Loading...
HomeMy Public PortalAbout4th Quarter ReportQuarterly Investment Review Investment advice and consulting services provided by Aon Investments USA Inc. Nothing in this document should be construed as legal or investment advice. Please consult with your independent professional for any such advice. To protect the confidential and proprietary information included in this material, it may not be disclosed or provided to any third parties without the approval of Aon. MSD Deferred Compensation Plan Fourth Quarter 2023 Executive Summary Page 3 Deferred Compensation Summary Page 8 Tier I Page 17 Tier II Page 62 Tier III Page 78 Appendix Page 96 Market Environment Page 98 Glossary Page 114 Table Of Contents Executive Summary Page 3 Defined Contribution Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Thought Leadership Highlights If you do not get Aon Investments’ monthly email newsletter, but would like to, please ask your consultant. 3338867-NRC Topic Article Link Annual Themes 2024 Key Investment Themes for DC Plans (video passcode ‘aon!’)Article on Request Link to Video Governance Outsourced Chief Investment Officer: The Key to Navigating Volatility Link What Drives Fiduciary Liability? Survey of Leading Carriers for Fiduciary Liability Insurance Link Retirement Plans SECURE 2.0 Frequently Asked Questions (September 2023)Link SECURE 2.0 Major Provisions Impacting Defined Contribution Plans Link SECURE 2.0 Action Plan Link Four Ways Retirement Plans Can Reduce the Gender Savings Gap Link Market View Quarterly Market Review and Outlook Video (access code ‘aon!’)Link to Article Link to Video Rate Cuts Ahead?Link Oversight Putting ‘Watch Lists’ on Watch?Link DC Audit Cost Survey 2023 Link Strategy Review Aon’s Environmental Social and Governance (ESG) Manager Ratings: 3 Questions With Daniel Ingram Link Diverse Manager Initiatives: Three Questions for Institutional Investors Link Active vs Passive Link Asset Allocation Q3 Stable Value Quarterly Link to Article The Strength of the U.S. Equity Market and its Impact on Equity Allocations Link Legal & Compliance Legal & Compliance quarterly update newsletter (5-minute summary, access code ‘aon!’)Link to Article Link to Video Page 4 11.7% 14.0% 10.4% 7.9%6.8% 12.7%13.7% 7.2% 26.3% 16.9%18.2% 9.8% 5.5% 3.1% 10.7% 13.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield SHORT TERM RETURNS AS OF 12/31/2023 Fourth Quarter 2023 YTD Source:Russell, MSCI, Bloomberg MSCI Indices show net total returns throughout this report. All other indices show gross total returns. Market Highlights 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. 3165935-NRC Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Page 5 Market Highlights 15.7% 10.0% 8.2% 3.7% 1.1% -1.2% 2.7% 5.4% 12.0% 7.2% 4.3% 2.7%1.8%2.3% 3.9%4.6% -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Bloomberg U.S. Aggregate Bloomberg U.S. Long Gov't Bloomberg U.S. Long Credit Bloomberg U.S. High Yield LONG TERM ANNUALIZED RETURNS AS OF 12/31/2023 Five-Year Ten-Year Source:Russell, MSCI, Bloomberg Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. 3165935-NRC Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. Page 6 Market Highlights Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Equity MSCI All Country World IMI 11.14%21.58%21.58%5.46%11.49%7.77% MSCI All Country World 11.03%22.20%22.20%5.75%11.72%7.93% Dow Jones U.S. Total Stock Market 12.13%26.06%26.06%8.43%15.05%11.40% Russell 3000 12.07%25.96%25.96%8.54%15.16%11.48% S&P 500 11.69%26.29%26.29%10.00%15.69%12.03% Russell 2000 14.03%16.93%16.93%2.22%9.97%7.16% MSCI All Country World ex-U.S. IMI 9.81%15.62%15.62%1.53%7.18%3.97% MSCI All Country World ex-U.S.9.75%15.62%15.62%1.55%7.08%3.83% MSCI EAFE 10.42%18.24%18.24%4.02%8.16%4.28% MSCI EAFE (Local Currency)4.96%16.16%16.16%8.64%9.49%6.61% MSCI Emerging Markets 7.86%9.83%9.83%-5.08%3.68%2.66% Equity Factors MSCI World Minimum Volatility (USD)6.84%8.14%8.14%4.05%7.60%7.97% MSCI World High Dividend Yield 7.18%10.14%10.14%7.32%9.18%6.73% MSCI World Quality 12.55%32.97%32.97%9.41%17.05%12.18% MSCI World Momentum 12.17%12.25%12.25%2.17%11.98%10.32% MSCI World Enhanced Value 8.30%20.27%20.27%9.66%8.84%6.05% MSCI World Index Growth 13.40%37.31%37.31%5.75%16.31%11.28% MSCI USA Minimum Volatility (USD)7.79%9.79%9.79%6.46%10.30%10.41% MSCI USA High Dividend Yield 8.31%6.83%6.83%7.83%9.32%9.39% MSCI USA Quality 12.03%36.30%36.30%10.39%18.13%13.81% MSCI USA Momentum 12.76%9.50%9.50%0.70%11.13%11.72% MSCI USA Enhanced Value 12.30%14.42%14.42%8.34%10.12%8.44% MSCI USA Equal Weighted 12.70%17.63%17.63%7.07%12.97%9.80% MSCI USA Growth 13.68%46.72%46.72%8.01%19.94%14.83% Returns of the Major Capital Markets Period Ending 12/31/2023 Fourth Quarter YTD 1-Year 3-Year1 5-Year1 10-Year1 Fixed Income Bloomberg Global Aggregate 8.10%5.72%5.72%-5.51%-0.32%0.38% Bloomberg U.S. Aggregate 6.82%5.53%5.53%-3.31%1.10%1.81% Bloomberg U.S. Long Gov't 12.69%3.11%3.11%-11.35%-1.23%2.27% Bloomberg U.S. Long Credit 13.71%10.73%10.73%-6.50%2.70%3.88% Bloomberg U.S. Long Gov't/Credit 13.24%7.13%7.13%-8.68%1.12%3.22% Bloomberg U.S. TIPS 4.71%3.90%3.90%-1.00%3.15%2.42% Bloomberg U.S. High Yield 7.16%13.45%13.45%1.98%5.37%4.60% Bloomberg Global Treasury ex U.S.9.29%4.24%4.24%-8.34%-2.39%-0.99% JP Morgan EMBI Global (Emerging Market 9.26%10.45%10.45%-3.14%1.94%3.06% Commodities Bloomberg Commodity Index -4.63%-7.91%-7.91%10.76%7.23%-1.11% Goldman Sachs Commodity Index -10.73%-4.27%-4.27%19.18%8.72%-3.60% Hedge Funds HFRI Fund-Weighted Composite2 3.59%7.52%7.52%4.32%7.00%4.53% HFRI Fund of Funds2 3.41%6.35%6.35%2.25%5.14%3.25% Real Estate NAREIT U.S. Equity REITS 16.22%13.73%13.73%7.21%7.39%7.65% FTSE Global Core Infrastructure Index 11.42%1.58%1.58%4.09%7.18%7.01% Private Equity Burgiss Private iQ Global Private Equity3 2.47%19.41%15.14%14.53% MSCI Indices show net total returns throughout this report. All other indices show gross total returns. 1 Periods are annualized. 2 Latest 5 months of HFR data are estimated by HFR and may change in the future. 3 Burgiss Private iQ Global Private Equity data is as at June 30, 2023 Returns of the Major Capital Markets Period Ending 12/31/2023 Private and Confidential │Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 7 Deferred Compensation Summary Page 8 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Total Deferred Compensation 97,539,869 100.0 Tier I 30,583,926 31.4 Vanguard Institutional Target Retirement Income Fund 1,591,419 1.6 7.3 (54)10.7 (67)0.6 (64)4.8 (63) Vanguard Target Income Composite Index 7.3 (55)10.8 (58)0.8 (57)5.1 (57) Vanguard Institutional Target Retirement 2020 Fund 2,474,598 2.5 8.0 (67)12.5 (49)1.5 (64)6.6 (63) Vanguard Target 2020 Composite Index 8.0 (72)12.7 (42)1.7 (40)7.0 (23) Vanguard Institutional Target Retirement 2025 Fund 6,227,012 6.4 8.9 (32)14.5 (12)2.0 (42)7.6 (38) Vanguard Target 2025 Composite Index 8.9 (34)14.7 (5)2.4 (14)8.0 (7) Vanguard Institutional Target Retirement 2030 Fund 2,968,468 3.0 9.5 (38)16.0 (14)2.7 (48)8.4 (55) Vanguard Target 2030 Composite Index 9.5 (41)16.3 (12)3.0 (28)8.8 (13) Vanguard Institutional Target Retirement 2035 Fund 4,785,111 4.9 9.8 (62)17.1 (37)3.3 (59)9.2 (57) Vanguard Target 2035 Composite Index 9.9 (60)17.4 (31)3.7 (28)9.6 (23) Vanguard Institutional Target Retirement 2040 Fund 3,077,391 3.2 10.2 (69)18.3 (58)4.0 (74)10.0 (57) Vanguard Target 2040 Composite Index 10.2 (75)18.6 (49)4.4 (44)10.4 (28) Vanguard Institutional Target Retirement 2045 Fund 4,162,825 4.3 10.6 (68)19.5 (52)4.7 (63)10.8 (46) Vanguard Target 2045 Composite Index 10.5 (71)19.8 (43)5.0 (33)11.2 (28) Vanguard Institutional Target Retirement 2050 Fund 3,104,256 3.2 10.8 (63)20.2 (52)4.9 (53)10.9 (46) Vanguard Target 2050 Composite Index 10.8 (63)20.5 (41)5.3 (34)11.4 (25) Vanguard Institutional Target Retirement 2055 Fund 1,131,728 1.2 10.8 (66)20.2 (56)4.9 (52)10.9 (56) Vanguard Target 2055 Composite Index 10.8 (66)20.5 (44)5.3 (37)11.4 (24) Vanguard Institutional Target Retirement 2060 Fund 834,657 0.9 10.8 (72)20.2 (69)4.9 (55)10.9 Vanguard Target 2060 Composite Index 10.8 (72)20.5 (59)5.3 (35)11.4 Vanguard Institutional Target Retirement 2065 Fund 226,463 0.2 10.8 (72)20.1 (72)4.9 (49)10.9 Vanguard Target 2065 Composite Index 10.8 (72)20.5 (59)5.3 (35)11.4 Asset Allocation & Performance As of December 31, 2023 As of December 31, 2023 Page 9 Asset Allocation & Performance As of December 31, 2023 As of December 31, 2023 Allocation Market Value $% Performance % 1 Quarter 1 Year 3 Years 5 Years 10 Years Tier II 34,329,302 35.2 Vanguard Institutional Index Fund 15,192,790 15.6 11.7 (59)26.2 (52)10.0 (27)15.7 (42)12.0 (35) S&P 500 Index 11.7 (59)26.3 (52)10.0 (26)15.7 (41)12.0 (34) Vanguard Mid-Cap Index Fund Institutional Shares 5,302,694 5.4 12.3 (45)16.0 (57)5.5 (59)12.7 (48)9.4 (37) Vanguard Spliced Mid Cap Index 12.3 (45)16.0 (57)5.5 (59)12.7 (48)9.4 (36) Vanguard Small-Cap Index Fund 4,034,330 4.1 13.4 (40)18.2 (37)4.7 (62)11.7 (43)8.4 (23) Vanguard Spliced Small Cap Index 13.4 (40)18.1 (37)4.6 (62)11.7 (45)8.4 (25) Vanguard Total Bond Market Index Fund 3,895,891 4.0 6.7 (64)5.7 (65)-3.4 (54)1.1 (73)1.8 (70) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 6.7 (56)5.6 (71)-3.3 (49)1.2 (66)1.8 (63) Vanguard Balanced Index Fund 5,903,598 6.1 10.0 (30)17.6 (26)3.7 (39)9.6 (30)7.7 (13) Vanguard Balanced Composite Index 10.0 (30)17.7 (26)4.0 (36)10.0 (26)8.0 (9) Tier III 31,118,641 31.9 Vanguard Windsor II Fund 11,275,416 11.6 11.7 (26)21.1 (20)10.7 (43)15.0 (8)10.1 (20) Russell 1000 Value Index 9.5 (62)11.5 (65)8.9 (71)10.9 (73)8.4 (74) Vanguard U.S. Growth Fund 7,512,921 7.7 15.4 (20)45.3 (26)-0.4 (95)15.9 (68)13.0 (46) Russell 1000 Growth Index 14.2 (47)42.7 (39)8.9 (18)19.5 (11)14.9 (7) Vanguard International Growth Fund 4,666,415 4.8 11.4 (49)14.8 (70)-7.6 (98)10.6 (27)7.1 (9) Vanguard Spliced International Index 9.8 (78)15.6 (59)1.5 (36)7.1 (88)3.8 (79) Vanguard Cash Reserves Federal Money Market Fund 2,176,495 2.2 1.3 (25)5.1 (23)2.2 (27)1.9 (20)1.3 (14) ICE BofAML 3 Month U.S. T-Bill 1.4 (17)5.0 (46)2.2 (50)1.9 (20)1.3 (20) Vanguard Retirement Savings Trust III 5,487,395 5.6 0.7 (47)2.5 (51)1.9 (49)2.1 (38)2.1 (18) ICE BofAML 3 Month U.S. T-Bill 1.4 (7)5.0 (5)2.2 (16)1.9 (59)1.3 (95) Tier IV 1,508,000 1.5 Loan Fund 1,508,000 1.5 - Vanguard Mid-Cap Index Institutional share class has an inception of December 2023 performance prior to represents the Admiral share class. Page 10 Performance % 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Total Deferred Compensation Tier I Vanguard Institutional Target Retirement Income Fund 10.7 (67)-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 10.8 (58)-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 12.5 (49)-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 12.7 (42)-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 14.5 (12)-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 14.7 (5)-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 16.0 (14)-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 16.3 (12)-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 17.1 (37)-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 17.4 (31)-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 18.3 (58)-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 18.6 (49)-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 19.5 (52)-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 19.8 (43)-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 20.2 (52)-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 20.5 (41)-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 20.2 (56)-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 20.5 (44)-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 20.2 (69)-17.5 (17)16.4 (78)16.3 (57)25.0 -7.9 21.4 8.8 Vanguard Target 2060 Composite Index 20.5 (59)-17.1 (14)16.8 (67)17.2 (36)25.4 -7.8 21.5 9.1 Vanguard Institutional Target Retirement 2065 Fund 20.1 (72)-17.4 (15)16.5 (75)16.2 (61)25.0 -7.9 Vanguard Target 2065 Composite Index 20.5 (59)-17.1 (14)16.8 (67)17.2 (36)25.4 -7.8 Asset Allocation & Performance As of December 31, 2023 As of December 31, 2023 Page 11 Asset Allocation & Performance As of December 31, 2023 As of December 31, 2023 Performance % 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 Tier II Vanguard Institutional Index Fund 26.2 (52)-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) S&P 500 Index 26.3 (52)-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) Vanguard Mid-Cap Index Fund Institutional Shares 16.0 (57)-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) Vanguard Spliced Mid Cap Index 16.0 (57)-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) Vanguard Small-Cap Index Fund 18.2 (37)-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) Vanguard Spliced Small Cap Index 18.1 (37)-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) Vanguard Total Bond Market Index Fund 5.7 (65)-13.2 (38)-1.7 (69)7.7 (64)8.7 (61)0.0 (27)3.6 (63)2.6 (67)0.4 (50)5.9 (47) Vanguard Splc Blmbg. Barc. US Agg Flt Adj 5.6 (71)-13.1 (32)-1.6 (63)7.7 (64)8.9 (54)-0.1 (29)3.6 (59)2.8 (63)0.4 (47)5.9 (53) Vanguard Balanced Index Fund 17.6 (26)-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) Vanguard Balanced Composite Index 17.7 (26)-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) Tier III Vanguard Windsor II Fund 21.1 (20)-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) Russell 1000 Value Index 11.5 (65)-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) Vanguard U.S. Growth Fund 45.3 (26)-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) Russell 1000 Growth Index 42.7 (39)-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) Vanguard International Growth Fund 14.8 (70)-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) Vanguard Spliced International Index 15.6 (59)-16.0 (15)7.8 (65)10.7 (90)21.5 (96)-14.2 (59)27.2 (56)4.5 (8)-5.7 (97)-3.9 (44) Vanguard Cash Reserves Federal Money Market Fund 5.1 (23)1.6 (33)0.0 (34)0.6 (12)2.3 (10)2.0 (5)1.1 (7)0.5 (1)0.1 (11)0.1 (14) ICE BofAML 3 Month U.S. T-Bill 5.0 (46)1.5 (59)0.0 (10)0.7 (2)2.3 (12)1.9 (20)0.9 (21)0.3 (18)0.1 (25)0.0 (18) Vanguard Retirement Savings Trust III 2.5 (51)1.6 (52)1.5 (45)2.2 (17)2.5 (19)2.2 (13)1.9 (23)2.0 (17)2.1 (15)2.0 (25) ICE BofAML 3 Month U.S. T-Bill 5.0 (5)1.5 (65)0.0 (98)0.7 (100)2.3 (48)1.9 (59)0.9 (99)0.3 (100)0.1 (100)0.0 (100) Tier IV 1.1 Loan Fund Page 12 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 -0.8 0.0 0.8 1.6 2.4 3.2 4.0 4.8 5.6 6.4 Return (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 Risk (Standard Deviation %) Tier I Funds 3 Years Ending December 31, 2023 3 Years Ending December 31, 2023 Calculation based on monthly periodicity. Page 13 Vanguard Balanced Index Fund Vanguard Institutional Index Fund Vanguard Mid-Cap Index Fund Institutional Shares Vanguard Small-Cap Index Fund Vanguard Total Bond Market Index Fund -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 Return (% ) 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0 26.0 28.0 Risk (Standard Deviation %) Tier II Funds 3 Years Ending December 31, 2023 3 Years Ending December 31, 2023 Calculation based on monthly periodicity. Page 14 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 -15.0 -12.0 -9.0 -6.0 -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 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 Risk (Standard Deviation %) Tier III Funds 3 Years Ending December 31, 2023 3 Years Ending December 31, 2023 Calculation based on monthly periodicity. Page 15 Domestic Equity International Equity Domestic Fixed Income Cash Balanced Stable Value Life Cycle Total Fund ($)%($)%($)%($)%($)%($)%($)%($)% Total Deferred Compensation 43,318,150 44.4 4,666,415 4.8 3,895,891 4.0 3,684,495 3.8 5,903,598 6.1 5,487,395 5.6 30,583,926 31.4 97,539,869 100.0 Tier I 30,583,926 100.0 30,583,926 31.4 Vanguard Institutional Target Retirement Income Fund 1,591,419 100.0 1,591,419 1.6 Vanguard Institutional Target Retirement 2020 Fund 2,474,598 100.0 2,474,598 2.5 Vanguard Institutional Target Retirement 2025 Fund 6,227,012 100.0 6,227,012 6.4 Vanguard Institutional Target Retirement 2030 Fund 2,968,468 100.0 2,968,468 3.0 Vanguard Institutional Target Retirement 2035 Fund 4,785,111 100.0 4,785,111 4.9 Vanguard Institutional Target Retirement 2040 Fund 3,077,391 100.0 3,077,391 3.2 Vanguard Institutional Target Retirement 2045 Fund 4,162,825 100.0 4,162,825 4.3 Vanguard Institutional Target Retirement 2050 Fund 3,104,256 100.0 3,104,256 3.2 Vanguard Institutional Target Retirement 2055 Fund 1,131,728 100.0 1,131,728 1.2 Vanguard Institutional Target Retirement 2060 Fund 834,657 100.0 834,657 0.9 Vanguard Institutional Target Retirement 2065 Fund 226,463 100.0 226,463 0.2 Tier II 24,529,813 71.5 3,895,891 11.3 5,903,598 17.2 34,329,302 35.2 Vanguard Institutional Index Fund 15,192,790 100.0 15,192,790 15.6 Vanguard Mid-Cap Index Fund Institutional Shares 5,302,694 100.0 5,302,694 5.4 Vanguard Small-Cap Index Fund 4,034,330 100.0 4,034,330 4.1 Vanguard Total Bond Market Index Fund 3,895,891 100.0 3,895,891 4.0 Vanguard Balanced Index Fund 5,903,598 100.0 5,903,598 6.1 Tier III 18,788,336 60.4 4,666,415 15.0 2,176,495 7.0 5,487,395 17.6 31,118,641 31.9 Vanguard Windsor II Fund 11,275,416 100.0 11,275,416 11.6 Vanguard U.S. Growth Fund 7,512,921 100.0 7,512,921 7.7 Vanguard International Growth Fund 4,666,415 100.0 4,666,415 4.8 Vanguard Cash Reserves Federal Money Market Fund 2,176,495 100.0 2,176,495 2.2 Vanguard Retirement Savings Trust III 5,487,395 100.0 5,487,395 5.6 Tier IV 1,508,000 100.0 1,508,000 1.5 Loan Fund 1,508,000 100.0 1,508,000 1.5 Asset Allocation As of December 31, 2023 As of December 31, 2023 ($) Page 16 Tier I Page 17 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index 0.0 4.0 8.0 12.0 16.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 7.3 10.8 10.8 0.8 5.1 4.3 4.3 7.3 10.7 10.7 0.6 4.8 4.1 4.1 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 :$36,504.00 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :4% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% 0.4% -0.2 % -0.4 % -0.6 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement Income Fund Benchmark 0.97 0.98 0.99 1.00 1.01 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.98 Page 18 Peer Group Analysis As of December 31, 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 7.34 (54)10.74 (67)10.74 (67)0.56 (64)4.83 (63)4.09 (81)-12.74 (47)5.25 (73)10.02 (52)¢ Vanguard Target Income Composite Index 7.33 (55)10.80 (58)10.80 (58)0.76 (57)5.13 (57)4.32 (56)-12.44 (42)5.44 (72)10.70 (31)¢ 5th Percentile 8.61 12.29 12.29 1.92 6.38 4.98 -9.84 9.05 12.65 1st Quartile 8.04 11.45 11.45 1.24 5.70 4.84 -11.33 7.60 10.96 Median 7.42 10.87 10.87 0.85 5.28 4.45 -12.82 6.75 10.02 3rd Quartile 6.88 9.38 9.38 0.30 4.62 4.13 -14.04 5.18 8.88 95th Percentile 5.79 8.09 8.09 -0.29 3.58 3.75 -15.27 2.85 6.03 Page 19 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement Income Fund Vanguard Target Income Composite Index FTSE 3 Month T-Bill 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Return % 0.0 2.0 4.0 6.0 8.0 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 -0.19 0.38 -0.48 1.00 -0.16 -0.20 1.01 0.56 8.48 1.00 Vanguard Target Income Composite Index 0.00 0.00 -1.00 -0.14 0.00 1.00 0.76 8.37 1.00 FTSE 3 Month T-Bill 1.13 8.26 0.14 0.05 -2.23 0.02 2.25 0.67 0.21 Page 20 Asset Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%80.0%88.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.3% 2.6% 28.8% 68.4% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $106,672.87 Million P/E 8.73 P/B 2.39 Div. Yield 0.65% Annual EPS 4.55 5Yr EPS 4.18 3Yr EPS Growth 3.52 Sector/Quality Allocation As of 12/31/2021 0.0%2.0%4.0%6.0%8.0%10.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 6.5% 5.2% 3.9% 3.2% 3.0% 3.0% 1.2% 1.0% 0.7% 0.5% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 21 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 8.0 12.7 12.7 1.7 7.0 5.8 5.8 8.0 12.5 12.5 1.5 6.6 5.5 5.5 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 :$38,939.80 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :3% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2020 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.98 Page 22 Peer Group Analysis As of December 31, 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 8.00 (67)12.51 (49)12.51 (49)1.47 (64)6.61 (63)5.52 (31)-14.15 (46)8.17 (75)12.04 (45)¢ Vanguard Target 2020 Composite Index 7.97 (72)12.65 (42)12.65 (42)1.74 (40)6.98 (23)5.81 (1)-13.77 (33)8.43 (72)12.85 (29)¢ 5th Percentile 8.93 13.76 13.76 2.57 7.70 5.75 -11.71 10.87 14.06 1st Quartile 8.53 12.99 12.99 2.02 6.94 5.52 -13.35 9.95 13.19 Median 8.19 12.38 12.38 1.62 6.82 5.45 -14.33 9.07 11.68 3rd Quartile 7.96 11.51 11.51 1.20 6.01 5.08 -14.91 8.14 10.04 95th Percentile 7.08 9.40 9.40 0.85 5.40 4.60 -16.19 6.30 7.07 Page 23 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2020 Fund Vanguard Target 2020 Composite Index FTSE 3 Month T-Bill 1.2 1.5 1.8 2.1 2.4 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 -0.26 0.47 -0.54 1.00 -0.03 -0.28 1.01 1.47 10.04 1.00 Vanguard Target 2020 Composite Index 0.00 0.00 -1.00 0.00 0.00 1.00 1.74 9.91 1.00 FTSE 3 Month T-Bill 0.02 9.81 0.00 0.04 -2.22 0.01 2.25 0.67 0.19 Page 24 Asset Allocation As of 12/31/2021 0.0%6.0%12.0%18.0%24.0%30.0%36.0%42.0%48.0%54.0%60.0%66.0%72.0% Convertibles Cash Other Equities Fixed Income 0.0% 0.4% 2.8% 44.3% 52.4% Fund Characteristics As of 12/31/2021 Total Securities 7 Avg. Market Cap $164,860.34 Million P/E 13.47 P/B 3.69 Div. Yield 1.00% Annual EPS 7.03 5Yr EPS 6.45 3Yr EPS Growth 5.44 Sector/Quality Allocation As of 12/31/2021 0.0%3.0%6.0%9.0%12.0%15.