72) Vanguard Balanced Index Fund 5,024,017 7.4 9.6 (41)7.4 (5)9.0 (32)7.4 (5)11.2 (28) Vanguard Balanced Composite Index 9.6 (41)7.4 (5)9.0 (30)7.5 (5)11.4 (26) Tier III 23,943,057 35.2 Vanguard Windsor II Fund 8,811,069 13.0 12.0 (37)5.5 (47)10.7 (54)7.3 (62)14.0 (49) Russell 1000 Value Index 11.9 (38)5.7 (45)10.5 (62)7.7 (51)14.5 (35) Vanguard U.S. Growth Fund 6,406,283 9.4 16.2 (47)12.2 (51)16.7 (42)13.4 (34)16.9 (41) Russell 1000 Growth Index 16.1 (50)12.7 (41)16.5 (44)13.5 (32)17.5 (19) Vanguard International Growth Fund 3,713,808 5.5 14.9 (5)-2.9 (39)14.3 (1)6.8 (6)12.4 (1) Vanguard Spliced International Index 10.3 (87)-4.2 (53)8.1 (38)2.6 (57)8.2 (69) Vanguard Prime Money Market Fund 2,428,200 3.6 0.6 (14)2.2 (13)1.3 (10)0.8 (12)0.4 (15) ICE BofAML 3 Month U.S. T-Bill 0.6 (15)2.1 (15)1.2 (16)0.7 (17)0.4 (18) Vanguard Retirement Savings Trust III 3,498,986 5.1 0.6 (8)2.3 (10)2.1 (1)2.1 (1)2.4 (9) ICE BofAML 3 Month U.S. T-Bill 0.6 (8)2.1 (29)1.2 (98)0.7 (100)0.4 (100) Tier IV 1,379,082 2.0 Loan Fund 1,379,082 2.0 ----- Page 9 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund -2.0 (18)8.5 (72)5.3 (75)----- Vanguard Target Income Composite Index -2.0 (15)8.7 (71)5.4 (74)----- Vanguard Institutional Target Retirement 2015 Fund -2.9 (17)11.5 (50)6.3 (64)----- Vanguard Target 2015 Composite Index -2.9 (14)11.6 (46)6.4 (55)----- Vanguard Institutional Target Retirement 2020 Fund -4.2 (44)14.1 (19)7.0 (34)----- Vanguard Target 2020 Composite Index -4.1 (41)14.2 (16)7.2 (31)----- Vanguard Institutional Target Retirement 2025 Fund -5.0 (42)15.9 (28)7.6 (21)----- Vanguard Target 2025 Composite Index -5.0 (42)16.1 (26)7.7 (20)----- Vanguard Institutional Target Retirement 2030 Fund -5.8 (41)17.6 (37)8.0 (35)----- Vanguard Target 2030 Composite Index -5.7 (39)17.7 (36)8.1 (32)----- Vanguard Institutional Target Retirement 2035 Fund -6.6 (32)19.1 (39)8.4 (39)----- Vanguard Target 2035 Composite Index -6.5 (31)19.2 (37)8.6 (32)----- Vanguard Institutional Target Retirement 2040 Fund -7.3 (34)20.7 (31)8.8 (30)----- Vanguard Target 2040 Composite Index -7.2 (32)20.9 (28)9.0 (25)----- Vanguard Institutional Target Retirement 2045 Fund -7.9 (37)21.5 (26)8.9 (35)----- Vanguard Target 2045 Composite Index -7.8 (35)21.5 (24)9.1 (30)----- Vanguard Institutional Target Retirement 2050 Fund -7.9 (35)21.5 (40)8.9 (36)----- Vanguard Target 2050 Composite Index -7.8 (33)21.5 (33)9.1 (32)----- Vanguard Institutional Target Retirement 2055 Fund -7.8 (31)21.5 (51)8.9 (32)----- Vanguard Target 2055 Composite Index -7.8 (30)21.5 (45)9.1 (30)----- Vanguard Institutional Target Retirement 2060 Fund -7.9 (30)21.4 (69)8.9 (31)----- Vanguard Target 2060 Composite Index -7.8 (27)21.5 (63)9.1 (26)----- Vanguard Institutional Target Retirement 2065 Fund -7.8 (29)------- Vanguard Target 2065 Composite Index -7.8 (27)------- Asset Allocation & Performance As of March 31, 2019 Page 10 Asset Allocation & Performance As of March 31, 2019 Performance(%) 2018 2017 2016 2015 2014 2013 2012 2011 Tier II Vanguard Institutional Index Fund -4.4 (49)21.8 (51)11.9 (31)1.4 (48)13.7 (19)32.3 (56)16.0 (47)2.1 (24) S&P 500 Index -4.4 (48)21.8 (51)12.0 (31)1.4 (47)13.7 (19)32.4 (56)16.0 (46)2.1 (24) Vanguard Mid-Cap Index Fund -9.2 (49)19.3 (48)11.2 (56)-1.3 (41)13.8 (9)35.2 (51)16.0 (44)-2.0 (41) Vanguard Spliced Mid Cap Index -9.2 (49)19.3 (48)11.2 (56)-1.3 (40)13.8 (9)35.2 (51)16.0 (43)-1.9 (39) Vanguard Small-Cap Index Fund -9.3 (24)16.2 (20)18.3 (79)-3.6 (32)7.5 (10)37.8 (59)18.2 (26)-2.7 (45) Vanguard Spliced Small Cap Index -9.3 (24)16.2 (20)18.3 (79)-3.7 (33)7.5 (10)37.8 (59)18.2 (26)-2.8 (46) Vanguard Total Bond Market Index Fund 0.0 (21)3.6 (62)2.6 (65)0.4 (46)5.9 (41)-2.1 (71)4.2 (79)7.7 (20) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -0.1 (24)3.6 (57)2.8 (61)0.4 (41)5.9 (45)-2.0 (62)4.3 (77)7.9 (10) Vanguard Balanced Index Fund -2.8 (14)13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40)11.5 (58)4.3 (7) Vanguard Balanced Composite Index -2.8 (14)13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39)11.7 (56)4.7 (6) Tier III Vanguard Windsor II Fund -8.5 (50)16.9 (46)13.5 (67)-3.1 (49)11.3 (50)30.8 (78)16.8 (40)2.8 (24) Russell 1000 Value Index -8.3 (48)13.7 (83)17.3 (25)-3.8 (68)13.5 (11)32.5 (49)17.5 (29)0.4 (43) Vanguard U.S. Growth Fund 0.7 (34)31.8 (30)-0.6 (79)8.6 (21)13.2 (27)35.7 (33)18.5 (20)-0.5 (47) Russell 1000 Growth Index -1.5 (61)30.2 (47)7.1 (8)5.7 (55)13.1 (28)33.5 (57)15.3 (54)2.6 (15) Vanguard International Growth Fund -12.6 (34)43.2 (1)1.8 (26)-0.5 (56)-5.5 (73)23.1 (8)20.2 (49)-13.6 (75) Vanguard Spliced International Index -14.2 (49)27.2 (53)4.5 (17)-5.7 (90)-3.9 (30)15.3 (81)16.8 (75)-13.7 (77) Vanguard Prime Money Market Fund 2.0 (12)1.0 (11)0.5 (5)0.0 (20)0.0 (53)0.0 (31)0.0 (29)0.0 (26) ICE BofAML 3 Month U.S. T-Bill 1.9 (15)0.9 (17)0.3 (15)0.1 (20)0.0 (17)0.1 (11)0.1 (17)0.1 (14) Vanguard Retirement Savings Trust III 2.2 (3)1.9 (1)2.0 (1)2.0 (1)2.0 (5)1.9 (20)2.5 (16)3.1 (23) ICE BofAML 3 Month U.S. T-Bill 1.9 (48)0.9 (100)0.3 (100)0.1 (100)0.0 (100)0.1 (93)0.1 (100)0.1 (100) Tier IV Loan Fund -------- Page 11 4.8 5.4 6.0 6.6 7.2 7.8 8.4 9.0 9.6 10.2 10.8 11.4 Return (%)0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7 12.6 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 March 31, 2019 Calculation based on monthly periodicity. Page 12 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 13.5 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Total Bond Market Index Fund Vanguard Small-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier II Funds Risk and Return 3 Years Ending March 31, 2019 Calculation based on monthly periodicity. Page 13 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 13.5 15.0 16.5 18.0 19.5 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust III Vanguard Prime Money Market Fund Vanguard International Growth Fund Tier III Funds Risk and Return 3 Years Ending March 31, 2019 Calculation based on monthly periodicity. Page 14 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 31,264,457 46.0 3,432,277 5.0 3,381,080 5.0 3,631,231 5.3 22,901,652 33.7 3,427,088 5.0 68,037,786 100.0 Tier I 18,069,217 100.0 18,069,217 26.6 Vanguard Institutional Target Retirement Income Fund 1,005,953 100.0 1,005,953 1.5 Vanguard Institutional Target Retirement 2015 Fund 949,981 100.0 949,981 1.4 Vanguard Institutional Target Retirement 2020 Fund 2,663,986 100.0 2,663,986 3.9 Vanguard Institutional Target Retirement 2025 Fund 4,821,489 100.0 4,821,489 7.1 Vanguard Institutional Target Retirement 2030 Fund 2,293,164 100.0 2,293,164 3.4 Vanguard Institutional Target Retirement 2035 Fund 1,952,933 100.0 1,952,933 2.9 Vanguard Institutional Target Retirement 2040 Fund 1,320,053 100.0 1,320,053 1.9 Vanguard Institutional Target Retirement 2045 Fund 1,618,398 100.0 1,618,398 2.4 Vanguard Institutional Target Retirement 2050 Fund 1,031,663 100.0 1,031,663 1.5 Vanguard Institutional Target Retirement 2055 Fund 253,436 100.0 253,436 0.4 Vanguard Institutional Target Retirement 2060 Fund 154,617 100.0 154,617 0.2 Vanguard Institutional Target Retirement 2065 Fund 3,543 100.0 3,543 0.0 Tier II 16,432,914 66.7 3,381,080 13.7 4,832,435 19.6 24,646,429 36.2 Vanguard Institutional Index Fund 9,568,593 100.0 9,568,593 14.1 Vanguard Mid-Cap Index Fund 3,719,626 100.0 3,719,626 5.5 Vanguard Small-Cap Index Fund 3,144,695 100.0 3,144,695 4.6 Vanguard Total Bond Market Index Fund 3,381,080 100.0 3,381,080 5.0 Vanguard Balanced Index Fund 4,832,435 100.0 4,832,435 7.1 Tier III 14,831,544 61.9 3,432,277 14.3 2,252,149 9.4 3,427,088 14.3 23,943,057 35.2 Vanguard Windsor II Fund 8,644,879 100.0 8,644,879 12.7 Vanguard U.S. Growth Fund 6,186,665 100.0 6,186,665 9.1 Vanguard International Growth Fund 3,432,277 100.0 3,432,277 5.0 Vanguard Prime Money Market Fund 2,252,149 100.0 2,252,149 3.3 Vanguard Retirement Savings Trust III 3,427,088 100.0 3,427,088 5.0 Tier IV 1,379,082 100.0 1,379,082 2.0 Loan Fund 1,379,082 100.0 1,379,082 2.0 Total Deferred Compensation Asset Allocation As of March 31, 2019 ($) Page 15 This Page Left Blank Intentionally Page 16 Tier I Page 17 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement Income Fund Performance Summary Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 3.0 6.0 9.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 5.6 5.6 4.1 5.0 4.4 5.6 5.6 4.0 5.0 4.3 Product Name :Vanguard ITR Inc;Inst (VITRX) Fund Family :Vanguard Group Inc Ticker :VITRX Peer Group :IM Retirement Income (MF) Benchmark :Vanguard Target Income Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$5,991.90 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement Income Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 1.00 Page 18 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement Income Fund 5.6 (62)5.6 (62)4.0 (4)5.0 (73)-2.0 (18)8.5 (72)¢ Vanguard Target Income Composite Index 5.6 (61)5.6 (61)4.1 (4)5.0 (65)-2.0 (15)8.7 (71)˜ 5th Percentile 7.6 7.6 3.8 7.6 -1.8 14.0 1st Quartile 7.0 7.0 3.0 6.9 -2.2 12.5 Median 6.2 6.2 2.9 5.9 -3.7 10.8 3rd Quartile 4.5 4.5 2.7 4.9 -4.7 8.2 95th Percentile 4.4 4.4 1.4 3.7 -6.6 5.5 Population 17 17 17 17 17 17 Peer Group Analysis As of March 31, 2019 IM Retirement Income (MF) Parentheses contain percentile rankings. Page 19 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 0.7 1.4 2.1 2.8 3.5 4.2 4.9 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.08 0.17 -0.48 1.00 1.07 -0.08 1.00 4.96 3.47 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 1.10 0.00 1.00 5.04 3.47 1.00 FTSE 3 Month T-Bill -3.82 3.48 -1.10 0.00 N/A 1.18 0.00 1.17 0.22 -0.04 Vanguard Institutional Target Retirement Income Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement Income Fund Page 20 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.0% 1.0% 30.0% 69.0% Fund Characteristics As of 02/28/2019 Total Securities 6 Avg. Market Cap $37,331.75 Million P/E 7.04 P/B 1.58 Div. Yield 0.87% Annual EPS 7.99 5Yr EPS 3.50 3Yr EPS Growth 4.20 Sector/Quality Allocation As of 02/28/2019 0.0%3.0%6.0%9.0%12.