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HomeMy Public PortalAbout1st Quarter ReportQuarterly 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 First Quarter 2023 Executive Summary Page 1 Deferred Compensation Summary Page 6 Tier I Page 15 Tier II Page 60 Tier III Page 76 Appendix Page 94 Market Environment Page 96 Glossary Page 110 Table Of Contents Executive Summary Page 1 Defined Contribution Private and Confidential │Investment advice and consulting services provided by Aon Investment 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 Major Provisions Impacting Defined Contribution Plans Link Market View Federal Reserve Outlook for 2023 Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Article Link to Video Quarterly Themes Key Topics for DC Plans (5-minute video, passcode ‘aon!’)Link to Video Plan Design Aon Employee Financial Wellbeing and DC Survey Report Link Strategy Review ESG in DC Plans: 3 Questions with Dan Pawlisch Link Strategy Review Client video on key topics for DC Plans(Q4 2022)Link Strategy Review Updated DC Play Book Link Strategy Review Conviction in Equity Investing Revisited Request from Consultant Asset Allocation Q4 Stable Value Quarterly Link 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 2860547-NRC If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 7.5% 2.7% 8.5% 4.0%3.0% 6.2%5.4%3.6% -7.7% -11.6% -1.4% -10.7% -4.8% -15.9% -11.3% -3.3% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 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 03/31/2023 First Quarter 2023 One-Year Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 2850360-NRC 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. Page 3 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 11.2% 4.7% 3.5% -0.9% 0.9% -0.4% 1.1% 3.2% 12.2% 8.0% 5.0% 2.0%1.4%1.4% 2.9% 4.1% -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 03/31/2023 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. 2850360-NRC Page 4 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 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. First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate 3.01%3.01%-8.07%-3.43%-1.34%0.07% Bloomberg U.S. Aggregate 2.96%2.96%-4.78%-2.77%0.91%1.36% Bloomberg U.S. Long Gov't 6.16%6.16%-15.94%-11.25%-0.36%1.44% Bloomberg U.S. Long Credit 5.42%5.42%-11.28%-2.57%1.07%2.85% Bloomberg U.S. Long Gov't/Credit 5.76%5.76%-13.40%-6.33%0.63%2.35% Bloomberg U.S. TIPS 3.34%3.34%-6.06%1.75%2.94%1.49% Bloomberg U.S. High Yield 3.57%3.57%-3.34%5.91%3.21%4.10% Bloomberg Global Treasury ex U.S.3.11%3.11%-11.29%-5.37%-3.62%-1.20% JP Morgan EMBI Global (Emerging Markets)2.25%2.25%-5.86%0.31%-0.20%1.81% Commodities Bloomberg Commodity Index -5.36%-5.36%-12.49%20.82%5.36%-1.72% Goldman Sachs Commodity Index -4.94%-4.94%-10.04%30.53%4.93%-3.84% Hedge Funds HFRI Fund-Weighted Composite2 1.18%1.18%-2.06%10.55%4.69%4.44% HFRI Fund of Funds2 1.57%1.57%-1.10%7.47%3.27%3.33% Real Estate NAREIT U.S. Equity REITS 2.68%2.68%-19.22%12.08%6.02%5.97% FTSE Global Core Infrastructure Index -1.05%-1.05%-10.00%9.95%7.25%7.32% 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 03/31/2023 First Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 6.95%6.95%-7.68%15.64%6.58%7.95% MSCI All Country World 7.31%7.31%-7.44%15.36%6.93%8.06% Dow Jones U.S. Total Stock Market 7.24%7.24%-8.77%18.34%10.32%11.64% Russell 3000 7.18%7.18%-8.58%18.48%10.45%11.73% S&P 500 7.50%7.50%-7.73%18.60%11.19%12.24% Russell 2000 2.74%2.74%-11.61%17.51%4.71%8.04% MSCI All Country World ex-U.S. IMI 6.56%6.56%-5.84%12.20%2.35%4.28% MSCI All Country World ex-U.S.6.87%6.87%-5.07%11.80%2.47%4.17% MSCI EAFE 8.47%8.47%-1.38%12.99%3.52%5.00% MSCI EAFE (Local Currency)7.49%7.49%3.84%14.63%6.25%7.34% MSCI Emerging Markets 3.96%3.96%-10.70%7.83%-0.91%2.00% Equity Factors MSCI World Minimum Volatility (USD)2.30%2.30%-4.52%9.17%6.34%7.97% MSCI World High Dividend Yield 1.93%1.93%-2.52%13.77%6.65%7.21% MSCI World Quality 10.70%10.70%-5.61%16.41%11.63%12.01% MSCI World Momentum -1.16%-1.16%-13.43%12.17%8.01%10.76% MSCI World Enhanced Value 5.79%5.79%-2.91%15.20%3.23%7.04% MSCI World Equal Weighted 6.10%6.10%-6.51%14.95%4.56%7.19% MSCI World Index Growth 15.18%15.18%-9.61%16.18%10.66%11.17% MSCI USA Minimum Volatility (USD)1.30%1.30%-4.42%12.42%9.11%10.62% MSCI USA High Dividend Yield -0.72%-0.72%-2.99%14.60%7.69%10.06% MSCI USA Quality 10.48%10.48%-6.28%16.40%12.38%13.61% MSCI USA Momentum -4.22%-4.22%-14.60%10.80%7.25%12.31% MSCI USA Enhanced Value 2.52%2.52%-8.37%17.09%5.51%9.68% MSCI USA Equal Weighted 4.01%4.01%-9.18%19.37%8.49%10.50% MSCI USA Growth 17.40%17.40%-12.23%18.63%13.75%14.52% Returns of the Major Capital Markets Period Ending 03/31/2023 2850360-NRC Page 5 Deferred Compensation Page 6 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 91,258,081 100.0 Tier I 27,556,519 30.2 Vanguard Institutional Target Retirement Income Fund 1,558,493 1.7 4.2 (36)-4.5 (39)3.8 (69)3.3 (60) Vanguard Target Income Composite Index 4.1 (39)-4.4 (33)4.1 (66)3.5 (49) Vanguard Institutional Target Retirement 2020 Fund 2,912,722 3.2 4.8 (36)-5.3 (33)6.9 (67)4.3 (64) Vanguard Target 2020 Composite Index 4.7 (38)-5.1 (29)7.2 (60)4.7 (21) Vanguard Institutional Target Retirement 2025 Fund 6,182,307 6.8 5.3 (22)-5.9 (57)8.3 (51)4.8 (56) Vanguard Target 2025 Composite Index 5.2 (28)-5.7 (41)8.7 (33)5.2 (13) Vanguard Institutional Target Retirement 2030 Fund 3,089,873 3.4 5.7 (24)-6.2 (49)9.7 (63)5.2 (49) Vanguard Target 2030 Composite Index 5.6 (30)-6.0 (44)10.0 (45)5.6 (19) Vanguard Institutional Target Retirement 2035 Fund 3,581,931 3.9 5.9 (37)-6.4 (42)11.1 (60)5.7 (56) Vanguard Target 2035 Composite Index 5.9 (43)-6.2 (37)11.5 (52)6.1 (27) Vanguard Institutional Target Retirement 2040 Fund 2,542,931 2.8 6.2 (41)-6.5 (41)12.6 (65)6.1 (49) Vanguard Target 2040 Composite Index 6.2 (50)-6.4 (36)12.9 (50)6.6 (21) Vanguard Institutional Target Retirement 2045 Fund 3,610,156 4.0 6.5 (36)-6.7 (41)14.1 (50)6.6 (43) Vanguard Target 2045 Composite Index 6.4 (42)-6.7 (39)14.4 (44)7.0 (16) Vanguard Institutional Target Retirement 2050 Fund 2,474,875 2.7 6.6 (29)-6.7 (40)14.2 (60)6.7 (42) Vanguard Target 2050 Composite Index 6.6 (33)-6.7 (41)14.5 (44)7.1 (14) Vanguard Institutional Target Retirement 2055 Fund 845,920 0.9 6.6 (36)-6.7 (40)14.2 (79)6.7 (56) Vanguard Target 2055 Composite Index 6.6 (41)-6.7 (43)14.5 (56)7.1 (15) Vanguard Institutional Target Retirement 2060 Fund 613,958 0.7 6.6 (46)-6.7 (35)14.2 (85)6.7 Vanguard Target 2060 Composite Index 6.6 (48)-6.7 (39)14.5 (77)7.1 Vanguard Institutional Target Retirement 2065 Fund 143,353 0.2 6.6 (46)-6.6 (31)14.2 (85)6.6 Vanguard Target 2065 Composite Index 6.6 (48)-6.7 (39)14.5 (77)7.1 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 Page 7 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 32,660,650 35.8 Vanguard Institutional Index Fund 13,588,843 14.9 7.5 (48)-7.8 (43)18.6 (23)11.2 (34)12.2 (34) S&P 500 Index 7.5 (48)-7.7 (43)18.6 (22)11.2 (33)12.2 (34) Vanguard Mid-Cap Index Fund 4,876,747 5.3 3.9 (53)-9.9 (68)18.7 (55)8.1 (42)10.2 (39) Vanguard Spliced Mid Cap Index 3.9 (53)-9.8 (68)18.8 (55)8.1 (41)10.2 (39) Vanguard Small-Cap Index Fund 3,638,132 4.0 3.7 (42)-9.3 (59)19.7 (61)6.8 (40)9.2 (29) Vanguard Spliced Small Cap Index 3.7 (42)-9.4 (60)19.6 (61)6.7 (41)9.2 (30) Vanguard Total Bond Market Index Fund 4,153,427 4.6 3.2 (47)-4.7 (29)-2.8 (85)0.9 (56)1.3 (68) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.0 (67)-4.7 (30)-2.7 (83)1.0 (55)1.4 (60) Vanguard Balanced Index Fund 6,403,501 7.0 5.6 (31)-7.0 (70)9.7 (50)6.9 (12)7.7 (19) Vanguard Balanced Composite Index 5.6 (30)-6.6 (60)10.0 (47)7.2 (7)7.9 (13) Tier III 29,568,328 32.4 Vanguard Windsor II Fund 9,903,092 10.9 4.7 (25)-5.5 (64)21.3 (21)10.3 (17)10.4 (23) Russell 1000 Value Index 1.0 (43)-5.9 (71)17.9 (57)7.5 (70)9.1 (67) Vanguard U.S. Growth Fund 6,611,447 7.2 15.8 (25)-17.6 (90)12.4 (83)10.0 (69)12.8 (49) Russell 1000 Growth Index 14.4 (38)-10.9 (34)18.6 (12)13.7 (11)14.6 (9) Vanguard International Growth Fund 4,941,498 5.4 12.5 (11)-6.8 (83)13.5 (23)6.5 (24)8.8 (4) Vanguard Spliced International Index 6.9 (88)-4.6 (61)12.0 (50)2.6 (90)4.2 (88) Vanguard Cash Reserves Federal Money Market Fund 2,375,943 2.6 1.1 (23)2.7 (32)1.0 (24)1.4 (16)0.9 (11) ICE BofAML 3 Month U.S. T-Bill 1.1 (52)2.5 (65)0.9 (48)1.4 (21)0.9 (19) Vanguard Retirement Savings Trust III 5,736,348 6.3 0.6 (53)1.9 (48)1.8 (38)2.0 (20)2.0 (18) ICE BofAML 3 Month U.S. T-Bill 1.1 (8)2.5 (1)0.9 (96)1.4 (86)0.9 (99) Tier IV 1,472,584 1.6 Loan Fund 1,472,584 1.6 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 (35)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 (38)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 March 31, 2023 As of March 31, 2023 Page 9 Asset Allocation & Performance As of March 31, 2023 As of March 31, 2023 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 (47)1.5 (41)2.2 (19)2.5 (21)2.2 (15)1.9 (25)2.0 (19)2.1 (16)2.0 (27)1.9 (29) ICE BofAML 3 Month U.S. T-Bill 1.5 (60)0.0 (97)0.7 (100)2.3 (52)1.9 (62)0.9 (99)0.3 (100)0.1 (100)0.0 (100)0.1 (94) Tier IV Loan Fund Page 10 1.8 2.7 3.6 4.5 5.4 6.3 7.2 8.1 9.0 9.9 10.8 11.7 12.6 13.5 14.4 15.3 R eturn (% ) 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 11.0 12.0 13.0 14.0 15.0 16.0 17.0 18.0 19.0 20.0 21.0 22.0 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 March 31, 2023 3 Years Ending March 31, 2023 Calculation based on monthly periodicity. Page 11 -6.0 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 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 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 March 31, 2023 3 Years Ending March 31, 2023 Calculation based on monthly periodicity. Page 12 -4.0 -2.0 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 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 March 31, 2023 3 Years Ending March 31, 2023 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 38,618,261 42.3 4,941,498 5.4 4,153,427 4.6 3,848,527 4.2 6,403,501 7.0 5,736,348 6.3 27,556,519 30.2 91,258,081 100.0 Tier I 27,556,519 100.0 27,556,519 30.2 Vanguard Institutional Target Retirement Income Fund 1,558,493 100.0 1,558,493 1.7 Vanguard Institutional Target Retirement 2020 Fund 2,912,722 100.0 2,912,722 3.2 Vanguard Institutional Target Retirement 2025 Fund 6,182,307 100.0 6,182,307 6.8 Vanguard Institutional Target Retirement 2030 Fund 3,089,873 100.0 3,089,873 3.4 Vanguard Institutional Target Retirement 2035 Fund 3,581,931 100.0 3,581,931 3.9 Vanguard Institutional Target Retirement 2040 Fund 2,542,931 100.0 2,542,931 2.8 Vanguard Institutional Target Retirement 2045 Fund 3,610,156 100.0 3,610,156 4.0 Vanguard Institutional Target Retirement 2050 Fund 2,474,875 100.0 2,474,875 2.7 Vanguard Institutional Target Retirement 2055 Fund 845,920 100.0 845,920 0.9 Vanguard Institutional Target Retirement 2060 Fund 613,958 100.0 613,958 0.7 Vanguard Institutional Target Retirement 2065 Fund 143,353 100.0 143,353 0.2 Tier II 22,103,722 67.7 4,153,427 12.7 6,403,501 19.6 32,660,650 35.8 Vanguard Institutional Index Fund 13,588,843 100.0 13,588,843 14.9 Vanguard Mid-Cap Index Fund 4,876,747 100.0 4,876,747 5.3 Vanguard Small-Cap Index Fund 3,638,132 100.0 3,638,132 4.0 Vanguard Total Bond Market Index Fund 4,153,427 100.0 4,153,427 4.6 Vanguard Balanced Index Fund 6,403,501 100.0 6,403,501 7.0 Tier III 16,514,539 55.9 4,941,498 16.7 2,375,943 8.0 5,736,348 19.4 29,568,328 32.4 Vanguard Windsor II Fund 9,903,092 100.0 9,903,092 10.9 Vanguard U.S. Growth Fund 6,611,447 100.0 6,611,447 7.2 Vanguard International Growth Fund 4,941,498 100.0 4,941,498 5.4 Vanguard Cash Reserves Federal Money Market Fund 2,375,943 100.0 2,375,943 2.6 Vanguard Retirement Savings Trust III 5,736,348 100.0 5,736,348 6.3 Tier IV 1,472,584 100.0 1,472,584 1.6 Loan Fund 1,472,584 100.0 1,472,584 1.6 Asset Allocation As of March 31, 2023 As of March 31, 2023 ($) Page 14 Tier I Page 15 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 4.0 8.0 -4.0 -8.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 4.1 4.1 -4.4 4.1 3.94.2 4.2 -4.5 3.8 3.7 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 :$37,207.10 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :19% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 16 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target Today (MF) -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 11.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement Income Fund 4.23 (36)-4.50 (39)3.83 (69)3.26 (60)3.79 (71)¢ Vanguard Target Income Composite Index 4.13 (39)-4.45 (33)4.06 (66)3.53 (49)4.03 (53)¢ 5th Percentile 4.73 -3.50 6.90 4.30 4.72 1st Quartile 4.50 -4.24 5.66 3.79 4.55 Median 3.95 -4.68 4.95 3.46 4.05 3rd Quartile 3.56 -5.38 3.29 2.96 3.66 95th Percentile 3.10 -6.11 2.33 2.46 2.82 Page 17 Risk Profile As of March 31, 2023 Label7 Standard Deviation Rolling 3 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 3.0 6.0 9.0 12.0 15.0 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill 0.0 1.0 2.0 3.0 4.0 5.0 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 -0.22 0.40 -0.54 1.00 0.38 -0.25 1.01 3.83 8.42 1.00 Vanguard Target Income Composite Index 0.00 0.00 -1.00 0.41 0.00 1.00 4.06 8.34 1.00 FTSE 3 Month T-Bill -3.38 8.32 -0.41 0.00 -0.94 0.00 0.95 0.43 0.07 Page 18 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 March 31, 2023 As of March 31, 2023 Page 19 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 5.0 10.0 15.0 -5.0 -10.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 4.7 4.7 -5.1 7.2 5.34.8 4.8 -5.3 6.9 5.0 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 :$40,683.50 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :14% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 20 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2020 (MF) -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2020 Fund 4.77 (36)-5.26 (33)6.90 (67)4.30 (64)5.77 (63)¢ Vanguard Target 2020 Composite Index 4.67 (38)-5.12 (29)7.17 (60)4.66 (21)6.06 (8)¢ 5th Percentile 5.47 -4.39 9.19 4.99 6.13 1st Quartile 4.90 -4.93 7.88 4.51 5.85 Median 4.54 -5.49 7.47 4.39 5.80 3rd Quartile 4.14 -6.16 5.87 3.96 5.52 95th Percentile 3.34 -6.50 3.43 3.23 4.99 Page 21 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill -2.0 0.0 2.0 4.0 6.0 8.0 10.0 R eturn % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 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 -0.25 0.50 -0.49 1.00 0.59 -0.31 1.01 6.90 10.67 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 -1.00 0.62 0.00 1.00 7.17 10.57 1.00 FTSE 3 Month T-Bill -6.53 10.56 -0.62 0.00 -0.94 0.00 0.95 0.43 0.04 Page 22 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 March 31, 2023 As of March 31, 2023 Page 23 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 6.0 12.0 18.0 -6.0 -12.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.2 5.2 -5.7 8.7 5.95.3 5.3 -5.9 8.3 5.6 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 :$74,394.80 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :14% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 24 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2025 (MF) -12.0 -8.0 -4.0 0.0 4.0 8.0 12.0 16.