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HomeMy Public PortalAbout2nd Quarter ReportInvestment 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. Quarterly Investment Review MSD Deferred Compensation Plan Second 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? 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ADMASTER-STAMP!2998725-NRC 2998725-NRC Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment 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. 8.7% 5.2% 3.0% 0.9% -0.8%-2.3% -0.4% 1.7% 16.9% 8.1% 11.7% 4.9% 2.1%3.7% 5.0%5.4% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield SHORT TERM RETURNS AS OF 06/30/2023 Second Quarter 2023 YTD Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 2850360-NRC Page 3 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment 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. 12.3% 4.2%4.4% 0.9%0.8% -0.9% 1.5% 3.4% 12.9% 8.3% 5.4% 3.0% 1.5%1.8% 3.5% 4.4% -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 06/30/2023 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg 2850360-NRC Page 4 Market Highlights Private and Confidential │Investment advice and consulting services provided by Aon Investment 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. Second Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 5.89% 13.25% 16.14% 10.97% 7.65% 8.62% MSCI All Country World 6.18% 13.93% 16.53% 10.99% 8.10% 8.75% Dow Jones U.S. Total Stock Market 8.39% 16.24% 18.90% 13.74% 11.26% 12.24% Russell 3000 8.39% 16.17% 18.95% 13.89% 11.39% 12.34% S&P 500 8.74% 16.89% 19.59% 14.60% 12.31% 12.86% Russell 2000 5.21% 8.09% 12.31% 10.82% 4.21% 8.26% MSCI All Country World ex-U.S. IMI 2.38% 9.10% 12.47% 7.33% 3.38% 4.88% MSCI All Country World ex-U.S.2.44% 9.47% 12.72% 7.22% 3.52% 4.75% MSCI EAFE 2.95% 11.67% 18.77% 8.93% 4.39% 5.41% MSCI EAFE (Local Currency)4.28% 12.10% 17.50% 11.73% 6.42% 7.67% MSCI Emerging Markets 0.90% 4.89% 1.75% 2.32% 0.93% 2.95% Equity Factors MSCI World Minimum Volatility (USD)1.79% 4.13% 7.44% 6.35% 6.48% 8.41% MSCI World High Dividend Yield 2.37% 4.35% 9.03% 10.62% 7.13% 7.58% MSCI World Quality 9.83% 21.58% 24.60%13.11%13.19% 12.99% MSCI World Momentum 4.34% 3.13% 10.14% 6.44% 8.16% 10.96% MSCI World Enhanced Value 5.21% 11.30% 16.04% 13.07% 4.76% 7.22% MSCI World Index Growth 10.50% 27.27% 26.66%11.31%12.08% 12.29% MSCI USA Minimum Volatility (USD)2.65% 3.98% 7.99% 8.92% 9.06% 10.92% MSCI USA High Dividend Yield 1.46% 0.73% 6.35% 10.70% 7.78% 10.00% MSCI USA Quality 11.70% 23.40% 24.90% 13.73% 14.31% 14.62% MSCI USA Momentum 4.35% -0.06% 8.70% 4.72% 7.29% 12.58% MSCI USA Enhanced Value 1.95% 4.52% 7.18% 12.27% 5.64% 9.28% MSCI USA Equal Weighted 4.56% 8.76% 13.66% 13.09% 8.85% 10.70% MSCI USA Growth 13.87% 33.68% 29.69% 13.56% 15.47% 15.87% Returns of the Major Capital Markets Period Ending 06/30/2023 Second Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate -1.53% 1.43% -1.32% -4.96% -1.09% 0.20% Bloomberg U.S. Aggregate -0.84% 2.09% -0.94% -3.96% 0.77% 1.52% Bloomberg U.S. Long Gov't -2.29% 3.73% -6.79% -12.02% -0.88% 1.81% Bloomberg U.S. Long Credit -0.42% 4.97% 1.06% -6.06% 1.53% 3.48% Bloomberg U.S. Long Gov't/Credit -1.29% 4.39% -2.56% -8.60% 0.66% 2.86% Bloomberg U.S. TIPS -1.42% 1.87% -1.40% -0.12% 2.49% 2.08% Bloomberg U.S. High Yield 1.75% 5.38% 9.06% 3.13% 3.36% 4.43% Bloomberg Global Treasury ex U.S.-2.93% 0.09% -2.77% -7.04% -3.23% -1.13% JP Morgan EMBI Global (Emerging Market 1.53% 3.81% 6.85% -2.68% 0.82% 2.60% Commodities Bloomberg Commodity Index -2.56% -7.79% -9.61% 17.82% 4.73% -0.99% Goldman Sachs Commodity Index -2.73% -7.54% -14.22% 25.11% 2.76% -3.52% Hedge Funds HFRI Fund-Weighted Composite2 2.24% 3.45% 5.09% 8.16% 4.98% 4.71% HFRI Fund of Funds2 1.52% 2.27% 3.67% 5.04% 3.32% 3.39% Real Estate NAREIT U.S. Equity REITS 2.62% 5.37% -0.13% 8.91% 4.55% 6.42% FTSE Global Core Infrastructure Index 0.06% -0.98% -1.42% 6.89% 6.36% 7.45% Private Equity Burgiss Private iQ Global Private Equity3 -1.81% 19.78% 17.13% 15.20% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at September 30, 2022 Returns of the Major Capital Markets Period Ending 06/30/2023 2850360-NRC Page 5 Deferred Compensation Summary Page 6 Allocation Market Value $% Performance % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 93,828,542 100.0 Tier I 28,573,159 30.5 Vanguard Institutional Target Retirement Income Fund 1,555,881 1.7 1.4 (65)5.6 (55)4.5 (75)1.7 (67)3.4 (71) Vanguard Target Income Composite Index 1.4 (61)5.6 (56)4.8 (66)1.9 (63)3.7 (47) Vanguard Institutional Target Retirement 2020 Fund 2,896,068 3.1 2.1 (53)7.0 (48)6.6 (71)3.8 (68)4.6 (57) Vanguard Target 2020 Composite Index 2.2 (50)7.0 (49)6.9 (58)4.1 (62)5.0 (19) Vanguard Institutional Target Retirement 2025 Fund 6,382,361 6.8 3.0 (14)8.5 (16)8.6 (24)5.0 (47)5.3 (36) Vanguard Target 2025 Composite Index 3.0 (13)8.4 (22)9.0 (8)5.3 (25)5.7 (13) Vanguard Institutional Target Retirement 2030 Fund 2,912,876 3.1 3.6 (18)9.4 (18)9.9 (32)6.0 (61)5.8 (47) Vanguard Target 2030 Composite Index 3.6 (16)9.4 (19)10.5 (14)6.4 (30)6.2 (17) Vanguard Institutional Target Retirement 2035 Fund 3,832,388 4.1 4.1 (48)10.3 (35)11.3 (57)7.2 (66)6.4 (47) Vanguard Target 2035 Composite Index 4.1 (39)10.2 (36)11.8 (37)7.6 (47)6.7 (25) Vanguard Institutional Target Retirement 2040 Fund 2,720,520 2.9 4.6 (62)11.1 (54)12.6 (62)8.4 (69)6.9 (49) Vanguard Target 2040 Composite Index 4.6 (54)11.1 (53)13.1 (50)8.7 (52)7.3 (27) Vanguard Institutional Target Retirement 2045 Fund 3,756,678 4.0 5.1 (58)11.9 (47)13.9 (63)9.5 (52)7.5 (39) Vanguard Target 2045 Composite Index 5.1 (58)11.9 (48)14.4 (42)9.9 (35)7.8 (16) Vanguard Institutional Target Retirement 2050 Fund 2,709,330 2.9 5.4 (45)12.4 (43)14.6 (56)9.7 (59)7.6 (36) Vanguard Target 2050 Composite Index 5.4 (42)12.3 (45)15.0 (35)10.1 (35)8.0 (11) Vanguard Institutional Target Retirement 2055 Fund 945,405 1.0 5.4 (58)12.4 (54)14.6 (67)9.7 (67)7.6 (47) Vanguard Target 2055 Composite Index 5.4 (50)12.3 (55)15.0 (42)10.1 (47)8.0 (10) Vanguard Institutional Target Retirement 2060 Fund 692,315 0.7 5.4 (57)12.4 (63)14.6 (67)9.8 (79)7.6 Vanguard Target 2060 Composite Index 5.4 (56)12.3 (64)15.0 (49)10.1 (62)8.0 Vanguard Institutional Target Retirement 2065 Fund 169,339 0.2 5.3 (58)12.3 (64)14.6 (67)9.8 (79)7.6 Vanguard Target 2065 Composite Index 5.4 (56)12.3 (64)15.0 (49)10.1 (62)8.0 Asset Allocation & Performance As of June 30, 2023 As of June 30, 2023 Page 7 Asset Allocation & Performance As of June 30, 2023 As of June 30, 2023 Allocation Market Value $% Performance % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Tier II 33,110,915 35.3 Vanguard Institutional Index Fund 14,624,575 15.6 8.7 (48)16.9 (47)19.5 (48)14.6 (23)12.3 (35)12.8 (38) S&P 500 Index 8.7 (48)16.9 (47)19.6 (48)14.6 (22)12.3 (34)12.9 (37) Vanguard Mid-Cap Index Fund 5,057,381 5.4 4.8 (54)8.8 (52)13.7 (62)12.0 (62)8.6 (44)10.4 (38) Vanguard Spliced Mid Cap Index 4.8 (54)8.8 (52)13.7 (62)12.0 (62)8.6 (44)10.5 (38) Vanguard Small-Cap Index Fund 3,749,236 4.0 5.3 (29)9.3 (37)14.9 (36)12.5 (64)6.6 (33)9.5 (25) Vanguard Spliced Small Cap Index 5.3 (29)9.2 (38)14.8 (37)12.5 (64)6.6 (33)9.4 (25) Vanguard Total Bond Market Index Fund 4,033,317 4.3 -0.9 (76)2.2 (66)-0.9 (67)-4.0 (78)0.8 (61)1.5 (73) Vanguard Splc Blmbg. Barc. US Agg Flt Adj -0.9 (70)2.1 (73)-0.8 (63)-4.0 (71)0.8 (57)1.5 (61) Vanguard Balanced Index Fund 5,646,406 6.0 4.6 (27)10.5 (26)10.7 (36)6.5 (47)7.3 (17)8.1 (19) Vanguard Balanced Composite Index 4.7 (26)10.5 (26)11.1 (33)6.8 (44)7.7 (11)8.3 (14) Tier III 30,732,891 32.8 