MCC Board Book April 2022

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 4 of 28

TIPs Fund Options Total Number of Options
Expenses Relative to Category 6

Expense/Return 02-28-2022 Net Expense Ratio Quartiles

3 Yr Quartile Rank
Rel Ret Q1
0.15 Q2
Q3
0.10

0.05 Q4
0123

0.00 Number of Options

-0.05

-0.10

-0.15

-0.90 -0.60 -0.30 0.00 0.30 0.60 0.90
Net Exp Ratio Rel to Cat Median
Fidelity® Inflation-Prot Bd Index (USD)
Holdings Goldman Sachs Infl Protected Secs Instl
(USD)
American Century Inflation-Adjs Bond R6 MassMutual Infl-Prot and Inc I (USD)
(USD)
American Funds Inflation Linked Bd R6
(USD)
DFA Inflation-Protected Securities I
(USD)

Expense Detail Type Prosp Gross Prosp Net Gross Exp Annl Rep Annl Rep Current
Name Exp Exp Ratio Rel to Cat Med Gross Exp Ratio Net Exp Ratio 12b-1
0.25
Inflation-Protected Bond(Fds, USD) Med 0.67 0.60 — 0.63 0.57 —
American Century Inflation-Adjs Bond R6 (USD) MF 0.22 0.22 -0.67 0.22 0.22 —
DFA Inflation-Protected Securities I (USD) MF 0.11 0.11 -0.84 0.11 0.11 —
Goldman Sachs Infl Protected Secs Instl (USD) MF 0.41 0.34 1 -0.39 0.41 0.34 —
American Funds Inflation Linked Bd R6 (USD) MF 0.31 0.31 -0.54 0.31 0.31 —
MassMutual Infl-Prot and Inc I (USD) MF 0.47 0.47 -0.30 0.47 0.47 —
Fidelity® Inflation-Prot Bd Index (USD) MF 0.05 0.05 -0.93 0.05 0.05
—
Plan Holding Averages — 0.26 0.25 -0.61 0.26 0.25

1. Contractual waiver; Expires 07-29-2022.

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 5 of 28

American Century Inflation- Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Adjs Bond R6 (USD)
‰ QQQQ Bloomberg US Bloomberg US US Fund Inflation-
Protected Bond
11-12-2021 202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS

Protected Bond TR USD

Performance 02-28-2022 000004447740 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
— — — — — 97 97 96 97 97 96 —
2020 0.17 5.04 3.15 1.88 10.58 Bond %
2021 -1.19 3.35 1.96 2.42 6.65 100k
2022 — — — — -1.17
80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 6.67 7.53 — — 5.03 American Century Inflation-
Std 12-31-2021 6.65 — — — 5.50 40k Adjs Bond R6
Total Return 6.67 7.53 4.63 2.43 5.03
14,643

20k Category Average

14,136

10k Standard Index
13,885

+/- Std Index 9.31 4.23 1.92 -0.05 — 4k
+/- Cat Index 0.61 0.00 -0.18 -0.34 —
_______)**&_
% Rank Cat 9 16 35 45 Performance Quartile
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22 (within category)
No. in Cat 210 202 182 124
History

