The URL can be used to link to this page

Home My Public Portal About2021 3rd Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. MSD Defined Contribution Plan | Third Quarter 2021 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 112 Table Of Contents Executive Summary Page 1 Thought Leadership Highlights –Defined Contribution Aon United Health Solutions Survey on Vaccination Trends Link Governance What Drives Fiduciary Liability? Survey of Leading Carriers for Fiduciary Liability Insurance Link Market View Prospects for Equities: Fading slowly but surely Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Video Market View Biden’s Climate Agenda and the Implications for Investments Link Market View A Look at The Biden Infrastructure Proposal Link Market View U.S. Month in Markets Link Market View Quarterly Investment Outlook Link Quarterly Outlook Key Topics for Defined Contribution Plans in Q4 of 2021 (4-minute video, access code ‘aon!’)Link to Video Plan Design ESG Engagement: Three Questions with Connie Johnson Link Plan Design White Paper: The Benefits of ESG Integration Link Plan Design Streamlining Multiple Plans, Vendors and Investments: Simplified Participant Experience and Cost Savings Link Plan Design Streamlining DC Lineups: 3 Questions with Beth Halberstadt Link Plan Design Inflation-Protecting Assets: 3 Questions with Sheila Noonan Link Plan Design Client Video: DC Retirement Income (10 minutes, passcode ‘aon!’)Link to Video Strategy Review 3 Ways Retirement Plans Are Evolving Link Strategy Review Diverse Manager Investing Survey Report Link Strategy Review Are Managed Accounts More Efficient Than Target Date Funds?Full White Paper Summary Talent Management Reimagining Total Rewards for a Changing World Link Legal & Compliance Legal & Compliance quarterly update newsletter (6 minute audio summary, access code ‘aon!’)Link to Article Link to Audio Summary Legal & Compliance 2021 Compliance Calendar Link If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights 0.6% -4.4% -0.4% -8.1% 0.1%0.5% -0.2% 0.9% 6.6% 15.9% 12.4% 8.3% -1.2%-1.6% -7.4% -2.7% 4.5% 13.1% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield NCREIF NFI - ODCE SHORT TERM RETURNS AS OF 09/30/2021 Third Quarter 2021 YTD Source:Russell, MSCI, Bloomberg Barclays, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 16.9% 13.5% 8.8%9.2% 2.9%3.3% 6.1%6.5%7.5% 16.6% 14.6% 8.1% 6.1% 3.0%4.4% 6.6%7.4% 9.9% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. Aggregate Bloomberg Barclays U.S. Long Gov't Bloomberg Barclays U.S. Long Credit Bloomberg Barclays U.S. High Yield NCREIF NFI - ODCE LONG TERM ANNUALIZED RETURNS AS OF 09/30/2021 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg Page 3 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Returns of the Major Capital Markets Period Ending 09/30/2021 Third Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -1.11%11.42%28.92%12.38%13.06%11.96% MSCI All Country World -1.05%11.12%27.44%12.58%13.20%11.90% Dow Jones U.S. Total Stock Market -0.12%15.13%32.13%15.95%16.82%16.56% Russell 3000 -0.10%14.99%31.88%16.00%16.85%16.60% S&P 500 0.58%15.92%30.00%15.99%16.90%16.63% Russell 2000 -4.36%12.41%47.68%10.54%13.45%14.63% MSCI All Country World ex-U.S. IMI -2.56%6.77%25.16%8.34%9.13%7.74% MSCI All Country World ex-U.S.-2.99%5.90%23.92%8.03%8.94%7.48% MSCI EAFE -0.45%8.35%25.73%7.62%8.81%8.10% MSCI EAFE (Local Currency)1.32%14.23%27.20%7.16%9.01%10.10% MSCI Emerging Markets -8.09%-1.25%18.20%8.58%9.23%6.09% Equity Factors MSCI World Minimum Volatility (USD)-0.09%7.33%13.56%8.46%9.27%10.89% MSCI World High Dividend Yield -1.88%8.99%21.90%7.76%8.72%9.80% MSCI World Quality 0.12%14.31%26.34%18.32%17.92%15.84% MSCI World Momentum 1.07%8.60%20.12%14.97%18.11%15.99% MSCI World Enhanced Value -0.80%15.92%36.99%4.94%8.53%9.82% MSCI World Equal Weighted -0.40%11.94%31.44%9.78%11.12%11.24% MSCI World Index Growth 0.84%12.21%26.34%19.56%19.02%16.01% Fixed Income Bloomberg Barclays Global Aggregate -0.88%-4.06%-0.91%4.24%1.99%1.86% Bloomberg Barclays U.S. Aggregate 0.05%-1.55%-0.90%5.36%2.94%3.01% Bloomberg Barclays U.S. Long Gov't 0.46%-7.40%-10.13%9.17%3.34%4.40% Bloomberg Barclays U.S. Long Credit -0.18%-2.66%2.13%10.20%6.14%6.59% Bloomberg Barclays U.S. Long Gov't/Credit 0.07%-4.57%-2.97%10.12%5.21%5.76% Bloomberg Barclays U.S. TIPS 1.75%3.51%5.19%7.45%4.34%3.12% Bloomberg Barclays U.S. High Yield 0.89%4.53%11.28%6.91%6.52%7.42% Bloomberg Barclays Global Treasury ex U.S.-1.56%-6.81%-2.47%3.01%0.61%0.56% JP Morgan EMBI Global (Emerging Markets)-0.53%-1.53%3.88%5.64%3.57%5.48% Commodities Bloomberg Commodity Index 6.59%29.13%42.29%6.86%4.54%-2.66% Goldman Sachs Commodity Index 5.22%38.27%58.30%-1.49%3.64%-4.83% Hedge Funds HFRI Fund-Weighted Composite2 -0.03%10.09%22.09%8.52%7.31%5.86% HFRI Fund of Funds2 1.37%6.38%15.00%6.72%5.93%4.53% Real Estate NAREIT U.S. Equity REITS 0.98%23.15%37.39%10.01%6.83%11.27% NCREIF NFI -ODCE 6.59%13.09%14.59%7.05%7.50%9.92% FTSE Global Core Infrastructure Index -1.20%7.10%14.84%8.97%8.79%10.17% Private Equity Burgiss Private iQ Global Private Equity3 53.27%20.13%18.26%14.59% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at March 31, 2021 Page 4 Defined Contribution Summary Page 5 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Total Defined Contribution Plan 21,549,531 100.0 Tier I 15,507,442 72.0 Vanguard Institutional Target Retirement Income Fund 128,052 0.6 -0.1 (38)3.2 (63)8.5 (61)7.6 (39)6.3 (50)- Vanguard Target Income Composite Index 0.0 (16)3.3 (59)8.7 (57)7.9 (34)6.5 (45)- Vanguard Institutional Target Retirement 2015 Fund 10,269 0.0 -0.2 (16)3.6 (98)9.6 (99)7.8 (82)7.2 (84)- Vanguard Target 2015 Composite Index -0.1 (6)3.7 (96)9.8 (98)8.1 (77)7.4 (73)- Vanguard Institutional Target Retirement 2020 Fund 183,910 0.9 -0.4 (43)5.1 (61)13.4 (52)9.1 (42)8.6 (35)- Vanguard Target 2020 Composite Index -0.3 (31)5.3 (57)13.6 (49)9.4 (24)8.9 (25)- Vanguard Institutional Target Retirement 2025 Fund 865,065 4.0 -0.6 (60)6.1 (54)16.1 (46)9.9 (30)9.7 (32)- Vanguard Target 2025 Composite Index -0.5 (42)6.3 (48)16.3 (42)10.3 (14)10.0 (14)- Vanguard Institutional Target Retirement 2030 Fund 1,056,387 4.9 -0.8 (49)7.1 (59)18.4 (48)10.5 (37)10.5 (39)- Vanguard Target 2030 Composite Index -0.6 (29)7.3 (51)18.7 (39)10.9 (18)10.8 (24)- Vanguard Institutional Target Retirement 2035 Fund 2,110,657 9.8 -0.9 (39)8.1 (73)20.7 (71)11.1 (48)11.3 (45)- Vanguard Target 2035 Composite Index -0.7 (17)8.3 (64)21.1 (62)11.5 (34)11.6 (35)- Vanguard Institutional Target Retirement 2040 Fund 2,132,197 9.9 -1.0 (32)9.2 (79)23.1 (74)11.6 (54)12.1 (45)- Vanguard Target 2040 Composite Index -0.8 (16)9.4 (71)23.5 (64)12.0 (39)12.4 (33)- Vanguard Institutional Target Retirement 2045 Fund 3,762,207 17.5 -1.1 (32)10.2 (68)25.5 (58)12.2 (47)12.6 (39)- Vanguard Target 2045 Composite Index -0.9 (16)10.4 (49)26.0 (49)12.7 (26)13.0 (21)- Vanguard Institutional Target Retirement 2050 Fund 2,760,077 12.8 -1.1 (35)10.3 (76)25.8 (69)12.3 (52)12.7 (49)- Vanguard Target 2050 Composite Index -0.9 (12)10.6 (61)26.3 (60)12.8 (31)13.1 (24)- Vanguard Institutional Target Retirement 2055 Fund 1,620,604 7.5 -1.1 (26)10.3 (70)25.8 (76)12.3 (52)12.7 (53)- Vanguard Target 2055 Composite Index -0.9 (11)10.6 (68)26.3 (74)12.8 (36)13.1 (36)- Vanguard Institutional Target Retirement 2060 Fund 804,171 3.7 -1.1 (19)10.3 (75)25.8 (70)12.3 (60)12.7 (74)- Vanguard Target 2060 Composite Index -0.9 (1)10.6 (72)26.3 (67)12.8 (47)13.1 (49)- Vanguard Institutional Target Retirement 2065 Fund 73,847 0.3 -1.1 (19)10.3 (76)25.7 (71)12.2 (65)-- Vanguard Target 2065 Composite Index -0.9 (1)10.6 (72)26.3 (67)12.8 (47)-- Asset Allocation & Performance As of September 30, 2021 Page 6 Asset Allocation & Performance As of September 30, 2021 Allocation Market Value ($) % Performance(%) 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years Tier II 3,739,597 17.4 Vanguard Institutional Index Fund 1,605,368 7.4 0.6 (29)15.9 (34)30.0 (44)16.0 (50)16.9 (49)16.6 (44) S&P 500 Index 0.6 (29)15.9 (34)30.0 (44)16.0 (50)16.9 (49)16.6 (42) Vanguard Mid-Cap Index Fund 789,378 3.7 0.0 (36)15.3 (47)36.1 (55)14.7 (42)14.6 (48)15.6 (42) Vanguard Spliced Mid Cap Index 0.0 (36)15.3 (47)36.1 (55)14.8 (42)14.6 (48)15.6 (42) Vanguard Small-Cap Index Fund 507,493 2.4 -2.6 (59)13.3 (70)44.1 (73)12.0 (31)14.0 (36)15.3 (31) Vanguard Spliced Small Cap Index -2.6 (59)13.3 (70)44.0 (73)12.0 (31)14.0 (36)15.3 (32) Vanguard Total Bond Market Index Fund 507,316 2.4 0.1 (34)-1.6 (78)-0.9 (84)5.4 (63)2.9 (71)3.0 (75) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.1 (56)-1.6 (82)-0.9 (84)5.4 (60)3.0 (69)3.0 (71) Vanguard Balanced Index Fund 330,042 1.5 0.0 (19)8.2 (44)18.0 (53)12.2 (18)11.4 (28)11.2 (27) Vanguard Balanced