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HomeMy Public PortalAbout2020 4th Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. MSD Defined Contribution Plan | Fourth Quarter 2020 Quarterly Investment Review Visit our new video library with our views on key investment topics for this quarter using access code "aon!" (https://site-494121.bcvp0rtal.com/category/videos/key-topics-by-investor-type) Executive Summary Page 1 Defined Contribution Summary Page 5 Tier I Page 15 Tier II Page 63 Tier III Page 79 Appendix Page 97 Market Environment Page 99 Glossary Page 111 Table Of Contents Executive Summary Page 1 Opinions,estimates,forecasts,and statements on financial market trends that are based on current market conditions constitute our judgment and are subject to change without notice.The views and strategies described may not be suitable for all investors.References to specific securities,asset classes, and financial markets are for illustrative purposes only and are not intended to be,and should not be interpreted as,recommendations. Thought Leadership Hub Find Additional Research at https://insights-north-america.aon.com Thought Leadership Highlights –Defined Contribution Aon United COVID-19 Vaccine: Implications of Mandatory Employee Programs Link to 1st Bulletin Link to 2nd Bulletin Governance Proposed Retirement Legislation --Securing a Strong Retirement Act ("SECURE 2.0")Request directly from Consultant Market View U.S. Month in Markets (December 2020)Link Market View AA View: 2020 -The record breaking year that was Request directly from Consultant Market View AA View: 2021 Outlook: A Vaccine Bridge Over Troubled Water?Link Market View AA View: A Blue Wave After All, But It Won’t Be Free Rein for Biden Link Market View Quarterly Investment Outlook -October 2020 Link Plan Design DOL's Guidance on ESG and Responsible Investment (access code ‘aon!’)Link to Video Strategy Review Are Managed Accounts More Efficient Than Target Date Funds?Full White Paper Summary Strategy Review Private Equity in Defined Contribution Plans Link Strategy Review Pooled Employer Plans: The Start of a New Era for Retirement Plans Link Talent Management Reimagining Total Rewards for a Changing World Link Legal & Compliance Legal & Compliance quarterly update newsletter Link Legal & Compliance 2021 Compliance Calendar Link Page 2 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 15.2%13.3% 7.4% 12.8% 4.4% 7.8% 10.0%8.6% 1.0% 13.9% 11.2% 5.5%3.6%3.8% 7.7%8.2%6.8% -6.5%-10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomber g Barclays U.S. Aggr eg ate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield Bloomberg Commodi ty Index LONG TERM ANNUALIZED RET URNS AS OF 12/31/2020 Five-Year Ten-Year Source:Ru ssell, MSCI, Bloomberg Barclays, B loomber g 12.1% 31.4% 16.0% 19.7% 0.7% -3.0% 4.9%6.5% 10.2% 18.4%20.0% 7.8% 18.3% 7.5% 17.6% 13.3% 7.1% -3.1%-5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggreg ate Bloomberg Barclays U.S. Long Gov't Bloomber g Barclays U.S. Long Credit Bloomber g Barcla ys U.S. High Yield Bloomberg Commodi ty Index SHORT TERM RET URNS AS OF 12/31/2020 Four th Quarte r 2020 YTD Sour ce:Ru ssell, MSCI, Bloomber g Barclay s, B loomberg MSCI Indi ces show net total retur ns thr oug hout thi s repor t. All other indi ces show gross total retur ns.. Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Fourth Quarter 1-Year 3-Ye ar1 5-Year1 10-Year1 Equity MSCI All Country World IM I 15.70%16.25%9.72%12.15%9.09% MSCI All Country World 14.68%16.25%10.06%12.26%9.13% Dow Jones U.S . Total Stock Market 14.76%20.79%14.41%15.36%13.74% Russell 3000 14.68%20.89%14.49%15.43%13.79% S&P 500 12.15%18.40%14.18%15.22%13.88% Russell 2000 31.37%19.96%10.25%13.26%11.20% MSCI All Country World ex-U.S. IMI 17.22%11.12%4.83%8.98%5.06% MSCI All Country World ex-U.S.17.01%10.65%4.88%8.93%4.92% MSCI EAFE 16.05%7.82%4.28%7.45%5.51% MSCI EAFE (Local C urrenc y)11.35%0.84%2.98%5.80%6.82% MSCI Emerging Markets 19.70%18.31%6.17%12.81%3.63% Fixed Income Bloomberg Barclays Global A ggregate 3.28%9.20%4.85%4.79%2.83% Bloomberg Barclays U.S. Aggregate 0.67%7.51%5.34%4.44%3.84% Bloomberg Barclays U.S. Long Gov't -2.95%17.55%9.83%7.84%7.74% Bloomberg Barclays U.S. Long Credit 4.92%13.32%9.23%10.02%8.24% Bloomberg Barclays U.S. Long Gov't/C redit 1.68%16.12%9.80%9.35%8.16% Bloomberg Barclays U.S. TIP S 1.62%10.99%5.92%5.08%3.81% Bloomberg Barclays U.S. Hi gh Yield 6.45%7.11%6.24%8.59%6.80% Bloomberg Barclays Global Treasury ex U.S.4.66%9.54%4.48%4.90%1.81% JP Morgan EMBI Global (Emerging Markets)5.49%5.88%4.94%6.84%5.97% Commodities Bloomberg Commodity Ind ex 10.19%-3.12%-2.53%1.03%-6.50% Goldman Sachs Commodity Index 14.49%-23.72%-8.21%-1.85%-8.76% Hedge Funds HFRI Fund -Weighted Composite2 10.68%11.61%5.50%6.10%4.18% HFRI Fund of Fund s2 7.52%10.27%4.68%4.44%3.27% Real Estate NAREIT U.S. Equity RE ITS 11.57%-8.00%3.40%4.77%8.31% FTSE Global Core Infrastructure Index 7.23%-0.66%7.52%10.43%9.25% Private Equity Burgiss Private iQ Global Priva te Equity3 6.20%11.83%10.92%12.93% MSCI Indices show net total returns throug ho ut this report. A ll other indices show gross total returns. 1 Periods are annuali ze d. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Pri va te Equity data is as at June 30, 2020 Returns of the Major Capital Markets Period Ending 12/31/2020 Page 4 Defined Contribution Summary Page 5 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Defined Contribution Plan 18,348,452 100.0 Tier I 13,456,684 73.3 Vanguard Institutional Target Retirement Income Fund 72,442 0.4 5.2 (57)10.2 (41)6.9 (29)6.9 (42)- Vanguard Target Income Composite Index 5.2 (56)10.7 (25)7.2 (19)7.1 (27)- Vanguard Institutional Target Retirement 2015 Fund 9,150 0.0 5.8 (97)10.4 (76)7.2 (63)7.9 (68)- Vanguard Target 2015 Composite Index 5.8 (96)11.0 (65)7.5 (45)8.1 (52)- Vanguard Institutional Target Retirement 2020 Fund 194,265 1.1 7.9 (56)12.1 (42)8.1 (28)9.1 (28)- Vanguard Target 2020 Composite Index 7.9 (48)12.8 (19)8.4 (11)9.3 (10)- Vanguard Institutional Target Retirement 2025 Fund 1,012,197 5.5 9.4 (40)13.3 (36)8.8 (25)9.9 (21)- Vanguard Target 2025 Composite Index 9.5 (39)14.2 (9)9.2 (6)10.2 (6)- Vanguard Institutional Target Retirement 2030 Fund 895,837 4.9 10.5 (42)14.1 (45)9.2 (28)10.6 (30)- Vanguard Target 2030 Composite Index 10.6 (38)15.0 (18)9.6 (17)10.8 (20)- Vanguard Institutional Target Retirement 2035 Fund 1,814,369 9.9 11.6 (72)14.8 (49)9.5 (39)11.2 (38)- Vanguard Target 2035 Composite Index 11.8 (58)15.7 (28)9.9 (23)11.4 (25)- Vanguard Institutional Target Retirement 2040 Fund 1,893,791 10.3 12.8 (69)15.4 (51)9.9 (43)11.7 (34)- Vanguard Target 2040 Composite Index 12.9 (59)16.3 (34)10.3 (27)12.0 (23)- Vanguard Institutional Target Retirement 2045 Fund 3,226,662 17.6 13.9 (58)16.2 (51)10.2 (40)12.1 (28)- Vanguard Target 2045 Composite Index 14.1 (50)17.0 (33)10.6 (23)12.4 (18)- Vanguard Institutional Target Retirement 2050 Fund 2,300,171 12.5 14.0 (63)16.3 (48)10.3 (41)12.1 (33)- Vanguard Target 2050 Composite Index 14.2 (59)17.2 (35)10.7 (28)12.4 (19)- Vanguard Institutional Target Retirement 2055 Fund 1,386,159 7.6 14.0 (74)16.4 (46)10.3 (49)12.2 (40)- Vanguard Target 2055 Composite Index 14.2 (68)17.2 (37)10.7 (33)12.4 (26)- Vanguard Institutional Target Retirement 2060 Fund 610,162 3.3 14.0 (76)16.4 (71)10.3 (67)12.2 (56)- Vanguard Target 2060 Composite Index 14.2 (73)17.2 (49)10.7 (40)12.4 (39)- Vanguard Institutional Target Retirement 2065 Fund 41,478 0.2 14.0 (76)16.2 (81)10.2 (72)-- Vanguard Target 2065 Composite Index 14.2 (73)17.2 (49)10.7 (40)-- Asset Allocation & Performance As of December 31, 2020 Page 6 Asset Allocation & Performance As of December 31, 2020 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 2,932,047 16.0 Vanguard Institutional Index Fund 1,208,385 6.6 12.1 (56)18.4 (53)14.2 (50)15.2 (46)13.9 (40) S&P 500 Index 12.1 (56)18.4 (53)14.2 (50)15.2 (46)13.9 (40) Vanguard Mid-Cap Index Fund 613,267 3.3 18.0 (70)18.2 (48)12.0 (46)13.3 (48)12.4 (42) Vanguard Spliced Mid Cap Index 18.0 (70)18.2 (48)12.1 (46)13.3 (48)12.4 (41) Vanguard Small-Cap Index Fund 446,141 2.4 27.1 (68)19.1 (37)11.2 (28)13.6 (27)12.0 (26) Vanguard Spliced Small Cap Index 27.1 (68)19.1 (37)11.2 (28)13.6 (27)12.0 (26) Vanguard Total Bond Market Index Fund 369,042 2.0 0.7 (87)7.7 (65)5.4 (53)4.5 (65)3.8 (68) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.7 (81)7.7 (63)5.4 (52)4.5 (61)3.9 (63) Vanguard Balanced Index Fund 295,213 1.6 9.0 (60)16.4 (19)11.3 (7)11.3 (21)10.0 (11) Vanguard Balanced Composite Index 9.0 (60)17.3 (15)11.6 (6)11.5 (19)10.2 (8) Tier III 1,959,721 10.7 Vanguard Windsor II Fund 242,809 1.3 17.9 (26)14.5 (5)10.6 (7)12.4 (7)11.8 (10) Russell 1000 Value Index 16.3 (44)2.8 (49)6.1 (56)9.7 (54)10.5 (44) Vanguard U.S. Growth Fund 388,585 2.1 14.8 (10)58.7 (4)28.8 (6)22.8 (8)18.6 (9) Russell 1000 Growth Index 11.4 (43)38.5 (41)23.0 (44)21.0 (22)17.2 (24) Vanguard International Growth Fund 1,009,705 5.5 22.3 (1)59.8 (1)22.5 (1)21.8 (1)12.4 (1) Vanguard Spliced International Index 17.0 (24)10.7 (82)4.9 (87)8.9 (68)4.9 (96) Vanguard Prime Money Market Fund 168,123 0.9 0.0 (62)0.5 (15)1.6 (15)1.2 (13)0.6 (13) ICE BofAML 3 Month U.S. T-Bill 0.0 (2)0.7 (1)1.6 (11)1.2 (15)0.6 (13) Vanguard Retirement Savings Trust III 150,500 0.8 0.5 (15)2.2 (10)2.3 (20)2.2 (16)2.2 (14) ICE BofAML 3 Month U.S. T-Bill 0.0 (100)0.7 (100)1.6 (85)1.2 (90)0.6 (100) Page 7 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Total Defined Contribution Plan Tier I Vanguard Institutional Target Retirement Income Fund 10.2 (41)13.2 (53)-2.0 (15)8.5 (62)5.3 (49)----- Vanguard Target Income Composite Index 10.7 (25)13.4 (46)-2.0 (15)8.7 (59)5.4 (43)----- Vanguard Institutional Target Retirement 2015 Fund 10.4 (76)14.9 (74)-2.9 (17)11.5 (50)6.3 (64)----- Vanguard Target 2015 Composite Index 11.0 (65)15.1 (64)-2.9 (14)11.6 (46)6.4 (55)----- Vanguard Institutional Target Retirement 2020 Fund 12.1 (42)17.7 (27)-4.2 (44)14.1 (19)7.0 (34)----- Vanguard Target 2020 Composite Index 12.8 (19)17.9 (23)-4.1 (41)14.2 (16)7.2 (31)----- Vanguard Institutional Target Retirement 2025 Fund 13.3 (36)19.7 (20)-5.0 (42)15.9 (28)7.6 (21)----- Vanguard Target 2025 Composite Index 14.2 (9)19.9 (14)-5.0 (42)16.1 (26)7.7 (20)----- Vanguard Institutional Target Retirement 2030 Fund 14.1 (45)21.1 (37)-5.8 (41)17.6 (37)8.0 (35)----- Vanguard Target 2030 Composite Index 