Vanguard Windsor II Fund 10,317,784 11.0 6.0 (25)10.9 (25)16.2 (29)16.5 (25)11.1 (12)10.6 (22) Russell 1000 Value Index 4.1 (63)5.1 (52)11.5 (65)14.3 (51)8.1 (72)9.2 (67) Vanguard U.S. Growth Fund 7,685,192 8.2 13.3 (33)31.2 (28)28.2 (23)5.8 (93)11.4 (69)14.1 (45) Russell 1000 Growth Index 12.8 (43)29.0 (41)27.1 (32)13.7 (10)15.1 (10)15.7 (9) Vanguard International Growth Fund 4,835,956 5.2 0.9 (95)13.5 (37)14.8 (72)3.5 (86)6.6 (39)9.1 (4) Vanguard Spliced International Index 2.4 (63)9.5 (88)13.2 (83)7.4 (34)3.6 (89)4.8 (85) Vanguard Cash Reserves Federal Money Market Fund 2,462,018 2.6 1.2 (22)2.4 (23)3.8 (28)1.3 (28)1.6 (19)1.1 (12) ICE BofAML 3 Month U.S. T-Bill 1.2 (74)2.3 (66)3.6 (64)1.3 (49)1.6 (22)1.0 (21) Vanguard Retirement Savings Trust III 5,431,941 5.8 0.6 (56)1.2 (58)2.1 (49)1.8 (40)2.0 (32)2.0 (17) ICE BofAML 3 Month U.S. T-Bill 1.2 (3)2.3 (5)3.6 (2)1.3 (82)1.6 (79)1.0 (98) Tier IV 1,411,576 1.5 Loan Fund 1,411,576 1.5 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 (43)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 (24)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 (37)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 (26)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 June 30, 2023 As of June 30, 2023 Page 9 Asset Allocation & Performance As of June 30, 2023 As of June 30, 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 (48)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 (48)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 (38)-1.7 (69)7.7 (64)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 (64)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 (34)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 (59)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 (42)2.2 (18)2.5 (20)2.2 (14)1.9 (24)2.0 (18)2.1 (16)2.0 (26)1.9 (28) ICE BofAML 3 Month U.S. T-Bill 1.5 (59)0.0 (98)0.7 (100)2.3 (52)1.9 (62)0.9 (99)0.3 (100)0.1 (100)0.0 (100)0.1 (95) Tier IV Loan Fund Page 10 Vanguard Institutional Target Retirement 2020 Fund Vanguard Institutional Target Retirement 2025 Fund Vanguard Institutional Target Retirement 2030 Fund Vanguard Institutional Target Retirement 2035 Fund Vanguard Institutional Target Retirement 2040 Fund Vanguard Institutional Target Retirement 2045 Fund Vanguard Institutional Target Retirement 2050 Fund Vanguard Institutional Target Retirement 2055 Fund Vanguard Institutional Target Retirement 2060 Fund Vanguard Institutional Target Retirement 2065 Fund Vanguard Institutional Target Retirement Income Fund -1.5 0.0 1.5 3.0 4.5 6.0 7.5 9.0 10.5 12.0 Return (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 Risk (Standard Deviation %) Tier I Funds 3 Years Ending June 30, 2023 3 Years Ending June 30, 2023 Calculation based on monthly periodicity. Page 11 Vanguard Balanced Index Fund Vanguard Institutional Index Fund Vanguard Mid-Cap Index Fund Vanguard Small-Cap Index Fund Vanguard Total Bond Market Index Fund -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Return (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Tier II Funds 3 Years Ending June 30, 2023 3 Years Ending June 30, 2023 Calculation based on monthly periodicity. Page 12 Vanguard International Growth Fund Vanguard Cash Reserves Federal Money Market Fund Vanguard Retirement Savings Trust III Vanguard U.S. Growth Fund Vanguard Windsor II Fund -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 Return (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 30.0 32.0 34.0 Risk (Standard Deviation %) Tier III Funds 3 Years Ending June 30, 2023 3 Years Ending June 30, 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 41,434,168 44.2 4,835,956 5.2 4,033,317 4.3 3,873,594 4.1 5,646,406 6.0 5,431,941 5.8 28,573,159 30.5 93,828,542 100.0 Tier I 28,573,159 100.0 28,573,159 30.5 Vanguard Institutional Target Retirement Income Fund 1,555,881 100.0 1,555,881 1.7 Vanguard Institutional Target Retirement 2020 Fund 2,896,068 100.0 2,896,068 3.1 Vanguard Institutional Target Retirement 2025 Fund 6,382,361 100.0 6,382,361 6.8 Vanguard Institutional Target Retirement 2030 Fund 2,912,876 100.0 2,912,876 3.1 Vanguard Institutional Target Retirement 2035 Fund 3,832,388 100.0 3,832,388 4.1 Vanguard Institutional Target Retirement 2040 Fund 2,720,520 100.0 2,720,520 2.9 Vanguard Institutional Target Retirement 2045 Fund 3,756,678 100.0 3,756,678 4.0 Vanguard Institutional Target Retirement 2050 Fund 2,709,330 100.0 2,709,330 2.9 Vanguard Institutional Target Retirement 2055 Fund 945,405 100.0 945,405 1.0 Vanguard Institutional Target Retirement 2060 Fund 692,315 100.0 692,315 0.7 Vanguard Institutional Target Retirement 2065 Fund 169,339 100.0 169,339 0.2 Tier II 23,431,191 70.8 4,033,317 12.2 5,646,406 17.1 33,110,915 35.3 Vanguard Institutional Index Fund 14,624,575 100.0 14,624,575 15.6 Vanguard Mid-Cap Index Fund 5,057,381 100.0 5,057,381 5.4 Vanguard Small-Cap Index Fund 3,749,236 100.0 3,749,236 4.0 Vanguard Total Bond Market Index Fund 4,033,317 100.0 4,033,317 4.3 Vanguard Balanced Index Fund 5,646,406 100.0 5,646,406 6.0 Tier III 18,002,976 58.6 4,835,956 15.7 2,462,018 8.0 5,431,941 17.7 30,732,891 32.8 Vanguard Windsor II Fund 10,317,784 100.0 10,317,784 11.0 Vanguard U.S. Growth Fund 7,685,192 100.0 7,685,192 8.2 Vanguard International Growth Fund 4,835,956 100.0 4,835,956 5.2 Vanguard Cash Reserves Federal Money Market Fund 2,462,018 100.0 2,462,018 2.6 Vanguard Retirement Savings Trust III 5,431,941 100.0 5,431,941 5.8 Tier IV 1,411,576 100.0 1,411,576 1.5 Loan Fund 1,411,576 100.0 1,411,576 1.5 Asset Allocation As of June 30, 2023 As of June 30, 2023 ($) Page 14 Tier I Page 15 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 2.0 4.0 6.0 8.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 1.4 5.6 4.8 1.9 3.9 1.4 5.6 4.5 1.7 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 :$36,709.10 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 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 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.98 Page 16 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target Today (MF) -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement Income Fund 1.36 (65)5.65 (55)4.51 (75)1.70 (67)3.45 (71)4.12 (70)-12.74 (47)5.25 (73)10.02 (52)¢ Vanguard Target Income Composite Index 1.44 (61)5.63 (56)4.80 (66)1.93 (63)3.72 (47)4.35 (54)-12.44 (42)5.44 (72)10.70 (31)¢ 5th Percentile 2.08 6.76 7.03 3.72 4.57 5.07 -9.84 9.05 12.65 1st Quartile 1.85 6.30 6.14 3.11 4.01 4.92 -11.33 7.60 10.96 Median 1.64 5.79 5.23 2.47 3.60 4.38 -12.82 6.75 10.02 3rd Quartile 1.16 4.56 4.29 1.39 3.24 4.00 -14.04 5.18 8.88 95th Percentile 0.51 3.86 2.63 0.46 2.53 3.15 -15.27 2.85 6.03 Page 17 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill 1.2 1.4 1.6 1.8 2.0 2.2 Return % 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 10.0 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 -0.21 0.38 -0.55 1.00 0.09 -0.24 1.01 1.70 8.05 1.00 Vanguard Target Income Composite Index 0.00 0.00 -1.00 0.11 0.00 1.00 1.93 7.95 1.00 FTSE 3 Month T-Bill -0.90 7.91 -0.11 0.01 -1.31 0.01 1.33 0.54 0.09 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 June 30, 2023 As of June 30, 2023 Page 19 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 3.0 6.0 9.