7-day Yield Subsidized Unsubsidized ————— — 11.63 11.01 11.59 12.63 12.85 12.70 NAV/Price
30-day SEC Yield 02-28-22 13.00 6.68 -9.12 2.67 -2.15 4.72 3.13 -2.27 8.14 10.58 6.65 -1.17 Total Return %
— — 5.16 2.46 -7.10 -3.29 -2.70 2.08 -0.41 -2.28 -0.58 3.07 8.19 2.08 +/- Standard Index
3.14 3.13 -0.56 -0.30 -0.51 -0.97 -0.71 0.04 0.13 -1.01 -0.29 -0.42 0.69 0.02 +/- Category Index
% Rank Cat
Performance Disclosure ————— — — 81 45 45 13 — No. of Funds in Cat
The Overall Morningstar Rating is based on risk-adjusted returns, ————— — — 228 221 207 209 216
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics. Portfolio Analysis 12-31-2021
The performance data quoted represents past performance and
does not guarantee future results. The investment return and Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
principal value of an investment will fluctuate; thus an investor's since Amount 0 Total Stocks , 211 Total Fixed-Income, %
shares, when sold or redeemed, may be worth more or less than Cash 3.28 4.85 1.57 09-2021 22% Turnover Ratio
their original cost. US Stocks 0.00 0.00 0.00 222 mil 6.26
Current performance may be lower or higher than return data Non-US Stocks 0.00 0.00 0.00 T 176 mil United States Treasury Notes 0.125% 5.05
quoted herein. For performance data current to the most recent Bonds 96.50 116.54 20.03 T 149 mil United States Treasury Notes 0.625% 4.04
month-end, please call 800-345-2021 or visit Other/Not Clsfd 0.21 0.21 0.00 Y 125 mil United States Treasury Notes 0.125% 3.80
www.americancentury.com. T 109 mil United States Treasury Bonds 2% 3.45
Total 100.00 121.60 21.60 R 5 Year Treasury Note Future Mar 22
Fees and Expenses 3.05
3.05
Sales Charges NA Equity Style Portfolio Statistics Port Rel Rel T 81 mil United States Treasury Bonds 1.375% 2.91
NA Avg Index Cat T 92 mil United States Treasury Bonds 0.75% 2.85
Front-End Load % Value Blend Growth P/E Ratio TTM —— — Y 99 mil United States Treasury Notes 0.125% 2.76
Deferred Load % P/C Ratio TTM —— — T 102 mil United States Treasury Notes 0.25%
Large Mid Small P/B Ratio TTM —— — T 94 mil United States Treasury Notes 0.5% 2.72
Fund Expenses Geo Avg Mkt Cap —— — 2.55
$mil 2.47
Management Fees % 0.21 2.44
12b1 Expense % NA Fixed-Income Style Avg Eff Maturity 8.12 T 93 mil United States Treasury Notes 0.125% 2.26
Gross Expense Ratio % 0.22 Avg Eff Duration 7.37 Y 91 mil United States Treasury Notes 0.625%
Risk and Return Profile Ltd Mod Ext Avg Wtd Coupon 1.05 T 87 mil United States Treasury Notes 0.125% Rel Std Index
10 Yr Avg Wtd Price 114.62 T 89 mil United States Treasury Notes 0.375% —
Morningstar RatingTM 3 Yr 5 Yr 124 funds High Med Low T 72 mil United States Treasury Bonds 1.75%
Morningstar Risk 202 funds 182 funds —
Morningstar Return 3W Credit Quality Breakdown 12-31-2021 Bond % Sector Weightings Stocks % —
4Q 3W +Avg —
+Avg +Avg Avg AAA 87.34 h Cyclical — —
AA 2.04 r Basic Materials —
+Avg Avg A 3.32 t Consumer Cyclical — —
y Financial Services — —
Standard Deviation 3 Yr 5 Yr 10 Yr BBB 4.29 u Real Estate — —
Mean BB 0.09 —
Sharpe Ratio 4.46 3.92 4.41 B 0.00 j Sensitive — —
7.53 4.63 2.43 i Communication Services —
1.50 0.89 0.43 Below B 0.00 o Energy — —
NR 2.93 p Industrials — —
MPT Statistics Standard Index Best Fit Index a Technology — —
Rel Std Index —
Alpha Bloomberg US k Defensive —
Beta — s Consumer Defensive —
R-Squared Treasury US TIPS TR — d Healthcare —
12-Month Yield — f Utilities —
Potential Cap Gains Exp USD

4.23 -0.35 Regional Exposure Stocks %

0.93 1.06 Americas —
Greater Europe —
59.15 96.40 Greater Asia —

4.78%
6.72%

Operations American Century Investments Base Currency: USD Purchase Constraints: A
Multiple Ticker: AIADX Incept: 07-28-2017
Family: 20.3 Years ISIN: US0250815976 Type: MF
Manager: Government Bond - General Minimum Initial Purchase: $0 Total Assets: $3,581.03 mil
Tenure:
Objective:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 6 of 28

American Funds Inflation Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Linked Bd R6 (USD) RatingTM
QQQQQ Bloomberg US Bloomberg US US Fund Inflation-
ŒQ Protected Bond
202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS
01-31-2022
Protected Bond TR USD

Performance 02-28-2022 000444444110 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
— — 95 95 99 98 97 98 98 94 98 —
2020 4.04 5.34 2.86 1.99 14.97 Bond %
2021 -1.92 2.80 1.81 1.49 4.18 100k
2022 — — — — -0.82
80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 4.76 7.85 5.10 — 4.05 American Funds Inflation
Std 12-31-2021 4.18 — 5.58 — 4.24 40k Linked Bd R6
Total Return 4.76 7.85 5.10 — 4.05
13,082

