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HomeMy Public PortalAbout2018 4th Quarter ReportVisit the Aon Retirement and Investment Blog (http://retirementandinvestmentblog.aon.com); sharing our best thinking. MSD Deferred Compensation Plan and Defined Contribution Plan | Fourth Quarter Quarterly Investment Review Executive Summary Page 1 Deferred Compensation and Defined Contribution Summary Page 7 Tier I Page 17 Tier II Page 65 Tier III Page 81 Appendix Page 97 Market Environment Page 99 Glossary Page 111 Table Of Contents Executive Summary Page 1 Aon Happenings The To wnsend Group December 29, 2018 marks the one-year anniversary of Aon’s acquisition of The To wnsend Group, a leading alternative investment advisor3 Did you know? Sponsors of employee benefit plans typically purchase Fiduciary Liability Insurance to protect their plan fiduciaries. Aon’s Financial Services Group (FSG) has expertise for this type of coverage3. The FSG has: 300+ U.S. professionals1 Dedicated teams for lines of Management Liability coverage including Fiduciary Liability, Directors’ and Officers’, Employment Practices, Fidelity, International, Cyber, Crime, and Special Crime Placed $2.2 billion in annual insurance premiums Ask your Aon consultant if you want our experts to audit your Fiduciary Liability Insurance policy(ies) to benchmark the limits, retentions, and pricing, and to ensure that the coverage terms are optimized Aon’s 2019 Retirement & Investment Client Conference Mark your calendar for September 25-26, 2019, as Aon will be hosting our Client Conference in Chicago. More details, such as the agenda and speakers, will be provided as the event gets closer. 1As of 12/20/2018. 2The Knowledge Brokers are based on Chief Investment Office’s view of the world’s most influential investment consultants. Laura and Michael were named as “new guard” Knowledge Brokers. Aon did not pay to participate in the selection process. 3The Townsend Group and the Financial Services Group are affiliates of Aon Hewitt Investment Consulting. 4The Most Powerful Women in Finance are based on American Banker’s views of the women in finance with the most influence. Aon did not pay to participate in the selection process. 5The Best Pensions Paper is based on Savvy Investor’s assessment of papers based on their quality, readability, and appeal to their institutional investor audience. Aon did not pay to participate in the selection process. Aw ards! Chief Investment Officer named three Aon colleagues to its list of 2018 Knowledge Brokers. Congratulations to Laura Flaum, Michael Golubic, and Jack Koch2 American Banker named Cary Grace, Aon’s CEO for Global Retirement & Investment Solutions, to its list of the Most Powerful Women in Finance4 Savvy Investor recognized Aon’s paper “The 2018 Real Deal Retirement Income Adequacy at U.S. Plan Sponsors” as Highly Commended in the "Best Pensions Paper 2018 (North America)" category for its Savvy Investor Awards 20185 Page 2 Thought Leadership Highlights Current Topics of Interest Fourth Quarter 2018 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: Debating Active vs. Passive Link All Investors: Global Perspectives on Responsible Investing Link All Investors: Making Portfolios More Fee-Efficient Link All Investors: Commercial Real Estate Debt Overview Link All Investors: Bank Capital Relief Link All Investors: The Real Deal Link All Investors: Why We Are in a Transition Environment Upon Request Public: How Do Public Pension Plans Impact Credit Ratings Link Non-Profit: Key Components of Effective Investment Policy Statements for Non-Profit Organizations Link Non-Profit: Key Topics for Non-Profit Organizations in 2018 Link All investors ex-DC: Direct Lending: An Investment Opportunity Within Private Debt Link All Investors ex-DC: Alternative Premia, Alternative Price Link Private DB: Rethink: Global Pension Risk Governance Link Private DB: Aon’s 2018 U.S. Annuity Settlement Market Update Link Private DB: An Overview of the Multiemployer Pension Plan System Link Private DB: The Third Dimension – Credit Path: Redefining Dynamic Management of Pension Risk Link Private DB: U.S. Plan-Specific Mortality Studies: A Call to Action Link DC: How Pension Benefits Affect the Optimal Target Date Fund Link Health Care: Managing Health Care Reserves: Aligning Operating Assets with Broader Organizational Goals Link Banking: Banking on Pensions Link Aon Retirement and Investment Blog https://retirementandinvestmentblog.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 -13.5% -20.2% -12.5% -7.5% 1.6% 4.2% -1.6% -4.5% -9.4% -4.4% -11.0% -13.8%-14.6% 0.0% -1.8% -6.8% -2.1% -11.2% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Mark ets Bloombe rg Barclays U.S. Aggr eg ate Bloombe rg Barc lays U.S. Lon g Go v't Bloo mberg Barc lays U.S. Lon g Credit Bloombe rg Barc lays U.S. High Yield Bloo mberg Commodity Index SHORT TERM RETURNS AS OF 12/31/2018 Fourt h Quarter 2018 On e-Year Source:Rus sell, MSCI, Bloomberg Barc lays, Bloomberg 8.5% 4.4% 0.5%1.6%2.5% 5.9%5.1% 3.8% -8.8% 13.1%12.0% 6.3% 8.0% 3.5%4.1% 7.4% 11.1% -3.8% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% S&P 500 Russell 2000 MSCI EAFE MSCI Emergin g Mark ets Bloo mberg Barclays U.S. Aggr eg ate Bloo mberg Barc lays U.S. Lon g Go v't Bloo mberg Barc lays U.S. Lon g Credit Bloo mberg Barc lays U.S. Hig h Yield Bloo mberg Commo dity Index LONG TERM ANNUALIZE D RETURNS AS OF 12/31/2018 Five-Year Ten-Year Source: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 Fourth Quarter 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country W orld IMI -13.28%-10.08%6.49%4.17%9.74% MSCI All Country W orld -12.75%-9.42%6.60%4.26%9.46% Dow Jones U.S. Total Stock Market -14.36%-5.30%8.92%7.86%13.22% Russell 3000 -14.30%-5.24%8.97%7.91%13.18% S&P 500 -13.52%-4.38%9.26%8.49%13.12% Russell 2000 -20.20%-11.01%7.36%4.41%11.97% MSCI All Country W orld ex-U.S. IMI -11.88%-14.76%4.39%0.85%6.97% MSCI All Country W orld ex-U.S.-11.46%-14.20%4.48%0.68%6.57% MSCI EAFE -12.54%-13.79%2.87%0.53%6.32% MSCI EAFE (Local C ur rency)-12.20%-10.99%2.62%3.81%7.50% MSCI Emerging Markets -7.47%-14.58%9.25%1.65%8.02% Fixed Income Bloombe rg Barclays Global Aggregate 1.20%-1.20%2.70%1.08%2.49% Bloombe rg Barclays U.S. Aggregate 1.64%0.01%2.06%2.52%3.48% Bloombe rg Barclays U.S. Long Gov't 4.16%-1.79%2.63%5.90%4.15% Bloombe rg Barclays U.S. Long Credit -1.64%-6.76%4.87%5.08%7.40% Bloombe rg Barclays U.S. Long Gov't/Credit 0.78%-4.68%4.03%5.37%5.88% Bloombe rg Barclays U.S. TIPS -0.42%-1.26%2.11%1.69%3.64% Bloombe rg Barclays U.S. High Yield -4.53%-2.08%7.23%3.83%11.12% Bloombe rg Barclays Global Treasury ex U.S.1.94%-0.89%3.34%0.42%1.42% JP Morga n EMBI Glo ba l (Eme rging Markets)-1.19%-4.61%4.74%4.18%7.79% Commo dities Bloombe rg Commodity Index -9.41%-11.25%0.30%-8.80%-3.78% Goldman Sachs Commo dity Index -22.94%-13.82%0.50%-14.52%-5.78% Hedge Funds HFRI Fund-Weighted Composite2 -5.76%-4.49%3.03%2.17%4.94% HFRI Fund of Funds 2 -4.85%-3.92%1.34%1.42%3.13% Real Estate NAREIT U.S. Equity REITS -6.73%-4.62%2.89%7.90%12.12% NCREIF NFI - ODCE 1.76%8.35%8.24%10.41%7.00% FTSE Glo bal Core Infrastructure Index -3.67%-0.91%9.40%6.84%9.74% Private Equ ity Burgiss Private iQ Global Private Equity3 NA 17.51%12.00%13.67%9.75% MSCI Indices show net total retur ns . All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may cha nge in the future. 3 Burgiss Private iQ Global Private Equity data is as at September 30, 2018 Returns of the Major Capital Markets Period Ending 12/31/2018 Page 5 Page 6 Deferred Compensation and Defined Contribution Summary Page 7 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation and Defined Contribution Plan 69,535,577 100.0 Tier I 23,349,624 33.6 Vanguard Institutional Target Retirement Income Fund 1,008,229 1.4 -3.2 (30)-2.0 (18)3.9 (64)-- Vanguard Target Income Composite Index -3.2 (30)-2.0 (15)3.9 (63)-- Vanguard Institutional Target Retirement 2015 Fund 958,943 1.4 -4.6 (28)-2.9 (17)4.8 (33)-- Vanguard Target 2015 Composite Index -4.7 (29)-2.9 (14)4.9 (23)-- Vanguard Institutional Target Retirement 2020 Fund 2,687,581 3.9 -6.5 (62)-4.2 (44)5.4 (12)-- Vanguard Target 2020 Composite Index -6.5 (61)-4.1 (41)5.5 (7)-- Vanguard Institutional Target Retirement 2025 Fund 5,168,136 7.4 -7.7 (57)-5.0 (42)5.8 (10)-- Vanguard Target 2025 Composite Index -7.7 (58)-5.0 (42)5.9 (7)-- Vanguard Institutional Target Retirement 2030 Fund 2,429,166 3.5 -8.9 (49)-5.8 (41)6.1 (23)-- Vanguard Target 2030 Composite Index -8.8 (49)-5.7 (39)6.2 (19)-- Vanguard Institutional Target Retirement 2035 Fund 2,756,227 4.0 -10.0 (45)-6.6 (32)6.5 (23)-- Vanguard Target 2035 Composite Index -9.9 (39)-6.5 (31)6.6 (22)-- Vanguard Institutional Target Retirement 2040 Fund 2,209,787 3.2 -11.0 (54)-7.3 (34)6.8 (13)-- Vanguard Target 2040 Composite Index -11.0 (44)-7.2 (32)6.9 (7)-- Vanguard Institutional Target Retirement 2045 Fund 3,153,259 4.5 -11.8 (50)-7.9 (37)6.8 (13)-- Vanguard Target 2045 Composite Index -11.7 (45)-7.8 (35)7.0 (7)-- Vanguard Institutional Target Retirement 2050 Fund 1,868,590 2.7 -11.8 (47)-7.9 (35)6.8 (16)-- Vanguard Target 2050 Composite Index -11.7 (42)-7.8 (33)7.0 (9)-- Vanguard Institutional Target Retirement 2055 Fund 769,919 1.1 -11.8 (34)-7.8 (31)6.8 (16)-- Vanguard Target 2055 Composite Index -11.7 (32)-7.8 (30)7.0 (9)-- Vanguard Institutional Target Retirement 2060 Fund 330,442 0.5 -11.8 (32)-7.9 (30)6.8 (14)-- Vanguard Target 2060 Composite Index -11.7 (23)-7.8 (27)7.0 (8)-- Vanguard Institutional Target Retirement 2065 Fund 9,346 0.0 -11.8 (28)-7.8 (29)--- Vanguard Target 2065 Composite Index -11.7 (23)-7.8 (27)--- Asset Allocation & Performance As of December 31, 2018 Page 8 Asset Allocation & Performance As of December 31, 