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 2.2 7.0 6.9 4.1 5.5 2.1 7.0 6.6 3.8 5.2 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 :$39,665.80 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 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 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.98 Page 20 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2020 (MF) -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2020 Fund 2.15 (53)7.02 (48)6.58 (71)3.85 (68)4.62 (57)6.02 (63)-14.15 (46)8.17 (75)12.04 (45)¢ Vanguard Target 2020 Composite Index 2.20 (50)6.98 (49)6.91 (58)4.12 (62)4.96 (19)6.31 (3)-13.77 (33)8.43 (72)12.85 (29)¢ 5th Percentile 2.87 7.84 8.15 5.36 5.45 6.28 -11.71 10.87 14.06 1st Quartile 2.50 7.58 7.46 4.50 4.82 6.16 -13.35 9.95 13.19 Median 2.15 6.95 6.98 4.22 4.66 6.03 -14.33 9.07 11.68 3rd Quartile 1.77 6.05 6.32 3.22 4.12 5.83 -14.91 8.14 10.04 95th Percentile 1.02 4.75 3.95 2.03 3.48 5.29 -16.19 6.30 7.07 Page 21 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill 0.8 1.6 2.4 3.2 4.0 4.8 Return % 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 2020 Fund -0.25 0.47 -0.52 1.00 0.29 -0.30 1.01 3.85 10.06 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 -1.00 0.32 0.00 1.00 4.12 9.94 1.00 FTSE 3 Month T-Bill -3.20 9.92 -0.32 0.00 -1.31 0.00 1.33 0.54 0.07 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 June 30, 2023 As of June 30, 2023 Page 23 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 3.0 6.0 9.0 12.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 3.0 8.4 9.0 5.3 6.1 3.0 8.5 8.6 5.0 5.8 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 :$73,721.50 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.98 Page 24 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2025 (MF) -28.0 -22.0 -16.0 -10.0 -4.0 2.0 8.0 14.0 20.0 26.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2025 Fund 3.02 (14)8.45 (16)8.56 (24)4.96 (47)5.26 (36)6.68 (39)-15.55 (62)9.80 (61)13.30 (40)¢ Vanguard Target 2025 Composite Index 3.04 (13)8.41 (22)8.97 (8)5.32 (25)5.66 (13)7.00 (5)-15.02 (35)10.09 (55)14.19 (21)¢ 5th Percentile 3.33 8.62 9.01 5.75 5.79 6.97 -11.90 12.03 15.09 1st Quartile 2.85 8.23 8.46 5.32 5.35 6.77 -13.72 11.12 14.03 Median 2.47 7.45 7.86 4.81 5.05 6.36 -15.28 10.24 12.61 3rd Quartile 1.84 6.24 6.63 4.35 4.60 5.94 -15.94 9.13 10.91 95th Percentile 0.58 4.18 2.85 2.16 3.42 5.39 -16.87 5.65 7.42 Page 25 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill 0.0 1.5 3.0 4.5 6.0 7.5 Return % 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 2025 Fund -0.33 0.58 -0.57 1.00 0.36 -0.41 1.01 4.96 11.69 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 -1.00 0.39 0.00 1.00 5.32 11.51 1.00 FTSE 3 Month T-Bill -4.52 11.49 -0.39 0.00 -1.31 0.00 1.33 0.54 0.07 Page 26 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%78.0% 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 June 30, 2023 As of June 30, 2023 Page 27 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 4.0 8.0 12.0 16.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 3.6 9.4 10.5 6.4 6.7 3.6 9.4 9.9 6.0 6.3 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 :$81,075.20 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 28 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2030 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2030 Fund 3.56 (18)9.44 (18)9.95 (32)6.04 (61)5.78 (47)7.24 (39)-16.27 (48)11.38 (66)14.10 (45)¢ Vanguard Target 2030 Composite Index 3.64 (16)9.43 (19)10.48 (14)6.43 (30)6.20 (17)7.57 (7)-15.71 (38)11.66 (58)14.98 (25)¢ 5th Percentile 4.02 9.89 11.07 6.99 6.45 7.70 -11.92 14.07 17.05 1st Quartile 3.49 9.33 10.09 6.53 5.91 7.37 -14.50 12.96 14.91 Median 3.12 8.66 9.41 6.20 5.75 6.98 -16.33 11.85 13.42 3rd Quartile 2.64 7.66 8.39 5.69 5.30 6.72 -16.80 11.33 11.99 95th Percentile 1.65 4.99 4.49 3.38 4.48 5.78 -17.46 8.53 9.34 Page 29 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill 0.0 1.5 3.0 4.5 6.0 7.5 Return % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 Standard Deviation % 3 Years Historical Statistics Active Return Tracking Error Information Ratio R-Squared Sharpe Ratio Alpha Beta Return Standard Deviation Actual Correlation Vanguard Institutional Target Retirement 2030 Fund -0.35 0.62 -0.57 1.00 0.42 -0.43 1.01 6.04 12.80 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 -1.00 0.45 0.00 1.00 6.43 12.65 1.00 FTSE 3 Month T-Bill -5.70 12.62 -0.45 0.00 -1.31 0.00 1.33 0.54 0.07 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 June 30, 2023 As of June 30, 2023 Page 31 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 4.0 8.0 12.0 16.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 4.1 10.2 11.8 7.6 7.2 4.1 10.3 11.3 7.2 6.8 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 :$80,998.30 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 32 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2035 (MF) -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2035 Fund 4.10 (48)10.28 (35)11.28 (57)7.21 (66)6.35 (47)7.82 (39)-16.62 (43)12.96 (83)14.79 (42)¢ Vanguard Target 2035 Composite Index 4.13 (39)10.24 (36)11.77 (37)7.59 (47)6.74 (25)8.14 (9)-16.10 (24)13.24 (74)15.67 (27)¢ 5th Percentile 4.75 11.11 12.72 8.72 7.12 8.44 -13.97 15.91 17.53 1st Quartile 4.20 10.55 12.07 8.05 6.72 7.94 -16.19 14.84 15.72 Median 4.08 9.95 11.38 7.49 6.33 7.57 -17.07 14.09 14.41 3rd Quartile 3.60 9.27 10.31 7.09 6.08 7.41 -17.59 13.17 13.23 95th Percentile 2.31 6.70 7.52 5.34 5.15 6.92 -18.41 11.02 10.52 Page 33 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill 0.0 2.0 4.0 6.0 8.0 10.0 Return % 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 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 2035 Fund -0.33 0.67 -0.49 1.00 0.48 -0.41 1.01 7.21 13.78 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 -1.00 0.51 0.00 1.00 7.59 13.63 1.00 FTSE 3 Month T-Bill -6.92 13.60 -0.51 0.00 -1.31 0.00 1.33 0.54 0.06 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 June 30, 2023 As of June 30, 2023 Page 35 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 4.6 11.1 13.1 8.7 7.7 4.6 11.1 12.6 8.4 7.4 Account Information Product Name :Vanguard Tgt Ret2040;Inv (VFORX) Fund Family :Vanguard Ticker :VFORX Peer Group :IM Mixed-Asset Target 2040 (MF) Benchmark :Vanguard Target 2040 Composite Index Fund Inception :06/07/2006 Portfolio Manager :Team Managed Total Assets :$70,674.30 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 36 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2040 (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2040 Fund 4.57 (62)11.06 (54)12.56 (62)8.35 (69)6.88 (49)8.33 (31)-16.98 (38)14.56 (81)15.47 (40)¢ Vanguard Target 2040 Composite Index 4.62 (54)11.06 (53)13.07 (50)8.74 (52)7.28 (27)8.67 (12)-16.51 (23)14.84 (78)16.31 (30)¢ 5th Percentile 5.45 12.61 15.23 10.03 7.71 8.99 -14.65 17.65 18.74 1st Quartile 5.04 11.61 13.80 9.23 7.33 8.35 -16.67 16.59 16.58 Median 4.64 11.09 13.06 8.75 6.88 8.17 -17.65 15.88 15.06 3rd Quartile 4.28 10.23 11.98 8.21 6.56 7.85 -18.16 14.97 13.35 95th Percentile 2.90 8.47 9.56 6.29 5.68 6.99 -19.09 12.74 10.28 Page 37 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2040 Fund -0.35 0.70 -0.49 1.00 0.53 -0.42 1.01 8.35 14.76 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 -1.00 0.56 0.00 1.00 8.74 14.62 1.00 FTSE 3 Month T-Bill -8.13 14.60 -0.56 0.00 -1.31 0.00 1.33 0.54 0.06 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 June 30, 2023 As of June 30, 2023 Page 39 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.1 11.9 14.4 9.9 8.1 5.1 11.9 13.9 9.5 7.8 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 :$66,704.60 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.98 Page 40 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2045 (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2045 Fund 5.10 (58)11.92 (47)13.93 (63)9.53 (52)7.46 (39)8.69 (24)-17.36 (37)16.16 (74)16.30 (38)¢ Vanguard Target 2045 Composite Index 5.11 (58)11.88 (48)14.37 (42)9.90 (35)7.82 (16)9.02 (12)-16.93 (26)16.45 (67)17.02 (28)¢ 5th Percentile 5.86 12.97 15.61 10.74 8.07 9.29 -14.28 19.07 19.14 1st Quartile 5.42 12.42 14.85 10.12 7.77 8.68 -16.85 17.74 17.38 Median 5.23 11.78 14.17 9.61 7.32 8.54 -18.08 16.95 15.61 3rd Quartile 4.79 11.15 13.28 9.04 7.09 8.20 -18.52 16.14 13.90 95th Percentile 3.24 8.80 10.61 7.00 6.25 7.86 -19.24 14.75 10.92 Page 41 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2045 Fund -0.32 0.77 -0.41 1.00 0.57 -0.42 1.01 9.53 15.79 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 -1.00 0.60 0.00 1.00 9.90 15.63 1.00 FTSE 3 Month T-Bill -9.34 15.61 -0.60 0.00 -1.31 0.00 1.33 0.54 0.05 Page 42 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%110.0%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%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 19.4% 15.5% 11.5% 9.6% 9.0% 9.0% 3.5% 3.1% 2.2% 1.4% Lipper Mutual Fund Attributes As of June 30, 2023 As of June 30, 2023 Page 43 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.4 12.3 15.0 10.1 8.2 5.4 12.4 14.6 9.7 7.9 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 :$54,428.70 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 44 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2050 (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2050 Fund 5.36 (45)12.35 (43)14.58 (56)9.73 (59)7.58 (36)8.76 (39)-17.46 (33)16.41 (83)16.39 (40)¢ Vanguard Target 2050 Composite Index 5.40 (42)12.34 (45)15.05 (35)10.13 (35)7.96 (11)9.09 (13)-17.07 (25)16.75 (72)17.17 (33)¢ 5th Percentile 6.06 13.16 16.36 10.74 8.15 9.38 -15.17 19.75 19.32 1st Quartile 5.70 12.81 15.35 10.39 7.75 8.87 -17.12 18.43 17.53 Median 5.33 12.27 14.71 9.88 7.47 8.55 -18.12 17.33 15.91 3rd Quartile 4.84 11.46 13.78 9.27 7.16 8.32 -18.82 16.57 13.98 95th Percentile 3.56 9.53 11.23 7.84 6.36 7.41 -19.42 15.56 10.62 Page 45 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2050 Fund -0.34 0.80 -0.43 1.00 0.58 -0.42 1.01 9.73 16.06 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 -1.00 0.60 0.00 1.00 10.13 15.93 1.00 FTSE 3 Month T-Bill -9.60 15.90 -0.60 0.00 -1.31 0.00 1.33 0.54 0.06 Page 46 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%110.0%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 June 30, 2023 As of June 30, 2023 Page 47 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.4 12.3 15.0 10.1 8.2 5.4 12.4 14.6 9.7 7.9 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 :$34,848.50 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 48 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2055 (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2055 Fund 5.36 (58)12.35 (54)14.60 (67)9.74 (67)7.57 (47)8.74 (50)-17.46 (29)16.44 (83)16.32 (46)¢ Vanguard Target 2055 Composite Index 5.40 (50)12.34 (55)15.05 (42)10.13 (47)7.96 (10)9.09 (19)-17.07 (21)16.75 (74)17.17 (33)¢ 5th Percentile 6.04 13.25 16.32 10.97 8.10 9.43 -15.34 19.93 19.25 1st Quartile 5.85 12.83 15.52 10.47 7.80 9.04 -17.36 18.47 17.80 Median 5.40 12.43 14.93 10.01 7.52 8.74 -18.16 17.55 15.93 3rd Quartile 4.92 11.70 14.23 9.57 7.21 8.49 -18.83 16.70 14.18 95th Percentile 3.77 9.07 11.21 8.27 6.37 8.27 -19.50 15.60 11.93 Page 49 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2055 Fund -0.34 0.78 -0.43 1.00 0.58 -0.42 1.01 9.74 16.07 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 -1.00 0.60 0.00 1.00 10.13 15.93 1.00 FTSE 3 Month T-Bill -9.60 15.90 -0.60 0.00 -1.31 0.00 1.33 0.54 0.06 Page 50 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%110.0%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 June 30, 2023 As of June 30, 2023 Page 51 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 7/1/15 5.4 12.3 15.0 10.1 8.2 5.4 12.4 14.6 9.8 7.9 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 :$18,226.80 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 12/15 6/16 12/16 6/17 12/17 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.97 Page 52 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2065+ (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2060 Fund 5.39 (57)12.39 (63)14.62 (67)9.75 (79)7.58 (-)8.74 (-)-17.46 (17)16.44 (78)16.32 (57)¢ Vanguard Target 2060 Composite Index 5.40 (56)12.34 (64)15.05 (49)10.13 (62)7.96 (-)9.09 (-)-17.07 (14)16.75 (67)17.17 (36)¢ 5th Percentile 6.37 13.74 17.65 11.77 ---15.75 20.34 18.41 1st Quartile 5.93 13.01 15.86 10.87 ---17.81 18.76 17.80 Median 5.58 12.82 15.02 10.26 ---18.37 17.72 16.58 3rd Quartile 5.02 12.08 14.37 9.78 ---18.96 16.45 14.81 95th Percentile 4.51 10.60 13.00 8.70 ---19.66 15.09 12.75 Page 53 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2060 Fund -0.33 0.79 -0.42 1.00 0.58 -0.40 1.01 9.75 16.05 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 -1.00 0.60 0.00 1.00 10.13 15.93 1.00 FTSE 3 Month T-Bill -9.60 15.90 -0.60 0.00 -1.31 0.00 1.33 0.54 0.06 Page 54 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%110.0%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%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% 9.1% 3.6% 3.1% 2.2% 1.5% Lipper Mutual Fund Attributes As of June 30, 2023 As of June 30, 2023 Page 55 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years Inception 8/1/17 5.4 12.3 15.0 10.1 8.2 5.3 12.3 14.6 9.8 7.8 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 :$4,593.00 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 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 1/23 6/23 0.98 Page 56 Peer Group Analysis As of June 30, 2023 IM Mixed-Asset Target 2065+ (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2065 Fund 5.34 (58)12.34 (64)14.62 (67)9.75 (79)7.55 (-)--17.39 (15)16.46 (75)16.17 (61)¢ Vanguard Target 2065 Composite Index 5.40 (56)12.34 (64)15.05 (49)10.13 (62)7.96 (-)--17.07 (14)16.75 (67)17.17 (36)¢ 5th Percentile 6.37 13.74 17.65 11.77 ---15.75 20.34 18.41 1st Quartile 5.93 13.01 15.86 10.87 ---17.81 18.76 17.80 Median 5.58 12.82 15.02 10.26 ---18.37 17.72 16.58 3rd Quartile 5.02 12.08 14.37 9.78 ---18.96 16.45 14.81 95th Percentile 4.51 10.60 13.00 8.70 ---19.66 15.09 12.75 Page 57 Risk Profile As of June 30, 2023 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 9/20 12/20 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index FTSE 3 Month T-Bill -2.5 0.0 2.5 5.0 7.5 10.0 12.5 Return % 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 2065 Fund -0.33 0.78 -0.42 1.00 0.58 -0.40 1.01 9.75 16.05 1.00 Vanguard Target 2065 Composite Index 0.00 0.00 -1.00 0.60 0.00 1.00 10.13 15.93 1.00 FTSE 3 Month T-Bill -9.60 15.90 -0.60 0.00 -1.31 0.00 1.33 0.54 0.06 Page 58 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%110.0%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 June 30, 2023 As of June 30, 2023 Page 59 Tier II Page 60 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Institutional Index Fund S&P 500 Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 8.7 16.9 19.6 14.6 12.3 12.9 8.7 16.9 19.5 14.6 12.3 12.8 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 :$100,805.40 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.00 Page 61 Peer Group Analysis As of June 30, 2023 IM U.S. Large Cap Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Index Fund 8.73 (48)16.87 (47)19.55 (48)14.57 (23)12.28 (35)12.83 (38)-18.14 (42)28.67 (21)18.39 (62)¢ S&P 500 Index 8.74 (48)16.89 (47)19.59 (48)14.60 (22)12.31 (34)12.86 (37)-18.11 (41)28.71 (21)18.40 (62)¢ 5th Percentile 14.96 35.10 30.31 16.74 14.89 15.51 -4.42 31.77 45.35 1st Quartile 11.66 24.21 23.32 