20k Category Average

12,016

10k Standard Index
12,355

+/- Std Index 7.41 4.55 2.39 — —

+/- Cat Index -1.30 0.31 0.29 — — 4k

% Rank Cat 80 7 7 — ___&&**&(&)_ Performance Quartile
No. in Cat 210 202 182 — (within category)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22
History

7-day Yield Subsidized Unsubsidized — — 9.16 9.49 9.26 9.61 9.71 9.37 9.90 10.94 11.00 10.91 NAV/Price
30-day SEC Yield 02-28-22 Total Return %
— — — — -7.75 4.94 -0.96 4.88 2.88 -0.57 7.06 14.97 4.18 -0.82 +/- Standard Index
2.36 2.36 +/- Category Index
— — -5.72 -1.03 -1.51 2.23 -0.66 -0.58 -1.66 7.46 5.72 2.43 % Rank Cat
No. of Funds in Cat
Performance Disclosure — — 0.86 1.30 0.48 0.19 -0.13 0.69 -1.37 3.98 -1.78 0.37
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year ——— 3 14 29 40 23 61 6 94 —
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and — — — 218 228 235 231 228 221 207 209 216
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's Portfolio Analysis 12-31-2021
shares, when sold or redeemed, may be worth more or less than
their original cost. Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
Current performance may be lower or higher than return data since Amount 0 Total Stocks , 200 Total Fixed-Income, %
quoted herein. For performance data current to the most recent Cash 1.83 1.83 0.00 09-2021 29% Turnover Ratio
month-end, please call 800-421-4225 or visit US Stocks 0.00 0.00 0.00 10.70
www.americanfunds.com. Non-US Stocks 0.00 0.00 0.00 Y 1,304 mil United States Treasury Notes 0.125% 10.16
Bonds 98.17 98.17 0.00 R 1,275 mil United States Treasury Notes 0.125% 8.12
Fees and Expenses Other/Not Clsfd 0.00 0.00 0.00 Y 1,027 mil United States Treasury Notes 0.125% 6.18
T 712 mil United States Treasury Bonds 0.125% 5.96
Total 100.00 100.00 0.00 T 727 mil United States Treasury Notes 0.125%
4.75
Sales Charges NA Equity Style Portfolio Statistics Port Rel Rel T 583 mil United States Treasury Notes 0.125% 3.54
NA Avg Index Cat T 451 mil United States Treasury Notes 0.125% 3.27
Front-End Load % Value Blend Growth P/E Ratio TTM —— — T 411 mil United States Treasury Notes 0.375% 2.30
Deferred Load % P/C Ratio TTM —— — T 295 mil United States Treasury Notes 0.5% 2.11
Large Mid Small P/B Ratio TTM —— — T 257 mil United States Treasury Notes 0.5%
Fund Expenses Geo Avg Mkt Cap —— — 1.95
$mil 1.85
Management Fees % 0.26 1.74
12b1 Expense % NA Fixed-Income Style Avg Eff Maturity — T 238 mil United States Treasury Notes 0.25% 1.67
Gross Expense Ratio % 0.31 Avg Eff Duration 4.56 T 209 mil United States Treasury Bonds 2.375% 1.65
Risk and Return Profile Ltd Mod Ext Avg Wtd Coupon 0.70 T 169 mil United States Treasury Bonds 1%
10 Yr Avg Wtd Price 114.23 T 205 mil United States Treasury Notes 0.375% Rel Std Index
Morningstar RatingTM 3 Yr 5 Yr 124 funds High Med Low T 167 mil United States Treasury Bonds 0.875% —
Morningstar Risk 202 funds 182 funds
Morningstar Return — Credit Quality Breakdown 12-31-2021 Bond % Sector Weightings Stocks % —
5Q 5Q — —
-Avg -Avg — AAA 89.43 h Cyclical — —
AA 1.88 r Basic Materials — —
High High A 4.30 t Consumer Cyclical —
y Financial Services — —
3 Yr 5 Yr 10 Yr BBB 2.93 u Real Estate — —
BB 0.00 —
Standard Deviation 3.58 3.32 — B 0.00 j Sensitive — —
Mean i Communication Services — —
Sharpe Ratio 7.85 5.10 — Below B 0.00 o Energy —
NR 1.46 p Industrials — —
1.93 1.18 — a Technology — —
Rel Std Index —
MPT Statistics Standard Index Best Fit Index k Defensive — —
— s Consumer Defensive —
Alpha Bloomberg US — d Healthcare —
Beta — f Utilities —
R-Squared Treasury US TIPS TR
12-Month Yield
Potential Cap Gains Exp USD