Composite Index 0.0 (17)8.3 (44)18.0 (52)12.5 (13)11.7 (25)11.4 (24) Tier III 2,302,492 10.7 Vanguard Windsor II Fund 291,093 1.4 -0.1 (30)18.9 (26)40.2 (25)14.8 (3)14.7 (6)14.8 (14) Russell 1000 Value Index -0.8 (49)16.1 (54)35.0 (50)10.1 (50)10.9 (71)13.5 (43) Vanguard U.S. Growth Fund 381,805 1.8 -1.4 (91)9.9 (90)26.1 (50)25.4 (5)24.5 (11)20.9 (8) Russell 1000 Growth Index 1.2 (26)14.3 (36)27.3 (34)22.0 (30)22.8 (30)19.7 (24) Vanguard International Growth Fund 1,229,596 5.7 -4.1 (90)2.0 (83)24.8 (18)22.3 (1)20.1 (1)14.9 (1) Vanguard Spliced International Index -3.0 (75)5.9 (52)23.9 (27)8.0 (86)8.9 (82)7.5 (86) Vanguard Cash Reserves Federal Money Market Fund 237,317 1.1 0.0 (44)0.0 (39)0.0 (37)1.2 (11)1.2 (8)0.7 (8) ICE BofAML 3 Month U.S. T-Bill 0.0 (4)0.0 (8)0.1 (5)1.2 (5)1.2 (14)0.6 (14) Vanguard Retirement Savings Trust III 162,681 0.8 0.3 (13)1.1 (7)1.6 (7)2.2 (13)2.1 (14)2.1 (1) ICE BofAML 3 Month U.S. T-Bill 0.0 (100)0.0 (100)0.1 (100)1.2 (100)1.2 (100)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 September 30, 2021 Page 8 Asset Allocation & Performance As of September 30, 2021 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 Cash Reserves Federal Money Market Fund 0.6 (10)2.3 (9)2.0 (5)1.1 (6)0.5 (1)0.1 (8)0.1 (12)0.1 (13)0.1 (17)0.1 (8) ICE BofAML 3 Month U.S. T-Bill 0.7 (1)2.3 (10)1.9 (15)0.9 (16)0.3 (15)0.1 (19)0.0 (16)0.1 (11)0.1 (17)0.1 (13) Vanguard Retirement Savings Trust III 2.2 (7)2.5 (14)2.2 (9)1.9 (14)2.0 (7)2.0 (6)2.0 (7)1.9 (17)2.5 (16)3.1 (13) ICE BofAML 3 Month U.S. T-Bill 0.7 (100)2.3 (44)1.9 (49)0.9 (97)0.3 (100)0.1 (100)0.0 (100)0.1 (94)0.1 (100)0.1 (100) Page 9 7.0 7.5 8.0 8.5 9.0 9.5 10.0 10.5 11.0 11.5 12.0 12.5 13.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 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 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2015 Fund Tier I Funds Risk and Return 3 Years Ending September 30, 2021 Calculation based on monthly periodicity. Page 10 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 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 Fund Vanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier I Funds Risk and Return 3 Years Ending September 30, 2021 Calculation based on monthly periodicity. Page 11 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 Return (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 27.0 30.0 33.0 Risk (Standard Deviation %) Vanguard Windsor II Fund Vanguard U.S. Growth Fund Vanguard Retirement Savings Trust III Vanguard Cash Reserves Federal Money Market Fund Vanguard International Growth Fund Tier I Funds Risk and Return 3 Years Ending September 30, 2021 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 3,575,137 16.6 1,229,596 5.7 507,316 2.4 237,317 1.1 330,042 1.5 162,681 0.8 15,507,442 72.0 21,549,531 100.0 Tier I 15,507,442 100.0 15,507,442 72.0 Vanguard Institutional Target Retirement Income Fund 128,052 100.0 128,052 0.6 Vanguard Institutional Target Retirement 2015 Fund 10,269 100.0 10,269 0.0 Vanguard Institutional Target Retirement 2020 Fund 183,910 100.0 183,910 0.9 Vanguard Institutional Target Retirement 2025 Fund 865,065 100.0 865,065 4.0 Vanguard Institutional Target Retirement 2030 Fund 1,056,387 100.0 1,056,387 4.9 Vanguard Institutional Target Retirement 2035 Fund 2,110,657 100.0 2,110,657 9.8 Vanguard Institutional Target Retirement 2040 Fund 2,132,197 100.0 2,132,197 9.9 Vanguard Institutional Target Retirement 2045 Fund 3,762,207 100.0 3,762,207 17.5 Vanguard Institutional Target Retirement 2050 Fund 2,760,077 100.0 2,760,077 12.8 Vanguard Institutional Target Retirement 2055 Fund 1,620,604 100.0 1,620,604 7.5 Vanguard Institutional Target Retirement 2060 Fund 804,171 100.0 804,171 3.7 Vanguard Institutional Target Retirement 2065 Fund 73,847 100.0 73,847 0.3 Tier II 2,902,239 77.6 507,316 13.6 330,042 8.8 3,739,597 17.4 Vanguard Institutional Index Fund 16,857,697 100.0 16,857,697 78.2 Vanguard Mid-Cap Index Fund 6,689,997 100.0 6,689,997 31.0 Vanguard Small-Cap Index Fund 4,712,807 100.0 4,712,807 21.9 Vanguard Total Bond Market Index Fund 5,099,553 100.0 5,099,553 23.7 Vanguard Balanced Index Fund 7,609,282 100.0 7,609,282 35.3 Tier III 672,899 29.2 1,229,596 53.4 237,317 10.3 162,681 7.1 2,302,492 10.7 Vanguard Windsor II Fund 11,940,804 100.0 11,940,804 55.4 Vanguard U.S. Growth Fund 10,791,246 100.0 10,791,246 50.1 Vanguard International Growth Fund 8,179,910 100.0 8,179,910 38.0 Vanguard Cash Reserves Federal Money Market Fund 2,825,179 100.0 2,825,179 13.1 Vanguard Retirement Savings Trust III 4,395,476 100.0 4,395,476 20.4 Total Defined Contribution Plan Asset Allocation As of September 30, 2021 ($) 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 September 30, 2021 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 -4.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 0.0 3.3 8.7 7.9 6.1 -0.1 3.2 8.5 7.6 5.9 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 :Team Managed Total Assets :$8,888.40 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :21% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % -0.6 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.99 Page 16 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement Income Fund -0.1 (38)3.2 (63)8.5 (61)7.6 (39)10.2 (41)13.2 (53)¢ Vanguard Target Income Composite Index 0.0 (16)3.3 (59)8.7 (57)7.9 (34)10.7 (25)13.4 (46) 5th Percentile 0.1 5.6 13.4 8.8 12.2 17.0 1st Quartile -0.1 4.4 11.4 8.2 10.6 15.2 Median -0.2 3.6 10.0 7.4 10.0 13.3 3rd Quartile -0.3 2.6 7.5 6.9 8.8 11.8 95th Percentile -0.6 1.4 4.7 6.0 6.2 9.2 Population 23 23 23 23 24 27 Peer Group Analysis As of September 30, 2021 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 12.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.24 0.35 -0.70 1.00 1.01 -0.35 1.01 7.60 6.27 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 1.07 0.00 1.00 7.86 6.18 1.00 FTSE 3 Month T-Bill -6.64 6.22 -1.07 0.01 N/A 1.18 -0.01 1.14 0.30 -0.10 Vanguard Institutional Target Retirement Income Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement Income Fund Page 18 Asset Allocation As of 04/30/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.1% 4.0% 29.6% 66.3% Fund Characteristics As of 04/30/2021 Total Securities 7 Avg. Market Cap $77,560.02 Million P/E 10.07 P/B 2.29 Div. Yield 0.64% Annual EPS 1.58 5Yr EPS 3.83 3Yr EPS Growth 3.39 Sector/Quality Allocation As of 04/30/2021 0.0%3.0%6.0%9.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 6.1% 5.5% 4.2% 3.7% 3.2% 3.1% 1.3% 1.0% 0.8% 0.6% Vanguard Institutional Target Retirement Income Fund Mutual Fund Attributes As of September 30, 2021 Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2015 Fund Performance Summary Vanguard Institutional Target Retirement 2015 Fund Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 5.0 10.0 15.0 -5.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.1 3.7 9.8 8.1 6.7 -0.2 3.6 9.6 7.8 6.5 Product Name :Vanguard ITR 2015;Inst (VITVX) Fund Family :Vanguard Group Inc Ticker :VITVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$10,561.80 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :24% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.99 Page 20 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2015 Fund -0.2 (16)3.6 (98)9.6 (99)7.8 (82)10.4 (76)14.9 (74)¢ Vanguard Target 2015 Composite Index -0.1 (6)3.7 (96)9.8 (98)8.1 (77)11.0 (65)15.1 (64) 5th Percentile -0.1 6.0 14.8 9.2 12.4 16.8 1st Quartile -0.2 5.3 13.5 8.9 12.0 16.5 Median -0.3 4.8 12.6 8.4 11.5 15.2 3rd Quartile -0.4 4.3 10.9 8.1 10.5 14.8 95th Percentile -0.5 3.7 10.1 7.5 9.1 14.0 Population 18 18 18 18 18 22 Peer Group Analysis As of September 30, 2021 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 12.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.25 0.39 -0.64 1.00 0.90 -0.34 1.01 7.82 7.36 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.95 0.00 1.00 8.10 7.27 1.00 FTSE 3 Month T-Bill -6.93 7.32 -0.95 0.02 N/A 1.18 -0.01 1.14 0.30 -0.12 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2015 Fund Page 22 Asset Allocation As of 04/30/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.1% 3.7% 32.8% 63.4% Fund Characteristics As of 04/30/2021 Total Securities 7 Avg. Market Cap $85,572.83 Million P/E 11.15 P/B 2.53 Div. Yield 0.70% Annual EPS 1.75 5Yr EPS 4.23 3Yr EPS Growth 3.74 Sector/Quality Allocation As of 04/30/2021 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 6.8% 6.1% 4.6% 4.1% 3.6% 3.4% 1.4% 1.1% 0.9% 0.6% Vanguard Institutional Target Retirement 2015 Fund Mutual Fund Attributes As of September 30, 2021 Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 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 8.0 16.0 24.0 -8.