14.33 12.70 13.69 -13.33 28.07 32.68 Median 8.57 16.50 19.36 13.05 11.59 12.36 -19.45 26.00 20.72 3rd Quartile 6.20 10.79 15.06 10.72 9.85 10.59 -28.65 22.86 13.07 95th Percentile 3.05 2.53 8.49 6.54 6.97 8.49 -37.98 14.57 1.48 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 June 30, 2023 As of June 30, 2023 Page 63 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Mid-Cap Index Fund Vanguard Spliced Mid Cap Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 4.8 8.8 13.7 12.0 8.6 10.5 4.8 8.8 13.7 12.0 8.6 10.4 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 :$50,964.40 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Mid-Cap Index Fund Benchmark 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.00 Page 64 Peer Group Analysis As of June 30, 2023 IM U.S. Mid Cap Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Mid-Cap Index Fund 4.76 (54)8.81 (52)13.71 (62)11.95 (62)8.59 (44)10.43 (38)-18.71 (60)24.51 (48)18.24 (40)¢ Vanguard Spliced Mid Cap Index 4.75 (54)8.80 (52)13.71 (62)11.97 (62)8.60 (44)10.46 (38)-18.68 (60)24.52 (48)18.24 (40)¢ 5th Percentile 8.83 19.87 22.90 19.66 11.50 12.38 -4.32 34.11 57.85 1st Quartile 6.18 13.65 18.01 16.01 9.52 11.23 -9.30 28.67 32.46 Median 4.83 8.99 14.92 13.32 8.30 9.80 -15.26 24.16 13.13 3rd Quartile 3.88 5.57 11.77 8.58 6.65 8.81 -26.40 15.90 5.75 95th Percentile 2.25 3.00 6.23 3.56 4.66 6.98 -34.70 5.38 -2.03 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 June 30, 2023 As of June 30, 2023 Page 66 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 5.3 9.2 14.8 12.5 6.6 9.4 5.3 9.3 14.9 12.5 6.6 9.5 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 :$44,684.20 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.00 Page 67 Peer Group Analysis As of June 30, 2023 IM U.S. Small Cap Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Small-Cap Index Fund 5.32 (29)9.26 (37)14.89 (36)12.53 (64)6.59 (33)9.45 (25)-17.61 (57)17.73 (71)19.11 (38)¢ Vanguard Spliced Small Cap Index 5.29 (29)9.19 (38)14.78 (37)12.49 (64)6.55 (33)9.43 (25)-17.64 (57)17.71 (71)19.07 (38)¢ 5th Percentile 8.17 15.47 21.22 24.03 10.48 11.09 -4.71 39.21 57.80 1st Quartile 5.57 10.84 16.78 17.46 6.97 9.40 -11.77 30.02 26.33 Median 4.37 8.05 13.21 14.59 5.63 8.43 -16.35 24.40 13.10 3rd Quartile 3.24 5.37 9.88 9.85 4.29 7.31 -22.11 15.72 4.70 95th Percentile 0.63 0.91 4.41 3.52 1.81 6.04 -33.54 2.84 -4.24 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 June 30, 2023 As of June 30, 2023 Page 69 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 3.0 6.0 -3.0 -6.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years -0.9 2.1 -0.8 -4.0 0.8 1.5 -0.9 2.2 -0.9 -4.0 0.8 1.5 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 :$97,499.40 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.00 Page 70 Peer Group Analysis As of June 30, 2023 IM U.S. Broad Market Core Fixed Income (MF) -25.0 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Total Bond Market Index Fund -0.90 (76)2.23 (66)-0.90 (67)-4.02 (78)0.77 (61)1.48 (73)-13.16 (38)-1.67 (69)7.72 (64)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj -0.86 (70)2.12 (73)-0.85 (63)-3.97 (71)0.82 (57)1.54 (61)-13.07 (32)-1.58 (63)7.75 (64)¢ 5th Percentile 0.12 3.28 2.06 -1.02 1.82 2.24 -8.09 0.69 10.53 1st Quartile -0.54 2.69 0.00 -3.04 1.21 1.90 -12.91 -0.69 9.20 Median -0.76 2.37 -0.64 -3.61 0.90 1.69 -13.39 -1.33 8.19 3rd Quartile -0.90 2.08 -1.01 -4.00 0.70 1.46 -14.06 -1.74 7.48 95th Percentile -1.27 1.49 -1.66 -4.36 0.28 0.92 -15.37 -2.17 5.68 Page 71 Asset Allocation As of 12/31/2022 0.0%25.0%50.0%75.0%100.0%125.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 0.8% 99.2% Fund Characteristics As of 03/31/2023 Avg. Coupon 2.90 % Nominal Maturity - Effective Maturity 8.90 Years Duration 6.60 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 03/31/2023 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% 6.3% 6.3% 15.3% 20.0% 20.0% 31.0% Lipper Mutual Fund Attributes As of June 30, 2023 As of June 30, 2023 Page 72 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 4.0 8.0 12.0 16.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 4.7 10.5 11.1 6.8 7.7 8.3 4.6 10.5 10.7 6.5 7.3 8.1 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 :$8,875.20 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Balanced Index Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.98 Page 73 Peer Group Analysis As of June 30, 2023 IM All Balanced (MF) -36.0 -28.0 -20.0 -12.0 -4.0 4.0 12.0 20.0 28.0 36.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Balanced Index Fund 4.63 (27)10.46 (26)10.70 (36)6.52 (47)7.34 (17)8.10 (19)-16.87 (68)14.20 (40)16.41 (19)¢ Vanguard Balanced Composite Index 4.68 (26)10.53 (26)11.09 (33)6.78 (44)7.67 (11)8.32 (14)-16.41 (63)14.28 (40)17.35 (15)¢ 5th Percentile 6.08 13.11 15.77 10.89 8.11 8.97 -5.72 20.68 20.94 1st Quartile 4.69 10.56 12.52 8.78 6.83 7.80 -12.55 16.50 15.41 Median 3.03 7.44 8.58 6.14 5.27 6.13 -15.23 12.28 12.16 3rd Quartile 1.72 5.02 5.22 3.42 3.68 4.39 -17.61 8.02 8.85 95th Percentile 0.15 0.77 -0.16 0.40 1.51 2.64 -20.94 3.07 1.00 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 June 30, 2023 As of June 30, 2023 Page 75 Tier III Page 76 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Windsor II Fund Russell 1000 Value Index 0.0 6.0 12.0 18.0 24.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 4.1 5.1 11.5 14.3 8.1 9.2 6.0 10.9 16.2 16.5 11.1 10.6 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 :$40,340.10 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Windsor II Fund Benchmark 0.96 1.04 1.12 1.20 1.28 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.15 Page 77 Peer Group Analysis As of June 30, 2023 IM U.S. Large Cap Value Equity (MF) -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 50.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Windsor II Fund 5.96 (25)10.89 (25)16.23 (29)16.49 (25)11.13 (12)10.60 (22)-13.14 (88)29.08 (13)14.53 (3)¢ Russell 1000 Value Index 4.07 (63)5.12 (52)11.54 (65)14.30 (51)8.11 (72)9.22 (67)-7.54 (62)25.16 (61)2.80 (60)¢ 5th Percentile 7.66 16.29 22.05 18.37 11.25 11.54 1.21 31.24 12.78 1st Quartile 5.96 10.77 16.80 16.46 10.26 10.44 -4.46 27.65 7.72 Median 4.75 5.30 13.00 14.31 8.75 9.68 -6.25 25.92 4.18 3rd Quartile 3.55 3.03 10.30 12.57 7.83 9.05 -8.89 23.91 1.48 95th Percentile 0.95 -0.26 6.00 11.04 6.24 8.10 -18.51 18.07 -3.87 Page 78 Risk Profile As of June 30, 2023 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 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 Return % 0.0 3.0 6.0 9.0 12.0 15.0 18.0 21.0 24.0 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 2.85 3.24 0.88 0.97 0.56 2.81 1.01 11.13 19.54 0.99 Russell 1000 Value Index 0.00 0.00 -1.00 0.42 0.00 1.00 8.11 19.12 1.00 FTSE 3 Month T-Bill -8.09 19.15 -0.42 0.00 -1.58 0.00 1.57 0.44 -0.06 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 June 30, 2023 As of June 30, 2023 Page 80 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 10.0 20.0 30.0 40.