2018 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 23,020,698 33.1 Vanguard Institutional Index Fund 8,746,369 12.6 -13.5 (40)-4.4 (49)9.2 (36)8.5 (33)13.1 (41) S&P 500 Index -13.5 (40)-4.4 (49)9.3 (35)8.5 (33)13.1 (41) Vanguard Mid-Cap Index Fund 3,410,641 4.9 -15.5 (34)-9.2 (48)6.4 (52)6.2 (29)13.9 (21) Vanguard Spliced Mid Cap Index -15.5 (34)-9.2 (48)6.4 (50)6.2 (28)13.9 (21) Vanguard Small-Cap Index Fund 2,654,729 3.8 -18.3 (20)-9.3 (27)7.6 (41)5.3 (21)13.6 (26) Vanguard Spliced Small Cap Index -18.3 (20)-9.3 (27)7.6 (41)5.2 (21)13.5 (27) Vanguard Total Bond Market Index Fund 3,340,607 4.8 1.6 (15)0.0 (21)2.0 (58)2.5 (50)3.4 (77) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 1.6 (18)-0.1 (24)2.1 (53)2.5 (43)3.5 (75) Vanguard Balanced Index Fund 4,868,352 7.0 -8.1 (47)-2.8 (14)6.4 (18)5.9 (5)9.6 (24) Vanguard Balanced Composite Index -8.1 (47)-2.8 (14)6.4 (16)6.0 (4)9.7 (22) Tier III 21,858,692 31.4 Vanguard Windsor II Fund 8,031,197 11.5 -13.9 (72)-8.5 (51)6.7 (60)5.5 (61)11.2 (44) Russell 1000 Value Index -11.7 (34)-8.3 (49)7.0 (57)5.9 (47)11.2 (44) Vanguard U.S. Growth Fund 5,539,206 8.0 -15.3 (44)0.7 (34)9.7 (57)10.2 (30)14.6 (44) Russell 1000 Growth Index -15.9 (59)-1.5 (62)11.1 (22)10.4 (21)15.3 (24) Vanguard International Growth Fund 2,981,419 4.3 -14.7 (80)-12.6 (33)8.4 (1)3.7 (6)9.7 (1) Vanguard Spliced International Index -11.5 (32)-14.2 (46)4.5 (29)0.7 (35)5.5 (63) Vanguard Prime Money Market Fund 1,944,591 2.8 0.6 (11)2.0 (12)1.2 (10)0.7 (12)0.4 (15) ICE BofAML 3 Month U.S. T-Bill 0.6 (14)1.9 (15)1.0 (16)0.6 (17)0.4 (20) Vanguard Retirement Savings Trust III 3,362,279 4.8 0.6 (8)2.2 (3)2.1 (1)2.0 (1)2.4 (9) ICE BofAML 3 Month U.S. T-Bill 0.6 (21)1.9 (49)1.0 (100)0.6 (100)0.4 (100) Tier IV 1,306,563 1.9 Loan Fund 1,306,563 1.9 ----- Page 9 Performance(%) 2017 2016 2015 2014 2013 2012 2011 2010 Total Deferred Compensation and Defined Contribution Plan Tier I Vanguard Institutional Target Retirement Income Fund 8.5 (72)5.3 (75)------ Vanguard Target Income Composite Index 8.7 (71)5.4 (74)------ Vanguard Institutional Target Retirement 2015 Fund 11.5 (50)6.3 (64)------ Vanguard Target 2015 Composite Index 11.6 (46)6.4 (55)------ Vanguard Institutional Target Retirement 2020 Fund 14.1 (19)7.0 (34)------ Vanguard Target 2020 Composite Index 14.2 (16)7.2 (31)------ Vanguard Institutional Target Retirement 2025 Fund 15.9 (28)7.6 (21)------ Vanguard Target 2025 Composite Index 16.1 (26)7.7 (20)------ Vanguard Institutional Target Retirement 2030 Fund 17.6 (37)8.0 (35)------ Vanguard Target 2030 Composite Index 17.7 (36)8.1 (32)------ Vanguard Institutional Target Retirement 2035 Fund 19.1 (39)8.4 (39)------ Vanguard Target 2035 Composite Index 19.2 (37)8.6 (32)------ Vanguard Institutional Target Retirement 2040 Fund 20.7 (31)8.8 (30)------ Vanguard Target 2040 Composite Index 20.9 (28)9.0 (25)------ Vanguard Institutional Target Retirement 2045 Fund 21.5 (26)8.9 (35)------ Vanguard Target 2045 Composite Index 21.5 (24)9.1 (30)------ Vanguard Institutional Target Retirement 2050 Fund 21.5 (40)8.9 (36)------ Vanguard Target 2050 Composite Index 21.5 (33)9.1 (32)------ Vanguard Institutional Target Retirement 2055 Fund 21.5 (51)8.9 (32)------ Vanguard Target 2055 Composite Index 21.5 (45)9.1 (30)------ Vanguard Institutional Target Retirement 2060 Fund 21.4 (69)8.9 (31)------ Vanguard Target 2060 Composite Index 21.5 (63)9.1 (26)------ Vanguard Institutional Target Retirement 2065 Fund -------- Vanguard Target 2065 Composite Index -------- Asset Allocation & Performance As of December 31, 2018 Page 10 Asset Allocation & Performance As of December 31, 2018 Performance(%) 2017 2016 2015 2014 2013 2012 2011 2010 Tier II Vanguard Institutional Index Fund 21.8 (52)11.9 (31)1.4 (48)13.7 (19)32.3 (56)16.0 (46)2.1 (24)15.0 (39) S&P 500 Index 21.8 (51)12.0 (31)1.4 (48)13.7 (19)32.4 (56)16.0 (46)2.1 (24)15.1 (39) Vanguard Mid-Cap Index Fund 19.3 (46)11.2 (57)-1.3 (40)13.8 (9)35.2 (51)16.0 (45)-2.0 (40)25.6 (33) Vanguard Spliced Mid Cap Index 19.3 (46)11.2 (57)-1.3 (39)13.8 (9)35.2 (51)16.0 (44)-1.9 (38)25.7 (32) Vanguard Small-Cap Index Fund 16.2 (23)18.3 (79)-3.6 (37)7.5 (10)37.8 (59)18.2 (25)-2.7 (42)27.9 (37) Vanguard Spliced Small Cap Index 16.2 (23)18.3 (79)-3.7 (38)7.5 (9)37.8 (59)18.2 (25)-2.8 (43)27.8 (37) Vanguard Total Bond Market Index Fund 3.6 (62)2.6 (65)0.4 (46)5.9 (41)-2.1 (71)4.2 (79)7.7 (20)6.5 (69) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.6 (57)2.8 (61)0.4 (41)5.9 (45)-2.0 (62)4.3 (77)7.9 (10)6.6 (66) Vanguard Balanced Index Fund 13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40)11.5 (57)4.3 (7)13.3 (42) Vanguard Balanced Composite Index 13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39)11.7 (56)4.7 (6)13.5 (40) Tier III Vanguard Windsor II Fund 16.9 (46)13.5 (68)-3.1 (49)11.3 (50)30.8 (78)16.8 (40)2.8 (24)10.7 (90) Russell 1000 Value Index 13.7 (83)17.3 (26)-3.8 (67)13.5 (10)32.5 (49)17.5 (29)0.4 (43)15.5 (23) Vanguard U.S. Growth Fund 31.8 (30)-0.6 (78)8.6 (21)13.2 (27)35.7 (33)18.5 (20)-0.5 (47)11.7 (83) Russell 1000 Growth Index 30.2 (47)7.1 (8)5.7 (55)13.1 (28)33.5 (57)15.3 (54)2.6 (15)16.7 (34) Vanguard International Growth Fund 43.2 (1)1.8 (27)-0.5 (54)-5.5 (72)23.1 (9)20.2 (51)-13.6 (75)15.8 (4) Vanguard Spliced International Index 27.2 (51)4.5 (18)-5.7 (91)-3.9 (29)15.3 (83)16.8 (77)-13.7 (77)8.1 (67) Vanguard Prime Money Market Fund 1.0 (11)0.5 (5)0.0 (20)0.0 (53)0.0 (31)0.0 (29)0.0 (26)0.1 (34) ICE BofAML 3 Month U.S. T-Bill 0.9 (17)0.3 (15)0.1 (20)0.0 (17)0.1 (11)0.1 (17)0.1 (14)0.1 (21) Vanguard Retirement Savings Trust III 1.9 (1)2.0 (1)2.0 (1)2.0 (8)1.9 (22)2.5 (16)3.1 (25)3.1 (58) ICE BofAML 3 Month U.S. T-Bill 0.9 (100)0.3 (100)0.1 (100)0.0 (100)0.1 (93)0.1 (100)0.1 (100)0.1 (100) Tier IV Loan Fund -------- Page 11 3.3 3.6 3.9 4.2 4.5 4.8 5.1 5.4 5.7 6.0 6.3 6.6 6.9 7.2 7.5 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 13.5 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 December 31, 2018 Calculation based on monthly periodicity. Page 12 0.7 1.4 2.1 2.8 3.5 4.2 4.9 5.6 6.3 7.0 7.7 8.4 9.1 9.8 10.5 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 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 December 31, 2018 Calculation based on monthly periodicity. Page 13 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 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust III Vanguard Prime Money Market Fund Vanguard International Growth Fund Tier III Funds Risk and Return 3 Years Ending December 31, 2018 Calculation based on monthly periodicity. Page 14 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 27,193,347 44.6 2,769,033 4.5 3,205,088 5.3 3,158,495 5.2 21,365,860 35.0 3,274,298 5.4 60,966,122 100.0 Tier I 16,665,607 100.0 16,665,607 27.3 Vanguard Institutional Target Retirement Income Fund 969,751 100.0 969,751 1.6 Vanguard Institutional Target Retirement 2015 Fund 953,613 100.0 953,613 1.6 Vanguard Institutional Target Retirement 2020 Fund 2,561,246 100.0 2,561,246 4.2 Vanguard Institutional Target Retirement 2025 Fund 4,632,195 100.0 4,632,195 7.6 Vanguard Institutional Target Retirement 2030 Fund 1,904,867 100.0 1,904,867 3.1 Vanguard Institutional Target Retirement 2035 Fund 1,815,949 100.0 1,815,949 3.0 Vanguard Institutional Target Retirement 2040 Fund 1,192,473 100.0 1,192,473 2.0 Vanguard Institutional Target Retirement 2045 Fund 1,425,147 100.0 1,425,147 2.3 Vanguard Institutional Target Retirement 2050 Fund 877,811 100.0 877,811 1.4 Vanguard Institutional Target Retirement 2055 Fund 203,139 100.0 203,139 0.3 Vanguard Institutional Target Retirement 2060 Fund 127,586 100.0 127,586 0.2 Vanguard Institutional Target Retirement 2065 Fund 1,829 100.0 1,829 0.0 Tier II 13,971,752 63.9 3,205,088 14.7 4,700,254 21.5 21,877,093 35.9 Vanguard Institutional Index Fund 8,296,932 100.0 8,296,932 13.6 Vanguard Mid-Cap Index Fund 3,170,722 100.0 3,170,722 5.2 Vanguard Small-Cap Index Fund 2,504,098 100.0 2,504,098 4.1 Vanguard Total Bond Market Index Fund 3,205,088 100.0 3,205,088 5.3 Vanguard Balanced Index Fund 4,700,254 100.0 4,700,254 7.7 Tier III 13,221,595 62.6 2,769,033 13.1 1,851,932 8.8 3,274,298 15.5 21,116,858 34.6 Vanguard Windsor II Fund 7,870,062 100.0 7,870,062 12.9 Vanguard U.S. Growth Fund 5,351,534 100.0 5,351,534 8.8 Vanguard International Growth Fund 2,769,033 100.0 2,769,033 4.5 Vanguard Prime Money Market Fund 1,851,932 100.0 1,851,932 3.0 Vanguard Retirement Savings Trust III 3,274,298 100.0 3,274,298 5.4 Tier IV 1,306,563 100.0 1,306,563 2.1 Loan Fund 1,306,563 100.0 1,306,563 2.1 Total Deferred Compensation Asset Allocation As of December 31, 2018 ($) Page 15 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Total Fund ($)%($)%($)%($)%($)%($)%($)% Total Defined Contribution Plan 1,188,795 13.9 212,386 2.5 135,519 1.6 92,659 1.1 6,852,115 80.0 87,981 1.0 8,569,455 100.0 Tier I 6,684,017 100.0 6,684,017 78.0 Vanguard Institutional Target Retirement Income Fund 38,478 100.0 38,478 0.4 Vanguard Institutional Target Retirement 2015 Fund 5,329 100.0 5,329 0.1 Vanguard Institutional Target Retirement 2020 Fund 126,335 100.0 126,335 1.5 Vanguard Institutional Target Retirement 2025 Fund 535,941 100.0 535,941 6.3 Vanguard Institutional Target Retirement 2030 Fund 524,299 100.0 524,299 6.1 Vanguard Institutional Target Retirement 2035 Fund 940,278 100.0 940,278 11.0 Vanguard Institutional Target Retirement 2040 Fund 1,017,314 100.0 1,017,314 11.9 Vanguard Institutional Target Retirement 2045 Fund 1,728,112 100.0 1,728,112 20.2 Vanguard Institutional Target Retirement 2050 Fund 990,779 100.0 990,779 11.6 Vanguard Institutional Target Retirement 2055 Fund 566,779 100.0 566,779 6.6 Vanguard Institutional Target Retirement 2060 Fund 202,856 100.0 202,856 2.4 Vanguard Institutional Target Retirement 2065 Fund 7,516 100.0 7,516 0.1 Tier II 839,987 73.5 135,519 11.9 168,098 14.7 1,143,604 13.3 Vanguard Institutional Index Fund 8,746,369 100.0 8,746,369 102.1 Vanguard Mid-Cap Index Fund 3,410,641 100.0 3,410,641 39.8 Vanguard Small-Cap Index Fund 2,654,729 100.0 2,654,729 31.0 Vanguard Total Bond Market Index Fund 3,340,607 100.0 3,340,607 39.0 Vanguard Balanced Index Fund 4,868,352 100.0 4,868,352 56.8 Tier III 348,808 47.0 212,386 28.6 92,659 12.5 87,981 11.9 741,834 8.7 Vanguard Windsor II Fund 8,031,197 100.0 8,031,197 93.7 Vanguard U.S. Growth Fund 5,539,206 100.0 5,539,206 64.6 Vanguard International Growth Fund 2,981,419 100.0 2,981,419 34.8 Vanguard Prime Money Market Fund 1,944,591 100.0 1,944,591 22.7 Vanguard Retirement Savings Trust III 3,362,279 100.0 3,362,279 39.2 Total Defined Contribution Plan Asset Allocation As of December 31, 2018 ($) Page 16 Tier I Page 17 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 Vanguard Institutional Target Retirement Income Fund Performance Summary Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 4.0 8.0 -4.0 -8.