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4th Quarter Report
Quarterly Investment Review Investment advice and consulting services provided by Aon Investments USA Inc. Nothing in this document should be construed as legal or investment advice. Please consult with your independent professional for any such advice. To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Aon. MSD Deferred Compensation Plan Fourth Quarter 2022 Executive Summary Page 1 Deferred Compensation Summary Page 6 Tier I Page 16 Tier II Page 61 Tier III Page 77 Appendix Page 95 Market Environment Page 97 Glossary Page 112 Table Of Contents Executive Summary Page 1 Defined Contribution Investment advice and consulting services provided by Aon Investments USA Inc. Thought Leadership Highlights Topic Article Link Governance What Drives Fiduciary Liability? Survey of Leading Carriers for Fiduciary Liability Insurance Link Aon United SECURE 2.0 Link Market View Federal Reserve Outlook for 2023 Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Video Market View Quarterly Investment Outlook Link Market View The good run-in value stocks may be coming to an end Request from Consultant Key Topics Key Topics for DC Plans (4-minute video, access code ‘aon!’)Link to Video Plan Design Aon Employee Financial Wellbeing and DC Survey Report Link Strategy Review Conviction in Equity Investing Revisited Request from Consultant Asset Allocation Global Equity Link Asset Allocation The Strength of the U.S. Equity Market and its Impact on Equity Allocations Link Legal & Compliance Legal & Compliance quarterly update newsletter (5-minute summary, access code ‘aon!’)Link to Article Link to Video Other Negotiating Fees for Investment Management: 3 Questions With Dino Nikolopoulos Link If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. 2689661-NRC Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 7.6%6.2% 17.3% 9.7% 1.9% -0.6% 5.3%4.2% -18.1%-20.4% -14.5% -20.1% -13.0% -29.2%-25.3% -11.2% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield SHORT TERM RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 3 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 9.4% 4.1% 1.5% -1.4% 0.0% -2.2% -0.8% 2.3% 12.6% 9.0% 4.7% 1.4%1.1%0.6% 2.1% 4.0% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield LONG TERM ANNUALIZED RETURNS AS OF 12/31/2022 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 4 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 9.84%-18.40%-18.40%3.89%4.96%7.94% MSCI All Country World 9.76%-18.36%-18.36%4.00%5.23%7.98% Dow Jones U.S. Total Stock Market 7.18%-19.53%-19.53%6.89%8.65%12.03% Russell 3000 7.18%-19.21%-19.21%7.07%8.79%12.13% S&P 500 7.56%-18.11%-18.11%7.66%9.42%12.56% Russell 2000 6.23%-20.44%-20.44%3.10%4.13%9.01% MSCI All Country World ex-U.S. IMI 14.15%-16.58%-16.58%0.20%0.85%3.98% MSCI All Country World ex-U.S.14.28%-16.00%-16.00%0.07%0.88%3.80% MSCI EAFE 17.34%-14.45%-14.45%0.87%1.54%4.67% MSCI EAFE (Local Currency)8.72%-7.00%-7.00%3.64%3.81%7.56% MSCI Emerging Markets 9.70%-20.09%-20.09%-2.69%-1.40%1.44% Equity Factors MSCI World Minimum Volatility (USD)10.09%-9.28%-9.28%2.46%5.62%9.05% MSCI World High Dividend Yield 14.60%-3.93%-3.93%4.25%5.62%7.91% MSCI World Quality 10.26%-21.90%-21.90%6.52%9.42%11.73% MSCI World Momentum 13.14%-17.34%-17.34%6.94%8.89%11.98% MSCI World Enhanced Value 16.36%-9.21%-9.21%1.95%1.92%7.10% MSCI World Equal Weighted 12.95%-16.38%-16.38%2.05%3.14%7.43% MSCI World Index Growth 4.77%-29.05%-29.05%4.94%7.73%10.44% MSCI USA Minimum Volatility (USD)9.80%-9.19%-9.19%5.14%8.59%11.88% MSCI USA High Dividend Yield 14.19%-3.75%-3.75%6.07%7.38%11.46% MSCI USA Quality 9.28%-22.67%-22.67%6.65%10.44%13.57% MSCI USA Momentum 12.16%-17.39%-17.39%6.52%8.78%14.07% MSCI USA Enhanced Value 12.40%-13.99%-13.99%3.50%4.71%10.90% MSCI USA Equal Weighted 9.71%-16.99%-16.99%6.35%7.54%11.41% MSCI USA Growth 0.59%-31.97%-31.97%7.10%10.63%13.69% Returns of the Major Capital Markets Period Ending 12/31/2022 Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate 4.55%-16.25%-16.25%-4.48%-1.66%-0.44% Bloomberg U.S. Aggregate 1.87%-13.01%-13.01%-2.71%0.02%1.06% Bloomberg U.S. Long Gov't -0.59%-29.19%-29.19%-7.39%-2.19%0.61% Bloomberg U.S. Long Credit 5.30%-25.29%-25.29%-5.78%-0.77%2.13% Bloomberg U.S. Long Gov't/Credit 2.61%-27.09%-27.09%-6.20%-1.21%1.57% Bloomberg U.S. TIPS 2.04%-11.85%-11.85%1.21%2.11%1.12% Bloomberg U.S. High Yield 4.17%-11.19%-11.19%0.05%2.31%4.03% Bloomberg Global Treasury ex U.S.6.85%-19.55%-19.55%-6.81%-3.37%-1.90% JP Morgan EMBI Global (Emerging Markets)7.44%-16.45%-16.45%-4.49%-1.00%1.35% Commodities Bloomberg Commodity Index 2.22%16.09%16.09%12.65%6.44%-1.28% Goldman Sachs Commodity Index 3.44%25.99%25.99%10.49%6.46%-3.30% Hedge Funds HFRI Fund-Weighted Composite2 2.26%-4.20%-4.20%5.68%4.42%4.68% HFRI Fund of Funds2 1.79%-5.25%-5.25%3.71%3.02%3.51% Real Estate NAREIT U.S. Equity REITS 5.24%-24.37%-24.37%-0.11%3.68%6.53% NCREIF NFI - ODCE -4.96%7.47%7.47%9.93%8.68%10.10% FTSE Global Core Infrastructure Index 8.66%-5.79%-5.79%3.32%6.65%8.54% Private Equity Burgiss Private iQ Global Private Equity3 6.18%21.00%18.52%15.82% 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 June 30, 2022 Returns of the Major Capital Markets Period Ending 12/31/2022 Page 5 Deferred Compensation Page 6 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 86,434,466 100.0 Tier I 25,517,611 29.5 Vanguard Institutional Target Retirement Income Fund 1,399,378 1.6 3.7 (75)-12.7 (47)0.3 (57)2.3 (61) Vanguard Target Income Composite Index 3.9 (66)-12.4 (42)0.7 (40)2.6 (44) Vanguard Institutional Target Retirement 2020 Fund 2,737,574 3.2 5.0 (78)-14.2 (46)1.3 (65)3.2 (64) Vanguard Target 2020 Composite Index 5.1 (69)-13.8 (33)1.8 (35)3.6 (21) Vanguard Institutional Target Retirement 2025 Fund 5,992,964 6.9 6.0 (47)-15.5 (62)1.7 (54)3.6 (61) Vanguard Target 2025 Composite Index 6.2 (34)-15.0 (34)2.2 (28)4.0 (15) Vanguard Institutional Target Retirement 2030 Fund 2,736,642 3.2 6.8 (48)-16.3 (48)2.1 (66)3.9 (57) Vanguard Target 2030 Composite Index 6.9 (38)-15.7 (37)2.7 (31)4.4 (21) Vanguard Institutional Target Retirement 2035 Fund 3,301,808 3.8 7.4 (71)-16.6 (41)2.6 (64)4.3 (64) Vanguard Target 2035 Composite Index 7.6 (58)-16.1 (22)3.2 (33)4.8 (28) Vanguard Institutional Target Retirement 2040 Fund 2,417,272 2.8 8.2 (67)-17.0 (38)3.2 (59)4.7 (57) Vanguard Target 2040 Composite Index 8.2 (65)-16.5 (23)3.7 (29)5.1 (23) Vanguard Institutional Target Retirement 2045 Fund 3,260,358 3.8 8.9 (61)-17.4 (35)3.7 (47)5.1 (45) Vanguard Target 2045 Composite Index 8.9 (62)-16.9 (24)4.2 (13)5.5 (18) Vanguard Institutional Target Retirement 2050 Fund 2,225,205 2.6 9.2 (55)-17.5 (33)3.8 (49)5.2 (47) Vanguard Target 2050 Composite Index 9.2 (58)-17.1 (25)4.3 (13)5.6 (15) Vanguard Institutional Target Retirement 2055 Fund 739,075 0.9 9.2 (64)-17.5 (29)3.8 (53)5.2 (56) Vanguard Target 2055 Composite Index 9.2 (66)-17.1 (21)4.3 (12)5.6 (15) Vanguard Institutional Target Retirement 2060 Fund 578,820 0.7 9.2 (64)-17.5 (17)3.8 (66)5.2 Vanguard Target 2060 Composite Index 9.2 (66)-17.1 (14)4.3 (17)5.6 Vanguard Institutional Target Retirement 2065 Fund 128,515 0.1 9.2 (62)-17.4 (15)3.8 (70)5.2 Vanguard Target 2065 Composite Index 9.2 (66)-17.1 (14)4.3 (17)5.6 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Page 7 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 30,852,626 35.7 Vanguard Institutional Index Fund 12,696,902 14.7 7.5 (50)-18.1 (42)7.6 (30)9.4 (33)12.5 (26) S&P 500 Index 7.6 (50)-18.1 (41)7.7 (30)9.4 (33)12.6 (25) Vanguard Mid-Cap Index Fund 4,684,834 5.4 9.0 (54)-18.7 (60)6.2 (48)7.3 (41)11.1 (33) Vanguard Spliced Mid Cap Index 9.0 (53)-18.7 (60)6.2 (48)7.3 (41)11.1 (31) Vanguard Small-Cap Index Fund 3,495,401 4.0 8.0 (62)-17.6 (57)4.9 (62)5.9 (38)10.1 (30) Vanguard Spliced Small Cap Index 8.0 (62)-17.6 (57)4.9 (62)5.9 (39)10.1 (30) Vanguard Total Bond Market Index Fund 3,957,935 4.6 1.7 (65)-13.2 (37)-2.7 (62)0.0 (59)1.0 (72) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 1.9 (41)-13.1 (32)-2.7 (57)0.1 (52)1.1 (61) Vanguard Balanced Index Fund 6,017,555 7.0 4.9 (69)-16.9 (68)3.4 (34)5.5 (12)7.8 (20) Vanguard Balanced Composite Index 5.2 (66)-16.4 (63)3.9 (23)5.8 (9)8.0 (16) Tier III 28,572,598 33.1 Vanguard Windsor II Fund 9,596,241 11.1 10.9 (90)-13.1 (88)8.7 (18)8.7 (23)11.0 (37) Russell 1000 Value Index 12.4 (65)-7.5 (62)6.0 (73)6.7 (75)10.3 (66) Vanguard U.S. Growth Fund 5,796,944 6.7 -0.7 (86)-39.6 (96)2.6 (83)7.7 (73)12.2 (52) Russell 1000 Growth Index 2.2 (58)-29.1 (37)7.8 (15)11.0 (15)14.1 (8) Vanguard International Growth Fund 4,387,834 5.1 12.6 (79)-30.8 (91)3.1 (20)4.8 (19)7.8 (4) Vanguard Spliced International Index 14.8 (49)-15.6 (14)0.2 (77)1.0 (87)3.8 (86) Vanguard Cash Reserves Federal Money Market Fund 2,706,351 3.1 0.9 (34)1.6 (36)0.7 (23)1.3 (13)0.8 (11) ICE BofAML 3 Month U.S. T-Bill 0.8 (62)1.5 (60)0.7 (21)1.3 (20)0.8 (18) Vanguard Retirement Savings Trust III 6,085,227 7.0 0.5 (53)1.6 (42)1.8 (28)2.0 (17)2.0 (19) ICE BofAML 3 Month U.S. T-Bill 0.8 (10)1.5 (56)0.7 (93)1.3 (87)0.8 (98) Tier IV 1,491,631 1.7 Loan Fund 1,491,631 1.7 Page 8 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund -12.7 (47)5.2 (73)10.0 (52)13.2 (64)-2.0 (21)8.5 (73)5.3 (69) Vanguard Target Income Composite Index -12.4 (42)5.4 (72)10.7 (31)13.4 (60)-2.0 (17)8.7 (63)5.4 (53) Vanguard Institutional Target Retirement 2020 Fund -14.2 (46)8.2 (75)12.0 (45)17.6 (42)-4.2 (49)14.1 (29)6.9 (36) Vanguard Target 2020 Composite Index -13.8 (33)8.4 (72)12.8 (29)17.9 (37)-4.1 (45)14.2 (20)7.2 (24) Vanguard Institutional Target Retirement 2025 Fund -15.5 (62)9.8 (61)13.3 (40)19.6 (27)-5.2 (48)15.9 (28)7.5 (34) Vanguard Target 2025 Composite Index -15.0 (34)10.1 (55)14.2 (21)19.9 (17)-5.0 (45)16.1 (26)7.7 (26) Vanguard Institutional Target Retirement 2030 Fund -16.3 (48)11.4 (66)14.1 (45)21.1 (43)-5.9 (44)17.5 (36)7.9 (36) Vanguard Target 2030 Composite Index -15.7 (37)11.7 (58)15.0 (25)21.3 (34)-5.7 (43)17.7 (31)8.1 (27) Vanguard Institutional Target Retirement 2035 Fund -16.6 (41)13.0 (83)14.8 (42)22.4 (58)-6.6 (38)19.1 (37)8.3 (41) Vanguard Target 2035 Composite Index -16.1 (22)13.2 (74)15.7 (27)22.8 (46)-6.5 (34)19.2 (33)8.6 (24) Vanguard Institutional Target Retirement 2040 Fund -17.0 (38)14.6 (81)15.5 (40)23.9 (53)-7.3 (44)20.7 (27)8.7 (43) Vanguard Target 2040 Composite Index -16.5 (23)14.8 (78)16.3 (30)24.2 (45)-7.2 (40)20.9 (24)9.0 (25) Vanguard Institutional Target Retirement 2045 Fund -17.4 (35)16.2 (74)16.3 (38)24.9 (53)-7.9 (48)21.4 (28)8.9 (38) Vanguard Target 2045 Composite Index -16.9 (24)16.4 (67)17.0 (28)25.4 (37)-7.8 (43)21.5 (21)9.1 (33) Vanguard