15.0 (18)21.3 (32)-5.7 (39)17.7 (36)8.1 (32)----- Vanguard Institutional Target Retirement 2035 Fund 14.8 (49)22.6 (49)-6.6 (32)19.1 (39)8.4 (39)----- Vanguard Target 2035 Composite Index 15.7 (28)22.8 (44)-6.5 (31)19.2 (37)8.6 (32)----- Vanguard Institutional Target Retirement 2040 Fund 15.4 (51)23.9 (52)-7.3 (34)20.7 (31)8.8 (30)----- Vanguard Target 2040 Composite Index 16.3 (34)24.2 (48)-7.2 (32)20.9 (28)9.0 (25)----- Vanguard Institutional Target Retirement 2045 Fund 16.2 (51)25.1 (39)-7.9 (37)21.5 (26)8.9 (35)----- Vanguard Target 2045 Composite Index 17.0 (33)25.4 (32)-7.8 (35)21.5 (24)9.1 (30)----- Vanguard Institutional Target Retirement 2050 Fund 16.3 (48)25.1 (47)-7.9 (35)21.5 (40)8.9 (36)----- Vanguard Target 2050 Composite Index 17.2 (35)25.4 (36)-7.8 (33)21.5 (33)9.1 (32)----- Vanguard Institutional Target Retirement 2055 Fund 16.4 (46)25.1 (51)-7.8 (31)21.5 (51)8.9 (32)----- Vanguard Target 2055 Composite Index 17.2 (37)25.4 (40)-7.8 (30)21.5 (45)9.1 (30)----- Vanguard Institutional Target Retirement 2060 Fund 16.4 (71)25.1 (73)-7.9 (31)21.4 (69)8.9 (31)----- Vanguard Target 2060 Composite Index 17.2 (49)25.4 (65)-7.8 (27)21.5 (63)9.1 (26)----- Vanguard Institutional Target Retirement 2065 Fund 16.2 (81)25.1 (73)-7.8 (30)------- Vanguard Target 2065 Composite Index 17.2 (49)25.4 (65)-7.8 (27)------- Asset Allocation & Performance As of December 31, 2020 Page 8 Asset Allocation & Performance As of December 31, 2020 Performance(%) 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 Tier II Vanguard Institutional Index Fund 18.4 (53)31.5 (42)-4.4 (48)21.8 (51)11.9 (31)1.4 (48)13.7 (19)32.3 (56)16.0 (47)2.1 (24) S&P 500 Index 18.4 (53)31.5 (42)-4.4 (48)21.8 (51)12.0 (31)1.4 (48)13.7 (19)32.4 (56)16.0 (46)2.1 (24) Vanguard Mid-Cap Index Fund 18.2 (48)31.0 (41)-9.2 (51)19.3 (50)11.2 (55)-1.3 (41)13.8 (10)35.2 (52)16.0 (43)-2.0 (42) Vanguard Spliced Mid Cap Index 18.2 (48)31.1 (39)-9.2 (51)19.3 (50)11.2 (55)-1.3 (40)13.8 (9)35.2 (52)16.0 (42)-1.9 (40) Vanguard Small-Cap Index Fund 19.1 (37)27.4 (24)-9.3 (31)16.2 (29)18.3 (67)-3.6 (45)7.5 (12)37.8 (59)18.2 (25)-2.7 (48) Vanguard Spliced Small Cap Index 19.1 (37)27.3 (24)-9.3 (31)16.2 (29)18.3 (67)-3.7 (46)7.5 (11)37.8 (59)18.2 (25)-2.8 (48) Vanguard Total Bond Market Index Fund 7.7 (65)8.7 (60)0.0 (21)3.6 (62)2.6 (65)0.4 (45)5.9 (41)-2.1 (71)4.2 (79)7.7 (20) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 7.7 (63)8.9 (53)-0.1 (24)3.6 (57)2.8 (61)0.4 (40)5.9 (45)-2.0 (62)4.3 (77)7.9 (10) Vanguard Balanced Index Fund 16.4 (19)21.8 (33)-2.8 (15)13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40)11.5 (58)4.3 (7) Vanguard Balanced Composite Index 17.3 (15)21.9 (32)-2.8 (14)13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39)11.7 (56)4.7 (6) Tier III Vanguard Windsor II Fund 14.5 (5)29.2 (22)-8.5 (50)16.9 (46)13.5 (66)-3.1 (51)11.3 (50)30.8 (77)16.8 (40)2.8 (24) Russell 1000 Value Index 2.8 (49)26.5 (48)-8.3 (48)13.7 (83)17.3 (24)-3.8 (69)13.5 (12)32.5 (49)17.5 (28)0.4 (43) Vanguard U.S. Growth Fund 58.7 (4)33.5 (47)0.7 (33)31.8 (29)-0.6 (79)8.6 (21)13.2 (27)35.7 (33)18.5 (20)-0.5 (47) Russell 1000 Growth Index 38.5 (41)36.4 (23)-1.5 (61)30.2 (46)7.1 (9)5.7 (55)13.1 (28)33.5 (57)15.3 (54)2.6 (15) Vanguard International Growth Fund 59.8 (1)31.5 (8)-12.6 (35)43.2 (1)1.8 (23)-0.5 (60)-5.5 (69)23.1 (8)20.2 (51)-13.6 (79) Vanguard Spliced International Index 10.7 (82)21.5 (93)-14.2 (50)27.2 (54)4.5 (14)-5.7 (92)-3.9 (30)15.3 (82)16.8 (77)-13.7 (80) Vanguard Prime Money Market Fund 0.5 (15)2.2 (15)2.0 (12)1.0 (11)0.5 (5)0.0 (20)0.0 (53)0.0 (31)0.0 (29)0.0 (26) ICE BofAML 3 Month U.S. T-Bill 0.7 (1)2.3 (10)1.9 (15)0.9 (17)0.3 (15)0.1 (20)0.0 (17)0.1 (11)0.1 (17)0.1 (14) Vanguard Retirement Savings Trust III 2.2 (10)2.5 (21)2.2 (9)1.9 (18)2.0 (7)2.0 (7)2.0 (9)1.9 (21)2.5 (20)3.1 (17) ICE BofAML 3 Month U.S. T-Bill 0.7 (100)2.3 (40)1.9 (40)0.9 (95)0.3 (100)0.1 (100)0.0 (99)0.1 (92)0.1 (100)0.1 (100) Page 9 6.4 6.8 7.2 7.6 8.0 8.4 8.8 9.2 9.6 10.0 10.4 10.8 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Instiutional Target Retirement 2045-2060 Vanguard Institutional Target Retirement 2040 FundVanguard 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, 2020 Calculation based on monthly periodicity. Page 10 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 33.0 36.0 Risk (Standard Deviation %) Vanguard Total Bond Market Index Fund Vanguard Small-Cap Index FundVanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier I Funds Risk and Return 3 Years Ending December 31, 2020 Calculation based on monthly periodicity. Page 11 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 33.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust III Vanguard Prime Money Market Fund Vanguard International Growth Fund Tier I Funds Risk and Return 3 Years Ending December 31, 2020 Calculation based on monthly periodicity. Page 12 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Defined Contribution Plan 2,899,186 15.8 1,009,705 5.5 369,042 2.0 168,123 0.9 295,213 1.6 150,500 0.8 13,456,684 73.3 18,348,452 100.0 Tier I 13,456,684 100.0 13,456,684 73.3 Vanguard Institutional Target Retirement Income Fund 72,442 100.0 72,442 0.4 Vanguard Institutional Target Retirement 2015 Fund 9,150 100.0 9,150 0.0 Vanguard Institutional Target Retirement 2020 Fund 194,265 100.0 194,265 1.1 Vanguard Institutional Target Retirement 2025 Fund 1,012,197 100.0 1,012,197 5.5 Vanguard Institutional Target Retirement 2030 Fund 895,837 100.0 895,837 4.9 Vanguard Institutional Target Retirement 2035 Fund 1,814,369 100.0 1,814,369 9.9 Vanguard Institutional Target Retirement 2040 Fund 1,893,791 100.0 1,893,791 10.3 Vanguard Institutional Target Retirement 2045 Fund 3,226,662 100.0 3,226,662 17.6 Vanguard Institutional Target Retirement 2050 Fund 2,300,171 100.0 2,300,171 12.5 Vanguard Institutional Target Retirement 2055 Fund 1,386,159 100.0 1,386,159 7.6 Vanguard Institutional Target Retirement 2060 Fund 610,162 100.0 610,162 3.3 Vanguard Institutional Target Retirement 2065 Fund 41,478 100.0 41,478 0.2 Tier II 2,267,792 77.3 369,042 12.6 295,213 10.1 2,932,047 16.0 Vanguard Institutional Index Fund 14,470,740 100.0 14,470,740 78.9 Vanguard Mid-Cap Index Fund 5,717,332 100.0 5,717,332 31.2 Vanguard Small-Cap Index Fund 4,329,775 100.0 4,329,775 23.6 Vanguard Total Bond Market Index Fund 5,030,187 100.0 5,030,187 27.4 Vanguard Balanced Index Fund 7,348,331 100.0 7,348,331 40.0 Tier III 631,394 32.2 1,009,705 51.5 168,123 8.6 150,500 7.7 1,959,721 10.7 Vanguard Windsor II Fund 10,574,703 100.0 10,574,703 57.6 Vanguard U.S. Growth Fund 10,475,877 100.0 10,475,877 57.1 Vanguard International Growth Fund 8,274,218 100.0 8,274,218 45.1 Vanguard Prime Money Market Fund 2,789,018 100.0 2,789,018 15.2 Vanguard Retirement Savings Trust III 4,028,339 100.0 4,028,339 22.0 Total Defined Contribution Plan Asset Allocation As of December 31, 2020 ($) Page 13 (This Page Left Blank Intentionally) Page 14 Tier I Page 15 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement Income Fund Performance Summary Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 5.2 10.7 7.2 6.3 5.2 10.2 6.9 6.1 Product Name :Vanguard ITR Inc;Inst (VITRX) Fund Family :Vanguard Group Inc Ticker :VITRX Peer Group :IM Mixed-Asset Target Today (MF) Benchmark :Vanguard Target Income Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$6,997.10 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :12% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement Income Fund Benchmark 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.99 Page 16 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement Income Fund 5.2 (57)10.2 (41)6.9 (29)13.2 (53)-2.0 (15)¢ Vanguard Target Income Composite Index 5.2 (56)10.7 (25)7.2 (19)13.4 (46)-2.0 (15)˜ 5th Percentile 7.6 12.2 8.0 17.0 -1.1 1st Quartile 6.7 10.6 7.0 15.2 -2.5 Median 5.9 10.0 6.4 13.3 -3.2 3rd Quartile 4.8 8.8 5.9 11.8 -3.8 95th Percentile 3.3 6.2 4.1 9.2 -4.6 Population 24 24 24 27 28 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target Today (MF) Parentheses contain percentile rankings. Page 17 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill -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 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.22 0.36 -0.61 1.00 0.85 -0.32 1.01 6.93 6.24 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.90 0.00 1.00 7.16 6.14 1.00 FTSE 3 Month T-Bill -5.57 6.20 -0.90 0.04 N/A 1.62 -0.01 1.56 0.24 -0.20 Vanguard Institutional Target Retirement Income Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement Income Fund Page 18 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.0% 0.1% 29.4% 70.5% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $84,255.99 Million P/E 9.56 P/B 2.35 Div. Yield 1.43% Annual EPS 2.77 5Yr EPS 3.74 3Yr EPS Growth 4.71 Sector/Quality Allocation As of 09/30/2020 0.0%3.0%6.0%9.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 6.2% 5.1% 3.9% 3.8% 3.5% 3.1% 1.2% 0.9% 0.9% 0.7% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of December 31, 2020 Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2015 Fund Performance Summary Vanguard Institutional Target Retirement 2015 Fund Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 4.0 8.0 12.0 16.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 5.8 11.0 7.5 7.0 5.8 10.4 7.2 6.8 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Buek/Coleman/Nejman Total Assets :$9,027.40 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2015 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.99 Page 20 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2015 Fund 5.8 (97)10.4 (76)7.2 (63)14.9 (74)-2.9 (17)¢ Vanguard Target 2015 Composite Index 5.8 (96)11.0 (65)7.5 (45)15.1 (64)-2.9 (14)˜ 5th Percentile 8.5 12.4 8.0 16.8 -2.7 1st Quartile 7.7 12.0 7.6 16.5 -3.0 Median 7.1 11.5 7.4 15.2 -3.7 3rd Quartile 6.5 10.5 7.1 14.8 -4.4 95th Percentile 5.8 9.1 6.6 14.0 -4.7 Population 18 18 18 22 26 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 21 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index FTSE 3 Month T-Bill -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 2015 Fund Vanguard Target 2015 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.24 0.41 -0.59 1.00 0.76 -0.32 1.01 7.19 7.41 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.80 0.00 1.00 7.46 7.33 1.00 FTSE 3 Month T-Bill -5.92 7.38 -0.80 0.04 N/A 1.61 -0.01 1.56 0.24 -0.21 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2015 Fund Page 22 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 0.1% 34.4% 65.5% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $98,468.21 Million P/E 11.18 P/B 2.74 Div. Yield 1.67% Annual EPS 3.24 5Yr EPS 4.37 3Yr EPS Growth 5.51 Sector/Quality Allocation As of 09/30/2020 0.0%3.0%6.0%9.0%12.