4.94 1.88 Regional Exposure Stocks %

0.76 0.76 Americas —
Greater Europe —
60.97 76.97 Greater Asia —

3.61%
5.95%

Operations American Funds Ticker: RILFX Incept: 11-01-2013
Multiple ISIN: US02630D8166 Type: MF
Family: 9.3 Years Minimum Initial Purchase: $250 Total Assets: $14,204.05 mil
Manager: Growth and Income Min Auto Investment Plan: $250
Tenure: USD Purchase Constraints: A
Objective:
Base Currency:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 7 of 28

DFA Inflation-Protected Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Securities I (USD) RatingTM
QQQQ Bloomberg US Bloomberg US US Fund Inflation-
‰Q Protected Bond
202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS
01-31-2022
Protected Bond TR USD

Performance 02-28-2022 777777777744 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
100 99 100 100 100 100 99 100 100 100 99 99
2020 1.66 4.58 3.30 1.66 11.65 Bond %
2021 -1.69 3.18 2.04 1.97 5.55 100k
2022 — — — — -1.20
80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 5.72 7.55 4.86 2.78 4.58 DFA Inflation-Protected
Std 12-31-2021 5.55 — 5.44 3.10 4.71 40k Securities I
Total Return 5.72 7.55 4.86 2.78 4.58
15,363

20k Category Average

14,136

10k Standard Index
13,885

+/- Std Index 8.37 4.25 2.15 0.31 — 4k
+/- Cat Index -0.34 0.02 0.05 0.01 —
&&(&&*&*&&*_
% Rank Cat 34 15 10 11 Performance Quartile
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22 (within category)
No. in Cat 210 202 182 124
History

7-day Yield Subsidized Unsubsidized 12.23 12.80 11.46 11.60 11.38 11.68 11.75 11.34 12.05 13.24 13.31 13.15 NAV/Price
30-day SEC Yield 14.54 7.45 -9.27 3.37 -1.22 4.67 3.28 -1.29 8.46 11.65 5.55 -1.20 Total Return %
— — 6.70 3.24 -7.25 -2.60 -1.77 2.02 -0.26 -1.31 -0.26 4.14 7.10 2.04 +/- Standard Index
— — 0.98 0.47 -0.66 -0.27 0.22 -0.02 0.27 -0.03 0.03 0.66 -0.40 -0.02 +/- Category Index
% Rank Cat
Performance Disclosure 3 19 73 13 19 38 24 37 25 17 44 — No. of Funds in Cat
The Overall Morningstar Rating is based on risk-adjusted returns, 193 198 212 218 228 235 231 228 221 207 209 216
derived from a weighted average of the three-, five-, and 10-year
(if applicable) Morningstar metrics. Portfolio Analysis 01-31-2022
The performance data quoted represents past performance and
does not guarantee future results. The investment return and Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
principal value of an investment will fluctuate; thus an investor's since Amount 0 Total Stocks , 19 Total Fixed-Income, %
shares, when sold or redeemed, may be worth more or less than Cash 0.51 0.51 0.00 12-2021 1% Turnover Ratio
their original cost. US Stocks 0.00 0.00 0.00 595 mil 8.63
Current performance may be lower or higher than return data Non-US Stocks 0.00 0.00 0.00 T 470 mil United States Treasury Notes 0.375% 8.57
quoted herein. For performance data current to the most recent Bonds 99.49 99.49 0.00 T 520 mil United States Treasury Bonds 3.875% 7.89
month-end, please call 888-576-1167 or visit Other/Not Clsfd 0.00 0.00 0.00 T 393 mil United States Treasury Notes 0.875% 7.68
www.dimensional.com. T 521 mil United States Treasury Bonds 2.125% 7.60
Total 100.00 100.00 0.00 T United States Treasury Notes 0.375%
Fees and Expenses 6.95
6.82
Sales Charges NA Equity Style Portfolio Statistics Port Rel Rel T 415 mil United States Treasury Bonds 2.5% 6.79
NA Avg Index Cat T 391 mil United States Treasury Bonds 3.625% 6.59
Front-End Load % Value Blend Growth P/E Ratio TTM —— — Y 346 mil United States Treasury Bonds 2.125% 6.59
Deferred Load % P/C Ratio TTM —— — T 460 mil United States Treasury Notes 0.125%
Large Mid Small P/B Ratio TTM —— — T 340 mil United States Treasury Bonds 3.375% 5.67
Fund Expenses Geo Avg Mkt Cap —— — 4.00
$mil 3.78
Management Fees % 0.09 3.26
12b1 Expense % NA Fixed-Income Style Avg Eff Maturity 8.17 T 360 mil United States Treasury Bonds 1.75% 3.00
Gross Expense Ratio % 0.11 Avg Eff Duration 7.54 T 251 mil United States Treasury Bonds 2.375%
Risk and Return Profile Ltd Mod Ext Avg Wtd Coupon T 258 mil United States Treasury Notes 0.5% Rel Std Index
10 Yr Avg Wtd Price — T 225 mil United States Treasury Notes 0.625% —
Morningstar RatingTM 3 Yr 5 Yr 124 funds High Med Low 122.36 T 205 mil United States Treasury Notes 0.25%
Morningstar Risk 202 funds 182 funds —
Morningstar Return 4Q Credit Quality Breakdown 01-31-2022 Bond % Sector Weightings Stocks % —
4Q 4Q +Avg —
Avg Avg +Avg AAA 100.00 h Cyclical — —
AA 0.00 r Basic Materials —
+Avg High A 0.00 t Consumer Cyclical — —
y Financial Services — —
Standard Deviation 3 Yr 5 Yr 10 Yr BBB 0.00 u Real Estate — —
Mean BB 0.00 —
Sharpe Ratio 4.33 3.91 4.65 B 0.00 j Sensitive — —
7.55 4.86 2.78 i Communication Services —
1.55 0.95 0.48 Below B 0.00 o Energy — —
NR 0.00 p Industrials — —
MPT Statistics Standard Index Best Fit Index a Technology — —
Rel Std Index —
Alpha Bloomberg US k Defensive —
Beta — s Consumer Defensive —
R-Squared Treasury US TIPS TR — d Healthcare —
12-Month Yield — f Utilities —
Potential Cap Gains Exp USD