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2025 Fund 5.28 (22)-5.91 (57)8.31 (51)4.77 (56)6.35 (42)¢ Vanguard Target 2025 Composite Index 5.21 (28)-5.68 (41)8.68 (33)5.21 (13)6.68 (7)¢ 5th Percentile 5.80 -4.62 9.93 5.43 6.79 1st Quartile 5.25 -5.18 9.01 4.98 6.50 Median 4.90 -5.75 8.31 4.81 6.13 3rd Quartile 4.36 -6.43 7.52 4.32 5.72 95th Percentile 2.90 -7.43 3.98 3.24 5.11 Page 25 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 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 -0.33 0.61 -0.54 1.00 0.63 -0.43 1.01 8.31 12.34 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 -1.00 0.67 0.00 1.00 8.68 12.20 1.00 FTSE 3 Month T-Bill -8.13 12.19 -0.67 0.00 -0.94 0.00 0.95 0.43 0.03 Page 26 Asset Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%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 March 31, 2023 As of March 31, 2023 Page 27 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 8.0 16.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.6 5.6 -6.0 10.0 6.45.7 5.7 -6.2 9.7 6.0 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 :$80,773.30 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :11% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 28 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2030 (MF) -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2030 Fund 5.67 (24)-6.22 (49)9.67 (63)5.21 (49)6.89 (39)¢ Vanguard Target 2030 Composite Index 5.59 (30)-6.00 (44)10.04 (45)5.65 (19)7.22 (8)¢ 5th Percentile 6.09 -4.23 11.10 5.89 7.45 1st Quartile 5.65 -5.40 10.44 5.53 7.05 Median 5.36 -6.23 9.87 5.21 6.58 3rd Quartile 4.73 -6.62 9.32 4.78 6.33 95th Percentile 3.14 -7.92 6.52 4.11 5.45 Page 29 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 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 2030 Fund -0.31 0.64 -0.49 1.00 0.68 -0.41 1.01 9.67 13.51 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 -1.00 0.71 0.00 1.00 10.04 13.37 1.00 FTSE 3 Month T-Bill -9.52 13.36 -0.71 0.00 -0.94 0.00 0.95 0.43 0.03 Page 30 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 March 31, 2023 As of March 31, 2023 Page 31 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 8.0 16.0 24.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.9 5.9 -6.2 11.5 6.95.9 5.9 -6.4 11.1 6.5 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 :$80,332.10 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :9% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 32 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2035 (MF) -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2035 Fund 5.94 (37)-6.36 (42)11.12 (60)5.68 (56)7.43 (42)¢ Vanguard Target 2035 Composite Index 5.87 (43)-6.21 (37)11.48 (52)6.11 (27)7.76 (10)¢ 5th Percentile 6.60 -5.20 13.18 6.53 8.17 1st Quartile 6.02 -5.95 12.36 6.15 7.55 Median 5.74 -6.64 11.52 5.69 7.15 3rd Quartile 5.24 -7.06 11.00 5.33 7.01 95th Percentile 4.04 -8.46 8.60 4.81 6.59 Page 33 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 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 2035 Fund -0.31 0.69 -0.44 1.00 0.73 -0.41 1.01 11.12 14.53 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 -1.00 0.76 0.00 1.00 11.48 14.39 1.00 FTSE 3 Month T-Bill -10.97 14.39 -0.76 0.00 -0.95 0.00 0.95 0.43 0.02 Page 34 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 March 31, 2023 As of March 31, 2023 Page 35 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 8.0 16.0 24.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 6.2 6.2 -6.4 12.9 7.36.2 6.2 -6.5 12.6 7.0 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 :$69,991.90 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :7% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 36 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2040 (MF) -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 25.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2040 Fund 6.21 (41)-6.53 (41)12.58 (65)6.12 (49)7.91 (24)¢ Vanguard Target 2040 Composite Index 6.16 (50)-6.43 (36)12.93 (50)6.55 (21)8.25 (11)¢ 5th Percentile 7.14 -5.33 14.53 6.94 8.60 1st Quartile 6.43 -6.04 13.69 6.45 7.91 Median 6.13 -6.80 12.91 6.12 7.64 3rd Quartile 5.63 -7.11 12.25 5.81 7.39 95th Percentile 4.69 -8.28 10.11 5.13 6.55 Page 37 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 2040 Fund -0.30 0.73 -0.41 1.00 0.78 -0.40 1.01 12.58 15.57 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 -1.00 0.81 0.00 1.00 12.93 15.43 1.00 FTSE 3 Month T-Bill -12.42 15.43 -0.81 0.00 -0.95 0.00 0.95 0.43 0.02 Page 38 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 March 31, 2023 As of March 31, 2023 Page 39 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 10.0 20.0 30.0 -10.0 -20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 6.4 6.4 -6.7 14.4 7.76.5 6.5 -6.7 14.1 7.4 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 :$65,921.80 Million Total Assets Date :03/31/2023 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 40 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2045 (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2045 Fund 6.49 (36)-6.70 (41)14.06 (50)6.59 (43)8.22 (26)¢ Vanguard Target 2045 Composite Index 6.44 (42)-6.67 (39)14.38 (44)7.01 (16)8.56 (12)¢ 5th Percentile 7.28 -4.71 15.40 7.24 8.87 1st Quartile 6.61 -6.27 14.70 6.88 8.22 Median 6.32 -6.90 14.06 6.49 8.02 3rd Quartile 5.89 -7.48 13.31 6.17 7.69 95th Percentile 5.01 -8.20 10.90 5.52 7.35 Page 41 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 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 2045 Fund -0.26 0.80 -0.32 1.00 0.82 -0.39 1.01 14.06 16.65 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 -1.00 0.84 0.00 1.00 14.38 16.48 1.00 FTSE 3 Month T-Bill -13.87 16.48 -0.84 0.00 -0.95 0.00 0.95 0.43 0.01 Page 42 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.4% 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 March 31, 2023 As of March 31, 2023 Page 43 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 10.0 20.0 30.0 -10.0 -20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 6.6 6.6 -6.7 14.5 7.86.6 6.6 -6.7 14.2 7.4 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 :$53,589.80 Million Total Assets Date :03/31/2023 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 44 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2050 (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2050 Fund 6.64 (29)-6.71 (40)14.17 (60)6.66 (42)8.26 (31)¢ Vanguard Target 2050 Composite Index 6.58 (33)-6.71 (41)14.51 (44)7.08 (14)8.59 (12)¢ 5th Percentile 7.30 -5.43 15.41 7.25 8.91 1st Quartile 6.73 -6.38 14.74 6.91 8.27 Median 6.50 -6.90 14.38 6.62 8.06 3rd Quartile 6.01 -7.60 13.94 6.27 7.80 95th Percentile 5.08 -8.19 11.62 5.63 6.87 Page 45 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 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 2050 Fund -0.28 0.83 -0.33 1.00 0.81 -0.39 1.01 14.17 16.89 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 -1.00 0.84 0.00 1.00 14.51 16.74 1.00 FTSE 3 Month T-Bill -14.03 16.74 -0.84 0.00 -0.95 0.00 0.95 0.43 0.01 Page 46 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% 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 March 31, 2023 As of March 31, 2023 Page 47 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 10.0 20.0 30.0 -10.0 -20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 6.6 6.6 -6.7 14.5 7.86.6 6.6 -6.7 14.2 7.4 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 :$33,928.80 Million Total Assets Date :03/31/2023 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.97 Page 48 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2055 (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2055 Fund 6.64 (36)-6.67 (40)14.17 (79)6.66 (56)8.24 (50)¢ Vanguard Target 2055 Composite Index 6.58 (41)-6.71 (43)14.51 (56)7.08 (15)8.59 (17)¢ 5th Percentile 7.33 -5.02 15.69 7.28 8.97 1st Quartile 6.79 -6.42 14.95 6.89 8.44 Median 6.49 -6.86 14.56 6.67 8.24 3rd Quartile 6.16 -7.59 14.18 6.31 7.96 95th Percentile 5.05 -8.32 12.37 5.83 7.72 Page 49 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 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 2055 Fund -0.28 0.81 -0.34 1.00 0.81 -0.39 1.01 14.17 16.88 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 -1.00 0.84 0.00 1.00 14.51 16.74 1.00 FTSE 