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 7.2% 6.0% 4.6% 4.4% 4.0% 3.7% 1.4% 1.1% 1.0% 0.8% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of December 31, 2020 Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2020 Fund Performance Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 5.0 10.0 15.0 20.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 7.9 12.8 8.4 8.07.9 12.1 8.1 7.8 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$25,131.60 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2020 Fund Benchmark 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.99 Page 24 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2020 Fund 7.9 (56)12.1 (42)8.1 (28)17.7 (27)-4.2 (44)¢ Vanguard Target 2020 Composite Index 7.9 (48)12.8 (19)8.4 (11)17.9 (23)-4.1 (41)˜ 5th Percentile 9.7 13.6 8.6 18.5 -2.8 1st Quartile 8.3 12.7 8.2 17.7 -3.8 Median 7.9 11.9 7.8 16.6 -4.3 3rd Quartile 6.9 10.5 7.3 15.5 -5.2 95th Percentile 6.3 8.8 6.4 10.6 -5.7 Population 25 25 25 34 40 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2020 (MF) Parentheses contain percentile rankings. Page 25 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Return (%)0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.29 0.51 -0.58 1.00 0.68 -0.38 1.01 8.11 9.84 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.72 0.00 1.00 8.44 9.73 1.00 FTSE 3 Month T-Bill -7.04 9.78 -0.72 0.05 N/A 1.61 -0.01 1.56 0.24 -0.23 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2020 Fund Page 26 Asset Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Other Cash Equities Fixed Income 0.0% 0.1% 0.1% 48.9% 50.9% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $139,963.81 Million P/E 15.90 P/B 3.90 Div. Yield 2.38% Annual EPS 4.60 5Yr EPS 6.21 3Yr EPS Growth 7.83 Sector/Quality Allocation As of 09/30/2020 0.0%5.0%10.0%15.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 10.3% 8.5% 6.5% 6.3% 5.7% 5.2% 2.0% 1.5% 1.4% 1.2% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of December 31, 2020 Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2025 Fund Performance Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 9.5 14.2 9.2 8.89.4 13.3 8.8 8.5 Product Name :Vanguard ITR 2025;Inst (VRIVX) Fund Family :Vanguard Group Inc Ticker :VRIVX Peer Group :IM Mixed-Asset Target 2025 (MF) Benchmark :Vanguard Target 2025 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$37,179.80 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :9% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.99 Page 28 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2025 Fund 9.4 (40)13.3 (36)8.8 (25)19.7 (20)-5.0 (42)¢ Vanguard Target 2025 Composite Index 9.5 (39)14.2 (9)9.2 (6)19.9 (14)-5.0 (42)˜ 5th Percentile 10.8 14.7 9.2 20.4 -3.2 1st Quartile 9.8 13.7 8.8 19.6 -4.4 Median 9.3 13.0 8.2 18.6 -5.3 3rd Quartile 8.2 11.3 7.6 17.7 -6.0 95th Percentile 3.3 6.6 5.0 11.0 -6.5 Population 34 34 34 39 41 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2025 (MF) Parentheses contain percentile rankings. Page 29 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.31 0.59 -0.53 1.00 0.65 -0.41 1.01 8.81 11.59 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.69 0.00 1.00 9.16 11.45 1.00 FTSE 3 Month T-Bill -7.89 11.51 -0.69 0.06 N/A 1.61 -0.01 1.56 0.24 -0.24 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2025 Fund Page 30 Asset Allocation As of 09/30/2020 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.1% 40.5% 59.4% Fund Characteristics As of 09/30/2020 Total Securities 6 Avg. Market Cap $170,529.04 Million P/E 19.31 P/B 4.75 Div. Yield 2.88% Annual EPS 5.59 5Yr EPS 7.55 3Yr EPS Growth 9.52 Sector/Quality Allocation As of 09/30/2020 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 12.5% 10.3% 7.9% 7.7% 7.0% 6.3% 2.4% 1.9% 1.7% 1.4% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of December 31, 2020 Page 31 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2030 Fund Performance Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 10.6 15.0 9.6 9.2 10.5 14.1 9.2 8.9 Product Name :Vanguard ITR 2030;Inst (VTTWX) Fund Family :Vanguard Group Inc Ticker :VTTWX Peer Group :IM Mixed-Asset Target 2030 (MF) Benchmark :Vanguard Target 2030 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$36,362.10 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 32 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2030 Fund 10.5 (42)14.1 (45)9.2 (28)21.1 (37)-5.8 (41)¢ Vanguard Target 2030 Composite Index 10.6 (38)15.0 (18)9.6 (17)21.3 (32)-5.7 (39)˜ 5th Percentile 12.1 16.1 9.9 22.4 -4.2 1st Quartile 11.3 14.8 9.3 21.7 -5.2 Median 10.3 13.4 8.8 20.4 -6.2 3rd Quartile 9.6 11.9 8.0 19.1 -7.0 95th Percentile 6.5 8.6 5.7 14.8 -7.4 Population 35 35 35 39 42 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2030 (MF) Parentheses contain percentile rankings. Page 33 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill -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 Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.33 0.64 -0.51 1.00 0.62 -0.43 1.01 9.19 12.98 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.65 0.00 1.00 9.57 12.83 1.00 FTSE 3 Month T-Bill -8.42 12.89 -0.65 0.06 N/A 1.61 0.00 1.56 0.24 -0.25 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2030 Fund Page 34 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.1% 32.6% 67.2% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $193,151.21 Million P/E 21.86 P/B 5.38 Div. Yield 3.25% Annual EPS 6.34 5Yr EPS 8.55 3Yr EPS Growth 10.78 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 14.2% 11.7% 9.0% 8.7% 7.9% 7.1% 2.7% 2.1% 2.0% 1.6% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of December 31, 2020 Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2035 Fund Performance Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 11.8 15.7 9.9 9.7 11.6 14.8 9.5 9.4 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 :$33,490.70 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 36 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2035 Fund 11.6 (72)14.8 (49)9.5 (39)22.6 (49)-6.6 (32)¢ Vanguard Target 2035 Composite Index 11.8 (58)15.7 (28)9.9 (23)22.8 (44)-6.5 (31)˜ 5th Percentile 14.3 17.8 10.6 25.0 -5.7 1st Quartile 13.1 15.8 9.9 23.3 -6.3 Median 12.0 14.7 9.4 22.4 -7.2 3rd Quartile 11.6 13.3 8.7 21.3 -7.6 95th Percentile 9.8 11.6 7.9 19.3 -8.4 Population 32 32 32 37 39 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2035 (MF) Parentheses contain percentile rankings. Page 37 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.32 0.67 -0.48 1.00 0.60 -0.42 1.01 9.55 14.37 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.63 0.00 1.00 9.92 14.22 1.00 FTSE 3 Month T-Bill -8.93 14.28 -0.63 0.06 N/A 1.61 0.00 1.56 0.24 -0.25 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2035 Fund Page 38 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.1% 24.9% 74.9% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $215,436.46 Million P/E 24.38 P/B 5.99 Div. Yield 3.63% Annual EPS 7.07 5Yr EPS 9.54 3Yr EPS Growth 12.02 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 15.8% 13.0% 10.0% 9.7% 8.8% 8.0% 3.0% 2.4% 2.2% 1.8% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of December 31, 2020 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2040 Fund Performance Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 6.0 12.0 18.0 24.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 12.9 16.3 10.3 10.1 12.8 15.4 9.9 9.8 Product Name :Vanguard ITR 2040;Inst (VIRSX) Fund Family :Vanguard Group Inc Ticker :VIRSX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$29,789.20 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 40 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2040 Fund 12.8 (69)15.4 (51)9.9 (43)23.9 (52)-7.3 (34)¢ Vanguard Target 2040 Composite Index 12.9 (59)16.3 (34)10.3 (27)24.2 (48)-7.2 (32)˜ 5th Percentile 15.5 18.8 11.0 26.1 -6.2 1st Quartile 14.3 16.5 10.4 24.6 -7.0 Median 13.0 15.4 9.8 24.0 -7.9 3rd Quartile 12.5 13.8 9.2 22.4 -8.5 95th Percentile 10.8 10.3 6.1 19.2 -9.4 Population 33 33 33 37 40 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2040 (MF) Parentheses contain percentile rankings. Page 41 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.33 0.70 -0.47 1.00 0.58 -0.42 1.01 9.86 15.76 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.60 0.00 1.00 10.25 15.61 1.00 FTSE 3 Month T-Bill -9.44 15.67 -0.60 0.07 N/A 1.61 0.00 1.56 0.24 -0.26 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2040 Fund Page 42 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.1% 0.1% 17.3% 82.5% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $237,047.07 Million P/E 26.83 P/B 6.60 Div. Yield 4.00% Annual EPS 7.78 5Yr EPS 10.49 3Yr EPS Growth 13.23 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 17.4% 14.3% 11.0% 10.6% 9.7% 8.8% 3.3% 2.6% 2.4% 1.9% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of December 31, 2020 Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2045 Fund Performance Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 14.1 17.0 10.6 10.5 13.9 16.2 10.2 10.1 Product Name :Vanguard ITR 2045;Inst (VITLX) Fund Family :Vanguard Group Inc Ticker :VITLX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$25,714.10 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 44 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2045 Fund 13.9 (58)16.2 (51)10.2 (40)25.1 (39)-7.9 (37)¢ Vanguard Target 2045 Composite Index 14.1 (50)17.0 (33)10.6 (23)25.4 (32)-7.8 (35)˜ 5th Percentile 15.9 19.2 11.2 26.7 -6.7 1st Quartile 15.1 17.5 10.5 25.5 -7.3 Median 14.1 16.2 10.1 24.8 -8.0 3rd Quartile 13.5 13.9 9.3 23.2 -8.9 95th Percentile 11.7 12.7 8.1 21.9 -9.7 Population 32 32 32 37 39 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2045 (MF) Parentheses contain percentile rankings. Page 45 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.34 0.74 -0.45 1.00 0.57 -0.40 1.01 10.21 16.96 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.59 0.00 1.00 10.61 16.85 1.00 FTSE 3 