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.3 5.3 13.6 9.4 7.9 -0.4 5.1 13.4 9.1 7.7 Product Name :Vanguard ITR 2020;Inst (VITWX) Fund Family :Vanguard Group Inc Ticker :VITWX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$30,253.10 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :24% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Institutional Target Retirement 2020 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 9/20 9/21 0.99 Page 24 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2020 Fund -0.4 (43)5.1 (61)13.4 (52)9.1 (42)12.1 (42)17.7 (27)¢ Vanguard Target 2020 Composite Index -0.3 (31)5.3 (57)13.6 (49)9.4 (24)12.8 (19)17.9 (23) 5th Percentile 0.0 6.3 16.5 9.8 13.6 18.5 1st Quartile -0.3 5.9 14.8 9.4 12.7 17.7 Median -0.4 5.6 13.5 9.0 11.9 16.6 3rd Quartile -0.5 4.9 12.0 8.1 10.5 15.5 95th Percentile -0.7 3.5 10.4 7.5 8.8 10.6 Population 24 24 24 24 25 34 Peer Group Analysis As of September 30, 2021 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 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.32 0.49 -0.66 1.00 0.82 -0.43 1.01 9.05 9.76 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.86 0.00 1.00 9.42 9.65 1.00 FTSE 3 Month T-Bill -8.35 9.70 -0.86 0.03 N/A 1.19 -0.01 1.14 0.30 -0.16 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2020 Fund Page 26 Asset Allocation As of 04/30/2021 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.1% 2.4% 47.1% 50.5% Fund Characteristics As of 04/30/2021 Total Securities 7 Avg. Market Cap $122,570.77 Million P/E 16.00 P/B 3.63 Div. Yield 1.01% Annual EPS 2.51 5Yr EPS 6.07 3Yr EPS Growth 5.37 Sector/Quality Allocation As of 04/30/2021 0.0%4.0%8.0%12.0%16.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 9.7% 8.7% 6.6% 5.8% 5.1% 4.9% 2.0% 1.6% 1.3% 0.9% Vanguard Institutional Target Retirement 2020 Fund Mutual Fund Attributes As of September 30, 2021 Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2025 Fund Performance Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 8.0 16.0 24.0 -8.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.5 6.3 16.3 10.3 8.7 -0.6 6.1 16.1 9.9 8.4 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 :Team Managed Total Assets :$48,290.20 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :24% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 28 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2025 Fund -0.6 (60)6.1 (54)16.1 (46)9.9 (30)13.3 (36)19.7 (20)¢ Vanguard Target 2025 Composite Index -0.5 (42)6.3 (48)16.3 (42)10.3 (14)14.2 (9)19.9 (14) 5th Percentile 0.2 7.4 19.0 10.7 14.7 20.4 1st Quartile -0.4 6.7 17.0 10.0 13.7 19.6 Median -0.5 6.2 15.8 9.5 13.0 18.6 3rd Quartile -0.7 5.6 14.9 8.8 11.3 17.7 95th Percentile -0.8 2.6 7.9 7.0 6.6 11.0 Population 33 33 33 33 34 39 Peer Group Analysis As of September 30, 2021 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 15.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.36 0.56 -0.63 1.00 0.78 -0.47 1.01 9.92 11.50 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 10.33 11.36 1.00 FTSE 3 Month T-Bill -9.37 11.42 -0.82 0.03 N/A 1.19 0.00 1.14 0.30 -0.17 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2025 Fund Page 30 Asset Allocation As of 04/30/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.2% 0.6% 41.3% 57.9% Fund Characteristics As of 04/30/2021 Total Securities 7 Avg. Market Cap $150,729.38 Million P/E 19.70 P/B 4.46 Div. Yield 1.25% Annual EPS 3.08 5Yr EPS 7.46 3Yr EPS Growth 6.60 Sector/Quality Allocation As of 04/30/2021 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 11.9% 10.7% 8.1% 7.2% 6.3% 6.1% 2.5% 2.0% 1.6% 1.1% Vanguard Institutional Target Retirement 2025 Fund Mutual Fund Attributes As of September 30, 2021 Page 31 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 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 10.0 20.0 30.0 -10.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.6 7.3 18.7 10.9 9.3 -0.8 7.1 18.4 10.5 9.0 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 :Team Managed Total Assets :$50,055.80 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :21% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 32 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2030 Fund -0.8 (49)7.1 (59)18.4 (48)10.5 (37)14.1 (45)21.1 (37)¢ Vanguard Target 2030 Composite Index -0.6 (29)7.3 (51)18.7 (39)10.9 (18)15.0 (18)21.3 (32) 5th Percentile 0.0 8.5 21.5 11.6 16.1 22.4 1st Quartile -0.6 7.9 19.6 10.8 14.8 21.7 Median -0.8 7.3 18.3 10.2 13.4 20.4 3rd Quartile -0.8 6.5 17.3 9.5 11.9 19.1 95th Percentile -0.9 4.6 11.6 7.7 8.6 14.8 Population 34 34 34 34 35 39 Peer Group Analysis As of September 30, 2021 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.36 0.60 -0.60 1.00 0.75 -0.48 1.01 10.51 12.89 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.79 0.00 1.00 10.92 12.73 1.00 FTSE 3 Month T-Bill -10.07 12.79 -0.79 0.04 N/A 1.19 0.00 1.14 0.30 -0.19 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2030 Fund Page 34 Asset Allocation As of 04/30/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.2% 0.3% 33.6% 65.9% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $171,408.05 Million P/E 22.41 P/B 5.07 Div. Yield 1.42% Annual EPS 3.51 5Yr EPS 8.49 3Yr EPS Growth 7.51 Sector/Quality Allocation As of 04/30/2021 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 13.5% 12.2% 9.3% 8.2% 7.2% 6.9% 2.8% 2.3% 1.8% 1.3% Vanguard Institutional Target Retirement 2030 Fund Mutual Fund Attributes As of September 30, 2021 Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2035 Fund Performance Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 10.0 20.0 30.0 40.0 -10.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.7 8.3 21.1 11.5 9.9 -0.9 8.1 20.7 11.1 9.6 Product Name :Vanguard ITR 2035;Inst (VITFX) Fund Family :Vanguard Group Inc Ticker :VITFX Peer Group :IM Mixed-Asset Target 2035 (MF) Benchmark :Vanguard Target 2035 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$46,181.00 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :18% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 36 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 38.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2035 Fund -0.9 (39)8.1 (73)20.7 (71)11.1 (48)14.8 (49)22.6 (49)¢ Vanguard Target 2035 Composite Index -0.7 (17)8.3 (64)21.1 (62)11.5 (34)15.7 (28)22.8 (44) 5th Percentile -0.2 10.0 25.2 12.3 17.8 25.0 1st Quartile -0.8 9.1 23.2 11.6 15.8 23.3 Median -0.9 8.5 21.7 11.0 14.7 22.4 3rd Quartile -1.1 8.1 20.3 10.4 13.3 21.3 95th Percentile -1.2 6.5 17.9 9.5 11.6 19.3 Population 32 32 32 32 32 37 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.37 0.63 -0.59 1.00 0.73 -0.49 1.01 11.05 14.25 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.76 0.00 1.00 11.49 14.09 1.00 FTSE 3 Month T-Bill -10.77 14.16 -0.76 0.04 N/A 1.19 0.00 1.14 0.30 -0.20 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2035 Fund Page 38 Asset Allocation As of 04/30/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.2% 0.4% 26.0% 73.5% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $191,028.48 Million P/E 24.98 P/B 5.65 Div. Yield 1.58% Annual EPS 3.91 5Yr EPS 9.46 3Yr EPS Growth 8.37 Sector/Quality Allocation As of 04/30/2021 0.0%8.0%16.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 15.1% 13.6% 10.3% 9.1% 8.0% 7.7% 3.2% 2.5% 2.0% 1.4% Vanguard Institutional Target Retirement 2035 Fund Mutual Fund Attributes As of September 30, 2021 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 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 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.8 9.4 23.5 12.0 10.4 -1.0 9.2 23.1 11.6 10.1 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 :Team Managed Total Assets :$42,383.70 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :15% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 40 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2040 Fund -1.0 (32)9.2 (79)23.1 (74)11.6 (54)15.4 (51)23.9 (52)¢ Vanguard Target 2040 Composite Index -0.8 (16)9.4 (71)23.5 (64)12.0 (39)16.3 (34)24.2 (48) 5th Percentile -0.4 11.1 27.7 13.1 18.8 26.1 1st Quartile -0.9 10.2 26.1 12.3 16.5 24.6 Median -1.0 9.7 24.3 11.8 15.4 24.0 3rd Quartile -1.3 9.3 23.0 11.0 13.8 22.4 95th Percentile -1.5 7.8 20.0 9.3 10.3 19.2 Population 32 32 32 32 33 37 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.39 0.65 -0.60 1.00 0.71 -0.49 1.01 11.59 15.61 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.74 0.00 1.00 12.04 15.47 1.00 FTSE 3 Month T-Bill -11.46 15.54 -0.74 0.04 N/A 1.19 0.00 1.14 0.30 -0.21 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2040 Fund Page 42 Asset Allocation As of 04/30/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.2% 0.4% 18.4% 81.0% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $210,468.31 