Institutional Target Retirement 2050 Fund -17.5 (33)16.4 (83)16.4 (40)25.0 (62)-7.9 (44)21.4 (45)8.9 (43) Vanguard Target 2050 Composite Index -17.1 (25)16.8 (72)17.2 (33)25.4 (41)-7.8 (35)21.5 (27)9.1 (34) Vanguard Institutional Target Retirement 2055 Fund -17.5 (29)16.4 (83)16.3 (46)25.0 (66)-7.9 (46)21.4 (51)8.9 (39) Vanguard Target 2055 Composite Index -17.1 (21)16.8 (74)17.2 (33)25.4 (47)-7.8 (36)21.5 (38)9.1 (37) Vanguard Institutional Target Retirement 2060 Fund -17.5 (17)16.4 (78)16.3 (57)25.0 -7.9 21.4 8.8 Vanguard Target 2060 Composite Index -17.1 (14)16.8 (67)17.2 (36)25.4 -7.8 21.5 9.1 Vanguard Institutional Target Retirement 2065 Fund -17.4 (15)16.5 (75)16.2 (61)25.0 -7.9 Vanguard Target 2065 Composite Index -17.1 (14)16.8 (67)17.2 (36)25.4 -7.8 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Page 9 Asset Allocation & Performance As of December 31, 2022 As of December 31, 2022 Performance % 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 Tier II Vanguard Institutional Index Fund -18.1 (42)28.7 (21)18.4 (62)31.5 (47)-4.4 (54)21.8 (55)11.9 (28)1.4 (52)13.7 (21)32.3 (56) S&P 500 Index -18.1 (41)28.7 (21)18.4 (62)31.5 (47)-4.4 (53)21.8 (55)12.0 (28)1.4 (52)13.7 (20)32.4 (56) Vanguard Mid-Cap Index Fund -18.7 (60)24.5 (49)18.2 (40)31.0 (37)-9.2 (48)19.3 (44)11.2 (60)-1.3 (38)13.8 (8)35.2 (56) Vanguard Spliced Mid Cap Index -18.7 (60)24.5 (49)18.2 (40)31.1 (36)-9.2 (48)19.3 (44)11.2 (60)-1.3 (38)13.8 (6)35.2 (56) Vanguard Small-Cap Index Fund -17.6 (57)17.7 (71)19.1 (38)27.4 (27)-9.3 (36)16.2 (30)18.3 (66)-3.6 (42)7.5 (15)37.8 (62) Vanguard Spliced Small Cap Index -17.6 (57)17.7 (71)19.1 (38)27.3 (27)-9.3 (37)16.2 (30)18.3 (66)-3.7 (43)7.5 (14)37.8 (62) Vanguard Total Bond Market Index Fund -13.2 (37)-1.7 (69)7.7 (63)8.7 (61)0.0 (27)3.6 (63)2.6 (67)0.4 (51)5.9 (48)-2.1 (74) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -13.1 (32)-1.6 (63)7.7 (63)8.9 (53)-0.1 (29)3.6 (58)2.8 (63)0.4 (48)5.9 (53)-2.0 (63) Vanguard Balanced Index Fund -16.9 (68)14.2 (40)16.4 (19)21.8 (35)-2.8 (15)13.9 (57)8.8 (26)0.5 (10)10.0 (7)18.1 (44) Vanguard Balanced Composite Index -16.4 (63)14.3 (40)17.3 (15)21.9 (34)-2.8 (14)13.9 (56)8.9 (25)0.8 (8)10.1 (7)18.2 (43) Tier III Vanguard Windsor II Fund -13.1 (88)29.1 (13)14.5 (3)29.2 (40)-8.5 (54)16.9 (60)13.5 (70)-3.1 (67)11.3 (50)30.8 (75) Russell 1000 Value Index -7.5 (62)25.2 (61)2.8 (60)26.5 (59)-8.3 (49)13.7 (88)17.3 (19)-3.8 (82)13.5 (10)32.5 (36) Vanguard U.S. Growth Fund -39.6 (96)12.5 (94)58.7 (2)33.5 (50)0.7 (29)31.8 (29)-0.6 (84)8.6 (18)13.2 (33)35.7 (28) Russell 1000 Growth Index -29.1 (37)27.6 (19)38.5 (36)36.4 (21)-1.5 (59)30.2 (41)7.1 (12)5.7 (56)13.1 (34)33.5 (60) Vanguard International Growth Fund -30.8 (91)-0.7 (96)59.7 (2)31.5 (20)-12.6 (38)43.2 (4)1.8 (18)-0.5 (61)-5.5 (73)23.1 (18) Vanguard Spliced International Index -15.6 (14)7.8 (65)10.7 (90)21.5 (96)-14.2 (59)27.2 (56)4.5 (8)-5.7 (97)-3.9 (44)15.3 (90) Vanguard Cash Reserves Federal Money Market Fund 1.6 (36)0.0 (34)0.6 (12)2.3 (10)2.0 (5)1.1 (7)0.5 (1)0.1 (11)0.1 (14)0.1 (15) ICE BofAML 3 Month U.S. T-Bill 1.5 (60)0.0 (11)0.7 (2)2.3 (12)1.9 (20)0.9 (21)0.3 (18)0.1 (25)0.0 (18)0.1 (14) Vanguard Retirement Savings Trust III 1.6 (42)1.5 (39)2.2 (21)2.5 (23)2.2 (15)1.9 (27)2.0 (21)2.1 (16)2.0 (27)1.9 (27) ICE BofAML 3 Month U.S. T-Bill 1.5 (56)0.0 (95)0.7 (100)2.3 (54)1.9 (60)0.9 (99)0.3 (100)0.1 (100)0.0 (100)0.1 (94) Tier IV Loan Fund Page 10 -0.4 0.0 0.4 0.8 1.2 1.6 2.0 2.4 2.8 3.2 3.6 4.0 4.4 R eturn (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 Risk (Standard Deviation %) Vanguard Institutional Target Retirement Income Fund Vanguard Institutional Target Retirement 2045- 2065 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 Tier I Funds 3 Years Ending December 31, 2022 3 Years Ending December 31, 2022 Calculation based on monthly periodicity. Page 11 -4.5 -3.6 -2.7 -1.8 -0.9 0.0 0.9 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 R eturn (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 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 3 Years Ending December 31, 2022 3 Years Ending December 31, 2022 Calculation based on monthly periodicity. Page 12 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 7.2 8.0 8.8 9.6 R eturn (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 36.0 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 3 Years Ending December 31, 2022 3 Years Ending December 31, 2022 Calculation based on monthly periodicity. Page 13 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 36,270,322 42.0 4,387,834 5.1 3,957,935 4.6 4,197,982 4.9 6,017,555 7.0 6,085,227 7.0 25,517,611 29.5 86,434,466 100.0 Tier I 25,517,611 100.0 25,517,611 29.5 Vanguard Institutional Target Retirement Income Fund 1,399,378 100.0 1,399,378 1.6 Vanguard Institutional Target Retirement 2020 Fund 2,737,574 100.0 2,737,574 3.2 Vanguard Institutional Target Retirement 2025 Fund 5,992,964 100.0 5,992,964 6.9 Vanguard Institutional Target Retirement 2030 Fund 2,736,642 100.0 2,736,642 3.2 Vanguard Institutional Target Retirement 2035 Fund 3,301,808 100.0 3,301,808 3.8 Vanguard Institutional Target Retirement 2040 Fund 2,417,272 100.0 2,417,272 2.8 Vanguard Institutional Target Retirement 2045 Fund 3,260,358 100.0 3,260,358 3.8 Vanguard Institutional Target Retirement 2050 Fund 2,225,205 100.0 2,225,205 2.6 Vanguard Institutional Target Retirement 2055 Fund 739,075 100.0 739,075 0.9 Vanguard Institutional Target Retirement 2060 Fund 578,820 100.0 578,820 0.7 Vanguard Institutional Target Retirement 2065 Fund 128,515 100.0 128,515 0.1 Tier II 20,877,137 67.7 3,957,935 12.8 6,017,555 19.5 30,852,626 35.7 Vanguard Institutional Index Fund 12,696,902 100.0 12,696,902 14.7 Vanguard Mid-Cap Index Fund 4,684,834 100.0 4,684,834 5.4 Vanguard Small-Cap Index Fund 3,495,401 100.0 3,495,401 4.0 Vanguard Total Bond Market Index Fund 3,957,935 100.0 3,957,935 4.6 Vanguard Balanced Index Fund 6,017,555 100.0 6,017,555 7.0 Tier III 15,393,186 53.9 4,387,834 15.4 2,706,351 9.5 6,085,227 21.3 28,572,598 33.1 Vanguard Windsor II Fund 9,596,241 100.0 9,596,241 11.1 Vanguard U.S. Growth Fund 5,796,944 100.0 5,796,944 6.7 Vanguard International Growth Fund 4,387,834 100.0 4,387,834 5.1 Vanguard Cash Reserves Federal Money Market Fund 2,706,351 100.0 2,706,351 3.1 Vanguard Retirement Savings Trust III 6,085,227 100.0 6,085,227 7.0 Tier IV 1,491,631 100.0 1,491,631 1.7 Loan Fund 1,491,631 100.0 1,491,631 1.7 Asset Allocation As of December 31, 2022 As of December 31, 2022 ($) Page 14 This Page Left Blank Intentionally Page 15 Tier I Page 16 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 8.0 16.0 -8.0 -16.0 -24.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 3.9 -12.4 -12.4 0.7 3.53.7 -12.7 -12.7 0.3 3.2 Account Information 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 :$37,776.30 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.98 Page 17 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target Today (MF) -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement Income Fund 3.74 (75)-12.74 (47)-12.74 (47)0.34 (57)5.25 (73)10.02 (52)¢ Vanguard Target Income Composite Index 3.95 (66)-12.44 (42)-12.44 (42)0.73 (40)5.44 (72)10.70 (31)¢ 5th Percentile 5.64 -9.84 -9.84 1.86 9.05 12.65 1st Quartile 4.90 -11.33 -11.33 1.31 7.60 10.96 Median 4.44 -12.82 -12.82 0.46 6.75 10.02 3rd Quartile 3.74 -14.04 -14.04 0.11 5.18 8.88 95th Percentile 3.08 -15.27 -15.27 -0.18 2.85 6.03 Page 18 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 5 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 2.0 4.0 6.0 8.0 10.0 12.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill 0.2 0.4 0.6 0.8 1.0 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 Standard Deviation % 3 Years Historical Statistics 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 0.47 -0.79 1.00 0.00 -0.39 1.01 0.34 8.59 1.00 Vanguard Target Income Composite Index 0.00 0.00 -1.00 0.04 0.00 1.00 0.73 8.46 1.00 FTSE 3 Month T-Bill -0.37 8.50 -0.04 0.01 -0.71 0.00 0.71 0.31 -0.11 Page 19 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%80.0%88.0% 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%2.0%4.0%6.0%8.0%10.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 20 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 8.0 16.0 -8.0 -16.0 -24.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 5.1 -13.8 -13.8 1.8 4.95.0 -14.2 -14.2 1.3 4.6 Account Information 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 :$41,671.50 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.98 Page 21 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2020 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2020 Fund 4.97 (78)-14.15 (46)-14.15 (46)1.33 (65)8.17 (75)12.04 (45)¢ Vanguard Target 2020 Composite Index 5.13 (69)-13.76 (33)-13.76 (33)1.81 (35)8.43 (72)12.85 (29)¢ 5th Percentile 6.30 -11.71 -11.71 2.31 10.87 14.06 1st Quartile 5.93 -13.35 -13.35 2.05 9.95 13.19 Median 5.51 -14.33 -14.33 1.62 9.07 11.68 3rd Quartile 5.01 -14.91 -14.91 1.02 8.14 10.04 95th Percentile 4.39 -16.19 -16.19 0.34 6.30 7.07 Page 22 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 18.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill 0.4 0.8 1.2 1.6 2.0 2.4 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2020 Fund -0.45 0.63 -0.72 1.00 0.11 -0.48 1.01 1.33 11.48 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 -1.00 0.15 0.00 1.00 1.81 11.31 1.00 FTSE 3 Month T-Bill -1.71 11.35 -0.15 0.02 -0.72 0.00 0.71 0.31 -0.13 Page 23 Asset Allocation As of 12/31/2021 0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%54.0%60.0%66.0%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%3.0%6.0%9.0%12.0%15.