Month T-Bill -9.96 16.92 -0.59 0.07 N/A 1.61 0.00 1.56 0.24 -0.26 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2045 Fund Page 46 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.6% 90.2% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $259,292.29 Million P/E 29.33 P/B 7.21 Div. Yield 4.36% Annual EPS 8.50 5Yr EPS 11.47 3Yr EPS Growth 14.46 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.7% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of December 31, 2020 Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2050 Fund Performance Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 14.2 17.2 10.7 10.5 14.0 16.3 10.3 10.2 Product Name :Vanguard ITR 2050;Inst (VTRLX) Fund Family :Vanguard Group Inc Ticker :VTRLX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$20,065.60 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :3% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 48 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2050 Fund 14.0 (63)16.3 (48)10.3 (41)25.1 (47)-7.9 (35)¢ Vanguard Target 2050 Composite Index 14.2 (59)17.2 (35)10.7 (28)25.4 (36)-7.8 (33)˜ 5th Percentile 15.9 19.7 11.3 26.9 -7.0 1st Quartile 15.2 17.5 10.8 26.0 -7.4 Median 14.5 16.2 10.0 25.0 -8.3 3rd Quartile 13.7 14.1 9.4 24.0 -9.2 95th Percentile 12.2 11.9 7.3 20.3 -10.0 Population 33 33 33 37 40 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2050 (MF) Parentheses contain percentile rankings. Page 49 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.34 0.73 -0.47 1.00 0.57 -0.40 1.01 10.26 16.98 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.59 0.00 1.00 10.65 16.88 1.00 FTSE 3 Month T-Bill -10.01 16.94 -0.59 0.07 N/A 1.61 0.00 1.56 0.24 -0.26 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2050 Fund Page 50 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.3% 90.4% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $260,062.05 Million P/E 29.42 P/B 7.24 Div. Yield 4.38% Annual EPS 8.53 5Yr EPS 11.51 3Yr EPS Growth 14.51 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.1% 15.7% 12.1% 11.7% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of December 31, 2020 Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2055 Fund Performance Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 14.2 17.2 10.7 10.5 14.0 16.4 10.3 10.2 Product Name :Vanguard ITR 2055;Inst (VIVLX) Fund Family :Vanguard Group Inc Ticker :VIVLX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$11,081.50 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :3% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 52 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2055 Fund 14.0 (74)16.4 (46)10.3 (49)25.1 (51)-7.8 (31)¢ Vanguard Target 2055 Composite Index 14.2 (68)17.2 (37)10.7 (33)25.4 (40)-7.8 (30)˜ 5th Percentile 16.3 20.0 11.6 28.5 -7.0 1st Quartile 15.6 17.7 10.9 26.4 -7.7 Median 14.8 16.1 10.2 25.1 -8.3 3rd Quartile 14.0 14.1 9.4 24.7 -9.3 95th Percentile 12.9 13.1 8.0 22.4 -10.4 Population 31 31 31 36 37 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2055 (MF) Parentheses contain percentile rankings. Page 53 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.32 0.72 -0.45 1.00 0.57 -0.38 1.01 10.28 16.98 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.59 0.00 1.00 10.65 16.88 1.00 FTSE 3 Month T-Bill -10.01 16.94 -0.59 0.07 N/A 1.61 0.00 1.56 0.24 -0.26 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2055 Fund Page 54 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.1% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $258,273.36 Million P/E 29.28 P/B 7.19 Div. Yield 4.37% Annual EPS 8.48 5Yr EPS 11.45 3Yr EPS Growth 14.43 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 18.9% 15.7% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of December 31, 2020 Page 55 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2060 Fund Performance Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years Inception 7/1/15 14.2 17.2 10.7 10.5 14.0 16.4 10.3 10.2 Product Name :Vanguard ITR 2060;Inst (VILVX) Fund Family :Vanguard Group Inc Ticker :VILVX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Coleman/Nejman Total Assets :$4,041.70 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :3% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 12/20 0.98 Page 56 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 2019 2018 Vanguard Institutional Target Retirement 2060 Fund 14.0 (76)16.4 (71)10.3 (67)25.1 (73)-7.9 (31)¢ Vanguard Target 2060 Composite Index 14.2 (73)17.2 (49)10.7 (40)25.4 (65)-7.8 (27)˜ 5th Percentile 16.0 18.7 11.4 27.0 -7.2 1st Quartile 15.7 18.0 10.9 26.5 -7.7 Median 14.7 17.0 10.5 26.0 -8.2 3rd Quartile 14.1 16.3 10.2 25.0 -9.1 95th Percentile 13.6 13.4 8.2 22.5 -10.0 Population 18 18 13 14 14 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 57 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 9/18 12/18 3/19 6/19 9/19 12/19 3/20 6/20 9/20 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.30 0.74 -0.41 1.00 0.57 -0.38 1.01 10.30 17.02 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.59 0.00 1.00 10.65 16.88 1.00 FTSE 3 Month T-Bill -10.01 16.94 -0.59 0.07 N/A 1.61 0.00 1.56 0.24 -0.26 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of December 31, 2020Vanguard Institutional Target Retirement 2060 Fund Page 58 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.1% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $258,953.11 Million P/E 29.30 P/B 7.21 Div. Yield 4.36% Annual EPS 8.49 5Yr EPS 11.46 3Yr EPS Growth 14.45 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.6% 12.0% 11.6% 10.6% 9.6% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of December 31, 2020 Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Institutional Target Retirement 2065 Fund Performance Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year Inception 8/1/17 14.2 17.2 11.8 14.0 16.2 11.3 Product Name :Vanguard ITR 2065;Inst (VSXFX) Fund Family :Vanguard Group Inc Ticker :VSXFX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2065 Composite Index Fund Inception :07/12/2017 Portfolio Manager :Coleman/Nejman Total Assets :$507.60 Million Total Assets Date :08/31/2020 Gross Expense :0.09% Net Expense :0.09% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % -1.2 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.98 0.99 1.00 1.01 7/17 1/18 7/18 1/19 7/19 1/20 7/20 12/20 0.99 Page 60 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Return1 Quarter 1 Year Vanguard Institutional Target Retirement 2065 Fund 14.0 (76)16.2 (81)¢ Vanguard Target 2065 Composite Index 14.2 (73)17.2 (49)˜ 5th Percentile 16.0 18.7 1st Quartile 15.7 18.0 Median 14.7 17.0 3rd Quartile 14.1 16.3 95th Percentile 13.6 13.4 Population 18 18 Peer Group Analysis As of December 31, 2020 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 61 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.1% 0.1% 9.7% 90.0% Fund Characteristics As of 09/30/2020 Total Securities 5 Avg. Market Cap $259,697.47 Million P/E 29.31 P/B 7.22 Div. Yield 4.34% Annual EPS 8.50 5Yr EPS 11.47 3Yr EPS Growth 14.46 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 19.0% 15.6% 12.0% 11.6% 10.6% 9.5% 3.6% 2.8% 2.6% 2.1% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of December 31, 2020 Page 62 Tier II Page 63 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 12.1 18.4 14.2 15.2 13.9 12.1 18.4 14.2 15.2 13.9 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard Group Inc Ticker :VINIX Peer Group :IM U.S. Large Cap Equity (MF) Benchmark :S&P 500 Index Fund Inception :07/31/1990 Portfolio Manager :Butler/Louie Total Assets :$116,843.50 Million Total Assets Date :08/31/2020 Gross Expense :0.04% Net Expense :0.04% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.00 Page 64 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Institutional Index Fund 12.1 (56)18.4 (53)14.2 (50)15.2 (46)13.9 (40)31.5 (42)-4.4 (48)21.8 (51)¢ S&P 500 Index 12.1 (56)18.4 (53)14.2 (50)15.2 (46)13.9 (40)31.5 (42)-4.4 (48)21.8 (51)˜ 5th Percentile 19.1 48.6 25.9 22.0 17.9 37.5 3.0 34.7 1st Quartile 14.8 32.6 20.4 18.4 15.4 33.1 -1.3 27.6 Median 12.5 18.8 14.1 14.7 13.3 30.6 -4.6 21.9 3rd Quartile 10.7 9.1 8.7 11.6 11.2 27.6 -7.3 18.2 95th Percentile 8.3 -0.3 4.1 8.5 8.9 22.1 -11.0 13.3 Population 434 434 434 434 330 457 471 485 Peer Group Analysis As of December 31, 2020 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 65 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Other Convertibles Fixed Income Equities -0.7 % 0.0% 0.0% 0.0% 100.7% Fund Characteristics As of 09/30/2020 Total Securities 510 Avg. Market Cap $443,562.76 Million P/E 34.11 P/B 10.35 Div. Yield 2.27% Annual EPS 11.83 5Yr EPS 15.13 3Yr EPS Growth 18.52 Sector/Quality Allocation As of 09/30/2020 0.0%15.0%30.0%45.0% Information Technology Consumer Discretionary Financials Health Care Industrials Consumer Staples Utilities Energy Materials Telecommunication Services 28.8% 15.4% 14.6% 13.1% 11.8% 7.6% 3.0% 2.1% 2.0% 1.9% Vanguard Institutional Index Fund Mutual Fund Attributes As of December 31, 2020 Page 66 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 18.0 18.2 12.1 13.3 12.4 18.0 18.2 12.0 13.3 12.4 Product Name :Vanguard Md-Cp I;Adm (VIMAX) Fund Family :Vanguard Group Inc Ticker :VIMAX Peer Group :IM U.S. Mid Cap Equity (MF) Benchmark :Vanguard Spliced Mid Cap Index Fund Inception :11/12/2001 Portfolio Manager :Butler/Johnson Total Assets :$46,873.50 Million Total Assets Date :08/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.00 Page 67 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Mid-Cap Index Fund 18.0 (70)18.2 (48)12.0 (46)13.3 (48)12.4 (42)31.0 (41)-9.2 (51)19.3 (50)¢ Vanguard Spliced Mid Cap Index 18.0 (70)18.2 (48)12.1 (46)13.3 (48)12.4 (41)31.1 (39)-9.2 (51)19.3 (50)˜ 5th Percentile 28.5 61.1 28.7 23.4 16.9 39.8 1.1 31.4 1st Quartile 22.6 33.3 19.7 17.9 14.4 34.1 -4.6 24.6 Median 20.0 16.8 10.5 12.9 11.5 30.1 -9.1 19.2 3rd Quartile 17.8 6.4 5.3 9.7 9.8 26.1 -12.6 14.5 95th Percentile 14.8 -1.7 1.7 6.5 7.6 19.9 -18.8 9.2 Population 198 198 198 198 121 214 223 226 Peer Group Analysis As of December 31, 2020 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 68 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Other Convertibles Fixed Income Equities -0.1 % 0.0% 0.0% 0.0% 100.0% Fund Characteristics As of 09/30/2020 Total Securities 352 Avg. Market Cap $21,232.61 Million P/E 33.69 P/B 7.44 Div. Yield 2.62% Annual EPS 15.16 5Yr EPS 13.20 3Yr EPS Growth 19.07 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Utilities Materials Energy Non Classified Equity 19.9% 19.1% 15.0% 11.9% 10.6% 9.5% 6.3% 3.3% 2.6% 1.5% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of December 31, 2020 Page 69 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 10.0 20.0 30.0 40.