4.31 -0.12 Regional Exposure Stocks %

0.91 1.02 Americas —
Greater Europe —
60.12 96.35 Greater Asia —

—
8.95%

Operations Dimensional Fund Advisors Base Currency: USD Purchase Constraints: A
Multiple Ticker: DIPSX Incept: 09-18-2006
Family: 15.5 Years ISIN: US2332033552 Type: MF
Manager: Growth and Income Minimum Initial Purchase: $0 Total Assets: $7,408.59 mil
Tenure:
Objective:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 8 of 28

Fidelity® Inflation-Prot Bd Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Index (USD) RatingTM
QQQQ Bloomberg US Bloomberg US US Fund Inflation-
„Q Protected Bond
202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS
01-31-2022
Protected Bond TR USD

Performance 02-28-2022 0 44444444444 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
— 100 100 100 100 100 100 100 100 100 99 100
2020 1.88 4.18 2.86 1.59 10.90 Bond %
2021 -1.54 3.31 1.78 2.31 5.93 _ 100k
2022 — — — — -1.16
2011 80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 6.03 7.46 4.75 — 2.63 Fidelity® Inflation-Prot Bd
Std 12-31-2021 5.93 — 5.26 — 2.80 40k Index
Total Return 6.03 7.46 4.75 — 2.63
12,729

20k Category Average

12,293

10k Standard Index
12,582

+/- Std Index 8.68 4.16 2.04 — — 4k
+/- Cat Index -0.03 -0.07 -0.06 — —
_*&******&_
% Rank Cat 17 26 20 — Performance Quartile
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22 (within category)
No. in Cat 210 202 182 —
History