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 24 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 6.2 -15.0 -15.0 2.2 5.46.0 -15.5 -15.5 1.7 5.0 Account Information 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 :$74,469.00 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :7% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 25 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2025 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2025 Fund 6.03 (47)-15.55 (62)-15.55 (62)1.66 (54)9.80 (61)13.30 (40)¢ Vanguard Target 2025 Composite Index 6.17 (34)-15.01 (34)-15.01 (34)2.23 (28)10.09 (55)14.19 (21)¢ 5th Percentile 6.93 -11.90 -11.90 2.68 12.03 15.09 1st Quartile 6.38 -13.72 -13.72 2.26 11.12 14.03 Median 5.95 -15.28 -15.28 1.77 10.24 12.61 3rd Quartile 5.37 -15.94 -15.94 1.15 9.13 10.91 95th Percentile 3.38 -16.97 -16.97 0.57 5.65 7.42 Page 26 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill 0.0 0.5 1.0 1.5 2.0 2.5 3.0 R eturn % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2025 Fund -0.53 0.77 -0.70 1.00 0.14 -0.58 1.02 1.66 13.38 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 -1.00 0.18 0.00 1.00 2.23 13.16 1.00 FTSE 3 Month T-Bill -2.35 13.21 -0.18 0.02 -0.72 0.00 0.71 0.31 -0.13 Page 27 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%80.0% 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%4.0%8.0%12.0%16.0%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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 28 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 6.9 -15.7 -15.7 2.7 5.86.8 -16.3 -16.3 2.1 5.5 Account Information 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 :$78,948.70 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :12% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 29 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2030 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2030 Fund 6.81 (48)-16.27 (48)-16.27 (48)2.09 (66)11.38 (66)14.10 (45)¢ Vanguard Target 2030 Composite Index 6.93 (38)-15.70 (37)-15.70 (37)2.67 (31)11.66 (58)14.98 (25)¢ 5th Percentile 7.51 -11.92 -11.92 3.11 14.07 17.05 1st Quartile 7.22 -14.50 -14.50 2.74 12.96 14.91 Median 6.80 -16.33 -16.33 2.37 11.85 13.42 3rd Quartile 6.30 -16.80 -16.80 1.91 11.33 11.99 95th Percentile 4.65 -17.46 -17.46 1.23 8.53 9.34 Page 30 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill 0.0 0.6 1.2 1.8 2.4 3.0 3.6 R eturn % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.53 0.81 -0.65 1.00 0.16 -0.58 1.01 2.09 14.76 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 -1.00 0.20 0.00 1.00 2.67 14.54 1.00 FTSE 3 Month T-Bill -2.96 14.59 -0.20 0.02 -0.72 0.00 0.71 0.31 -0.13 Page 31 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%80.0%88.0% 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%4.0%8.0%12.0%16.0%20.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 32 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 7.6 -16.1 -16.1 3.2 6.37.4 -16.6 -16.6 2.6 5.9 Account Information 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 :$77,907.30 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 33 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2035 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2035 Fund 7.45 (71)-16.62 (41)-16.62 (41)2.64 (64)12.96 (83)14.79 (42)¢ Vanguard Target 2035 Composite Index 7.58 (58)-16.10 (22)-16.10 (22)3.20 (33)13.24 (74)15.67 (27)¢ 5th Percentile 8.56 -13.97 -13.97 3.72 15.91 17.53 1st Quartile 8.06 -16.25 -16.25 3.26 14.84 15.72 Median 7.68 -17.07 -17.07 2.87 14.09 14.41 3rd Quartile 7.36 -17.59 -17.59 2.41 13.17 13.23 95th Percentile 5.68 -18.41 -18.41 1.62 11.02 10.52 Page 34 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill 0.0 0.8 1.6 2.4 3.2 4.0 R eturn % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Standard Deviation % 3 Years Historical Statistics 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 0.85 -0.60 1.00 0.20 -0.56 1.01 2.64 16.04 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 -1.00 0.23 0.00 1.00 3.20 15.83 1.00 FTSE 3 Month T-Bill -3.67 15.87 -0.23 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 35 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%80.0%88.0%96.0% 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%5.0%10.0%15.0%20.0%25.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 36 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 8.2 -16.5 -16.5 3.7 6.78.2 -17.0 -17.0 3.2 6.4 Account Information 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 :$67,543.40 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 37 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2040 (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2040 Fund 8.20 (67)-16.98 (38)-16.98 (38)3.17 (59)14.56 (81)15.47 (40)¢ Vanguard Target 2040 Composite Index 8.23 (65)-16.50 (23)-16.50 (23)3.70 (29)14.84 (78)16.31 (30)¢ 5th Percentile 9.61 -14.65 -14.65 4.25 17.65 18.74 1st Quartile 8.82 -16.67 -16.67 3.74 16.59 16.58 Median 8.49 -17.65 -17.65 3.23 15.88 15.06 3rd Quartile 8.13 -18.16 -18.16 2.94 14.97 13.35 95th Percentile 6.52 -19.09 -19.09 2.36 12.74 10.28 Page 38 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 R eturn % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2040 Fund -0.48 0.88 -0.54 1.00 0.22 -0.53 1.01 3.17 17.33 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 -1.00 0.25 0.00 1.00 3.70 17.13 1.00 FTSE 3 Month T-Bill -4.37 17.17 -0.25 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 39 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%100.0% 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%5.0%10.0%15.0%20.0%25.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 40 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 8.9 -16.9 -16.9 4.2 7.18.9 -17.4 -17.4 3.7 6.7 Account Information 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 :$63,214.90 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.98 Page 41 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2045 (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2045 Fund 8.89 (61)-17.36 (35)-17.36 (35)3.74 (47)16.16 (74)16.30 (38)¢ Vanguard Target 2045 Composite Index 8.89 (62)-16.92 (24)-16.92 (24)4.22 (13)16.45 (67)17.02 (28)¢ 5th Percentile 9.99 -14.28 -14.28 4.93 19.07 19.14 1st Quartile 9.32 -17.03 -17.03 4.11 17.74 17.38 Median 9.03 -18.08 -18.08 3.69 16.95 15.61 3rd Quartile 8.64 -18.52 -18.52 3.32 16.14 13.90 95th Percentile 6.97 -19.24 -19.24 2.52 14.75 10.92 Page 42 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2045 Fund -0.42 0.92 -0.46 1.00 0.25 -0.48 1.01 3.74 18.64 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 -1.00 0.28 0.00 1.00 4.22 18.43 1.00 FTSE 3 Month T-Bill -5.10 18.47 -0.28 0.02 -0.72 0.00 0.71 0.31 -0.15 Page 43 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% 0.4% 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%5.0%10.0%15.0%20.0%25.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 44 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 9.2 -17.1 -17.1 4.3 7.19.2 -17.5 -17.5 3.8 6.8 Account Information 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 :$50,848.60 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 45 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2050 (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2050 Fund 9.23 (55)-17.46 (33)-17.46 (33)3.80 (49)16.41 (83)16.39 (40)¢ Vanguard Target 2050 Composite Index 9.18 (58)-17.07 (25)-17.07 (25)4.30 (13)16.75 (72)17.17 (33)¢ 5th Percentile 10.28 -15.17 -15.17 4.49 19.75 19.32 1st Quartile 9.71 -17.12 -17.12 4.10 18.43 17.53 Median 9.28 -18.12 -18.12 3.79 17.33 15.91 3rd Quartile 8.91 -18.82 -18.82 3.53 16.57 13.98 95th Percentile 7.46 -19.42 -19.42 2.62 15.56 10.62 Page 46 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2050 Fund -0.44 0.95 -0.47 1.00 0.25 -0.49 1.01 3.80 18.82 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 -1.00 0.28 0.00 1.00 4.30 18.64 1.00 FTSE 3 Month T-Bill -5.21 18.69 -0.28 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 47 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% 0.4% 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%6.0%12.0%18.0%24.0%30.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 48 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 9.2 -17.1 -17.1 4.3 7.19.2 -17.5 -17.5 3.8 6.7 Account Information 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 :$31,560.30 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 49 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2055 (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2055 Fund 9.23 (64)-17.46 (29)-17.46 (29)3.79 (53)16.44 (83)16.32 (46)¢ Vanguard Target 2055 Composite Index 9.18 (66)-17.07 (21)-17.07 (21)4.30 (12)16.75 (74)17.17 (33)¢ 5th Percentile 10.41 -15.34 -15.34 4.82 19.93 19.25 1st Quartile 9.74 -17.36 -17.36 4.16 18.47 17.80 Median 9.34 -18.16 -18.16 3.81 17.55 15.93 3rd Quartile 8.93 -18.83 -18.83 3.50 16.70 14.18 95th Percentile 7.75 -19.50 -19.50 2.68 15.60 11.93 Page 50 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2055 Fund -0.45 0.94 -0.48 1.00 0.25 -0.51 1.01 3.79 18.83 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 -1.00 0.28 0.00 1.00 4.30 18.64 1.00 FTSE 3 Month T-Bill -5.21 18.69 -0.28 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 51 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% 0.4% 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%6.0%12.0%18.0%24.0%30.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 52 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 7/1/15 9.2 -17.1 -17.1 4.3 7.19.2 -17.5 -17.5 3.8 6.7 Account Information Product Name :Vanguard Tgt Ret2060;Inv (VTTSX) Fund Family :Vanguard Ticker :VTTSX Peer Group :IM Mixed-Asset Target 2065+ (MF) Benchmark :Vanguard Target 2060 Composite Index Fund Inception :01/19/2012 Portfolio Manager :Team Managed Total Assets :$15,880.60 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :8% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception 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 12/22 0.97 Page 53 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2065+ (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2060 Fund 9.23 (64)-17.46 (17)-17.46 (17)3.79 (66)16.44 (78)16.32 (57)¢ Vanguard Target 2060 Composite Index 9.18 (66)-17.07 (14)-17.07 (14)4.30 (17)16.75 (67)17.17 (36)¢ 5th Percentile 10.39 -15.75 -15.75 4.49 20.34 18.41 1st Quartile 9.77 -17.81 -17.81 4.14 18.76 17.80 Median 9.29 -18.37 -18.37 3.89 17.72 16.58 3rd Quartile 8.87 -18.96 -18.96 3.74 16.45 14.81 95th Percentile 7.99 -19.66 -19.66 2.89 15.09 12.75 Page 54 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 3/20 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2060 Fund -0.46 0.95 -0.48 1.00 0.25 -0.50 1.01 3.79 18.81 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 -1.00 0.28 0.00 1.00 4.30 18.64 1.00 FTSE 3 Month T-Bill -5.21 18.69 -0.28 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 55 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% 0.3% 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%5.0%10.0%15.0%20.0%25.