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 6.5% 4.5% 4.1% 3.6% 3.4% 3.1% 1.7% 1.3% 1.0% 0.8% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of March 31, 2019 Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2015 Fund Performance Summary Vanguard Institutional Target Retirement 2015 Fund Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 6.5 6.5 4.1 6.4 5.2 6.5 6.5 3.9 6.3 5.1 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$8,497.20 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2015 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 1.00 Page 22 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2015 Fund 6.5 (81)6.5 (81)3.9 (33)6.3 (54)-2.9 (17)11.5 (50)¢ Vanguard Target 2015 Composite Index 6.5 (78)6.5 (78)4.1 (31)6.4 (50)-2.9 (14)11.6 (46)˜ 5th Percentile 7.8 7.8 4.7 7.4 -2.7 14.0 1st Quartile 7.4 7.4 4.3 6.7 -3.0 12.5 Median 6.9 6.9 3.3 6.4 -3.7 11.5 3rd Quartile 6.6 6.6 3.1 5.8 -4.4 10.8 95th Percentile 5.8 5.8 2.8 5.0 -5.1 8.7 Population 25 25 25 25 26 26 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 23 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.11 0.22 -0.49 1.00 1.16 -0.05 0.99 6.33 4.37 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 1.17 0.00 1.00 6.44 4.40 1.00 FTSE 3 Month T-Bill -5.19 4.43 -1.17 0.01 N/A 1.20 0.00 1.17 0.22 -0.10 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2015 Fund Page 24 Asset Allocation As of 02/28/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.0% 0.7% 39.0% 60.3% Fund Characteristics As of 02/28/2019 Total Securities 6 Avg. Market Cap $48,564.94 Million P/E 9.15 P/B 2.05 Div. Yield 1.14% Annual EPS 10.39 5Yr EPS 4.55 3Yr EPS Growth 5.46 Sector/Quality Allocation As of 02/28/2019 0.0%4.0%8.0%12.0%16.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 8.5% 5.9% 5.3% 4.6% 4.4% 4.1% 2.3% 1.7% 1.2% 1.0% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of March 31, 2019 Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2020 Fund Performance Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 3.0 6.0 9.0 12.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 7.9 7.9 4.1 7.6 5.9 7.8 7.8 3.9 7.4 5.7 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$23,259.00 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2020 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 26 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2020 Fund 7.8 (46)7.8 (46)3.9 (37)7.4 (29)-4.2 (44)14.1 (19)¢ Vanguard Target 2020 Composite Index 7.9 (36)7.9 (36)4.1 (30)7.6 (21)-4.1 (41)14.2 (16)˜ 5th Percentile 8.5 8.5 5.0 7.9 -2.8 15.3 1st Quartile 8.1 8.1 4.2 7.4 -3.8 13.9 Median 7.6 7.6 3.5 6.7 -4.3 13.1 3rd Quartile 7.0 7.0 2.9 6.3 -5.2 12.1 95th Percentile 5.5 5.5 2.1 5.0 -6.2 8.4 Population 39 39 39 39 40 40 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2020 (MF) Parentheses contain percentile rankings. Page 27 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.14 0.26 -0.53 1.00 1.10 -0.11 1.00 7.42 5.58 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 1.12 0.00 1.00 7.57 5.59 1.00 FTSE 3 Month T-Bill -6.30 5.62 -1.12 0.01 N/A 1.21 0.00 1.17 0.22 -0.11 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2020 Fund Page 28 Asset Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.7% 47.2% 52.1% Fund Characteristics As of 02/28/2019 Total Securities 6 Avg. Market Cap $64,922.20 Million P/E 12.24 P/B 2.74 Div. Yield 1.52% Annual EPS 13.88 5Yr EPS 6.07 3Yr EPS Growth 7.30 Sector/Quality Allocation As of 02/28/2019 0.0%5.0%10.0%15.0%20.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 11.3% 7.8% 7.1% 6.2% 5.9% 5.4% 3.0% 2.2% 1.7% 1.3% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of March 31, 2019 Page 29 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2025 Fund Performance Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 8.9 8.9 4.1 8.4 6.4 8.8 8.8 3.9 8.2 6.2 Product Name :Vanguard ITR 2025;Inst (VRIVX) Fund Family :Vanguard Group Inc Ticker :VRIVX Peer Group :IM Mixed-Asset Target 2025 (MF) Benchmark :Vanguard Target 2025 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$30,689.60 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :9% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 30 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2025 Fund 8.8 (34)8.8 (34)3.9 (38)8.2 (31)-5.0 (42)15.9 (28)¢ Vanguard Target 2025 Composite Index 8.9 (26)8.9 (26)4.1 (31)8.4 (25)-5.0 (42)16.1 (26)˜ 5th Percentile 9.6 9.6 4.7 8.7 -3.2 17.1 1st Quartile 8.9 8.9 4.2 8.3 -4.4 16.1 Median 8.6 8.6 3.4 7.7 -5.3 15.2 3rd Quartile 8.1 8.1 2.9 7.1 -6.0 13.7 95th Percentile 6.1 6.1 2.3 5.5 -6.5 10.7 Population 40 40 40 40 41 41 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2025 (MF) Parentheses contain percentile rankings. Page 31 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.12 0.31 -0.41 1.00 1.08 -0.10 1.00 8.25 6.44 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 1.10 0.00 1.00 8.38 6.46 1.00 FTSE 3 Month T-Bill -7.11 6.49 -1.10 0.01 N/A 1.21 0.00 1.17 0.22 -0.12 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2025 Fund Page 32 Asset Allocation As of 02/28/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.7% 38.1% 61.1% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $76,433.88 Million P/E 14.37 P/B 3.22 Div. Yield 1.78% Annual EPS 16.29 5Yr EPS 7.13 3Yr EPS Growth 8.56 Sector/Quality Allocation As of 02/28/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 13.3% 9.2% 8.3% 7.3% 6.9% 6.3% 3.6% 2.6% 2.0% 1.5% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of March 31, 2019 Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2030 Fund Performance Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 9.6 9.6 4.0 9.1 6.7 9.6 9.6 3.8 8.9 6.6 Product Name :Vanguard ITR 2030;Inst (VTTWX) Fund Family :Vanguard Group Inc Ticker :VTTWX Peer Group :IM Mixed-Asset Target 2030 (MF) Benchmark :Vanguard Target 2030 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$28,712.50 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 34 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2030 Fund 9.6 (55)9.6 (55)3.8 (37)8.9 (35)-5.8 (41)17.6 (37)¢ Vanguard Target 2030 Composite Index 9.6 (53)9.6 (53)4.0 (31)9.1 (33)-5.7 (39)17.7 (36)˜ 5th Percentile 10.5 10.5 4.8 9.6 -4.2 19.2 1st Quartile 10.0 10.0 4.2 9.3 -5.2 18.3 Median 9.6 9.6 3.3 8.5 -6.2 17.2 3rd Quartile 9.0 9.0 2.5 7.9 -7.0 15.8 95th Percentile 7.5 7.5 1.9 6.8 -8.1 13.4 Population 41 41 41 41 42 42 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2030 (MF) Parentheses contain percentile rankings. Page 35 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.13 0.35 -0.38 1.00 1.06 -0.12 1.00 8.92 7.18 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 1.08 0.00 1.00 9.06 7.18 1.00 FTSE 3 Month T-Bill -7.79 7.22 -1.08 0.02 N/A 1.21 0.00 1.17 0.22 -0.13 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2030 Fund Page 36 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.7% 30.9% 68.4% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $85,434.59 Million P/E 16.07 P/B 3.60 Div. Yield 1.99% Annual EPS 18.22 5Yr EPS 7.97 3Yr EPS Growth 9.58 Sector/Quality Allocation As of 02/28/2019 0.0%6.0%12.0%18.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 14.8% 10.3% 9.3% 8.2% 7.7% 7.1% 4.0% 2.9% 2.2% 1.7% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of March 31, 2019 Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2035 Fund Performance Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 10.3 10.3 3.9 9.7 7.1 10.3 10.3 3.6 9.6 6.9 Product Name :Vanguard ITR 2035;Inst (VITFX) Fund Family :Vanguard Group Inc Ticker :VITFX Peer Group :IM Mixed-Asset Target 2035 (MF) Benchmark :Vanguard Target 2035 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$26,191.20 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 38 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2035 Fund 10.3 (60)10.3 (60)3.6 (32)9.6 (40)-6.6 (32)19.1 (39)¢ Vanguard Target 2035 Composite Index 10.3 (59)10.3 (59)3.9 (24)9.7 (37)-6.5 (31)19.2 (37)˜ 5th Percentile 11.8 11.8 4.8 10.7 -5.7 21.1 1st Quartile 10.9 10.9 3.8 9.9 -6.3 20.0 Median 10.4 10.4 3.2 9.2 -7.2 18.9 3rd Quartile 10.1 10.1 2.6 8.7 -7.6 18.0 95th Percentile 9.3 9.3 1.7 7.9 -8.7 16.0 Population 38 38 38 38 39 39 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2035 (MF) Parentheses contain percentile rankings. Page 39 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.13 0.39 -0.34 1.00 1.05 -0.12 1.00 9.58 7.92 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 1.06 0.00 1.00 9.73 7.92 1.00 FTSE 3 Month T-Bill -8.46 7.96 -1.06 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2035 Fund Page 40 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.7% 23.7% 75.6% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $94,454.48 Million P/E 17.77 P/B 3.98 Div. Yield 2.20% Annual EPS 20.14 5Yr EPS 8.82 3Yr EPS Growth 10.59 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 16.4% 11.4% 10.3% 9.0% 8.5% 7.8% 4.4% 3.2% 2.4% 1.9% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of March 31, 2019 Page 41 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2040 Fund Performance Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.0 11.0 3.7 10.4 7.4 11.0 11.0 3.4 10.2 7.2 Product Name :Vanguard ITR 2040;Inst (VIRSX) Fund Family :Vanguard Group Inc Ticker :VIRSX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$22,893.90 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 42 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2040 Fund 11.0 (62)11.0 (62)3.4 (32)10.2 (27)-7.3 (34)20.7 (31)¢ Vanguard Target 2040 Composite Index 11.0 (60)11.0 (60)3.7 (26)10.4 (25)-7.2 (32)20.9 (28)˜ 