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 27.1 19.1 11.2 13.6 12.0 27.1 19.1 11.2 13.6 12.0 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard Group Inc Ticker :VSMAX Peer Group :IM U.S. Small Cap Equity (MF) Benchmark :Vanguard Spliced Small Cap Index Fund Inception :11/13/2000 Portfolio Manager :Coleman/O'Reilly Total Assets :$38,852.00 Million Total Assets Date :08/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.00 Page 70 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Small-Cap Index Fund 27.1 (68)19.1 (37)11.2 (28)13.6 (27)12.0 (26)27.4 (24)-9.3 (31)16.2 (29)¢ Vanguard Spliced Small Cap Index 27.1 (68)19.1 (37)11.2 (28)13.6 (27)12.0 (26)27.3 (24)-9.3 (31)16.2 (29)˜ 5th Percentile 37.2 54.5 26.0 21.7 15.9 35.2 -0.4 27.0 1st Quartile 31.6 25.4 12.1 14.0 12.1 26.9 -8.5 17.6 Median 29.1 12.7 7.3 11.2 10.2 24.0 -12.1 13.0 3rd Quartile 26.2 3.9 3.1 8.5 8.6 21.2 -15.7 9.5 95th Percentile 22.8 -4.2 -1.2 5.8 6.4 15.1 -20.5 4.2 Population 373 373 373 373 265 396 430 442 Peer Group Analysis As of December 31, 2020 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 71 Asset Allocation As of 09/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -0.2 % 0.0% 0.0% 0.1% 100.1% Fund Characteristics As of 09/30/2020 Total Securities 1,407 Avg. Market Cap $5,967.92 Million P/E 32.22 P/B 6.19 Div. Yield 3.25% Annual EPS 9.44 5Yr EPS 13.37 3Yr EPS Growth 15.71 Sector/Quality Allocation As of 09/30/2020 0.0%8.0%16.0%24.0%32.0% Financials Industrials Health Care Information Technology Consumer Discretionary Consumer Staples Materials Utilities Energy Non Classified Equity 20.8% 19.7% 15.9% 13.4% 11.2% 8.0% 3.4% 3.0% 2.5% 1.9% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of December 31, 2020 Page 72 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard Total Bond Market Index Fund Performance Summary Vanguard Total Bond Market Index Fund Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 3.0 6.0 9.0 12.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.7 7.7 5.4 4.5 3.9 0.7 7.7 5.4 4.5 3.8 Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard Group Inc Ticker :VBTLX Peer Group :IM U.S. Broad Market Core Fixed Income (MF) Benchmark :Vanguard Splc Blmbg. Barc. US Agg Flt Adj Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$119,401.60 Million Total Assets Date :08/31/2020 Gross Expense :0.05% Net Expense :0.05% Turnover :31% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.00 Page 73 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Total Bond Market Index Fund 0.7 (87)7.7 (65)5.4 (53)4.5 (65)3.8 (68)8.7 (60)0.0 (21)3.6 (62)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.7 (81)7.7 (63)5.4 (52)4.5 (61)3.9 (63)8.9 (53)-0.1 (24)3.6 (57)˜ 5th Percentile 2.5 11.0 6.5 5.7 4.7 10.6 0.6 5.1 1st Quartile 1.7 9.2 6.0 5.1 4.4 9.6 -0.1 4.2 Median 1.3 8.1 5.5 4.7 4.0 9.0 -0.5 3.8 3rd Quartile 0.8 7.4 5.1 4.3 3.7 8.4 -0.8 3.4 95th Percentile 0.4 5.0 4.0 3.4 2.8 6.6 -1.3 2.3 Population 110 110 110 110 85 115 119 125 Peer Group Analysis As of December 31, 2020 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 74 Asset Allocation As of 06/30/2020 0.0%50.0%100.0%150.0%-50.0 % Other Convertibles Equities Cash Fixed Income -2.6 % 0.0% 0.0% 3.6% 99.0% Fund Characteristics As of 06/30/2020 Avg. Coupon 3.14 % Nominal Maturity N/A Effective Maturity 8.28 Years Duration 6.23 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated Foreign Securities Equities/Other 71.2% 13.5% 13.5% 4.4% 0.0% Maturity Distribution As of 06/30/2020 0.0%15.0%30.0%45.0%-15.0 % Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 5-10Yrs 1-3Yrs 3-5Yrs -2.6 % 0.9% 3.6% 5.2% 15.0% 21.7% 27.1% 29.2% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of December 31, 2020 Page 75 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 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 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 9.0 17.3 11.6 11.5 10.29.0 16.4 11.3 11.3 10.0 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard Group Inc Ticker :VBAIX Peer Group :IM All Balanced (MF) Benchmark :Vanguard Balanced Composite Index Fund Inception :12/01/2000 Portfolio Manager :Barrickman/Coleman/O'Reily Total Assets :$11,037.00 Million Total Assets Date :08/31/2020 Gross Expense :0.06% Net Expense :0.06% Turnover :37% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 0.99 Page 76 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Balanced Index Fund 9.0 (60)16.4 (19)11.3 (7)11.3 (21)10.0 (11)21.8 (33)-2.8 (15)13.9 (54)¢ Vanguard Balanced Composite Index 9.0 (60)17.3 (15)11.6 (6)11.5 (19)10.2 (8)21.9 (32)-2.8 (14)13.9 (54)˜ 5th Percentile 16.0 20.8 11.8 12.8 10.7 26.4 -1.4 22.1 1st Quartile 13.2 15.4 9.6 11.0 9.2 22.7 -3.8 18.7 Median 10.1 12.2 7.8 9.0 7.6 18.9 -5.9 14.3 3rd Quartile 7.2 8.8 6.0 7.0 6.1 15.1 -7.9 10.7 95th Percentile 4.1 1.1 2.3 4.3 3.8 8.5 -10.7 5.2 Population 865 865 860 860 521 943 1,020 1,038 Peer Group Analysis As of December 31, 2020 IM All Balanced (MF) Parentheses contain percentile rankings. Page 77 Asset Allocation As of 09/30/2020 0.0%15.0%30.0%45.0%60.0%75.0%90.0%-15.0 %-30.0 % Cash Other Convertibles Fixed Income Equities 0.0% 0.0% 0.0% 39.8% 60.3% Fund Characteristics As of 09/30/2020 Total Securities 14,160 Avg. Market Cap $370,445.27 Million P/E 34.56 P/B 10.10 Div. Yield 2.36% Annual EPS 11.99 5Yr EPS 15.06 3Yr EPS Growth 18.65 Sector/Quality Allocation As of 09/30/2020 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Utilities Materials Energy Telecommunication Services 16.0% 9.2% 8.8% 8.0% 7.5% 5.1% 1.7% 1.2% 1.2% 1.1% Vanguard Balanced Index Fund Mutual Fund Attributes As of December 31, 2020 Page 78 Tier III Page 79 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 8.0 16.0 24.0 32.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 16.3 2.8 6.1 9.7 10.5 17.9 14.5 10.6 12.4 11.8 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard Group Inc Ticker :VWNAX Peer Group :IM U.S. Large Cap Value Equity (MF) Benchmark :Russell 1000 Value Index Fund Inception :05/14/2001 Portfolio Manager :Team Managed Total Assets :$32,608.10 Million Total Assets Date :08/31/2020 Gross Expense :0.26% Net Expense :0.26% Turnover :32% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Windsor II Fund Benchmark 0.96 1.04 1.12 1.20 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.13 Page 80 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard Windsor II Fund 17.9 (26)14.5 (5)10.6 (7)12.4 (7)11.8 (10)29.2 (22)-8.5 (50)16.9 (46)¢ Russell 1000 Value Index 16.3 (44)2.8 (49)6.1 (56)9.7 (54)10.5 (44)26.5 (48)-8.3 (48)13.7 (83)˜ 5th Percentile 21.4 13.9 11.1 12.7 12.0 31.8 -2.4 20.9 1st Quartile 17.9 6.2 7.5 10.8 11.1 28.9 -5.9 18.8 Median 15.8 2.6 6.4 9.8 10.3 26.3 -8.5 16.7 3rd Quartile 14.2 0.3 4.5 8.9 9.2 24.0 -9.8 14.4 95th Percentile 11.8 -5.6 2.0 7.0 7.7 19.9 -13.0 11.4 Population 109 109 109 109 83 113 117 120 Peer Group Analysis As of December 31, 2020 IM U.S. Large Cap Value Equity (MF) Parentheses contain percentile rankings. Page 81 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Russell 1000 Value Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 6/06 12/07 6/09 12/10 6/12 12/13 6/15 12/16 6/18 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 2.48 2.72 0.91 0.97 0.72 2.42 1.01 12.41 16.61 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.58 0.00 1.00 9.74 16.26 1.00 FTSE 3 Month T-Bill -9.51 16.30 -0.58 0.03 N/A 1.19 0.00 1.16 0.24 -0.16 Vanguard Windsor II Fund Risk Profile As of December 31, 2020Vanguard Windsor II Fund Page 82 Asset Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.7 % 0.0% 0.1% 4.4% 96.2% Fund Characteristics As of 06/30/2020 Total Securities 186 Avg. Market Cap $302,819.35 Million P/E 25.77 P/B 6.10 Div. Yield 2.45% Annual EPS 9.74 5Yr EPS 12.18 3Yr EPS Growth 16.01 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Materials Telecommunication Services Utilities 26.2% 18.0% 15.4% 12.1% 10.5% 7.0% 4.4% 1.2% 0.9% 0.5% Vanguard Windsor II Fund Mutual Fund Attributes As of December 31, 2020 Page 83 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 25.0 50.0 75.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 11.4 38.5 23.0 21.0 17.214.8 58.7 28.8 22.8 18.6 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 :$27,860.50 Million Total Assets Date :08/31/2020 Gross Expense :0.28% Net Expense :0.28% Turnover :41% Quarterly Out Performance Quarterly Under Performance 0.0% 6.0% 12.0% 18.0% -6.0 % -12.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard U.S. Growth Fund Benchmark 0.84 0.91 0.98 1.05 1.12 1.19 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.08 Page 84 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 95.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard U.S. Growth Fund 14.8 (10)58.7 (4)28.8 (6)22.8 (8)18.6 (9)33.5 (47)0.7 (33)31.8 (29)¢ Russell 1000 Growth Index 11.4 (43)38.5 (41)23.0 (44)21.0 (22)17.2 (24)36.4 (23)-1.5 (61)30.2 (46)˜ 5th Percentile 16.9 57.5 29.3 23.8 19.2 39.1 5.3 36.7 1st Quartile 12.7 42.5 24.4 20.8 17.1 36.2 1.6 32.4 Median 10.8 36.3 22.2 19.4 16.1 33.2 -0.8 29.9 3rd Quartile 9.5 31.8 20.1 18.0 15.3 30.9 -2.8 26.8 95th Percentile 8.0 23.8 16.1 15.4 12.8 25.5 -5.6 23.0 Population 152 152 152 152 112 161 165 170 Peer Group Analysis As of December 31, 2020 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 85 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 36.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund 1.81 3.82 0.47 0.96 1.17 0.03 1.09 22.83 18.07 0.98 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 1.19 0.00 1.00 21.00 16.30 1.00 FTSE 3 Month T-Bill -19.36 16.33 -1.19 0.02 N/A 1.20 0.00 1.16 0.24 -0.13 Vanguard U.S. Growth Fund Risk Profile As of December 31, 2020Vanguard U.S. Growth Fund Page 86 Asset Allocation As of 06/30/2020 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Convertibles Fixed Income Other Equities -0.8 % 0.0% 0.2% 2.9% 97.8% Fund Characteristics As of 06/30/2020 Total Securities 258 Avg. Market Cap $432,450.76 Million P/E 44.30 P/B 15.31 Div. Yield 1.19% Annual EPS 10.83 5Yr EPS 22.22 3Yr EPS Growth 29.14 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Industrials Financials Health Care Consumer Staples Telecommunication Services Non Classified Equity Materials Utilities 37.1% 19.1% 12.0% 11.2% 10.2% 7.4% 0.6% 0.1% 0.1% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of December 31, 2020 Page 87 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of December 31, 2020 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 25.0 50.0 75.