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -3.2 -2.0 -2.0 3.9 3.1 -3.2 -2.0 -2.0 3.9 3.0 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 :$5,623.70 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement Income Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 18 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement Income Fund -3.2 (30)-2.0 (18)-2.0 (18)3.9 (64)8.5 (72)5.3 (75)¢ Vanguard Target Income Composite Index -3.2 (30)-2.0 (15)-2.0 (15)3.9 (63)8.7 (71)5.4 (74)˜ 5th Percentile -1.9 -1.8 -1.8 5.1 14.0 7.2 1st Quartile -2.4 -2.2 -2.2 4.9 12.5 7.1 Median -4.1 -3.7 -3.7 4.6 10.8 6.7 3rd Quartile -6.0 -4.7 -4.7 2.8 8.2 5.2 95th Percentile -6.9 -6.6 -6.6 2.1 5.5 3.5 Population 17 17 17 17 17 17 Peer Group Analysis As of December 31, 2018 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 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.07 0.21 -0.31 1.00 0.82 -0.03 0.99 3.85 3.40 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.84 0.00 1.00 3.92 3.42 1.00 FTSE 3 Month T-Bill -2.92 3.49 -0.84 0.10 N/A 1.06 -0.02 0.99 0.20 -0.31 Vanguard Institutional Target Retirement Income Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement Income Fund Page 20 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.4% 0.6% 29.5% 69.5% Fund Characteristics As of 11/30/2018 Total Securities 6 Avg. Market Cap $38,869.66 Million P/E 6.97 P/B 1.54 Div. Yield 0.84% Annual EPS 7.13 5Yr EPS 3.47 3Yr EPS Growth 3.80 Sector/Quality Allocation As of 11/30/2018 0.0%3.0%6.0%9.0%12.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Materials Utilities Telecommunication Services 6.4% 4.4% 3.9% 3.4% 3.4% 3.2% 1.8% 1.3% 0.9% 0.8% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of December 31, 2018 Page 21 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 Vanguard Institutional Target Retirement 2015 Fund Performance Summary Vanguard Institutional Target Retirement 2015 Fund Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 5.0 10.0 -5.0 -10.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -4.7 -2.9 -2.9 4.9 3.7 -4.6 -2.9 -2.9 4.8 3.5 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$8,024.20 Million Total Assets Date :11/30/2018 Gross Expense :0.09% Net Expense :0.09% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % -0.6 % 9/15 3/16 9/16 3/17 9/17 3/18 9/18 12/18 Vanguard Institutional Target Retirement 2015 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 22 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2015 Fund -4.6 (28)-2.9 (17)-2.9 (17)4.8 (33)11.5 (50)6.3 (64)¢ Vanguard Target 2015 Composite Index -4.7 (29)-2.9 (14)-2.9 (14)4.9 (23)11.6 (46)6.4 (55)˜ 5th Percentile -3.9 -2.7 -2.7 5.3 14.0 7.6 1st Quartile -4.5 -3.0 -3.0 4.8 12.5 7.0 Median -5.5 -3.7 -3.7 4.6 11.5 6.6 3rd Quartile -6.2 -4.4 -4.4 4.1 10.8 6.1 95th Percentile -6.8 -5.1 -5.1 3.6 8.7 4.1 Population 26 26 26 26 26 27 Peer Group Analysis As of December 31, 2018 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 23 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 6/18 9/18 12/18 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.09 0.29 -0.31 1.00 0.81 0.00 0.98 4.78 4.63 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 4.87 4.70 1.00 FTSE 3 Month T-Bill -3.89 4.77 -0.82 0.09 N/A 1.05 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2015 Fund Page 24 Asset Allocation As of 11/30/2018 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% 0.5% 0.6% 39.4% 59.5% Fund Characteristics As of 11/30/2018 Total Securities 6 Avg. Market Cap $51,803.56 Million P/E 9.29 P/B 2.05 Div. Yield 1.13% Annual EPS 9.50 5Yr EPS 4.63 3Yr EPS Growth 5.07 Sector/Quality Allocation As of 11/30/2018 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% 4.5% 4.3% 2.4% 1.7% 1.2% 1.0% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of December 31, 2018 Page 25 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 Vanguard Institutional Target Retirement 2020 Fund Performance Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 6.0 12.0 -6.0 -12.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -6.5 -4.1 -4.1 5.5 4.1 -6.5 -4.2 -4.2 5.4 3.9 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$21,447.40 Million Total Assets Date :11/30/2018 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 12/18 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 12/18 0.99 Page 26 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2020 Fund -6.5 (62)-4.2 (44)-4.2 (44)5.4 (12)14.1 (19)7.0 (34)¢ Vanguard Target 2020 Composite Index -6.5 (61)-4.1 (41)-4.1 (41)5.5 (7)14.2 (16)7.2 (31)˜ 5th Percentile -3.7 -2.8 -2.8 5.5 15.3 8.1 1st Quartile -5.6 -3.8 -3.8 5.3 13.9 7.3 Median -6.3 -4.3 -4.3 4.8 13.1 6.7 3rd Quartile -7.1 -5.2 -5.2 4.3 12.1 5.9 95th Percentile -8.0 -6.2 -6.2 3.6 8.4 3.7 Population 40 40 40 40 40 41 Peer Group Analysis As of December 31, 2018 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.10 0.37 -0.26 1.00 0.75 -0.02 0.99 5.38 5.85 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.76 0.00 1.00 5.48 5.92 1.00 FTSE 3 Month T-Bill -4.53 5.99 -0.76 0.09 N/A 1.05 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2020 Fund Page 28 Asset Allocation As of 11/30/2018 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 0.6% 46.6% 52.1% Fund Characteristics As of 11/30/2018 Total Securities 6 Avg. Market Cap $68,584.52 Million P/E 12.30 P/B 2.71 Div. Yield 1.49% Annual EPS 12.58 5Yr EPS 6.13 3Yr EPS Growth 6.71 Sector/Quality Allocation As of 11/30/2018 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% 7.0% 6.1% 6.0% 5.7% 3.2% 2.2% 1.6% 1.3% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of December 31, 2018 Page 29 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 6.0 12.0 -6.0 -12.0 -18.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -7.7 -5.0 -5.0 5.9 4.3 -7.7 -5.0 -5.0 5.8 4.1 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 :$27,541.20 Million Total Assets Date :11/30/2018 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 12/18 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 12/18 1.00 Page 30 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2025 Fund -7.7 (57)-5.0 (42)-5.0 (42)5.8 (10)15.9 (28)7.6 (21)¢ Vanguard Target 2025 Composite Index -7.7 (58)-5.0 (42)-5.0 (42)5.9 (7)16.1 (26)7.7 (20)˜ 5th Percentile -4.4 -3.2 -3.2 5.9 17.1 8.7 1st Quartile -7.0 -4.4 -4.4 5.7 16.1 7.5 Median -7.6 -5.3 -5.3 5.3 15.2 7.2 3rd Quartile -8.3 -6.0 -6.0 4.6 13.7 6.5 95th Percentile -9.1 -6.5 -6.5 4.1 10.7 4.4 Population 41 41 41 41 41 42 Peer Group Analysis As of December 31, 2018 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 -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.09 0.43 -0.21 1.00 0.72 -0.01 0.99 5.80 6.74 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.72 0.00 1.00 5.89 6.82 1.00 FTSE 3 Month T-Bill -4.98 6.88 -0.72 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2025 Fund Page 32 Asset Allocation As of 11/30/2018 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.7% 0.8% 37.4% 61.2% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $80,664.70 Million P/E 14.45 P/B 3.19 Div. Yield 1.75% Annual EPS 14.77 5Yr EPS 7.20 3Yr EPS Growth 7.88 Sector/Quality Allocation As of 11/30/2018 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 13.2% 9.1% 8.2% 7.1% 7.1% 6.6% 3.7% 2.6% 1.9% 1.5% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of December 31, 2018 Page 33 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 Vanguard Institutional Target Retirement 2030 Fund Performance Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 8.0 16.0 -8.0 -16.