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HomeMy Public PortalAbout1st Quarter ReportVisit the Investments Thought Leadership Site (https://insights-north-america.aon.com/investment); sharing our best thinking. MSD Deferred Compensation Plan | First Quarter 2022 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 Deferred Compensation 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 Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.1 Thought Leadership Highlights –Defined Contribution Governance What Drives Fiduciary Liability? 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Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc. Market Highlights Note: MSCI Indices show net total returns throughout this report. All other indices show gross total returns. -4.6%-7.5%-5.9%-7.0%-5.9% -10.6%-11.2% -4.8% 7.4% 15.6% -5.8% 1.2% -11.4% -4.2% -1.5% -4.2% -0.7% 28.5% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg Barclays U.S. 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 03/31/2022 First Quarter 2022 One-Year Source:Russell, MSCI, Bloomberg Barclays, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 16.0% 9.7% 6.7%6.0% 2.1% 3.9%4.8%4.7% 9.9% 14.6% 11.0% 6.3% 3.4%2.2% 4.0%5.1%5.7% 10.9% 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 03/31/2022 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 03/31/2022 First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI -5.47%-5.47%6.30%13.49%11.37%9.95% MSCI All Country World -5.36%-5.36%7.28%13.75%11.64%10.00% Dow Jones U.S. Total Stock Market -5.40%-5.40%11.67%18.12%15.31%14.21% Russell 3000 -5.28%-5.28%11.92%18.24%15.40%14.28% S&P 500 -4.60%-4.60%15.65%18.92%15.99%14.64% Russell 2000 -7.53%-7.53%-5.79%11.74%9.74%11.04% MSCI All Country World ex-U.S. IMI -5.60%-5.60%-1.27%7.87%6.92%5.78% MSCI All Country World ex-U.S.-5.44%-5.44%-1.48%7.51%6.76%5.55% MSCI EAFE -5.91%-5.91%1.16%7.78%6.72%6.27% MSCI EAFE (Local Currency)-3.73%-3.73%6.21%8.23%6.55%8.61% MSCI Emerging Markets -6.97%-6.97%-11.37%4.94%5.98%3.36% Equity Factors MSCI World Minimum Volatility (USD)-2.81%-2.81%10.09%8.85%9.47%10.17% MSCI World High Dividend Yield 0.46%0.46%10.30%10.02%9.06%9.18% MSCI World Quality -8.41%-8.41%12.14%18.70%16.60%13.72% MSCI World Momentum -5.63%-5.63%7.97%16.49%16.41%14.01% MSCI World Enhanced Value -1.07%-1.07%5.09%8.24%7.02%8.28% MSCI World Equal Weighted -5.11%-5.11%3.06%10.35%9.00%9.18% MSCI World Index Growth -9.60%-9.60%9.43%19.79%16.91%13.47% Fixed Income Bloomberg Barclays Global Aggregate -6.16%-6.16%-6.40%0.69%1.70%1.04% Bloomberg Barclays U.S. Aggregate -5.93%-5.93%-4.15%1.69%2.14%2.24% Bloomberg Barclays U.S. Long Gov't -10.57%-10.57%-1.46%3.23%3.88%3.96% Bloomberg Barclays U.S. Long Credit -11.23%-11.23%-4.24%4.37%4.77%5.07% Bloomberg Barclays U.S. Long Gov't/Credit -10.95%-10.95%-3.11%4.23%4.60%4.72% Bloomberg Barclays U.S. TIPS -3.02%-3.02%4.29%6.22%4.43%2.69% Bloomberg Barclays U.S. High Yield -4.84%-4.84%-0.66%4.58%4.69%5.75% Bloomberg Barclays Global Treasury ex U.S.-6.49%-6.49%-8.72%-0.85%0.84%-0.22% JP Morgan EMBI Global (Emerging Markets)-9.26%-9.26%-6.18%0.52%1.68%3.45% Commodities Bloomberg Commodity Index 25.55%25.55%49.25%16.12%9.00%-0.70% Goldman Sachs Commodity Index 33.13%33.13%64.55%13.40%9.98%-3.31% Hedge Funds HFRI Fund-Weighted Composite2 -0.30%-0.30%3.87%8.76%6.48%5.26% HFRI Fund of Funds2 -2.70%-2.70%1.25%5.88%4.64%3.93% Real Estate NAREIT U.S. Equity REITS -3.86%-3.86%26.49%11.12%9.63%9.81% NCREIF NFI -ODCE 7.36%7.36%28.46%11.29%9.88%10.93% FTSE Global Core Infrastructure Index 3.58%3.58%15.77%10.23%10.65%10.32% Private Equity Burgiss Private iQ Global Private Equity3 48.46%23.39%20.59%16.50% 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 September 30, 2021 Page 4 Deferred Compensation Summary Page 5 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 100,013,988 100.0 Tier I 28,960,690 29.0 Vanguard Institutional Target Retirement Income Fund 1,125,685 1.1 -4.8 (48)0.1 (58)5.8 (53)5.3 (53)- Vanguard Target Income Composite Index -4.6 (40)0.5 (37)6.1 (37)5.6 (35)- Vanguard Institutional Target Retirement 2015 Fund 1,414,449 1.4 -4.8 (30)0.4 (89)6.2 (89)5.9 (83)- Vanguard Target 2015 Composite Index -4.6 (27)0.7 (70)6.6 (80)6.3 (73)- Vanguard Institutional Target Retirement 2020 Fund 3,490,527 3.5 -5.1 (29)1.4 (48)7.9 (58)7.3 (58)- Vanguard Target 2020 Composite Index -4.9 (27)1.8 (27)8.3 (28)7.6 (10)- Vanguard Institutional Target Retirement 2025 Fund 6,655,692 6.7 -5.5 (51)1.9 (47)8.9 (40)8.1 (40)- Vanguard Target 2025 Composite Index -5.2 (35)2.4 (28)9.5 (19)8.6 (9)- Vanguard Institutional Target Retirement 2030 Fund 3,021,418 3.0 -5.6 (36)2.5 (52)9.8 (39)8.9 (46)- Vanguard Target 2030 Composite Index -5.3 (23)3.1 (25)10.4 (21)9.3 (16)- Vanguard Institutional Target Retirement 2035 Fund 3,651,780 3.7 -5.7 (18)3.3 (49)10.8 (56)9.6 (52)- Vanguard Target 2035 Composite Index -5.3 (5)3.9 (21)11.4 (35)10.0 (31)- Vanguard Institutional Target Retirement 2040 Fund 2,432,435 2.4 -5.7 (21)4.1 (56)11.7 (56)10.3 (52)- Vanguard Target 2040 Composite Index -5.3 (11)4.8 (28)12.3 (27)10.7 (33)- Vanguard Institutional Target Retirement 2045 Fund 3,625,950 3.6 -5.7 (18)4.9 (45)12.6 (42)10.9 (45)- Vanguard Target 2045 Composite Index -5.3 (4)5.6 (17)13.2 (12)11.3 (12)- Vanguard Institutional Target Retirement 2050 Fund 2,173,919 2.2 -5.7 (21)5.1 (45)12.7 (42)11.0 (49)- Vanguard Target 2050 Composite Index -5.2 (9)5.8 (21)13.4 (4)11.4 (16)- Vanguard Institutional Target Retirement 2055 Fund 729,066 0.7 -5.7 (18)5.0 (40)12.7 (54)10.9 (58)- Vanguard Target 2055 Composite Index -5.2 (6)5.8 (19)13.4 (9)11.4 (16)- Vanguard Institutional Target Retirement 2060 Fund 546,360 0.5 -5.7 (12)5.1 (24)12.7 (67)10.9 (75)- Vanguard Target 2060 Composite Index -5.2 (4)5.8 (16)13.4 (14)11.4 (8)- Vanguard Institutional Target Retirement 2065 Fund 93,409 0.1 -5.6 (11)5.1 (23)12.7 (75)-- Vanguard Target 2065 Composite Index -5.2 (4)5.8 (16)13.4 (14)-- Asset Allocation & Performance As of March 31, 2022 Page 6 Asset Allocation & Performance As of March 31, 2022 Allocation Market Value ($) % Performance(%) 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 36,372,432 36.4 Vanguard Institutional Index Fund 15,359,910 15.4 -4.6 (42)15.6 (16)18.9 (31)16.0 (42)14.6 (32) S&P 500 Index -4.6 (41)15.6 (15)18.9 (31)16.0 (42)14.6 (32) Vanguard Mid-Cap Index Fund 5,729,060 5.7 -6.3 (54)8.8 (36)15.7 (31)13.0 (42)12.9 (34) Vanguard Spliced Mid Cap Index -6.3 (54)8.9 (35)15.7 (30)13.0 (42)13.0 (32) Vanguard Small-Cap Index Fund 4,015,375 4.0 -5.7 (46)0.7 (54)13.2 (50)11.3 (28)12.1 (25) Vanguard Spliced Small Cap Index -5.7 (45)0.7 (54)13.1 (51)11.3 (28)12.1 (25) Vanguard Total Bond Market Index Fund 4,244,275 4.2 -6.0 (53)-4.1 (37)1.7 (68)2.1 (65)2.2 (71) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -6.0 (54)-4.1 (36)1.8 (65)2.2 (62)2.3 (65) Vanguard Balanced Index Fund 7,023,811 7.0 -5.6 (56)5.3 (22)11.7 (27)10.3 (23)9.5 (21) Vanguard Balanced Composite Index -5.5 (54)5.5 (22)12.1 (21)10.5 (19)9.7 (18) Tier III 33,017,717 33.0 Vanguard Windsor II Fund 11,104,724 11.1 -3.8 (93)11.6 (73)18.0 (8)13.4 (11)12.6 (18) Russell 1000 Value Index -0.7 (69)11.7 (72)13.0 (66)10.3 (75)11.7 (42) Vanguard U.S. Growth Fund 8,313,919 8.3 -15.1 (93)-3.3 (92)20.3 (41)19.8 (33)16.1 (30) Russell 1000 Growth Index -9.0 (26)15.0 (9)23.6 (9)20.9 (10)17.0 (10) Vanguard International Growth Fund 5,373,740 5.4 -16.5 (95)-16.2 (98)14.9 (3)14.1 (1)10.5 (4) Vanguard Spliced International Index -5.4 (4)-1.5 (25)7.5 (71)6.8 (76)5.6 (76) Vanguard Cash Reserves Federal Money Market Fund 2,726,377 2.7 0.0 (32)0.0 (23)0.8 (9)1.2 (7)0.7 (7) ICE BofAML 3 Month U.S. T-Bill 0.0 (1)0.1 (3)0.8 (1)1.1 (12)0.6 (15) Vanguard Retirement Savings Trust III 5,498,958 5.5 0.3 (27)1.4 (26)2.0 (16)2.0 (6)2.0 (1) ICE BofAML 3 Month U.S. T-Bill 0.0 (91)0.1 (93)0.8 (100)1.1 (100)0.6 (100) Tier IV 1,663,149 1.7 Loan Fund 1,663,149 1.7 ----- Page 7 Performance(%) 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund 5.2 (64)10.0 (53)13.2 (54)-2.0 (15)8.5 (63)5.3 (54)--- Vanguard Target Income Composite Index 5.4 (61)10.7 (25)13.4 (46)-2.0 (15)8.7 (59)5.4 (43)--- Vanguard Institutional Target Retirement 2015 Fund 5.8 (100)10.3 (77)14.8 (77)-3.0 (20)11.5 (49)6.2 (70)--- Vanguard Target 2015 Composite Index 6.0 (99)11.0 (65)15.1 (64)-2.9 (14)11.6 (46)6.4 (55)--- Vanguard Institutional Target Retirement 2020 Fund 8.2 (64)12.0 (42)17.6 (28)-4.2 (47)14.1 (24)6.9 (41)--- Vanguard Target 2020 Composite Index 8.4 (58)12.8 (19)17.9 (23)-4.1 (41)14.2 (16)7.2 (31)--- Vanguard Institutional Target Retirement 2025 Fund 9.8 (52)13.3 (37)19.6 (22)-5.2 (43)15.9 (28)7.5 (27)--- Vanguard Target 2025 Composite Index 10.1 (42)14.2 (9)19.9 (14)-5.0 (42)16.1 (26)7.7 (20)--- Vanguard Institutional Target Retirement 2030 Fund 11.4 (51)14.1 (45)21.1 (40)-5.9 (42)17.5 (40)7.9 (41)--- Vanguard Target 2030 Composite