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 10.0% 8.0% 6.0% 5.0% 4.7% 4.6% 1.8% 1.6% 1.1% 0.7% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 25 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 8.9 14.7 14.7 2.4 8.0 6.4 6.5 8.9 14.5 14.5 2.0 7.6 6.1 6.1 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 :$76,495.50 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :6% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2025 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 26 Peer Group Analysis As of December 31, 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 8.87 (32)14.55 (12)14.55 (12)2.03 (42)7.56 (38)6.10 (15)-15.55 (62)9.80 (61)13.30 (40)¢ Vanguard Target 2025 Composite Index 8.85 (34)14.74 (5)14.74 (5)2.39 (14)8.01 (7)6.43 (1)-15.02 (35)10.09 (55)14.19 (21)¢ 5th Percentile 9.49 14.73 14.73 2.80 8.18 6.30 -11.90 12.03 15.09 1st Quartile 8.96 14.13 14.13 2.26 7.76 6.05 -13.72 11.12 14.03 Median 8.67 13.28 13.28 1.92 7.37 5.87 -15.28 10.24 12.61 3rd Quartile 8.19 12.04 12.04 1.59 6.79 5.49 -15.94 9.13 10.91 95th Percentile 7.42 9.64 9.64 1.04 5.73 5.12 -16.87 5.65 7.42 Page 27 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2025 Fund Vanguard Target 2025 Composite Index FTSE 3 Month T-Bill 1.8 2.0 2.2 2.4 2.6 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 0.59 -0.57 1.00 0.04 -0.38 1.01 2.03 11.60 1.00 Vanguard Target 2025 Composite Index 0.00 0.00 -1.00 0.07 0.00 1.00 2.39 11.41 1.00 FTSE 3 Month T-Bill -0.78 11.31 -0.07 0.04 -2.21 0.01 2.25 0.67 0.19 Page 28 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 December 31, 2023 As of December 31, 2023 Page 29 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index 0.0 6.0 12.0 18.0 24.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 9.5 16.3 16.3 3.0 8.8 6.9 7.0 9.5 16.0 16.0 2.7 8.4 6.6 6.7 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 :$88,434.70 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :3% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2030 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 30 Peer Group Analysis As of December 31, 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 9.53 (38)16.03 (14)16.03 (14)2.66 (48)8.37 (55)6.58 (27)-16.27 (48)11.38 (66)14.10 (45)¢ Vanguard Target 2030 Composite Index 9.51 (41)16.26 (12)16.26 (12)3.05 (28)8.83 (13)6.92 (5)-15.71 (38)11.66 (58)14.98 (25)¢ 5th Percentile 9.91 16.54 16.54 3.47 9.05 6.91 -11.92 14.07 17.05 1st Quartile 9.74 15.69 15.69 3.18 8.68 6.58 -14.50 12.96 14.91 Median 9.38 14.89 14.89 2.64 8.46 6.41 -16.33 11.85 13.42 3rd Quartile 8.85 13.74 13.74 2.30 7.98 6.11 -16.80 11.33 11.99 95th Percentile 8.04 10.26 10.26 1.95 6.86 5.58 -17.46 8.53 9.34 Page 31 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2030 Fund Vanguard Target 2030 Composite Index FTSE 3 Month T-Bill 2.4 2.7 3.0 3.3 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 0.09 -0.40 1.01 2.66 12.65 1.00 Vanguard Target 2030 Composite Index 0.00 0.00 -1.00 0.12 0.00 1.00 3.05 12.49 1.00 FTSE 3 Month T-Bill -1.54 12.38 -0.12 0.03 -2.21 0.01 2.25 0.67 0.18 Page 32 Asset Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%80.0%88.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.5% 3.0% 32.7% 63.9% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $239,631.33 Million P/E 19.43 P/B 5.35 Div. Yield 1.43% Annual EPS 10.16 5Yr EPS 9.33 3Yr EPS Growth 7.90 Sector/Quality Allocation As of 12/31/2021 0.0%4.0%8.0%12.0%16.0%20.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 14.5% 11.5% 8.6% 7.2% 6.7% 6.7% 2.6% 2.3% 1.6% 1.1% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 33 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index 0.0 6.0 12.0 18.0 24.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 9.9 17.4 17.4 3.7 9.6 7.4 7.5 9.8 17.1 17.1 3.3 9.2 7.1 7.2 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 :$90,413.90 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2035 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 34 Peer Group Analysis As of December 31, 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 9.82 (62)17.14 (37)17.14 (37)3.33 (59)9.17 (57)7.06 (29)-16.62 (43)12.96 (83)14.79 (42)¢ Vanguard Target 2035 Composite Index 9.86 (60)17.43 (31)17.43 (31)3.72 (28)9.64 (23)7.40 (7)-16.10 (24)13.24 (74)15.67 (27)¢ 5th Percentile 10.53 18.30 18.30 4.77 10.29 7.61 -13.97 15.91 17.53 1st Quartile 10.36 17.58 17.58 3.73 9.57 7.10 -16.19 14.84 15.72 Median 9.96 16.73 16.73 3.47 9.35 7.00 -17.07 14.09 14.41 3rd Quartile 9.67 15.86 15.86 3.17 8.94 6.70 -17.59 13.17 13.23 95th Percentile 8.94 13.40 13.40 2.41 7.87 6.15 -18.41 11.02 10.52 Page 35 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2035 Fund Vanguard Target 2035 Composite Index FTSE 3 Month T-Bill 1.5 2.0 2.5 3.0 3.5 4.0 4.5 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 -0.35 0.67 -0.52 1.00 0.15 -0.40 1.01 3.33 13.48 1.00 Vanguard Target 2035 Composite Index 0.00 0.00 -1.00 0.17 0.00 1.00 3.72 13.31 1.00 FTSE 3 Month T-Bill -2.29 13.21 -0.17 0.03 -2.21 0.01 2.25 0.67 0.17 Page 36 Asset Allocation As of 12/31/2021 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0%80.0%88.0%96.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.5% 3.0% 25.4% 71.2% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $266,585.15 Million P/E 21.65 P/B 5.95 Div. Yield 1.60% Annual EPS 11.31 5Yr EPS 10.39 3Yr EPS Growth 8.79 Sector/Quality Allocation As of 12/31/2021 0.0%5.0%10.0%15.0%20.0%25.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 16.2% 12.9% 9.6% 8.0% 7.5% 7.5% 2.9% 2.5% 1.8% 1.2% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 37 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 10.2 18.6 18.6 4.4 10.4 7.9 8.1 10.2 18.3 18.3 4.0 10.0 7.5 7.7 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 :$79,409.70 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2040 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 38 Peer Group Analysis As of December 31, 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 10.23 (69)18.34 (58)18.34 (58)4.02 (74)9.99 (57)7.52 (40)-16.98 (38)14.56 (81)15.47 (40)¢ Vanguard Target 2040 Composite Index 10.20 (75)18.60 (49)18.60 (49)4.38 (44)10.43 (28)7.87 (10)-16.51 (23)14.84 (78)16.31 (30)¢ 5th Percentile 11.24 20.26 20.26 5.53 11.20 8.11 -14.65 17.65 18.74 1st Quartile 10.88 19.44 19.44 4.63 10.51 7.57 -16.67 16.59 16.58 Median 10.50 18.50 18.50 4.30 10.07 7.43 -17.65 15.88 15.06 3rd Quartile 10.19 17.38 17.38 3.89 9.69 6.94 -18.16 14.97 13.35 95th Percentile 9.27 15.34 15.34 2.92 8.52 6.42 -19.09 12.74 10.28 Page 39 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2040 Fund Vanguard Target 2040 Composite Index FTSE 3 Month T-Bill 1.2 1.8 2.4 3.0 3.6 4.2 4.8 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 2040 Fund -0.33 0.71 -0.46 1.00 0.19 -0.37 1.01 4.02 14.30 1.00 Vanguard Target 2040 Composite Index 0.00 0.00 -1.00 0.22 0.00 1.00 4.38 14.15 1.00 FTSE 3 Month T-Bill -3.04 14.05 -0.22 0.03 -2.20 0.01 2.25 0.67 0.17 Page 40 Asset Allocation As of 12/31/2021 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0% Convertibles Cash Other Fixed Income Equities 0.0% 0.5% 3.0% 18.1% 78.5% Fund Characteristics As of 12/31/2021 Total Securities 6 Avg. Market Cap $294,153.93 Million P/E 23.87 P/B 6.57 Div. Yield 1.76% Annual EPS 12.48 5Yr EPS 11.46 3Yr EPS Growth 9.70 Sector/Quality Allocation As of 12/31/2021 0.0%5.0%10.0%15.0%20.0%25.0% Information Technology Financials Industrials Consumer Discretionary Consumer Staples Health Care Materials Energy Utilities Non Classified Equity 17.8% 14.2% 10.6% 8.8% 8.3% 8.2% 3.2% 2.8% 2.0% 1.3% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 41 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 10.5 19.8 19.8 5.0 11.2 8.3 8.5 10.6 19.5 19.5 4.7 10.8 7.9 8.2 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 :$76,283.30 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.3% 0.6% -0.3 % -0.6 % -0.9 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2045 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 42 Peer Group Analysis As of December 31, 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 10.57 (68)19.48 (52)19.48 (52)4.68 (63)10.76 (46)7.91 (29)-17.36 (37)16.16 (74)16.30 (38)¢ Vanguard Target 2045 Composite Index 10.54 (71)19.77 (43)19.77 (43)5.03 (33)11.20 (28)8.25 (10)-16.93 (26)16.45 (67)17.02 (28)¢ 5th Percentile 11.50 21.00 21.00 6.02 11.42 8.47 -14.28 19.07 19.14 1st Quartile 11.15 20.16 20.16 5.11 11.27 7.98 -16.85 17.74 17.38 Median 10.80 19.50 19.50 4.80 10.71 7.67 -18.08 16.95 15.61 3rd Quartile 10.46 18.75 18.75 4.41 10.33 7.36 -18.52 16.14 13.90 95th Percentile 9.44 16.01 16.01 3.38 9.64 7.14 -19.24 14.75 10.92 Page 43 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2045 Fund Vanguard Target 2045 Composite Index FTSE 3 Month T-Bill 1.6 2.4 3.2 4.0 4.8 5.6 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 2045 Fund -0.31 0.78 -0.40 1.00 0.23 -0.37 1.01 4.68 15.16 1.00 Vanguard Target 2045 Composite Index 0.00 0.00 -1.00 0.25 0.00 1.00 5.03 15.00 1.00 FTSE 3 Month T-Bill -3.79 14.90 -0.25 0.03 -2.20 0.01 2.25 0.67 0.16 Page 44 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 December 31, 2023 As of December 31, 2023 Page 45 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 10.8 20.5 20.5 5.3 11.4 8.3 8.6 10.8 20.2 20.2 4.9 10.9 8.0 8.3 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 :$63,170.00 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2050 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 46 Peer Group Analysis As of December 31, 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 10.79 (63)20.17 (52)20.17 (52)4.91 (53)10.93 (46)7.99 (34)-17.46 (33)16.41 (83)16.39 (40)¢ Vanguard Target 2050 Composite Index 10.78 (63)20.48 (41)20.48 (41)5.27 (34)11.37 (25)8.34 (12)-17.07 (25)16.75 (72)17.17 (33)¢ 5th Percentile 11.81 21.35 21.35 6.27 11.47 8.56 -15.17 19.75 19.32 1st Quartile 11.27 20.87 20.87 5.35 11.37 8.05 -17.12 18.43 17.53 Median 10.99 20.17 20.17 4.94 10.88 7.70 -18.12 17.33 15.91 3rd Quartile 10.60 19.28 19.28 4.49 10.63 7.39 -18.82 16.57 13.98 95th Percentile 9.79 16.60 16.60 3.48 9.74 6.98 -19.42 15.56 10.62 Page 47 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2050 Fund Vanguard Target 2050 Composite Index FTSE 3 Month T-Bill 0.9 1.8 2.7 3.6 4.5 5.4 6.3 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 -0.32 0.81 -0.39 1.00 0.24 -0.37 1.01 4.91 15.53 1.00 Vanguard Target 2050 Composite Index 0.00 0.00 -1.00 0.27 0.00 1.00 5.27 15.38 1.00 FTSE 3 Month T-Bill -4.07 15.28 -0.27 0.03 -2.20 0.01 2.25 0.67 0.16 Page 48 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 December 31, 2023 As of December 31, 2023 Page 49 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 10.8 20.5 20.5 5.3 11.4 8.3 8.6 10.8 20.2 20.2 4.9 10.9 8.0 8.2 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 :$41,500.40 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2055 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 50 Peer Group Analysis As of December 31, 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 10.78 (66)20.16 (56)20.16 (56)4.92 (52)10.92 (56)7.97 (46)-17.46 (29)16.44 (83)16.32 (46)¢ Vanguard Target 2055 Composite Index 10.78 (66)20.48 (44)20.48 (44)5.27 (37)11.37 (24)8.34 (21)-17.07 (21)16.75 (74)17.17 (33)¢ 5th Percentile 11.83 22.29 22.29 6.70 11.61 8.65 -15.34 19.93 19.25 1st Quartile 11.33 20.96 20.96 5.54 11.37 8.27 -17.36 18.47 17.80 Median 11.02 20.29 20.29 4.94 11.10 7.89 -18.16 17.55 15.93 3rd Quartile 10.68 19.52 19.52 4.65 10.69 7.64 -18.83 16.70 14.18 95th Percentile 10.09 16.95 16.95 3.52 10.24 7.44 -19.50 15.60 11.93 Page 51 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2055 Fund Vanguard Target 2055 Composite Index FTSE 3 Month T-Bill 0.9 1.8 2.7 3.6 4.5 5.4 6.3 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 -0.31 0.79 -0.39 1.00 0.24 -0.37 1.01 4.92 15.53 1.00 Vanguard Target 2055 Composite Index 0.00 0.00 -1.00 0.27 0.00 1.00 5.27 15.38 1.00 FTSE 3 Month T-Bill -4.07 15.28 -0.27 0.03 -2.20 0.01 2.25 0.67 0.16 Page 52 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 December 31, 2023 As of December 31, 2023 Page 53 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 7/1/15 10.8 20.5 20.5 5.3 11.4 8.3 8.6 10.8 20.2 20.2 4.9 10.9 8.0 8.2 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 :$22,579.00 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2060 Fund Benchmark 0.96 0.98 1.00 1.02 6/15 3/16 12/16 9/17 6/18 3/19 12/19 9/20 6/21 3/22 12/22 12/23 0.97 Page 54 Peer Group Analysis As of December 31, 2023 IM Mixed-Asset Target 2065+ (MF) -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 10 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2060 Fund 10.79 (72)20.18 (69)20.18 (69)4.92 (55)10.92 (-)7.97 (-)-17.46 (17)16.44 (78)16.32 (57)¢ Vanguard Target 2060 Composite Index 10.78 (72)20.48 (59)20.48 (59)5.27 (35)11.37 (-)8.34 (-)-17.07 (14)16.75 (67)17.17 (36)¢ 5th Percentile 12.09 23.10 23.10 7.27 ---15.75 20.34 18.41 1st Quartile 11.53 21.27 21.27 5.64 ---17.81 18.76 17.80 Median 11.18 20.78 20.78 4.94 ---18.37 17.72 16.58 3rd Quartile 10.72 20.01 20.01 4.51 ---18.96 16.45 14.81 95th Percentile 10.33 17.26 17.26 3.45 ---19.66 15.09 12.75 Page 55 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2060 Fund Vanguard Target 2060 Composite Index FTSE 3 Month T-Bill 0.9 1.8 2.7 3.6 4.5 5.4 6.3 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 -0.31 0.80 -0.39 1.00 0.24 -0.36 1.01 4.92 15.52 1.00 Vanguard Target 2060 Composite Index 0.00 0.00 -1.00 0.27 0.00 1.00 5.27 15.38 1.00 FTSE 3 Month T-Bill -4.07 15.28 -0.27 0.03 -2.20 0.01 2.25 0.67 0.16 Page 56 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 December 31, 2023 As of December 31, 2023 Page 57 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years Inception 8/1/17 10.8 20.5 20.5 5.3 11.4 8.7 10.8 20.1 20.1 4.9 10.9 8.3 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 :$6,143.20 Million Total Assets Date :12/31/2023 Gross Expense :0.08% Net Expense :0.08% Turnover :1% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.4% 0.8% -0.4 % -0.8 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - Since Inception Vanguard Institutional Target Retirement 2065 Fund Benchmark 0.96 0.98 1.00 1.02 7/17 1/18 7/18 1/19 7/19 1/20 7/20 1/21 7/21 1/22 7/22 1/23 7/23 12/23 0.98 Page 58 Peer Group Analysis As of December 31, 2023 IM Mixed-Asset Target 2065+ (MF) -40.0 -30.0 -20.0 -10.0 0.0 10.0 20.0 30.0 40.0 Return % 1 Quarter Year to Date 1 Year 3 Years 5 Years 2022 2021 2020 Vanguard Institutional Target Retirement 2065 Fund 10.79 (72)20.15 (72)20.15 (72)4.95 (49)10.91 (-)-17.39 (15)16.46 (75)16.17 (61)¢ Vanguard Target 2065 Composite Index 10.78 (72)20.48 (59)20.48 (59)5.27 (35)11.37 (-)-17.07 (14)16.75 (67)17.17 (36)¢ 5th Percentile 12.09 23.10 23.10 7.27 --15.75 20.34 18.41 1st Quartile 11.53 21.27 21.27 5.64 --17.81 18.76 17.80 Median 11.18 20.78 20.78 4.94 --18.37 17.72 16.58 3rd Quartile 10.72 20.01 20.01 4.51 --18.96 16.45 14.81 95th Percentile 10.33 17.26 17.26 3.45 --19.66 15.09 12.75 Page 59 Risk Profile As of December 31, 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 3/21 6/21 9/21 12/21 3/22 6/22 9/22 12/22 3/23 6/23 9/23 12/23 Annualized Return vs. Annualized Standard Deviation 3 Years Vanguard Institutional Target Retirement 2065 Fund Vanguard Target 2065 Composite Index FTSE 3 Month T-Bill 0.9 1.8 2.7 3.6 4.5 5.4 6.3 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 -0.29 0.80 -0.36 1.00 0.25 -0.34 1.01 4.95 15.52 1.00 Vanguard Target 2065 Composite Index 0.00 0.00 -1.00 0.27 0.00 1.00 5.27 15.38 1.00 FTSE 3 Month T-Bill -4.07 15.28 -0.27 0.03 -2.20 0.01 2.25 0.67 0.16 Page 60 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 December 31, 2023 As of December 31, 2023 Page 61 Tier II Page 62 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Institutional Index Fund S&P 500 Index 0.0 10.0 20.0 30.0 40.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 8/1/90 11.7 26.3 26.3 10.0 15.7 12.0 10.311.7 26.2 26.2 10.0 15.7 12.0 10.3 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 :Louie/Birkett Total Assets :$112,346.90 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Institutional Index Fund Benchmark 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.00 Page 63 Peer Group Analysis As of December 31, 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 11.68 (59)26.24 (52)26.24 (52)9.96 (27)15.66 (42)12.00 (35)-18.14 (42)28.67 (21)18.39 (62)¢ S&P 500 Index 11.69 (59)26.29 (52)26.29 (52)10.00 (26)15.69 (41)12.03 (34)-18.11 (41)28.71 (21)18.40 (62)¢ 5th Percentile 15.88 49.67 49.67 12.14 19.43 14.53 -4.42 31.77 45.35 1st Quartile 13.78 37.20 37.20 10.03 16.54 12.53 -13.33 28.07 32.68 Median 12.02 26.48 26.48 8.48 15.30 11.52 -19.45 26.00 20.71 3rd Quartile 10.28 18.30 18.30 6.53 13.56 9.94 -28.65 22.86 13.07 95th Percentile 8.18 9.15 9.15 2.43 10.30 7.95 -37.98 14.57 1.48 Page 64 Asset Allocation As of 12/31/2023 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% 0.1% 99.9% Fund Characteristics As of 12/31/2023 Total Securities 505 Avg. Market Cap $684,406.16 Million P/E 32.18 P/B 10.04 Div. Yield 1.86% Annual EPS 2.31 5Yr EPS 16.05 3Yr EPS Growth 18.68 Sector/Quality Allocation As of 12/31/2023 0.0%10.0%20.0%30.0%40.0%50.0% Information Technology Financials Consumer Discretionary Health Care Industrials Consumer Staples Energy Utilities Materials Telecommunication Services 33.6% 14.8% 12.4% 11.3% 10.6% 7.6% 4.0% 2.2% 1.9% 0.9% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 65 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Mid-Cap Index Fund Institutional Shares Vanguard Spliced Mid Cap Index 0.0 5.0 10.0 15.0 20.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 12/1/01 12.3 16.0 16.0 5.5 12.7 9.4 9.7 12.3 16.0 16.0 5.5 12.7 9.4 9.7 Account Information Product Name :Vanguard Md-Cp I;Inst (VMCIX) Fund Family :Vanguard Ticker :VMCIX Peer Group :IM U.S. Mid Cap Equity (MF) Benchmark :Vanguard Spliced Mid Cap Index Fund Inception :05/20/1998 Portfolio Manager :Khan/Denis/Choi Total Assets :$21,867.50 Million Total Assets Date :12/31/2023 Gross Expense :0.04% Net Expense :0.04% Turnover :12% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.1% -0.1 % -0.2 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Mid-Cap Index Fund Institutional Shares Benchmark 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.00 Page 66 Peer Group Analysis As of December 31, 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 Institutional Shares 12.28 (45)15.98 (57)15.98 (57)5.49 (59)12.71 (48)9.41 (37)-18.71 (60)24.51 (48)18.24 (40)¢ Vanguard Spliced Mid Cap Index 12.27 (45)15.98 (57)15.98 (57)5.50 (59)12.73 (48)9.44 (36)-18.68 (60)24.52 (48)18.24 (40)¢ 5th Percentile 15.53 27.63 27.63 13.81 15.62 10.99 -4.32 34.11 57.85 1st Quartile 13.31 21.48 21.48 9.90 13.61 9.89 -9.30 28.67 32.46 Median 12.01 16.93 16.93 6.53 12.64 8.65 -15.26 24.16 13.13 3rd Quartile 10.66 12.90 12.90 1.55 11.31 7.58 -26.40 15.90 5.75 95th Percentile 8.54 9.47 9.47 -4.80 9.11 6.21 -34.70 5.38 -2.03 Page 67 Asset Allocation As of 12/31/2023 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% 0.7% 99.3% Fund Characteristics As of 12/31/2023 Total Securities 335 Avg. Market Cap $30,330.72 Million P/E 30.37 P/B 6.54 Div. Yield 2.19% Annual EPS 11.74 5Yr EPS 14.18 3Yr EPS Growth 15.63 Sector/Quality Allocation As of 12/31/2023 0.0%6.0%12.0%18.0%24.0%30.0% Financials Industrials Information Technology Consumer Discretionary Health Care Consumer Staples Utilities Non Classified Equity Energy Materials 19.8% 19.3% 14.6% 10.5% 7.9% 6.8% 6.3% 5.2% 4.9% 4.0% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 68 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Small-Cap Index Fund Vanguard Spliced Small Cap Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 12/1/00 13.4 18.1 18.1 4.6 11.7 8.4 9.3 13.4 18.2 18.2 4.7 11.7 8.4 9.3 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 :$51,854.00 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Small-Cap Index Fund Benchmark 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.00 Page 69 Peer Group Analysis As of December 31, 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 13.41 (40)18.20 (37)18.20 (37)4.66 (62)11.70 (43)8.43 (23)-17.61 (57)17.73 (71)19.11 (38)¢ Vanguard Spliced Small Cap Index 13.41 (40)18.09 (37)18.09 (37)4.61 (62)11.66 (45)8.41 (25)-17.64 (57)17.71 (71)19.07 (38)¢ 5th Percentile 16.19 23.99 23.99 15.38 16.13 9.92 -4.71 39.21 57.80 1st Quartile 14.40 19.64 19.64 9.88 12.74 8.32 -11.77 30.02 26.33 Median 12.77 16.95 16.95 6.70 11.33 7.44 -16.35 24.40 13.10 3rd Quartile 11.12 13.77 13.77 1.64 10.04 6.48 -22.11 15.72 4.70 95th Percentile 8.01 7.32 7.32 -7.42 6.53 4.84 -33.54 2.84 -4.24 Page 70 Asset Allocation As of 12/31/2023 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% 1.5% 98.5% Fund Characteristics As of 12/31/2023 Total Securities 1,426 Avg. Market Cap $7,446.41 Million P/E 27.16 P/B 4.91 Div. Yield 2.52% Annual EPS 15.57 5Yr EPS 15.18 3Yr EPS Growth 20.40 Sector/Quality Allocation As of 12/31/2023 0.0%6.0%12.0%18.0%24.0%30.0% Industrials Financials Consumer Discretionary Health Care Information Technology Non Classified Equity Consumer Staples Energy Materials Utilities 21.3% 21.0% 10.8% 9.4% 8.9% 8.3% 7.7% 4.4% 4.0% 2.5% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 71 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Total Bond Market Index Fund Vanguard Splc Blmbg. Barc. US Agg Flt Adj 0.0 5.0 10.0 -5.0 -10.