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -8.8 -5.7 -5.7 6.2 4.5 -8.9 -5.8 -5.8 6.1 4.3 Product Name :Vanguard ITR 2030;Inst (VTTWX) Fund Family :Vanguard Group Inc Ticker :VTTWX Peer Group :IM Mixed-Asset Target 2030 (MF) Benchmark :Vanguard Target 2030 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$25,422.60 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 34 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2030 Fund -8.9 (49)-5.8 (41)-5.8 (41)6.1 (23)17.6 (37)8.0 (35)¢ Vanguard Target 2030 Composite Index -8.8 (49)-5.7 (39)-5.7 (39)6.2 (19)17.7 (36)8.1 (32)˜ 5th Percentile -5.9 -4.2 -4.2 6.4 19.2 9.9 1st Quartile -8.1 -5.2 -5.2 6.0 18.3 8.2 Median -8.9 -6.2 -6.2 5.7 17.2 7.5 3rd Quartile -9.8 -7.0 -7.0 5.1 15.8 6.8 95th Percentile -10.5 -8.1 -8.1 4.7 13.4 5.7 Population 42 42 42 42 42 43 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.11 0.48 -0.23 1.00 0.69 -0.04 0.99 6.13 7.55 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.70 0.00 1.00 6.25 7.62 1.00 FTSE 3 Month T-Bill -5.37 7.69 -0.70 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2030 Fund Page 36 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 0.8% 30.0% 68.6% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $90,330.84 Million P/E 16.18 P/B 3.57 Div. Yield 1.96% Annual EPS 16.54 5Yr EPS 8.06 3Yr EPS Growth 8.83 Sector/Quality Allocation As of 11/30/2018 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% 10.2% 9.2% 8.0% 7.9% 7.4% 4.2% 2.9% 2.1% 1.7% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of December 31, 2018 Page 37 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -9.9 -6.5 -6.5 6.6 4.6 -10.0 -6.6 -6.6 6.5 4.4 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 :$23,200.30 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 38 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2035 Fund -10.0 (45)-6.6 (32)-6.6 (32)6.5 (23)19.1 (39)8.4 (39)¢ Vanguard Target 2035 Composite Index -9.9 (39)-6.5 (31)-6.5 (31)6.6 (22)19.2 (37)8.6 (32)˜ 5th Percentile -8.7 -5.7 -5.7 6.7 21.1 10.0 1st Quartile -9.7 -6.3 -6.3 6.4 20.0 8.6 Median -10.1 -7.2 -7.2 6.1 18.9 8.3 3rd Quartile -11.1 -7.6 -7.6 5.6 18.0 7.2 95th Percentile -11.7 -8.7 -8.7 5.0 16.0 5.3 Population 39 39 39 39 39 40 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.12 0.51 -0.24 1.00 0.67 -0.05 0.99 6.46 8.36 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.68 0.00 1.00 6.58 8.43 1.00 FTSE 3 Month T-Bill -5.76 8.50 -0.68 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2035 Fund Page 40 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 0.9% 22.6% 75.9% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $99,963.36 Million P/E 17.91 P/B 3.96 Div. Yield 2.17% Annual EPS 18.31 5Yr EPS 8.92 3Yr EPS Growth 9.77 Sector/Quality Allocation As of 11/30/2018 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% 11.3% 10.1% 8.8% 8.7% 8.2% 4.6% 3.2% 2.3% 1.9% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of December 31, 2018 Page 41 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -11.0 -7.2 -7.2 6.9 4.8 -11.0 -7.3 -7.3 6.8 4.6 Product Name :Vanguard ITR 2040;Inst (VIRSX) Fund Family :Vanguard Group Inc Ticker :VIRSX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$20,245.10 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 42 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2040 Fund -11.0 (54)-7.3 (34)-7.3 (34)6.8 (13)20.7 (31)8.8 (30)¢ Vanguard Target 2040 Composite Index -11.0 (44)-7.2 (32)-7.2 (32)6.9 (7)20.9 (28)9.0 (25)˜ 5th Percentile -9.3 -6.2 -6.2 7.0 22.0 10.3 1st Quartile -10.6 -7.0 -7.0 6.5 21.0 9.0 Median -11.0 -7.9 -7.9 6.3 20.3 8.4 3rd Quartile -12.1 -8.5 -8.5 5.6 18.8 7.3 95th Percentile -12.9 -9.5 -9.5 5.0 16.3 5.5 Population 40 40 40 40 40 41 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.13 0.59 -0.21 1.00 0.65 -0.06 0.99 6.78 9.19 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.66 0.00 1.00 6.91 9.25 1.00 FTSE 3 Month T-Bill -6.14 9.31 -0.66 0.09 N/A 1.04 -0.01 0.99 0.20 -0.29 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2040 Fund Page 44 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.0% 15.2% 83.2% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $109,649.49 Million P/E 19.64 P/B 4.34 Div. Yield 2.38% Annual EPS 20.08 5Yr EPS 9.78 3Yr EPS Growth 10.71 Sector/Quality Allocation As of 11/30/2018 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 18.0% 12.4% 11.1% 9.7% 9.6% 9.0% 5.0% 3.5% 2.6% 2.1% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of December 31, 2018 Page 45 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -11.7 -7.8 -7.8 7.0 4.8 -11.8 -7.9 -7.9 6.8 4.6 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 :$16,923.70 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 46 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2045 Fund -11.8 (50)-7.9 (37)-7.9 (37)6.8 (13)21.5 (26)8.9 (35)¢ Vanguard Target 2045 Composite Index -11.7 (45)-7.8 (35)-7.8 (35)7.0 (7)21.5 (24)9.1 (30)˜ 5th Percentile -10.6 -6.7 -6.7 7.0 22.7 10.4 1st Quartile -11.3 -7.3 -7.3 6.6 21.5 9.3 Median -11.8 -8.0 -8.0 6.4 21.0 8.5 3rd Quartile -12.5 -8.9 -8.9 5.9 19.8 7.4 95th Percentile -13.3 -9.8 -9.8 5.4 18.4 5.5 Population 39 39 39 39 39 40 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.12 0.59 -0.21 1.00 0.63 -0.05 0.99 6.83 9.55 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.64 0.00 1.00 6.95 9.63 1.00 FTSE 3 Month T-Bill -6.21 9.69 -0.64 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2045 Fund Page 48 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.1% 10.1% 88.3% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $116,320.83 Million P/E 20.84 P/B 4.60 Div. Yield 2.52% Annual EPS 21.31 5Yr EPS 10.38 3Yr EPS Growth 11.37 Sector/Quality Allocation As of 11/30/2018 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% 10.3% 10.2% 9.6% 5.4% 3.7% 2.7% 2.2% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of December 31, 2018 Page 49 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -11.7 -7.8 -7.8 7.0 4.8 -11.8 -7.9 -7.9 6.8 4.6 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 :$12,152.30 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 50 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2050 Fund -11.8 (47)-7.9 (35)-7.9 (35)6.8 (16)21.5 (40)8.9 (36)¢ Vanguard Target 2050 Composite Index -11.7 (42)-7.8 (33)-7.8 (33)7.0 (9)21.5 (33)9.1 (32)˜ 5th Percentile -10.5 -7.0 -7.0 7.1 23.1 10.5 1st Quartile -11.3 -7.4 -7.4 6.7 21.9 9.3 Median -11.9 -8.3 -8.3 6.4 21.3 8.4 3rd Quartile -12.7 -9.2 -9.2 5.8 20.2 7.5 95th Percentile -13.8 -10.2 -10.2 5.3 18.5 5.5 Population 40 40 40 40 41 42 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.12 0.62 -0.19 1.00 0.63 -0.05 0.99 6.83 9.56 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.64 0.00 1.00 6.95 9.63 1.00 FTSE 3 Month T-Bill -6.21 9.69 -0.64 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2050 Fund Page 52 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.1% 10.0% 88.4% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $116,532.09 Million P/E 20.87 P/B 4.61 Div. Yield 2.53% Annual EPS 21.33 5Yr EPS 10.39 3Yr EPS Growth 11.38 Sector/Quality Allocation As of 11/30/2018 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% 10.3% 10.2% 9.6% 5.4% 3.7% 2.7% 2.2% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of December 31, 2018 Page 53 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -11.7 -7.8 -7.8 7.0 4.8 -11.8 -7.8 -7.8 6.8 4.6 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 :$5,489.90 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 54 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2055 Fund -11.8 (34)-7.8 (31)-7.8 (31)6.8 (16)21.5 (51)8.9 (32)¢ Vanguard Target 2055 Composite Index -11.7 (32)-7.8 (30)-7.8 (30)7.0 (9)21.5 (45)9.1 (30)˜ 5th Percentile -10.9 -7.0 -7.0 7.1 24.1 10.5 1st Quartile -11.7 -7.7 -7.7 6.7 22.1 9.4 Median -12.0 -8.3 -8.3 6.5 21.5 8.5 3rd Quartile -12.8 -9.3 -9.3 5.9 20.5 7.6 95th Percentile -14.3 -10.5 -10.5 5.6 19.3 6.4 Population 37 37 37 37 37 38 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.11 0.61 -0.18 1.00 0.64 -0.02 0.99 6.84 9.53 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.64 0.00 1.00 6.95 9.63 1.00 FTSE 3 Month T-Bill -6.21 9.69 -0.64 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2055 Fund Page 56 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.1% 10.0% 88.3% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $116,402.14 Million P/E 20.85 P/B 4.61 Div. Yield 2.53% Annual EPS 21.32 5Yr EPS 10.39 3Yr EPS Growth 11.38 Sector/Quality Allocation As of 11/30/2018 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% 10.3% 10.2% 9.6% 5.4% 3.7% 2.7% 2.2% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of December 31, 2018 Page 57 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 8.0 16.0 -8.0 -16.0 -24.0Return 1 Quarter 2018 1 Year 3 Years Inception 7/1/15 -11.7 -7.8 -7.8 7.0 4.8 -11.8 -7.9 -7.9 6.8 4.6 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 :$1,576.50 Million Total Assets Date :11/30/2018 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 12/18 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 58 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return1 Quarter 2018 1 Year 3 Years 2017 2016 Vanguard Institutional Target Retirement 2060 Fund -11.8 (32)-7.9 (30)-7.9 (30)6.8 (14)21.4 (69)8.9 (31)¢ Vanguard Target 2060 Composite Index -11.7 (23)-7.8 (27)-7.8 (27)7.0 (8)21.5 (63)9.1 (26)˜ 5th Percentile -11.1 -7.2 -7.2 7.2 23.3 10.2 1st Quartile -11.8 -7.7 -7.7 6.7 22.0 9.2 Median -12.1 -8.2 -8.2 6.6 21.7 8.7 3rd Quartile -12.9 -9.1 -9.1 6.3 21.3 8.3 95th Percentile -14.8 -10.4 -10.4 5.7 19.3 6.7 Population 14 14 14 14 14 15 Peer Group Analysis As of December 31, 2018 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 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.14 0.59 -0.23 1.00 0.63 -0.08 0.99 6.81 9.58 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.64 0.00 1.00 6.95 9.63 1.00 FTSE 3 Month T-Bill -6.21 9.69 -0.64 0.09 N/A 1.04 -0.01 0.99 0.20 -0.30 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of December 31, 2018Vanguard Institutional Target Retirement 2060 Fund Page 60 Asset Allocation As of 11/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.1% 10.0% 88.4% Fund Characteristics As of 11/30/2018 Total Securities 5 Avg. Market Cap $116,589.86 Million P/E 20.87 P/B 4.61 Div. Yield 2.53% Annual EPS 21.33 5Yr EPS 10.40 3Yr EPS Growth 11.38 Sector/Quality Allocation As of 11/30/2018 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% 10.3% 10.2% 9.6% 5.4% 3.7% 2.7% 2.2% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of December 31, 2018 Page 61 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 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 -20.0 -16.0 -12.0 -8.0 -4.0 0.0 Return1 Quarter 2018 1 Year Inception 