Index 11.7 (41)15.0 (18)21.3 (32)-5.7 (39)17.7 (36)8.1 (32)--- Vanguard Institutional Target Retirement 2035 Fund 13.0 (77)14.8 (49)22.4 (51)-6.6 (32)19.1 (40)8.3 (49)--- Vanguard Target 2035 Composite Index 13.2 (67)15.7 (27)22.8 (44)-6.5 (31)19.2 (37)8.6 (32)--- Vanguard Institutional Target Retirement 2040 Fund 14.6 (77)15.5 (47)23.9 (53)-7.3 (36)20.7 (31)8.7 (35)--- Vanguard Target 2040 Composite Index 14.8 (74)16.3 (34)24.2 (48)-7.2 (32)20.9 (28)9.0 (25)--- Vanguard Institutional Target Retirement 2045 Fund 16.2 (60)16.3 (46)24.9 (45)-7.9 (37)21.4 (29)8.9 (36)--- Vanguard Target 2045 Composite Index 16.4 (50)17.0 (33)25.4 (32)-7.8 (35)21.5 (24)9.1 (30)--- Vanguard Institutional Target Retirement 2050 Fund 16.4 (74)16.4 (47)25.0 (56)-7.9 (36)21.4 (48)8.9 (37)--- Vanguard Target 2050 Composite Index 16.8 (61)17.2 (35)25.4 (36)-7.8 (33)21.5 (33)9.1 (32)--- Vanguard Institutional Target Retirement 2055 Fund 16.4 (73)16.3 (47)25.0 (55)-7.9 (34)21.4 (53)8.9 (33)--- Vanguard Target 2055 Composite Index 16.8 (63)17.2 (37)25.4 (37)-7.8 (30)21.5 (45)9.1 (30)--- Vanguard Institutional Target Retirement 2060 Fund 16.4 (71)16.3 (77)25.0 (77)-7.9 (31)21.4 (70)8.8 (36)--- Vanguard Target 2060 Composite Index 16.8 (48)17.2 (49)25.4 (65)-7.8 (27)21.5 (63)9.1 (26)--- Vanguard Institutional Target Retirement 2065 Fund 16.5 (70)16.2 (81)25.0 (77)-7.9 (34)----- Vanguard Target 2065 Composite Index 16.8 (48)17.2 (49)25.4 (65)-7.8 (27)----- Asset Allocation & Performance As of March 31, 2022 Page 8 Asset Allocation & Performance As of March 31, 2022 Performance(%) 2021 2020 2019 2018 2017 2016 2015 2014 2013 Tier II Vanguard Institutional Index Fund 28.7 (21)18.4 (53)31.5 (42)-4.4 (48)21.8 (51)11.9 (31)1.4 (48)13.7 (19)32.3 (56) S&P 500 Index 28.7 (20)18.4 (53)31.5 (42)-4.4 (48)21.8 (51)12.0 (31)1.4 (48)13.7 (19)32.4 (56) Vanguard Mid-Cap Index Fund 24.5 (44)18.2 (48)31.0 (41)-9.2 (51)19.3 (50)11.2 (55)-1.3 (41)13.8 (10)35.2 (52) Vanguard Spliced Mid Cap Index 24.5 (44)18.2 (48)31.1 (39)-9.2 (51)19.3 (50)11.2 (55)-1.3 (40)13.8 (9)35.2 (52) Vanguard Small-Cap Index Fund 17.7 (71)19.1 (37)27.4 (24)-9.3 (31)16.2 (29)18.3 (67)-3.6 (45)7.5 (12)37.8 (59) Vanguard Spliced Small Cap Index 17.7 (71)19.1 (37)27.3 (24)-9.3 (31)16.2 (29)18.3 (67)-3.7 (46)7.5 (11)37.8 (59) Vanguard Total Bond Market Index Fund -1.7 (73)7.7 (65)8.7 (61)0.0 (21)3.6 (62)2.6 (65)0.4 (46)5.9 (41)-2.1 (71) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -1.6 (67)7.7 (63)8.9 (53)-0.1 (24)3.6 (57)2.8 (61)0.4 (41)5.9 (45)-2.0 (62) Vanguard Balanced Index Fund 14.2 (39)16.4 (19)21.8 (33)-2.8 (15)13.9 (54)8.8 (22)0.5 (9)10.0 (6)18.1 (40) Vanguard Balanced Composite Index 14.3 (37)17.3 (15)21.9 (32)-2.8 (14)13.9 (54)8.9 (22)0.8 (7)10.1 (5)18.2 (39) Tier III Vanguard Windsor II Fund 29.1 (22)14.5 (5)29.2 (22)-8.5 (50)16.9 (46)13.5 (66)-3.1 (51)11.3 (50)30.8 (77) Russell 1000 Value Index 25.2 (62)2.8 (49)26.5 (48)-8.3 (48)13.7 (83)17.3 (24)-3.8 (69)13.5 (12)32.5 (49) Vanguard U.S. Growth Fund 12.5 (90)58.7 (4)33.5 (47)0.7 (33)31.8 (29)-0.6 (79)8.6 (21)13.2 (27)35.7 (33) Russell 1000 Growth Index 27.6 (16)38.5 (42)36.4 (23)-1.5 (61)30.2 (46)7.1 (9)5.7 (55)13.1 (28)33.5 (57) Vanguard International Growth Fund -0.7 (95)59.7 (1)31.5 (8)-12.6 (35)43.2 (1)1.8 (23)-0.5 (60)-5.5 (69)23.1 (8) Vanguard Spliced International Index 7.8 (62)10.7 (82)21.5 (93)-14.2 (50)27.2 (54)4.5 (14)-5.7 (92)-3.9 (30)15.3 (82) Vanguard Cash Reserves Federal Money Market Fund 0.0 (27)0.6 (10)2.3 (9)2.0 (5)1.1 (6)0.5 (1)0.1 (8)0.1 (12)0.1 (13) ICE BofAML 3 Month U.S. T-Bill 0.0 (7)0.7 (1)2.3 (10)1.9 (15)0.9 (17)0.3 (15)0.1 (20)0.0 (17)0.1 (11) Vanguard Retirement Savings Trust III 1.5 (20)2.2 (6)2.5 (13)2.2 (7)1.9 (13)2.0 (7)2.1 (6)2.0 (7)1.9 (17) ICE BofAML 3 Month U.S. T-Bill 0.0 (100)0.7 (100)2.3 (45)1.9 (54)0.9 (97)0.3 (100)0.1 (100)0.0 (100)0.1 (94) Tier IV Loan Fund --------- Page 9 5.6 6.4 7.2 8.0 8.8 9.6 10.4 11.2 12.0 12.8 13.6 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement 2045- 2060 Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2015 Fund Tier I Funds Risk and Return 3 Years Ending March 31, 2022 Calculation based on monthly periodicity. Page 10 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 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 Total Bond Market Index Fund Vanguard Small-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Institutional Index Fund Vanguard Balanced Index Fund Tier II Funds Risk and Return 3 Years Ending March 31, 2022 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 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 III Funds Risk and Return 3 Years Ending March 31, 2022 Calculation based on monthly periodicity. Page 12 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 44,522,988 44.5 5,373,740 5.4 4,244,275 4.2 4,389,526 4.4 7,023,811 7.0 5,498,958 5.5 28,960,690 29.0 100,013,988 100.0 Tier I 28,960,690 100.0 28,960,690 29.0 Vanguard Institutional Target Retirement Income Fund 1,125,685 100.0 1,125,685 1.1 Vanguard Institutional Target Retirement 2015 Fund 1,414,449 100.0 1,414,449 1.4 Vanguard Institutional Target Retirement 2020 Fund 3,490,527 100.0 3,490,527 3.5 Vanguard Institutional Target Retirement 2025 Fund 6,655,692 100.0 6,655,692 6.7 Vanguard Institutional Target Retirement 2030 Fund 3,021,418 100.0 3,021,418 3.0 Vanguard Institutional Target Retirement 2035 Fund 3,651,780 100.0 3,651,780 3.7 Vanguard Institutional Target Retirement 2040 Fund 2,432,435 100.0 2,432,435 2.4 Vanguard Institutional Target Retirement 2045 Fund 3,625,950 100.0 3,625,950 3.6 Vanguard Institutional Target Retirement 2050 Fund 2,173,919 100.0 2,173,919 2.2 Vanguard Institutional Target Retirement 2055 Fund 729,066 100.0 729,066 0.7 Vanguard Institutional Target Retirement 2060 Fund 546,360 100.0 546,360 0.5 Vanguard Institutional Target Retirement 2065 Fund 93,409 100.0 93,409 0.1 Tier II 25,104,346 69.0 4,244,275 11.7 7,023,811 19.3 36,372,432 36.4 Vanguard Institutional Index Fund 15,359,910 100.0 15,359,910 15.4 Vanguard Mid-Cap Index Fund 5,729,060 100.0 5,729,060 5.7 Vanguard Small-Cap Index Fund 4,015,375 100.0 4,015,375 4.0 Vanguard Total Bond Market Index Fund 4,244,275 100.0 4,244,275 4.2 Vanguard Balanced Index Fund 7,023,811 100.0 7,023,811 7.0 Tier III 19,418,642 58.8 5,373,740 16.3 2,726,377 8.3 5,498,958 16.7 33,017,717 33.0 Vanguard Windsor II Fund 11,104,724 100.0 11,104,724 11.1 Vanguard U.S. Growth Fund 8,313,919 100.0 8,313,919 8.3 Vanguard International Growth Fund 5,373,740 100.0 5,373,740 5.4 Vanguard Cash Reserves Federal Money Market Fund 2,726,377 100.0 2,726,377 2.7 Vanguard Retirement Savings Trust III 5,498,958 100.0 5,498,958 5.5 Tier IV 1,663,149 100.0 1,663,149 1.7 Loan Fund 1,663,149 100.0 1,663,149 1.7 Total Deferred Compensation Asset Allocation As of March 31, 2022 ($) Page 13 This Page Left Blank Intentionally Writeup Page 14 Tier I Page 15 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 6.0 12.0 -6.0 -12.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -4.6 -4.6 0.5 6.1 5.2 -4.8 -4.8 0.1 5.8 4.9 Product Name :Vanguard Tgt Ret Inc;Inv (VTINX) Fund Family :Vanguard Ticker :VTINX Peer Group :IM Mixed-Asset Target Today (MF) Benchmark :Vanguard Target Income Composite Index Fund Inception :10/27/2003 Portfolio Manager :Team Managed Total Assets :$23,985.30 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement Income 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 6/21 3/22 0.98 Page 16 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement Income Fund -4.8 (48)-4.8 (48)0.1 (58)5.8 (53)5.2 (64)10.0 (53)¢ Vanguard Target Income Composite Index -4.6 (40)-4.6 (40)0.5 (37)6.1 (37)5.4 (61)10.7 (25)˜ 5th Percentile -4.1 -4.1 2.0 7.3 8.0 12.2 1st Quartile -4.2 -4.2 0.7 6.9 7.1 10.6 Median -4.8 -4.8 0.3 5.8 6.2 10.0 3rd Quartile -5.3 -5.3 -0.4 5.1 3.8 8.8 95th Percentile -5.7 -5.7 -0.8 3.8 2.8 6.2 Population 22 22 22 22 23 24 Peer Group Analysis As of March 31, 2022 IM Mixed-Asset Target Today (MF) Parentheses contain percentile rankings. Page 17 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement Income Fund -0.37 0.36 -1.03 1.00 0.82 -0.45 1.01 5.75 6.15 1.00 Vanguard Target Income Composite Index 0.00 0.00 N/A 1.00 0.89 0.00 1.00 6.15 6.06 1.00 FTSE 3 Month T-Bill -5.40 6.07 -0.89 0.00 N/A 0.77 0.00 0.76 0.27 -0.01 Vanguard Institutional Target Retirement Income Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement Income Fund Page 18 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.3% 2.6% 28.8% 68.4% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $106,672.87 Million P/E 8.73 P/B 2.39 Div. Yield 0.65% Annual EPS 4.55 5Yr EPS 4.18 3Yr EPS Growth 3.52 Sector/Quality Allocation As of 12/31/2021 0.0%3.0%6.0%9.0%12.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 6.5% 5.2% 3.9% 3.2% 3.0% 3.0% 1.2% 1.0% 0.7% 0.5% Vanguard Institutional Target Retirement Income Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 19 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 6.0 12.0 -6.0 -12.