Million P/E 27.54 P/B 6.23 Div. Yield 1.74% Annual EPS 4.31 5Yr EPS 10.43 3Yr EPS Growth 9.22 Sector/Quality Allocation As of 04/30/2021 0.0%8.0%16.0%24.0% Information Technology Financials Industrials Consumer Discretionary Health Care Consumer Staples Materials Energy Utilities Telecommunication Services 16.6% 15.0% 11.4% 10.1% 8.8% 8.5% 3.5% 2.8% 2.2% 1.6% Vanguard Institutional Target Retirement 2040 Fund Mutual Fund Attributes As of September 30, 2021 Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2045 Fund Performance Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.9 10.4 26.0 12.7 10.9 -1.1 10.2 25.5 12.2 10.6 Product Name :Vanguard ITR 2045;Inst (VITLX) Fund Family :Vanguard Group Inc Ticker :VITLX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$36,912.90 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :12% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 44 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2045 Fund -1.1 (32)10.2 (68)25.5 (58)12.2 (47)16.2 (51)25.1 (39)¢ Vanguard Target 2045 Composite Index -0.9 (16)10.4 (49)26.0 (49)12.7 (26)17.0 (33)25.4 (32) 5th Percentile -0.5 11.5 28.7 13.4 19.2 26.7 1st Quartile -1.0 10.9 27.5 12.7 17.5 25.5 Median -1.2 10.4 25.9 12.1 16.2 24.8 3rd Quartile -1.3 10.0 24.9 11.4 13.9 23.2 95th Percentile -1.6 8.4 21.7 10.2 12.7 21.9 Population 32 32 32 32 32 37 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.41 0.69 -0.59 1.00 0.70 -0.49 1.01 12.19 16.84 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 12.67 16.73 1.00 FTSE 3 Month T-Bill -12.22 16.80 -0.73 0.05 N/A 1.19 0.00 1.14 0.30 -0.21 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2045 Fund Page 46 Asset Allocation As of 04/30/2021 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% 0.4% 10.8% 88.6% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $230,093.75 Million P/E 30.13 P/B 6.81 Div. Yield 1.91% Annual EPS 4.71 5Yr EPS 11.41 3Yr EPS Growth 10.08 Sector/Quality Allocation As of 04/30/2021 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 18.2% 16.4% 12.5% 11.0% 9.6% 9.3% 3.8% 3.1% 2.4% 1.7% Vanguard Institutional Target Retirement 2045 Fund Mutual Fund Attributes As of September 30, 2021 Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2050 Fund Performance Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.9 10.6 26.3 12.8 10.9 -1.1 10.3 25.8 12.3 10.6 Product Name :Vanguard ITR 2050;Inst (VTRLX) Fund Family :Vanguard Group Inc Ticker :VTRLX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$29,487.30 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :12% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 48 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2050 Fund -1.1 (35)10.3 (76)25.8 (69)12.3 (52)16.3 (48)25.1 (47)¢ Vanguard Target 2050 Composite Index -0.9 (12)10.6 (61)26.3 (60)12.8 (31)17.2 (35)25.4 (36) 5th Percentile -0.5 11.6 28.6 13.4 19.7 26.9 1st Quartile -1.0 11.1 27.9 12.8 17.5 26.0 Median -1.2 10.8 26.8 12.3 16.2 25.0 3rd Quartile -1.4 10.4 25.4 11.7 14.1 24.0 95th Percentile -1.7 8.8 22.9 9.9 11.9 20.3 Population 32 32 32 32 33 37 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.41 0.67 -0.62 1.00 0.70 -0.48 1.00 12.28 16.86 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 12.76 16.77 1.00 FTSE 3 Month T-Bill -12.32 16.84 -0.73 0.05 N/A 1.19 0.00 1.14 0.30 -0.22 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2050 Fund Page 50 Asset Allocation As of 04/30/2021 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% 0.2% 0.4% 9.5% 89.9% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $233,641.12 Million P/E 30.58 P/B 6.92 Div. Yield 1.94% Annual EPS 4.78 5Yr EPS 11.58 3Yr EPS Growth 10.23 Sector/Quality Allocation As of 04/30/2021 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 18.5% 16.7% 12.7% 11.2% 9.8% 9.4% 3.9% 3.1% 2.4% 1.7% Vanguard Institutional Target Retirement 2050 Fund Mutual Fund Attributes As of September 30, 2021 Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2055 Fund Performance Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.9 10.6 26.3 12.8 10.9 -1.1 10.3 25.8 12.3 10.6 Product Name :Vanguard ITR 2055;Inst (VIVLX) Fund Family :Vanguard Group Inc Ticker :VIVLX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$16,811.10 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :10% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 52 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2055 Fund -1.1 (26)10.3 (70)25.8 (76)12.3 (52)16.4 (46)25.1 (51)¢ Vanguard Target 2055 Composite Index -0.9 (11)10.6 (68)26.3 (74)12.8 (36)17.2 (37)25.4 (40) 5th Percentile -0.5 11.8 28.7 13.8 20.0 28.5 1st Quartile -1.1 11.3 28.4 13.0 17.7 26.4 Median -1.2 10.8 27.5 12.3 16.1 25.1 3rd Quartile -1.4 10.2 26.0 11.5 14.1 24.7 95th Percentile -1.7 9.0 23.9 10.3 13.1 22.4 Population 31 31 31 31 31 36 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.39 0.67 -0.58 1.00 0.70 -0.45 1.01 12.31 16.87 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 12.76 16.77 1.00 FTSE 3 Month T-Bill -12.32 16.84 -0.73 0.05 N/A 1.19 0.00 1.14 0.30 -0.22 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2055 Fund Page 54 Asset Allocation As of 04/30/2021 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% 0.4% 9.5% 89.9% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $233,742.40 Million P/E 30.58 P/B 6.92 Div. Yield 1.94% Annual EPS 4.78 5Yr EPS 11.58 3Yr EPS Growth 10.24 Sector/Quality Allocation As of 04/30/2021 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 18.5% 16.7% 12.7% 11.2% 9.8% 9.4% 3.9% 3.1% 2.4% 1.7% Vanguard Institutional Target Retirement 2055 Fund Mutual Fund Attributes As of September 30, 2021 Page 55 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2060 Fund Performance Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -0.9 10.6 26.3 12.8 10.9 -1.1 10.3 25.8 12.3 10.6 Product Name :Vanguard ITR 2060;Inst (VILVX) Fund Family :Vanguard Group Inc Ticker :VILVX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :06/26/2015 Portfolio Manager :Team Managed Total Assets :$6,618.80 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :9% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/20 9/21 0.98 Page 56 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year 3 Years 2020 2019 Vanguard Institutional Target Retirement 2060 Fund -1.1 (19)10.3 (75)25.8 (70)12.3 (60)16.4 (71)25.1 (73)¢ Vanguard Target 2060 Composite Index -0.9 (1)10.6 (72)26.3 (67)12.8 (47)17.2 (49)25.4 (65) 5th Percentile -1.0 11.6 29.3 13.5 18.7 27.0 1st Quartile -1.1 11.5 28.5 13.0 18.0 26.5 Median -1.3 10.9 27.8 12.6 17.0 26.0 3rd Quartile -1.4 10.3 25.1 12.2 16.3 25.0 95th Percentile -1.6 9.5 24.6 10.6 13.4 22.5 Population 18 18 18 13 18 14 Peer Group Analysis As of September 30, 2021 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 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.37 0.68 -0.54 1.00 0.70 -0.46 1.01 12.33 16.90 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.73 0.00 1.00 12.76 16.77 1.00 FTSE 3 Month T-Bill -12.32 16.84 -0.73 0.05 N/A 1.19 0.00 1.14 0.30 -0.22 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of September 30, 2021Vanguard Institutional Target Retirement 2060 Fund Page 58 Asset Allocation As of 04/30/2021 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% 0.2% 0.4% 9.4% 90.0% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $233,710.43 Million P/E 30.59 P/B 6.92 Div. Yield 1.94% Annual EPS 4.78 5Yr EPS 11.58 3Yr EPS Growth 10.24 Sector/Quality Allocation As of 04/30/2021 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 18.5% 16.7% 12.7% 11.2% 9.8% 9.4% 3.9% 3.1% 2.4% 1.7% Vanguard Institutional Target Retirement 2060 Fund Mutual Fund Attributes As of September 30, 2021 Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 Vanguard Institutional Target Retirement 2065 Fund Performance Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year Inception 8/1/17 -0.9 10.6 26.3 12.2 -1.1 10.3 25.7 11.8 Product Name :Vanguard ITR 2065;Inst (VSXFX) Fund Family :Vanguard Group Inc Ticker :VSXFX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2065 Composite Index Fund Inception :07/12/2017 Portfolio Manager :Team Managed Total Assets :$979.70 Million Total Assets Date :04/30/2021 Gross Expense :0.09% Net Expense :0.09% Turnover :14% 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 9/21 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 9/21 0.98 Page 60 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 Return 1 Quarter Year To Date 1 Year Vanguard Institutional Target Retirement 2065 Fund -1.1 (19)10.3 (76)25.7 (71)¢ Vanguard Target 2065 Composite Index -0.9 (1)10.6 (72)26.3 (67) 5th Percentile -1.0 11.6 29.3 1st Quartile -1.1 11.5 28.5 Median -1.3 10.9 27.8 3rd Quartile -1.4 10.3 25.1 95th Percentile -1.6 9.5 24.6 Population 18 18 18 Peer Group Analysis As of September 30, 2021 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 61 Asset Allocation As of 04/30/2021 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% 0.2% 0.4% 9.7% 89.6% Fund Characteristics As of 04/30/2021 Total Securities 6 Avg. Market Cap $232,792.92 Million P/E 30.48 P/B 6.89 Div. Yield 1.93% Annual EPS 4.76 5Yr EPS 11.54 3Yr EPS Growth 10.20 Sector/Quality Allocation As of 04/30/2021 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 18.4% 16.6% 12.6% 11.1% 9.7% 9.4% 3.9% 3.1% 2.4% 1.7% Vanguard Institutional Target Retirement 2065 Fund Mutual Fund Attributes As of September 30, 2021 Page 62 Tier II Page 63 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 45.