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 12.8 29.0 27.1 13.7 15.1 15.7 13.3 31.2 28.2 5.8 11.4 14.1 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 :$28,019.20 Million Total Assets Date :05/31/2023 Gross Expense :0.25% Net Expense :0.25% Turnover :23% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 8.0% 16.0% -8.0 % -16.0 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard U.S. Growth Fund Benchmark 0.60 0.80 1.00 1.20 1.40 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 0.85 Page 81 Peer Group Analysis As of June 30, 2023 IM U.S. Large Cap Growth Equity (MF) -80.0 -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard U.S. Growth Fund 13.28 (33)31.20 (28)28.20 (23)5.81 (93)11.44 (69)14.12 (45)-39.58 (96)12.45 (94)58.74 (2)¢ Russell 1000 Growth Index 12.81 (43)29.02 (41)27.11 (32)13.73 (10)15.14 (10)15.74 (9)-29.14 (37)27.60 (19)38.49 (36)¢ 5th Percentile 15.71 38.73 33.65 14.12 15.74 16.70 -17.43 31.30 54.71 1st Quartile 13.86 31.41 27.80 12.47 13.64 14.77 -27.36 26.79 41.03 Median 12.44 27.30 25.26 10.46 12.58 13.94 -30.88 23.06 35.21 3rd Quartile 10.66 21.53 21.38 8.40 10.91 13.00 -34.07 18.75 30.94 95th Percentile 5.66 10.32 13.67 4.97 7.66 10.20 -39.52 11.85 21.14 Page 82 Risk Profile As of June 30, 2023 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 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -5.0 0.0 5.0 10.0 15.0 20.0 Return % 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 -2.65 5.92 -0.45 0.95 0.51 -4.35 1.11 11.44 24.08 0.97 Russell 1000 Growth Index 0.00 0.00 -1.00 0.70 0.00 1.00 15.14 21.14 1.00 FTSE 3 Month T-Bill -14.83 21.13 -0.70 0.00 -1.55 0.00 1.57 0.44 0.05 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 June 30, 2023 As of June 30, 2023 Page 84 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard International Growth Fund Vanguard Spliced International Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2.4 9.5 13.2 7.4 3.6 4.8 0.9 13.5 14.8 3.5 6.6 9.1 Account Information Product Name :Vanguard Intl Gro;Adm (VWILX) Fund Family :Vanguard Ticker :VWILX Peer Group :IM International Large Cap Growth Equity (MF) Benchmark :Vanguard Spliced International Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$37,301.40 Million Total Assets Date :05/31/2023 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard International Growth Fund Benchmark 0.60 0.90 1.20 1.50 1.80 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.15 Page 85 Peer Group Analysis As of June 30, 2023 IM International Large Cap Growth Equity (MF) -60.0 -40.0 -20.0 0.0 20.0 40.0 60.0 80.0 100.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard International Growth Fund 0.88 (95)13.50 (37)14.83 (72)3.49 (86)6.57 (39)9.12 (4)-30.79 (91)-0.74 (96)59.74 (2)¢ Vanguard Spliced International Index 2.44 (63)9.47 (88)13.22 (83)7.38 (34)3.61 (89)4.79 (85)-15.63 (14)7.82 (65)10.65 (90)¢ 5th Percentile 4.99 18.18 22.84 10.53 8.59 8.82 -12.76 17.75 41.69 1st Quartile 3.78 14.04 19.58 8.15 7.07 6.78 -18.15 12.66 23.55 Median 2.78 12.78 17.03 6.72 5.68 6.17 -21.12 9.69 19.39 3rd Quartile 1.96 10.93 14.54 5.21 4.27 5.24 -26.14 6.50 15.33 95th Percentile 0.79 8.20 10.49 2.20 2.11 3.81 -32.26 0.35 8.08 Page 86 Risk Profile As of June 30, 2023 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 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 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 Return % 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 International Growth Fund 3.83 10.26 0.37 0.81 0.32 3.00 1.17 6.57 22.71 0.90 Vanguard Spliced International Index 0.00 0.00 -1.00 0.20 0.00 1.00 3.61 17.48 1.00 FTSE 3 Month T-Bill -3.51 17.48 -0.20 0.00 -1.56 0.00 1.57 0.44 0.03 Page 87 Asset Allocation As of 12/31/2022 0.0%25.0%50.0%75.0%100.0%125.0% 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%5.0%10.0%15.0%20.0%25.0% 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 June 30, 2023 As of June 30, 2023 Page 88 Regional Allocation As of 12/31/2022 0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%54.0%60.0%66.0%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 June 30, 2023 As of June 30, 2023 Page 89 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Cash Reserves Federal Money Market Fund ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 1.2 2.3 3.6 1.3 1.6 1.01.2 2.4 3.8 1.3 1.6 1.1 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 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - 5 Years Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 6/18 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 1.00 Page 90 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)5.06 Avg. Maturity 16.00 Holdings Count 137 Maturity Distribution % 0.0 20.0 40.0 60.0 80.0 1-7 Days 8-29 Days 30-89 Days 90-179 Days 180-269 Days 270+ Days 56.7 8.2 11.6 16.2 3.9 3.4 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 58.1 33.1 8.8 0.0 Portfolio Characteristics As of June 30, 2023 As of June 30, 2023 Page 91 As of June 30, 2023 Manager Performance Summary Return Summary Vanguard Retirement Savings Trust III ICE BofAML 3 Month U.S. T-Bill 0.0 2.0 4.0 6.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years Inception 10/1/01 1.2 2.3 3.6 1.3 1.6 1.0 1.4 0.6 1.2 2.1 1.8 2.0 2.0 1.6 Account Information Account Name Vanguard Retirement Savings Trust III Inception Date 10/01/2018 Account Structure Commingled Fund Asset Class US Stable Value Benchmark ICE BofAML 3 Month U.S. T-Bill Peer Group IM U.S. GIC/Stable Value (SA+CF) Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% 1.2% -0.4 % -0.8 % -1.2 % 9/18 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 6/23 Ratio of Cumulative Wealth - Since Inception Vanguard Retirement Savings Trust III Benchmark 0.72 0.80 0.88 0.96 1.04 1.12 1.20 9/01 3/03 9/04 3/06 9/07 3/09 9/10 3/12 9/13 3/15 9/16 3/18 9/19 3/21 6/23 1.06 Page 92 Portfolio Characteristics Portfolio MV/BV Ratio (%)93.10 Crediting Rate 2.76 Effective Duration 3.54 # of Wrap Providers 13 Credit Quality Distribution % 0.0 20.0 40.0 60.0 80.0 Treas./Ag. AAA AA A BBB <BBB Reserves Other 46.1 15.7 10.7 26.9 0.0 0.0 0.0 0.6 Sector Distribution % 0.0 10.0 20.0 30.0 40.0 Treasury/Agencies Mortgage-Backed Corporate High Yield Asset-Backed International Cash & Equivalents Other 25.9 23.5 27.3 0.0 11.4 2.3 0.0 9.6 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 7.1% 7.3% 7.5% 7.5% 8.5% 8.8% 9.6% 9.8% 9.9% 10.1% Portfolio Characteristics As of June 30, 2023 As of June 30, 2023 Page 93 Appendix Page 94 MSD Deferred Compensation Plan As of June 30, 2023 Page 95 Market Environment Page 96 Factor Indices Private and Confidential │Investment advice and consulting services provided by Aon Investment 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. 1.8%2.4% 9.8% 4.3%5.2% 3.1% 10.5% 2.6%1.5%4.1%4.3% 21.6% 3.1% 11.3% 9.4% 27.3% 4.0% 0.7% -40.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 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 06/30/2023 Second Quarter 2023 YTD Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 6.5% 7.1% 13.2% 8.2% 4.8%5.1% 12.1% 9.1% 7.8% 8.4% 7.6% 13.0% 11.0% 7.2%7.5% 12.3% 10.9% 10.0% 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 06/30/2023 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 Investment USA Inc. •In Q2 2023, equity markets rose as high-interest rate concerns abated, with inflation also cooling down in major economies. Volatility fell throughout the quarter as the CBOE Volatility Index (VIX) fell to 13.6 in June from 18.7 in the previous quarter, staying below its 20-year average of 19.2. Yields trended higher as major central banks indicated higher interest rates to bring inflation down to around a 2% target. The MSCI All Country World Investable Market Index (ACWI IMI) returned 5.9% for the quarter and was also up 13.2% on a YTD basis. •Across international markets, generally all the regions were strong over the quarter. All regions apart from Israel and Pacific ex-Japan posted positive returns. •US IMI equities were the best regional performer with a return of 8.3%. Economically sensitive sectors including Information Technology 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. 