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -4.6 -4.6 0.7 6.6 5.8 -4.8 -4.8 0.4 6.2 5.5 Product Name :Vanguard Tgt Ret2015;Inv (VTXVX) Fund Family :Vanguard Ticker :VTXVX Peer Group :IM Mixed-Asset Target 2015 (MF) Benchmark :Vanguard Target 2015 Composite Index Fund Inception :10/27/2003 Portfolio Manager :Team Managed Total Assets :$21,357.70 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2015 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 6/21 3/22 0.98 Page 20 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2015 Fund -4.8 (30)-4.8 (30)0.4 (89)6.2 (89)5.8 (100)10.3 (77)¢ Vanguard Target 2015 Composite Index -4.6 (27)-4.6 (27)0.7 (70)6.6 (80)6.0 (99)11.0 (65)˜ 5th Percentile -4.0 -4.0 3.0 8.1 9.2 12.4 1st Quartile -4.5 -4.5 1.3 7.5 8.3 12.0 Median -5.1 -5.1 0.9 7.4 7.6 11.5 3rd Quartile -5.2 -5.2 0.6 6.9 6.9 10.5 95th Percentile -5.5 -5.5 0.2 6.0 6.6 9.1 Population 18 18 18 18 18 18 Peer Group Analysis As of March 31, 2022 IM Mixed-Asset Target 2015 (MF) Parentheses contain percentile rankings. Page 21 Annualized Return vs. Annualized Standard Deviation 3 Years Rolling 3 Years Standard Deviation 3 Years Historical Statistics Vanguard Institutional Target Retirement 2015 Fund Vanguard Target 2015 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 Return (%) 0.0 2.0 4.0 6.0 8.0 10.0 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2015 Fund -0.38 0.43 -0.89 1.00 0.79 -0.48 1.02 6.20 6.99 1.00 Vanguard Target 2015 Composite Index 0.00 0.00 N/A 1.00 0.85 0.00 1.00 6.61 6.87 1.00 FTSE 3 Month T-Bill -5.89 6.89 -0.85 0.00 N/A 0.77 0.00 0.76 0.27 -0.03 Vanguard Institutional Target Retirement 2015 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2015 Fund Page 22 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.4% 2.7% 30.2% 66.8% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $111,633.61 Million P/E 9.15 P/B 2.51 Div. Yield 0.68% Annual EPS 4.77 5Yr EPS 4.38 3Yr EPS Growth 3.69 Sector/Quality Allocation As of 12/31/2021 0.0%3.0%6.0%9.0%12.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 6.8% 5.5% 4.1% 3.4% 3.2% 3.2% 1.2% 1.1% 0.8% 0.5% Vanguard Institutional Target Retirement 2015 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 23 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 Vanguard Institutional Target Retirement 2020 Fund Performance Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 6.0 12.0 18.0 -6.0 -12.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -4.9 -4.9 1.8 8.3 7.0 -5.1 -5.1 1.4 7.9 6.7 Product Name :Vanguard Tgt Ret2020;Inv (VTWNX) Fund Family :Vanguard Ticker :VTWNX Peer Group :IM Mixed-Asset Target 2020 (MF) Benchmark :Vanguard Target 2020 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Team Managed Total Assets :$50,731.30 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 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 6/21 3/22 0.98 Page 24 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2020 Fund -5.1 (29)-5.1 (29)1.4 (48)7.9 (58)8.2 (64)12.0 (42)¢ Vanguard Target 2020 Composite Index -4.9 (27)-4.9 (27)1.8 (27)8.3 (28)8.4 (58)12.8 (19)˜ 5th Percentile -4.3 -4.3 3.4 8.6 10.0 13.6 1st Quartile -4.7 -4.7 1.9 8.4 9.6 12.7 Median -5.3 -5.3 1.4 8.1 8.6 11.9 3rd Quartile -5.6 -5.6 0.9 6.9 7.7 10.5 95th Percentile -5.9 -5.9 0.0 6.2 6.1 8.8 Population 22 22 22 22 23 25 Peer Group Analysis As of March 31, 2022 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 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.43 0.54 -0.79 1.00 0.79 -0.52 1.01 7.87 9.18 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 N/A 1.00 0.84 0.00 1.00 8.34 9.06 1.00 FTSE 3 Month T-Bill -7.68 9.09 -0.84 0.01 N/A 0.79 0.00 0.76 0.27 -0.08 Vanguard Institutional Target Retirement 2020 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2020 Fund Page 26 Asset Allocation As of 12/31/2021 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% 0.4% 2.8% 44.3% 52.4% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $164,860.34 Million P/E 13.47 P/B 3.69 Div. Yield 1.00% Annual EPS 7.03 5Yr EPS 6.45 3Yr EPS Growth 5.44 Sector/Quality Allocation As of 12/31/2021 0.0%4.0%8.0%12.0%16.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 10.0% 8.0% 6.0% 5.0% 4.7% 4.6% 1.8% 1.6% 1.1% 0.7% Vanguard Institutional Target Retirement 2020 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 27 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 -8.0 -16.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.2 -5.2 2.4 9.5 7.8 -5.5 -5.5 1.9 8.9 7.4 Product Name :Vanguard Tgt Ret2025;Inv (VTTVX) Fund Family :Vanguard Ticker :VTTVX Peer Group :IM Mixed-Asset Target 2025 (MF) Benchmark :Vanguard Target 2025 Composite Index Fund Inception :10/27/2003 Portfolio Manager :Team Managed Total Assets :$86,257.40 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :7% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 28 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2025 Fund -5.5 (51)-5.5 (51)1.9 (47)8.9 (40)9.8 (52)13.3 (37)¢ Vanguard Target 2025 Composite Index -5.2 (35)-5.2 (35)2.4 (28)9.5 (19)10.1 (42)14.2 (9)˜ 5th Percentile -4.0 -4.0 3.5 9.9 11.8 14.7 1st Quartile -5.0 -5.0 2.6 9.3 10.8 13.7 Median -5.5 -5.5 1.8 8.4 9.8 13.0 3rd Quartile -5.8 -5.8 1.2 7.7 9.0 11.3 95th Percentile -6.0 -6.0 0.5 5.0 4.6 6.6 Population 31 31 31 31 32 34 Peer Group Analysis As of March 31, 2022 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 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.51 0.65 -0.78 1.00 0.77 -0.62 1.01 8.92 10.84 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 N/A 1.00 0.83 0.00 1.00 9.50 10.69 1.00 FTSE 3 Month T-Bill -8.90 10.73 -0.83 0.01 N/A 0.79 0.00 0.76 0.27 -0.10 Vanguard Institutional Target Retirement 2025 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2025 Fund Page 30 Asset Allocation As of 12/31/2021 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% 0.5% 2.9% 40.9% 55.7% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $207,622.07 Million P/E 16.93 P/B 4.65 Div. Yield 1.25% Annual EPS 8.84 5Yr EPS 8.11 3Yr EPS Growth 6.85 Sector/Quality Allocation As of 12/31/2021 0.0%5.0%10.0%15.0%20.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 12.6% 10.1% 7.5% 6.3% 5.9% 5.8% 2.3% 2.0% 1.4% 0.9% Vanguard Institutional Target Retirement 2025 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 31 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 Vanguard Institutional Target Retirement 2030 Fund Performance Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 8.0 16.0 24.0 -8.0 -16.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.3 -5.3 3.1 10.4 8.4 -5.6 -5.6 2.5 9.8 8.0 Product Name :Vanguard Tgt Ret2030;Inv (VTHRX) Fund Family :Vanguard Ticker :VTHRX Peer Group :IM Mixed-Asset Target 2030 (MF) Benchmark :Vanguard Target 2030 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Team Managed Total Assets :$87,260.70 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :12% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 32 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2030 Fund -5.6 (36)-5.6 (36)2.5 (52)9.8 (39)11.4 (51)14.1 (45)¢ Vanguard Target 2030 Composite Index -5.3 (23)-5.3 (23)3.1 (25)10.4 (21)11.7 (41)15.0 (18)˜ 5th Percentile -4.0 -4.0 4.2 11.0 13.6 16.1 1st Quartile -5.4 -5.4 3.1 10.2 12.8 14.7 Median -5.7 -5.7 2.6 9.6 11.4 13.4 3rd Quartile -6.1 -6.1 2.0 8.9 10.9 11.9 95th Percentile -6.4 -6.4 1.4 7.2 7.0 8.6 Population 32 32 32 32 33 35 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.50 0.69 -0.73 1.00 0.77 -0.60 1.01 9.84 12.10 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 10.41 11.96 1.00 FTSE 3 Month T-Bill -9.88 12.00 -0.82 0.01 N/A 0.79 0.00 0.76 0.27 -0.12 Vanguard Institutional Target Retirement 2030 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2030 Fund Page 34 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.5% 3.0% 32.7% 63.9% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $239,631.33 Million P/E 19.43 P/B 5.35 Div. Yield 1.43% Annual EPS 10.16 5Yr EPS 9.33 3Yr EPS Growth 7.90 Sector/Quality Allocation As of 12/31/2021 0.0%6.0%12.0%18.0%24.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 14.5% 11.5% 8.6% 7.2% 6.7% 6.7% 2.6% 2.3% 1.6% 1.1% Vanguard Institutional Target Retirement 2030 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 35 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 Vanguard Institutional Target Retirement 2035 Fund Performance Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 8.0 16.0 24.0 -8.0 -16.