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 56 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years Inception 8/1/17 9.2 -17.1 -17.1 4.3 6.69.2 -17.4 -17.4 3.8 6.2 Account Information Product Name :Vanguard Tgt Ret2065;Inv (VLXVX) Fund Family :Vanguard Ticker :VLXVX Peer Group :IM Mixed-Asset Target 2065+ (MF) Benchmark :Vanguard Target 2065 Composite Index Fund Inception :07/12/2017 Portfolio Manager :Team Managed Total Assets :$3,733.30 Million Total Assets Date :11/30/2022 Gross Expense :0.08% Net Expense :0.08% Turnover :5% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.97 0.98 0.99 1.00 1.01 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 12/22 0.98 Page 57 Peer Group Analysis As of December 31, 2022 Label6 IM Mixed-Asset Target 2065+ (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 2021 2020 Vanguard Institutional Target Retirement 2065 Fund 9.24 (62)-17.39 (15)-17.39 (15)3.78 (70)16.46 (75)16.17 (61)¢ Vanguard Target 2065 Composite Index 9.18 (66)-17.07 (14)-17.07 (14)4.30 (17)16.75 (67)17.17 (36)¢ 5th Percentile 10.39 -15.75 -15.75 4.49 20.34 18.41 1st Quartile 9.77 -17.81 -17.81 4.14 18.76 17.80 Median 9.29 -18.37 -18.37 3.89 17.72 16.58 3rd Quartile 8.87 -18.96 -18.96 3.74 16.45 14.81 95th Percentile 7.99 -19.66 -19.66 2.89 15.09 12.75 Page 58 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index FTSE 3 Month T-Bill -1.5 0.0 1.5 3.0 4.5 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2065 Fund -0.47 0.95 -0.49 1.00 0.25 -0.51 1.01 3.78 18.82 1.00 Vanguard Target 2065 Composite Index 0.00 0.00 -1.00 0.28 0.00 1.00 4.30 18.64 1.00 FTSE 3 Month T-Bill -5.21 18.69 -0.28 0.02 -0.72 0.00 0.71 0.31 -0.14 Page 59 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% 0.0% 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%6.0%12.0%18.0%24.0%30.0% 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% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 60 Tier II Page 61 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 7.6 -18.1 -18.1 7.7 9.4 12.6 7.5 -18.1 -18.1 7.6 9.4 12.5 Account Information 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 :$103,277.90 Million Total Assets Date :11/30/2022 Gross Expense :0.04% Net Expense :0.04% Turnover :3% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.00 Page 62 IM U.S. Large Cap Equity (MF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Institutional Index Fund 7.5 (50)-18.1 (42)-18.1 (42)7.6 (30)9.4 (33)12.5 (26)28.7 (21)18.4 (62)31.5 (47)¢ S&P 500 Index 7.6 (50)-18.1 (41)-18.1 (41)7.7 (30)9.4 (33)12.6 (25)28.7 (21)18.4 (62)31.5 (47)¢ 5th Percentile 14.4 -4.4 -4.4 9.8 11.2 13.9 31.7 45.3 37.2 1st Quartile 10.8 -13.3 -13.3 7.8 9.7 12.5 28.1 32.7 33.5 Median 7.4 -19.5 -19.5 6.8 8.8 11.8 26.0 20.7 31.4 3rd Quartile 3.7 -28.7 -28.7 5.3 7.5 10.8 22.9 13.1 28.7 95th Percentile -0.9 -38.0 -38.0 1.8 5.2 9.0 14.6 1.5 23.4 Population 611 585 585 470 401 272 536 479 435 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Large Cap Equity (MF) Parentheses contain percentile rankings. Page 63 Asset Allocation As of 10/31/2022 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 0.4% 99.6% Fund Characteristics As of 10/31/2022 Total Securities 505 Avg. Market Cap $449,754.47 Million P/E 27.46 P/B 8.46 Div. Yield 2.03% Annual EPS 45.28 5Yr EPS 18.55 3Yr EPS Growth 19.17 Sector/Quality Allocation As of 10/31/2022 0.0%8.0%16.0%24.0%32.0%40.0% Information Technology Financials Health Care Consumer Discretionary Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 26.0% 15.9% 13.7% 12.1% 11.1% 9.0% 5.5% 2.9% 1.9% 1.2% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 64 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 9.0 -18.7 -18.7 6.2 7.3 11.19.0 -18.7 -18.7 6.2 7.3 11.1 Account Information 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 :$54,441.90 Million Total Assets Date :11/30/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :16% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.00 Page 65 IM U.S. Mid Cap Equity (MF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Mid-Cap Index Fund 9.0 (54)-18.7 (60)-18.7 (60)6.2 (48)7.3 (41)11.1 (33)24.5 (49)18.2 (40)31.0 (37)¢ Vanguard Spliced Mid Cap Index 9.0 (53)-18.7 (60)-18.7 (60)6.2 (48)7.3 (41)11.1 (31)24.5 (49)18.2 (40)31.1 (36)¢ 5th Percentile 13.9 -4.3 -4.3 10.0 9.8 12.5 34.1 57.8 38.8 1st Quartile 11.5 -9.3 -9.3 7.8 8.1 11.3 28.7 32.5 33.1 Median 9.2 -15.3 -15.3 6.0 6.9 10.4 24.2 13.1 29.7 3rd Quartile 6.2 -26.4 -26.4 4.0 5.4 9.5 15.9 5.7 26.6 95th Percentile 1.3 -34.7 -34.7 0.3 3.0 7.6 5.4 -2.0 20.9 Population 235 226 226 199 176 97 215 202 188 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Mid Cap Equity (MF) Parentheses contain percentile rankings. Page 66 Asset Allocation As of 10/31/2022 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 1.0% 99.0% Fund Characteristics As of 10/31/2022 Total Securities 359 Avg. Market Cap $24,724.73 Million P/E 27.77 P/B 6.12 Div. Yield 2.28% Annual EPS 39.19 5Yr EPS 15.97 3Yr EPS Growth 15.97 Sector/Quality Allocation As of 10/31/2022 0.0%6.0%12.0%18.0%24.0%30.0% Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Energy Utilities Materials Non Classified Equity 21.3% 15.5% 13.2% 11.1% 9.1% 7.7% 7.0% 6.3% 4.1% 3.6% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 67 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 8.0 -17.6 -17.6 4.9 5.9 10.18.0 -17.6 -17.6 4.9 5.9 10.1 Account Information 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 :$47,921.60 Million Total Assets Date :11/30/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :17% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.00 Page 68 IM U.S. Small Cap Equity (MF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Small-Cap Index Fund 8.0 (62)-17.6 (57)-17.6 (57)4.9 (62)5.9 (38)10.1 (30)17.7 (71)19.1 (38)27.4 (27)¢ Vanguard Spliced Small Cap Index 8.0 (62)-17.6 (57)-17.6 (57)4.9 (62)5.9 (39)10.1 (30)17.7 (71)19.1 (38)27.3 (27)¢ 5th Percentile 13.9 -4.7 -4.7 12.0 10.0 11.8 39.4 57.8 36.2 1st Quartile 10.9 -11.8 -11.8 7.4 6.7 10.2 30.3 26.3 27.6 Median 9.1 -16.4 -16.4 5.7 5.4 9.2 24.4 13.1 24.4 3rd Quartile 6.2 -22.1 -22.1 3.3 4.1 8.3 15.7 4.7 21.5 95th Percentile 1.2 -33.5 -33.5 0.0 1.4 6.6 2.8 -4.2 15.3 Population 485 474 474 435 386 221 467 447 420 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Small Cap Equity (MF) Parentheses contain percentile rankings. Page 69 Asset Allocation As of 10/31/2022 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.0% 2.3% 97.7% Fund Characteristics As of 10/31/2022 Total Securities 1,497 Avg. Market Cap $6,187.68 Million P/E 23.34 P/B 4.54 Div. Yield 2.45% Annual EPS 42.46 5Yr EPS 17.07 3Yr EPS Growth 17.90 Sector/Quality Allocation As of 10/31/2022 0.0%6.0%12.0%18.0%24.0%30.0% Financials Industrials Consumer Discretionary Health Care Information Technology Consumer Staples Non Classified Equity Energy Materials Utilities 23.1% 20.4% 10.1% 9.7% 8.3% 6.7% 6.4% 5.5% 4.0% 3.1% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 70 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 6.0 -6.0 -12.0 -18.0 -24.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 1.9 -13.1 -13.1 -2.7 0.1 1.11.7 -13.2 -13.2 -2.7 0.0 1.0 Account Information 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 :$96,169.20 Million Total Assets Date :11/30/2022 Gross Expense :0.05% Net Expense :0.05% Turnover :69% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.00 Page 71 IM U.S. Broad Market Core Fixed Income (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Total Bond Market Index Fund 1.7 (65)-13.2 (37)-13.2 (37)-2.7 (62)0.0 (59)1.0 (72)-1.7 (69)7.7 (63)8.7 (61)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 1.9 (41)-13.1 (32)-13.1 (32)-2.7 (57)0.1 (52)1.1 (61)-1.6 (63)7.7 (63)8.9 (53)¢ 5th Percentile 2.8 -8.1 -8.1 -0.9 1.0 1.7 0.7 10.5 10.9 1st Quartile 2.1 -12.9 -12.9 -2.1 0.4 1.4 -0.7 9.2 9.8 Median 1.8 -13.4 -13.4 -2.5 0.1 1.2 -1.3 8.2 9.0 3rd Quartile 1.6 -14.1 -14.1 -2.8 -0.1 1.0 -1.7 7.5 8.5 95th Percentile 1.1 -15.4 -15.4 -3.3 -0.4 0.5 -2.2 5.1 6.6 Population 156 151 151 136 114 66 149 141 135 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM U.S. Broad Market Core Fixed Income (MF) Parentheses contain percentile rankings. Page 72 Asset Allocation As of 06/30/2022 0.0%50.0%100.0%150.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 0.9% 99.1% Fund Characteristics As of 06/30/2022 Avg. Coupon 2.60 % Nominal Maturity - Effective Maturity 8.90 Years Duration 6.70 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 06/30/2022 0.0%20.0%40.0%60.0%80.0%100.0% Government/AAA BBB Rated A Rated Foreign Securities AA Rated Equities/Other BB AND B Rated 67.7% 13.6% 11.2% 3.7% 2.9% 0.9% 0.1% Maturity Distribution As of 06/30/2022 0.0%8.0%16.0%24.0%32.0%40.0% <1Yr Other >30Yrs 20-30Yrs 10-20Yrs 3-5Yrs 1-3Yrs 5-10Yrs 0.4% 0.9% 6.6% 6.6% 14.8% 19.8% 19.8% 31.2% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 73 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 10.0 20.0 -10.0 -20.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 5.2 -16.4 -16.4 3.9 5.8 8.0 4.9 -16.9 -16.9 3.4 5.5 7.8 Account Information 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 :Team Managed Total Assets :$10,678.20 Million Total Assets Date :11/30/2022 Gross Expense :0.06% Net Expense :0.06% Turnover :35% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 0.99 Page 74 IM All Balanced (MF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Balanced Index Fund 4.9 (69)-16.9 (68)-16.9 (68)3.4 (34)5.5 (12)7.8 (20)14.2 (40)16.4 (19)21.8 (35)¢ Vanguard Balanced Composite Index 5.2 (66)-16.4 (63)-16.4 (63)3.9 (23)5.8 (9)8.0 (16)14.3 (40)17.3 (15)21.9 (34)¢ 5th Percentile 10.1 -5.7 -5.7 5.9 6.2 8.7 20.7 20.9 26.4 1st Quartile 8.4 -12.5 -12.5 3.7 5.0 7.5 16.5 15.4 23.0 Median 6.3 -15.2 -15.2 2.5 3.8 6.0 12.3 12.2 19.2 3rd Quartile 4.5 -17.6 -17.6 0.9 2.5 4.2 8.0 8.8 15.2 95th Percentile 0.4 -20.9 -20.9 -1.6 0.4 2.3 3.1 1.0 8.9 Population 1,235 1,215 1,215 1,036 938 431 1,163 1,070 1,028 Peer Group Analysis As of December 31, 2022 As of December 31, 2022 IM All Balanced (MF) Parentheses contain percentile rankings. Page 75 Asset Allocation As of 10/31/2022 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%80.