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 12/1/01 6.7 5.6 5.6 -3.3 1.2 1.8 3.5 6.7 5.7 5.7 -3.4 1.1 1.8 3.4 Account Information Product Name :Vanguard Tot Bd;Adm (VBTLX) Fund Family :Vanguard Ticker :VBTLX Peer Group :IM U.S. Broad Market Core Fixed Income (MF) Benchmark :Vanguard Splc Blmbg. Barc. US Agg Flt Adj Fund Inception :11/12/2001 Portfolio Manager :Joshua C. Barrickman Total Assets :$98,945.60 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Total Bond Market Index Fund Benchmark 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.00 Page 72 Peer Group Analysis As of December 31, 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 6.69 (64)5.70 (65)5.70 (65)-3.36 (54)1.12 (73)1.79 (70)-13.16 (38)-1.67 (69)7.72 (64)¢ Vanguard Splc Blmbg. Barc. US Agg Flt Adj 6.72 (56)5.60 (71)5.60 (71)-3.33 (49)1.17 (66)1.83 (63)-13.07 (32)-1.58 (63)7.75 (64)¢ 5th Percentile 7.71 7.81 7.81 -1.33 2.47 2.55 -8.09 0.69 10.53 1st Quartile 7.11 6.63 6.63 -2.86 1.75 2.18 -12.91 -0.69 9.20 Median 6.82 5.93 5.93 -3.34 1.38 1.95 -13.39 -1.33 8.19 3rd Quartile 6.59 5.52 5.52 -3.48 1.08 1.76 -14.06 -1.74 7.48 95th Percentile 4.47 4.95 4.95 -3.86 0.83 1.23 -15.37 -2.17 5.68 Page 73 Asset Allocation As of 09/30/2023 0.0%25.0%50.0%75.0%100.0%125.0% Convertibles Equities Cash Other Fixed Income 0.0% 0.0% 0.0% 0.7% 99.3% Fund Characteristics As of 09/30/2023 Avg. Coupon 3.10 % Nominal Maturity - Effective Maturity 8.70 Years Duration 6.30 Years SEC 30 Day Yield 2.65 Avg. Credit Quality AA Sector/Quality Allocation As of 09/30/2023 0.0%20.0%40.0%60.0%80.0%100.0% Government/AAA BBB Rated A Rated Foreign Securities AA Rated Equities/Other Not Rated 67.7% 12.9% 12.1% 3.7% 3.1% 0.7% Maturity Distribution As of 06/30/2023 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 0.5% 0.8% 3.9% 8.7% 16.6% 20.0% 20.0% 29.6% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 74 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Balanced Index Fund Vanguard Balanced Composite Index 0.0 6.0 12.0 18.0 24.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 1/1/01 10.0 17.7 17.7 4.0 10.0 8.0 6.8 10.0 17.6 17.6 3.7 9.6 7.7 6.6 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 :$9,988.80 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Balanced Index Fund Benchmark 0.97 0.98 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 0.98 Page 75 Peer Group Analysis As of December 31, 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 9.98 (30)17.58 (26)17.58 (26)3.74 (39)9.62 (30)7.74 (13)-16.87 (68)14.20 (40)16.41 (19)¢ Vanguard Balanced Composite Index 9.99 (30)17.69 (26)17.69 (26)3.98 (36)9.96 (26)7.96 (9)-16.41 (63)14.28 (40)17.35 (15)¢ 5th Percentile 11.50 21.27 21.27 6.60 11.43 8.35 -5.71 20.68 20.94 1st Quartile 10.28 17.71 17.71 4.67 9.98 7.14 -12.55 16.50 15.41 Median 8.92 13.39 13.39 2.87 7.72 5.58 -15.23 12.29 12.16 3rd Quartile 7.51 10.24 10.24 1.20 5.62 4.28 -17.61 8.02 8.85 95th Percentile 4.55 5.21 5.21 -1.34 3.31 2.53 -20.94 3.07 1.00 Page 76 Asset Allocation As of 12/31/2023 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% 0.1% 1.4% 37.5% 61.0% Fund Characteristics As of 12/31/2023 Total Securities 15,712 Avg. Market Cap $593,466.73 Million P/E 31.83 P/B 9.50 Div. Yield 1.91% Annual EPS 3.52 5Yr EPS 16.18 3Yr EPS Growth 18.78 Sector/Quality Allocation As of 12/31/2023 0.0%5.0%10.0%15.0%20.0%25.0% Information Technology Financials Consumer Discretionary Industrials Health Care Consumer Staples Energy Utilities Non Classified Equity Materials 18.8% 9.6% 7.4% 7.2% 6.8% 4.5% 2.4% 1.3% 1.3% 1.3% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 77 Tier III Page 78 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard Windsor II Fund Russell 1000 Value Index 0.0 8.0 16.0 24.0 32.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 6/1/01 9.5 11.5 11.5 8.9 10.9 8.4 7.2 11.7 21.1 21.1 10.7 15.0 10.1 7.9 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 :$44,904.00 Million Total Assets Date :12/31/2023 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Windsor II Fund Benchmark 0.90 0.99 1.08 1.17 1.26 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.20 Page 79 Peer Group Analysis As of December 31, 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 11.74 (26)21.07 (20)21.07 (20)10.72 (43)14.96 (8)10.14 (20)-13.14 (88)29.08 (13)14.53 (3)¢ Russell 1000 Value Index 9.50 (62)11.46 (65)11.46 (65)8.86 (71)10.91 (73)8.40 (74)-7.54 (62)25.16 (61)2.80 (60)¢ 5th Percentile 13.55 27.03 27.03 13.58 15.46 10.93 1.21 31.24 12.78 1st Quartile 11.75 18.77 18.77 11.34 13.84 9.90 -4.46 27.65 7.72 Median 9.83 14.23 14.23 10.08 12.27 8.98 -6.25 25.92 4.18 3rd Quartile 8.97 9.68 9.68 8.35 10.82 8.31 -8.89 23.91 1.48 95th Percentile 7.36 5.44 5.44 6.72 8.75 7.24 -18.51 18.07 -3.87 Page 80 Risk Profile As of December 31, 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard Windsor II Fund Russell 1000 Value Index FTSE 3 Month T-Bill -3.0 0.0 3.0 6.0 9.0 12.0 15.0 18.0 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 3.69 3.12 1.18 0.97 0.72 3.70 1.00 14.96 19.27 0.99 Russell 1000 Value Index 0.00 0.00 -1.00 0.54 0.00 1.00 10.91 18.93 1.00 FTSE 3 Month T-Bill -10.29 18.96 -0.54 0.00 -1.92 0.00 1.91 0.56 -0.03 Page 81 Asset Allocation As of 12/31/2023 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% 4.2% 95.8% Fund Characteristics As of 12/31/2023 Total Securities 182 Avg. Market Cap $419,426.21 Million P/E 25.80 P/B 6.02 Div. Yield 2.14% Annual EPS 3.75 5Yr EPS 14.36 3Yr EPS Growth 16.72 Sector/Quality Allocation As of 12/31/2023 0.0%8.0%16.0%24.0%32.0% Information Technology Financials Industrials Health Care Consumer Staples Consumer Discretionary Energy Materials Non Classified Equity Utilities 23.5% 19.2% 13.5% 12.6% 9.1% 7.3% 6.3% 1.7% 1.3% 1.3% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 82 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard U.S. Growth Fund Russell 1000 Growth Index 0.0 20.0 40.0 60.0 -20.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 9/1/01 14.2 42.7 42.7 8.9 19.5 14.9 9.9 15.4 45.3 45.3 -0.4 15.9 13.0 8.2 Account Information Product Name :Vanguard US Growth;Adm (VWUAX) Fund Family :Vanguard Ticker :VWUAX Peer Group :IM U.S. Large Cap Growth Equity (MF) Benchmark :Russell 1000 Growth Index Fund Inception :08/13/2001 Portfolio Manager :Team Managed Total Assets :$30,523.20 Million Total Assets Date :12/31/2023 Gross Expense :0.25% Net Expense :0.25% Turnover :37% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 8.0% 16.0% -8.0 % -16.0 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard U.S. Growth Fund Benchmark 0.60 0.80 1.00 1.20 1.40 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 0.86 Page 83 Peer Group Analysis As of December 31, 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 15.43 (20)45.31 (26)45.31 (26)-0.42 (95)15.91 (68)13.00 (46)-39.58 (96)12.45 (94)58.74 (2)¢ Russell 1000 Growth Index 14.16 (47)42.68 (39)42.68 (39)8.86 (18)19.50 (11)14.86 (7)-29.14 (37)27.60 (19)38.49 (36)¢ 5th Percentile 17.84 53.97 53.97 10.16 20.51 15.54 -17.43 31.30 54.71 1st Quartile 15.10 45.47 45.47 8.16 17.95 13.63 -27.36 26.79 41.03 Median 14.03 40.81 40.81 6.29 16.65 12.83 -30.88 23.06 35.21 3rd Quartile 13.13 33.59 33.59 3.59 15.45 11.81 -34.07 18.75 30.94 95th Percentile 10.33 18.08 18.08 -0.92 12.53 9.46 -39.52 11.85 21.14 Page 84 Risk Profile As of December 31, 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard U.S. Growth Fund Russell 1000 Growth Index FTSE 3 Month T-Bill -4.0 0.0 4.0 8.0 12.0 16.0 20.0 24.0 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 -2.36 6.07 -0.39 0.95 0.66 -4.86 1.13 15.91 24.14 0.97 Russell 1000 Growth Index 0.00 0.00 -1.00 0.87 0.00 1.00 19.50 20.82 1.00 FTSE 3 Month T-Bill -18.18 20.79 -0.87 0.00 -1.88 0.00 1.91 0.56 0.06 Page 85 Asset Allocation As of 12/31/2023 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% 0.4% 1.5% 98.1% Fund Characteristics As of 12/31/2023 Total Securities 124 Avg. Market Cap $809,866.43 Million P/E 44.65 P/B 13.70 Div. Yield 0.83% Annual EPS -7.72 5Yr EPS 22.15 3Yr EPS Growth 18.07 Sector/Quality Allocation As of 12/31/2023 0.0%15.0%30.0%45.0%60.0% Information Technology Consumer Discretionary Financials Health Care Industrials Non Classified Equity Consumer Staples 44.3% 17.7% 10.7% 9.3% 6.3% 5.4% 4.4% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 86 As of December 31, 2023 Manager Performance Summary Return Summary Vanguard International Growth Fund Vanguard Spliced International Index 0.0 10.0 20.0 30.0 -10.0 -20.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 9/1/01 9.8 15.6 15.6 1.5 7.1 3.8 4.9 11.4 14.8 14.8 -7.6 10.6 7.1 7.6 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 :$36,684.20 Million Total Assets Date :12/31/2023 Gross Expense :0.31% Net Expense :0.31% Turnover :14% Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 15.0% 30.0% -15.0 % -30.0 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard International Growth Fund Benchmark 0.60 0.90 1.20 1.50 1.80 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.18 Page 87 Peer Group Analysis As of December 31, 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 11.37 (49)14.81 (70)14.81 (70)-7.61 (98)10.62 (27)7.09 (9)-30.79 (91)-0.74 (96)59.74 (2)¢ Vanguard Spliced International Index 9.75 (78)15.62 (59)15.62 (59)1.55 (36)7.08 (88)3.83 (79)-16.00 (15)7.82 (65)10.65 (90)¢ 5th Percentile 15.42 25.72 25.72 4.92 12.44 7.24 -12.76 17.75 41.69 1st Quartile 12.77 18.29 18.29 1.98 10.66 6.02 -18.15 12.66 23.55 Median 11.22 15.98 15.98 0.54 9.39 4.94 -21.12 9.69 19.39 3rd Quartile 9.95 14.32 14.32 -2.77 7.93 4.16 -26.14 6.50 15.33 95th Percentile 8.31 11.58 11.58 -5.87 5.56 2.47 -32.26 0.35 8.08 Page 88 Risk Profile As of December 31, 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 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 Annualized Return vs. Annualized Standard Deviation 5 Years Vanguard International Growth Fund Vanguard Spliced International 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 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 4.32 10.33 0.42 0.82 0.47 2.83 1.18 10.62 23.20 0.91 Vanguard Spliced International Index 0.00 0.00 -1.00 0.37 0.00 1.00 7.08 17.80 1.00 FTSE 3 Month T-Bill -6.53 17.78 -0.37 0.00 -1.90 0.00 1.91 0.56 0.05 Page 89 Asset Allocation As of 12/31/2023 0.0%25.0%50.0%75.0%100.0%125.0% Fixed Income Convertibles Cash Other Equities 0.0% 0.0% 0.1% 2.5% 97.5% Fund Characteristics As of 12/31/2023 Total Securities 145 Avg. Market Cap $137,151.81 Million P/E 32.97 P/B 9.13 Div. Yield 1.79% Annual EPS 18.22 5Yr EPS 19.84 3Yr EPS Growth 20.97 Sector/Quality Allocation As of 12/31/2023 0.0%6.0%12.0%18.0%24.0%30.0% Information Technology Consumer Discretionary Industrials Health Care Consumer Staples Financials Non Classified Equity Energy Materials Utilities 21.0% 17.7% 14.0% 13.1% 10.6% 9.9% 4.9% 3.8% 1.4% 0.6% Top 5 Countries As of 12/31/2023 Netherlands 12.95 % United States 8.42 % United Kingdom 7.09 % China 6.97 % Japan 6.68 % Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 90 Regional Allocation As of 12/31/2023 0.0%8.0%16.0%24.0%32.0%40.0%48.0%56.0%64.0%72.0% Emg. MidEast, Africa, Europe Other Emerging Latin America Pacific Basin North America Emerging Asia Europe 1.9% 3.8% 5.7% 10.5% 11.0% 13.6% 54.2% Lipper Mutual Fund Attributes As of December 31, 2023 As of December 31, 2023 Page 91 As of December 31, 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 8.