5th Percentile 12.2 12.2 4.8 10.8 -6.2 22.0 1st Quartile 11.6 11.6 3.8 10.3 -7.0 21.0 Median 11.2 11.2 3.3 9.7 -7.9 20.3 3rd Quartile 10.6 10.6 2.2 9.1 -8.5 18.8 95th Percentile 9.9 9.9 1.3 8.5 -9.5 16.3 Population 39 39 39 39 40 40 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2040 (MF) Parentheses contain percentile rankings. Page 43 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/18 9/18 12/18 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.12 0.45 -0.27 1.00 1.03 -0.14 1.00 10.25 8.70 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 1.05 0.00 1.00 10.38 8.67 1.00 FTSE 3 Month T-Bill -9.12 8.70 -1.05 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2040 Fund Page 44 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.6% 16.3% 83.0% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $103,666.43 Million P/E 19.50 P/B 4.37 Div. Yield 2.41% Annual EPS 22.11 5Yr EPS 9.68 3Yr EPS Growth 11.62 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 18.0% 12.5% 11.3% 9.9% 9.4% 8.6% 4.8% 3.5% 2.7% 2.1% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of March 31, 2019 Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2045 Fund Performance Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.6 11.6 3.6 10.6 7.6 11.5 11.5 3.3 10.5 7.4 Product Name :Vanguard ITR 2045;Inst (VITLX) Fund Family :Vanguard Group Inc Ticker :VITLX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$19,317.10 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 46 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2045 Fund 11.5 (51)11.5 (51)3.3 (36)10.5 (26)-7.9 (37)21.5 (26)¢ Vanguard Target 2045 Composite Index 11.6 (49)11.6 (49)3.6 (26)10.6 (21)-7.8 (35)21.5 (24)˜ 5th Percentile 12.6 12.6 4.9 11.0 -6.7 22.7 1st Quartile 12.0 12.0 3.7 10.5 -7.3 21.5 Median 11.5 11.5 3.2 10.1 -8.0 21.0 3rd Quartile 11.0 11.0 2.1 9.7 -8.9 19.8 95th Percentile 10.7 10.7 1.2 9.0 -9.8 18.4 Population 38 38 38 38 39 39 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2045 (MF) Parentheses contain percentile rankings. Page 47 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.11 0.46 -0.24 1.00 1.01 -0.10 1.00 10.49 9.15 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 1.02 0.00 1.00 10.62 9.14 1.00 FTSE 3 Month T-Bill -9.38 9.17 -1.02 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2045 Fund Page 48 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.6% 10.8% 88.5% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $110,459.67 Million P/E 20.80 P/B 4.66 Div. Yield 2.58% Annual EPS 23.59 5Yr EPS 10.32 3Yr EPS Growth 12.40 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.2% 13.3% 12.0% 10.6% 10.0% 9.2% 5.2% 3.8% 2.8% 2.2% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of March 31, 2019 Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2050 Fund Performance Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.6 11.6 3.6 10.6 7.6 11.5 11.5 3.3 10.5 7.4 Product Name :Vanguard ITR 2050;Inst (VTRLX) Fund Family :Vanguard Group Inc Ticker :VTRLX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$14,147.90 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 50 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2050 Fund 11.5 (58)11.5 (58)3.3 (34)10.5 (38)-7.9 (35)21.5 (40)¢ Vanguard Target 2050 Composite Index 11.6 (55)11.6 (55)3.6 (28)10.6 (21)-7.8 (33)21.5 (33)˜ 5th Percentile 12.8 12.8 4.8 11.1 -7.0 23.1 1st Quartile 12.1 12.1 3.8 10.6 -7.4 21.9 Median 11.6 11.6 3.2 10.3 -8.3 21.3 3rd Quartile 11.4 11.4 1.8 9.7 -9.2 20.2 95th Percentile 10.9 10.9 1.1 9.0 -10.2 18.5 Population 39 39 39 39 40 41 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2050 (MF) Parentheses contain percentile rankings. Page 51 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.13 0.47 -0.28 1.00 1.01 -0.13 1.00 10.47 9.15 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 1.02 0.00 1.00 10.62 9.14 1.00 FTSE 3 Month T-Bill -9.38 9.17 -1.02 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2050 Fund Page 52 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.6% 10.8% 88.5% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $110,358.97 Million P/E 20.79 P/B 4.66 Div. Yield 2.58% Annual EPS 23.59 5Yr EPS 10.32 3Yr EPS Growth 12.40 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.2% 13.3% 12.0% 10.5% 10.0% 9.2% 5.2% 3.8% 2.8% 2.2% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of March 31, 2019 Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2055 Fund Performance Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.6 11.6 3.6 10.6 7.6 11.5 11.5 3.4 10.5 7.4 Product Name :Vanguard ITR 2055;Inst (VIVLX) Fund Family :Vanguard Group Inc Ticker :VIVLX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$6,604.50 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 54 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2055 Fund 11.5 (63)11.5 (63)3.4 (33)10.5 (44)-7.8 (31)21.5 (51)¢ Vanguard Target 2055 Composite Index 11.6 (62)11.6 (62)3.6 (28)10.6 (27)-7.8 (30)21.5 (45)˜ 5th Percentile 13.1 13.1 4.7 11.1 -7.0 24.1 1st Quartile 12.3 12.3 3.9 10.6 -7.7 22.1 Median 11.9 11.9 3.1 10.4 -8.3 21.5 3rd Quartile 11.4 11.4 1.8 9.8 -9.3 20.5 95th Percentile 11.0 11.0 0.8 9.4 -10.5 19.3 Population 37 37 37 37 37 37 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2055 (MF) Parentheses contain percentile rankings. Page 55 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.12 0.47 -0.25 1.00 1.01 -0.09 1.00 10.49 9.13 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 1.02 0.00 1.00 10.62 9.14 1.00 FTSE 3 Month T-Bill -9.38 9.17 -1.02 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2055 Fund Page 56 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.6% 10.8% 88.5% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $110,289.51 Million P/E 20.78 P/B 4.65 Div. Yield 2.58% Annual EPS 23.58 5Yr EPS 10.32 3Yr EPS Growth 12.40 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.2% 13.3% 12.0% 10.5% 10.0% 9.2% 5.2% 3.8% 2.8% 2.2% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of March 31, 2019 Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2060 Fund Performance Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 11.6 11.6 3.6 10.6 7.6 11.5 11.5 3.3 10.5 7.3 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 :$1,981.80 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 0.99 Page 58 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 2018 2017 Vanguard Institutional Target Retirement 2060 Fund 11.5 (77)11.5 (77)3.3 (29)10.5 (55)-7.9 (30)21.4 (69)¢ Vanguard Target 2060 Composite Index 11.6 (76)11.6 (76)3.6 (19)10.6 (38)-7.8 (27)21.5 (63)˜ 5th Percentile 13.0 13.0 4.6 11.2 -7.2 23.3 1st Quartile 12.3 12.3 3.4 10.8 -7.7 22.0 Median 12.1 12.1 3.1 10.5 -8.2 21.7 3rd Quartile 11.6 11.6 2.0 10.4 -9.1 21.3 95th Percentile 10.7 10.7 1.0 9.3 -10.4 19.3 Population 14 14 14 14 14 14 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 59 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.13 0.47 -0.27 1.00 1.00 -0.16 1.00 10.47 9.18 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 1.02 0.00 1.00 10.62 9.14 1.00 FTSE 3 Month T-Bill -9.38 9.17 -1.02 0.02 N/A 1.21 0.00 1.17 0.22 -0.14 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of March 31, 2019Vanguard Institutional Target Retirement 2060 Fund Page 60 Asset Allocation As of 02/28/2019 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.6% 10.8% 88.5% Fund Characteristics As of 02/28/2019 Total Securities 5 Avg. Market Cap $110,282.23 Million P/E 20.78 P/B 4.65 Div. Yield 2.58% Annual EPS 23.58 5Yr EPS 10.32 3Yr EPS Growth 12.40 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.2% 13.3% 12.0% 10.5% 10.0% 9.2% 5.2% 3.8% 2.8% 2.2% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of March 31, 2019 Page 61 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Institutional Target Retirement 2065 Fund Performance Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year Inception 8/1/17 11.6 11.6 3.6 6.5 11.5 11.5 3.3 6.3 Product Name :Vanguard ITR 2065;Inst (VSXFX) Fund Family :Vanguard Group Inc Ticker :VSXFX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2065 Composite Index Fund Inception :07/12/2017 Portfolio Manager :Coleman/Nejman Total Assets :$166.70 Million Total Assets Date :03/31/2019 Gross Expense :0.09% Net Expense :0.09% Turnover :28% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % 12/17 3/18 6/18 9/18 12/18 3/19 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.99 1.00 1.01 7/17 10/17 1/18 4/18 7/18 10/18 1/19 3/19 1.00 Page 62 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 Return1 Quarter Year To Date 1 Year Vanguard Institutional Target Retirement 2065 Fund 11.5 (77)11.5 (77)3.3 (31)¢ Vanguard Target 2065 Composite Index 11.6 (76)11.6 (76)3.6 (19)˜ 5th Percentile 13.0 13.0 4.6 1st Quartile 12.3 12.3 3.4 Median 12.1 12.1 3.1 3rd Quartile 11.6 11.6 2.0 95th Percentile 10.7 10.7 1.0 Population 14 14 14 Peer Group Analysis As of March 31, 2019 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 12/31/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.5% 10.9% 88.5% Fund Characteristics As of 12/31/2018 Total Securities 6 Avg. Market Cap $102,648.94 Million P/E 19.73 P/B 4.45 Div. Yield 2.72% Annual EPS 21.65 5Yr EPS 10.86 3Yr EPS Growth 11.23 Sector/Quality Allocation As of 12/31/2018 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 19.1% 13.2% 11.8% 10.5% 10.3% 9.3% 5.0% 3.8% 2.9% 2.3% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of March 31, 2019 Page 64 Tier II Page 65 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 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 13.6 13.6 9.5 13.5 10.9 15.9 13.7 13.7 9.5 13.5 10.9 15.9 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard Group Inc Ticker :VINIX Peer Group :IM U.S. Large Cap Equity (MF) Benchmark :S&P 500 Index Fund Inception :07/31/1990 Portfolio Manager :Butler/Louie Total Assets :$114,379.90 Million Total Assets Date :03/31/2019 Gross Expense :0.04% Net Expense :0.04% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Page 66 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Institutional Index Fund 13.7 (48)13.7 (48)9.5 (42)13.5 (44)10.9 (37)15.9 (33)-4.4 (49)21.8 (51)11.9 (31)¢ S&P 500 Index 13.6 (48)13.6 (48)9.5 (42)13.5 (43)10.9 (37)15.9 (33)-4.4 (48)21.8 (51)12.0 (31)˜ 5th Percentile 17.7 17.7 15.6 19.2 14.4 18.4 3.0 34.8 18.3 1st Quartile 15.7 15.7 11.8 15.7 12.1 16.2 -1.3 27.6 12.9 Median 13.5 13.5 8.8 13.1 10.0 15.2 -4.6 21.9 9.5 3rd Quartile 12.1 12.1 5.9 11.2 8.2 14.0 -7.3 18.2 4.1 95th Percentile 10.0 10.0 1.4 8.7 6.2 12.1 -11.1 13.2 -1.9 Population 474 474 474 474 453 307 474 488 489 Peer Group Analysis As of March 31, 2019 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 67 Asset Allocation As of 02/28/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Cash Fixed Income Equities 0.0% 0.0% 0.0% 0.5% 99.6% Fund Characteristics As of 02/28/2019 Total Securities 511 Avg. Market Cap $203,273.84 Million P/E 25.24 P/B 6.77 Div. Yield 2.53% Annual EPS 31.60 5Yr EPS 15.71 3Yr EPS Growth 19.27 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 21.0% 18.2% 13.7% 13.3% 12.5% 7.8% 5.4% 3.2% 2.2% 2.0% Vanguard Institutional Index Fund Mutual Fund Attributes As of March 31, 2019 Page 68 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 16.8 16.8 6.0 11.6 8.9 16.716.8 16.8 6.0 11.6 8.8 16.7 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 :$40,666.10 Million Total Assets Date :03/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Page 69 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Mid-Cap Index Fund 16.8 (37)16.8 (37)6.0 (44)11.6 (51)8.8 (38)16.7 (20)-9.2 (49)19.3 (48)11.2 (56)¢ Vanguard Spliced Mid Cap Index 16.8 (37)16.8 (37)6.0 (44)11.6 (50)8.9 (37)16.7 (18)-9.2 (49)19.3 (48)11.2 (56)˜ 5th Percentile 23.2 23.2 15.5 19.8 12.5 17.6 0.6 31.3 23.7 1st Quartile 18.5 18.5 9.3 14.5 9.7 16.5 -4.9 24.5 17.4 Median 15.7 15.7 5.0 11.6 7.6 15.5 -9.7 18.7 12.1 3rd Quartile 13.7 13.7 0.2 8.9 5.8 14.1 -13.2 14.2 6.2 95th Percentile 11.0 11.0 -4.2 5.9 2.9 11.6 -18.8 9.0 1.0 Population 234 234 234 234 220 123 235 238 238 Peer Group Analysis As of March 31, 2019 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 70 Asset Allocation As of 02/28/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.8% 99.2% Fund Characteristics As of 02/28/2019 Total Securities 367 Avg. Market Cap $16,415.02 Million P/E 29.08 P/B 5.65 Div. Yield 2.39% Annual EPS 27.02 5Yr EPS 12.24 3Yr EPS Growth 15.79 Sector/Quality Allocation As of 02/28/2019 0.0%8.0%16.0%24.0%32.0% Financials Industrials Information Technology Consumer Discretionary Consumer Staples Health Care Utilities Energy Materials Non Classified Equity 19.8% 19.1% 16.2% 10.6% 9.3% 8.8% 5.9% 5.1% 3.5% 0.5% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of March 31, 2019 Page 71 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 16.2 16.2 5.6 12.8 7.9 16.916.2 16.2 5.6 12.8 7.9 17.0 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 :$36,502.30 Million Total Assets Date :03/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Page 72 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Small-Cap Index Fund 16.2 (9)16.2 (9)5.6 (13)12.8 (22)7.9 (19)17.0 (20)-9.3 (24)16.2 (20)18.3 (79)¢ Vanguard Spliced Small Cap Index 16.2 (9)16.2 (9)5.6 (13)12.8 (22)7.9 (20)16.9 (21)-9.3 (24)16.2 (20)18.3 (79)˜ 5th Percentile 17.9 17.9 13.2 19.3 9.4 18.3 0.6 25.8 34.3 1st Quartile 14.1 14.1 1.5 12.5 7.2 16.7 -9.7 14.3 27.5 Median 12.4 12.4 -1.6 10.2 5.2 15.4 -13.1 11.2 23.6 3rd Quartile 11.1 11.1 -4.9 8.2 3.5 13.9 -16.6 8.0 18.7 95th Percentile 7.7 7.7 -9.7 5.0 0.1 11.0 -22.7 3.1 8.2 Population 126 126 126 126 118 81 138 150 150 Peer Group Analysis As of March 31, 2019 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 73 Asset Allocation As of 02/28/2019 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 2.5% 97.4% Fund Characteristics As of 02/28/2019 Total Securities 1,393 Avg. Market Cap $4,709.54 Million P/E 28.28 P/B 5.14 Div. Yield 2.72% Annual EPS 22.42 5Yr EPS 13.52 3Yr EPS Growth 15.44 Sector/Quality Allocation As of 02/28/2019 0.0%10.0%20.0%30.0%40.0% Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Non Classified Equity 25.4% 19.3% 12.3% 11.7% 11.2% 6.4% 3.9% 3.2% 3.2% 0.5% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of March 31, 2019 Page 74 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard Total Bond Market Index Fund Performance Summary Vanguard Total Bond Market Index Fund Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 2.0 4.0 6.0 8.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 3.0 3.0 4.5 2.0 2.7 3.8 2.9 2.9 4.5 2.0 2.7 3.7 Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard Group Inc Ticker :VBTLX Peer Group :IM U.S. Broad Market Core Fixed Income (MF) Benchmark :Vanguard Splc Blmbg. Barc. US Agg Flt Adj Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$93,837.10 Million Total Assets Date :03/31/2019 Gross Expense :0.05% Net Expense :0.05% Turnover :54% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Page 75 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Total Bond Market Index Fund 2.9 (76)2.9 (76)4.5 (27)2.0 (71)2.7 (51)3.7 (77)0.0 (21)3.6 (62)2.6 (65)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.0 (69)3.0 (69)4.5 (26)2.0 (64)2.7 (44)3.8 (72)-0.1 (24)3.6 (57)2.8 (61)˜ 5th Percentile 3.9 3.9 4.9 3.3 3.2 6.0 0.6 5.1 5.2 1st Quartile 3.6 3.6 4.5 2.7 2.9 5.1 -0.1 4.2 3.8 Median 3.3 3.3 4.3 2.3 2.7 4.4 -0.5 3.8 3.0 3rd Quartile 2.9 2.9 3.9 1.9 2.4 3.7 -0.8 3.4 2.4 95th Percentile 2.1 2.1 3.0 1.4 1.9 2.9 -1.3 2.3 1.8 Population 119 119 119 119 111 81 119 125 125 Peer Group Analysis As of March 31, 2019 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 76 Asset Allocation As of 12/31/2018 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -0.4 % 0.0% 0.0% 1.2% 99.2% Fund Characteristics As of 12/31/2018 Avg. Coupon 3.18 % Nominal Maturity N/A Effective Maturity 8.14 Years Duration 5.82 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 12/31/2018 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated BB AND B Rated Equities/Other 71.4% 12.8% 11.6% 4.7% 0.0% Maturity Distribution As of 12/31/2018 0.0%20.0%40.0%60.0%-20.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 3-5Yrs 1-3Yrs 5-10Yrs -0.4 % 0.6% 1.2% 3.8% 12.7% 20.0% 23.4% 38.7% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of March 31, 2019 Page 77 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 9.6 9.6 7.4 9.0 7.5 11.4 9.6 9.6 7.4 9.0 7.4 11.2 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 :Team Managed Total Assets :$9,976.40 Million Total Assets Date :03/31/2019 Gross Expense :0.06% Net Expense :0.06% Turnover :44% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Balanced Index Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Page 78 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Balanced Index Fund 9.6 (41)9.6 (41)7.4 (5)9.0 (32)7.4 (5)11.2 (28)-2.8 (14)13.9 (54)8.8 (22)¢ Vanguard Balanced Composite Index 9.6 (41)9.6 (41)7.4 (5)9.0 (30)7.5 (5)11.4 (26)-2.8 (14)13.9 (54)8.9 (22)˜ 5th Percentile 12.5 12.5 7.3 10.8 7.4 12.8 -1.4 22.1 12.2 1st Quartile 10.9 10.9 4.2 9.4 6.3 11.4 -3.8 18.7 8.6 Median 8.8 8.8 3.1 7.5 5.1 9.9 -6.0 14.3 7.0 3rd Quartile 6.9 6.9 1.9 5.8 3.9 8.3 -7.9 10.7 5.5 95th Percentile 3.7 3.7 -1.9 3.2 1.5 5.5 -10.9 5.2 2.1 Population 1,000 1,000 1,000 1,000 906 484 1,020 1,038 1,051 Peer Group Analysis As of March 31, 2019 IM All Balanced (MF) Parentheses contain percentile rankings. Page 79 Asset Allocation As of 02/28/2019 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.0% 1.0% 38.9% 60.1% Fund Characteristics As of 02/28/2019 Total Securities 13,307 Avg. Market Cap $168,919.98 Million P/E 25.91 P/B 6.56 Div. Yield 2.55% Annual EPS 29.87 5Yr EPS 15.33 3Yr EPS Growth 18.68 Sector/Quality Allocation As of 02/28/2019 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Energy Utilities Materials Telecommunication Services 12.0% 11.7% 8.2% 8.0% 7.9% 4.7% 3.0% 1.9% 1.5% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of March 31, 2019 Page 80 Tier III Page 81 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 11.9 11.9 5.7 10.5 7.7 14.5 12.0 12.0 5.5 10.7 7.3 14.0 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 :$33,692.20 Million Total Assets Date :03/31/2019 Gross Expense :0.25% Net Expense :0.25% Turnover :29% Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Windsor II Fund Benchmark 0.93 0.96 0.99 1.02 1.05 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 0.98 Page 82 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard Windsor II Fund 12.0 (37)12.0 (37)5.5 (47)10.7 (54)7.3 (62)14.0 (49)-8.5 (50)16.9 (46)13.5 (67)¢ Russell 1000 Value Index 11.9 (38)11.9 (38)5.7 (45)10.5 (62)7.7 (51)14.5 (35)-8.3 (48)13.7 (83)17.3 (25)˜ 5th Percentile 13.6 13.6 11.8 13.0 9.5 16.6 -2.3 20.9 20.4 1st Quartile 12.3 12.3 7.1 11.8 8.5 15.1 -6.0 18.9 17.3 Median 11.5 11.5 5.2 10.7 7.7 14.0 -8.5 16.8 14.8 3rd Quartile 10.5 10.5 2.9 9.7 6.8 12.9 -10.1 14.6 12.5 95th Percentile 8.7 8.7 0.4 8.2 5.5 11.6 -13.0 11.4 9.8 Population 116 116 116 116 111 80 116 119 119 Peer Group Analysis As of March 31, 2019 IM U.S. Large Cap Value Equity (MF) Parentheses contain percentile rankings. Page 83 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Russell 1000 Value Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/06 9/07 12/08 3/10 6/11 9/12 12/13 3/15 6/16 9/17 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund -0.35 2.25 -0.16 0.96 0.61 -0.45 1.01 7.31 11.44 0.98 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.66 0.00 1.00 7.72 11.08 1.00 FTSE 3 Month T-Bill -7.35 11.08 -0.66 0.00 N/A 0.73 0.00 0.72 0.23 -0.02 Vanguard Windsor II Fund Risk Profile As of March 31, 2019Vanguard Windsor II Fund Page 84 Asset Allocation As of 12/31/2018 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Other Convertibles Fixed Income Equities -0.3 % 0.0% 0.0% 3.4% 96.9% Fund Characteristics As of 12/31/2018 Total Securities 274 Avg. Market Cap $151,811.83 Million P/E 19.54 P/B 4.05 Div. Yield 3.02% Annual EPS 21.60 5Yr EPS 7.03 3Yr EPS Growth 7.18 Sector/Quality Allocation As of 12/31/2018 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Health Care Energy Industrials Consumer Discretionary Consumer Staples Materials Utilities Telecommunication Services 19.5% 16.2% 14.2% 10.3% 10.0% 10.0% 8.5% 3.0% 2.1% 1.7% Vanguard Windsor II Fund Mutual Fund Attributes As of March 31, 2019 Page 85 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 16.1 16.1 12.7 16.5 13.5 17.516.2 16.2 12.2 16.7 13.4 16.9 Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard Group Inc Ticker :VWUAX Peer Group :IM U.S. Large Cap Growth Equity (MF) Benchmark :Russell 1000 Growth Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$6,509.00 Million Total Assets Date :03/31/2019 Gross Expense :0.30% Net Expense :0.30% Turnover :33% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard U.S. Growth Fund Benchmark 0.96 1.00 1.04 1.08 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 0.99 Page 86 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 60.