8/1/17 -11.7 -7.8 -7.8 -0.3 -11.8 -7.8 -7.8 -0.5Product 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 :$113.40 Million Total Assets Date :11/30/2018 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 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 12/18 1.00 Page 62 -18.0 -16.0 -14.0 -12.0 -10.0 -8.0 -6.0 -4.0 Return1 Quarter 2018 1 Year Vanguard Institutional Target Retirement 2065 Fund -11.8 (28)-7.8 (29)-7.8 (29)¢ Vanguard Target 2065 Composite Index -11.7 (23)-7.8 (27)-7.8 (27)˜ 5th Percentile -11.1 -7.2 -7.2 1st Quartile -11.8 -7.7 -7.7 Median -12.1 -8.2 -8.2 3rd Quartile -12.9 -9.1 -9.1 95th Percentile -14.8 -10.4 -10.4 Population 14 14 14 Peer Group Analysis As of December 31, 2018 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 09/30/2018 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.6% 1.4% 9.8% 88.1% Fund Characteristics As of 09/30/2018 Total Securities 6 Avg. Market Cap $124,735.86 Million P/E 22.76 P/B 5.09 Div. Yield 2.35% Annual EPS 21.46 5Yr EPS 10.66 3Yr EPS Growth 11.47 Sector/Quality Allocation As of 09/30/2018 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 18.6% 13.4% 12.1% 10.4% 10.1% 9.4% 5.6% 3.8% 2.5% 2.1% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of December 31, 2018 Page 64 Tier II Page 65 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -13.5 -4.4 -4.4 9.3 8.5 13.1 -13.5 -4.4 -4.4 9.2 8.5 13.1 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard Group Inc Ticker :VINIX Peer Group :IM U.S. Large Cap Equity (MF) Benchmark :S&P 500 Index Fund Inception :07/31/1990 Portfolio Manager :Butler/Louie Total Assets :$116,738.60 Million Total Assets Date :11/30/2018 Gross Expense :0.04% Net Expense :0.04% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 66 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Institutional Index Fund -13.5 (40)-4.4 (49)-4.4 (49)9.2 (36)8.5 (33)13.1 (41)21.8 (52)11.9 (31)1.4 (48)¢ S&P 500 Index -13.5 (40)-4.4 (49)-4.4 (49)9.3 (35)8.5 (33)13.1 (41)21.8 (51)12.0 (31)1.4 (48)˜ 5th Percentile -9.6 3.0 3.0 12.1 11.1 16.4 34.8 18.3 10.0 1st Quartile -12.4 -1.3 -1.3 9.8 9.1 14.0 27.7 12.9 4.9 Median -14.0 -4.6 -4.6 8.5 7.6 12.6 21.9 9.3 0.9 3rd Quartile -15.5 -7.2 -7.2 7.1 6.1 11.1 18.2 4.0 -2.2 95th Percentile -17.4 -11.1 -11.1 5.2 4.5 9.6 13.2 -2.0 -5.5 Population 474 474 474 474 446 306 488 489 489 Peer Group Analysis As of December 31, 2018 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 67 Asset Allocation As of 11/30/2018 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% 0.6% 99.4% Fund Characteristics As of 11/30/2018 Total Securities 511 Avg. Market Cap $206,728.02 Million P/E 25.61 P/B 6.99 Div. Yield 2.45% Annual EPS 22.43 5Yr EPS 13.08 3Yr EPS Growth 12.94 Sector/Quality Allocation As of 11/30/2018 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Health Care Consumer Discretionary Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 20.3% 18.4% 14.2% 13.8% 11.8% 7.9% 5.5% 3.1% 2.2% 2.1% Vanguard Institutional Index Fund Mutual Fund Attributes As of December 31, 2018 Page 68 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -15.5 -9.2 -9.2 6.4 6.2 13.9 -15.5 -9.2 -9.2 6.4 6.2 13.9 Product Name :Vanguard Md-Cp I;Adm (VIMAX) Fund Family :Vanguard Group Inc Ticker :VIMAX Peer Group :IM U.S. Mid Cap Equity (MF) Benchmark :Vanguard Spliced Mid Cap Index Fund Inception :11/12/2001 Portfolio Manager :Butler/Johnson Total Assets :$38,595.20 Million Total Assets Date :11/30/2018 Gross Expense :0.05% Net Expense :0.05% Turnover :14% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 69 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Mid-Cap Index Fund -15.5 (34)-9.2 (48)-9.2 (48)6.4 (52)6.2 (29)13.9 (21)19.3 (46)11.2 (57)-1.3 (40)¢ Vanguard Spliced Mid Cap Index -15.5 (34)-9.2 (48)-9.2 (48)6.4 (50)6.2 (28)13.9 (21)19.3 (46)11.2 (57)-1.3 (39)˜ 5th Percentile -11.7 0.3 0.3 10.9 9.1 15.4 31.2 24.0 4.3 1st Quartile -14.9 -5.0 -5.0 8.6 6.5 13.8 24.5 17.9 0.3 Median -16.7 -9.8 -9.8 6.4 5.1 12.8 18.4 12.1 -2.4 3rd Quartile -18.4 -13.4 -13.4 4.7 3.3 11.5 14.0 6.4 -5.4 95th Percentile -22.6 -19.3 -19.3 1.7 1.0 9.1 9.3 1.3 -10.9 Population 245 245 245 245 227 128 247 247 247 Peer Group Analysis As of December 31, 2018 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 70 Asset Allocation As of 11/30/2018 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.3% 99.7% Fund Characteristics As of 11/30/2018 Total Securities 367 Avg. Market Cap $15,563.37 Million P/E 27.53 P/B 5.21 Div. Yield 2.43% Annual EPS 26.64 5Yr EPS 10.18 3Yr EPS Growth 9.09 Sector/Quality Allocation As of 11/30/2018 0.0%8.0%16.0%24.0%32.0% Financials Industrials Information Technology Consumer Discretionary Consumer Staples Health Care Energy Utilities Materials Non Classified Equity 20.5% 18.7% 15.1% 10.9% 9.9% 8.8% 5.6% 5.6% 3.5% 0.6% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of December 31, 2018 Page 71 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -18.3 -9.3 -9.3 7.6 5.2 13.5 -18.3 -9.3 -9.3 7.6 5.3 13.6 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard Group Inc Ticker :VSMAX Peer Group :IM U.S. Small Cap Equity (MF) Benchmark :Vanguard Spliced Small Cap Index Fund Inception :11/13/2000 Portfolio Manager :Coleman/O'Reilly Total Assets :$35,184.50 Million Total Assets Date :11/30/2018 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 72 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Small-Cap Index Fund -18.3 (20)-9.3 (27)-9.3 (27)7.6 (41)5.3 (21)13.6 (26)16.2 (23)18.3 (79)-3.6 (37)¢ Vanguard Spliced Small Cap Index -18.3 (20)-9.3 (27)-9.3 (27)7.6 (41)5.2 (21)13.5 (27)16.2 (23)18.3 (79)-3.7 (38)˜ 5th Percentile -15.6 -2.6 -2.6 13.0 6.7 15.7 25.0 34.0 2.8 1st Quartile -19.0 -9.1 -9.1 9.1 4.9 13.6 14.6 28.3 -2.0 Median -20.3 -12.8 -12.8 7.0 3.1 12.2 11.5 23.9 -5.9 3rd Quartile -22.1 -16.2 -16.2 4.5 1.5 10.7 7.3 19.2 -8.9 95th Percentile -25.1 -22.0 -22.0 0.6 -2.8 8.4 2.9 8.1 -16.0 Population 113 113 113 113 101 70 121 121 121 Peer Group Analysis As of December 31, 2018 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 73 Asset Allocation As of 11/30/2018 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Fixed Income Other Cash Equities 0.0% 0.1% 0.1% 2.1% 97.8% Fund Characteristics As of 11/30/2018 Total Securities 1,415 Avg. Market Cap $4,474.35 Million P/E 27.66 P/B 4.71 Div. Yield 2.70% Annual EPS 21.23 5Yr EPS 12.88 3Yr EPS Growth 13.70 Sector/Quality Allocation As of 11/30/2018 0.0%10.0%20.0%30.0%40.0% Financials Industrials Consumer Discretionary Information Technology Health Care Consumer Staples Utilities Materials Energy Telecommunication Services 25.5% 19.1% 12.3% 11.4% 11.3% 6.4% 3.7% 3.7% 3.6% 0.5% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of December 31, 2018 Page 74 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 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 (N) 0.0 2.0 4.0 6.0 -2.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 1.6 -0.1 -0.1 2.1 2.5 3.5 1.6 0.0 0.0 2.0 2.5 3.4 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 (N) Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$86,606.70 Million Total Assets Date :11/30/2018 Gross Expense :0.05% Net Expense :0.05% Turnover :55% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 75 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Total Bond Market Index Fund 1.6 (15)0.0 (21)0.0 (21)2.0 (58)2.5 (50)3.4 (77)3.6 (62)2.6 (65)0.4 (46)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj (N)1.6 (18)-0.1 (24)-0.1 (24)2.1 (53)2.5 (43)3.5 (75)3.6 (57)2.8 (61)0.4 (41)˜ 5th Percentile 1.7 0.6 0.6 3.1 3.0 5.7 5.1 5.2 1.2 1st Quartile 1.4 -0.1 -0.1 2.5 2.7 4.9 4.2 3.8 0.7 Median 1.1 -0.5 -0.5 2.2 2.5 4.2 3.8 3.0 0.3 3rd Quartile 0.7 -0.8 -0.8 1.9 2.1 3.5 3.4 2.4 -0.2 95th Percentile -0.1 -1.3 -1.3 1.4 1.6 2.5 2.3 1.8 -1.3 Population 119 119 119 119 110 80 125 125 125 Peer Group Analysis As of December 31, 2018 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 76 Asset Allocation As of 09/30/2018 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -0.6 % 0.0% 0.0% 1.4% 99.3% Fund Characteristics As of 09/30/2018 Avg. Coupon 3.14 % Nominal Maturity N/A Effective Maturity 8.50 Years Duration 6.05 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 09/30/2018 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated BB AND B Rated Equities/Other 71.0% 12.9% 12.1% 4.7% 0.0% Maturity Distribution As of 09/30/2018 0.0%20.0%40.0%60.0%-20.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 3-5Yrs 1-3Yrs 5-10Yrs -0.6 % 0.6% 1.4% 5.1% 12.6% 18.2% 23.7% 39.0% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of December 31, 2018 Page 77 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 8.0 16.0 24.0 -8.0 -16.