3 Month T-Bill -14.03 16.74 -0.84 0.00 -0.95 0.00 0.95 0.43 0.01 Page 50 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% 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 March 31, 2023 As of March 31, 2023 Page 51 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 10.0 20.0 30.0 -10.0 -20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 6.6 6.6 -6.7 14.5 7.86.6 6.6 -6.7 14.2 7.4 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 :$17,528.60 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :3% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.97 Page 52 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2065+ (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2060 Fund 6.64 (46)-6.67 (35)14.16 (85)6.66 (-)8.24 (-)¢ Vanguard Target 2060 Composite Index 6.58 (48)-6.71 (39)14.51 (77)7.08 (-)8.59 (-)¢ 5th Percentile 7.48 -5.72 16.52 -- 1st Quartile 7.00 -6.57 15.48 -- Median 6.55 -7.04 15.03 -- 3rd Quartile 6.29 -7.59 14.53 -- 95th Percentile 5.76 -8.41 13.12 -- Page 53 Risk Profile As of March 31, 2023 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 6/20 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 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 2060 Fund -0.29 0.82 -0.36 1.00 0.82 -0.38 1.01 14.16 16.86 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 -1.00 0.84 0.00 1.00 14.51 16.74 1.00 FTSE 3 Month T-Bill -14.03 16.74 -0.84 0.00 -0.95 0.00 0.95 0.43 0.01 Page 54 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% 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 March 31, 2023 As of March 31, 2023 Page 55 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 10.0 20.0 30.0 -10.0 -20.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years Inception 8/1/17 6.6 6.6 -6.7 14.5 7.56.6 6.6 -6.6 14.2 7.1 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 :$4,312.60 Million Total Assets Date :03/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :2% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 0.98 Page 56 Peer Group Analysis As of March 31, 2023 Label6 IM Mixed-Asset Target 2065+ (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Target Retirement 2065 Fund 6.64 (46)-6.64 (31)14.17 (85)6.64 (-)-¢ Vanguard Target 2065 Composite Index 6.58 (48)-6.71 (39)14.51 (77)7.08 (-)-¢ 5th Percentile 7.48 -5.72 16.52 -- 1st Quartile 7.00 -6.57 15.48 -- Median 6.55 -7.04 15.03 -- 3rd Quartile 6.29 -7.59 14.53 -- 95th Percentile 5.76 -8.41 13.12 -- Page 57 Risk Profile As of March 31, 2023 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 3/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 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 2065 Fund -0.28 0.81 -0.35 1.00 0.82 -0.37 1.01 14.17 16.86 1.00 Vanguard Target 2065 Composite Index 0.00 0.00 -1.00 0.84 0.00 1.00 14.51 16.74 1.00 FTSE 3 Month T-Bill -14.03 16.74 -0.84 0.00 -0.95 0.00 0.95 0.43 0.01 Page 58 Asset Allocation As of 12/31/2021 0.0%15.0%30.0%45.0%60.0%75.0%90.0%105.0%120.0% 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 March 31, 2023 As of March 31, 2023 Page 59 Tier II Page 60 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Institutional Index Fund S&P 500 Index 0.0 15.0 30.0 -15.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 7.5 7.5 -7.7 18.6 11.2 12.2 7.5 7.5 -7.8 18.6 11.2 12.2 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 :$101,722.40 Million Total Assets Date :03/31/2023 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.00 Page 61 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Large Cap Equity (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Institutional Index Fund 7.49 (48)-7.76 (43)18.57 (23)11.16 (34)12.21 (34)¢ S&P 500 Index 7.50 (48)-7.73 (43)18.60 (22)11.19 (33)12.24 (34)¢ 5th Percentile 17.32 -1.88 21.06 13.58 14.23 1st Quartile 11.44 -5.72 18.50 11.53 12.59 Median 7.36 -8.55 17.23 10.55 11.59 3rd Quartile 4.07 -11.43 15.05 8.92 10.16 95th Percentile -1.03 -17.08 10.92 6.41 8.23 Page 62 Asset Allocation As of 01/31/2023 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 01/31/2023 Total Securities 505 Avg. Market Cap $430,988.23 Million P/E 27.96 P/B 8.50 Div. Yield 1.97% Annual EPS 28.21 5Yr EPS 18.13 3Yr EPS Growth 20.02 Sector/Quality Allocation As of 01/31/2023 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 26.4% 16.5% 13.0% 12.2% 11.2% 8.5% 5.2% 2.9% 2.1% 1.2% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 63 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 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 Year to Date 1 Year 3 Years 5 Years 10 Years 3.9 3.9 -9.8 18.8 8.1 10.2 3.9 3.9 -9.9 18.7 8.1 10.2 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/Denis Total Assets :$53,083.10 Million Total Assets Date :03/31/2023 Gross Expense :0.05% Net Expense :0.05% Turnover :12% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.00 Page 64 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Mid Cap Equity (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Mid-Cap Index Fund 3.87 (53)-9.86 (68)18.73 (55)8.13 (42)10.17 (39)¢ Vanguard Spliced Mid Cap Index 3.87 (53)-9.85 (68)18.75 (55)8.15 (41)10.21 (39)¢ 5th Percentile 11.25 -1.69 26.34 10.80 11.99 1st Quartile 7.40 -5.58 21.77 9.26 10.85 Median 4.06 -8.02 19.21 7.91 9.60 3rd Quartile 1.45 -11.54 15.91 6.22 8.59 95th Percentile -1.04 -16.64 10.64 4.42 6.87 Page 65 Asset Allocation As of 01/31/2023 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 01/31/2023 Total Securities 351 Avg. Market Cap $26,114.76 Million P/E 27.83 P/B 6.33 Div. Yield 2.18% Annual EPS 29.01 5Yr EPS 16.13 3Yr EPS Growth 16.73 Sector/Quality Allocation As of 01/31/2023 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 21.6% 16.5% 13.2% 11.0% 9.1% 7.4% 6.3% 6.2% 4.2% 3.5% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 66 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 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 Year to Date 1 Year 3 Years 5 Years 10 Years 3.7 3.7 -9.4 19.6 6.7 9.2 3.7 3.7 -9.3 19.7 6.8 9.2 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 :O'Reilly/Narzikul Total Assets :$46,373.50 Million Total Assets Date :03/31/2023 Gross Expense :0.05% Net Expense :0.05% Turnover :14% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.00 Page 67 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Small Cap Equity (MF) -40.0 -25.0 -10.0 5.0 20.0 35.0 50.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Small-Cap Index Fund 3.74 (42)-9.33 (59)19.67 (61)6.76 (40)9.19 (29)¢ Vanguard Spliced Small Cap Index 3.71 (42)-9.39 (60)19.63 (61)6.74 (41)9.17 (30)¢ 5th Percentile 9.22 0.08 31.99 10.86 10.93 1st Quartile 5.60 -5.30 24.36 7.70 9.36 Median 3.14 -8.51 21.34 6.15 8.36 3rd Quartile 1.79 -11.42 17.54 4.79 7.30 95th Percentile -0.98 -17.30 12.01 2.23 5.75 Page 68 Asset Allocation As of 01/31/2023 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% 1.8% 98.2% Fund Characteristics As of 01/31/2023 Total Securities 1,488 Avg. Market Cap $6,552.42 Million P/E 24.94 P/B 4.78 Div. Yield 2.40% Annual EPS 34.49 5Yr EPS 16.57 3Yr EPS Growth 17.57 Sector/Quality Allocation As of 01/31/2023 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 22.5% 20.8% 10.4% 9.7% 8.4% 7.5% 6.5% 4.7% 4.4% 3.1% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 69 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 4.0 8.0 -4.0 -8.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 3.0 3.0 -4.7 -2.7 1.0 1.4 3.2 3.2 -4.7 -2.8 0.9 1.3 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 :$98,106.40 Million Total Assets Date :03/31/2023 Gross Expense :0.05% Net Expense :0.05% Turnover :40% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.00 Page 70 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Broad Market Core Fixed Income (MF) -10.0 -7.0 -4.0 -1.0 2.0 5.0 8.