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 11/1/89 1.4 5.0 5.0 2.2 1.9 1.3 2.8 1.3 5.1 5.1 2.2 1.9 1.3 2.9 Account Information Product Name :Vanguard CRsFdl MM;Adm (VMRXX) Fund Family :Vanguard Ticker :VMRXX Peer Group :IM U.S. Taxable Money Market (MF) Benchmark :ICE BofAML 3 Month U.S. T-Bill Fund Inception :10/03/1989 Portfolio Manager :Nafis T. Smith Total Assets :$115,794.30 Million Total Assets Date :12/31/2023 Gross Expense :0.10% Net Expense :0.10% Turnover :- Quarterly Excess Performance Quarterly Out Performance Quarterly Under Performance 0.0% 0.2% -0.2 % -0.4 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 Ratio of Cumulative Wealth - 5 Years Vanguard Cash Reserves Federal Money Market Fund Benchmark 0.99 1.00 1.01 12/18 6/19 12/19 6/20 12/20 6/21 12/21 6/22 12/22 6/23 12/23 1.00 Page 92 Portfolio Characteristics Portfolio 7-Day SEC Yield (%)5.32 Avg. Maturity 28.00 Holdings Count 177 Maturity Distribution % 0.0 15.0 30.0 45.0 60.0 1-7 Days 8-29 Days 30-89 Days 90-179 Days 180-269 Days 270+ Days 34.1 9.2 42.2 11.8 2.0 0.6 Sector Distribution % 0.0 15.0 30.0 45.0 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 33.4 32.4 33.3 0.9 Portfolio Characteristics As of December 31, 2023 As of December 31, 2023 Page 93 As of December 31, 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 8.0 Return % 1 Quarter 2023 1 Year 3 Years 5 Years 10 Years Inception 10/1/01 1.4 5.0 5.0 2.2 1.9 1.3 1.5 0.7 2.5 2.5 1.9 2.1 2.1 1.7 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 % 3/19 9/19 3/20 9/20 3/21 9/21 3/22 9/22 3/23 12/23 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 12/23 1.04 Page 94 Portfolio Characteristics Portfolio MV/BV Ratio (%)94.22 Crediting Rate 2.93 Effective Duration 3.43 # of Wrap Providers 13 Credit Quality Distribution % 0.0 15.0 30.0 45.0 60.0 Treas./Ag. AAA AA A BBB <BBB Reserves Other 45.0 14.3 14.9 24.9 0.0 0.0 0.0 0.9 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 25.6 21.2 25.3 0.0 11.6 2.2 0.0 14.1 Wrap Providers 0.0%3.0%6.0%9.0%12.0%15.0% Citibank Metropolitan Tower Life Transamerica Life Ins Co. American General Life Pacific Life Insurance Prudential Insurance Co. NYL Insurance and Annuity JPMorgan Chase Nationwide Life Massachusetts Mutual 6.1% 6.7% 7.3% 7.4% 8.7% 9.6% 9.7% 9.8% 9.9% 10.0% Portfolio Characteristics As of December 31, 2023 As of December 31, 2023 Page 95 Appendix Page 96 Vehicle Type¹Ticker Universe Name³ Net Expense Ratio (%)² Revenue Share (%) Effective Net Expense (%) Peer Group Fee Range (%) 25th 50th 75th Population Tier I - Target Date Funds ---- Vanguard Institutional Target Retirement Income Fund MF VTINX Aon Target Date Today Passive (MF)0.080 0.000 0.080 0.10 0.16 0.34 6 Vanguard Institutional Target Retirement 2020 Fund MF VTWNX Aon Target Date 2020 Passive (MF)0.080 0.000 0.080 0.08 0.09 0.12 5 Vanguard Institutional Target Retirement 2025 Fund MF VTTVX Aon Target Date 2025 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2030 Fund MF VTHRX Aon Target Date 2030 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2035 Fund MF VTTHX Aon Target Date 2035 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2040 Fund MF VFORX Aon Target Date 2040 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2045 Fund MF VTIVX Aon Target Date 2045 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2050 Fund MF VFIFX Aon Target Date 2050 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2055 Fund MF VFFVX Aon Target Date 2055 Passive (MF)0.080 0.000 0.080 0.09 0.12 0.30 7 Vanguard Institutional Target Retirement 2060 Fund MF VTTSX Aon Target Date 2060+ Passive (MF)0.080 0.000 0.080 0.08 0.12 0.30 15 Vanguard Institutional Target Retirement 2065 Fund MF VLXVX Aon Target Date 2060+ Passive (MF)0.080 0.000 0.080 0.08 0.12 0.30 15 Tier II - Passive Funds ---- Vanguard Institutional Index Fund MF VINIX eA US Passive Large Cap Equity (MF)0.035 0.000 0.035 0.07 0.14 0.25 97 Vanguard Mid-Cap Index Fund Institutional Shares MF VMCIX eA US Passive Mid Cap Equity (MF)0.040 0.000 0.040 0.05 0.15 0.19 22 Vanguard Small-Cap Index Fund MF VSMAX eA US Passive Small Cap Equity (MF)0.050 0.000 0.050 0.05 0.16 0.25 29 Vanguard Total Bond Market Index Fund MF VBTLX eA US Passive Core Fixed Income (MF)0.050 0.000 0.050 0.04 0.10 0.11 14 Vanguard Balanced Index Fund MF VBAIX eA All Balanced / Multi-Asset (ETF Strategist) (MF)0.060 0.000 0.060 0.08 0.08 0.55 16 Tier III - Active Funds ---- Vanguard Retirement Savings Trust III CF Aon Stable Value Peer Group – Total Fee including Wrap Fees 0.290 0.000 0.290 0.36 0.47 0.60 16 Vanguard Windsor II Fund MF VWNAX eA US Large Cap Value Equity (MF)0.260 0.000 0.260 0.59 0.70 0.81 194 Vanguard U.S. Growth Fund MF VWUAX eA US Large Cap Growth Equity (MF)0.250 0.000 0.250 0.64 0.75 0.85 167 Vanguard International Growth Fund MF VWILX eA ACWI ex-US Large Cap Growth Equity (MF)0.310 0.000 0.310 0.79 0.85 0.91 26 Vanguard Cash Reserves Federal Money Market Fund MF VMRXX eA US Cash Management (MF)0.100 0.000 0.100 0.14 0.18 0.31 43 Fee Analysis As of December 31, 2023 As of December 31, 2023 Important Note: The investment fee analysis reported in the table above measures only the relative fee level of your current plan offerings as compared to fee medians from style, size, and vehicle-specific peer universes, which Aon Investments believes is an appropriate comparison. Determining whether an investment's expense is reasonable depends on a variety of factors including the level of returns achieved and the method with which administration and operational expenses are paid. Understanding and evaluating the total cost of plan operations, including both investment and administration fees is a critical analysis that should be completed periodically. ¹Vehicle Type Definitions: "MF" = Mutual Fund, "CF" = Collective Investment Trust, "SA" = Separate Account, "SG" = Group Annuity ²Expense Ratio is intended to represent a fund's total expense ratio which may include investment management fees, 12b-1 fees, custodial fees, trustee fees, revenue sharing components and/or charges for fund or plan administration. ³Fee universes are provided and calculated by eVestment Alliance, as of July 31, 2023. Fund expense information has been sourced from eVestment for all asset classes except the stable value and target date fund universes, which uses Morningstar databases. Since fund expense ratios do not change frequently, Aon Investments believes this study to be a relevant comparison for up to a year, at which time it will be updated. For complete information on methodologies, contact your Aon Investments consultant. Page 97 Market Environment Page 98 Factor Indices 6.8%7.2% 12.6%12.2% 8.3% 11.4% 13.4% 7.8% 8.3%8.1%10.1% 33.0% 12.2% 20.3% 17.3% 37.3% 9.8% 6.8% 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 12/31/2023 Fourth Quarter 2023 YTD Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. 7.6% 9.2% 17.0% 12.0% 8.8%9.2% 16.3% 10.3% 9.3% 8.0% 6.7% 12.2% 10.3% 6.1% 6.6% 11.3% 10.4% 9.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% MSCI World Minimum Volatility (USD) MSCI World High Dividend Yield MSCI World Quality MSCI World Momentum MSCI World Enhanced Value MSCI World Equal Weighted MSCI World Index Growth MSCI USA Minimum Volatility (USD) MSCI USA High Dividend Yield LONG TERM ANNUALIZED RETURNS AS OF 12/31/2023 Five-Year Ten-Year Source:MSCI MSCI Indices show net total returns throughout this report. All other indices show gross total returns.. Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 99 11.1%9.8% 12.0% 7.7%8.1% 10.5% 8.0% 12.6%11.1% 8.0% 21.6% 15.6% 25.6% 14.4% 19.0% 14.4% 5.9% 21.2% 6.1% 11.7% 0% 10% 20% 30% ACWI IMI 38.6% ACWI ex-U.S. IMI 61.4% USA IMI 3.7% UK IMI 6.0% Japan IMI 2.9% Canada IMI 0.2% Israel IMI 12.0% Europe ex-UK IMI 2.9% Pacific ex-Japan IMI 10.9% Emerging Markets IMI GLOBAL MSCI IMI INDEX RETURNS (USD) AS OF 12/31/2023 Fourth Quarter 2023 YTD Source: MSCI Global Equity Markets •In Q4 2023, global equity markets rose due to a strong rally in November and December as market participants anticipated a higher probability of interest rate cuts in 2024. The MSCI ACWI posted its strongest annual performance in USD terms, (22.8%) since 2019 (27.3%). Volatility fell sharply throughout the quarter as the CBOE Volatility Index (VIX) fell to 12.5 in Q4 from 17.5 in the previous quarter, well below its 20-year average of 19.1. The MSCI All Country World Investable Market Index (ACWI IMI) returned 11.1% for the quarter and was up 21.6% on the year. •Across international markets, all regions posted positive returns. U.S. equities posted strong returns over the quarter and in 2023 with major contribution coming from the Information Technology sector. •Europe ex-UK IMI equities were the best regional performer with a return of 12.6%. Economically sensitive sectors including Financials and Industrials outperformed. Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 100 Global Equity Markets Below is the country/region breakdown of the global and international equity markets as measured by the MSCI All Country World IMI Index and the MSCI All Country World ex-U.S. IMI Index, respectively. USA 61.4% UK 3.7% Canada 2.9% Pacific ex-Japan 2.9%Japan 6.0%Europe ex-UK 12.0% 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 12/31/2023 Source:MSCI Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC UK 9.5%Canada 7.5% Pacific ex-Japan 7.5% Japan 15.4% Europe ex-UK 31.2% Israel 0.6% Latin America 2.6% Asia 21.9% Eastern Europe, Middle East & Africa 3.6% Emerging Markets 28.2% MSCI ALL COUNTRY WORLD EX-U.S. IMI INDEX GEOGRAPHIC ALLOCATION AS OF 12/31/2023 Source:MSCI Page 101 12.1%8.0% 14.1%12.1%14.5%15.3%12.7% 26.0% 10.6% 46.6% 12.7% 25.9% 14.6%18.7% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Russell 3000 27.4% Large Value 44.4% Large Growth 16.2% Medium Value 6.7% Medium Growth 2.8% Small Value 2.6% Small Growth RUSSELL STYLE RETURNS AS OF 12/31/2023 Fourth Quarter 2023 YTD Source: Russell Indexes U.S. Equity Markets •U.S. equities had positive performance during the quarter with the S&P 500 index rising by 11.7% amidst anticipated interest rate cuts in 2024. •The speaker of the U.S. House of Representatives, Kevin McCarthy, became the first leader in the history of the lower chamber of Congress to be removed from the position after infighting within the Republican party. McCarthy lost a no-confidence vote 216–210, as eight Republicans sided with 208 Democrats to remove him as a speaker. Mike Johnson, a Louisiana Republican, was elected as the new Speaker of the House in the fourth round of voting. Johnson received the unanimous backing of all 220 Republicans, surpassing the 215-majority mark. Following this, the U.S. Congress averted a government shutdown as lawmakers approved a short-term stop-gap funding bill to keep the government funded until early next year. •Meanwhile, Moody’s downgraded their U.S. credit outlook from ‘stable’ to ‘negative’ amidst sharp rises in debt service costs. Moody’s updated outlook highlighted increasing downside risks to U.S. fiscal strength and added that the drastic rise in Treasury yields this year “has increased pre-existing pressure on U.S. debt affordability”. •U.S. economy expanded by an annualized rate of 4.9% over the third quarter, higher than the 2.1% recorded in the previous quarter but below the forecasted 5.2%. A sharp rise in consumer spending and business spending on inventories helped to boost the economy in the third quarter. •The Russell 3000 Index rose 12.1% during the fourth quarter and 26% on a YTD basis. Real estate (18.2%) and Technology (16.4%) were the best performers while Energy (-6.4%) and Consumer Staples (4.0%) were the worst performers. •On a style basis, growth outperformed value across market capitalization except for small-cap stocks over the quarter. 