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -8.1 -2.8 -2.8 6.4 6.0 9.7 -8.1 -2.8 -2.8 6.4 5.9 9.6 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 :$10,028.50 Million Total Assets Date :11/30/2018 Gross Expense :0.06% Net Expense :0.06% Turnover :37% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Balanced Index Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Page 78 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Balanced Index Fund -8.1 (47)-2.8 (14)-2.8 (14)6.4 (18)5.9 (5)9.6 (24)13.9 (54)8.8 (22)0.5 (9)¢ Vanguard Balanced Composite Index -8.1 (47)-2.8 (14)-2.8 (14)6.4 (16)6.0 (4)9.7 (22)13.9 (54)8.9 (22)0.8 (7)˜ 5th Percentile -2.4 -1.4 -1.4 7.0 5.7 11.0 22.1 12.2 1.3 1st Quartile -5.8 -3.8 -3.8 6.0 4.6 9.5 18.7 8.6 -0.3 Median -8.4 -6.0 -6.0 5.0 3.7 8.4 14.3 7.0 -1.2 3rd Quartile -11.2 -7.9 -7.9 3.9 2.8 6.9 10.7 5.5 -2.4 95th Percentile -13.7 -10.9 -10.9 1.5 0.5 4.8 5.3 2.1 -7.7 Population 1,019 1,019 1,019 1,019 903 481 1,037 1,050 1,041 Peer Group Analysis As of December 31, 2018 IM All Balanced (MF) Parentheses contain percentile rankings. Page 79 Asset Allocation As of 11/30/2018 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.0% 1.8% 39.3% 58.9% Fund Characteristics As of 11/30/2018 Total Securities 13,434 Avg. Market Cap $171,807.84 Million P/E 25.93 P/B 6.67 Div. Yield 2.48% Annual EPS 22.40 5Yr EPS 12.85 3Yr EPS Growth 12.90 Sector/Quality Allocation As of 11/30/2018 0.0%5.0%10.0%15.0%20.0% Financials Information Technology Health Care Consumer Discretionary Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 11.6% 11.3% 8.2% 8.0% 7.7% 4.7% 3.1% 1.8% 1.4% 1.2% Vanguard Balanced Index Fund Mutual Fund Attributes As of December 31, 2018 Page 80 Tier III Page 81 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -11.7 -8.3 -8.3 7.0 5.9 11.2 -13.9 -8.5 -8.5 6.7 5.5 11.2 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard Group Inc Ticker :VWNAX Peer Group :IM U.S. Large Cap Value Equity (MF) Benchmark :Russell 1000 Value Index Fund Inception :05/14/2001 Portfolio Manager :Team Managed Total Assets :$34,305.80 Million Total Assets Date :11/30/2018 Gross Expense :0.26% Net Expense :0.26% Turnover :32% Quarterly Out Performance Quarterly Under Performance 0.0% 2.0% 4.0% -2.0 % -4.0 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Windsor II Fund Benchmark 0.93 0.96 0.99 1.02 1.05 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.98 Page 82 -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard Windsor II Fund -13.9 (72)-8.5 (51)-8.5 (51)6.7 (60)5.5 (61)11.2 (44)16.9 (46)13.5 (68)-3.1 (49)¢ Russell 1000 Value Index -11.7 (34)-8.3 (49)-8.3 (49)7.0 (57)5.9 (47)11.2 (44)13.7 (83)17.3 (26)-3.8 (67)˜ 5th Percentile -6.7 -2.0 -2.0 10.9 7.8 13.5 21.0 20.4 1.2 1st Quartile -11.4 -6.0 -6.0 8.2 6.5 12.1 18.9 17.4 -1.7 Median -12.6 -8.5 -8.5 7.1 5.9 10.9 16.8 15.1 -3.2 3rd Quartile -14.0 -10.1 -10.1 6.0 5.0 10.0 14.6 12.5 -4.6 95th Percentile -15.7 -13.0 -13.0 5.1 3.6 9.1 11.3 9.7 -8.3 Population 112 112 112 112 106 77 115 115 115 Peer Group Analysis As of December 31, 2018 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 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 12/18 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund -0.38 2.25 -0.17 0.96 0.48 -0.44 1.01 5.51 11.19 0.98 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.53 0.00 1.00 5.95 10.85 1.00 FTSE 3 Month T-Bill -5.77 10.89 -0.53 0.02 N/A 0.62 0.00 0.60 0.21 -0.15 Vanguard Windsor II Fund Risk Profile As of December 31, 2018Vanguard Windsor II Fund Page 84 Asset Allocation As of 09/30/2018 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Cash Fixed Income Other Equities 0.0% 0.0% 0.1% 2.9% 97.0% Fund Characteristics As of 09/30/2018 Total Securities 276 Avg. Market Cap $174,712.28 Million P/E 23.78 P/B 4.25 Div. Yield 2.65% Annual EPS 21.32 5Yr EPS 6.17 3Yr EPS Growth 6.35 Sector/Quality Allocation As of 09/30/2018 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Health Care Energy Consumer Discretionary Industrials Consumer Staples Materials Utilities Telecommunication Services 18.8% 15.8% 14.7% 12.3% 10.5% 9.7% 9.4% 2.8% 1.7% 1.4% Vanguard Windsor II Fund Mutual Fund Attributes As of December 31, 2018 Page 85 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -15.9 -1.5 -1.5 11.1 10.4 15.3 -15.3 0.7 0.7 9.7 10.2 14.6 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 :$5,876.70 Million Total Assets Date :11/30/2018 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 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard U.S. Growth Fund Benchmark 0.96 1.00 1.04 1.08 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 0.99 Page 86 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard U.S. Growth Fund -15.3 (44)0.7 (34)0.7 (34)9.7 (57)10.2 (30)14.6 (44)31.8 (30)-0.6 (78)8.6 (21)¢ Russell 1000 Growth Index -15.9 (59)-1.5 (62)-1.5 (62)11.1 (22)10.4 (21)15.3 (24)30.2 (47)7.1 (8)5.7 (55)˜ 5th Percentile -12.5 5.3 5.3 12.5 12.1 18.2 36.7 7.4 11.5 1st Quartile -14.4 1.7 1.7 11.0 10.3 15.3 32.5 5.6 8.1 Median -15.6 -0.7 -0.7 9.9 9.5 14.5 30.0 2.5 6.2 3rd Quartile -16.5 -2.6 -2.6 8.6 8.2 13.4 27.0 -0.2 3.5 95th Percentile -18.4 -5.5 -5.5 5.8 6.3 11.1 23.1 -5.1 0.2 Population 165 165 165 165 154 104 170 170 170 Peer Group Analysis As of December 31, 2018 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 87 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 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 12/18 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -0.14 3.07 -0.05 0.94 0.78 -0.39 1.02 10.16 12.61 0.97 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 0.84 0.00 1.00 10.40 11.96 1.00 FTSE 3 Month T-Bill -10.04 11.98 -0.84 0.01 N/A 0.62 0.00 0.60 0.21 -0.10 Vanguard U.S. Growth Fund Risk Profile As of December 31, 2018Vanguard U.S. Growth Fund Page 88 Asset Allocation As of 09/30/2018 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Convertibles Fixed Income Cash Other Equities 0.0% 0.3% 0.3% 3.4% 96.1% Fund Characteristics As of 09/30/2018 Total Securities 163 Avg. Market Cap $236,621.46 Million P/E 37.94 P/B 10.95 Div. Yield 1.37% Annual EPS 28.73 5Yr EPS 20.72 3Yr EPS Growth 22.63 Sector/Quality Allocation As of 09/30/2018 0.0%10.0%20.0%30.0%40.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Non Classified Equity Materials Energy 26.9% 19.3% 17.1% 12.5% 10.9% 7.9% 0.9% 0.3% 0.3% Vanguard U.S. Growth Fund Mutual Fund Attributes As of December 31, 2018 Page 89 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2018 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 15.0 30.0 -15.0 -30.0Return 1 Quarter 2018 1 Year 3 Years 5 Years 10 Years -11.5 -14.2 -14.2 4.5 0.7 5.5 -14.7 -12.6 -12.6 8.4 3.7 9.7 Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard Group Inc Ticker :VWILX Peer Group :IM International Large Cap Growth Equity (MF) Benchmark :Vanguard Spliced International Index Fund Inception :08/13/2001 Portfolio Manager :Anderson/Coutts/Webber Total Assets :$26,407.60 Million Total Assets Date :11/30/2018 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 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard International Growth Fund Benchmark 0.80 1.00 1.20 1.40 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.16 Page 90 -55.0 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 Return1 Quarter 2018 1 Year 3 Years 5 Years 10 Years 2017 2016 2015 Vanguard International Growth Fund -14.7 (80)-12.6 (33)-12.6 (33)8.4 (1)3.7 (6)9.7 (1)43.2 (1)1.8 (27)-0.5 (54)¢ Vanguard Spliced International Index -11.5 (32)-14.2 (46)-14.2 (46)4.5 (29)0.7 (35)5.5 (63)27.2 (51)4.5 (18)-5.7 (91)˜ 5th Percentile -10.3 -9.6 -9.6 7.1 3.7 8.9 32.8 6.5 6.3 1st Quartile -11.2 -12.3 -12.3 4.5 1.7 7.9 30.1 1.9 1.2 Median -12.9 -14.9 -14.9 2.8 0.0 6.0 27.3 -0.2 -0.5 3rd Quartile -14.7 -16.3 -16.3 1.3 -0.2 5.3 23.6 -2.2 -2.3 95th Percentile -16.3 -18.7 -18.7 -0.5 -1.3 3.0 22.1 -5.4 -14.2 Population 41 41 41 41 38 24 42 42 42 Peer Group Analysis As of December 31, 2018 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 -1.0 0.0 1.0 2.0 3.0 4.0 5.0 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 12/18 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 3.23 4.98 0.65 0.89 0.28 3.11 1.12 3.68 14.15 0.94 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.06 0.00 1.00 0.68 11.91 1.00 FTSE 3 Month T-Bill -0.77 11.94 -0.06 0.01 N/A 0.60 0.00 0.60 0.21 -0.10 Vanguard International Growth Fund Risk Profile As of December 31, 2018Vanguard International Growth Fund Page 92 Asset Allocation As of 09/30/2018 0.0%50.0%100.0%150.0% Convertibles Cash Fixed Income Other Equities 0.0% 0.0% 0.1% 3.3% 96.6% Fund Characteristics As of 09/30/2018 Total Securities 135 Avg. Market Cap $130,299.36 Million P/E 30.64 P/B 7.66 Div. Yield 2.05% Annual EPS 30.81 5Yr EPS 17.06 3Yr EPS Growth 18.26 Sector/Quality Allocation As of 09/30/2018 0.0%10.0%20.0%30.0%40.0% Consumer Discretionary Consumer Staples Financials Information Technology Industrials Health Care Materials Telecommunication Services Energy Non Classified Equity 22.9% 15.5% 15.1% 13.0% 10.2% 9.8% 4.3% 2.8% 2.0% 1.1% Top 5 Countries As of 09/30/2018 China 16.32 % Japan 11.41 % United States 8.39 % United Kingdom 7.93 % Germany 7.08 % Vanguard International Growth Fund Mutual Fund Attributes As of December 31, 2018 Page 93 Regional Allocation As of 09/30/2018 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0% Emg. MidEast, Africa, Europe Emerging Latin America Other North America Pacific Basin Emerging Asia Europe 0.5% 2.1% 4.1% 9.6% 16.6% 22.2% 45.0% Vanguard International Growth Fund Mutual Fund Attributes As of December 31, 2018 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 12/31/18 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 1.4 2.1 2.8 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.6 1.9 1.0 0.6 0.4 0.6 2.0 1.2 0.7 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 :$96,784.40 Million Total Assets Date :11/30/2018 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 % 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 12/13 6/14 12/14 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 1.00 Vanguard Prime Money Market Fund Performance Summary As of December 31, 2018Vanguard Prime Money Market Fund Page 95 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2018 Vanguard Retirement Savings Trust III Performance Summary Vanguard Retirement Savings Trust III Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return1 Year 3 Years 5 Years 10 Years Inception 10/1/01 1.9 1.0 0.6 0.4 1.4 2.2 2.1 2.0 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% 3/14 9/14 3/15 9/15 3/16 9/16 3/17 9/17 3/18 12/18 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 12/18 1.39 Page 96 Appendix Page 97 Fee Schedule As of December 31, 2018 1 2017 AHIC Mutual Fund Expense Analysis Ticker Symbol