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard U.S. Growth Fund 16.2 (47)16.2 (47)12.2 (51)16.7 (42)13.4 (34)16.9 (41)0.7 (34)31.8 (30)-0.6 (79)¢ Russell 1000 Growth Index 16.1 (50)16.1 (50)12.7 (41)16.5 (44)13.5 (32)17.5 (19)-1.5 (61)30.2 (47)7.1 (8)˜ 5th Percentile 19.7 19.7 17.2 20.1 15.4 19.9 5.3 36.7 7.4 1st Quartile 17.1 17.1 14.0 18.2 13.8 17.3 1.7 32.5 5.6 Median 16.1 16.1 12.2 16.3 12.7 16.4 -0.7 30.0 2.5 3rd Quartile 14.9 14.9 9.9 15.1 11.3 15.7 -2.6 27.0 0.0 95th Percentile 13.2 13.2 6.2 12.1 9.2 13.2 -5.6 23.1 -5.1 Population 165 165 165 165 156 104 165 170 170 Peer Group Analysis As of March 31, 2019 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 87 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/06 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -0.05 2.93 -0.02 0.95 0.99 -0.23 1.01 13.37 12.77 0.97 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 1.04 0.00 1.00 13.50 12.28 1.00 FTSE 3 Month T-Bill -12.75 12.27 -1.04 0.00 N/A 0.71 0.00 0.72 0.23 0.03 Vanguard U.S. Growth Fund Risk Profile As of March 31, 2019Vanguard U.S. Growth Fund Page 88 Asset Allocation As of 12/31/2018 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Other Convertibles Fixed Income Equities -0.9 % 0.0% 0.0% 4.8% 96.1% Fund Characteristics As of 12/31/2018 Total Securities 146 Avg. Market Cap $175,865.70 Million P/E 34.48 P/B 9.39 Div. Yield 1.58% Annual EPS 31.23 5Yr EPS 22.16 3Yr EPS Growth 22.19 Sector/Quality Allocation As of 12/31/2018 0.0%10.0%20.0%30.0%40.0% Information Technology Consumer Discretionary Financials Health Care Industrials Consumer Staples Non Classified Equity Energy Materials 26.0% 19.4% 19.0% 13.0% 9.5% 8.0% 1.1% 0.2% Vanguard U.S. Growth Fund Mutual Fund Attributes As of March 31, 2019 Page 89 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2019 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 10.0 20.0 30.0 -10.0 -20.0Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 10.3 10.3 -4.2 8.1 2.6 8.2 14.9 14.9 -2.9 14.3 6.8 12.4 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 :$28,382.50 Million Total Assets Date :03/31/2019 Gross Expense :0.32% Net Expense :0.32% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 5.0% 10.0% -5.0 % -10.0 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard International Growth Fund Benchmark 0.80 1.00 1.20 1.40 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.22 Page 90 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2018 2017 2016 Vanguard International Growth Fund 14.9 (5)14.9 (5)-2.9 (39)14.3 (1)6.8 (6)12.4 (1)-12.6 (34)43.2 (1)1.8 (26)¢ Vanguard Spliced International Index 10.3 (87)10.3 (87)-4.2 (53)8.1 (38)2.6 (57)8.2 (69)-14.2 (49)27.2 (53)4.5 (17)˜ 5th Percentile 14.9 14.9 3.8 11.2 6.8 11.7 -8.9 32.8 6.5 1st Quartile 13.3 13.3 -1.8 9.2 4.3 10.1 -12.3 30.4 1.8 Median 12.3 12.3 -4.0 7.1 2.7 8.9 -14.9 27.6 -0.4 3rd Quartile 11.2 11.2 -5.5 6.1 1.7 8.1 -16.2 23.9 -2.9 95th Percentile 9.7 9.7 -7.3 4.1 0.3 5.9 -18.7 22.1 -6.5 Population 43 43 43 43 41 24 43 44 44 Peer Group Analysis As of March 31, 2019 IM International Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 91 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard International Growth Fund Vanguard Spliced International Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Vanguard International Growth Fund Vanguard Spliced International Index 0.0 6.0 12.0 18.0 24.0 30.0 36.0 9/06 12/07 3/09 6/10 9/11 12/12 3/14 6/15 9/16 12/17 3/19 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 4.31 5.02 0.86 0.89 0.48 4.00 1.12 6.76 14.27 0.94 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.21 0.00 1.00 2.57 12.01 1.00 FTSE 3 Month T-Bill -2.53 12.01 -0.21 0.00 N/A 0.72 0.00 0.72 0.23 0.02 Vanguard International Growth Fund Risk Profile As of March 31, 2019Vanguard International Growth Fund Page 92 Asset Allocation As of 12/31/2018 0.0%50.0%100.0%150.0%-50.0 % Cash Other Convertibles Fixed Income Equities -3.3 % 0.0% 0.0% 5.2% 98.1% Fund Characteristics As of 12/31/2018 Total Securities 131 Avg. Market Cap $111,124.92 Million P/E 27.17 P/B 6.33 Div. Yield 2.30% Annual EPS 30.85 5Yr EPS 17.43 3Yr EPS Growth 18.61 Sector/Quality Allocation As of 12/31/2018 0.0%10.0%20.0%30.0%40.0% Consumer Discretionary Consumer Staples Financials Information Technology Health Care Industrials Materials Telecommunication Services Energy Non Classified Equity 22.9% 15.9% 15.3% 14.7% 10.6% 10.2% 3.4% 2.4% 1.9% 0.7% Top 5 Countries As of 12/31/2018 China 17.62 % United States 12.45 % Japan 10.56 % United Kingdom 9.09 % France 7.16 % Vanguard International Growth Fund Mutual Fund Attributes As of March 31, 2019 Page 93 Regional Allocation As of 12/31/2018 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% Emg. MidEast, Africa, Europe Other Emerging Latin America North America Pacific Basin Emerging Asia Europe 0.5% 0.8% 2.3% 13.8% 16.7% 24.1% 45.3% Vanguard International Growth Fund Mutual Fund Attributes As of March 31, 2019 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 03/31/19 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.8 1.6 2.4 3.2 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.6 2.1 1.2 0.7 0.4 0.6 2.2 1.3 0.8 0.4 Product Name :Vanguard Prime MM;Inv (VMMXX) Fund Family :Vanguard Group Inc Ticker :VMMXX Peer Group :IM U.S. Taxable Money Market (MF) Benchmark :ICE BofAML 3 Month U.S. T-Bill Fund Inception :06/04/1975 Portfolio Manager :Nafis T. Smith Total Assets :$104,217.40 Million Total Assets Date :03/31/2019 Gross Expense :0.16% Net Expense :0.16% Turnover :N/A Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 9/18 3/19 1.00 Vanguard Prime Money Market Fund Performance Summary As of March 31, 2019Vanguard Prime Money Market Fund Page 95 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)2.52 Avg. Maturity 44.00 Holdings Count 386 Maturity Distribution (%) 0.0 20.0 40.0 60.0 80.0 1-7 Days8-29 Days30-89 Days90-179 Days180-269 Days270+ Days11.7 11.9 46.6 25.9 3.9 0.0 Sector Distribution (%) 0.0 20.0 40.0 60.0 80.0 Certificates of DepositU.S. Commercial PaperOtherRepurchase AgreementsU.S. Govt. ObligationsU.S. Treasury BillsYankee/Foreign6.5 6.4 0.0 0.0 2.5 34.2 50.4 Vanguard Prime Money Market Portfolio Characteristics As of March 31, 2019 Page 96 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2019 Vanguard Retirement Savings Trust III Performance Summary Vanguard Retirement Savings Trust III Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return1 Year 3 Years 5 Years 10 Years Inception 10/1/01 2.1 1.2 0.7 0.4 1.4 2.3 2.1 2.1 2.4 3.3 Account Name:Vanguard Retirement Savings Trust III Inception Date:10/01/2018 Account Structure:Commingled Fund Asset Class:US Stable Value Benchmark:FTSE 3 Month T-Bill Peer Group:IM U.S. GIC/Stable Value (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% 0.6% 0.8% 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 3/19 Vanguard Retirement Savings Trust III Benchmark 0.80 1.00 1.20 1.40 1.60 9/01 6/03 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 1.39 Page 97 Portfolio Characteristics Portfolio MV/BV Ratio (%)100.32 Crediting Rate 2.58 Effective Duration 2.91 # of Wrap Providers 11 Credit Quality Distribution (%) 0.0 10.0 20.0 30.0 40.0 50.0 Treas./Ag.AAAAAA34.0 35.1 11.6 19.3 Sector Distribution (%) 0.0 8.0 16.0 24.0 32.0 Treasury/AgenciesMortgage-BackedCorporateAsset-BackedInternationalCash & EquivalentsOther14.8 19.3 19.2 21.4 8.0 9.9 7.4 Wrap Providers 0.0%5.0%10.0%15.0%20.0% New York Life Pacific Life Nationwide American General Life Metropolitan Life Massachusetts Mutual Life Aegon & Transamerica JP Morgan Chase Prudential Life State Street Bank and Trust 4.3% 5.2% 7.6% 8.0% 9.0% 9.9% 11.1% 11.2% 11.6% 12.6% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of March 31, 2019 Page 98 Appendix Page 99 Assets Assets Expense Ratio²Expense Ratio²Revenue Share Revenue Sh are Universe Median Universe Median Offering vs. Median %$%$%$%$ Vanguard Institutional Target Retirement Income MF VITRX Mixed-Asset Target Today (Passive)1.5%$1,005,953 0.09%$905 0.00%$0 0.24%$2,364  Vanguard Institutional Target Retirement 2015 MF VITVX Mixed-Asset Target 2015 (Passive)1.4%$949,981 0.09%$855 0.00%$0 0.16%$1,520  Vanguard Institutional Target Retirement 2020 MF VITWX Mixed-Asset Target 2020 (Passive)4.0%$2,663,986 0.09%$2,398 0.00%$0 0.29%$7,726  Vanguard Institutional Target Retirement 2025 MF VRIVX Mixed-Asset Target 2025 (Passive)7.2%$4,821,489 0.09%$4,339 