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.0% 0.7% 38.4% 60.9% Fund Characteristics As of 10/31/2022 Total Securities 15,341 Avg. Market Cap $384,362.02 Million P/E 27.23 P/B 8.07 Div. Yield 2.08% Annual EPS 44.02 5Yr EPS 18.55 3Yr EPS Growth 19.18 Sector/Quality Allocation As of 10/31/2022 0.0%4.0%8.0%12.0%16.0%20.0% Information Technology Financials Health Care Industrials Consumer Discretionary Consumer Staples Energy Utilities Materials Non Classified Equity 14.6% 10.3% 8.2% 7.4% 7.2% 5.2% 3.3% 1.7% 1.3% 1.0% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 76 Tier III Page 77 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard Windsor II Fund Russell 1000 Value Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 12.4 -7.5 -7.5 6.0 6.7 10.310.9 -13.1 -13.1 8.7 8.7 11.0 Account Information 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 :$41,989.20 Million Total Assets Date :11/30/2022 Gross Expense :0.26% Net Expense :0.26% Turnover :20% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Windsor II Fund Benchmark 0.96 1.04 1.12 1.20 1.28 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.10 Page 78 Peer Group Analysis As of December 31, 2022 Label6 IM U.S. Large Cap Value Equity (MF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard Windsor II Fund 10.91 (90)-13.14 (88)-13.14 (88)8.69 (18)8.70 (23)10.99 (37)29.08 (13)14.53 (3)29.16 (40)¢ Russell 1000 Value Index 12.42 (65)-7.54 (62)-7.54 (62)5.96 (73)6.67 (75)10.29 (66)25.16 (61)2.80 (60)26.54 (59)¢ 5th Percentile 16.05 1.21 1.21 9.51 9.54 12.14 31.24 12.78 31.93 1st Quartile 14.38 -4.48 -4.48 8.09 8.56 11.27 27.65 7.72 30.25 Median 13.01 -6.25 -6.25 7.04 7.64 10.76 25.92 4.18 28.03 3rd Quartile 11.88 -8.89 -8.89 5.84 6.58 9.85 23.91 1.48 25.09 95th Percentile 9.41 -18.51 -18.51 3.34 3.98 8.89 18.07 -3.87 20.00 Page 79 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard Windsor II Fund Russell 1000 Value Index 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 Standard Deviation % 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Windsor II Fund 2.01 3.00 0.67 0.98 0.46 1.85 1.02 8.70 19.48 0.99 Russell 1000 Value Index 0.00 0.00 -1.00 0.37 0.00 1.00 6.67 18.86 1.00 FTSE 3 Month T-Bill -7.01 18.89 -0.37 0.01 -1.26 0.00 1.25 0.31 -0.10 Page 80 Asset Allocation As of 09/30/2022 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.2% 5.1% 94.8% Fund Characteristics As of 09/30/2022 Total Securities 181 Avg. Market Cap $272,399.87 Million P/E 21.73 P/B 5.33 Div. Yield 2.21% Annual EPS 47.87 5Yr EPS 17.79 3Yr EPS Growth 15.87 Sector/Quality Allocation As of 09/30/2022 0.0%6.0%12.0%18.0%24.0%30.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Utilities Materials Non Classified Equity 21.2% 18.4% 15.3% 12.9% 11.0% 6.6% 5.6% 1.6% 1.6% 0.4% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 81 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 25.0 50.0 -25.0 -50.0 -75.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 2.2 -29.1 -29.1 7.8 11.0 14.1 -0.7 -39.6 -39.6 2.6 7.7 12.2 Account Information 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 :$25,589.40 Million Total Assets Date :11/30/2022 Gross Expense :0.28% Net Expense :0.28% Turnover :23% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 8.0% 16.0% -8.0 % -16.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard U.S. Growth Fund Benchmark 0.60 0.80 1.00 1.20 1.40 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 0.86 Page 82 Peer Group Analysis As of December 31, 2022 Label6 IM U.S. Large Cap Growth Equity (MF) -75.0 -50.0 -25.0 0.0 25.0 50.0 75.0 100.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard U.S. Growth Fund -0.65 (86)-39.58 (96)-39.58 (96)2.55 (83)7.72 (73)12.23 (52)12.45 (94)58.74 (2)33.51 (50)¢ Russell 1000 Growth Index 2.20 (58)-29.14 (37)-29.14 (37)7.79 (15)10.96 (15)14.10 (8)27.60 (19)38.49 (36)36.39 (21)¢ 5th Percentile 10.53 -17.43 -17.43 10.20 12.38 14.68 31.30 54.71 38.98 1st Quartile 4.99 -27.36 -27.36 7.25 10.36 13.35 26.79 41.03 36.16 Median 2.73 -30.88 -30.88 5.57 9.15 12.31 23.06 35.21 33.49 3rd Quartile 0.56 -34.07 -34.07 3.34 7.60 11.43 18.75 30.94 31.03 95th Percentile -1.87 -39.53 -39.53 -0.65 5.25 9.39 11.85 21.14 26.47 Page 83 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 8.0 16.0 24.0 32.0 40.0 48.0 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Standard Deviation % 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard U.S. Growth Fund -2.41 5.69 -0.42 0.95 0.38 -3.58 1.10 7.72 23.52 0.97 Russell 1000 Growth Index 0.00 0.00 -1.00 0.54 0.00 1.00 10.96 20.88 1.00 FTSE 3 Month T-Bill -11.35 20.91 -0.54 0.01 -1.27 0.00 1.25 0.31 -0.11 Page 84 Asset Allocation As of 09/30/2022 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0%135.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 2.1% 2.9% 95.0% Fund Characteristics As of 09/30/2022 Total Securities 288 Avg. Market Cap $553,824.55 Million P/E 34.91 P/B 11.95 Div. Yield 1.20% Annual EPS 45.43 5Yr EPS 29.08 3Yr EPS Growth 23.00 Sector/Quality Allocation As of 09/30/2022 0.0%10.0%20.0%30.0%40.0%50.0% Information Technology Consumer Discretionary Health Care Consumer Staples Financials Industrials Non Classified Equity Energy Materials Utilities 33.0% 17.4% 12.1% 10.4% 9.0% 8.0% 3.8% 1.0% 0.2% 0.0% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 85 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary Vanguard International Growth Fund Vanguard Spliced International Index 0.0 20.0 40.0 -20.0 -40.0 -60.0 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 14.8 -15.6 -15.6 0.2 1.0 3.8 12.6 -30.8 -30.8 3.1 4.8 7.8 Account Information 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 :$37,229.40 Million Total Assets Date :11/30/2022 Gross Expense :0.32% Net Expense :0.32% Turnover :15% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 15.0% 30.0% -15.0 % -30.0 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard International Growth Fund Benchmark 0.60 0.90 1.20 1.50 1.80 2.10 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.20 Page 86 Peer Group Analysis As of December 31, 2022 Label6 IM International Large Cap Growth Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2021 2020 2019 Vanguard International Growth Fund 12.62 (79)-30.79 (91)-30.79 (91)3.15 (20)4.75 (19)7.84 (4)-0.74 (96)59.74 (2)31.48 (20)¢ Vanguard Spliced International Index 14.80 (49)-15.63 (14)-15.63 (14)0.22 (77)0.97 (87)3.85 (86)7.82 (65)10.65 (90)21.52 (96)¢ 5th Percentile 17.75 -12.76 -12.76 6.48 6.61 7.39 17.75 41.69 34.99 1st Quartile 16.05 -18.15 -18.15 2.69 4.34 6.13 12.66 23.55 30.00 Median 14.65 -21.12 -21.12 1.21 2.69 5.10 9.69 19.39 27.91 3rd Quartile 13.04 -26.14 -26.14 0.27 1.78 4.41 6.50 15.33 25.38 95th Percentile 10.03 -32.26 -32.26 -2.93 -0.63 3.13 0.35 8.08 21.82 Page 87 Risk Profile As of December 31, 2022 Label7 Standard Deviation Rolling 3 Years Vanguard International Growth Fund Vanguard Spliced International Index 0.0 8.0 16.0 24.0 32.0 40.0 48.0 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard International Growth Fund Vanguard Spliced International Index FTSE 3 Month T-Bill -1.0 0.0 1.0 2.0 3.0 4.0 5.0 6.0 R eturn % 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 32.0 Standard Deviation % 5 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard International Growth Fund 4.61 10.05 0.46 0.81 0.26 4.31 1.16 4.75 22.15 0.90 Vanguard Spliced International Index 0.00 0.00 -1.00 0.07 0.00 1.00 0.97 17.22 1.00 FTSE 3 Month T-Bill -1.20 17.24 -0.07 0.00 -1.25 0.00 1.25 0.31 -0.05 Page 88 Asset Allocation As of 09/30/2022 0.0%50.0%100.0%150.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.2% 1.7% 98.1% Fund Characteristics As of 09/30/2022 Total Securities 149 Avg. Market Cap $108,074.32 Million P/E 28.10 P/B 7.81 Div. Yield 2.24% Annual EPS 37.91 5Yr EPS 16.08 3Yr EPS Growth 15.50 Sector/Quality Allocation As of 09/30/2022 0.0%5.0%10.0%15.0%20.0%25.0% Consumer Discretionary Information Technology Health Care Consumer Staples Industrials Financials Non Classified Equity Energy Materials Utilities 19.3% 16.8% 15.7% 13.6% 12.6% 11.0% 3.5% 3.3% 1.2% 1.0% Top 5 Countries As of 09/30/2022 China 13.07 % Netherlands 12.44 % United States 9.59 % Japan 7.07 % Germany 6.08 % Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 89 Regional Allocation As of 09/30/2022 0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%54.0%60.0%66.0% Emg. MidEast, Africa, Europe Other Emerging Latin America Pacific Basin North America Emerging Asia Europe 0.9% 3.4% 5.6% 10.8% 11.5% 19.3% 49.3% Lipper Mutual Fund Attributes As of December 31, 2022 As of December 31, 2022 Page 90 As of December 31, 2022 Manager Performance Summary As of December 31, 2022 Return Summary 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 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years 0.8 1.5 1.5 0.7 1.3 0.8 0.9 1.6 1.6 0.7 1.3 0.8 Account Information 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 :- Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - 5 Years Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 1.00 Page 91 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)4.23 Avg. Maturity 12.00 Holdings Count 164 Maturity Distribution % 0.0 15.0 30.0 45.0 60.0 75.0 1-7 Days 8-29 Days 30-89 Days 90-179 Days 180-269 Days 270+ Days 55.8 5.8 17.5 15.9 3.1 1.9 Credit Quality Distribution % No data found. Sector Distribution % 0.0 20.0 40.0 60.0 80.0 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 56.2 42.9 0.9 0.0 Portfolio Characteristics As of December 31, 2022 As of December 31, 2022 Page 92 As of December 31, 2022 Manager Performance Summary Vanguard Retirement Savings Trust III Return Summary Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 0.7 1.4 2.1 2.8 R eturn % 1 Quarter 2022 1 Year 3 Years 5 Years 10 Years Inception 10/1/01 0.8 1.5 1.5 0.7 1.3 0.8 1.3 0.5 1.6 1.6 1.8 2.0 2.0 1.6 Account Information 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 Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 12/22 Ratio of Cumulative Wealth - Since Inception Vanguard Retirement Savings Trust III Benchmark 0.70 0.80 0.90 1.00 1.10 1.20 9/01 6/03 3/05 12/06 9/08 6/10 3/12 12/13 9/15 6/17 3/19 12/20 12/22 1.07 Page 93 Portfolio Characteristics Portfolio MV/BV Ratio (%)93.33 Crediting Rate 2.46 Effective Duration 3.44 # of Wrap Providers 13 Credit Quality Distribution % 0.0 15.0 30.0 45.0 60.0 75.0 Treas./Ag. AAA AA A BBB <BBB Reserves Other 45.8 15.0 11.6 19.5 0.0 0.0 0.0 8.1 Sector Distribution % 0.0 8.0 16.0 24.0 32.0 40.0 Treasury/Agencies Mortgage-Backed Corporate High Yield Asset-Backed International Cash & Equivalents Other 26.0 23.6 20.0 0.0 10.7 3.0 0.0 16.8 Wrap Providers 0.0%3.0%6.0%9.0%12.0%15.0% Metropolitan Tower Life Transamerica Life Ins Co. American General Life Lincoln National Life Nationwide Life Pacific Life Insurance Prudential Insurance Co. JPMorgan Chase NYL Insurance and Annuity Massachusetts Mutual 7.2% 7.2% 7.3% 7.4% 8.3% 8.6% 9.4% 9.6% 9.8% 10.2% Portfolio Characteristics As of December 31, 2022 As of December 31, 2022 Page 94 Appendix Page 95 Expense Ratio² Revenue Share Net of Revenue Share Universe Median Offering vs. Median %%%% Tier I — Target Date Funds Vanguard Target Retirement Income MF Mixed-Asset Target Today [Passive]0.08%0.00%0.08%0.21%P Vanguard Target Retirement 2020 MF Mixed-Asset Target 2020 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2025 MF Mixed-Asset Target 2025 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2030 MF Mixed-Asset Target 2030 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2035 MF Mixed-Asset Target 2035 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2040 