7-day Yield Subsidized Unsubsidized — 10.29 9.34 9.58 9.38 9.68 9.84 9.49 10.08 11.04 11.16 11.03 NAV/Price
30-day SEC Yield 4.88 2.98 -1.37 8.31 10.90 5.93 -1.16 Total Return %
— — — — -8.63 3.70 -1.72 2.23 -0.56 -1.39 -0.40 3.39 7.47 2.08 +/- Standard Index
— — 0.19 -0.03 -0.11 -0.11 -0.09 -0.03 0.02 +/- Category Index
— — -6.61 -2.27 -2.27 % Rank Cat
29 34 47 37 39 20 — No. of Funds in Cat
Performance Disclosure — — -0.02 0.06 -0.28 235 231 228 221 207 209 216
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year — — 41 6 33
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and — — 212 218 228
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's Portfolio Analysis 01-31-2022
shares, when sold or redeemed, may be worth more or less than
their original cost. Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
Current performance may be lower or higher than return data since Amount 0 Total Stocks , 45 Total Fixed-Income, %
quoted herein. For performance data current to the most recent Cash 0.18 0.18 0.00 12-2021 22% Turnover Ratio
month-end, please call 800-544-8544 or visit US Stocks 0.00 0.00 0.00 342 mil 3.66
www.institutional.fidelity.com. Non-US Stocks 0.00 0.00 0.00 Y 330 mil United States Treasury Notes 0.125% 3.56
Bonds 99.82 99.82 0.00 T 325 mil United States Treasury Notes 0.375% 3.53
Fees and Expenses Other/Not Clsfd 0.00 0.00 0.00 339 mil United States Treasury Notes 0.625% 3.32
325 mil United States Treasury Notes 0.125% 3.27
Total 100.00 100.00 0.00 United States Treasury Notes 0.125%
3.22
Sales Charges NA Equity Style Portfolio Statistics Port Rel Rel 316 mil United States Treasury Notes 0.125% 3.22
NA Avg Index Cat 3.21
Front-End Load % Value Blend Growth P/E Ratio TTM —— — T 301 mil United States Treasury Notes 0.125% 3.12
Deferred Load % P/C Ratio TTM —— — T 295 mil United States Treasury Notes 0.375% 2.97
Large Mid Small P/B Ratio TTM —— —
Fund Expenses Geo Avg Mkt Cap —— — 310 mil United States Treasury Notes 0.625% 2.96
$mil 2.92
Management Fees % 0.05 T 316 mil United States Treasury Notes 0.125% 2.90
12b1 Expense % NA 2.85
Gross Expense Ratio % 0.05 Fixed-Income Style Avg Eff Maturity — 277 mil United States Treasury Notes 0.5% 2.83
Risk and Return Profile Avg Eff Duration 5.17 271 mil United States Treasury Notes 0.25%
10 Yr Ltd Mod Ext Avg Wtd Coupon 286 mil United States Treasury Notes 0.125% Rel Std Index
Morningstar RatingTM 124 funds Avg Wtd Price — 289 mil United States Treasury Notes 0.125% —
Morningstar Risk 3 Yr 5 Yr High Med Low 123.87 286 mil United States Treasury Notes 0.125%
Morningstar Return 202 funds 182 funds — —
— Credit Quality Breakdown 01-31-2022 Bond % Sector Weightings Stocks % —
4Q 4Q — —
Avg Avg AAA 100.00 h Cyclical — —
AA 0.00 r Basic Materials —
+Avg +Avg A 0.00 t Consumer Cyclical — —
y Financial Services — —
3 Yr 5 Yr 10 Yr BBB 0.00 u Real Estate — —
BB 0.00 —
Standard Deviation 4.03 3.62 — B 0.00 j Sensitive — —
Mean i Communication Services —
Sharpe Ratio 7.46 4.75 — Below B 0.00 o Energy — —
NR 0.00 p Industrials — —
1.64 1.00 — a Technology — —
Rel Std Index —
MPT Statistics Standard Index Best Fit Index k Defensive —
— s Consumer Defensive —
Alpha Bloomberg US — d Healthcare —
Beta — f Utilities —
R-Squared Treasury US TIPS TR
12-Month Yield
Potential Cap Gains Exp USD

4.25 0.20 Regional Exposure Stocks %

0.90 0.96 Americas —
Greater Europe —
67.37 98.31 Greater Asia —

—
7.47%

Operations Fidelity Investments Base Currency: USD Purchase Constraints: A
Multiple Ticker: FIPDX Incept: 05-16-2012
Family: 7.8 Years ISIN: US31635T1043 Type: MF
Manager: Government Bond - Treasury Minimum Initial Purchase: $0 Total Assets: $11,838.78 mil
Tenure:
Objective:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 9 of 28

Goldman Sachs Infl Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Protected Secs Instl (USD) RatingTM
QQQQ Bloomberg US Bloomberg US US Fund Inflation-
‰Q Protected Bond
202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS
01-31-2022
Protected Bond TR USD

Performance 02-28-2022 0 00000777740 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
96 99 99 98 99 98 98 96 96 98 98 —
2020 1.35 4.15 2.85 1.60 10.31 Bond %
2021 -1.63 3.24 1.64 2.10 5.39 & 100k
2022 — — — — -1.02
2011 80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 5.75 7.16 4.48 2.59 4.32 Goldman Sachs Infl Protected
Std 12-31-2021 5.39 — 4.98 2.88 4.45 40k Secs Instl
Total Return 5.75 7.16 4.48 2.59 4.32
14,934