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.3 -5.3 3.9 11.4 9.0 -5.7 -5.7 3.3 10.8 8.6 Product Name :Vanguard Tgt Ret2035;Inv (VTTHX) Fund Family :Vanguard Ticker :VTTHX Peer Group :IM Mixed-Asset Target 2035 (MF) Benchmark :Vanguard Target 2035 Composite Index Fund Inception :10/27/2003 Portfolio Manager :Team Managed Total Assets :$84,117.00 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 36 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2035 Fund -5.7 (18)-5.7 (18)3.3 (49)10.8 (56)13.0 (77)14.8 (49)¢ Vanguard Target 2035 Composite Index -5.3 (5)-5.3 (5)3.9 (21)11.4 (35)13.2 (67)15.7 (27)˜ 5th Percentile -5.3 -5.3 5.3 12.1 15.8 17.8 1st Quartile -5.7 -5.7 3.8 11.6 14.4 15.7 Median -6.0 -6.0 3.3 10.8 13.9 14.7 3rd Quartile -6.2 -6.2 2.5 10.2 13.0 13.3 95th Percentile -6.5 -6.5 2.3 9.3 10.5 11.6 Population 30 30 30 30 31 32 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2035 Fund -0.51 0.72 -0.70 1.00 0.78 -0.61 1.01 10.77 13.36 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 11.35 13.22 1.00 FTSE 3 Month T-Bill -10.89 13.26 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.13 Vanguard Institutional Target Retirement 2035 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2035 Fund Page 38 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.5% 3.0% 25.4% 71.2% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $266,585.15 Million P/E 21.65 P/B 5.95 Div. Yield 1.60% Annual EPS 11.31 5Yr EPS 10.39 3Yr EPS Growth 8.79 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 16.2% 12.9% 9.6% 8.0% 7.5% 7.5% 2.9% 2.5% 1.8% 1.2% Vanguard Institutional Target Retirement 2035 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 39 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.3 -5.3 4.8 12.3 9.5 -5.7 -5.7 4.1 11.7 9.1 Product Name :Vanguard Tgt Ret2040;Inv (VFORX) Fund Family :Vanguard Ticker :VFORX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Team Managed Total Assets :$72,474.80 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 40 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2040 Fund -5.7 (21)-5.7 (21)4.1 (56)11.7 (56)14.6 (77)15.5 (47)¢ Vanguard Target 2040 Composite Index -5.3 (11)-5.3 (11)4.8 (28)12.3 (27)14.8 (74)16.3 (34)˜ 5th Percentile -5.0 -5.0 5.9 13.0 17.6 18.8 1st Quartile -5.8 -5.8 4.8 12.5 16.4 16.5 Median -6.1 -6.1 4.2 11.8 15.9 15.4 3rd Quartile -6.3 -6.3 3.2 11.1 14.7 13.8 95th Percentile -6.8 -6.8 2.4 9.7 12.3 10.3 Population 30 30 30 30 31 33 Peer Group Analysis As of March 31, 2022 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 20.0 Return (%) 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.51 0.74 -0.69 1.00 0.78 -0.59 1.01 11.68 14.60 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 12.27 14.50 1.00 FTSE 3 Month T-Bill -11.90 14.54 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.14 Vanguard Institutional Target Retirement 2040 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2040 Fund Page 42 Asset Allocation As of 12/31/2021 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% 0.5% 3.0% 18.1% 78.5% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $294,153.93 Million P/E 23.87 P/B 6.57 Div. Yield 1.76% Annual EPS 12.48 5Yr EPS 11.46 3Yr EPS Growth 9.70 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 17.8% 14.2% 10.6% 8.8% 8.3% 8.2% 3.2% 2.8% 2.0% 1.3% Vanguard Institutional Target Retirement 2040 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 43 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.3 -5.3 5.6 13.2 10.0 -5.7 -5.7 4.9 12.6 9.6 Product Name :Vanguard Tgt Ret2045;Inv (VTIVX) Fund Family :Vanguard Ticker :VTIVX Peer Group :IM Mixed-Asset Target 2045 (MF) Benchmark :Vanguard Target 2045 Composite Index Fund Inception :10/27/2003 Portfolio Manager :Team Managed Total Assets :$66,916.00 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 44 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2045 Fund -5.7 (18)-5.7 (18)4.9 (45)12.6 (42)16.2 (60)16.3 (46)¢ Vanguard Target 2045 Composite Index -5.3 (4)-5.3 (4)5.6 (17)13.2 (12)16.4 (50)17.0 (33)˜ 5th Percentile -5.3 -5.3 6.3 13.3 18.7 19.2 1st Quartile -5.9 -5.9 5.3 12.9 17.7 17.5 Median -6.1 -6.1 4.7 12.5 16.4 16.2 3rd Quartile -6.4 -6.4 3.3 11.7 15.9 13.9 95th Percentile -7.0 -7.0 2.6 10.6 13.3 12.7 Population 30 30 30 30 31 32 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.51 0.76 -0.67 1.00 0.78 -0.59 1.01 12.61 15.84 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 13.21 15.73 1.00 FTSE 3 Month T-Bill -12.92 15.77 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.15 Vanguard Institutional Target Retirement 2045 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2045 Fund Page 46 Asset Allocation As of 12/31/2021 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% 0.4% 3.1% 10.9% 85.6% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $320,187.39 Million P/E 26.03 P/B 7.15 Div. Yield 1.92% Annual EPS 13.60 5Yr EPS 12.49 3Yr EPS Growth 10.56 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 19.4% 15.5% 11.5% 9.6% 9.0% 9.0% 3.5% 3.1% 2.2% 1.4% Vanguard Institutional Target Retirement 2045 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 47 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.2 -5.2 5.8 13.4 10.1 -5.7 -5.7 5.1 12.7 9.7 Product Name :Vanguard Tgt Ret2050;Inv (VFIFX) Fund Family :Vanguard Ticker :VFIFX Peer Group :IM Mixed-Asset Target 2050 (MF) Benchmark :Vanguard Target 2050 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Team Managed Total Assets :$52,755.80 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.98 Page 48 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2050 Fund -5.7 (21)-5.7 (21)5.1 (45)12.7 (42)16.4 (74)16.4 (47)¢ Vanguard Target 2050 Composite Index -5.2 (9)-5.2 (9)5.8 (21)13.4 (4)16.8 (61)17.2 (35)˜ 5th Percentile -5.0 -5.0 6.4 13.3 19.0 19.7 1st Quartile -5.8 -5.8 5.6 13.2 17.9 17.5 Median -6.3 -6.3 4.9 12.7 17.1 16.2 3rd Quartile -6.5 -6.5 3.6 12.0 16.4 14.1 95th Percentile -7.1 -7.1 2.7 10.8 14.1 11.9 Population 30 30 30 30 31 33 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.53 0.77 -0.70 1.00 0.79 -0.59 1.00 12.74 15.88 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 13.36 15.80 1.00 FTSE 3 Month T-Bill -13.06 15.84 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.15 Vanguard Institutional Target Retirement 2050 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2050 Fund Page 50 Asset Allocation As of 12/31/2021 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% 0.4% 3.1% 8.8% 87.6% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $327,569.74 Million P/E 26.65 P/B 7.32 Div. Yield 1.97% Annual EPS 13.92 5Yr EPS 12.78 3Yr EPS Growth 10.81 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 19.9% 15.9% 11.8% 9.9% 9.2% 9.2% 3.6% 3.1% 2.2% 1.5% Vanguard Institutional Target Retirement 2050 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 51 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.2 -5.2 5.8 13.4 10.1 -5.7 -5.7 5.0 12.7 9.7 Product Name :Vanguard Tgt Ret2055;Inv (VFFVX) Fund Family :Vanguard Ticker :VFFVX Peer Group :IM Mixed-Asset Target 2055 (MF) Benchmark :Vanguard Target 2055 Composite Index Fund Inception :08/18/2010 Portfolio Manager :Team Managed Total Assets :$31,506.10 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.97 Page 52 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2055 Fund -5.7 (18)-5.7 (18)5.0 (40)12.7 (54)16.4 (73)16.3 (47)¢ Vanguard Target 2055 Composite Index -5.2 (6)-5.2 (6)5.8 (19)13.4 (9)16.8 (63)17.2 (37)˜ 5th Percentile -5.2 -5.2 6.6 13.4 19.4 20.0 1st Quartile -5.8 -5.8 5.5 13.1 18.1 17.7 Median -6.2 -6.2 4.8 12.7 17.1 16.1 3rd Quartile -6.5 -6.5 3.7 12.1 16.1 14.1 95th Percentile -7.2 -7.2 2.6 11.3 14.3 13.1 Population 29 29 29 29 30 31 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.56 0.77 -0.73 1.00 0.78 -0.62 1.00 12.71 15.89 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 13.36 15.80 1.00 FTSE 3 Month T-Bill -13.06 15.84 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.15 Vanguard Institutional Target Retirement 2055 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2055 Fund Page 54 Asset Allocation As of 12/31/2021 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% 0.4% 3.1% 8.9% 87.6% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $327,073.58 Million P/E 26.63 P/B 7.31 Div. Yield 1.97% Annual EPS 13.91 5Yr EPS 12.77 3Yr EPS Growth 10.79 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 19.8% 15.9% 11.8% 9.8% 9.2% 9.2% 3.6% 3.1% 2.2% 1.5% Vanguard Institutional Target Retirement 2055 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 55 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 7/1/15 -5.2 -5.2 5.8 13.4 10.1 -5.7 -5.7 5.1 12.7 9.7 Product Name :Vanguard Tgt Ret2060;Inv (VTTSX) Fund Family :Vanguard Ticker :VTTSX Peer Group :IM Mixed-Asset Target 2060+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :01/19/2012 Portfolio Manager :Team Managed Total Assets :$14,923.70 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :8% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 0.97 Page 56 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2060 Fund -5.7 (12)-5.7 (12)5.1 (24)12.7 (67)16.4 (71)16.3 (77)¢ Vanguard Target 2060 Composite Index -5.2 (4)-5.2 (4)5.8 (16)13.4 (14)16.8 (48)17.2 (49)˜ 5th Percentile -5.4 -5.4 6.1 13.6 19.1 18.7 1st Quartile -5.8 -5.8 5.0 13.1 17.6 18.0 Median -6.3 -6.3 4.0 12.9 16.7 17.0 3rd Quartile -6.5 -6.5 3.3 12.7 16.1 16.3 95th Percentile -7.0 -7.0 3.0 11.4 15.6 13.4 Population 18 18 18 13 18 18 Peer Group Analysis As of March 31, 2022 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 6/21 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.56 0.78 -0.72 1.00 0.79 -0.60 1.00 12.71 15.87 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 N/A 1.00 0.82 0.00 1.00 13.36 15.80 1.00 FTSE 3 Month T-Bill -13.06 15.84 -0.82 0.02 N/A 0.80 0.00 0.76 0.27 -0.15 Vanguard Institutional Target Retirement 2060 Fund Risk Profile As of March 31, 2022Vanguard Institutional Target Retirement 2060 Fund Page 58 Asset Allocation As of 12/31/2021 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% 0.3% 3.3% 9.1% 87.4% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $325,502.35 Million P/E 26.55 P/B 7.29 Div. Yield 1.96% Annual EPS 13.86 5Yr EPS 12.72 3Yr EPS Growth 10.74 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 19.8% 15.8% 11.8% 9.8% 9.2% 9.1% 3.6% 3.1% 2.2% 1.5% Vanguard Institutional Target Retirement 2060 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 59 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years Inception 8/1/17 -5.2 -5.2 5.8 13.4 10.8 -5.6 -5.6 5.1 12.7 10.3 Product Name :Vanguard Tgt Ret2065;Inv (VLXVX) Fund Family :Vanguard Ticker :VLXVX 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 :$3,090.50 Million Total Assets Date :02/28/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.96 0.98 1.00 1.02 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 3/22 0.98 Page 60 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 32.0 Return 1 Quarter Year To Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2065 Fund -5.6 (11)-5.6 (11)5.1 (23)12.7 (75)16.5 (70)16.2 (81)¢ Vanguard Target 2065 Composite Index -5.2 (4)-5.2 (4)5.8 (16)13.4 (14)16.8 (48)17.2 (49)˜ 5th Percentile -5.4 -5.4 6.1 13.6 19.1 18.7 1st Quartile -5.8 -5.8 5.0 13.1 17.6 18.0 Median -6.3 -6.3 4.0 12.9 16.7 17.0 3rd Quartile -6.5 -6.5 3.3 12.7 16.1 16.3 95th Percentile -7.0 -7.0 3.0 11.4 15.6 13.4 Population 18 18 18 13 18 18 Peer Group Analysis As of March 31, 2022 IM Mixed-Asset Target 2060+ (MF) Parentheses contain percentile rankings. Page 61 Asset Allocation As of 12/31/2021 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% 0.0% 3.3% 9.1% 87.5% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $327,034.75 Million P/E 26.61 P/B 7.31 Div. Yield 1.97% Annual EPS 13.90 5Yr EPS 12.77 3Yr EPS Growth 10.79 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 19.8% 15.8% 11.8% 9.8% 9.2% 9.2% 3.6% 3.1% 2.2% 1.5% Vanguard Institutional Target Retirement 2065 Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 62 Tier II Page 63 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard Institutional Index Fund Performance Summary Vanguard Institutional Index Fund Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 -15.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -4.6 -4.6 15.6 18.9 16.0 14.6 -4.6 -4.6 15.6 18.9 16.0 14.6 Product Name :Vanguard Instl Indx;Inst (VINIX) Fund Family :Vanguard 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 :$115,504.50 Million Total Assets Date :02/28/2022 Gross Expense :0.04% Net Expense :0.04% Turnover :3% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 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 2021 2020 2019 Vanguard Institutional Index Fund -4.6 (42)-4.6 (42)15.6 (16)18.9 (31)16.0 (42)14.6 (32)28.7 (21)18.4 (53)31.5 (42)¢ S&P 500 Index -4.6 (41)-4.6 (41)15.6 (15)18.9 (31)16.0 (42)14.6 (32)28.7 (20)18.4 (53)31.5 (42)˜ 5th Percentile 1.9 1.9 17.9 22.5 20.7 16.9 31.4 48.6 37.5 1st Quartile -1.9 -1.9 14.1 19.5 17.8 15.0 28.0 32.7 33.1 Median -5.5 -5.5 12.1 17.4 15.2 13.8 25.6 18.8 30.6 3rd Quartile -9.4 -9.4 8.4 14.8 12.3 12.1 22.5 9.1 27.5 95th Percentile -13.7 -13.7 -1.1 11.9 9.8 10.4 13.0 -0.3 22.1 Population 420 420 420 420 420 350 420 434 457 Peer Group Analysis As of March 31, 2022 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 65 Asset Allocation As of 02/28/2022 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 0.3% 99.7% Fund Characteristics As of 02/28/2022 Total Securities 507 Avg. Market Cap $564,447.70 Million P/E 29.06 P/B 9.56 Div. Yield 1.76% Annual EPS 53.34 5Yr EPS 19.52 3Yr EPS Growth 20.12 Sector/Quality Allocation As of 02/28/2022 0.0%15.0%30.0%45.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 29.9% 15.9% 12.9% 11.8% 10.7% 8.7% 3.8% 2.5% 1.9% 1.3% Vanguard Institutional Index Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 66 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard Mid-Cap Index Fund Performance Summary Vanguard Mid-Cap Index Fund Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -6.3 -6.3 8.9 15.7 13.0 13.0 -6.3 -6.3 8.8 15.7 13.0 12.9 Product Name :Vanguard Md-Cp I;Adm (VIMAX) Fund Family :Vanguard 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/Khan Total Assets :$59,052.20 Million Total Assets Date :02/28/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 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 2021 2020 2019 Vanguard Mid-Cap Index Fund -6.3 (54)-6.3 (54)8.8 (36)15.7 (31)13.0 (42)12.9 (34)24.5 (44)18.2 (48)31.0 (41)¢ Vanguard Spliced Mid Cap Index -6.3 (54)-6.3 (54)8.9 (35)15.7 (30)13.0 (42)13.0 (32)24.5 (44)18.2 (48)31.1 (39)˜ 5th Percentile 1.9 1.9 14.6 19.0 18.4 14.8 33.4 61.1 39.8 1st Quartile -2.0 -2.0 11.2 16.2 14.9 13.2 28.8 33.3 34.1 Median -5.7 -5.7 6.5 14.4 12.3 12.2 23.3 16.8 30.1 3rd Quartile -12.2 -12.2 -1.2 12.9 10.0 11.2 15.0 6.4 26.1 95th Percentile -16.4 -16.4 -10.0 10.5 8.3 9.5 5.1 -1.7 19.9 Population 192 192 192 192 192 142 193 198 214 Peer Group Analysis As of March 31, 2022 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 68 Asset Allocation As of 02/28/2022 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 0.7% 99.3% Fund Characteristics As of 02/28/2022 Total Securities 372 Avg. Market Cap $26,770.93 Million P/E 31.39 P/B 7.06 Div. Yield 1.94% Annual EPS 39.78 5Yr EPS 16.89 3Yr EPS Growth 16.18 Sector/Quality Allocation As of 02/28/2022 0.0%8.0%16.0%24.0%32.0% Financials Information Technology Industrials Consumer Discretionary Health Care Consumer Staples Energy Utilities Materials Non Classified Equity 20.8% 16.7% 14.8% 12.3% 9.2% 7.4% 6.0% 5.5% 3.5% 3.0% Vanguard Mid-Cap Index Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 69 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard Small-Cap Index Fund Performance Summary Vanguard Small-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -5.7 -5.7 0.7 13.1 11.3 12.1 -5.7 -5.7 0.7 13.2 11.3 12.1 Product Name :Vanguard S-C Id;Adm (VSMAX) Fund Family :Vanguard 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 :$51,096.60 Million Total Assets Date :02/28/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :17% Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.00 Page 70 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Small-Cap Index Fund -5.7 (46)-5.7 (46)0.7 (54)13.2 (50)11.3 (28)12.1 (25)17.7 (71)19.1 (37)27.4 (24)¢ Vanguard Spliced Small Cap Index -5.7 (45)-5.7 (45)0.7 (54)13.1 (51)11.3 (28)12.1 (25)17.7 (71)19.1 (37)27.3 (24)˜ 5th Percentile 0.6 0.6 11.1 19.3 17.1 14.1 39.4 54.5 35.1 1st Quartile -3.0 -3.0 4.9 14.7 11.4 12.1 30.5 25.4 26.9 Median -6.3 -6.3 1.2 13.1 10.0 11.1 24.5 12.7 24.0 3rd Quartile -9.9 -9.9 -4.7 11.1 8.5 10.0 15.5 3.9 21.2 95th Percentile -16.3 -16.3 -15.4 7.9 6.1 8.1 3.4 -4.2 15.1 Population 362 362 362 362 362 285 363 373 397 Peer Group Analysis As of March 31, 2022 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 71 Asset Allocation As of 02/28/2022 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 1.8% 98.2% Fund Characteristics As of 02/28/2022 Total Securities 1,550 Avg. Market Cap $7,058.31 Million P/E 25.86 P/B 4.80 Div. Yield 2.06% Annual EPS 42.76 5Yr EPS 15.81 3Yr EPS Growth 18.17 Sector/Quality Allocation As of 02/28/2022 0.0%10.0%20.0%30.0%40.0% Financials Industrials Consumer Discretionary Information Technology Health Care Consumer Staples Non Classified Equity Energy Materials Utilities 24.5% 19.3% 10.5% 10.0% 9.3% 7.4% 5.0% 4.7% 4.5% 2.7% Vanguard Small-Cap Index Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 72 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 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 -4.0 -8.0 -12.