0.00%$0 0.24%$11,330  Vanguard Institutional Target Retirement 2030 MF VTTWX Mixed-Asset Target 2030 (Passive)3.4%$2,293,164 0.09%$2,064 0.00%$0 0.24%$5,389  Vanguard Institutional Target Retirement 2035 MF VITFX Mixed-Asset Target 2035 (Passive)2.9%$1,952,933 0.09%$1,758 0.00%$0 0.24%$4,589  Vanguard Institutional Target Retirement 2040 MF VIRSX Mixed-Asset Target 2040 (Passive)2.0%$1,320,053 0.09%$1,188 0.00%$0 0.29%$3,828  Vanguard Institutional Target Retirement 2045 MF VITLX Mixed-Asset Target 2045 (Passive)2.4%$1,618,398 0.09%$1,457 0.00%$0 0.24%$3,803  Vanguard Institutional Target Retirement 2050 MF VTRLX Mixed-Asset Target 2050 (Passive)1.5%$1,031,663 0.09%$928 0.00%$0 0.24%$2,424  Vanguard Institutional Target Retirement 2055 MF VIVLX Mixed-Asset Target 2055 (Passive)0.4%$253,436 0.09%$228 0.00%$0 0.24%$596  Vanguard Institutional Target Retirement 2060 MF VILVX Mixed-Asset Target 2060+ (Passive)0.2%$154,617 0.09%$139 0.00%$0 0.18%$278  Vanguard Institutional Target Retirement 2065 MF VSXFX Mixed-Asset Target 2060+ (Passive)0.0%$3,543 0.09%$3 0.00%$0 0.18%$6  Vanguard Institutional Index Fund MF VINIX U.S. Large Cap Core Equity (WSP)14.4%$9,568,593 0.04%$3,349 0.00%$0 0.20%$19,137  Vanguard Mid-Cap Index Fund MF VIMAX U.S. Mid Cap Core Equity (Passive)5.6%$3,719,626 0.05%$1,860 0.00%$0 0.09%$3,459  Vanguard Small-Cap Index Fund MF VSMAX U.S. SMID Cap Core Equity (Passive)4.7%$3,144,695 0.05%$1,572 0.00%$0 0.23%$7,233  Vanguard Total Bond Market Index Fund MF VBTLX U.S. Broad Market Core Fixed Income (Passive)5.1%$3,381,080 0.05%$1,691 0.00%$0 0.12%$4,057  Vanguard Balanced Index Fund MF VBAIX Mixed-Asset Target Today (Passive)7.2%$4,832,435 0.06%$2,899 0.00%$0 0.24%$11,356  Vanguard W indsor II Fund MF VW NAX U.S. Large Cap Value Equity 13.0%$8,644,879 0.25%$21,612 0.00%$0 0.69%$59,650  Vanguard U.S. Growth Fund MF VW UAX U.S. Large Cap Growth Equity 9.3%$6,186,665 0.28%$17,323 0.00%$0 0.80%$49,184  Vanguard International Growth Fund MF VW ILX International Large Cap Growth Equity 5.1%$3,432,277 0.32%$10,983 0.00%$0 0.87%$29,861  Vanguard Prime Money Market Fund MF VMMXX U.S. Taxable Money Market 3.4%$2,252,149 0.16%$3,603 0.00%$0 0.35%$7,883  Vanguard Retirement Savings Trust III CF N/A Stable Value 5.1%$3,427,088 0.31%$10,624 0.00%$0 0.47%$16,220  $66,658,703 0.14%$91,779 0.00%$0 0.38%$251,895 ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investme nt Trust, "SA" = Sepa rate Account, "A" = Annuity MSD Deferred Compensation Plan As of March 31, 2019 Investment Fee Analysis Asset In formation Fund Expense In formation In stitutional Peer Comparison³ ³Institutional mutual fund fee universes we re created by AHIC, as of December 31, 2018, using a custom proprietary methodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Mornings tar for all asset classes except the stable value universe which uses information from Hueler. Since fund expense ratios do not change frequently, AHIC believes this study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your AHIC c onsultant. Fund Name Vehicle Type¹Ticker Peer Group Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to medians from style-specific institutional mutual fund peer universes, which AHIC believes is an appropriate comparison regardless of vehicle-type being utilized. Additional universe statistics including percentile distributions, averages and dollar-weighted metrics are available upon request. Determining whether an investment's expens e is reasonable depends on a variety of factors including the level of returns achieved and the metho d with which administration and operational expens es are paid. Understanding and evaluating the total cost of plan operations, including both investment and administration fees is a critical analysis that should be completed periodically. ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b-1 fees, cus todial fees, trus tee fees, revenue sharing components and/or charges for fund or plan admi nistration. Page 100 Market Environment Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets Concerns of slowing global growth and trade wars partially eased in the first quarter of 2019, bolstering global equities in the process. In local currency terms, the MSCI AC World Investable Market Index returned 12.3% –not quite fully offsetting the previous quarter's decline. Rising oil prices and encouraging performance from Canadian Financials and Energy, combined with a strengthening of the Canadian dollar against the U.S. dollar resulted in the Canadian equity market being the strongest performer (USD terms) over the quarter. Japanese and European (ex-UK) equities were predominantly boosted by valuation multiple expansion. This came despite deteriorating economic dataflow, with Japanese and eurozone PMIs moving into contractionary territory, weak industrial production and falling inflation. Strong sterling performance over the quarter on the back of increased possibility of a “no deal” Brexit scenario boosted UK equity market returns in USD terms. In local currency terms, however, UK equities largely lagged other markets. 12.3% 10.3% 14.0%12.3% 6.7% 15.2% 11.5%10.5% 12.3% 9.7% 1.9% -5.0% 8.3% -1.1% -8.6% 2.5% 11.5% -5.9% 3.3% -8.0%-1 0% -5 % 0% 5% 10 % 15 % 20 % ACWI IMI 45 .3% ACWI ex-U.S. IMI 54 .7% USA IMI 5.3% UK IMI 7.7% Japan IMI 3.1% Cana da I MI 0.2% Israel I MI 13 .7% Europe ex-UK IMI 3.9% Pacific ex-Japan IMI 11 .5% Emergin g Ma rk et s IMI GLOBAL MS CI IMI INDEX RETURNS (USD) AS OF 03/31/2019 Fir st Qua rt er 201 9 On e-Year Sourc e: MS CI Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. 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. USA 54.7% UK 5.3% Canada 3.1% Pacific ex- Japan 3.9% Japan 7.7% Europ e ex- UK 13.7% Israel 0.2%Latin America 1.4% Asia 8.6% Eastern Europe, Middle East & Africa 1.6% Emerging Markets 11.5% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2019 Source:MSCI UK 11.8% Canada 6.8% Pacifi c ex - Japan 8.5% Japan 16.9% Europe ex -UK 30.2% Is rael 0.5% Lat in America 3.0% Asia 18.9% Eastern Europe, Middle East & Africa 3.4% Emerging Mark et s 25.4% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 03/31/2019 Sourc e:MS CI Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets With concerns of a slower U.S. economy abating and more promising steps to some U.S.-China trade reconciliation, it is unsurprising that drivers of the U.S. equity market upturn came from sectors traditionally thought to be cyclical or, at least, sensitive to the economic environment. The Dow Jones To tal Stock Market Index rose by 14.0% over the quarter with the majority of the strong performance coming earlier in the quarter. The Russell 3000 Index rose 14.0% during the first quarter and 8.8% over the one-year period. All sectors generated positive returns over the quarter. In particular, Technology (19.3%) and Producer Durables (17.6%) were the best performing sectors in Q1 2019. Performance was positive across the market capitalization spectrum over the quarter. In general, large cap stocks underperformed both medium and small cap stocks over the quarter. Growth stocks outperformed their Value counterparts in Q1 2019; a continuation of a longer-lasting trend where Value stocks have lagged their Growth stock equivalents significantly over the last twelve months. 14.0% 10.8% 15.1%14.4% 19.6% 11.9% 17.1% 8.8%7.1% 13.2% 2.9% 11.5% 0.2% 3.9% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Russell 3000 31.0% Large Value 36.1% Large Growth 14.9% Medium Value 11.0% Medium Growth 3.4% Small Value 3.7% Small Growth RUSSELL STYLE RETURNS AS OF 03/31/2019 First Quarter 2019 One-Year Source: Russell Indexes 14.0% 19.3% 8.7% 14.4% 9.8% 16.6% 12.8% 17.6% 12.5% 10.2%8.8% 13.8%15.1% 11.6% 6.8% -0.4%-2.1% 4.4%3.6% 15.7% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Russell 3000 21.4% Technology 13.9% Healthcare 14.4% Cons. Disc 5.7% Cons. Staples 5.1% Energy 3.4% Materials & Processing 10.5% Producer Durables 20.4% Financial Services 5.1% Utilities RUSSELL GICS SECTOR RETURNS AS AT 03/31/2019 First Quarter 2019 One-Year Source: Russell Indexes Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets The Bloomberg Barclays U.S. Aggregate Bond Index rose by 2.9% over the quarter. Corporate bonds were the best performers, returning 5.1% whilst ABS bonds underperformed with a return of 1.5%. Performance was positive across all credit grades. High yield bonds rose the most at 7.3%. Within investment grade bonds, Baa bonds outperformed with a return of 5.8%. Long-maturity bonds outperformed intermediate and short-maturity bonds over the quarter. Long-maturity bonds returned 6.4% while short-maturity bonds returned only 1.2% in Q1 2019. 2.9% 2.1% 5.1% 2.2% 1.5% 3.2% 4.5%4.2% 4.9%4.4% 3.7% 5.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Barclays Agg. Bond 42.3% Govt 25.9% Corp. 29.1% MBS 0.5% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 03/31/2019 First Quarter 2019 One-Year Source: FactSet 1.2% 2.1%2.6% 3.1% 6.4% 3.0% 4.2% 4.8%5.1%5.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 03/31/2019 First Quarter 2019 One-Year Source: FactSet 2.2% 3.4% 4.6% 5.8% 7.3% 4.3% 4.9%4.8%5.0% 5.9% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2019 First Quarter 2019 One-Year Source: FactSet Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets The U.S. nominal yield curve shifted downwards over the quarter with yields falling across all maturities. The U.S. treasury yield curve flattened significantly in Q1. The difference between three-month and ten-year U.S. treasury yields (a key measure of the U.S. yield curve watched by the Fed and seen as an indicator of a coming recession) turned negative for the first time since August 2007. The 10-year U.S. Treasury yield ended the quarter at 2.41%, 28bps lower than at the start of the quarter in which the US Federal Reserve (Fed) decided to pause after hiking interest rates over the past year. Projected rate hikes for 2019 have been abandoned and pushed back later to 2020. Moreover, September is now earmarked as the end of the Fed's balance sheet tightening, while the pace of quantitative tightening will halve from May onwards (from $30bn to $15bn). The 10-year TIPS yield fell by 45bps over the quarter and ended the period at 0.53%. 