5.9% 2.4% 8.3% 2.1% 5.4% 3.1% -1.3% 2.6% -1.5% 1.6% 13.2% 9.1% 16.1% 8.1% 11.5% 7.8% -4.1% 14.5% 0.3% 5.6% -10% 0% 10% 20% ACWI IMI 39.1% ACWI ex-U.S. IMI 60.9% USA IMI 3.7% UK IMI 6.0% Japan IMI 2.9% Canada IMI 0.2% Israel IMI 12.3% Europe ex-UK IMI 3.0% Pacific ex-Japan IMI 10.9% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 06/30/2023 Second Quarter 2023 YTD Source: MSCI 2850360-NRC Page 98 Global Equity Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex- U.S. IMI Index, respectively. UK 9.6%Canada 7.5% Pacific ex-Japan 7.7% Japan 15.3% Europe ex-UK 31.5% Israel 0.6% Latin America 2.6% Asia 21.7% Eastern Europe, Middle East & Africa 3.6% Emerging Markets 27.8% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2023 Source:MSCI USA 60.9% UK 3.7% Canada 2.9% Pacific ex-Japan 3.0%Japan 6.0%Europe ex-UK 12.3% Israel 0.2% Latin America 1.0% Asia 8.5% Eastern Europe, Middle East & Africa 1.4% Emerging Markets 10.9% MSCI ALL COUNTRY WORLD IMI INDEX GEOGRAPHIC ALLOCATION AS OF 06/30/2023 Source:MSCI 2850360-NRC Page 99 U.S. Equity Markets •U.S. equities had a strong quarter with the S&P 500 index rising by 8.7% as high-interest rate concerns abated, with inflation also cooling down in major economies. •The U.S. Senate passed the debt ceiling bill with strong bipartisan support of 63-36 votes to avoid a default in the world's largest economy. Previously, the bill was passed in the House of Representatives with a margin of 314-117 votes. The agreement imposes restrictions on government spending, introduces new welfare reforms, and reins in perceived government overreach, whilst not including any new taxes. •The Cyberspace Administration of China banned U.S.-based chipmaker Micron Technology's products, in China's biggest measure against a U.S. semiconductor group, citing "security risks to China's critical information infrastructure supply chain". •The U.S. economy expanded by 2.0% year-on-year in the first quarter, higher than economists' forecasts of 1.4% but lower than the 2.6% recorded in the previous quarter. Increased consumer spending fueled by a strong labor market and rising wages helped offset business investment and housing declines. •The Russell 3000 Index rose 8.4% during the second quarter and rose 16.2% on a YTD basis. Technology (18.4%) and Consumer Discretionary (10.7%) were the best performers while Telecommunication Services (-1.8%) and Utilities (-1.7%) were the worst performers. •Large-cap stocks outperformed both in growth and 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. 8.4% 4.1% 14.4% 3.9%6.2%3.2% 7.1% 16.2% 5.0% 32.2% 5.2% 15.9% 2.5% 13.6% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% Russell 3000 28.4% Large Value 43.1% Large Growth 16.4% Medium Value 6.7% Medium Growth 2.7% Small Value 2.7% Small Growth RUSSELL STYLE RETURNS AS OF 06/30/2023 Second Quarter 2023 YTD Source: Russell Indexes 8.4% 18.4% 3.4% 10.7% 1.1% -0.9% 1.1% 6.5%4.9% -1.7%-1.8% 2.2% 16.2% 47.9% 0.1% 26.7% -0.1% -5.8% 8.0%11.3% -0.9% -3.9% 5.2%3.7% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% Russell 3000 29.6% Technology 12.9% Healthcare 14.6% Cons. Disc 5.1% Cons. Staples 4.3% Energy 2.0% Materials & Processing 13.1% Producer Durables 10.2% Financials 2.8% Utilities 2.2% Telecom. 3.0% Real Estate RUSSELL SECTOR RETURNS AS OF 06/30/2023 Second Quarter 2023 YTD Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 2850360-NRC Page 100 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Federal Reserve (Fed) increased its benchmark interest rate by 25bps to a range of 5.0%-5.25% over the quarter, the highest level since 2007. Fed Chair Jerome Powell indicated that the central bank intends to carry out further monetary tightening to bring persistently high inflation under control but defended the current pause citing "potential headwinds" from the banking crisis. •The Bloomberg U.S. Aggregate Bond Index was down 0.8% over the quarter but was up 2.1% on a YTD basis. •Across durations, all maturities finished the quarter in negative territory. •Within investment-grade bonds, lower-credit quality generally outperformed higher-quality issues, with Baa bonds remaining flat.High-yield bonds rose by 1.7%. 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. -0.4% -0.9%-1.1%-0.8% -1.5% 1.1%1.3% 1.7% 2.1% 4.0% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 06/30/2023 Second Quarter 2023 YTDSource: FactSet -1.1% -0.7%-0.4% 0.0% 1.7%1.7% 2.8%2.9% 3.5% 5.4% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 06/30/2023 Second Quarter 2023 YTDSource: FactSet -0.8% -1.4% -0.3% -0.6% -0.1% -0.6% 2.1% 1.6% 3.2% 1.9%1.7% 1.2% -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% Bloomberg Agg. Bond 43.9% Govt 25.8% Corp. 28.0% MBS 0.5% ABS 1.8% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 06/30/2023 Second Quarter 2023 YTDSource: FactSet 2850360-NRC Page 101 U.S. Fixed Income Markets Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •U.S. Treasury yields rose significantly across maturities as the yield curve shifted upwards over the quarter.The 10-year Treasury yield was up by 33bps to 3.81%, and the 30-year Treasury yield was up by 18bps to 3.85% over the quarter. •The U.S. annual consumer price index (CPI) eased to its lowest level since March 2021 as it rose by 4.0% in May, sharply down from the 4.9% recorded in April and coming in lower than economists' expectations of a 4.1% increase. •The 10-year TIPS yield rose by 43bps over the quarter to 1.59%. 2.5% 3.0% 3.5% 4.0% 4.5% 5.0% 5.5% 6.0% 0 5 10 15 20 25 30 Maturity (Years) U.S. TREASURY YIELD CURVE 12/31/2022 3/31/2023 6/30/2023 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% Jun 13 Jun 15 Jun 17 Jun 19 Jun 21 Jun 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 Investment 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 50bps to 3.5% over the quarter, its highest level since 2001, and indicated another potential rate increase in July. The ECB president Christine Lagarde indicated that policymakers "still have ground to cover" and that the inflation outlook remains "to remain too high for too long", with inflation not returning to its target level of 2% even by 2025. •Greek and Italian government bond yields fell by 52bps and 5bps to 3.71% and 4.09% respectively over the quarter whilst Irish and Spanish government bond yields rose by 5bps and 4bps to 2.80% and 3.40% respectively. •German bund yields rose by 8bps to 2.41% over the quarter. •Eurozone inflation fell to 5.5% year-on-year in June, the slowest pace since January 2022, decelerating from the 6.1% recorded in May and lower than economists' expectations of a 5.6% increase. Sharp falls in energy prices, along with a slowdown in food, alcohol, tobacco, and industrial goods inflation were the main drivers. 