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -6.0 -6.0 -4.1 1.8 2.2 2.3 -6.0 -6.0 -4.1 1.7 2.1 2.2 Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard 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 :$111,502.10 Million Total Assets Date :02/28/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :69% Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.00 Page 73 -16.0 -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Total Bond Market Index Fund -6.0 (53)-6.0 (53)-4.1 (37)1.7 (68)2.1 (65)2.2 (71)-1.7 (73)7.7 (65)8.7 (61)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj -6.0 (54)-6.0 (54)-4.1 (36)1.8 (65)2.2 (62)2.3 (65)-1.6 (67)7.7 (63)8.9 (53)˜ 5th Percentile -3.8 -3.8 -3.0 3.1 3.1 3.0 0.5 11.0 10.6 1st Quartile -5.6 -5.6 -3.6 2.4 2.6 2.8 -0.7 9.2 9.6 Median -6.0 -6.0 -4.2 1.9 2.3 2.5 -1.3 8.1 9.0 3rd Quartile -6.3 -6.3 -4.6 1.6 2.0 2.1 -1.7 7.4 8.4 95th Percentile -7.0 -7.0 -5.1 0.9 1.5 1.6 -2.3 5.0 6.6 Population 106 106 106 106 106 89 107 110 115 Peer Group Analysis As of March 31, 2022 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 74 Asset Allocation As of 09/30/2021 0.0%50.0%100.0%150.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 0.8% 99.2% Fund Characteristics As of 09/30/2021 Avg. Coupon 2.70 % Nominal Maturity 8.70 Years Effective Maturity N/A Duration 6.80 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 09/30/2021 0.0%25.0%50.0%75.0%100.0% Government/AAA BBB Rated A Rated Foreign Securities AA Rated Equities/Other 66.0% 14.9% 11.6% 3.7% 3.1% 0.8% Maturity Distribution As of 09/30/2021 0.0%10.0%20.0%30.0%40.0%50.0% <1Yr Other 20-30Yrs 10-20Yrs >30Yrs 1-3Yrs 3-5Yrs 5-10Yrs 0.0% 0.8% 5.7% 6.7% 9.3% 23.3% 23.8% 30.5% Vanguard Total Bond Market Index Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 75 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard Balanced Index Fund Performance Summary Vanguard Balanced Index Fund Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 10.0 20.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -5.5 -5.5 5.5 12.1 10.5 9.7 -5.6 -5.6 5.3 11.7 10.3 9.5 Product Name :Vanguard Bal Idx;Inst (VBAIX) Fund Family :Vanguard 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 :$12,185.60 Million Total Assets Date :02/28/2022 Gross Expense :0.06% Net Expense :0.06% Turnover :35% Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 0.99 Page 76 -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 5 Years 10 Years 2021 2020 2019 Vanguard Balanced Index Fund -5.6 (56)-5.6 (56)5.3 (22)11.7 (27)10.3 (23)9.5 (21)14.2 (39)16.4 (19)21.8 (33)¢ Vanguard Balanced Composite Index -5.5 (54)-5.5 (54)5.5 (22)12.1 (21)10.5 (19)9.7 (18)14.3 (37)17.3 (15)21.9 (32)˜ 5th Percentile -0.3 -0.3 9.5 13.5 11.6 10.7 20.2 20.8 26.3 1st Quartile -4.5 -4.5 5.0 11.8 10.1 9.3 16.2 15.4 22.8 Median -5.4 -5.4 2.8 9.3 8.0 7.5 12.0 12.2 18.9 3rd Quartile -6.1 -6.1 0.8 6.8 6.0 5.8 7.8 8.8 15.1 95th Percentile -7.4 -7.4 -2.9 3.5 3.2 3.6 2.9 1.0 8.5 Population 815 815 815 810 810 552 835 866 944 Peer Group Analysis As of March 31, 2022 IM All Balanced (MF) Parentheses contain percentile rankings. Page 77 Asset Allocation As of 01/31/2022 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% 0.0% 2.3% 37.8% 59.9% Fund Characteristics As of 01/31/2022 Total Securities 15,507 Avg. Market Cap $502,978.39 Million P/E 31.12 P/B 9.71 Div. Yield 1.76% Annual EPS 31.07 5Yr EPS 18.75 3Yr EPS Growth 17.05 Sector/Quality Allocation As of 01/31/2022 0.0%8.0%16.0%24.0% Information Technology Financials Consumer Discretionary Industrials Health Care Consumer Staples Energy Utilities Materials Non Classified Equity 17.0% 10.2% 7.5% 7.0% 6.9% 5.1% 2.0% 1.5% 1.2% 0.9% Vanguard Balanced Index Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 78 Tier III Page 79 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard Windsor II Fund Performance Summary Vanguard Windsor II Fund Vanguard Windsor II Fund Russell 1000 Value Index 0.0 10.0 20.0 30.0 -10.0 -20.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -0.7 -0.7 11.7 13.0 10.3 11.7 -3.8 -3.8 11.6 18.0 13.4 12.6 Product Name :Vanguard Windsor II;Adm (VWNAX) Fund Family :Vanguard 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 :$45,192.00 Million Total Assets Date :02/28/2022 Gross Expense :0.26% Net Expense :0.26% Turnover :20% Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% 12.0% -4.0 % -8.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Windsor II Fund Benchmark 0.90 0.99 1.08 1.17 1.26 1.35 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.15 Page 80 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 44.0 52.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Windsor II Fund -3.8 (93)-3.8 (93)11.6 (73)18.0 (8)13.4 (11)12.6 (18)29.1 (22)14.5 (5)29.2 (22)¢ Russell 1000 Value Index -0.7 (69)-0.7 (69)11.7 (72)13.0 (66)10.3 (75)11.7 (42)25.2 (62)2.8 (49)26.5 (48)˜ 5th Percentile 4.7 4.7 18.8 18.2 14.2 13.5 31.7 13.9 31.8 1st Quartile 1.0 1.0 14.9 15.6 12.3 12.4 28.9 6.2 28.9 Median -0.2 -0.2 13.3 14.0 11.0 11.6 26.2 2.6 26.3 3rd Quartile -1.6 -1.6 11.3 12.6 10.3 10.9 24.5 0.3 23.9 95th Percentile -4.5 -4.5 7.7 10.3 8.9 9.7 19.6 -5.6 19.9 Population 106 106 106 106 106 86 106 109 113 Peer Group Analysis As of March 31, 2022 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 -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 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 2.83 2.83 1.00 0.97 0.77 2.85 1.00 13.38 16.83 0.99 Russell 1000 Value Index 0.00 0.00 N/A 1.00 0.61 0.00 1.00 10.29 16.56 1.00 FTSE 3 Month T-Bill -10.12 16.61 -0.61 0.03 N/A 1.13 0.00 1.09 0.26 -0.17 Vanguard Windsor II Fund Risk Profile As of March 31, 2022Vanguard Windsor II Fund Page 82 Asset Allocation As of 12/31/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 3.4% 96.6% Fund Characteristics As of 12/31/2021 Total Securities 186 Avg. Market Cap $386,644.15 Million P/E 29.25 P/B 7.15 Div. Yield 1.61% Annual EPS 12.59 5Yr EPS 12.03 3Yr EPS Growth 8.72 Sector/Quality Allocation As of 12/31/2021 0.0%15.0%30.0%45.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Materials Utilities Telecommunication Services 24.1% 19.2% 14.4% 12.9% 11.1% 7.8% 4.7% 1.3% 0.7% 0.3% Vanguard Windsor II Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 83 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard U.S. Growth Fund Performance Summary Vanguard U.S. Growth Fund Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 20.0 40.0 -20.0 -40.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -9.0 -9.0 15.0 23.6 20.9 17.0 -15.1 -15.1 -3.3 20.3 19.8 16.1 Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard 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 :$33,416.50 Million Total Assets Date :02/28/2022 Gross Expense :0.28% Net Expense :0.28% Turnover :41% Quarterly Out Performance Quarterly Under Performance 0.0% 8.0% 16.0% -8.0 % -16.0 % -24.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard U.S. Growth Fund Benchmark 0.80 1.00 1.20 1.40 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 0.96 Page 84 -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 2021 2020 2019 Vanguard U.S. Growth Fund -15.1 (93)-15.1 (93)-3.3 (92)20.3 (41)19.8 (33)16.1 (30)12.5 (90)58.7 (4)33.5 (47)¢ Russell 1000 Growth Index -9.0 (26)-9.0 (26)15.0 (9)23.6 (9)20.9 (10)17.0 (10)27.6 (16)38.5 (42)36.4 (23)˜ 5th Percentile -7.1 -7.1 16.8 24.9 22.1 17.2 30.6 57.5 39.1 1st Quartile -9.0 -9.0 11.7 21.6 20.0 16.3 25.9 42.7 36.2 Median -10.5 -10.5 8.0 19.8 18.9 15.4 22.8 36.4 33.2 3rd Quartile -12.6 -12.6 3.0 17.7 17.3 14.5 17.8 31.8 30.9 95th Percentile -17.4 -17.4 -7.3 14.8 14.9 13.0 8.0 23.8 25.5 Population 146 146 146 146 146 120 146 152 161 Peer Group Analysis As of March 31, 2022 IM U.S. Large Cap Growth Equity (MF) Parentheses contain percentile rankings. Page 85 Annualized Return vs. Annualized Standard Deviation 5 Years Rolling 5 Years Standard Deviation 5 Years Historical Statistics Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -12.0 -6.0 0.0 6.0 12.0 18.0 24.0 30.0 Return (%) 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Risk (Standard Deviation %) Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 9/06 3/08 9/09 3/11 9/12 3/14 9/15 3/17 9/18 3/20 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -0.52 5.30 -0.10 0.94 0.96 -2.49 1.10 19.78 19.77 0.97 Russell 1000 Growth Index 0.00 0.00 N/A 1.00 1.12 0.00 1.00 20.88 17.43 1.00 FTSE 3 Month T-Bill -19.51 17.46 -1.12 0.01 N/A 1.13 0.00 1.09 0.26 -0.11 Vanguard U.S. Growth Fund Risk Profile As of March 31, 2022Vanguard U.S. Growth Fund Page 86 Asset Allocation As of 12/31/2021 0.0%20.0%40.0%60.0%80.0%100.0%120.0%140.