Market Value as of 12/31/2018 Fund Annual Expense Ratio Estimated Annual Fee Institutional Mutual Fund Median Annual Expense Ratio1 Vanguard Institutional Target Retirement Income VITRX $ 1,008,229 0.09%$907 0.17% Vanguard Institutional Target Retirement 2015 VITVX $ 958,943 0.09%$863 0.17% Vanguard Institutional Target Retirement 2020 VITWX $ 2,687,581 0.09%$2,419 0.17% Vanguard Institutional Target Retirement 2025 VRIVX $ 5,168,136 0.09%$4,651 0.17% Vanguard Institutional Target Retirement 2030 VTTWX $ 2,429,166 0.09%$2,186 0.17% Vanguard Institutional Target Retirement 2035 VITFX $ 2,756,227 0.09%$2,481 0.17% Vanguard Institutional Target Retirement 2040 VIRSX $ 2,209,787 0.09%$1,989 0.17% Vanguard Institutional Target Retirement 2045 VITLX $ 3,153,259 0.09%$2,838 0.17% Vanguard Institutional Target Retirement 2050 VTRLX $ 1,868,590 0.09%$1,682 0.17% Vanguard Institutional Target Retirement 2055 VIVLX $ 769,919 0.09%$693 0.15% Vanguard Institutional Target Retirement 2060 VILVX $ 330,442 0.09%$297 0.15% Vanguard Institutional Target Retirement 2065 VSXFX $ 9,346 0.09%$8 0.15% Vanguard Institutional Index Fund VINIX $ 8,746,369 0.035%$3,061 0.75% Vanguard Mid-Cap Index Fund VIMAX $ 3,410,641 0.05%$1,705 0.85% Vanguard Small-Cap Index Fund VSMAX $ 2,654,729 0.05%$1,327 1.24% Vanguard Total Bond Market Index Fund VBTLX $ 3,340,607 0.05%$1,670 0.49% Vanguard Balanced Index Fund VBAIX $ 4,868,352 0.06%$2,921 1.58% Vanguard Windsor II Fund VWNAX $ 8,031,197 0.26%$20,881 0.70% Vanguard U.S. Growth Fund VWUAX $ 5,539,206 0.30%$16,618 0.79% Vanguard International Growth Fund VWILX $ 2,981,419 0.32%$9,541 0.93% Vanguard Prime Money Market Fund VMMXX $ 1,944,591 0.16%$3,111 0.20% Vanguard Retirement Savings Trust III $ 3,362,279 0.32%$10,759 0.50% Page 98 Market Environment Page 99 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Global Equity Markets Global equities were rocked by rising concerns of slowing global growth and trade wars in Q4 2018. Economic releases continued to underwhelm with measures of economic activity reflecting a slowing global growth environment. In local currency terms, the MSCI AC World Investable Market Index returned -13.1% while U.S. dollar strength led to a slightly lower return of -13.3% in U.S. dollar terms. Falling oil prices and poor performance from Canadian Financials, combined with a weakening of the Canadian dollar on the back of a more dovish stance from the Bank of Canada, resulted in the Canadian equity market being the weakest performer over the quarter. Emerging market equities outperformed relative to their developed market peers. This is despite the ongoing U.S.-China trade saga and building concerns over global growth. In Brazil, the election win for Jair Bolsonaro came as a surprise and was welcomed by markets due to his party's pro-market focus and reform agenda. From a sector perspective, financial stocks were the main outperformers with a comparatively small decline of -0.9% over the quarter. -13.3% -11.9% -14.5% -12.7% -14.4%-15.6% -13.4%-13.7% -8.5%-7.4% -10.1% -14.8% -5.7% -15.0% -13.5% -17.6% -3.6% -15.7% -11.2% -15.0% -2 0% -1 0% 0% ACWI I MI 46.0% ACWI ex-U .S. IMI 54.0% USA I MI 5.4% UK IMI 8.0% Japan IMI 3.0% Canada IMI 0.2% Is rael I MI 13.9% Europe ex-UK IMI 3.9% Pacific ex-Japan IM I 11.7% Em erging Markets IM I GLOBAL MS CI IMI INDEX RETURNS (USD) AS OF 12/31/2018 Fo urth Quar ter 2018 On e-Year Source: MS CI Page 100 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. US A 54.0% UK 5.4% Canada 3.0% Pacific ex -Japan 3.9%Japan 8.0% Europe ex -UK 13.9% Is rael 0.2% Latin America 1.4% Asia 8.6% Eastern Europe, Middle East & Africa 1.7% Emerging Mark ets 11.7% MS CI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 12/31/2018 Sourc e:MS CI UK 11.7% Canada 6.5% Pacifi c ex-Japan 8.4% Japan 17.5% Europe ex-UK 30.2% Is rael 0.5% Latin America 3.1% Asia 18.6% Eastern Europe, Middle East & Africa 3.6% Emerging Mark et s 25.3% MS CI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 12/31/2018 Source:MS CI Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Equity Markets Up until November 2018, U.S. equities had generated high-single digit returns. However, all the gains were reversed towards the end of the quarter. The Dow Jones Total Stock Market Index dropped by 14.4% in the fourth quarter, translating into an overall 5.3% fall for the year. Most notably, Information Technology stocks, which had been such a strong driver for the U.S. market, moved sharply lower over the quarter. Earnings growth expectations, particularly in the tech sector where optimism was perhaps excessive, were revised down. The Russell 3000 Index fell 14.3% during the fourth quarter and 5.2% over the one-year period. All sectors generated negative returns over the quarter. In particular, Energy (-25.8%) and Technology (-17.9%) were the worst performing sectors in Q4 2018. Performance was negative across the market capitalization spectrum over the quarter. In general, small cap stocks underperformed both medium and large cap stocks over the quarter. Growth stocks underperformed their Value counterparts in Q4 2018. Over the last 12 months, Value stocks continued to lag their Growth stock equivalents significantly. -14.3% -10.1% -15.9%-15.0%-16.0%-18.7% -21.7% -5.2%-6.2% -0.5% -12.3% -4.8% -12.9% -9.3% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% Russell 30 00 32 .1% La rg e Value 35 .6% La rg e Gr owth 14 .9% Medium Value 10 .4% Medium Grow th 3.5% Small Valu e 3.6% Small Grow th RUSSELL STYLE RETURNS AS OF 12/31/2018 Fourth Quar ter 2018 On e-Year Source: Russell Inde xes -14.3% -17.9% -10.7% -14.7% -6.0% -25.8% -15.6% -17.7% -12.5% -2.0% -5.2% -1.2% 5.6% -0.8% -9.8% -19.7% -17.8% -12.6% -8.4% 0.0% -3 0.0% -2 5.0% -2 0.0% -1 5.0% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% Russell 3000 20.3% Te chnology 14.6% Heal th care 14.4% Cons. Disc 6.0% Cons. Staples 5.0% Energy 3.5% Material s & Processin g 10.2% Producer Du ra bles 20.8% Finan cial Services 5.3% Utili ti es RUSSELL GICS SECTOR RETURNS AS AT 12/31/2018 Fourt h Quar ter 2018 One-Year Source: Russell Indexes Page 102 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 over the quarter. Government bonds were the best performer at 2.5% while corporate bonds were the worst performer at -0.2%. Performance was positive across all investment-grade credit qualities, with the exception of Baa bonds which fell 0.9%. High yield bonds fell the most at -4.5%. In investment grade bonds, Aaa bonds was the major outperformer with a return of 2.3%. Intermediate maturity bonds outperformed short and long maturity bonds over the quarter. Intermediate maturity bonds returned 1.8-2.1% while short and long maturity bonds returned 1.2% and 0.9% respectively in Q4 2018. 1.6% 2.5% -0.2% 2.1% 1.2%1.7% 0.0% 0.9% -2.5% 1.0% 1.8% 0.8% -3 .0% -2 .0% -1 .0% 0.0% 1.0% 2.0% 3.0% Barclay s Agg. Bond 42 .3 % Go vt 25 .5 % Co rp. 29 .6 % MBS 0.5% ABS 2.1% CMBS BL OOMBERG BARCLAYS AGGREGATE RET URNS BY SECTOR AS OF 12/31/2018 Fo urt h Quar ter 2018 On e-Year Source: Fa ctSet 2.3% 1.3% 0.3% -0.9% -4.5% 0.9% 0.1% -2.3% -2.9% -2.1% -5 .0% -4 .0% -3 .0% -2 .0% -1 .0% 0.0% 1.0% 2.0% 3.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 12/31/2018 Fourth Quarter 2018 One-Year Source: FactSet 1.2% 1.8%2.0%2.1% 0.9% 1.6%1.1%0.9% 0.2% -4.5%-5 .0% -4 .0% -3 .0% -2 .0% -1 .0% 0.0% 1.0% 2.0% 3.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Y r.>10 Yr. BLOOMBERG BARCLAYS AGGREGAT E RETURNS BY MATURI TY AS OF 12/31/2018 Fourt h Quar ter 2018 On e-Year Source: FactSet Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Fixed Income Markets -2.0 % -1.0 % 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Dec 0 8 Dec 1 0 Dec 1 2 Dec 1 4 Dec 1 6 Dec 1 8 U.S. 10-YE AR TREASURY AND TIPS YI ELDS 10 Y TIPS Yield 10 Y Trea sury Yield Sourc e:U.S. Department of Treas ury 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% 0 5 10 15 20 25 30 Maturity (Ye ars) U.S. TREASURY YIELD CURVE 12/31/2017 9/30/2018 12/31/2018 Source:U.S. Department of Treasury The U.S. nominal yield curve continued to flatten in the fourth quarter. Amidst rising short-end yields and falling long-end yields, the U.S. yield curve flattened the most since 2007 and the spread between the U.S. 2-year and 5-year treasury yields dropped below zero for the first time since 2007. The spread between the 2-year and 10-year yields also touched its lowest level since 2007. The spread between 10-year and 2-year yields ended the quarter at just 21bps. The 10-year U.S. Treasury yield ended the quarter at 2.69%, 36bps lower than at the start of the quarter in which the U.S. Federal Reserve (Fed) hiked its federal funds rate by 25bps to a range of 2.25-2.5%. While starting the quarter with a more hawkish stance and indicating that several more hikes would be needed in the future, the Fed later back-tracked with comments intimating U.S. rates are not far from reaching the Fed's neutral rate estimate. The 10-year TIPS yield rose by 7bps over the quarter and ended the period at 0.98%. Page 104 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 rose across the eurozone (except for Italy). The European Central Bank (ECB) kept its policy rate unchanged but ended their quantitative easing programme which has seen trillions of euros used to purchase European debt and cheapen financing in the bloc. Italian government bond yields fell by 43bps to 2.75% over the quarter as the Italian Government succumbed to the European Commission and lowered its budget target to 2.04% instead of the initially proposed 2.4%. At their peak, spreads between 10- year Italian and German bonds briefly reached their highest level since 2013 at 319bps. Portuguese sovereign bond yields fell by 16bps to 1.71% supported by Moodys’ upgrade of the country’s credit rating to investment grade. Greek government bond yields rose by 21bps to 4.35% as fears grew over the ability of the Greek banks to reduce their large portfolios of bad debt and tensions increased between the ruling Syriza party and their coalition partner, Independent Greeks (Anel), over a naming deal with neighboring Macedonia. 