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.6 15.9 30.0 16.0 16.9 16.6 0.6 15.9 30.0 16.0 16.9 16.6 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 :$126,548.30 Million Total Assets Date :04/30/2021 Gross Expense :0.04% Net Expense :0.04% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.00 Page 64 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Institutional Index Fund 0.6 (29)15.9 (34)30.0 (44)16.0 (50)16.9 (49)16.6 (44)18.4 (53)31.5 (42)-4.4 (48)¢ S&P 500 Index 0.6 (29)15.9 (34)30.0 (44)16.0 (50)16.9 (49)16.6 (42)18.4 (53)31.5 (42)-4.4 (48) 5th Percentile 1.8 20.5 41.8 23.9 24.1 20.4 48.6 37.5 3.0 1st Quartile 0.7 16.7 32.7 19.5 20.4 18.1 32.6 33.1 -1.3 Median 0.0 15.0 29.0 15.9 16.7 16.1 18.8 30.6 -4.6 3rd Quartile -0.9 12.8 25.9 11.8 13.2 14.0 9.1 27.6 -7.3 95th Percentile -2.3 9.3 20.7 8.0 10.2 11.8 -0.3 22.1 -11.0 Population 422 422 422 422 422 337 434 457 471 Peer Group Analysis As of September 30, 2021 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 65 Asset Allocation As of 04/30/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Convertibles Fixed Income Cash Equities 0.0% 0.0% 0.0% 0.2% 99.8% Fund Characteristics As of 04/30/2021 Total Securities 508 Avg. Market Cap $496,447.81 Million P/E 35.45 P/B 10.38 Div. Yield 1.82% Annual EPS 8.82 5Yr EPS 16.78 3Yr EPS Growth 15.78 Sector/Quality Allocation As of 04/30/2021 0.0%15.0%30.0%45.0% Information Technology Financials Consumer Discretionary Industrials Health Care Consumer Staples Energy Utilities Materials Telecommunication Services 28.2% 16.1% 14.4% 12.1% 11.5% 8.4% 2.7% 2.6% 2.0% 1.6% Vanguard Institutional Index Fund Mutual Fund Attributes As of September 30, 2021 Page 66 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 15.0 30.0 45.0 60.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.0 15.3 36.1 14.8 14.6 15.6 0.0 15.3 36.1 14.7 14.6 15.6 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 :$59,843.90 Million Total Assets Date :04/30/2021 Gross Expense :0.05% Net Expense :0.05% Turnover :26% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.00 Page 67 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Mid-Cap Index Fund 0.0 (36)15.3 (47)36.1 (55)14.7 (42)14.6 (48)15.6 (42)18.2 (48)31.0 (41)-9.2 (51)¢ Vanguard Spliced Mid Cap Index 0.0 (36)15.3 (47)36.1 (55)14.8 (42)14.6 (48)15.6 (42)18.2 (48)31.1 (39)-9.2 (51) 5th Percentile 3.0 22.6 55.1 24.0 24.0 19.1 61.1 39.8 1.1 1st Quartile 0.6 18.2 43.3 18.2 19.0 17.2 33.3 34.1 -4.6 Median -0.5 14.5 37.5 13.1 14.3 14.9 16.8 30.1 -9.1 3rd Quartile -1.7 9.8 30.2 9.9 11.0 13.4 6.4 26.1 -12.6 95th Percentile -3.6 4.5 23.3 6.6 8.3 11.6 -1.7 19.9 -18.8 Population 195 195 195 195 195 132 198 214 223 Peer Group Analysis As of September 30, 2021 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 68 Asset Allocation As of 04/30/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 0.0% 100.0% Fund Characteristics As of 04/30/2021 Total Securities 367 Avg. Market Cap $26,322.25 Million P/E 36.56 P/B 7.89 Div. Yield 1.87% Annual EPS 1.13 5Yr EPS 12.43 3Yr EPS Growth 13.22 Sector/Quality Allocation As of 04/30/2021 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Utilities Materials Energy Non Classified Equity 21.0% 18.9% 14.4% 12.9% 8.9% 8.2% 5.6% 4.1% 3.8% 2.0% Vanguard Mid-Cap Index Fund Mutual Fund Attributes As of September 30, 2021 Page 69 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 25.0 50.0 75.0 -25.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -2.6 13.3 44.0 12.0 14.0 15.3 -2.6 13.3 44.1 12.0 14.0 15.3 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 :$54,882.00 Million Total Assets Date :04/30/2021 Gross Expense :0.05% Net Expense :0.05% Turnover :22% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.00 Page 70 -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 125.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Small-Cap Index Fund -2.6 (59)13.3 (70)44.1 (73)12.0 (31)14.0 (36)15.3 (31)19.1 (37)27.4 (24)-9.3 (31)¢ Vanguard Spliced Small Cap Index -2.6 (59)13.3 (70)44.0 (73)12.0 (31)14.0 (36)15.3 (32)19.1 (37)27.3 (24)-9.3 (31) 5th Percentile 1.5 32.4 78.7 20.2 22.4 19.0 54.5 35.2 -0.4 1st Quartile -1.1 22.7 60.3 12.8 15.1 15.8 25.4 26.9 -8.5 Median -2.2 17.6 50.7 10.1 12.9 14.3 12.7 24.0 -12.1 3rd Quartile -3.3 12.3 42.3 8.0 10.7 12.9 3.9 21.2 -15.7 95th Percentile -5.7 3.7 32.1 4.8 7.7 10.7 -4.2 15.1 -20.5 Population 363 363 363 363 363 276 373 396 430 Peer Group Analysis As of September 30, 2021 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 71 Asset Allocation As of 04/30/2021 0.0%25.0%50.0%75.0%100.0%125.0%150.0%-25.0 %-50.0 % Cash Fixed Income Convertibles Other Equities 0.0% 0.0% 0.0% 0.2% 99.8% Fund Characteristics As of 04/30/2021 Total Securities 1,470 Avg. Market Cap $7,378.50 Million P/E 34.99 P/B 6.37 Div. Yield 1.92% Annual EPS -0.68 5Yr EPS 9.76 3Yr EPS Growth 10.71 Sector/Quality Allocation As of 04/30/2021 0.0%10.0%20.0%30.0%40.0% Financials Industrials Health Care Consumer Discretionary Information Technology Consumer Staples Materials Energy Utilities Non Classified Equity 22.9% 20.2% 13.5% 11.9% 10.8% 8.0% 4.1% 3.3% 2.5% 2.4% Vanguard Small-Cap Index Fund Mutual Fund Attributes As of September 30, 2021 Page 72 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard Total Bond Market Index Fund Performance Summary Vanguard Total Bond Market Index Fund Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 4.0 8.0 12.0 -4.0 -8.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.1 -1.6 -0.9 5.4 3.0 3.0 0.1 -1.6 -0.9 5.4 2.9 3.0 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 :$117,565.00 Million Total Assets Date :04/30/2021 Gross Expense :0.05% Net Expense :0.05% Turnover :79% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% 0.2% -0.1 % -0.2 % -0.3 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.00 Page 73 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 14.0 17.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Total Bond Market Index Fund 0.1 (34)-1.6 (78)-0.9 (84)5.4 (63)2.9 (71)3.0 (75)7.7 (65)8.7 (60)0.0 (21)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.1 (56)-1.6 (82)-0.9 (84)5.4 (60)3.0 (69)3.0 (71)7.7 (63)8.9 (53)-0.1 (24) 5th Percentile 0.3 0.6 3.3 6.8 4.2 4.1 11.0 10.6 0.6 1st Quartile 0.1 -0.7 0.8 6.2 3.7 3.8 9.2 9.6 -0.1 Median 0.1 -1.1 0.2 5.6 3.3 3.4 8.1 9.0 -0.5 3rd Quartile 0.0 -1.5 -0.5 5.2 2.9 2.9 7.4 8.4 -0.8 95th Percentile -0.3 -2.1 -1.6 4.4 2.3 2.3 5.0 6.6 -1.3 Population 108 108 108 108 108 89 110 115 119 Peer Group Analysis As of September 30, 2021 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 74 Asset Allocation As of 03/31/2021 0.0%50.0%100.0%150.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 1.5% 98.5% Fund Characteristics As of 03/31/2021 Avg. Coupon N/A Nominal Maturity N/A Effective Maturity N/A Duration N/A SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 03/31/2021 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated AA Rated Equities/Other 67.0% 16.2% 12.2% 3.1% 1.5% Maturity Distribution As of 12/31/2020 0.0%10.0%20.0%30.0%40.0%50.0% Other >30Yrs <1Yr 10-20Yrs 20-30Yrs 5-10Yrs 1-3Yrs 3-5Yrs 0.1% 1.0% 1.1% 6.0% 14.8% 24.3% 24.7% 28.0% Vanguard Total Bond Market Index Fund Mutual Fund Attributes As of September 30, 2021 Page 75 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 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 -8.