12.1%16.4% 7.0%13.5% 4.0% -6.4% 10.4% 13.7%15.3% 9.4%6.4% 18.2% 26.0% 65.8% 2.9% 36.2% -2.1%-1.4% 13.6% 21.0% 15.2% -4.8% 12.1%12.2% -20.0% -10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% Russell 3000 30.9% Technology 12.1% Healthcare 14.4% Cons. Disc 4.7% Cons. Staples 4.1% Energy 2.0% Materials & Processing 13.2% Producer Durables 10.9% Financials 2.5% Utilities 2.1% Telecom. 3.0% Real Estate RUSSELL SECTOR RETURNS AS OF 12/31/2023 Fourth Quarter 2023 YTD 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. 3165935-NRC Page 102 U.S. Fixed Income Markets •The U.S. Federal Reserve (Fed) kept its benchmark policy rate unchanged at 5.25%–5.50% for the third consecutive meeting. Fed chair Jerome Powell commented that the interest rate is now “likely at or near its peak for this tightening cycle”. •The Bloomberg U.S. Aggregate Bond Index was up 6.80% over the quarter and 5.50% on a YTD basis. •Across durations, all maturities finished the quarter in positive territory with longer maturities rising more. •Within investment-grade bonds, lower credit quality generally outperformed higher-quality issues, with Baa bonds comparatively rising more. High- yield bonds rose by 7.20%. On a YTD basis, High Yield bonds outperformed indicating an increase in risk appetite. 2.7% 4.6% 6.2% 7.8% 11.9% 4.6%5.3%5.5%5.4% 6.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 1-3 Yr.3-5 Yr.5-7 Yr.7-10 Yr.>10 Yr. BLOOMBERG AGGREGATE RETURNS BY MATURITY AS OF 12/31/2023 Fourth Quarter 2023 YTDSource: FactSet 4.7% 6.4% 8.1%8.8% 7.2% 4.4% 5.8% 7.7% 9.4% 13.4% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% Aaa Aa A Baa High Yield BLOOMBERG AGGREGATE RETURNS BY QUALITY AND HIGH YIELD RETURNS AS OF 12/31/2023 Fourth Quarter 2023 YTDSource: FactSet 6.8% 5.6% 8.5% 7.5% 3.5% 5.2%5.5% 4.1% 8.5% 5.0% 5.5% 5.4% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 9.0% Bloomberg Agg. Bond 44.3% Govt 25.9% Corp. 27.7% MBS 0.5% ABS 1.7% CMBS BLOOMBERG AGGREGATE RETURNS BY SECTOR AS OF 12/31/2023 Fourth Quarter 2023 YTDSource: FactSet Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 103 U.S. Fixed Income Markets •U.S. Treasury yields fell significantly across maturities except at the shortest end of the curve as the yield curve shifted downwards over the quarter and the yield curve continues to be inverted. The 10-year Treasury yield fell by 71bps to 3.88%, and the 30-year Treasury yield fell by 70bps to 4.03% over the quarter. •The U.S. headline consumer price index (CPI) edged lower to 3.1% year-on-year in November, meeting economists’ expectations and marginally down from the 3.2% increase recorded in the previous month. U.S. Core inflation, which excludes food and energy costs, remained unchanged from the previous month at 4% year-on-year in November. •The 10-year TIPS yield fell by 52bps over the quarter to 1.72%. 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 9/30/2023 12/31/2023 Source:U.S. Department of Treasury -2.0% -1.0% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% Dec 13 Dec 15 Dec 17 Dec 19 Dec 21 Dec 23 U.S. 10-YEAR TREASURY AND TIPS YIELDS 10Y TIPS Yield 10Y Treasury Yield Source:U.S. Department of Treasury Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 104 European Fixed Income Markets •European government bond spreads over 10-year German bunds narrowed across the Euro Area. The European Central Bank (ECB) kept its interest rate unchanged at 4.0% for the second consecutive meeting. ECB policymakers signaled interest rates will be kept at “sufficiently restrictive levels for as long as necessary”. The ECB also announced it would reduce the reinvestments of maturing securities by €7.5B a month from July 2024 before ending the program at the end of next year. •Greek and Italian government bond yields fell by 124bps and 100bps to 3.10% and 3.74%, respectively over the quarter whilst Irish and Spanish government bond yields fell by 87bps and 95bps to 2.35% and 2.95%, respectively. •German bund yields fell by 81bps to 2.0% over the quarter. •Eurozone headline inflation rose at the slowest pace since July 2021 as the CPI fell to 2.4% year-on-year in November, down from the previous month’s rate of 2.9% and lower than economists’ expectations of 2.7%. A fall in energy prices and a slower pace of growth in food and services prices proved to be primary factors. Core inflation also slowed to 3.6% in the year to November, down from October’s 4.2%. 0% 2% 4% 6% 8% 10% 12% 2017 2018 2019 2020 2021 2022 2023 EUROZONE PERIPHERAL BOND SPREADS (10-YEAR SPREADS OVER GERMAN BUNDS) Spain Italy Portugal Greece Ireland Source: FactSet Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 105 Credit Spreads •Credit markets rose amid increasing risk tolerance sentiment, with spreads narrowing. •High Yield and Corporate spreads narrowed by 71bps and 22bps, respectively. Meanwhile, Long Gov’t and ABS Credit spreads widened by 2bps and 1bp, respectively. Spread (bps)12/31/2023 9/30/2023 6/30/2023 Quarterly Change (bps)YTD U.S. Aggregate 42 52 51 -10 -9 Long Gov't 2 0 2 2 0 Long Credit 117 133 157 -16 -40 Long Gov't/Credit 62 71 87 -9 -25 MBS 47 66 51 -19 -4 CMBS 126 130 120 -4 6 ABS 68 67 76 1 -8 Corporate 99 121 130 -22 -31 High Yield 323 394 469 -71 -146 Global Emerging Markets 294 313 332 -19 -38 Source: FactSet, Bloomberg Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 106 Currency •The U.S. Dollar depreciated against all major currencies over the quarter. On a trade-weighted basis, the U.S. dollar depreciated by 3.2%. •Sterling appreciated by 4.3% against the U.S. dollar. The Bank of England (BoE) kept its interest rate unchanged at 5.25% for the third consecutive meeting. The Monetary Policy Committee (MPC) voted six to three in favour of maintaining the current interest rate, with three members preferring a 25bps increase. The MPC indicated that interest rates would likely need to be kept high for an “extended period of time” and kept the option open for further rate rises “if there were evidence of more persistent inflationary pressures”. •The U.S. dollar depreciated by 4.2% against the Euro and by 5.5% against the yen. 100 105 110 115 120 125 130 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 TRADE WEIGHTED U.S. DOLLAR INDEX (2006 = 100) Source:Federal Reserve 80 90 100 110 120 130 140 Dec 17 Dec 18 Dec 19 Dec 20 Dec 21 Dec 22 Dec 23 U.S. DOLLAR RELATIVE TO EUR, GBP AND JPY REBASED TO 100 AT 12/31/2017 EUR/USD GBP/USD JPY/USD Source: FactSet Stronger Dollar Weaker Dollar Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 107 Commodities •Commodity prices fell over the quarter with the Bloomberg Commodity Index falling by 4.6% for the quarter. •The energy sector was the worst performer as it fell 18.1% over the quarter and 21.6% on a YTD basis. The price of WTI crude oil was significantly down by 21.1% to U.S.$72/B. •Precious Metals rose the most over the quarter at 10.4%. •Meanwhile, Opec+ members announced voluntary oil production cuts until Q1 2024. Saudi Arabia pledged to extend an ongoing 1mn barrels per day (bpd) production cut whilst Russia will increase its export reduction from the current 300,000 bpd to 500,000 bpd. Opec+ aims for a total of 2M bpd production cut with the help of other members. -4.6% 2.2% -18.1% 0.2% 10.4% -0.3%-0.3% 0.9% -9.0%-7.9% -1.4% -21.6% -9.1% 9.6% -4.4% 18.5% -13.0% -1.9% -25.0% -20.0% -15.0% -10.0% -5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Bloomberg Commodity Index Ex-Energy Energy Industrial Metals Prec. Metals Agric.Softs Grains Livestock COMMODITY RETURNS AS OF 12/31/2023 Fourth Quarter 2023 YTD Source:Bloomberg Note: Softs and Grains are part of the wider Agriculture sector Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 108 Hedge Funds Market Overview •Hedge fund performance was positive over the quarter except for Global Macro. •The HFRI Fund-Weighted Composite and HFRI Fund of Funds Composite Index produced returns of 3.6% and 3.4% over the quarter, respectively. •Over the quarter, Event Driven was the best performer with a return of 5.8%. •Global Macro was the worst performer with a return of -1.0% over the quarter. •On a YTD basis, Event Driven has outperformed all other strategies whilst Global Macro has performed the worst. 1.4% -1.0% 5.5%4.9% 5.8% 3.8% 2.8% 3.6%3.4% 4.8% -0.6% 10.4% 8.8% 10.7% 7.3%7.2%7.5% 6.3% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 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 12/31/2023 Fourth Quarter 2023 YTD Source:HFR Note: Latest 5 months of HFR data are estimated by HFR and may change in the future. Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Past performance is no guarantee of future results. Indices cannot be invested in directly. Unmanaged index returns assume reinvestment of any and all distributions and do not reflect fees and expenses. Please see appendix for index definitions and other general disclosures. Page 109 0 2,000 4,000 6,000 8,000 10,000 12,000 $0 $200 $400 $600 $800 $1,000 3Q15 1Q16 3Q16 1Q17 3Q17 1Q18 3Q18 1Q19 3Q19 1Q20 3Q20 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 # 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 Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. Private Equity Overview — Third Quarter 2023 •Fundraising: In Q3 2023, $250.1B was raised by 489 funds, which was an increase of 14.8% on a capital basis but a decrease of 22.0% by number of funds over the prior quarter. Dry powder stood at $3.3T at the end of the quarter, an increase of 10.3% and 38.7% compared to year-end 2022 and the five-year average, respectively.1 •Buyout: Global private equity-backed buyout deals totaled $113.4B in Q3 2023, which was an increase on a capital basis of 6.3% compared to Q2 2023 but a decrease of 32.2% compared to the five-year quarterly average.1 During the quarter, the average purchase price multiple for all U.S. LBOs was 9.5x EBITDA, down substantially from Q2 2023’s average of 11.3x and the five-year average (11.3x). The YTD average purchase price multiple ended Q3 2023 at 11.2x. Large cap purchase price multiples stood at 11.4x YTD, down compared to 11.8x at the end of 2022. The average purchase price multiple across European transactions greater than €1B averaged 10.1x EBITDA on an LTM basis as of Q3 2023, down from the 10.3x multiple seen at the end of Q2 2023. Purchase prices for transactions of €500.0M or greater increased, on an LTM basis, from 9.6x at Q2 2023 to 10.1x at Q3 2023.2 Globally, buyout exit value totaled $107.7B across 552 deals during the quarter, down from $113.2B in value from 474 deals during Q2 2023.1 •Venture: During the quarter, 2,716 venture-backed transactions totaling $36.7B were completed, which was a decrease on both a capital and deal count basis over the prior quarter’s total of $37.0B across 3,560 deals. This was also a decrease of 32.3% compared to the five-year quarterly average of $54.4B. Total U.S. venture-backed exit value increased meaningfully during the quarter, totaling approximately $35.8B across an estimated 284 completed transactions, compared to $6.6Bacross 298 exits in Q2 2023.3 Source: Preqin Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 5 Jefferies Notes: FY=Fiscal year ended 12/31; YTD=Year to date; LTM=Last 12 months (aka trailing 12 months); PPM=Purchase Price Multiples: Total Purchase Price ÷ EBITDA. 