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Total Bond Market Index Fund 3.16 (47)-4.71 (29)-2.78 (85)0.92 (56)1.32 (68)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 3.01 (67)-4.72 (30)-2.73 (83)0.95 (55)1.39 (60)¢ 5th Percentile 3.80 -1.80 0.39 1.82 2.05 1st Quartile 3.32 -4.68 -0.97 1.35 1.73 Median 3.15 -4.98 -1.80 1.01 1.53 3rd Quartile 2.93 -5.37 -2.43 0.81 1.30 95th Percentile 2.05 -6.41 -3.10 0.40 0.77 Page 71 Asset Allocation As of 12/31/2022 0.0%50.0%100.0%150.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 0.8% 99.2% Fund Characteristics As of 12/31/2022 Avg. Coupon 2.80 % Nominal Maturity - Effective Maturity 8.90 Years Duration 6.50 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 12/31/2022 0.0%20.0%40.0%60.0%80.0%100.0% Government/AAA BBB Rated A Rated Foreign Securities AA Rated Equities/Other 68.0% 13.5% 11.5% 3.5% 2.8% 0.8% Maturity Distribution As of 12/31/2022 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% 0.8% 3.8% 8.4% 16.7% 20.1% 20.1% 29.8% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 72 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 8.0 16.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 5.6 5.6 -6.6 10.0 7.2 7.9 5.6 5.6 -7.0 9.7 6.9 7.7 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 :$10,355.80 Million Total Assets Date :03/31/2023 Gross Expense :0.06% Net Expense :0.06% Turnover :19% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Balanced Index Fund Benchmark 0.98 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 0.99 Page 73 Peer Group Analysis As of March 31, 2023 Label6 IM All Balanced (MF) -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Balanced Index Fund 5.57 (31)-7.04 (70)9.69 (50)6.86 (12)7.69 (19)¢ Vanguard Balanced Composite Index 5.59 (30)-6.59 (60)10.01 (47)7.18 (7)7.92 (13)¢ 5th Percentile 7.03 -2.36 15.46 7.35 8.49 1st Quartile 5.81 -5.06 12.85 6.18 7.38 Median 4.54 -6.25 9.61 4.81 5.80 3rd Quartile 3.21 -7.32 6.28 3.40 4.16 95th Percentile -0.49 -12.11 2.48 1.23 2.42 Page 74 Asset Allocation As of 01/31/2023 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% 0.8% 38.9% 60.3% Fund Characteristics As of 01/31/2023 Total Securities 15,350 Avg. Market Cap $366,766.95 Million P/E 27.75 P/B 8.11 Div. Yield 2.01% Annual EPS 28.58 5Yr EPS 18.09 3Yr EPS Growth 19.61 Sector/Quality Allocation As of 01/31/2023 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 14.7% 10.5% 7.7% 7.5% 7.2% 4.9% 3.0% 1.7% 1.4% 1.0% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 75 Tier III Page 76 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Windsor II Fund Russell 1000 Value Index 0.0 15.0 30.0 -15.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 1.0 1.0 -5.9 17.9 7.5 9.1 4.7 4.7 -5.5 21.3 10.3 10.4 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 :$40,660.30 Million Total Assets Date :03/31/2023 Gross Expense :0.26% Net Expense :0.26% Turnover :18% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 4.0% 8.0% -4.0 % -8.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Windsor II Fund Benchmark 0.96 1.04 1.12 1.20 1.28 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.14 Page 77 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Large Cap Value Equity (MF) -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard Windsor II Fund 4.66 (25)-5.52 (64)21.29 (21)10.34 (17)10.41 (23)¢ Russell 1000 Value Index 1.01 (43)-5.91 (71)17.93 (57)7.50 (70)9.13 (67)¢ 5th Percentile 8.31 -0.37 22.44 11.00 11.49 1st Quartile 4.43 -2.78 20.69 9.56 10.19 Median 0.61 -4.54 18.20 8.26 9.53 3rd Quartile -0.69 -6.47 16.51 7.26 8.84 95th Percentile -2.43 -9.54 14.75 5.22 8.01 Page 78 Risk Profile As of March 31, 2023 Label7 Standard Deviation Rolling 5 Years Vanguard Windsor II Fund Russell 1000 Value Index 0.0 4.0 8.0 12.0 16.0 20.0 24.0 28.0 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 15.0 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 2.73 3.04 0.90 0.98 0.53 2.60 1.02 10.34 19.39 0.99 Russell 1000 Value Index 0.00 0.00 -1.00 0.40 0.00 1.00 7.50 18.82 1.00 FTSE 3 Month T-Bill -7.63 18.85 -0.40 0.01 -1.42 0.00 1.40 0.37 -0.09 Page 79 Asset Allocation As of 12/31/2022 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% 0.1% 3.4% 96.5% Fund Characteristics As of 12/31/2022 Total Securities 179 Avg. Market Cap $264,095.82 Million P/E 22.41 P/B 5.78 Div. Yield 2.19% Annual EPS 46.74 5Yr EPS 17.68 3Yr EPS Growth 15.94 Sector/Quality Allocation As of 12/31/2022 0.0%6.0%12.0%18.0%24.0%30.0% Information Technology Financials Health Care Industrials Consumer Staples Consumer Discretionary Energy Materials Utilities Non Classified Equity 20.7% 19.4% 14.4% 13.9% 11.7% 6.5% 6.1% 1.6% 1.6% 0.5% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 80 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 15.0 30.0 -15.0 -30.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 14.4 14.4 -10.9 18.6 13.7 14.615.8 15.8 -17.6 12.4 10.0 12.8 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 :$26,641.00 Million Total Assets Date :03/31/2023 Gross Expense :0.23% Net Expense :0.23% Turnover :23% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 8.0% 16.0% -8.0 % -16.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard U.S. Growth Fund Benchmark 0.60 0.80 1.00 1.20 1.40 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 0.85 Page 81 Peer Group Analysis As of March 31, 2023 Label6 IM U.S. Large Cap Growth Equity (MF) -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard U.S. Growth Fund 15.82 (25)-17.60 (90)12.38 (83)9.99 (69)12.84 (49)¢ Russell 1000 Growth Index 14.37 (38)-10.90 (34)18.58 (12)13.66 (11)14.59 (9)¢ 5th Percentile 19.83 -4.76 19.62 14.41 15.37 1st Quartile 15.67 -10.42 17.25 12.29 13.63 Median 13.63 -12.37 15.09 11.10 12.77 3rd Quartile 9.82 -15.07 13.54 9.66 12.00 95th Percentile 4.07 -19.27 9.42 7.17 9.77 Page 82 Risk Profile As of March 31, 2023 Label7 Standard Deviation Rolling 5 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 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 -2.68 5.83 -0.46 0.95 0.46 -4.22 1.11 9.99 23.87 0.97 Russell 1000 Growth Index 0.00 0.00 -1.00 0.65 0.00 1.00 13.66 21.00 1.00 FTSE 3 Month T-Bill -13.65 21.00 -0.65 0.00 -1.40 0.00 1.40 0.37 -0.01 Page 83 Asset Allocation As of 12/31/2022 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% 0.9% 3.7% 95.4% Fund Characteristics As of 12/31/2022 Total Securities 273 Avg. Market Cap $477,151.80 Million P/E 33.09 P/B 11.39 Div. Yield 1.11% Annual EPS 40.60 5Yr EPS 27.26 3Yr EPS Growth 23.40 Sector/Quality Allocation As of 12/31/2022 0.0%10.0%20.0%30.0%40.0%50.0% Information Technology Consumer Discretionary Health Care Financials Industrials Consumer Staples Non Classified Equity Energy Telecommunication Services Materials 32.5% 15.8% 13.9% 10.7% 9.7% 7.4% 3.5% 1.4% 0.3% 0.2% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 84 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard International Growth Fund Vanguard Spliced International Index 0.0 8.0 16.0 24.0 -8.0 -16.0 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 6.9 6.9 -4.6 12.0 2.6 4.2 12.5 12.5 -6.8 13.5 6.5 8.8 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 :$38,577.90 Million Total Assets Date :03/31/2023 Gross Expense :0.34% Net Expense :0.34% Turnover :15% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 15.0% 30.0% -15.0 % -30.