20k Category Average

14,136

10k Standard Index
13,885

+/- Std Index 8.40 3.86 1.77 0.12 — 4k
+/- Cat Index -0.31 -0.37 -0.33 -0.18 —
&*&***(**(_
% Rank Cat 31 38 42 30 Performance Quartile
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22 (within category)
No. in Cat 210 202 182 124
History

7-day Yield 02-28-22 Subsidized Unsubsidized 11.13 11.37 10.17 10.36 10.10 10.46 10.54 10.17 10.75 11.72 11.72 11.60 NAV/Price
13.57 7.14 -8.41 3.11 -1.78 4.85 2.78 -1.51 8.32 10.31 5.39 -1.02 Total Return %
0.00 1 — 5.73 2.93 -6.38 -2.85 -2.33 2.21 -0.76 -1.52 -0.39 2.80 6.93 2.22 +/- Standard Index
3.43 0.01 0.16 0.20 -0.52 -0.34 0.17 -0.22 -0.25 -0.10 -0.68 -0.57 0.16 +/- Category Index
30-day SEC Yield 02-28-22 2.23 1 % Rank Cat
5 20 36 21 35 30 45 51 35 47 59 — No. of Funds in Cat
1. Contractual waiver; Expires 07-29-2022 193 198 212 218 228 235 231 228 221 207 209 216

Performance Disclosure Portfolio Analysis 12-31-2021
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
(if applicable) Morningstar metrics. since Amount 0 Total Stocks , 118 Total Fixed-Income, %
The performance data quoted represents past performance and Cash 2.23 2.33 0.09 09-2021 51% Turnover Ratio
does not guarantee future results. The investment return and US Stocks 0.00 0.00 0.00 50 mil 9.80
principal value of an investment will fluctuate; thus an investor's Non-US Stocks 0.00 0.00 0.00 R 44 mil United States Treasury Notes 0.5% 9.32
shares, when sold or redeemed, may be worth more or less than Bonds 97.77 98.21 0.45 T 35 mil United States Treasury Notes 0.875% 6.48
their original cost. Other/Not Clsfd 0.00 0.00 0.00 31 mil United States Treasury Notes 0.125% 5.93
Current performance may be lower or higher than return data 28 mil United States Treasury Notes 0.125% 5.41
quoted herein. For performance data current to the most recent Total 100.00 100.54 0.54 United States Treasury Notes 0.125%
month-end, please call 800-526-7384 or visit 5.29
www.goldmansachsfunds.com. Equity Style Portfolio Statistics Port Rel Rel 19 mil United States Treasury Bonds 1.375% 4.93
Avg Index Cat Y 24 mil United States Treasury Notes 0.125% 3.96
Fees and Expenses Value Blend Growth P/E Ratio TTM —— — 3.83
P/C Ratio TTM —— — 12 mil United States Treasury Bonds 2.125% 3.80
Sales Charges NA Large Mid Small P/B Ratio TTM —— — 15 mil United States Treasury Bonds 0.75%
NA Geo Avg Mkt Cap —— — 18 mil United States Treasury Notes 0.75% 3.42
Front-End Load % $mil 3.38
Deferred Load % 3.19
2.96
Fund Expenses 0.26 Fixed-Income Style Avg Eff Maturity 8.00 16 mil United States Treasury Notes 0.125% 2.93
NA Avg Eff Duration 7.54 16 mil United States Treasury Notes 0.375%
Management Fees % 0.41 Ltd Mod Ext Avg Wtd Coupon 0.56 T 17 mil United States Treasury Notes 0.125% Rel Std Index
12b1 Expense % Avg Wtd Price 128.22 16 mil United States Treasury Notes 0.125% —
Gross Expense Ratio % 3 Yr 5 Yr 10 Yr High Med Low 15 mil United States Treasury Notes 0.125%
Risk and Return Profile 202 funds 182 funds 124 funds —
Credit Quality Breakdown 01-31-2022 Bond % Sector Weightings Stocks % —
Morningstar RatingTM 3Q 3Q 4Q —
Morningstar Risk Avg Avg Avg AAA 99.72 h Cyclical — —
Morningstar Return +Avg AA 0.00 r Basic Materials —
Avg Avg A 0.00 t Consumer Cyclical — —
y Financial Services — —
Standard Deviation 3 Yr 5 Yr 10 Yr BBB 0.00 u Real Estate — —
Mean BB 0.00 —
Sharpe Ratio 3.98 3.58 4.10 B 0.00 j Sensitive — —
7.16 4.48 2.59 i Communication Services —
1.59 0.94 0.50 Below B 0.00 o Energy — —
NR 0.28 p Industrials — —
MPT Statistics Standard Index Best Fit Index a Technology — —
Rel Std Index —
Alpha Bloomberg US k Defensive —
Beta — s Consumer Defensive —
R-Squared Treasury US TIPS TR — d Healthcare —
12-Month Yield — f Utilities —
Potential Cap Gains Exp USD Regional Exposure Stocks %