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 2850360-NRC Page 103 Credit Spreads Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •Credit markets rose amid risk-taking sentiment during the quarter, with spreads narrowing. •High Yield and Global Emerging Markets spreads narrowed by 65bps and 32bps respectively. Meanwhile, Long Govt/Credit and Long Govt spreads narrowed by 7bps and 1bp respectively. Spread (bps)6/30/2023 3/31/2023 12/31/2022 Quarterly Change (bps)YTD U.S. Aggregate 49 57 51 -8 -2 Long Gov't 1 2 2 -1 -1 Long Credit 148 159 157 -11 -9 Long Gov't/Credit 79 86 87 -7 -8 MBS 52 63 51 -11 1 CMBS 134 142 120 -8 14 ABS 68 85 76 -17 -8 Corporate 123 138 130 -15 -7 High Yield 390 455 469 -65 -79 Global Emerging Markets 320 352 332 -32 -12 Source: FactSet, Bloomberg 2850360-NRC Page 104 Currency Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. •The U.S. Dollar weakened against all major currencies (except for yen) over the quarter. On a trade-weighted basis, the U.S. dollar appreciated by 0.3% as a sharp appreciation against the yen offset the losses against the sterling and the euro. •Sterling appreciated by 2.7% against the U.S. dollar. The Bank of England (BoE) raised its benchmark interest rate by 75bps to 5.0% over the quarter, touching its highest level since 2008. Andrew Bailey, the BoE governor, indicated that the central bank is "committed to returning inflation to the 2 percent target and will make the decisions necessary to achieve that." •The U.S. dollar depreciated by 0.4% against the Euro but appreciated by 8.6% against the yen. 100 105 110 115 120 125 130 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Jun 17 Jun 18 Jun 19 Jun 20 Jun 21 Jun 22 Jun 23 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 06/30/2017 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 Investment USA Inc. •Commodity prices fell over the quarter with the Bloomberg Commodity Index falling by 2.6% for the quarter. •The energy sector fell 1.6% over the quarter and 20.0% on a YTD basis. The price of WTI crude oil was down by 6.6% to U.S.$71/BBL. . •Industrial Metals fell the most over the quarter at -10.5%. •Meanwhile, Opec+ announced a surprise oil production cut of 1mn barrels a day in July, which could be extended further. Saudi Arabia will lead the entire production cut to boost oil prices as other Opec+ members were spared from making additional cuts this year. The production quotas of several African nations and Russia are set to be lowered from January 2024. 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. -2.6%-3.0%-1.6% -10.5% -3.1% -1.0% 2.4% -3.7% 9.7% -7.8% -2.2% -20.0% -12.4% 3.0% -1.0% 11.9% -6.0% 5.0% -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 06/30/2023 Second Quarter 2023 YTD 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 Investment USA Inc. •Hedge fund performance was positive over the quarter. •The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of 2.2% and 1.5% over the quarter, respectively. •Over the quarter, the Emerging Markets strategy was the best performer with a return of 3.4%. •Fixed income/ Convertible Arb. was the worst performer with a return of 1.25% over the quarter. •On a YTD basis, Equity Hedge has outperformed all other strategies whilst Global Macro 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. 1.3% 2.0% 3.0% 3.4% 1.6%1.8% 1.3% 2.2% 1.5% 2.7% -0.5% 5.6%5.4% 3.0%2.7%2.7% 3.5% 2.3% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 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 06/30/2023 Second Quarter 2023 YTD 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 –1Q 2023 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Fundraising:In Q1 2023, $232.9 billion was raised by 470 funds, which was a decrease of 5.1% on a capital basis and a decrease of 36.9% by number of funds from the prior quarter. Dry powder stood at $3.1 trillion at the end of the quarter, an increase of 1.0% and 27.4% compared to year-end 2022 and the five-year average, respectively.1 Buyout:Global private equity-backed buyout deals totaled $126.2 billion in Q1 2023, which was an increase on a capital basis of 9.0% compared to Q4 2022 but a decrease of 21.6% compared to the five-year quarterly average.1 At the end of the quarter, the average purchase price multiple for all U.S. LBOs was 12.4x EBITDA, up from year-end 2022’s average of 11.9x and up from the five-year average (11.3x). Large cap purchase price multiples stood at 12.4x, up compared to the full-year 2022 level of 11.8x. The average purchase price multiple across European transactions greater than €1B averaged 10.7x EBITDA on an LTM basis as of Q1 2023, down from the 11.1x multiple seen at year-end 2022. Purchase prices for transactions of €500M or greater decreased from 10.7x in 2022 to 10.1x on an LTM basis ending Q1 2023.2 Globally, buyout exit value totaled $27.3 billion across 379 deals during the quarter, significantly lower than the $113.2 billion in value from 460 deals during Q1 2022.1 Venture:During the quarter, 2,856 venture-backed transactions totaling $37.0 billion were completed, which was a decrease on both a capital and deal count basis over the prior quarter’s total of $41.1 billion across 3,586 deals. This was also a decrease of 30.1% compared to the five-year quarterly average of $53.0 billion. Total U.S. venture- backed exit value continued to slow, totaling approximately $5.8 billion across an estimated 300 completed transactions in Q1 2023, down substantially from $32.2 billion across 397 exits in Q1 2022.3 LTM Global Private Equity-Backed Buyout Deal Volume Source: Preqin 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $100 $200 $300 $400 $500 $600 $700 $800 $900 1Q15 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 # 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 2850360-NRC Page 108 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.9x 12.4x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Private Equity Overview (cont.) Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Mezzanine:8 funds closed on $25.7 billion during the year. This was an increase from the prior quarter’s total of $4.3 billion raised by 10 funds and represented an increase of 285.9% from the five-year quarterly average of $5.4 billion. Estimated dry powder was $63.8 billion at the end of Q1 2023, down from $66.6 billion at the end of the prior quarter.1 Distressed Debt:The TTM U.S. high-yield default rate was 1.8% as of March 2023, which was up from December 2022’s TTM rate of 1.3%. Fitch expects the high-yield default rate to trend higher through 2023.4 During the quarter, $9.1 billion was raised by 12 funds, down from the $15.8 billion raised by 21 funds during Q4 2022. Dry powder was estimated at $149.8 billion at the end of Q1 2023, which was up 2.0% from Q4 2022. This remained above the five-year annual average level of $140.2 billion.1 Secondaries: 15 funds raised $33.4 billion during Q1 2023, up substantially from the $11.8 billion raised by 22 funds in Q1 2022. This was an increase of 218.6% compared to the five-year average of $10.5 billion.1 The average discount rate for LP buyout and venture capital portfolios finished the year at 10.0% and 30.0%, respectively. Buyout pricing improved by 200 basis points while venture pricing was flat compared to year- end 2022.5 Infrastructure: $2.7 billion of capital was raised by 10 funds in Q1 2023 compared to $33.3 billion of capital raised by 32 partnerships in Q4 2022. At the end of the quarter, dry powder stood at $309.0 billion, down from Q4 2022’s total of $325.7 billion. Infrastructure managers completed 453 deals for an aggregate deal value of $71.0 billion in the first quarter compared to 649 deals totaling $110.0 billion in Q4 2022.1 Natural Resources: During Q1 2023, 3 funds closed on $1.0 billion compared to 9 funds totaling $2.2 billion in Q1 2022. Energy and utilities industry managers completed 50 deals totaling $3.4 billion in Q1 2023, an increase, on a volume basis, compared to 47 deals totaling $7.8 billion completed in Q4 2022.1 Source: S&P 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. 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 As of June 30, 2023 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. 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