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.0 8.3 18.0 12.5 11.7 11.4 0.0 8.2 18.0 12.2 11.4 11.2 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard Group Inc Ticker :VBAIX Peer Group :IM All Balanced (MF) Benchmark :Vanguard Balanced Composite Index Fund Inception :12/01/2000 Portfolio Manager :Barrickman/Coleman/O'Reily Total Assets :$12,456.60 Million Total Assets Date :04/30/2021 Gross Expense :0.06% Net Expense :0.06% Turnover :60% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 0.99 Page 76 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Balanced Index Fund 0.0 (19)8.2 (44)18.0 (53)12.2 (18)11.4 (28)11.2 (27)16.4 (19)21.8 (33)-2.8 (15)¢ Vanguard Balanced Composite Index 0.0 (17)8.3 (44)18.0 (52)12.5 (13)11.7 (25)11.4 (24)17.3 (15)21.9 (32)-2.8 (14) 5th Percentile 0.6 13.1 29.3 13.4 13.5 13.0 20.8 26.4 -1.4 1st Quartile -0.2 10.1 24.3 11.4 11.6 11.3 15.4 22.7 -3.8 Median -0.6 7.6 18.3 9.4 9.2 9.2 12.2 18.9 -5.9 3rd Quartile -1.1 5.0 13.1 7.6 7.0 7.3 8.8 15.1 -7.9 95th Percentile -2.0 1.9 6.7 4.2 4.1 4.6 1.1 8.5 -10.7 Population 845 845 845 840 840 550 865 943 1,020 Peer Group Analysis As of September 30, 2021 IM All Balanced (MF) Parentheses contain percentile rankings. Page 77 Asset Allocation As of 04/30/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Convertibles Other Cash Fixed Income Equities 0.0% 0.0% 0.3% 37.6% 62.1% Fund Characteristics As of 04/30/2021 Total Securities 15,012 Avg. Market Cap $405,694.91 Million P/E 35.64 P/B 10.03 Div. Yield 1.84% Annual EPS 7.40 5Yr EPS 16.36 3Yr EPS Growth 15.29 Sector/Quality Allocation As of 04/30/2021 0.0%8.0%16.0%24.0% Information Technology Financials Consumer Discretionary Industrials Health Care Consumer Staples Energy Utilities Materials Telecommunication Services 16.3% 10.6% 8.8% 8.0% 7.5% 5.1% 1.6% 1.6% 1.4% 0.8% Vanguard Balanced Index Fund Mutual Fund Attributes As of September 30, 2021 Page 78 Tier III Page 79 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 20.0 40.0 60.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -0.8 16.1 35.0 10.1 10.9 13.5 -0.1 18.9 40.2 14.8 14.7 14.8 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 :$42,263.20 Million Total Assets Date :04/30/2021 Gross Expense :0.26% Net Expense :0.26% Turnover :61% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Windsor II Fund Benchmark 0.90 0.99 1.08 1.17 1.26 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.18 Page 80 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard Windsor II Fund -0.1 (30)18.9 (26)40.2 (25)14.8 (3)14.7 (6)14.8 (14)14.5 (5)29.2 (22)-8.5 (50)¢ Russell 1000 Value Index -0.8 (49)16.1 (54)35.0 (50)10.1 (50)10.9 (71)13.5 (43)2.8 (49)26.5 (48)-8.3 (48) 5th Percentile 0.8 22.1 47.1 14.5 14.8 15.4 13.9 31.8 -2.4 1st Quartile 0.0 19.0 40.0 11.5 12.9 14.0 6.2 28.9 -5.9 Median -0.8 16.9 34.9 10.1 11.7 13.3 2.6 26.3 -8.5 3rd Quartile -1.4 14.9 31.8 8.9 10.7 12.4 0.3 24.0 -9.8 95th Percentile -2.6 11.1 25.4 6.0 9.0 11.0 -5.6 19.9 -13.0 Population 106 106 106 106 106 84 109 113 117 Peer Group Analysis As of September 30, 2021 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 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 12/19 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 3.42 2.61 1.31 0.98 0.85 3.45 1.00 14.72 16.53 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.65 0.00 1.00 10.94 16.30 1.00 FTSE 3 Month T-Bill -10.64 16.35 -0.65 0.03 N/A 1.16 0.00 1.13 0.25 -0.19 Vanguard Windsor II Fund Risk Profile As of September 30, 2021Vanguard Windsor II Fund Page 82 Asset Allocation As of 03/31/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 0.1% 99.9% Fund Characteristics As of 03/31/2021 Total Securities 177 Avg. Market Cap $303,918.81 Million P/E 31.09 P/B 6.50 Div. Yield 1.78% Annual EPS 1.49 5Yr EPS 9.03 3Yr EPS Growth 8.29 Sector/Quality Allocation As of 03/31/2021 0.0%10.0%20.0%30.0%40.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Materials Utilities Telecommunication Services 23.9% 22.6% 15.2% 12.5% 11.1% 7.7% 4.8% 1.0% 0.7% 0.4% Vanguard Windsor II Fund Mutual Fund Attributes As of September 30, 2021 Page 83 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 15.0 30.0 45.0 -15.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 1.2 14.3 27.3 22.0 22.8 19.7 -1.4 9.9 26.1 25.4 24.5 20.9 Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard Group Inc Ticker :VWUAX Peer Group :IM U.S. Large Cap Growth Equity (MF) Benchmark :Russell 1000 Growth Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$37,805.20 Million Total Assets Date :04/30/2021 Gross Expense :0.28% Net Expense :0.28% Turnover :38% Quarterly Out Performance Quarterly Under Performance 0.0% 6.0% 12.0% 18.0% -6.0 % -12.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard U.S. Growth Fund Benchmark 0.81 0.90 0.99 1.08 1.17 1.26 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.07 Page 84 -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 65.0 80.0 95.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard U.S. Growth Fund -1.4 (91)9.9 (90)26.1 (50)25.4 (5)24.5 (11)20.9 (8)58.7 (4)33.5 (47)0.7 (33)¢ Russell 1000 Growth Index 1.2 (26)14.3 (36)27.3 (34)22.0 (30)22.8 (30)19.7 (24)38.5 (41)36.4 (23)-1.5 (61) 5th Percentile 2.3 17.1 30.9 25.4 25.4 22.0 57.5 39.1 5.3 1st Quartile 1.2 15.0 28.0 22.6 23.2 19.6 42.5 36.2 1.6 Median 0.4 13.2 26.0 20.8 21.8 18.7 36.3 33.2 -0.8 3rd Quartile -0.4 11.5 23.2 19.2 20.1 18.0 31.8 30.9 -2.8 95th Percentile -2.2 8.6 19.8 15.8 17.8 15.7 23.8 25.5 -5.6 Population 147 147 147 147 147 117 152 161 165 Peer Group Analysis As of September 30, 2021 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 85 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -8.0 0.0 8.0 16.0 24.0 32.0 40.0 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 3/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund 1.65 4.38 0.38 0.95 1.23 -0.19 1.08 24.48 18.25 0.97 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 1.27 0.00 1.00 22.84 16.40 1.00 FTSE 3 Month T-Bill -20.94 16.44 -1.27 0.02 N/A 1.18 0.00 1.13 0.25 -0.16 Vanguard U.S. Growth Fund Risk Profile As of September 30, 2021Vanguard U.S. Growth Fund Page 86 Asset Allocation As of 03/31/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 0.2% 99.8% Fund Characteristics As of 03/31/2021 Total Securities 277 Avg. Market Cap $460,909.10 Million P/E 48.27 P/B 15.85 Div. Yield 0.95% Annual EPS 29.74 5Yr EPS 33.63 3Yr EPS Growth 29.63 Sector/Quality Allocation As of 03/31/2021 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Industrials Financials Consumer Staples Health Care Non Classified Equity Materials Energy Utilities 35.9% 21.1% 12.4% 9.4% 9.4% 8.7% 2.9% 0.0% 0.0% 0.0% Vanguard U.S. Growth Fund Mutual Fund Attributes As of September 30, 2021 Page 87 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of September 30, 2021 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 15.0 30.0 45.0 -15.0 -30.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -3.0 5.9 23.9 8.0 8.9 7.5 -4.1 2.0 24.8 22.3 20.1 14.9 Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard Group Inc Ticker :VWILX Peer Group :IM International Large Cap Growth Equity (MF) Benchmark :Vanguard Spliced International Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$60,143.60 Million Total Assets Date :04/30/2021 Gross Expense :0.33% Net Expense :0.33% Turnover :20% Quarterly Out Performance Quarterly Under Performance 0.0% 10.0% 20.0% 30.0% -10.0 % -20.0 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard International Growth Fund Benchmark 0.40 0.80 1.20 1.60 2.00 2.40 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.63 Page 88 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2020 2019 2018 Vanguard International Growth Fund -4.1 (90)2.0 (83)24.8 (18)22.3 (1)20.1 (1)14.9 (1)59.8 (1)31.5 (8)-12.6 (35)¢ Vanguard Spliced International Index -3.0 (75)5.9 (52)23.9 (27)8.0 (86)8.9 (82)7.5 (86)10.7 (82)21.5 (93)-14.2 (50) 5th Percentile 0.6 9.7 29.6 15.4 14.3 13.6 28.3 31.8 -7.9 1st Quartile -0.2 7.5 24.6 12.9 12.1 10.2 22.5 29.1 -12.2 Median -1.3 5.9 21.3 11.2 10.8 9.4 17.1 27.5 -14.4 3rd Quartile -3.1 3.6 17.1 9.9 9.6 8.2 11.9 25.2 -16.2 95th Percentile -4.7 0.2 15.6 6.0 6.5 6.8 6.8 20.6 -18.7 Population 40 40 40 40 40 30 42 43 44 Peer Group Analysis As of September 30, 2021 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 3/20 9/21 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 10.42 8.20 1.27 0.80 1.05 9.82 1.11 20.14 18.08 0.90 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.58 0.00 1.00 8.94 14.65 1.00 FTSE 3 Month T-Bill -8.54 14.70 -0.58 0.05 N/A 1.17 0.00 1.13 0.25 -0.23 Vanguard International Growth Fund Risk Profile As of September 30, 2021Vanguard International Growth Fund Page 90 Asset Allocation As of 03/31/2021 0.0%50.0%100.0%150.0% Other Fixed Income Convertibles Cash Equities 0.0% 0.0% 0.0% 0.2% 99.9% Fund Characteristics As of 03/31/2021 Total Securities 133 Avg. Market Cap $183,453.43 Million P/E 42.31 P/B 10.80 Div. Yield 1.33% Annual EPS 20.28 5Yr EPS 17.06 3Yr EPS Growth 12.00 Sector/Quality Allocation As of 03/31/2021 0.0%10.0%20.0%30.0%40.0% Consumer Discretionary Information Technology Consumer Staples Health Care Industrials Financials Energy Materials Utilities Non Classified Equity 25.7% 17.2% 15.2% 14.2% 12.6% 9.9% 2.3% 1.2% 0.8% 0.7% Top 5 Countries