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 3/31/2018 12/31/2018 3/31/2019 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Mar 09 Mar 11 Mar 13 Mar 15 Mar 17 Mar 19 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. European Fixed Income Markets Bond spreads over 10-year German bunds generally fell across the eurozone (except for Italy).The European Central Bank (ECB) pushed back its interest rate to 2020 at the earliest. The ECB announced the third iteration of the Targeted Long-Term Refinancing Operations (TLTRO), aimed at encouraging bank supply of credit. This comes just one quarter after the ECB ended its quantitative easing programme. German government bund yields fell by 31bps to -0.07% over the quarter with the yields falling below zero for the first time in two years after the country’s manufacturing sector dived deeper into contraction territory. Italian government bond yields fell by 25bps to 2.49% over the quarter. Both Fitch and Moody’s credit rating agencies kept their ratings unchanged for Italian sovereign bonds at BBB and Baa3 respectively, easing fears of a downgrade expected by some market participants. Portuguese government bond yields fell by 46bps to a record low of 1.25%, as Standard and Poor’s upgraded the country’s credit rating to BBB. Greek government bond yields fell by 62bps to 3.73% over the quarter which saw the successful release of the country's first new bond issuance since it exited its third bailout programme in August 2018. 0% 5% 10% 15% 20% 25% 30% Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads Against a backdrop of improving risk appetite, credit spreads over U.S. Treasuries generally narrowed over the quarter. Broadly retracing the prior quarter’s credit spread widening, High Yield bond spreads narrowed significantly in Q1 2019, decreasing by 135bps. This was followed by Global Emerging Markets bonds spreads, which narrowed by 47bps. Spre ad (bps)3/31/2019 12/31/2018 3/31/2018 Quarte rl y Ch ange (bps)1-Year Cha nge (bps) U.S. Aggregat e 44 54 41 -10 3 Long Gov't 1 2 1 -1 0 Long Credit 172 200 148 -28 24 Long Gov't /Credit 99 113 88 -14 11 MBS 35 35 29 0 6 CMBS 69 86 67 -17 2 ABS 39 53 48 -14 -9 Corporat e 119 153 109 -34 10 Hi gh Yield 391 526 354 -135 37 Global Emerging Mark et s 283 330 230 -47 53 So urce: F ac tSet, B lo omberg Barc lays Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency The U.S. dollar had a mixed performance against major currencies over the quarter and ended marginally lower as it fell 0.4% on a trade-weighted basis over the quarter.U.S. dollar appreciated against euro and yen but depreciated against sterling and Canadian dollar. In the UK, it became clear over the quarter that a "no deal" Brexit scenario does not seem to have parliamentary backing, prompting sterling to find firmer footing.Sterling appreciated by 2.3% against the U.S. dollar. Alongside a more dovish ECB and a weaker economic outlook, the euro notably underperformed, falling against all major currencies. In particular, the euro depreciated by 1.8% against the U.S. dollar. 85 90 95 100 105 110 115 120 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 TRADE WEIGHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal Reserve 85 95 105 115 125 135 Mar 13 Mar 14 Mar 15 Mar 16 Mar 17 Mar 18 Mar 19 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2013 EUR/USD GBP/USD JPY/USD Source: Factset Stronger Dollar Weaker Dollar Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities Commodities rose over the quarter which saw the Bloomberg Commodity Index return 6.3%. Energy was the best performing sector over the quarter with a return of 15.9% as crude oil prices rose sharply. The cut in OPEC's crude oil production, as well as an unexpected fall in U.S. inventories, more than offset the potentially dampening effect on commodity demand from weakening economic growth and trade. The price of Brent crude oil rose by 27.1% to $68/bbl. and WTI crude oil spot prices rose by 32.4% to $60/bbl. Agriculture (-3.2%) was the worst performing sector in Q1 2019. Within the Agriculture sector, Softs rose by 0.4% whilst Grains fell by 5.8%. 6.3% 2.3% 15.9% 12.8% 0.0% -3.2% 0.4% -5.8% 4.7% -5.3% -7.6% -0.5% -3.1% -4.0% -16.3% -13.2% -16.9% 14.4% -20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 03/31/2019 First Quarter 2019 One-Year Source:Bloomberg Page 110 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Hedge Fund Markets Overview Hedge fund performance was positive across all strategies in the first quarter. Over the quarter, Equity Hedge and Emerging Markets strategies were the best performers with returns of 7.9% and 7.8%, Conversely, Distressed-Restructuring and Global Macro were the worst performers, returning 3.3% and 2.9% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 5.9% and 5.0% respectively. 5.4% 2.6% 7.8% 7.5% 4.2% 3.2% 4.0% 5.7% 4.6% 1.4% 0.0% -0.2% -5.2% 1.9% 1.2% 3.0% 0.7% 0.1% -6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMANCE AS OF 03/31/2019 First Quarter One-Year Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source:HFR Page 111 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Commercial Real Estate Markets Sources: RCA, AON 12/31/2018 U.S.Core real estate returned 1.42%*over the first quarter,equating to 7.5%total gross return year-over-year,including a 4.2% income return.Debt mark to market was a drag on the quarterly return as a result of declining interest rates.Net income growth is expected to be the larger driver of the total return on a go forward basis given the current point of the real estate cycle. Global property markets,as measured by the FTSE EPRA/NAREIT Global Developed Real Estate Index,returned 14.9%(USD)in aggregate during the first quarter.Sector strength was largely attributed to a broader equity market rally due to an abrupt shift in monetary policy across major economies.The EU restarted QE just 2 months after ceasing the program,and the US Fed communicated a general pause from increasing rates for 2019.REIT market performance was driven by Asia Pacific (15.6%USD), North America (16.0%USD)and Europe (12.2%USD).The U.S.REIT markets (FTSE NAREIT Equity REITs Index)gained 16.3% in the first quarter.U.S.10-year Treasury bond yield fell to 2.41%,after hitting highs over 3%in 2018.the movement was supportive to REIT share prices.Similarly,the German 10-year bond yield fell from .24%back to -0.07%at the end of the quarter. According to RCA through February 2019,the U.S.property market has experienced price growth of 6.3%year-over-year across major sectors.In addition,transaction volume was down 4%over the same period. Return expectations have normalized,with go forward expectations in line with historical norms.Declining interest rates have led to a rally across various asset classes.According to Preqin,there remains a record amount of dry powder ($326 billion)in closed-end vehicles seeking real estate exposure,which should continue to lend support to valuations and liquidity in the commercial real estate market. *Indicates preliminary NFI-ODCE data gross of fees 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10.0% 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 CAP RATES BY SECTOR Office Industrial Retail Apartment 1.4% 7.5%8.0% 10.2%8.7% 16.3% 20.9% 6.1% 9.1% 18.3% 0.0% 5.0% 10 .0% 15 .0% 20 .0% 25 .0% Fir st Qua rter 20 19 1-Year 3-Years 5-Years 10 -Years PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 3/31/2019 Private (NF I-ODCE Gross )*Publi c (NAR EIT Gro ss) *Second quarter r eturns a re p reliminary Sources: NCREIF, Factset Page 112 Glossary Page 113 Fund Benchmarks and Universes Vanguard Target Retirement Funds Performance Benchmark:Derived by applying the fund’s target asset allocation to the results of the following benchmarks: for international stocks of developed markets, the MSCI EAFE Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 2013, and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex- USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. International stock benchmark returns are adjusted for withholding taxes. Universe: A universe of target date mutual funds compiled by Lipper. Vanguard Institutional Index Fund Performance Benchmark:S&P 500 Index. Vanguard Mid-Cap Index Fund Performance Benchmark:Vanguard Spliced Mid Cap Index. S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter. Vanguard Small-Cap Index Fund Performance Benchmark:Vanguard Spliced Small Cap Index. Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index through January 30, 2013; CRSP US Small Cap Index thereafter. Vanguard Total Bond Market Index Fund Performance Benchmark:Vanguard Spliced Bloomberg Barclays U.S. Aggregate Float Adj Index (Net). Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Vanguard Balanced Index Fund Performance Benchmark:Vanguard Balanced Composite Index. Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Page 114 Fund Benchmarks and Universes Vanguard Windsor II Fund Performance Benchmark:Russell 1000 Value Index. Universe: A universe of U.S. Large Cap Value mutual funds compiled by Lipper. Vanguard U.S. Growth Fund Performance Benchmark:Russell 1000 Growth Index. Universe: A universe of U.S. Large Cap Growth mutual funds compiled by Lipper. Vanguard International Growth Fund Performance Benchmark:Vanguard Spliced International Index. MSCI EAFE Index through May 31, 2010; MSCI All Country World Index ex USA thereafter. Universe: A universe of International Large Cap Growth mutual funds compiled by Lipper. Vanguard Prime Money Market Fund Performance Benchmark:ICE BofAML 3 Month U.S. T-Bill. Vanguard Retirement Savings Trust II Performance Benchmark:ICE BofAML 3 Month U.S. T-Bill. Page 115 Benchmark Descriptions Bloomberg Barclays Corporate High Yield Bond Index -An index that covers the USD-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-US -The Barclays Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 million or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 116 Benchmark Descriptions Bloomberg Barclays U.S. Long Gov’t/Credit Index -The Barclays Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market capitalization-weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP US Large Cap Index -an index comprised of nearly 640 US large cap companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP US Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of US stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 117 Benchmark Descriptions FTSE EPRA NAREIT Global ex-U.S. Index -Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex US Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of US based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equity-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S. dollars. Only fund-of- fund products are included in the index that have at least $50 million under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 118 Benchmark Descriptions MSCI All Country World ex-U.S. Small Cap Index -Covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices (excluding U.S.), and target approximately 14% of each market’s free-float adjusted market capitalization. MSCI All Country World Index -A capitalization-weighted index of stocks representing 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI All Country World Index IMI -A capitalization-weighted index of large, mid and small cap stocks representing 23 developed and 24 emerging market countries. The index is the broadest measure of the aggregate global stock market, covering approximately 99% of the global equity investment opportunity set. MSCI EAFE Growth Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the growth-oriented companies. MSCI EAFE Index -A capitalization-weighted index of stocks representing 22 developed countries in Europe, Australia, Asia, and the Far East. MSCI EAFE Small Cap Index -A capitalization-weighted index of small cap stocks representing 23 developed country markets in Europe, Australia, Asia, and the Far East. MSCI EAFE Value Index -A capitalization-weighted index of 21 stock markets in Europe, Australia, Asia and the Far East designed to capture the value-oriented companies. MSCI Emerging Markets Index -A capitalization-weighted index of stocks representing 22 emerging country markets. MSCI Emerging Markets Value Index -A capitalization-weighted index considered representative of value stocks across 46 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. MSCI U.S. Broad Market Index -A capitalization-weighted stock index that aggregates the MSCI U.S. Large Cap 300, Mid Cap 450, Small Cap 1,750 and Micro Cap Indices. This index represents approximately 99.5% of the capitalization of the U.S. Equity market and includes approximately 3,562 companies. MSCI U.S. REIT Index -A broad index that fairly represents the equity REIT opportunity set with proper investability screens to ensure that the index is investable and replicable. The index represents approximately 85% of the U.S. REIT universe. MSCI World Index -A free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, representing 24 developed market country indices. NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index -A capitalization weighted index comprised of open-end, Core funds investing in commercial real estate properties. The funds that constitute the index are subject to certain geographic and property type diversification requirements as well as leverage restrictions. The index reflects the impact of leverage on investment results. The returns shown in this report are net of management fees of the respective funds included in the index. Rolling 3-year Constant Maturity Treasury Index -An index published by the Federal Reserve Board based on the monthly average yield of a range of Treasury securities, all adjusted to the equivalent of a three-year maturity. Russell 1000 Growth Index -An index that measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher I/B/E/S growth forecasts. Russell 1000 Index -A capitalization-weighted index of the 1,000 largest publicly traded U.S. stocks by capitalization. Page 119 Benchmark Descriptions Russell 1000 Value Index -An index that measures the performance of those stocks included in the Russell 1000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2000 Growth Index -A capitalization-weighted index of those stocks in the Russell 2000 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2000 Index -A capitalization-weighted index of the smallest 2,000 stocks in the Russell 3000 Index. The index excludes the largest-and smallest-capitalization issues in the domestic stock market. Russell 2000 Value Index -An index that measures the performance of those stocks included in the Russell 2000 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 2500 Growth Index -A capitalization-weighted index representing those companies within the Russell 2500 Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 2500 Index -The Index is constructed by first identifying the 3,000 largest-capitalization U.S. stocks and ranking them by market capitalizations, choosing the bottom 2,500 names on the list. Russell 2500 Value Index -An index that measures the performance of those stocks included in the Russell 2500 Index with lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell 3000 Growth Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell 3000 Index -A capitalization-weighted index consisting of the 3,000 largest publicly traded U.S. stocks by capitalization. This index is a broad measure of the performance of the aggregate domestic equity market. Russell 3000 Value Index -A capitalization-weighted index consisting of those Russell 3000 Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. Russell Mid Cap Growth Index -A capitalization-weighted index representing those stocks in the Russell MidCap Index with higher price-to-book ratios and higher I/B/E/S earnings growth forecasts. Russell Mid Cap Index -A capitalization-weighted index of the 800 smallest stocks in the Russell 1000 Index. This index is a broad measure of mid-capitalization stocks. Russell Mid Cap Value Index -A capitalization-weighted index consisting of those Russell MidCap Index stocks that have lower price-to-book ratios and lower I/B/E/S earnings growth forecasts. S&P 500 Index -A capitalization-weighted index representing stocks chosen by Standard & Poor's, Inc. for their size, liquidity, stability and industry group representation. The companies in the S&P 500 Index are generally among the largest in their industries. Page 120 Benchmark Descriptions S&P Completion Index -The S&P Completion Index is a sub-index of the S&P Total Market Index, including all stocks eligible for the S&P TMI and excluding all current constituents of the S&P 500. The index covers approximately 4,000 constituents, offering investors broad exposure to mid, small,and micro cap companies. S&P Leverage Loan Index -A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P MidCap 400 Index -A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT -A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 million and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aonhewitt.com for more index information. Page 121 Notes: §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted.They are geometric and time weighted.Returns for periods longer than one year are annualized. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report,percentage totals displayed may not sum up to 100.0%.Additionally,individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary.Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 122 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by AHIC’s investment advisory fees or other trust payable expenses you may incur as a client.AHIC’s advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.AHIC has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify AHIC with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and AHIC cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,AHIC’s performance reporting vendor,via the PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, AHIC has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc. www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”)©FTSE 2017.“FTSE®”and “FTSE4Good®”are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license.The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange,Bursa Malaysia Berhad,The Philippine Stock Exchange,Inc.,Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges").All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges.Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and /or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Hewitt Investment Consulting,Inc.(“AHIC”)is a federally registered investment advisor with the U.S.Securities and Exchange Commission (“SEC”).AHIC is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor,and is a member of the National Futures Association.The AHIC ADV Form Part 2A disclosure statement is available upon written request to: Aon Hewitt Investment Consulting, Inc. 200 East Randolph Street Suite 1500 Chicago, IL 60601 ATTN: AHIC Compliance Officer Disclaimer