MF Mixed-Asset Target 2040 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2045 MF Mixed-Asset Target 2045 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2050 MF Mixed-Asset Target 2050 [Passive]0.08%0.00%0.08%0.12%P Vanguard Target Retirement 2055 MF Mixed-Asset Target 2055 [Passive]0.08%0.00%0.08%0.13%P Vanguard Target Retirement 2060 MF Mixed-Asset Target 2060+ [Passive]0.08%0.00%0.08%0.12%P Vanguard 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%0.10%P Vanguard Balanced Index Fund MF Mixed-Asset Target Today [Passive]0.06%0.00%0.06%0.21%P Tier III — Active Funds Vanguard Windsor II Fund MF U.S. Large Cap Value Equity 0.26%0.00%0.26%0.66%P Vanguard U.S. Growth Fund MF U.S. Large Cap Growth Equity 0.23%0.00%0.23%0.73%P Vanguard International Growth Fund MF International Large Cap Growth Equity 0.34%0.00%0.34%0.86%P Vanguard Cash Reserves Federal Money Market Fund MF Money Market Taxable 0.10%0.00%0.10%0.19%P Vanguard Retirement Savings Trust III CF Stable Value 0.28%0.00%0.28%0.40%P Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to medians from style-specific institutional mutual fund peer universes, which Aon Investments believes is an appropriate comparison regardless of vehicle-type being utilized. Additional universe statistics including percentile distributions, averages and dollar-weighted metrics are available upon request. Determining whether an investment's expense is reasonable depends on a variety of factors including the level of returns achieved and the method with which 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. ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CIT" = Collective Investment Trust, "SA" = Separate Account, "A" = Annuity ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b-1 fees, custodial fees, trustee fees, revenue sharing components and/or charges for fund or plan administration. ³Institutional mutual fund fee universes were created by Aon Investments, as of June 30, 2022, using a custom proprietary methodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Morningstar. 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. Fund Expense Information MSD Deferred Compensation Plan As of December 31, 2022 Investment Fee Analysis Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group Page 96 Market Environment Page 97 Factor Indices Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 10.1% 14.6% 10.3% 13.1% 16.4% 13.0% 4.8% 9.8% 14.2% -9.3% -3.9% -21.9% -17.3% -9.2% -16.4% -29.1% -9.2% -3.8% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield SHORT TERM RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 5.6%5.6% 9.4%8.9% 1.9% 3.1% 7.7% 8.6% 7.4% 9.1% 7.9% 11.7%12.0% 7.1%7.4% 10.4% 11.9% 11.5% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 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 12/31/2022 Five-Year Ten-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 98 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •In Q4 2022, equity markets rebounded as high-interest rate concerns abated. Volatility fell throughout the quarter as the CBOE Volatility Index (VIX) fell to 21.7 in December from 31.6 in the previous quarter, staying well above its 20-year average of 19.4. Yields trended higher with major central banks indicating con tinued support for aggressive monetary policy to control rising inflation. The MSCI All Country World Investable Market Index (ACWI IMI) returned 9.8% for the quarter but was down 18.4% on a year-to-date basis. •Across international markets, generally all the regions were strong over the quarter. All regions apart from Israel posted a positive return. •Europe ex-UK equities were the best regional performer with a return of 20.3% in US dollar terms due to sharp euro appreciation against the dollar. Economically sensitive sectors including energy, financials, industrials, and consumer discretionary outperformed . 9.8% 14.1% 7.1% 17.2% 13.0% 7.8% -2.1% 20.3% 15.2% 9.5% -18.4%-16.6%-19.6% -9.8% -15.8% -12.8% -26.9% -18.8% -7.8% -19.8% -30% -20% -10% 0% 10% 20% 30% ACWI IMI 40.6% ACWI ex-U.S. IMI 59.4% USA IMI 4.0% UK IMI 6.1% Japan IMI 3.1% Canada IMI 0.3% Israel IMI 12.3% Europe ex-UK IMI 3.4% Pacific ex- Japan IMI 11.4% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 12/31/2022 Fourth Quarter 2022 YTD Source : MSCI Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 99 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 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. 2687156-NRC Page 100 U.S. Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •U.S. equities had a strong quarter with the S&P 500 index rising by 7.6%. •In the US mid-term elections, the Democrats retained control over the Senate with a 51 seat majority whilst the Republicans won back control of the House of Representatives. The US Congress passed a $1.7tn annual spending bill to fund the US government until September 2023 and avoid a government shutdown. The bill includes $45bn in new military and economic aid to Ukraine, nearly $773bn in domestic funding, and more than $850bn for the US military •The U.S. economy rebounded in the third quarter after it contracted in the first half of 2022. Annualized gross domestic product rose by 2.9% over Q3 2022, following the 0.6% contraction rate in the previous quarter. A narrowing trade deficit contributed to the U.S. economy’s expansion in the third quarter, as softening consumer demand lowered imports while exports rose, particularly in the oil sector. •The Russell 3000 Index rose 7.2% during the fourth quarter but was down 19.2% on a year-to-date basis. Except for Consumer Discretionary (-5.0%), all the sectors generated positive returns. Energy (19.4%) and Materials & Processing (15.8%) were the best performers. •Large-cap stocks outperformed in value and Medium-cap stocks outperformed in growth. •On a style basis, value outperformed growth across market capitalizations over the quarter and on a year-to-date basis. 7.2% 13.4% 1.1% 10.5%6.9%8.4%4.1% -19.2% -5.1% -29.7% -12.0% -26.7% -14.5% -26.4% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Russell 3000 32.5% Large Value 36.7% Large Growth 16.1% Medium Value 8.6% Medium Growth 3.0% Small Value 3.0% Small Growth RUSSELL STYLE RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source : Russell Indexes 7.2% 0.8% 11.5% -5.0% 13.4%19.4%15.8%15.4%12.2%7.8%12.6% 4.5% -19.2%-34.7% -6.1% -34.6% 2.9% 59.9% -9.4%-13.2%-11.3% 0.4% -21.2% -25.7%-40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Russell 3000 23.3% Technology 14.9% Healthcare 13.3% Cons. Disc 6.0% Cons. Staples 5.5% Energy 2.2% Materials & Processing 13.7% Producer Durables 11.9% Financials 3.4% Utilities 2.5% Telecom. 3.4% Real Estate RUSSELL SECTOR RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTD Source: Russell Indexes Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 101 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 125bps to a range of 4.25%-4.5% over the quarter. Fed chair Jerome Powell reiterated that monetary policy needs to be restrictive enough to bring inflation under control. According to the median estimate on the Fed dot plot, officials expect the policy rate to reach 5.1% by the end of 2023, up from the 4.6% forecasted in September. •The Bloomberg U.S. Aggregate Bond Index was up 1.9% over the quarter but was down 13.0% on a year-to-date basis. •Across durations, all maturities finished the quarter in positive territory. •Within investment-grade bonds, lower-credit quality generally outperformed higher-quality issues, with Baa bonds rising by 4.2%.High-yield bonds also rose by 4.2%. 0.9%1.7%2.1%2.2%2.5% -3.7% -7.8% -10.8% -14.8% -27.1%-30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet 1.3%2.0%3.2%4.2%4.2% -12.0% -14.9%-15.1%-15.9% -11.2% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet 1.9%0.7% 3.6%2.1% 0.8%1.0% -13.0%-12.3% -15.8% -11.8% -4.3% -10.9% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% Bloomberg Agg. Bond 43.8% Govt 25.2% Corp. 28.7% MBS 0.5% ABS 1.9% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 12/31/2022 Fourth Quarter 2022 YTDSource: FactSet Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 102 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •U.S. Treasury yields saw notable increases at shorter maturities, fell marginally at medium maturities but rose slightly at the longer end of the curve. The 10- year Treasury yield was up 5bps to 3.88%, and the 30-year Treasury yield was up 18bps to 3.97% over the quarter. •Inflation slowed down, driven by a fall in energy prices. The U.S. annual consumer price index (CPI) rose 7.1% year-on-year in November, down from the 7.7% recorded in October and less than economists’ expectations of 7.3%. •The 10-year TIPS yield fell by 10bps over the quarter to 1.58%. -0.5% 0.5% 1.5% 2.5% 3.5% 4.5% 5.5% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 12/31/2021 9/30/2022 12/31/2022 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Dec 12 Dec 14 Dec 16 Dec 18 Dec 20 Dec 22 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury 2687156-NRC Page 103 European Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •European government bond spreads over 10-year German bunds generally narrowed across the Euro Area. The European Central Bank (ECB) raised its benchmark interest rates by 125bps to 2% over the quarter, the highest level in 14 years. The ECB president, Christine Lagarde, indicated further 0.5% rate increases in the next two meetings as the ECB announced plans to start shrinking the €5tn of bonds it purchased over the last eight years from March 2023. •German and Portuguese government bond yields rose sharply, up 41bps and 40bps to 2.53% and 3.57% respectively over the quarter. •Greek government bond yields fell by 20bps to 4.59% over the quarter. •Eurozone annual inflation eased more than expected to 10.0% in November. 