As of 03/31/2021 China 17.08 % Netherlands 13.07 % United States 9.39 % Japan 8.64 % Germany 8.22 % Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2021 Page 91 Regional Allocation As of 03/31/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0% Other Other Emg. MidEast, Africa, Europe Emerging Latin America North America Pacific Basin Emerging Asia Europe 0.0% 0.3% 0.4% 4.4% 10.5% 12.1% 21.2% 51.1% Vanguard International Growth Fund Mutual Fund Attributes As of September 30, 2021 Page 92 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 09/30/21 Vanguard Cash Reserves Federal Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.5 1.0 1.5 2.0 Ret urn 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.0 0.0 0.1 1.2 1.2 0.6 0.0 0.0 0.0 1.2 1.2 0.7 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 :$53,179.50 Million Total Assets Date :04/30/2021 Gross Expense :0.16% Net Expense :0.16% Turnover :N/A Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 9/16 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 1.00 Vanguard Cash Reserves Federal Money Market Fund Performance Summary As of September 30, 2021Vanguard Cash Reserves Federal Money Market Fund Page 93 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)0.01 Avg. Maturity 25.00 Holdings Count 189 Maturity Distribution (%) 0.0 20.0 40.0 60.0 80.0 1-7 Days 8-29 Days 30-89 Days 90-179 Days 180-269 Days 270+ Days 50.4 7.9 16.9 13.5 3.7 7.6 Sector Distribution (%) 0.0 20.0 40.0 60.0 80.0 Certificates of Deposit U.S. Com m ercial Paper Other Repurchase Agreem ents U.S. Govt. Obligations U.S. Treasury Bills Yankee/Foreign 0.0 0.0 0.0 49.3 42.9 7.9 0.0 Vanguard Cash Reserves Federal Money Market Fund Portfolio Characteristics As of September 30, 2021 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of September 30, 2021 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 Ret urn 1 Year Year To Date 3 Years 5 Years 10 Years Inception 10/1/01 0.1 0.0 1.2 1.2 0.6 1.3 1.6 1.1 2.2 2.1 2.1 3.1 Account Name:Vanguard Retirement Savings Trust III Inception Date:10/01/2018 Account Structure:Commingled Fund Asset Class:US Stable Value Benchmark:ICE BofAML 3 Month U.S. T-Bill Peer Group:IM U.S. GIC/Stable Value (SA+CF) Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% 0.9% -0.3 % -0.6 % 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 9/21 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 9/19 9/21 1.43 Page 95 Portfolio Characteristics Portfolio MV/BV Ratio (%)102.17 Crediting Rate 1.67 Effective Duration 3.05 # of Wrap Providers 11 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 Treas./Ag. A A A A A A 40.3 18.1 13.3 28.3 Sector Distribution (%) 0.0 15.0 30.0 45.0 Treasury/Agencies M ortgage-Backed C orporate Asset-Backed International Cash & Equivalents Other 26.8 15.5 30.6 11.8 4.0 7.8 3.5 Wrap Providers 0.0%4.0%8.0%12.0%16.0% Transamerica Life Ins Co. Lincoln National Life American General Life NYL Insurance and Annuity Nationwide Life Pacific Life Insurance JPMorgan Chase Prudential Insurance Co. State Street Bank Massachusetts Mutual 7.4% 7.4% 7.6% 8.6% 8.6% 8.7% 9.4% 9.6% 9.7% 9.7% Vanguard Retirement Savings Trust - Class III Portfolio Characteristics As of September 30, 2021 Page 96 Appendix Page 97 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%0.24%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%0.12%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%0.13%P Vanguard Institutional Target Retirement 2040 MF Mixed Asset Target 2040 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2045 MF Mixed Asset Target 2045 (Passive)0.09%0.00%0.09%0.13%P Vanguard Institutional Target Retirement 2050 MF Mixed Asset Target 2050 (Passive)0.09%0.00%0.09%0.13%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%0.12%P Vanguard Institutional Target Retirement 2065 MF Mixed Asset Target 2060+ (Passive)0.09%0.00%0.09%0.12%P Tier II - Passive Funds Vanguard Institutional Index Fund MF U.S. Large Cap Core Equity (Passive w/ S&P 500)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%0.05%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. Brd Market Core & Core+ Fixed Income (Passive)0.05%0.00%0.05%0.12%P Vanguard Balanced Index Fund MF Mixed Asset Target Today (Passive)0.06%0.00%0.06%0.24%P Tier III - Active Funds Vanguard Windsor II Fund MF U.S. Large Cap Value Equity 0.26%0.00%0.26%0.65%P Vanguard U.S. Growth Fund MF U.S. Large Cap Growth Equity 0.28%0.00%0.28%0.75%P Vanguard International Growth Fund MF International Large Cap GrowthEq 0.33%0.00%0.33%0.82%P Vanguard Cash Reserves Federal Money Market Fund MF Money Market Taxable 0.16%0.00%0.16%0.24%P Vanguard Retirement Savings Trust III CF Stable Value 0.30%0.00%0.30%0.44%P ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to medians from style-specific institutional mutual fund peer universes, which Aon Investments believes is an appropriate comparison regardless of vehicle-type being utilized. Additional universe statistics including percentile distributions, averages and dollar-weighted metrics are available upon request. Determining whether an investment's expense is reasonable depends on a variety of factors including the level of returns achieved and the method with which administration and operational expenses are paid. Understanding and evaluating the total cost of plan operations, including both investment and administration fees is a critical analysis that should be completed periodically. ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b-1 fees, custodial fees, trustee fees, revenue sharing components and/or charges for fund or plan administration. ³Institutional mutual fund fee universes were created by Aon Investments, as of December 31, 2020, using a custom proprietary methodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Morningstar for all asset classes except the stable value universe which uses information from Hueler. Since fund expense ratios do not change frequently, Aon Investments believes this study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your Aon Investments consultant. MSD Defined Contribution Plan As of September 30, 2021 Investment Fee Analysis Fund Expense Information Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group Page 98 Market Environment Page 99 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets The prospect of lower growth expectations and tighter monetary policy weighed on equities, with major markets falling over the month. The MSCI All Country World Investable Market Index (ACWI IMI) returned -1.1% for the quarter. Japanese equities led, returning 4.4%, while most of Europe ended the quarter in negative territory. Emerging Markets fared the worst, returning -7.4% for the third quarter, as poor returns from Brazil and China weighed on the region. In China, equity markets suffered a major setback due to regulatory crackdowns on technology companies, along with looming issues surrounding the country’s indebted property developers. China’s economy recorded an annual growth rate of 7.9% in Q2 2021, nearly cut in half from the previous quarter. -1.1%-2.6%-0.1%-0.2% 4.4% -2.3% 3.3% -1.7%-4.0%-7.4% 28.9%25.2% 31.7%33.0% 20.8% 35.1%38.0% 27.1%26.3% 20.8% -10% 0% 10% 20% 30% 40% 50% ACWI IMI 41.4% ACWI ex-U.S. IMI 58.6% USA IMI 3.9% UK IMI 6.6% Japan IMI 2.9% Canada IMI 0.3% Israel IMI 12.6% Europe ex-UK IMI 3.1% Pacific ex-Japan IMI 11.9% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 09/30/2021 Third Quarter 2021 One-Year Source: MSCI Page 100 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Global Equity Markets Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. USA 58.6% UK 3.9% Canada 2.9% Pacific ex-Japan 3.1%Japan 6.6% Europe ex-UK 12.6% Israel 0.3% Latin America 0.9% Asia 9.4% Eastern Europe, Middle East & Africa 1.7% Emerging Markets 11.9% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2021 Source:MSCI UK 9.5% Canada 7.0% Pacific ex- Japan 7.5% Japan 16.0% Europe ex-UK 30.6% Israel 0.6%Latin America 2.2% Asia 22.6% Eastern Europe, Middle East & Africa 4.1% Emerging Markets 28.9% MSCI AL L COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC AL LOCATION AS OF 09/30/2021 Source:MSCI Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets U.S. equities were marginally up over the quarter with the S&P 500 index rising by 0.6%, giving up almost all of the quarter’s gains during the final weeks of September. The Russell 3000 Index fell 0.1% during the third quarter but was up 31.9% over the trailing one-year period. Performance among sectors was mixed, with six out of the eleven sectors down for the quarter. Financials and Technology were the best performers while the Materials sector was the worst performer at -4.9%. Large and medium cap stocks outperformed small caps over the quarter, and growth outperformed value within large and medium cap stocks. However, over the trailing one-year period, value has eclipsed growth over all market capitalizations. Page 102 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The Bloomberg Barclays U.S. Aggregate Bond Index rose by 0.1% over the quarter. Risk sentiment waned over the quarter, weighing on credit markets, with most sectors posting muted quarterly returns. Across durations, 7-10 years maturity bonds finished the quarter in negative territory while all other maturities were marginally positive. Within investment grade bonds, higher-credit quality outperformed lower quality issues on the margin, with Aaa bonds rising by 0.1%. High yield bonds rose by 0.9% as spreads widened slightly. 