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 17.0 10.7 4.9 8.9 4.9 22.3 59.8 22.5 21.8 12.4 Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard Group Inc Ticker :VWILX Peer Group :IM International Large Cap Growth Equity (MF) Benchmark :Vanguard Spliced International Index Fund Inception :08/13/2001 Portfolio Manager :Anderson/Coutts/Webber Total Assets :$46,904.90 Million Total Assets Date :08/31/2020 Gross Expense :0.32% Net Expense :0.32% Turnover :13% Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% 30.0% -10.0 % -20.0 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard International Growth Fund Benchmark 0.40 0.80 1.20 1.60 2.00 2.40 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.75 Page 88 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 2019 2018 2017 Vanguard International Growth Fund 22.3 (1)59.8 (1)22.5 (1)21.8 (1)12.4 (1)31.5 (8)-12.6 (35)43.2 (1)¢ Vanguard Spliced International Index 17.0 (24)10.7 (82)4.9 (87)8.9 (68)4.9 (96)21.5 (93)-14.2 (50)27.2 (54)˜ 5th Percentile 20.0 28.3 13.6 14.1 9.8 31.8 -7.9 32.8 1st Quartile 16.8 22.5 10.6 12.2 7.8 29.1 -12.2 31.2 Median 15.0 17.1 8.2 10.1 6.7 27.5 -14.4 27.6 3rd Quartile 13.8 11.9 7.2 8.4 5.6 25.2 -16.2 24.0 95th Percentile 10.3 6.8 3.5 6.0 5.0 20.6 -18.7 22.1 Population 42 42 42 42 28 43 44 45 Peer Group Analysis As of December 31, 2020 IM International Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 89 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard International Growth Fund Vanguard Spliced International Index FTSE 3 Month T-Bill -12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 Return (%)0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Vanguard International Growth Fund Vanguard Spliced International Index 0.0 6.0 12.0 18.0 24.0 30.0 36.0 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 12/20 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 11.73 6.94 1.69 0.86 1.11 11.24 1.11 21.77 18.31 0.93 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.56 0.00 1.00 8.93 15.39 1.00 FTSE 3 Month T-Bill -8.60 15.45 -0.56 0.05 N/A 1.19 0.00 1.16 0.24 -0.22 Vanguard International Growth Fund Risk Profile As of December 31, 2020Vanguard International Growth Fund Page 90 Asset Allocation As of 06/30/2020 0.0%50.0%100.0%150.0%-50.0 % Cash Convertibles Fixed Income Other Equities -2.0 % 0.0% 0.1% 3.8% 98.1% Fund Characteristics As of 06/30/2020 Total Securities 130 Avg. Market Cap $176,388.97 Million P/E 38.30 P/B 10.14 Div. Yield 1.78% Annual EPS 6.08 5Yr EPS 17.27 3Yr EPS Growth 18.83 Sector/Quality Allocation As of 06/30/2020 0.0%15.0%30.0%45.0% Consumer Discretionary Information Technology Consumer Staples Health Care Industrials Financials Materials Energy Telecommunication Services Utilities 31.8% 16.6% 15.2% 10.7% 10.0% 8.0% 2.3% 1.4% 1.0% 0.7% Top 5 Countries As of 06/30/2020 China 18.36 % United States 10.04 % Japan 9.49 % Netherlands 9.25 % Germany 8.20 % Vanguard International Growth Fund Mutual Fund Attributes As of December 31, 2020 Page 91 Regional Allocation As of 06/30/2020 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0% Emg. MidEast, Africa, Europe Other Emerging Latin America North America Pacific Basin Emerging Asia Europe 0.7% 4.2% 4.4% 10.5% 12.7% 21.7% 47.7% Vanguard International Growth Fund Mutual Fund Attributes As of December 31, 2020 Page 92 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 12/31/20 Vanguard Prime Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.6 1.2 1.8 2.4 Return1 Quarter 1 Year 3 Years 5 Years 10 Years 0.0 0.7 1.6 1.2 0.6 0.0 0.5 1.6 1.2 0.6 Product Name :Vanguard CRsFdl MM;Inv (VMMXX) Fund Family :Vanguard Group Inc Ticker :VMMXX Peer Group :IM U.S. Taxable Money Market (MF) Benchmark :ICE BofAML 3 Month U.S. T-Bill Fund Inception :06/04/1975 Portfolio Manager :Nafis T. Smith Total Assets :$97,690.60 Million Total Assets Date :08/31/2020 Gross Expense :0.16% Net Expense :0.16% Turnover :N/A Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Prime Money Market Fund Benchmark 0.99 1.00 1.01 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 1.00 Vanguard Prime Money Market Fund Performance Summary As of December 31, 2020Vanguard Prime Money Market Fund Page 93 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of December 31, 2020 Vanguard Retirement Savings Trust III Performance Summary Vanguard Retirement Savings Trust III Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return1 Year 3 Years 5 Years 10 Years Inception 10/1/01 0.7 1.6 1.2 0.6 1.4 2.2 2.3 2.2 2.2 3.2 Account Name:Vanguard Retirement Savings Trust III Inception Date:10/01/2018 Account Structure:Commingled Fund Asset Class:US Stable Value Benchmark:ICE BofAML 3 Month U.S. T-Bill Peer Group:IM U.S. GIC/Stable Value (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% 0.9% -0.3 % -0.6 % 3/16 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 12/20 Vanguard Retirement Savings Trust III Benchmark 0.80 1.00 1.20 1.40 1.60 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 9/17 12/20 1.41 Page 94 Portfolio Characteristics Portfolio MV/BV Ratio (%)103.81 Crediting Rate 1.83 Effective Duration 3.10 # of Wrap Providers 11 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 75.0 Treas./Ag.AAAAAABBB<BBBReservesOther50.3 11.6 12.7 25.4 0.0 0.0 0.0 0.0 Sector Distribution (%) 0.0 15.0 30.0 45.0 Treasury/AgenciesMortgage-BackedCorporateHigh YieldAsset-BackedInternationalCash & EquivalentsOther20.7 29.0 27.3 0.0 12.9 4.4 3.0 2.7 Wrap Providers 0.0%4.0%8.0%12.0%16.0% Lincoln National Life Metropolitan Tower Life Pacific Life Insurance American General Life Transamerica Premier Life NYL Insurance and Annuity Prudential Insurance Co. Nationwide Life JPMorgan Chase Massachusetts Mutual State Street Bank 6.0% 8.4% 8.5% 7.5% 7.7% 8.9% 9.6% 8.5% 9.6% 9.6% 9.8% Vanguard Retirment Savings Trust - Class III Portfolio Characteristics As of December 31, 2020 Page 95 This Page Left Blank Intentionally Writeup Page 96 Appendix Page 97 MSD Defined Contribution Plan As of December 31, 2020 Investment Fee Analysis Fund Expense Information Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group Expense Ratio² Revenue Share Net of Revenue Share Universe Median Offering vs. Median %%%% Tier I -Target Date Funds Vanguard Institutional Target Retirement Income MF Mixed-Asset Target Today (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2015 MF Mixed-Asset Target 2015 (Passive)0.09%0.00%0.09%0.12%P Vanguard Institutional Target Retirement 2020 MF Mixed-Asset Target 2020 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2025 MF Mixed-Asset Target 2025 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2030 MF Mixed-Asset Target 2030 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2035 MF Mixed-Asset Target 2035 (Passive)0.09%0.00%0.09%0.14%P Vanguard Institutional Target Retirement 2040 MF Mixed-Asset Target 2040 (Passive)0.09%0.00%0.09%0.14%P Vanguard Institutional Target Retirement 2045 MF Mixed-Asset Target 2045 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2050 MF Mixed-Asset Target 2050 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2055 MF Mixed-Asset Target 2055 (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2060 MF Mixed-Asset Target 2060+ (Passive)0.09%0.00%0.09%0.15%P Vanguard Institutional Target Retirement 2065 MF Mixed-Asset Target 2060+ (Passive)0.09%0.00%0.09%0.15%P Tier II -Passive Funds Vanguard Institutional Index Fund MF U.S. Large Cap Core Equity (WSP)0.04%0.00%0.04%0.20%P Vanguard Mid-Cap Index Fund MF U.S. Mid Cap Core Equity (Passive)0.05%0.00%0.05%0.06%P Vanguard Small-Cap Index Fund MF U.S. SMID Cap Core Equity (Passive)0.05%0.00%0.05%0.20%P Vanguard Total Bond Market Index Fund MF U.S. Broad Market Core Fixed Income (Passive)0.05%0.00%0.05%0.08%P Vanguard Balanced Index Fund MF Mixed-Asset Target Today (Passive)0.06%0.00%0.06%0.15%P Tier III -Active Funds Vanguard Windsor II Fund MF U.S. Large Cap Value Equity 0.26%0.00%0.26%0.69%P Vanguard U.S. Growth Fund MF U.S. Large Cap Growth Equity 0.28%0.00%0.28%0.79%P Vanguard International Growth Fund MF International Large Cap Growth Equity 0.33%0.00%0.32%0.91%P Vanguard Prime Money Market Fund MF Money Market Taxable 0.16%0.00%0.16%0.21%P Vanguard Retirement Savings Trust III CF Stable Value 0.30%0.00%0.29%0.45%P Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to medians from style-specific institutional mutual fund peer universes, which Aon Investments believes is an appropriate comparison regardless of vehicle -type being utilized. Additional universe statistics including percentile distributions, averages and dollar-weighted metrics are available upon request. Determining whether an investment's expense is reasonable depends on a variety of factors including the level of returns achieved and the method with which admin istration and operational expenses are paid. Understanding and evaluating the total cost of plan operations, including both investment and administration fees is a critical analysis that should be completed periodically. ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b -1 fees, custodial fees, trustee fees, revenue sharing components and/or charges for fund or plan administration. ³Institutional mutual fund fee universes were created by Aon Investments, as of December 31, 2019, using a custom proprietary methodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Morningstar for all asset classes except the stable value universe which uses information from Hueler. Since fund expense ratios do not change frequently, Aon Investments believes this study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your Aon Investments consultant.Page 98 Market Environment Page 99 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets 15.7%17.2%14.6% 18.6% 14.0%14.8% 21.9% 15.7% 20.0%19.9% 16.3% 11.1% 20.5% -9.0% 13.1% 6.9% 13.2%12.1%8.5% 18.4% -20% -10% 0% 10% 20% 30% ACWI IMI 43.5% ACWI ex-U.S. IMI 56.5% US A IMI 4.0% UK IMI 7.1% Japa n IMI 2.7% Ca na da IMI 0.2% Israel IMI 12.9% Europe ex-UK IMI 3.3% Pacific ex-Ja pa n IMI 13.1% Emergi ng Ma rkets IMI GLOBAL MSCI IMI INDEX RETURNS (US D) AS OF 12/31/2020 Fourth Quarte r 2020 On e-Year Source: MSCI Global equity markets continued to rise for the third consecutive quarter, ending the calendar year above their pre- pandemic levels. Supportive monetary and fiscal policy, dwindling uncertainties regarding the U.S. elections, and the news of vaccines receiving approval outweighed the continued surge of COVID-19 cases globally.The MSCI AC World’s Investable Market Index returned 15.7% for the quarter. Non-U.S. equities, with strong performance from emerging markets, outperformed U.S. equities for the quarter. Emerging Markets (EM) IMI returned 19.9% over the fourth quarter, supported by strong returns from the index- heavyweights Information Te chnology and Financials sectors. In USD terms, Korean and Brazilian equities were the best performers among the EM countries while Chinese equities returned the least. Page 100 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets US A 56.5% UK 4.0% Ca nada 2.7% Pa cific ex -Japan 3.3%Ja pan 7.1% Eu rope ex -UK 12.9% Is rael 0.2% Latin Amer ic a 1.1% Asia 10.4 % Ea stern Eu rope, Mi ddle Ea st & Africa 1.6% Eme rging Ma rkets 13.1% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAP HI C ALLOCATION AS OF 12/31/2020 Sour ce:MSCI UK 9.3% Ca nada 6.3% Pa cific ex - Japan 7.6% Japan 16.4% Eu rope ex -UK 29.7% Is rael 0.6% Latin A me rica 2.5% Asia 23.9% Ea ster n Eu rope, Mi ddle Ea st & Africa 3.7% Emer ging Ma rkets 30.1% MSCI ALL CO UNT RY WORLD EX -U.S. IMI INDEX GEOGRAP HI C AL LOCATION AS OF 12/31/2020 Source:MSCI The two exhibits on this slide illustrate the percentage that each country/region represents of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets 14.7%13.4%10.1% 16.2%7.8% 31.9% 17.0%16.9% 24.5% 7.7%10.3%9.9% 20.9% 46.5% 19.3% 42.1% 7.8% -28.9% 19.2% 11.6% 6.6% 0.3% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Ru ssell 30 00 26 .3 % Technolo gy 13 .5 % He alt hcare 16 .7 % Co ns. Disc 5.2% Co ns. Stapl es 2.3% Energy 2.0% Materi als & Proce ssing 13 .9 % Producer Du rabl es 10 .5 % Fina ncia ls 2.9% Ut il it ies 3.4% Tele com. 3.4% Re al Estat e RUS SELL SECTOR RET URNS AS OF 12/31/2020 Fourth Quarte r 2020 One-Year Source: Russe ll Indexes(New s ec tors like Telecommu nicati on and Real Est ate On e-Year chart excl ud ed due to lack of historical data) 14.7%14.1% 9.8% 20.4%19.0% 33.4% 29.6% 20.9% 1.6% 39.3% 5.0% 35.6% 4.6% 34.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% Russell 3000 29.4% Large Value 39.5% Large Gr owth 15.7% Medium Value 8.9% Medium Gr owth 3.1% Small Value 3.4% Small Gr owth RUS SELL STYL E RETURNS AS OF 12/31/2020 Fourth Quarte r 2020 One-Year Source: Rus sell Index es U.S. equities delivered double digit returns in Q4 2020. Over the quarter, new fiscal stimulus packages were approved as U.S. lawmakers passed a $900bn coronavirus relief bill while Democrat Joe Biden won the U.S. Presidential election and is set to become the 46th President. Economic data rebounded sharply as U.S. GDP grew at an annualized rate of 33.1% in the third quarter, compared to a 31.4% contraction during the second quarter.The Russell 3000 Index rose 14.7% during the fourth quarter and 20.9% over the one-year period. The CBOE Volatility Index (VIX), Wall Street’s “fear gauge”, declined from 26.4 to 22.8 over the quarter, having averaged 28.9 over the previous 12 months. All sectors generated positive returns over the quarter. Energy sector was the best performing sector with a return of 31.9% while Utilities sector returned the least at 7.7%. Small cap stocks outperformed both large and medium cap stocks over the quarter, while Value stocks outperformed their Growth counterparts in Q4 2020. Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets 0.7% -0.8% 3.0% 0.2%0.4%1.1% 7.5%7.9% 9.9% 3.9%4.5% 8.1% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Bar cl ay s Agg. Bon d 40.5% Govt 28.7% Corp. 28.1% MBS 0.4% ABS 2.3% CMBS BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY SECTOR AS OF 12/31/2020 Four th Quar te r 2020 One-YearSource: Fac tSet 0.2%0.4%0.6%0.9%1.7% 3.1% 5.4% 7.9% 10.3% 16.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 1-3 Y r.3-5 Y r.5-7 Y r.7-10 Yr.>10 Yr. BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY MATURI TY A S OF 12/31/2020 Fourth Quarte r 2020 One-YearSource: FactSet -0.3% 1.4%2.1% 4.0% 6.5%6.4% 8.5% 9.9%9.4% 7.1% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BL OOM BERG BARCLAYS AGGREG ATE RETURNS BY QUALITY AND HI GH YIELD RET URNS AS OF 12/31/2020 Four th Quarte r 2020 On e-YearSource: Fac tSet The Bloomberg Barclays U.S. Aggregate Bond Index rose by 0.7% over the quarter. Corporate bonds were the best performer with a return of 3.0%, followed by CMBS bonds which rose by 1.1%. Bonds with 10+ year maturities performed the best with a return of 1.7%. High yield bonds rose by 6.5%. Within investment grade bonds, Baa bonds outperformed with a return of 4.0%. Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Dec 10 Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIP S Yield 10Y Treasury Yield Sour ce:U.S. Department of Treas ury -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Ma turit y (Y ears) U.S. TREAS URY YIELD CURV E 12/31/2019 9/30/2020 12/31/2020 Sour ce:U.S. Department of Treasur y The U.S. nominal yield curve steepened over the quarter with yields at the short end of the curve remaining virtually unchanged while yields at the longer end rose . The U.S. Federal Reserve (Fed) kept its interest rate unchanged and will continue to buy $120bn of debt per month until “substantial further progress has been made” towards its employment and inflation targets. The Fed also upgraded its September projections to an economic growth rate of -2.4% in 2020 (up from -3.7%) followed by a rebound of 4.2% in 2021 (up from 4.0%). The 10-year U.S. treasury yield ended the quarter 24bps higher at 0.93% and the 30-year yield increased by 19bps to 1.65%. The 10-year TIPS yield fell by 12bps over the quarter to -1.06%. Breakeven inflation rose across the curve during the quarter as the Fed’s “average inflation targeting” approach, under which the Fed would allow inflation to rise above their 2% target for a period of time, and the new fiscal stimulus package pushed inflation expectations higher. Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. European Fixed Income Markets 0% 2% 4% 6% 8% 10% 12% 14% 16% 2014 2015 2016 2017 2018 2019 2020 EUROZO NE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS ) Spain Italy Portugal Gr eece Irel and Sour ce:FactSet European government bond spreads over 10-year German bunds narrowed across the Euro Area. The EU passed the bloc’s €1.8tn budget and recovery package after Hungary and Poland reversed their vetoes. Originally both countries had objected to rules linking stimulus disbursement to the commitment of European values. However, they backed down after EU officials stated that refusal to accept the package would ‘‘backfire’’. The European Central Bank increased the size of its Pandemic Emergency Purchase Programme from €1.35tn to €1.85tn and extended the program until March 2022. German government bund yields fell by 5bps to -0.58% over the quarter. The Eurozone economy rebounded by growing 12.7% in Q3 2020 on a quarter-on-quarter basis, the fastest rate on record. The German and French economies grew by 8.2% and 18.2% over this period while the Italian and Spanish economies grew by 16.1% and 16.7% respectively. Greek government bond yields fell the most at 38bps to 0.64%, whereas Italian and Portuguese government bond yields fell by 33bps and 23bps to 0.54% and 0.03% respectively. Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Spre ad (bps)12/31/2020 09/30/2020 12/31/2019 Qua rterly Cha nge (bps)One -Year Change (bps) U.S. Aggregate 42 60 39 -18 3 Long Gov't 1 0 0 1 1 Long Credit 141 188 139 -47 2 Long Gov't /Credit 85 111 79 -26 6 MBS 39 61 39 -22 0 CMBS 81 106 72 -25 9 ABS 33 41 44 -8 -11 Corporate 96 136 93 -40 3 High Yield 360 517 336 -157 24 Global Emerging Mark et s 268 334 287 -66 -19 So urce: F actSet, B lo omberg Barclays Credit markets had another solid quarter as spreads continued to fall. Spreads tightened again during the quarter, especially in the riskier credit areas, as the positive vaccine news improved hopes of a strong economic recovery. Overall, Credit spreads over U.S. treasuries narrowed over the quarter. Riskier areas of credit, such as U.S. high yield bonds and emerging market debt, performed well. High Yield credit spreads narrowed significantly in Q4 2020, decreasing by 157bps and Global Emerging Markets narrowed by 66bps over the quarter. However, there are still reasons to be concerned as the global high yield default rate for the twelve months to November was 7%, over twice as high as the pre-pandemic levels, and the total number of investment grade bond downgrades for 2020 have outnumbered upgrades by 3 to 1 (upgrades outnumbered downgrades by 3 to 2 in 2019). Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency 80 90 100 110 120 130 140 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 U.S. DOLLAR REL ATIVE TO EUR, GBP AND JP Y REBAS ED TO 100 AT 12/31/2014 EUR/USD GBP /U SD JPY/US D Source: FactSet St ronger Do llar We ak er Do llar 100 105 110 115 120 125 Dec 14 Dec 15 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 TRADE WEI GHTED U.S. DOLLAR INDEX (1973 = 100) Source:Federal R es er ve The U.S. dollar weakened against major currencies over the quarter as renewed risk appetite from investors and consistent ultra-low interest rates dragged on the Dollar. The U.S. dollar fell 4.9% on a trade-weighted basis. The U.S. Federal Reserve is not expected to implement any rate hikes until the end of 2023. The Sterling rose by 1.8% on a trade-weighted basis over the quarter in which the UK and the European Union (EU) reached a historic Brexit trade deal after years of negotiations. The Bank of England unanimously decided to increase its quantitative easing amount to £895bn from £745bn over the course of 2021. Sterling appreciated by 5.4% against the U.S. dollar. The U.S. dollar depreciated by 4.2% and 2.2% against the euro and yen respectively. Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities 10.2% 12.9% 2.2% 14.2% 2.4% 21.4% 14.3% 22.2% 2.4% -3.1% 15.2% -42.7% 16.3% 25.6% 16.5% 2.9% 19.3% -23.4% -50.0%-40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0% Bloomber g Commodity Index Ex-Ener gy Ener gy Industrial Metals Pr ec. Metals Agric. Softs Gr ains Livest ock COMMODITY R ETURNS AS OF 12/31/2020 Four th Quar te r 2020 One-Year Source:Bl oomb erg Note: Softs and G rains are par t of the wi der Agr iculture sector Commodities fell in tandem with equity markets in October before rebounding sharply in November and maintaining the momentum in December. Overall, the Bloomberg Commodity Index returned 10.2% for the quarter. The Energy sector rose by 2.2% over the quarter. Oil prices rallied in November and December due to optimism over vaccines approval and starting of vaccination process to fight Covid-19. Elsewhere, OPEC and Russia agreed to increase oil production by 500,000 b/d from January 2021, thus, bringing down the production cut from existing 7.7 mb/d to 7.2 mb/d. OPEC cut its forecast for 2021 growth in oil demand by 350,000 bpd to 5.9 mb/d citing uncertainty over the impact of Covid-19 and labor market. The price of Brent crude oil rose by 26.5% to $52/bbl. while WTI crude oil spot prices rose by 20.6% to $49/bbl. On a one-year basis, the Energy sector is down by 42.7%. Agriculture was the best performing sector, rising by 21.4% in Q4 2020. Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview 6.0% 4.7% 14.5% 10.5% 11.8% 10.3% 5.2% 10.7% 7.5% 12.1% 5.2% 17.5% 11.8% 9.3% 11.4% 3.3% 11.6% 10.3% 0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%16.0%18.0%20.0% Fixed Income/Converti ble Arb. Gl obal Macro Equity Hedge Emergi ng Markets Event-Driv en Distress ed -Restruc turing Relativ e Value Fund-Weighted Composite Index Fund of Funds Co mposite Index HEDGE FUND PERFORMANCE AS OF 12/31/2020 Four th Quarte r 2020 One-Year Note: Latest 5 months o f HFR data are es ti mated by H FR a nd may c hange in the future. Sour ce:HFR Hedge fund performance was positive across all strategies in the fourth quarter. Over the quarter, Equity Hedge and Event-Driven strategies were the best performers, returning 14.5% and 11.8% respectively. HFRI Fund-Weighted Composite Index and the HFRI Fund of Funds Composite Index produced returns of 10.7% and 7.5% respectively. Page 109 This Page Left Blank Intentionally Writeup 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 o f 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 C ap ex US Index thereafter; for emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through Decem ber 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 Barclay s U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter; for international bonds, the Bl oomberg 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 Marke t 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, 2 013; 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 throug h 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 Wils hire 5000 Index) and 40% Lehman Brothers U.S. Aggregate Bond Index through May 31, 2005; 60% MSCI US Broad Market Index and 40% Bl oomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Floa t Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafte r. 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 U.S.D-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Barclays Emerging Markets Index -An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Barclays Global Aggregate -Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and U.S.D investment grade 144A securities. Bloomberg Barclays Global Treasury Ex-U.S. -The Barclays Global Treasury ex U.S. Index is a subset of the flagship Global Treasury Index that does not have any exposure to U.S. debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg Barclays Inflation Index -Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg Barclays Universal Index -A market value-weighted index which is the union of the U.S. Aggregate Index, U.S. High Yield Corporate Index, Eurodollar Index, U.S. Emerging Markets Index and the CMBS High Yield Index. The Index is appropriate for core plus fixed income mandates. Bloomberg Barclays U.S. Aggregate Bond Index -A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage-related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 M or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg Barclays U.S. Government/Credit Index -A subcomponent of the Barclays Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high quality corporate bonds with an outstanding par value of $250 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Government Index -A market value weighted index of U.S. government and government agency securities (other than mortgage securities) with maturities of one year or more. Bloomberg Barclays U.S. High Yield Index -An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 M or greater and at least one year of maturity remaining. Bloomberg Barclays U.S. Intermediate Aggregate Bond Index -A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 M or greater. Bloomberg Barclays U.S. Intermediate Government Bond Index -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. Intermediate Government/Credit Index -A market-value weighted index consisting of U.S. government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 M or greater. Bloomberg Barclays U.S. Intermediate Treasury -An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. Treasury. Bloomberg Barclays U.S. Long Credit Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by U.S. corporate, specified foreign debentures, and secured notes that meet the specified maturity, liquidity, and quality requirements. To qualify, bonds must be SEC-registered. Page 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 M or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg Barclays U.S. Long Government Bond Index -An unmanaged index considered representative of long-term fixed-income obligations issued by the U.S. Treasury, government agencies and quasi-federal corporations. Bloomberg Barclays U.S. TIPS -A market value-weighted index consisting of U.S. Treasury Inflation Protected Securities with one or more years remaining until maturity with total outstanding issue size of $500m or more. Bloomberg Barclays U.S. Treasury 20-30 Year STRIPS Index -A subcomponent of the Barclays Aggregate Index, this benchmark includes long-term treasury STRIPS. Bloomberg Commodity Index -Consists of 22 exchange-traded futures on physical commodities, which are weighted to account for economic significance and market liquidity. Performance is calculated on an excess return basis and reflects commodity future price movements. BofA Merrill Lynch 3 Month Treasury Bill -An index that measures the average return of the last three-month U.S. Treasury Bill issues. BofA Merrill Lynch High Yield Master -A market-capitalization weighted index that tracks the performance of U.S. dollar-denominated, below investment grade corporate debt publicly issued in the U.S. domestic market. Citigroup 90-Day T-Bill Index -An index that measures the average return of the last three-month U.S. Treasury Bill issues. Credit Suisse Leveraged Loan Index -Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. CRSP U.S. Large Cap Index -an index comprised of nearly 640 U.S. large cap companies and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 85% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. CRSP U.S. Total Market Index -an index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. DJ U.S. Completion Total Stock Market Index -A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index -A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index -a socially responsible investment (SRI) index of U.S. stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment. FTSE All-World ex-U.S. Index -A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 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 U.S. Index -a market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index -Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS -Free float adjusted, market capitalization weighted index of U.S. based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index -A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFRI Fund-of-Fund Index -This index is equal-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S.dollars. Only fund-of- fund products are included in the index that have at least $50 M under managements and have been actively trading for at least one year. All funds report net monthly returns. HFRI Fund Weighted Composite Index -The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in U.S. Dollar and have a minimum of $50 M under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index -The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers.The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. iMoneyNet All Taxable Money Funds Index -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. iMoneyNet Money Fund Average -An index made up of the entire universe of money market mutual funds. The index currently represents over 1,300 funds, or approximately 99 percent of all money fund assets. J.P. Morgan EMBI Global Diversified -Comprised of dollar-denominated Brady bonds, traded loans and Eurobonds issued by emerging market sovereign and quasi-sovereign entities. The Diversified version limits the weights of the index countries by only including a specified portion of those countries' eligible current face amounts of debt outstanding, providing for a more even distribution of weights within the countries in the index. MSCI All Country World ex-U.S. Index -A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-U.S. stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. Page 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 M and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. Past performance is no guarantee of future results. Please feel free to contact us at retirement@aon.com for more index information. Page 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. §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 Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. 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