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard International Growth Fund Benchmark 0.60 0.90 1.20 1.50 1.80 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.21 Page 85 Peer Group Analysis As of March 31, 2023 Label6 IM International Large Cap Growth Equity (MF) -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 R eturn % 1 Quarter 1 Year 3 Years 5 Years 10 Years Vanguard International Growth Fund 12.50 (11)-6.81 (83)13.48 (23)6.53 (24)8.79 (4)¢ Vanguard Spliced International Index 6.87 (88)-4.65 (61)11.96 (50)2.57 (90)4.22 (88)¢ 5th Percentile 13.78 1.57 17.04 8.40 8.20 1st Quartile 10.84 -1.08 13.37 6.49 6.61 Median 9.72 -3.52 11.92 4.72 5.64 3rd Quartile 7.94 -5.73 10.78 3.29 4.91 95th Percentile 4.71 -9.03 8.15 1.38 3.46 Page 86 Risk Profile As of March 31, 2023 Label7 Standard Deviation Rolling 5 Years Vanguard International Growth Fund Vanguard Spliced International Index 0.0 6.0 12.0 18.0 24.0 30.0 36.0 42.0 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard International Growth Fund Vanguard Spliced International Index FTSE 3 Month T-Bill 0.0 1.5 3.0 4.5 6.0 7.5 9.0 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 4.80 10.24 0.47 0.81 0.33 4.18 1.17 6.53 22.62 0.90 Vanguard Spliced International Index 0.00 0.00 -1.00 0.15 0.00 1.00 2.57 17.36 1.00 FTSE 3 Month T-Bill -2.64 17.36 -0.15 0.00 -1.40 0.00 1.40 0.37 0.02 Page 87 Asset Allocation As of 12/31/2022 0.0%50.0%100.0%150.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.1% 1.5% 98.5% Fund Characteristics As of 12/31/2022 Total Securities 143 Avg. Market Cap $98,149.06 Million P/E 29.07 P/B 7.63 Div. Yield 1.85% Annual EPS 37.05 5Yr EPS 16.09 3Yr EPS Growth 16.66 Sector/Quality Allocation As of 12/31/2022 0.0%6.0%12.0%18.0%24.0%30.0% Consumer Discretionary Information Technology Health Care Industrials Financials Consumer Staples Energy Non Classified Equity Materials Utilities 18.6% 17.8% 17.0% 13.0% 11.6% 10.0% 3.9% 3.8% 1.6% 0.9% Top 5 Countries As of 12/31/2022 Netherlands 12.74 % China 12.26 % United States 8.45 % Japan 7.12 % Germany 7.05 % Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 88 Regional Allocation As of 12/31/2022 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Emg. MidEast, Africa, Europe Other Emerging Latin America North America Pacific Basin Emerging Asia Europe 1.1% 2.6% 5.0% 10.0% 10.8% 18.5% 52.4% Lipper Mutual Fund Attributes As of March 31, 2023 As of March 31, 2023 Page 89 As of March 31, 2023 Manager Performance Summary As of March 31, 2023 Return Summary Vanguard Cash Reserves Federal Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 0.9 1.8 2.7 3.6 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 1.1 1.1 2.5 0.9 1.4 0.9 1.1 1.1 2.7 1.0 1.4 0.9 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 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 Ratio of Cumulative Wealth - 5 Years Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 3/18 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 1.00 Page 90 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)4.78 Avg. Maturity 14.00 Holdings Count 141 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 55.6 7.5 15.7 10.2 6.2 4.8 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 56.5 42.8 0.7 0.0 Portfolio Characteristics As of March 31, 2023 As of March 31, 2023 Page 91 As of March 31, 2023 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 0.9 1.8 2.7 3.6 R eturn % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 10/1/01 1.1 1.1 2.5 0.9 1.4 0.9 1.3 0.6 0.6 1.9 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% 0.5% 1.0% -0.5 % -1.0 % 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 3/23 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 3/23 1.06 Page 92 Portfolio Characteristics Portfolio MV/BV Ratio (%)94.38 Crediting Rate 2.71 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 51.0 12.8 10.1 21.5 0.0 0.0 0.0 4.6 Sector Distribution % 0.0 10.0 20.0 30.0 40.0 50.0 Treasury/Agencies Mortgage-Backed Corporate High Yield Asset-Backed International Cash & Equivalents Other 34.5 20.0 21.6 0.0 8.9 2.3 0.0 12.7 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% 7.3% 7.4% 7.5% 8.4% 8.7% 9.5% 9.7% 9.9% 10.5% Portfolio Characteristics As of March 31, 2023 As of March 31, 2023 Page 93 Appendix Page 94 MSD Defined Compensation PlanAs of March 31, 2023 ______________ 1 Vehicle Type Definitions: “MF” = Mutual Fund, “CIT” = Collective Investment Trust, “SA” = Separate Account, “A” = Annuity 2 Expense ratio is intended to represent a fund’s total expense ratio which may include investment management fees, 12b -1 fees, revenue sharing components and/or changes for fund or plan administration. ³ Institutional mutual fund fee universes were created by Aon Investments, as of June 30, 2022, using a custom proprietary me thodology. Peer universe membership data has been sourced from Investment Metrics. Fund expense information has been sourced from Morningstar. Since fund expense ratios d o 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 Institutional Peer Comparison³ Fund Name Vehicle Type¹Peer Group Expense Ratio² Revenue Share Net of Revenue Share Universe Median Offering vs. Median %%%% Tier I —Target Date Funds Vanguard 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 0.29%0.00%0.29%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 a s 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 stat istics 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 re turns 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 critic al 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 met hodology. 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 t his study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your Aon Investments consultant. Page 95 Market Environment Page 96 Factor Indices Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 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. 2.3%1.9% 10.7% -1.2% 5.8%6.1% 15.2% 1.3% -0.7% -4.5%-2.5%-5.6% -13.4% -2.9% -6.5%-9.6% -4.4%-3.0% -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 03/31/2023 First Quarter 2023 One-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 6.3%6.7% 11.6% 8.0% 3.2% 4.6% 10.7% 9.1% 7.7%8.0% 7.2% 12.0% 10.8% 7.0%7.2% 11.2%10.6% 10.1% 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 03/31/2023 Five-Year Ten-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 2850360-NRC Page 97 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •In Q1 2023, equity markets rose as high-interest rate concerns abated against the back drop of contagion within the banking sector. Volatility fell throughout the quarter as the CBOE Volatility Index (VIX) fell to 18.7 in March from 21.7 in the previous quarter, falling below its 20 -year average of 19.3. Yields trended lower, with major central banks slowing the pace of monetary tightening. The MSCI All Country World Investable Market Index (ACWI IMI) returned 6.9% for the quarter but was down 7.7% on a one -year 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 11.6% in US dollar terms due to sharp euro appreciation against the dollar. Economically sensitive sectors including industrials and consumer discretionary outperformed. 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. 6.9%6.6%7.2%5.9%5.8%4.5% -2.8% 11.6% 1.8%3.9% -7.7%-5.8%-8.9% -3.3%-4.5% -13.0% -25.7% 0.7% -8.9%-10.7% -30% -20% -10% 0% 10% 20% ACWI IMI 40.5% ACWI ex-U.S. IMI 59.5% USA IMI 3.9% UK IMI 6.0% Japan IMI 3.0% Canada IMI 0.2% Israel IMI 12.9% Europe ex-UK IMI 3.2% Pacific ex-Japan IMI 11.2% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 03/31/2023 First Quarter 2023 One-Year Source: MSCI 2850360-NRC Page 98 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments 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. 2850360-NRC Page 99 7.2% 24.9% -3.3% 14.5% -1.2% -4.9% 6.8%4.5% -5.5%-2.2% 7.1% 1.5% -8.6%-9.4%-4.8% -16.9% 1.7% 11.0% -8.2% -3.2% -14.3% -5.1%-9.1% -19.7% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% Russell 3000 27.2% Technology 13.5% Healthcare 14.2% Cons. Disc 5.5% Cons. Staples 4.8% Energy 2.2% Materials & Processing 13.3% Producer Durables 10.5% Financials 3.1% Utilities 2.5% Telecom. 