0.1%0.1% 0.0% 0.1%0.1% 0.0% -0.9% -3.2% 1.7% -0.4% 0.6%0.5% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% Barclays Agg. Bond 41.7% Govt 27.3% Corp. 28.6% MBS 0.3% ABS 2.1% CMBS BLOOMBERG BARCLAYS AG GREGATE RETURNS BY SECTOR AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet 0.1%0.1%0.1% -0.2% 0.1%0.3% -0.3% -1.2% -1.8% -3.0% -3.5% -3.0% -2.5% -2.0% -1.5% -1.0% -0.5% 0.0% 0.5% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MAT URITY AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet 0.1%0.0% -0.1% 0.0%0.9% -2.0% -0.1% 0.2% 3.3% 11.3% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 09/30/2021 Third Quarter 2021 One-YearSource: FactSet Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets The U.S. Treasury yield curve was largely unchanged, with yields rising across the belly of the curve. The Federal Reserve signaled that tighter monetary policy is on the horizon with plans to announce a formal tapering of monthly asset purchases, currently locked in at $120bn per month, in November. The Fed September meeting also revealed that more policy makers than last quarter are forecasting interest rate hikes starting in 2022. Headline inflation accelerated to 5.3% year-over-year in August. Core CPI, excluding food and energy, increased by 4% over the same period. The 10-year U.S. Treasury yield ended the quarter 7bps higher at 1.52% and the 30-year yield increased by 2bps to 2.08%. The 10-year TIPS yield rose by 2bps over the quarter to -0.85%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 9/30/2020 6/30/2021 9/30/2021 Source:U.S. Department of Treasury -1.5% -1.0% -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 3.5% Sep 11 Sep 13 Sep 15 Sep 17 Sep 19 Sep 21 U.S. 10-YEAR TREASURY AN D TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury Page 104 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. European Fixed Income Markets European government bond spreads over 10-year German bunds was mixed across the Euro Area but still remain low. The European Central Bank (ECB) decided to ‘moderately’ slow the pace of its Pandemic Emergency Purchase Programme (PEPP) over the next quarter, citing a strong rebound in Eurozone growth and inflation. The ECB also changed its yearly inflation target to 2% with the flexibility to fluctuate above or below the target for a temporary period. German government bund yields rose by 2bps to -0.19% over the quarter. The preliminary results of the German national elections indicated that the SPD (Social Democratic Party of Germany) secured a narrow victory over the outgoing chancellor Angela Merkel’s CDU (Christian Democratic Union) and its ally CSU (Christian Social Union in Bavaria). However, uncertainty around forming a government continues as it depends on the coalition negotiations between SPD and CDU/CSU with smaller parties like the Greens and FDP (Free Democratic Party). The Eurozone continued to see economic activity rebound in Q2 2021, recording quarter-on-quarter GDP growth of 2.2%. The accelerating vaccination program helped boost consumer and business confidence. 0% 2% 4% 6% 8% 10% 12% 14% 2015 2016 2017 2018 2019 2020 2021 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet Page 105 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Credit Spreads Credit spreads generally widened during the third quarter but are still narrow compared to historical standards. Global Emerging Markets and High Yield spreads widened the most in Q3 2021, increasing by 30bps and 21bps, respectively, over the quarter. Spread (bps)09/30/2021 06/30/2021 09/30/2020 Quarterly Change (bps)One-Ye ar Change (bps) U.S. Aggregate 33 32 60 1 -27 Long Go v't 0 0 0 0 0 Long Credit 123 118 188 5 -65 Long Go v't/Credit 72 71 111 1 -39 MBS 27 27 61 0 -34 CMBS 61 59 106 2 -45 ABS 29 22 41 7 -12 Corporate 84 80 136 4 -52 Hi gh Yield 289 268 517 21 -228 Global Eme rging Markets 287 257 334 30 -47 Source: FactSet, Bloom berg Barclays Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency The U.S. Dollar appreciated against major currencies over the quarter. The U.S. dollar rose 1.9% on a trade-weighted basis. Sterling fell by 0.9% on a trade-weighted basis over the quarter. The Bank of England (BoE) kept its interest rate unchanged but two members out of the nine-member Monetary Policy Committee voted to end its quantitative easing programme immediately. The Sterling depreciated by 2.5% against the U.S. dollar. The U.S. dollar appreciated by 2.3% against the Euro and by 0.5% against the Yen. 100 105 110 115 120 125 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Sep 15 Sep 16 Sep 17 Sep 18 Sep 19 Sep 20 Sep 21 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 09/30/2015 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar Page 107 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Commodities Commodities continued their upward momentum over the quarter with the Bloomberg Commodity Index up 6.6%. Energy prices continued to rise higher demand has exacerbated supply issues, particularly in China and parts of Europe. Energy was the best performing sector, returning 21.0% over the quarter and 78.8% over the trailing one-year period. OPEC+ reached an agreement to increase crude oil production by 400,000 barrels a day each month from August until the end of 2022. OPEC+ also targeted the end of 2022 to start restoring output back to pre-pandemic levels. The price of Brent crude oil rose by 4.5% to $79/bbl. while WTI crude oil spot prices rose by 2.1% to $75/bbl. 6.6% -1.2% 21.0% 2.1% -4.6% -1.0% 16.5% -6.0% -2.0% 42.3% 24.8% 78.8% 37.1% -7.8% 44.7% 55.7% 38.4% 9.3% -20.0%-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 09/30/2021 Third Quarter 2021 One-Year Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector Page 108 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Factor Indices -0.1% -1.9% 0.1%1.1% -0.8%-0.4% 0.8%0.3% -1.1% 7.3%9.0% 14.3% 8.6% 15.9% 11.9%12.2% 9.6%10.8% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield SHORT TERM RETURNS AS OF 09/30/2021 Third Quarter 2021 YTD Source:MSCI 9.3%8.7% 17.9%18.1% 8.5% 11.1% 19.0% 12.4% 10.6%10.9%9.8% 15.8%16.0% 9.8% 11.2% 16.0% 14.2% 13.3% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield LONG TERM ANNUALIZED RETURNS AS OF 09/30/2021 Five-Year Ten-Year Source:MSCI Page 109 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Hedge Fund Markets Overview Hedge fund performance was mixed across all strategies in the third quarter. HFRI Fund-Weighted Composite Index remained flat whilst HFRI Fund of Funds Composite Index produced returns of 1.4% over the quarter. Over the quarter, Fixed Income/Convertible Arbitrage and Relative Value strategies were the best performers with returns of 1.5% and 1.2% respectively. Emerging Markets and Event-Driven strategies were the worst performers with a return of -1.8% and -0.5% respectively. 1.5% 0.0% -0.4% -1.8% -0.5% -0.1% 1.2% 0.0% 1.4% 13.2% 13.7% 28.1% 20.2% 24.2% 26.8% 13.6% 22.1% 15.0% -5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMAN CE AS OF 09/30/2021 Third Quarter 2021 One-Year Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Source:HFR Page 110 This Page Left Blank Intentionally Writeup Page 111 Glossary Page 112 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 113 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 114 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 115 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 116 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 117 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 118 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 119 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 120 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 121 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after- fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such,Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer Disclaimer