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 2687156-NRC Page 104 Credit Spreads Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Credit markets rose amid risk-taking sentiment during the quarter, with spreads generally narrowing. •High Yield and Global Emerging Markets spreads narrowed by 83bps and 71bps respectively while ABS and CMBS spreads widened by 23bps and 15bps, respectively. Spread (bps)12/31/2022 9/30/2022 6/30/2022 Quarterly Change (bps)YTD Change (bps) U.S. Aggregate 51 62 36 -11 15 Long Gov't 2 1 0 1 2 Long Credit 157 196 130 -39 27 Long Gov't/Credit 87 107 74 -20 13 MBS 51 69 31 -18 20 CMBS 120 105 68 15 52 ABS 76 53 38 23 38 Corporate 130 159 92 -29 38 High Yield 469 552 283 -83 186 Global Emerging Markets 332 403 285 -71 47 Source: FactSet, Bloomberg 2687156-NRC Page 105 Currency Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Dollar weakened against all major currencies over the quarter as the combination of weakening US growth and falling inflation led to expectations that the Fed would cut policy rates this year faster than previously anticipated. On a trade-weighted basis, the U.S. dollar depreciated by 4.8%. •Sterling appreciated by 7.2% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 125bps to 3.5% over the quarter, its highest level since 2008. The central bank expects inflation could touch 10.9% in Q4 2022. The BoE became the first major central bank to actively start to unwind quantitative easing as it sold £750mn of government bonds. The BoE plans to trim its balance sheet by £80bn over the year. •The U.S. dollar depreciated by 8.2% against the Euro and by 8.8% against the yen. The Bank of Japan (BoJ) unexpectedly changed its yield curve control policy by increasing the acceptable band of its 10-year government bond yields from plus or minus 0.25% to 0.5% around its target rate of zero. The BoJ made a series of government bond purchases to maintain the target band as yields rose across the curve following the announcement. 100 105 110 115 120 125 130 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Dec 16 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 12/31/2016 EUR/USD GBP/USD JPY/USD Source : FactSet Stronger Dollar Weaker Dollar 2687156-NRC Page 106 Commodities Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Commodity prices rose over the quarter with the Bloomberg Commodity Index rising by 2.2% for quarter. •The energy sector fell 9.1% over the quarter but has risen by 36.2% on a year-to-date basis. The price of WTI crude oil was up by 1.0% to U.S.$80/BBL. •Industrial Metals rose the most over the quarter at 16.4%. •Meanwhile, OPEC+ agreed to cut 2m barrels a day in oil production in an attempt to keep oil prices from falling due to weaker global demand. This cut is equivalent to 2% of global supply and threatens to further increase inflationary pressures across the globe. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 107 Hedge Funds Market Overview Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Hedge fund performance was generally positive over the quarter. •The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of 2.3% and 1.8% over the quarter, respectively. •Over the quarter, Emerging Markets was the best performer with a return of 5.1%. •Global Macro was the worst performer and the only strategy with a negative return (-1.3%) over the quarter. •On a year-to-date basis, Global Macro has outperformed all other strategies whilst Emerging Markets have performed the worst. Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 2687156-NRC Page 108 Private Equity Market Overview –3Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. LTM Global Private Equity-Backed Buyout Deal Volume •Fundraising:During 3Q 2022, $231.6 billion was raised by 485 funds, which was down 22.3% by number of funds raised and down by 18.7% by capital raised compared to 2Q 2022. This represented an increase of 6.8% on a capital basis compared to 3Q 2021. Dry powder stood at $3.0 trillion at the end of the quarter, an increase of 1.3% and 43.3% compared to 2Q 2022 and the five-year average, respectively.1 •Buyout:Global private equity-backed buyout deals totaled $93.6 billion in 3Q 2022, which was a decrease on a capital basis of 64.8% compared to 2Q 2022 and a decrease of 31.2% compared to the five-year quarterly average.1 During the quarter, the average purchase price multiple for all U.S. LBOs was 11.7x EBITDA, up slightly from 2Q 2022’s average of 11.5x and up from the five-year average (11.1x). Large-cap purchase price multiples stood at 11.7x during the quarter, up compared to full-year 2021’s level of 11.2x. The LTM average purchase price multiple across European transactions greater than €1B averaged 10.5x EBITDA at the end of 3Q 2022, down from 11.3x at the end of 2Q 2022. Purchase prices for transactions of €500M million or more averaged 10.2x EBITDA on an LTM basis, lower than the 11.2x seen at the end of 2Q 2022.2 Globally, exit value totaled $67.8 billion on 298 deals during the quarter, lower than the $125.2 billion across 348 deals during 2Q 2022.1 •Venture:During the quarter, an estimated 3,076 U.S. venture-backed transactions totaling $43.0 billion were completed, which was a decrease on a capital value and deal count basis over the prior quarter’s total of $71.9 billion across 4,055 deals. This was also a decrease of 14.2% compared to the five-year quarterly average of $50.2 billion. Total U.S. venture-backed exit value totaled approximately $14.0 billion across an estimated 302 completed transactions in 3Q 2022, down substantially from $192.6 billion across 475 exits in 3Q 2021.3 •Mezzanine:12 funds closed on $28.7 billion during the quarter. This was a significant increase from the prior quarter’s total of $3.8 billion raised by 7 funds and also a significant increase from the $3.8 billion raised by 15 funds in 3Q 2021. Estimated dry powder was $70.5 billion at the end of 3Q 2022, up from $50.6 billion at the end of 2Q 2022.1 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 10,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 $1,000 2Q14 1Q15 4Q15 3Q16 2Q17 1Q18 4Q18 3Q19 2Q20 1Q21 4Q21 3Q22 # o f D e a l s Va l u e ( $ B i l l i o n s ) Deal Value ($ Billions) Number of Deals Source: Preqin Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiple s: Total Purchase Price ÷ EBITDA. 2687156-NRC Page 109 Private Equity Market Overview –3Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Distressed Debt: The YTD U.S. high-yield default rate was 1.2% as of October 2022. Fitch predicted the TTM default rate may rise to 1.5%-1.75% by year-end 2022. The high-yield default rate is projected to trend higher through 2023.4 During the quarter, $16.6 billion was raised by 15 funds, down significantly from the $29.4 billion raised by 17 funds during 2Q 2022.Dry powder was estimated at $153.3 billion at the end of 3Q 2022, which was down 4.4% from 2Q 2022. This remained above the five-year annual average level of $129.4 billion.1 •Secondaries:5 funds raised $5.5 billion during the quarter, down from the $13.8 billion raised by 17 funds in 2Q 2022. This was 50.6% lower than the five-year quarterly average of $11.2 billion. Secondary dry powder was estimated at $127.8 billion at the end of the quarter.1 •Infrastructure: $33.8 billion of capital was raised by 34 funds in 3Q 2022 compared to $40.1 billion of capital raised by 59 partnerships in 2Q 2022. At the end of the quarter, dry powder stood at $298.8 billion, down from 2Q 2022’s total of $319.5 billion. Infrastructure managers completed 1999 deals for an aggregate deal value of $304.4 billion through 3Q 2022 compared to 2,489 deals totaling $530.6 billion in 2021.1 •Natural Resources: Through 3Q 2022, an estimated 19 funds closed on $3.8 billion compared to 29 funds totaling $13.0 billion in 2021. Energy and utilities industry managers completed 59 deals totaling $12.3 billion in 3Q 2022, compared to $11.6 billion across 53 deals in 2Q 2022.1 U.S. LBO Purchase Price Multiples –All Transactions Sizes 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.7x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x Senior Debt/EBITDA Sub Debt/EBITDA Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 2687156-NRC Page 110 This Page Left Blank Intentionally Page 111 Glossary Page 112 Investment advice and consulting services provided by Aon Investments USA Inc. 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 Cap ex US Index thereafter; f or emerging-market stocks, the Select Emerging Markets Index through August 23, 2006, the MSCI Emerging Markets Index through December 15, 2010, the MSCI ACWI ex USA IMI Index through June 2, 20 13,and the FTSE Global All Cap ex US Index thereafter; for U.S. bonds, the Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float A djusted Index thereafter; for international bonds, the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index beginning June 3, 2013; and for U.S. stocks, the Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones Wilshire 5000 Index) through April 22, 2005, the MSCI US Broad Market Index through June 2, 2013, and the CRSP US Total Market Index thereafter. I nternational stock benchmark returns are adjusted for withholding taxes. Universe: A universe of target date mutual funds compiled by Lipper. Vanguard Institutional Index Fund Performance Benchmark:S&P 500 Index. Vanguard Mid-Cap Index Fund Performance Benchmark:Vanguard Spliced Mid Cap Index. S&P MidCap 400 Index through May 16, 2003; MSCI US Mid Cap 450 Index through January 30, 2013; CRSP US Mid Cap Index thereafter. Vanguard Small-Cap Index Fund Performance Benchmark:Vanguard Spliced Small Cap Index. Russell 2000 Index through May 16, 2003; MSCI US Small Cap 1750 Index through January 30, 2013; CRSP US Small Cap Index thereafter. Vanguard Total Bond Market Index Fund Performance Benchmark:Vanguard Spliced Bloomberg Barclays U.S. Aggregate Float Adj Index (Net). Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Vanguard Balanced Index Fund Performance Benchmark:Vanguard Balanced Composite Index. Weighted 60% Dow Jones U.S. Total Stock Market Index (formerly known as the Dow Jones 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% Bloomberg Barclays U.S. Aggregate Bond Index through December 31, 2009; 60% MSCI US Broad Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index through January 14, 2013; and 60% CRSP US Total Market Index and 40% Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Page 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. Investment advice and consulting services provided by Aon Investments USA Inc. Page 114 Index Definitions Name Description Bloomberg U.S. Corporate High Yield Bond Index An index that covers the USD-dominated, non-investment grade, fixed rate, taxable corporate bond market. Debt issues from emerging market countries are excluded. Securities are classified as high-yield if the middle rating is Ba1/BB+ or below. Bloomberg Emerging Markets Index An unmanaged index that tracks total returns for external-currency-denominated debt instruments of the emerging markets. Bloomberg Global Aggregate Provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Bloomberg Global Treasury Ex-US The Global Treasury ex US Index is a subset of the flagship Global Treasury Index that does not have any exposure to US debt. This multi-currency benchmark includes investment grade, fixed-rate bonds issued by governments in their native currencies. Bloomberg 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 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 U.S. Government/Credit Index A subcomponent of the Capital Aggregate Index, this benchmark includes treasury securities, government related issues, and high-quality corporate bonds with an outstanding par value of $250 million or greater and at least one year of maturity remaining. Bloomberg U.S. High Yield Index An index composed of non-investment grade corporate debt denominated in U.S. dollars. The issues have to have an outstanding par value of $150 million or greater and at least one year of maturity remaining. Bloomberg U.S. Inflation Index Measures the performance of the U.S. Treasury Inflation Protected Securities ("TIPS") market. Bloomberg U.S. Intermediate Aggregate Bond Index A market value-weighted index consisting of U.S. Treasury securities, corporate bonds and mortgage-related and asset-backed securities with one to ten years to maturity and an outstanding par value of $250 million or greater Page 115 Index Definitions Name Description Bloomberg U.S. Intermediate Government/Credit Index A market-value weighted index consisting of government bonds and SEC-registered corporate bonds with one to ten years to maturity and an outstanding par value of $150 million or greater. Bloomberg 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 U.S. Intermediate Treasury An unmanaged index considered representative of intermediate-term fixed-income obligations issued by the U.S. treasury. Bloomberg U.S. Aggregate Bond Index A market value-weighted index consisting of government bonds, SEC-registered corporate bonds and mortgage- related and asset-backed securities with at least one year to maturity and an outstanding par value of $250 million or greater. This index is a broad measure of the performance of the investment grade U.S. fixed income market. Bloomberg 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. Bloomberg U.S. Long Government/Credit Index The Capital U.S. Government/ Credit Bond Index measures performance of U.S. dollar denominated U.S. treasuries, government-related, and investment grade U.S. corporate securities that have a remaining maturity of greater than or equal to 1 year. In addition, the securities have $250 million or more of outstanding face value, and must be fixed rate and non-convertible. Bloomberg U.S. Long-Term 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 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 U.S. Treasury 20-30 Year STRIPS Index A subcomponent of the 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. Page 116 Index Definitions Name Description 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 CRSP US Large Growth Cap Index An index comprised of nearly 330 US large cap growth companies and includes securities traded on NYSE, NYSEMarket, NASDAQ, or ARCA, representing nearly 45% 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 classifies growth securities using the following factors: future long-term growth in earnings per share (EPS), future short-term growth in EPS, 3-year historical growth in EPS, 3-year historical growth in sales per share, current investment-to-assets ratio, and return on assets. CRSP US Total Market Index An index comprised of nearly 4,000 constituents across mega, large, small, and micro capitalizations and includes securities traded on NYSE, NYSE Market, NASDAQ, or ARCA, representing nearly 100% of the U.S. investable equity market. The index is reconstituted quarterly after the market close on the third Fridays of March, June, September, and December. Credit Suisse Leveraged Loan Index Designed to mirror the investable universe of the U.S. dollar denominated leveraged loan market. DJ U.S. Completion Total Stock Market Index A capitalization-weighted index that consists of the stocks in the Dow Jones U.S. Total Stock Market Index less the stocks in the S&P 500 Stock Index. DJ U.S. Total Stock Market Index A capitalization-weighted stock index representing all domestic common stocks traded regularly on the organized exchanges. The index is the broadest measure of the aggregate domestic stock market and includes approximately 5,000 stocks. FTSE 4Good U.S. Select Index A socially responsible investment (SRI) index of US stocks that excludes companies with certain business activities such as weapons, tobacco, gambling, alcohol, nuclear power, and adult entertainment FTSE All-World ex-U.S. Index A capitalization-weighted stock index representing 46 developed market countries and emerging market countries excluding the U.S. Page 117 Index Definitions Name Description FTSE EPRA NAREIT Global ex-U.S. Index Designed to represent general trends in eligible real estate equities worldwide. Relevant real estate activities are defined as the ownership, disposure and development of income-producing real estate. FTSE Global All Cap ex US Index A market-capitalization weighted index representing the performance of roughly 5350 large, mid and small cap companies in 46 Developed and Emerging markets worldwide, excluding the USA. FTSE Global Core Infrastructure Index Represents the performance of infrastructure and infrastructure-related securities companies in a set of industries that FTSE defines as being involved in infrastructure. The series is based on the FTSE Global Equity Index Series and both developed and emerging markets are included. FTSE NAREIT U.S. Equity REITS Free float adjusted, market capitalization weighted index of US based equity real estate investment trusts (REITs). Goldman Sachs Commodity Index A composite index of commodity sector returns which represents a broadly diversified, unleveraged, long-only position in commodity futures. HFR Fund-of-Fund Index.This index is equity-weighted including 800 constituents. It includes both domestic and offshore accounts and is valued in U.S. dollars. Only fund-of-fund products are included in the index that have at least $50 million under managements and have been actively trading for at least one year. All funds report net returns on a monthly basis. HFRI Fund Weighted Composite Index The HFRI Fund Weighted Composite Index is a global, equal-weighted index of over 2,000 single-manager funds that report to HFR Database. Constituent funds report monthly net of all fees performance in US Dollar and have a minimum of $50 Million under management or a twelve (12) month track record of active performance. The HFRI Fund Weighted Composite Index does not include Funds of Hedge Funds. Hueler Stable Value Index The Hueler Analytics Stable Value Pooled Fund Comparative Universe represents investment strategies of $96 billion in stable value assets, across 24 pooled funds, invested in contracts universe across a universe of 16 general account issuers and 14 synthetic wrap providers. The allocation of pooled fund assets is dominated by synthetic contracts issued by insurance companies and banks. 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. Page 118 Index Definitions Name Description 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. MSCI All Country World ex-U.S. Index A capitalization-weighted index of stocks representing 44 stock markets in Europe, Australia, the Far East, the Middle East, Latin America and North America. Index consists of 23 developed and 21 emerging countries, but excludes the U.S. MSCI All Country World ex-U.S. Index IMI-.A capitalization-weighted index of large, mid and small cap stocks representing 22 developed (excluding the United States) and 24 emerging market countries. The index is the broadest measure of the aggregate non-US stock market, covering approximately 99% of the global equity investment opportunity set outside of the United States. 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 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 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 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 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. Page 119 Index Definitions Name Description MSCI Emerging Markets Index A capitalization-weighted index of stocks representing 22 emerging country markets. 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 invest ability 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 NCREIF Property Index -A capitalization-weighted index of privately owned investment grade income-producing properties representing approximately $269 billion in assets. NFI ODCE Index 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. 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. Page 120 Index Definitions Name Description 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 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 121 Index Definitions Name Description 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 GSCI®Both the first major investable commodity index and one of the most widely recognized benchmarks, the S&P GSCI® is broad-based, production weighted, and meant to be representative of the global commodity market beta. S&P Leverage Loan Index A daily total return index that uses LSTA/LPC Mark-to-Market Pricing to calculate market value change. S&P Midcap 400 Index A market-capitalization-weighted index of stocks in all major industries in the mid-range of the U.S. stock market. Wilshire REIT A measure of the types of U.S. real estate securities that represent the ownership and operation of commercial or residential real estate. To be included in the index, a company must have a market capitalization of $200 million and have at least 75% of the total revenue derived from the ownership and operation of the real estate assets. •Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect our fees or expenses. •Past performance is no guarantee of future results. •Please feel free to contact us at retirement@aonhewitt.com for more index information. Page 122 §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 123 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after-fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client. Aon Investments’ advisory fees are described in Form ADV Part 2A. Portfolio performance, characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss. Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness. We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics, Aon Investments’ performance reporting vendor, via the PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer 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 Disclaimer