3.2% Real Estate RUSSELL SECTOR RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year U.S. Equity Markets •U.S. equities had a strong quarter with the S&P 500 index rising by 7.5% despite the collapse of Silicon Valley Bank, which had sent jitters throughout the financial system. Rate expectations fell due to the expectation of tighter credit conditions. •The U.S. unveiled fresh sanctions on more than 200 entities throughout Europe, Asia, and the Middle East "that are supporting Russia's war effort", whilst imposing a ban on five Chinese entities from acquiring U.S. technology. U.S.-China trade tensions saw further escalation as Japan and the Netherlands entered into a trilateral agreement with the U.S. that restricts exports of chip manufacturing tools to China. The agreement is designed to hinder the Chinese military's ability to develop advanced weapons. •The U.S. economy expanded by 2.9% year-on-year in Q4 2022, slightly higher than economists' forecasts of 2.6% but lower than the 3.2% recorded in the previous quarter. Increased business inventories, especially across the manufacturing and utilities sectors, combined with steady consumer spending, contributed to the economy's expansion. •The Russell 3000 Index rose 7.2% during the first quarter but was down 8.6% on a one-year basis. Sectoral performance was mixed.Technology (24.9%) and Consumer Discretionary (14.5%) were the best performers while Financials (-5.5%) and Energy (-4.9%) were the worst performers. •Large-cap stocks outperformed in growth and Medium-cap stocks outperformed in value. •On a style basis, growth outperformed value across market capitalizations over the quarter. 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. 7.2% 0.8% 15.6% 1.3% 9.1% -0.7% 6.1% -8.6% -4.2% -11.4%-9.2%-8.5% -13.0%-10.6%-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% Russell 3000 30.6% Large Value 39.7% Large Growth 15.2% Medium Value 8.8% Medium Growth 2.7% Small Value 3.0% Small Growth RUSSELL STYLE RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year Source: Russell Indexes Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. 2850360-NRC Page 100 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 50bps to a range of 4.75%-5% over the quarter, the highest level since 2007. The Federal Open Market Committee (FOMC) dropped its previous warning that "ongoing increases" would be needed to bring soaring inflation under control, instead noting that “some additional policy firming may be appropriate". •The Bloomberg U.S. Aggregate Bond Index was up 3.0% over the quarter but was down 4.8% on a one-year 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 3.6%.High-yield bonds also rose by 3.6%. 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. 1.5%2.2%2.8%2.9% 5.6% 0.2% -1.4% -3.3% -6.1% -13.6%-15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 2.8% 3.4%3.3%3.6%3.6% -4.5% -5.3%-5.5%-5.5% -3.3% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 3.0%3.0%3.5% 2.5% 1.9%1.8% -4.8%-4.4% -5.6%-4.9% 0.4% -3.9% -7.0% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Bloomberg Agg. Bond 43.9% Govt 25.5% Corp. 28.3% MBS 0.5% ABS 1.8% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 03/31/2023 First Quarter 2023 One-YearSource: FactSet 2850360-NRC Page 101 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •U.S. Treasury yields fell significantly across maturities except at the shortest end of the curve. The 10-year Treasury yield was down 40bps to 3.48%, and the 30-year Treasury yield was down 30bps to 3.67% over the quarter. •U.S. CPI inflation declined to 6.0% in February, down from the 6.4% recorded in January, meeting economists' expectations. U.S. core CPI declined to 5.5% from January's 5.6% and was also in-line with economists' expectations. •The 10-year TIPS yield fell by 42bps over the quarter to 1.16%. -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 3/31/2022 12/31/2022 3/31/2023 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Mar 13 Mar 15 Mar 17 Mar 19 Mar 21 Mar 23 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury 2850360-NRC Page 102 European Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •European government bond spreads over 10-year German bunds narrowed across the Euro Area. The European Central Bank (ECB) raised its benchmark interest rates by 100bps to 3% over the quarter. •Italian and Portuguese government bond yields fell sharply, down 50bps and 45bps to 4.14% and 3.12% respectively over the quarter. •German bund yields fell by 21bps to 2.33% over the quarter. •Eurozone headline inflation eased slightly, slowing to 8.5% in February from 8.6% in January, although the decline was less than economists' expectations of 8.2%. 0% 2% 4% 6% 8% 10% 12% 2017 2018 2019 2020 2021 2022 2023 EUROZONE PERIPHERAL BOND SPREADS (10 -YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source:FactSet 2850360-NRC Page 103 Credit Spreads Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Credit markets rose amid risk-taking sentiment during the quarter, with spreads being mixed. •High Yield and Long Govt/Credit spreads narrowed by 14bps and 1bp respectively while CMBS and Global Emerging Markets spreads widened by 22bps and 20bps, respectively. Spread (bps)3/31/2023 12/31/2022 9/30/2022 Quarterly Change (bps)6M Change (bps) U.S. Aggregate 57 51 41 6 16 Long Gov't 2 2 3 0 -1 Long Credit 159 157 155 2 4 Long Gov't/Credit 86 87 88 -1 -2 MBS 63 51 24 12 39 CMBS 142 120 85 22 57 ABS 85 76 57 9 28 Corporate 138 130 116 8 22 High Yield 455 469 325 -14 130 Global Emerging Markets 352 332 313 20 39 Source: FactSet, Bloomberg 2850360-NRC Page 104 Currency Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •The U.S. Dollar weakened against all major currencies (except for yen) 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 1.6%. •Sterling appreciated by 2.7% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 75bps to 4.25% over the quarter. The BoE noted that the need for further monetary policy tightening would depend on future evidence concerning the persistence of price pressures. •The U.S. dollar depreciated by 1.8% against the Euro but appreciated by 0.9% against the yen. The Bank of Japan’s new governor, Kazuo Ueda, indicated maintaining the central bank’s yield curve control policy for the time being, given the prevailing economic, inflationary, and financial conditions. 100 105 110 115 120 125 130 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Mar 17 Mar 18 Mar 19 Mar 20 Mar 21 Mar 22 Mar 23 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 03/31/2017 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar 2850360-NRC Page 105 Commodities Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Commodity prices fell over the quarter with the Bloomberg Commodity Index falling by 5.4% for quarter. •The energy sector fell 18.7% over the quarter and 25.1% on a one-year basis. The price of WTI crude oil was down by 5.7% to U.S.$76/BBL. •Precious Metals rose the most over the quarter at 6.3%. •Meanwhile, OPEC+ announced surprise oil production cuts in excess of 1 million barrels a day (b/d), including a 500,000 b/d cut by Saudi Arabia. The timing of the announcement was unusual as it wasn't made during a formal OPEC+ meeting. 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. -5.4% 0.8% -18.7% -2.1% 6.3% 0.0% 9.3% -2.4%-4.3% -12.5% -7.0% -25.1% -22.1% -0.4% -3.6%-2.3% -7.8% -2.8% -30.0% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric.Softs Grains Livestock COMMODITY RETURNS AS OF 03/31/2023 First Quarter 2023 One-Year Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector 2850360-NRC Page 106 Hedge Funds Market Overview Private and Confidential │Investment advice and consulting services provided by Aon Investments 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 1.2% and 1.6% over the quarter, respectively. •Over the quarter, Equity Hedge strategy was the best performer with a return of 3.4%. •Global Macro was the worst performer and the only strategy with a negative return (-3.0%) over the quarter. •On a one-year basis, Fixed Income/Convertible Arbitrage 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. 