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.2% 2.9% 96.9% Fund Characteristics As of 12/31/2021 Total Securities 283 Avg. Market Cap $677,368.61 Million P/E 45.38 P/B 15.91 Div. Yield 0.76% Annual EPS 37.41 5Yr EPS 34.38 3Yr EPS Growth 29.12 Sector/Quality Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Industrials Consumer Staples Health Care Financials Non Classified Equity Materials Energy Utilities 39.0% 17.3% 10.4% 9.4% 8.9% 6.6% 5.0% 0.1% 0.1% 0.0% Vanguard U.S. Growth Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 87 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information As of March 31, 2022 Vanguard International Growth Fund Performance Summary Vanguard International Growth Fund Vanguard International Growth Fund Vanguard Spliced International Index 0.0 15.0 30.0 -15.0 -30.0 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years -5.4 -5.4 -1.5 7.5 6.8 5.6 -16.5 -16.5 -16.2 14.9 14.1 10.5 Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard 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 :$47,012.20 Million Total Assets Date :02/28/2022 Gross Expense :0.32% Net Expense :0.32% Turnover :25% Quarterly Out Performance Quarterly Under Performance 0.0% 15.0% 30.0% -15.0 % -30.0 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard International Growth Fund Benchmark 0.40 0.80 1.20 1.60 2.00 2.40 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.39 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 2021 2020 2019 Vanguard International Growth Fund -16.5 (95)-16.5 (95)-16.2 (98)14.9 (3)14.1 (1)10.5 (4)-0.7 (95)59.7 (1)31.5 (8)¢ Vanguard Spliced International Index -5.4 (4)-5.4 (4)-1.5 (25)7.5 (71)6.8 (76)5.6 (76)7.8 (62)10.7 (82)21.5 (93)˜ 5th Percentile -5.7 -5.7 1.4 13.7 11.5 10.1 15.2 28.3 31.8 1st Quartile -8.1 -8.1 -1.6 10.5 9.7 7.4 11.2 22.8 28.7 Median -10.8 -10.8 -3.2 9.5 7.7 6.7 9.0 17.1 27.5 3rd Quartile -12.7 -12.7 -7.5 6.9 6.8 5.6 6.0 11.9 25.2 95th Percentile -16.5 -16.5 -11.8 4.6 3.9 4.0 -0.8 6.8 20.6 Population 39 39 39 39 39 30 40 42 43 Peer Group Analysis As of March 31, 2022 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 -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 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 3/22 Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 7.34 9.13 0.80 0.77 0.74 6.66 1.11 14.11 18.89 0.88 Vanguard Spliced International Index 0.00 0.00 N/A 1.00 0.44 0.00 1.00 6.76 14.92 1.00 FTSE 3 Month T-Bill -6.58 14.97 -0.44 0.03 N/A 1.12 0.00 1.09 0.26 -0.18 Vanguard International Growth Fund Risk Profile As of March 31, 2022Vanguard International Growth Fund Page 90 Asset Allocation As of 12/31/2021 0.0%50.0%100.0%150.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.1% 1.3% 98.6% Fund Characteristics As of 12/31/2021 Total Securities 144 Avg. Market Cap $169,606.76 Million P/E 39.03 P/B 10.52 Div. Yield 1.22% Annual EPS 25.32 5Yr EPS 16.84 3Yr EPS Growth 11.86 Sector/Quality Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0% Consumer Discretionary Information Technology Health Care Consumer Staples Industrials Financials Energy Non Classified Equity Materials Utilities 20.9% 16.9% 15.3% 15.3% 14.3% 9.9% 2.9% 1.3% 1.0% 0.9% Top 5 Countries As of 12/31/2021 Netherlands 12.64 % China 12.50 % United States 9.89 % Germany 8.46 % Japan 7.67 % Vanguard International Growth Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 91 Regional Allocation As of 12/31/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0% Emg. MidEast, Africa, Europe Other Emerging Latin America Pacific Basin North America Emerging Asia Europe 0.3% 2.0% 4.8% 10.9% 11.5% 18.2% 52.5% Vanguard International Growth Fund Lipper Mutual Fund Attributes As of March 31, 2022 Page 92 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - 5 Years Account Information as of 03/31/22 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 Return 1 Quarter Year To Date 1 Year 3 Years 5 Years 10 Years 0.0 0.0 0.1 0.8 1.1 0.6 0.0 0.0 0.0 0.8 1.2 0.7 Product Name :Vanguard CRsFdl MM;Inv Fund Family :Vanguard Ticker : 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 :- Total Assets Date :01/31/2022 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 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 3/17 9/17 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 1.00 Vanguard Cash Reserves Federal Money Market Fund Performance Summary As of March 31, 2022Vanguard Cash Reserves Federal Money Market Fund Page 93 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)0.01 Avg. Maturity 48.00 Holdings Count 226 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 2.5 11.8 23.9 44.5 8.0 9.3 Sector Distribution (%) 0.0 15.0 30.0 45.0 60.0 Certificates of Deposit U.S. Commercial Paper Other Repurchase Agreements U.S. Govt. Obligations U.S. Treasury Bills Yankee/Foreign 0.0 0.0 0.0 34.5 43.6 21.9 0.0 Vanguard Cash Reserves Federal Money Market Fund Portfolio Characteristics As of December 31, 2021 Page 94 Return Summary Quarterly Excess Performance Ratio of Cumulative Wealth - Since Inception Account Information As of March 31, 2022 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 0.8 1.6 2.4 3.2 Return 1 Year Year To Date 3 Years 5 Years 10 Years Inception 10/1/01 0.1 0.0 0.8 1.1 0.6 1.31.4 0.3 2.0 2.0 2.0 1.6 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 % 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 3/22 Vanguard Retirement Savings Trust III Benchmark 0.60 0.80 1.00 1.20 9/01 9/03 9/05 9/07 9/09 9/11 9/13 9/15 9/17 9/19 3/22 1.07 Page 95 Portfolio Characteristics Portfolio MV/BV Ratio (%)101.23 Crediting Rate 1.58 Effective Duration 3.05 # of Wrap Providers 11 Credit Quality Distribution (%) 0.0 15.0 30.0 45.0 60.0 75.0 Treas./Ag. AAA AA A Other 44.2 15.2 8.4 27.3 4.9 Sector Distribution (%) 0.0 15.0 30.0 45.0 Treasury/Agencies Mortgage-Backed Corporate Asset-Backed International Other 30.4 16.0 28.2 12.2 4.0 9.3 Wrap Providers 0.0%5.0%10.0%15.0% Transamerica Life Ins Co. American General Life Lincoln National Life Pacific Life Insurance Nationwide Life NYL Insurance and Annuity Prudential Insurance Co. JPMorgan Chase Massachusetts Mutual State Street Bank 7.2% 7.3% 7.5% 8.2% 8.5% 8.9% 9.8% 9.5% 9.8% 10.3% Vanguard Retirement Savings Trust - Class III Portfolio Characteristics As of December 31, 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)0.08%0.00%0.08%0.24%P Vanguard Institutional Target Retirement 2015 MF Mixed Asset Target 2015 (Passive)0.08%0.00%0.08%0.12%P Vanguard Institutional Target Retirement 2020 MF Mixed Asset Target 2020 (Passive)0.08%0.00%0.08%0.12%P Vanguard Institutional Target Retirement 2025 MF Mixed Asset Target 2025 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2030 MF Mixed Asset Target 2030 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2035 MF Mixed Asset Target 2035 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2040 MF Mixed Asset Target 2040 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2045 MF Mixed Asset Target 2045 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2050 MF Mixed Asset Target 2050 (Passive)0.08%0.00%0.08%0.13%P Vanguard Institutional Target Retirement 2055 MF Mixed Asset Target 2055 (Passive)0.08%0.00%0.08%0.15%P Vanguard Institutional Target Retirement 2060 MF Mixed Asset Target 2060+ (Passive)0.08%0.00%0.08%0.12%P Vanguard Institutional Target Retirement 2065 MF Mixed Asset Target 2060+ (Passive)0.08%0.00%0.08%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 0.32%0.00%0.32%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 Deferred Compensation Plan As of March 31, 2022 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 Equities were challenged during the first quarter and volatility remained elevated. Global equity markets fell over the quarter, with the U.S. weighing on the index in January, while Europe and Emerging Markets were weaker during the latter part of the quarter. The MSCI All Country World Investable Market Index (ACWI IMI) returned -5.5% for the quarter but was up 6.3% over the past year. Across international markets, except for Canada and Pacific ex-Japan, all the regions were weak over the quarter. Canadian equities were the best performer led by Energy and Materials sectors. Europe ex-UK equities were the worst regional performer with a return of -10.0%. This was due to a combination of the highly infectious sub-variant of Omicron, BA.2, spreading across Europe, and Europe’s proximity and exposure to the fall out from the Russia-Ukraine conflict. Emerging Markets returned -6.6% for the first quarter with Chinese and Korean equities weighing on the region. China re-imposed strict lockdowns in major cities like Shanghai and Shenzhen as the country now faces its most significant surge in Covid-19 cases since the pandemic began. -5.5%-5.6%-5.4% -1.2% -6.7% 4.8% -4.3% -10.0% 3.0% -6.6% 6.3% -1.3% 11.9% 9.3% -7.5% 20.1%18.0% 0.4% 4.3% -9.5% -20% -10% 0% 10% 20% 30% ACWI IMI 39.7% ACWI ex-U.S. IMI 60.3% USA IMI 3.9% UK IMI 5.8% Japan IMI 3.2% Canada IMI 0.3% Israel IMI 11.9% Europe ex-UK IMI 3.3% Pacific ex-Japan IMI 11.2% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 03/31/2022 First Quarter 2022 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 60.3% UK 3.9% Canada 3.2% Pacific ex-Japan 3.3%Japan 5.8% Europe ex-UK 11.9% Israel 0.3% Latin America 1.0% Asia 8.7% Eastern Europe, Middle East & Africa 1.5% Emerging Markets 11.2% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2022 Source:MSCI UK 9.9% Canada 8.2% Pacific ex- Japan 8.4% Japan 14.7% Europe ex-UK 30.1% Israel 0.7%Latin America 2.6% Asia 21.8% Eastern Europe, Middle East & Africa 3.7% Emerging Markets 28.1% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 03/31/2022 Source:MSCI Page 101 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Equity Markets -5.3%-9.8%-4.6%-9.8% -0.1% 37.0% 5.4% -6.3%-2.2% 3.5% -7.1%-6.2% 11.9%19.2% 10.8% 2.0% 13.1% 59.6% 17.9% 0.9% 13.4% 18.7% -5.9% 19.4% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% Russell 3000 27.7% Technology 12.9% Healthcare 15.3% Cons. Disc 5.0% Cons. Staples 4.0% Energy 1.8% Materials & Processing 12.7% Producer Durables 11.3% Financials 3.0% Utilities 2.6% Telecom. 