0% 5% 10 % 15 % 20 % 25 % 30 % 35 % Dec -11 Dec-12 Dec -13 Dec-14 Dec -15 Dec -16 Dec -17 Dec -18 EUROZONE PERIPHERAL BOND SPREADS (10-YE AR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Gr ee ce Ireland Source:Fac tset Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Credit Spreads During the fourth quarter, spreads over U.S. Treasuries generally widened across all maturities. Much of the move occurred in December as investors sought to switch to less-risky assets, such as U.S. Treasuries, as fears over tightening financial conditions and ongoing global trade tensions took over. High Yield bond spreads widened the most over the quarter, widening by 210bps, followed by Global Emerging Markets bonds spreads which widened by 57bps. Unlike the 2015/6 high yield shakeout, spread widening was not dominated by poor returns from the energy sector but was more widespread. Spr ead (bps)12/31/2018 9/30/2018 12/31/2017 Quar terly Change (bps)1-Ye ar Change (bps) U.S. Aggr egate 54 39 36 15 18 Long Go v't 2 2 2 0 0 Long Credit 200 153 139 47 61 Long Go v't/Credit 113 90 83 23 30 MB S 35 28 25 7 10 CMBS 86 60 62 26 24 ABS 53 38 36 15 17 Cor por ate 153 106 93 47 60 Hi gh Yield 526 316 343 210 183 Global Eme rging Ma rkets 330 273 215 57 115 Source: Fa ctSet, Bloomberg Barclays Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Currency The U.S. dollar continued on an upward trend as it rose 1.8% on a trade-weighted basis over the quarter. Benefiting from the relative strength of the U.S. economy and tightening monetary policy, the U.S. dollar appreciated against most major currencies with the exception of the Japanese yen, which appreciated strongly across the board –benefiting from the risk- off environment. With time ticking precariously down to 29 March (the day in which the UK leaves the EU, subject to no extension or removal of Article 50) and no resolution in sight, sterling was generally weak. Both the Bank of England and Bank of Japan kept their monetary policy unchanged at their respective meetings during the quarter. In Europe, the ECB confirmed that it would end its quantitative easing program at its December meeting despite a weakening in European economic data. 95 10 0 10 5 11 0 11 5 12 0 12 5 13 0 13 5 Dec 1 2 Dec 13 Dec 1 4 Dec 1 5 Dec 16 Dec 1 7 Dec 1 8 TRADE WEIGHTED U.S. DOLLAR INDEX (1973 = 100) Sourc e:Federal Res erve 90 10 0 11 0 12 0 13 0 14 0 15 0 Dec 1 2 Dec 1 3 Dec 1 4 Dec 1 5 Dec 1 6 Dec 1 7 Dec 1 8 U.S. DOLLAR RELATIVE TO EUR, GBP AN D JPY REBASED TO 100 AT 12/31/2012 EUR/USD GBP/USD JPY/USD Source: Factset Stronger Dollar Weaker Dollar Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. Commodities Commodities fell significantly over the quarter with the Bloomberg Commodity Index returning -9.4%. Energy was the worst performing sector over the quarter with a return of -25.8% as crude oil prices fell sharply. The agreement to cut crude oil production by OPEC and Russia late in the quarter was not enough to stymie tumbling crude oil prices, brought lower by U.S. inventories rising faster than expected, a slowdown in the Chinese economy, the unexpected waiver on Iranian oil importer sanctions and of course the weaker outlook for global growth.The price of Brent crude oil fell by 35.0% to $54/bbl and the price of WTI crude oil fell by 38.0% to $45/bbl. Precious Metals was the best performing sector in Q4 2018 with a return of 6.8%. The price of gold increased 7.3% to $1,278.30$/ozt as investors moved towards ‘safe-haven’ assets. The Agriculture sector returned 0.2% over the quarter. Within the Agriculture sector, Softs and Grains returned 0.7% and 0.8% respectively. -9.4% -0.5% -25.8% -8.7% 6.8% 0.2% 0.7% 0.8% 0.7% -11.2% -11.0% -12.7% -19.5% -4.6% -10.8% -22.3% -5.5% -1.7% -3 0.0%-2 5.0%-2 0.0%-1 5.0%-1 0.0%-5 .0%0.0%5.0%10 .0% Bloombe rg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Gr ains Livestock COMMODITY RETURNS AS OF 12/31/2018 Fourth Quar ter 2018 On e-YearSource:Bloomberg Note: Softs and Grains are part of the wi der Agriculture sector Page 108 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 negative across all strategies in the fourth quarter. Over the quarter, Equity Hedge and Distressed- Restructuring were the worst performers with a return of -8.3% and -5.6% respectively whilst Global Macro and Relative Value were the best performers at -1.9% and -3.2% respectively. In October, Equity Hedge was the worst performer, led lower by poor Energy/Basic Materials Index and Technology Index returns. Relative Value strategies, in particular fixed-income-based funds, were able to benefit from the volatility and fell the least over the month. In November, Relative Value strategies continued to outperform led by Credit Multi-strategy and Volatility funds. However, Emerging Markets were the best performer led higher by Asian equities. Global Macro funds underperformed, driven lower by falling commodity prices. In December, Equity Hedge was again the worst performed as the strategies, with the notable exception of Market Neutral funds, followed global equity markets lower. Global Macro funds were the best performer, buoyed by strong performance from short equity and commodity positions within Systematic Diversified funds. -5.1% -1.9% -8.3% -4.3% -5.0% -5.6% -3.2% -5.8% -4.8% -3.5% -3.6% -6.9% -11.1% -2.3% -1.6% -0.2% -4.5% -3.9% -1 2.0%-1 0.0%-8 .0%-6 .0%-4 .0%-2 .0%0.0% Fixed I nc ome/Co nv er tible Arb. Global M acro Equity Hedge Emergin g Markets Event-Drive n Distre ss ed-R es tructuring Relative Value Fu nd-We ighted Composite I nd ex Fund of Fun ds Compo site Index HEDGE FUND PERFORMAN CE AS OF 12/31/2018 Fo urt h Quar ter One-Year Note: Lat est 5 mont hs of HFR data are es timated by HFR and may change in the future. Sourc e:HFR Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Hewitt Investment Consulting, Inc., an Aon Company. U.S. Commercial Real Estate Markets CAP RATES BY SECTOR U.S.Core real estate returned 1.76%*over the fourth quarter,equating to 8.4%total gross return year-over-year,including a 4.2%income return.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,fell 5.5%(USD)in aggregate during the fourth quarter,declining 4.7%for the full year.Sector weakness was largely attributed to a broader equity market decline in Q4 (MSCI World Index down 13.3%) due to a host of macro concerns which resulted in a broad-based sell-off which also negatively impacted listed real estate share prices.Asia/Pacific was the top performing region with a slight loss of 0.3%,followed by North America declining 5.9%and Europe which fell 10.0%.The U.S.REIT markets (FTSE NAREIT Equity REITs Index)declined 6.7%in the fourth quarter,falling 4.6%for 2018.The sector declined 8.2%in December alone,which was generally on par with the broader US equity market (S&P 500 lost 9.0%).While the 10-year U.S.Treasury bond yield fell to 2.7%after starting the quarter above 3.0%,the movement was unable to support REIT share prices.As of quarter end,the U.S.REIT dividend yield stood of 4.6%. According to RCA,through August 2018 the U.S.property market has experienced price growth of 7.7%year-over-year across major sectors.Further, transaction volume was up 46%over the same period. Return expectations have normalized,with go forward expectations in line with historical norms.Rising interest rates have led to asset value correction fears across various asset classes.However,according to Preqin,there remains a record amount of dry powder ($295 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. Aon prefers investments that offer relatively strong rental income growth,or value-add potential with near-term income generation prospects.It is critical to identify sub-sector and sub-market driven themes in the current environment;unlike the last 6-7 year period,as assets are no longer trading at deep discounts to replacement value.Real estate investments should seek levers of NOI growth that are not predicated on continued market uplift.For example, an investment thesis can focus towards sectors benefiting from secular changes (e.g.Industrial and e-commerce),acquiring in-place rents below current market terms,and improving operational efficiency. *Indicates preliminary NFI-ODCE data gross of fees 1.8% 8.4%8.2% 10.4% 7.0% -6.7% -4.6% 2.9% 7.9% 12.1% -1 0.0% -5 .0% 0.0% 5.0% 10 .0% 15 .0% Fo urt h Quar te r 20 18 1-Year 3-Years 5-Years 10 -Y ears PRIVATE VS. PUBLIC REAL ES TATE RET URNS AS OF 12/31/2018 Private (NF I-ODCE Gr oss)*Public (NA REIT Gross) *Second quarter r eturns a re p reliminary Sources: NCREIF, Factset 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% 10 .0% '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Offic e Industrial Reta il Apa rtment Sources: RCA, Aon Page 110 Glossary Page 111 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 112 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 113 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 114 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 115 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 116 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 117 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 118 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 119 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 120 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