3165935-NRC LTM Global Private Equity-Backed Buyout Deal Volume Page 110 Private Equity Overview •Mezzanine: 5 funds closed on $1.6B during the quarter. This was a decrease from the prior quarter’s total of $19.4B raised by 9 funds and represented a decrease of 75.7% from the five-year quarterly average of $6.6B. Estimated dry powder was $66.7B at the end of Q3 2023, up from $66.0B at the end of the prior quarter.1 •Distressed Debt: The TTM U.S. high-yield default rate was 3.1% as of November 2023, which was up from June 2023’s TTM rate of 2.6%. Fitch expects the high-yield default rate to continue trending higher through the end of 2023.4 During the quarter, $8.1B was raised by 13 funds, up from the $7.3B raised by 11 funds during Q2 2023. Dry powder was estimated at $159.6B at the end of Q3 2023, which was up 1.9% from Q2 2023. This remained above the five-year annual average level of $138.8B.1 •Secondaries: 16 funds raised $23.8 billion during Q3 2023, up substantially from the $5.7B raised by 15 funds in Q2 2023. This was an increase compared to the five-year quarterly average of $11.9B.1 The average discount rate for LP buyout and venture capital portfolios finished the quarter at 8.0% and 32.0%, respectively.5 •Infrastructure: $5.1B of capital was raised by 14 funds in Q3 2023 compared to $9.7B of capital raised by 21 partnerships in Q2 2023. Capital raised through Q3 2023 represented only 11.3% of full-year 2022’s total. Infrastructure managers completed 541 deals for an aggregate deal value of $90.1B in the third quarter compared to 465 deals totaling $52.1B in Q2 2023.1 •Natural Resources: During Q3 2023, 5 funds closed on $2.5B compared to 6 funds totaling $1.9B in Q2 2023. 26 energy and utilities deals were completed in Q3 2023 totaling $9.5B, an increase, on a value basis, compared to 49 completed deals totaling $6.7Bin Q2 2023.1 Source: S&P 10.3x 10.0x 10.6x 10.6x 11.5x 11.4x 11.4x 11.9x 11.2x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 2015 2016 2017 2018 2019 2020 2021 2022 YTD 2023 U.S. LBO Purchase Price Multiples – All Transaction Sizes Senior Debt/EBITDA Sub Debt/EBITDA Equity/EBITDA Others Sources: 1 Preqin 2 Standard & Poor’s 3 PitchBook/NVCA Venture Monitor 4 Fitch Ratings 5 Jefferies Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 111 U.S. Commercial Real Estate Markets •U.S. Core Real Estate returned -3.2%* gross return in the first quarter 2023, resulting in a -3.1% total gross return for the trailing one-year, including a 3.4% income return. Real estate capital markets have been impacted by the higher inflation and interest rate environment and resulting increased cost of capital. During the first quarter of 2023, REITs rebounded as inflationary pressures appeared to settle, and the perceived probability of fed funds rate cuts in 2023 increased. •Global property markets, as measured by the FTSE EPRA/NAREIT Developed Real Estate Index, returned 1.0% (USD) in aggregate during the first quarter and experienced a cumulative decline of 20.6% over the trailing 1-year period. REIT market performance during the quarter was driven by North America (+2.7% USD), with Europe (-2.8% USD) and Asia Pacific (-2.2% USD) lagging the global Index. The U.S. REIT markets (FTSE NAREIT Equity REITs Index) returned 2.7% in the first quarter. •In the first quarter of 2023, U.S. private real estate transaction volumes declined 56% from the first quarter of 2022 to $85B. This decline is the culmination of rising interest rates, the availability of capital, and a perceived bid-ask spread. -3.2%-3.1% 8.4%7.5%9.5% 2.7% -19.2% 12.1% 6.0%6.0% -30.0% -20.0% -10.0% 0.0% 10.0% 20.0% Q1 2023 1-Year 3-Years 5-Years 10-Years PRIVATE VS. PUBLIC REAL ESTATE RETURNS AS OF 3/31/2023 Private (NFI-ODCE Gross)* Public (NAREIT Gross) *First quarter returns are final Sources: NCREIF, FactSet Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 112 U.S. Commercial Real Estate Markets •While capital markets have created significant near-term headwinds for nearly every asset class,we believe real estate fundamentals have remained generally promising, but also highly bifurcated.Even in the midst of moderating rent growth,Multifamily properties continue to experience near record-high occupancy and may be a net beneficiary of the eroding affordability of homeownership in this high interest rate environment.Industrial vacancy rates are amongst the lowest which supports continued NOI growth,helping offset pricing pressure as a result of rising cap rates. •The retail and office sectors are facing significant headwinds over the near term. Retail real estate demand has seen modest recovery from occupiers,but the sector faces declining consumer confidence and purchasing power.Additionally,work- from-home trends and a cooling labor market are impacting office space needs. Weakening demand and increasing sublease inventory have pushed occupancy rates down across the sector—although demand for high-quality assets in well-located markets has been more resilient than commodity product. •Townsend has identified high conviction investment themes that are predicated on secular growth trends and strong underlying real estate market fundamentals.These investment themes have commonalities such as anticipated tenant demand growth, natural barriers to supply,and operating complexity that are anticipated to persist medium to long-term. 3% 4% 5% 6% 7% 8% 9% 10% 20 0 2 20 0 3 20 0 4 20 0 5 20 0 6 20 0 7 20 0 8 20 0 9 20 1 0 20 1 1 20 1 2 20 1 3 20 1 4 20 1 5 20 1 6 20 1 7 20 1 8 20 1 9 20 2 0 20 2 1 20 2 2 Current Value Cap Rates by Property Type Apartment Industrial Office Retail Private and Confidential │ Investment advice and consulting services provided by Aon Investment USA Inc. 3165935-NRC Page 113 Glossary Page 114 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 115 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 116 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 117 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 118 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 119 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 120 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 121 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 122 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 123 · 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 December 31, 2023 Page 124 Past performance is not necessarily indicative of future results. Unless otherwise noted,performance returns presented reflect the respective fund’s performance as indicated.Returns may be presented on a before-fees basis (gross)or after-fees basis (net).After-fee performance is net of each respective sub-advisors’investment management fees and include the reinvestment of dividends and interest as indicated on the notes page within this report or on the asset allocation and performance summary pages.Actual returns may be reduced by Aon Investments’investment advisory fees or other trust payable expenses you may incur as a client.Aon Investments’advisory fees are described in Form ADV Part 2A.Portfolio performance,characteristics and volatility also may differ from the benchmark(s) shown. The information contained herein is confidential and proprietary and provided for informational purposes only.It is not complete and does not contain certain material information about making investments in securities including important disclosures and risk factors.All securities transactions involve substantial risk of loss.Under no circumstances does the information in this report represent a recommendation to buy or sell stocks,limited partnership interests,or other investment instruments. The data contained in these reports is compiled from statements provided by custodian(s),record-keeper(s),and/or other third-party data provider(s).This document is not intended to provide,and shall not be relied upon for,accounting and legal or tax advice.Aon Investments has not conducted additional audits and cannot warrant its accuracy or completeness.We urge you to carefully review all custodial statements and notify Aon Investments with any issues or questions you may have with respect to investment performance or any other matter set forth herein. The mutual fund information found in this report is provided by Thomson Reuters Lipper and Aon Investments cannot warrant its accuracy or timeliness.Thomson Reuters Lipper Global Data Feed provides comprehensive coverage of mutual fund information directly to Investment Metrics,Aon Investments’performance reporting vendor,via the PARis performance reporting platform.Thomson Reuters Lipper is the data provider chosen by Investment Metrics,and as such, Aon Investments has no direct relationship with Thomson Reuters Lipper. Refer to Hedge Fund Research, Inc.www.hedgefundresearch.com for information on HFR indices. FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE®” and “FTSE4Good®” are trademarks of the London Stock Exchange Group companies and are used by FTSE International Limited under license. The FTSE indices are calculated by FTSE International Limited in conjunction with Indonesia Stock Exchange, Bursa Malaysia Berhad, The Philippine Stock Exchange, Inc., Singapore Exchange Securities Trading Limited and the Stock Exchange of Thailand (the "Exchanges"). All intellectual property rights in the FTSE/ASEAN Index vest in FTSE and the Exchanges. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent. Aon Investments USA Inc. (“Aon Investments”) is a federally registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). Aon Investments is also registered with the Commodity Futures Trade Commission as a commodity pool operator and a commodity trading advisor, and is a member of the National Futures Association. The Aon Investments ADV Form Part 2A disclosure statement is available upon written request to: Aon Investments USA Inc. 200 East Randolph Street Suite 700 Chicago, IL 60601 ATTN: Aon Investments Compliance Officer Disclaimer