3.6% Real Estate RUSSELL SECTOR RETURNS AS OF 03/31/2022 First Quarter 2022 One-Year Source: Russell Indexes U.S. equities had a weak quarter with the S&P 500 index falling by 4.6%. The Russell 3000 Index fell 5.3% during the first quarter but was up 11.9% over the trailing one-year period. Performance among sectors was generally negative. Energy and Materials & Processing were the best performers while the Technology and Consumer Discretionary sectors were the worst performers at -9.8%. Large and medium cap stocks outperformed small caps over the quarter. On a style basis, value outperformed growth across market capitalizations over the quarter. Over a trailing one-year period, except for large-cap stocks, value has outperformed growth. -5.3% -0.1% -8.3% -1.8% -12.6% -2.4% -12.6% 11.9%11.8% 18.8% 11.5% -0.9% 3.3% -14.3%-20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Russell 3000 30.1% Large Value 39.8% Large Growth 16.0% Medium Value 8.0% Medium Growth 3.2% Small Value 2.9% Small Growth RUSSELL STYLE RETURNS AS OF 03/31/2022 First Quarter 2022 One-Year Source: Russell Indexes 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 was down -5.9% over the quarter and -4.2% over the past year. Across durations, all maturities finished the quarter in negative territory. Within investment-grade bonds, lower-credit quality underperformed higher-quality issues, with Baa bonds falling by 7.9%. High-yield bonds fell by 4.8%. -5.9%-5.5% -7.7% -5.0% -2.9% -5.6% -4.2%-3.7%-4.2% -4.9% -3.1% -4.5% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% Barclays Agg. Bond 42.6% Govt 26.2% Corp. 28.9% MBS 0.3% ABS 2.1% CMBS BLOOMBERG BARCLAYS AGGREGATE RETURNS BY SECTOR AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet -2.5% -4.5%-5.2% -6.6% -11.0% -2.9% -5.0%-4.6%-4.4% -3.1% -12.0% -10.0% -8.0% -6.0% -4.0% -2.0% 0.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG BARCLAYS AGGREGATE RETURNS BY MATURITY AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet -5.3% -7.0%-7.3% -7.9% -4.8%-4.2%-4.1%-4.3%-4.1% -0.7% -9.0% -8.0% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% Aaa Aa A Baa High Yield BLOOMBERG BARCLAYS AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2022 First Quarter 2022 One-YearSource: FactSet Page 103 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. U.S. Fixed Income Markets U.S. treasury yields saw notable increases, particularly in the front end, with the 2-year yield briefly trading above the 10-year yield, “inverting” the curve in the final days of the quarter. The 2-year yield had the largest move over the quarter, rising 155 bps, followed by the 5-year yield up 116 bps. The longer end of the curve also rose, but at a slower pace, with the 10-year Treasury yield up 80bps to 2.32%, and the 30-year Treasury yield up 54bps to 2.44% over the quarter. As expected, the Federal Reserve (Fed) increased its benchmark interest rate by 25bps in March and formally ended quantitative easing. Chair Powell indicated that the FOMC will look to reduce the size of the balance sheet, potential starting in May. Regarding rate hikes, the FOMC consensus forecast shows the federal funds rate at approximately 1.9% by year-end, 2.8% by the end of 2023, and 2.4% through 2024. Inflation remained elevated, with U.S. CPI up 7.9% year-over-year in February and core CPI, which excludes food and energy prices, up by 6.4%. Despite inflationary pressures, the 10-year TIPS yield rose by 52bps over the quarter to -0.52%. -0.5% 0.0% 0.5% 1.0% 1.5% 2.0% 2.5% 3.0% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 3/31/2021 12/31/2021 3/31/2022 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% Mar 12 Mar 14 Mar 16 Mar 18 Mar 20 Mar 22 U.S. 10-YEAR TREASURY AND 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 widened across the Euro Area. The European Central Bank (ECB) ended its emergency quantitative easing program in March and announced that it would accelerate the winddown of its legacy QE program and potentially stop net purchases in the third quarter if economic data supported the move. German government bund yields rose sharply, up 73bps to 0.55% over the quarter. The Eurozone posted quarter-on-quarter growth of 0.3% in Q4, lower than 2.3% growth in Q3. 0% 2% 4% 6% 8% 10% 12% 14% 2016 2017 2018 2019 2020 2021 2022 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 markets declined from risk-averse sentiment during the quarter, with spreads widening. While spreads are still narrow relative to historical averages, High Yield and Global Emerging Markets spreads increased by 42bps and 28bps, respectively. Spread (bps)03/31/2022 12/31/2021 03/31/2021 Quarterly Change (bps)One-Year Change (bps) U.S. Aggregate 41 36 31 5 10 Long Gov't 3 0 1 3 2 Long Credit 155 130 126 25 29 Long Gov't/Credit 88 74 76 14 12 MBS 24 31 12 -7 12 CMBS 85 68 71 17 14 ABS 57 38 35 19 22 Corporate 116 92 91 24 25 High Yield 325 283 310 42 15 Global Emerging Markets 313 285 267 28 46 Source: FactSet, Bloomberg Barclays Page 106 Aon Proprietary & Confidential Investment advice and consulting services provided by Aon Investments USA Inc.. Currency The U.S. Dollar strengthened against most safe-haven currencies but depreciated against commodity-sensitive currencies such as the Canadian dollar. On a trade-weighted basis, the U.S. dollar was relatively flat. The Sterling depreciated by 2.9% against the U.S. dollar. The Bank of England increased its benchmark interest rate for the third time since December 2021, with the policy rate sitting at 0.75%. The U.S. dollar appreciated by 2.2% against the Euro and by 5.4% against the Yen. 100 105 110 115 120 125 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Mar 16 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2016 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 Commodity prices soared on concerns over geopolitical tensions further exacerbating supply-chain issues, with the Bloomberg Commodity Index returning 25.5% for the quarter. Energy continued to have outsized gains, with the sector up 47.9% over the quarter and 91.8% over the trailing one- year period. The price of Brent crude oil rose by 38.7% to $108/bbl while WTI crude oil spot prices rose by 33.3% to $100/bbl over the quarter. Rising yields slowed the momentum in Precious Metals gains over the quarter, with the subcomponent returning 6.9% and underperforming Industrial Metals, which were up 22.7% for the quarter. 25.5% 15.9% 47.9% 22.7% 6.9% 19.9% 7.9% 24.9% 5.8% 49.3% 31.7% 91.8% 48.8% 10.6% 42.2% 57.7% 39.6% 4.0% 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric. Softs Grains Livestock COMMODITY RETURNS AS OF 03/31/2022 First Quarter 2022 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 -2.8% 0.5% -8.4% -5.6% -1.1% -5.1% -9.6% -3.8% -1.5% 10.1%10.3%12.1% 8.0% 5.1% 3.1% 9.4% 13.8% 11.4% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 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 03/31/2022 First Quarter 2022 One-Year Source:MSCI 9.5%9.1% 16.6%16.4% 7.0%9.0% 16.9% 12.5% 10.6%10.2%9.2% 13.7%14.0% 8.3%9.2% 13.5%13.0% 12.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% 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 3/31/2022 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 over the quarter, with equity-sensitive strategies struggling. The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of -0.3% and -2.7% over the quarter, respectively. Over the quarter, Global Macro and Distressed-Restructuring strategies were the best performers with returns of 7.7% and 1.1% respectively. Emerging Markets and Equity Hedge strategies were the worst performers with returns of -5.3% and -3.9% respectively. Over the trailing one-year period, all strategies, except for Emerging Markets, were positive, led by Global Macro and Distressed-Restructuring funds. -1.1% 7.7% -3.9% -5.3% -1.2% 1.1% 0.5% -0.3% -2.7% 2.7% 11.4% 0.5% -2.0% 3.3% 7.4% 4.3% 3.9% 1.3% -8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMANCE AS OF 03/31/2022 First Quarter 2022 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. 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