1.6% -3.0% 3.4% 2.2% 1.4%1.2%1.4%1.2%1.6%1.2% -0.9% -2.9% -4.7% -2.2% -4.3% 0.0% -2.1% -1.1% -6.0% -5.0% -4.0% -3.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Fixed Income/Convertible Arb. Global Macro Equity Hedge Emerging Markets Event-Driven Distressed-Restructuring Relative Value Fund-Weighted Composite Index Fund of Funds Composite Index HEDGE FUND PERFORMANCE AS OF 03/31/2023 First Quarter 2023 One-Year Source:HFR Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. 2850360-NRC Page 107 Private Equity Overview –4Q 2022 Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Fundraising: In 2022, $1.0 trillion was raised by 2,518 funds, which was a decrease of 10.7% on a capital basis and 38.9% by number of funds from the prior year. Dry powder stood at $3.1 trillion at the end of the year, an increase of 18.6% and 42.9% compared to year-end 2021 and the five-year average, respectively.1 •Buyout: Global private equity-backed buyout deals totaled $738.8 billion in 2022, which was a decrease on a capital basis of 19.2% compared to 2021 and an increase of 27.4% compared to the five-year average.1 At the end of 2022, the average purchase price multiple for all U.S. LBOs was 11.9x EBITDA, up from year-end 2021’s average of 11.4x and up from the five-year average (11.1x). Large cap purchase price multiples stood at 11.8x, up compared to the full-year 2021 level of 11.2x. The average purchase price multiple across European transactions greater than €1B averaged 11.1x EBITDA at year-end 2022, down from the 11.6x multiple seen at year-end 2021. Purchase prices for transactions of €500M or greater decreased from 11.5x in 2021 to 10.7x in 2022.2 Globally, buyout exit value totaled $390.1 billion across 1,431 deals during the year, lower than the $666.6 billion in value from 2,588 deals during 2021.1 •Venture: During the year, 17,990 venture-backed transactions totaling $238.3 billion were completed, which was a decrease on both a capital and deal count basis over the prior year’s total of $344.7 billion across 18,521 deals. However, this was an increase of 32.1% compared to the five-year average of $180.4 billion. Total U.S. venture-backed exit value totaled approximately $71.4 billion across an estimated 1,391 completed transactions in 2022, down substantially from $753.2 billion across 1,925 exits in 2021.3 LTM Global Private Equity-Backed Buyout Deal Volume 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 3Q14 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 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. 2850360-NRC Page 108 Private Equity Overview (cont.) Private and Confidential │Investment advice and consulting services provided by Aon Investments USA Inc. •Mezzanine: 39 funds closed on $25.7 billion during the year. This was an increase from the prior year’s total of $17.8 billion raised by 38 funds and represented an increase of 33.1% from the five-year average of $19.3 billion. Estimated dry powder was $66.6 billion at the end of 2022, up from $43.7 billion during the prior year.1 •Distressed Debt: The TTM U.S. high-yield default rate was 1.3% as of December 2022, which up from December 2021’s TTM rate of 0.5%. Fitch expects the high-yield default rate to trend higher through 2023.4 During the year, $65.9 billion was raised by 59 funds, down from the $78.1 billion raised by 111 funds during 2021. Dry powder was estimated at $146.8 billion at the end of 2022, which was down 9.5% from year-end 2021. This remained above the five-year annual average level of $130.4 billion.1 •Secondaries: 59 funds raised $32.7 billion during the year, down from the $44.2 billion raised by 85 funds in 2021. This was 26.4% lower than the five-year average of $44.5 billion.1 The average discount rate for LP buyout and venture capital portfolios finished the year at 13.0% and 32.0%, respectively, an increase from the 3.0% and 12.0% discounts, respectively, at the end of 2021.4 •Infrastructure: $162.2 billion of capital was raised by 90 funds in 2022 compared to $132.9 billion of capital raised by 152 partnerships in 2021. At the end of the year, dry powder stood at $346.2 billion, up from last year’s total of $297.7 billion. Infrastructure managers completed 2,521 deals for an aggregate deal value of $381.4 billion in 2022 compared to 2,503 deals totaling $526.1 billion in 2021.1 •Natural Resources: During 2022, 23 funds closed on $4.2 billion compared to 29 funds totaling $13.0 billion in 2021. Energy and utilities industry managers completed 237 deals totaling $36.7 billion in 2022, an increase compared to 223 deals totaling $34.7 billion in 2021.1 9.8x 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.9x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2014 2015 2016 2017 2018 2019 2020 2021 2022 U.S. LBO Purchase Price Multiples –All Transactions Sizes Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 2850360-NRC Page 109 Glossary Page 110 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 111 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 112 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 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. Page 113 Index Definitions Name Description 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. 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. Page 114 Index Definitions Name Description 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. 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. Page 115 Index Definitions Name Description 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. 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. Page 116 Index Definitions Name Description 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. 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. Page 117 Index Definitions Name Description 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. 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. Page 118 Index Definitions Name Description 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. 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 119 §The rates of return contained in this report are shown on an after-fees basis unless otherwise noted. They are geometric and time weighted. §Universe percentiles are based upon an ordering system in which 1 is the best ranking and 100 is the worst ranking. §Due to rounding throughout the report, percentage totals displayed may not sum up to 100.0%. Additionally, individual fund totals in dollar terms may not sum up to the plan totals. §All information presented in this report should be considered preliminary. Finalized data will be available on next Quarterly Investment Report after the close of the quarter. Notes Page 120 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after-fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client. Aon Investments’ advisory fees are described in Form ADV Part 2A. Portfolio performance, characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss. Under no circumstances does the information in this report represent a recommendation to buy or sell stocks, limited partnership interests, or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness. We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics, Aon Investments’ performance reporting vendor, via the PARis performance reporting platform. Thomson Reuters Lipper is the data provider chosen by Investment Metrics, and as such, Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. 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