4.02 -0.02 Americas —
Greater Europe —
0.87 0.95 Greater Asia —

65.35 98.39

4.45%
5.50%

Operations Goldman Sachs Base Currency: USD Purchase Constraints: —
Multiple Ticker: GSIPX Incept: 08-31-2007
Family: 11.7 Years ISIN: US38144N8415 Type: MF
Manager: Growth and Income Minimum Initial Purchase: $1 mil Total Assets: $539.81 mil
Tenure:
Objective:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 10 of 28

MassMutual Infl-Prot and Morningstar Quantitative Overall Morningstar RatingTM Standard Index Category Index Morningstar Cat
Inc I (USD) RatingTM
QQQQQ Bloomberg US Bloomberg US US Fund Inflation-
‰Q Protected Bond
202 US Fund Inflation- Agg Bond TR USD Treasury US TIPS
01-31-2022
Protected Bond TR USD

Performance 02-28-2022 4 47744441140 Investment Style
Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % Fixed-Income
61 69 66 75 81 84 78 99 41 50 52 —
2020 -0.96 6.20 3.92 2.04 11.53 Bond %
2021 -1.18 3.40 1.78 2.36 6.45 _ 100k
2022 — — — — -1.56
2011 80k Growth of $10,000
Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept 60k

Load-adj Mthly 6.04 7.64 4.93 2.89 3.89 MassMutual Infl-Prot and Inc
Std 12-31-2021 6.45 — 5.56 3.25 4.10 40k I
Total Return 6.04 7.64 4.93 2.89 3.89
15,377

20k Category Average

14,136

10k Standard Index
13,885

+/- Std Index 8.68 4.34 2.22 0.42 — 4k
+/- Cat Index -0.02 0.11 0.11 0.12 —
&*&&&&**&&_
% Rank Cat 16 9 8 6 Performance Quartile
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 02-22 (within category)
No. in Cat 210 202 182 124
History

Subsidized Unsubsidized 11.51 11.80 10.16 10.27 10.01 10.25 10.30 9.85 10.43 11.02 10.91 10.74 NAV/Price
Total Return %
7-day Yield — — 13.47 6.92 -8.70 3.58 -1.36 5.29 3.40 -1.25 8.13 11.53 6.45 -1.56 +/- Standard Index
30-day SEC Yield — — +/- Category Index
5.63 2.70 -6.68 -2.39 -1.91 2.65 -0.14 -1.26 -0.59 4.02 7.99 1.69 % Rank Cat
No. of Funds in Cat
Performance Disclosure -0.09 -0.06 -0.09 -0.06 0.08 0.61 0.39 0.02 -0.30 0.54 0.49 -0.37
The Overall Morningstar Rating is based on risk-adjusted returns,
derived from a weighted average of the three-, five-, and 10-year — 22 46 8 23 20 18 35 45 17 14 —
(if applicable) Morningstar metrics.
The performance data quoted represents past performance and — 198 212 218 228 235 231 228 221 207 209 216
does not guarantee future results. The investment return and
principal value of an investment will fluctuate; thus an investor's Portfolio Analysis 12-31-2021
shares, when sold or redeemed, may be worth more or less than
their original cost. Asset Allocation % Net % Long % Short % Share Chg Share Holdings : Net Assets
Current performance may be lower or higher than return data since Amount 0 Total Stocks , 199 Total Fixed-Income, %
quoted herein. For performance data current to the most recent Cash 13.98 15.10 1.12 09-2021 100% Turnover Ratio
month-end, please call 888-309-3539 or visit US Stocks 0.00 0.00 0.00 64 mil 16.70
www.massmutual.com. Non-US Stocks 0.00 0.00 0.00 R 64 mil Bm121239 Trs Usd R F 1.00000 Bm121 -16.65
Bonds 85.23 93.30 8.07 R 52 mil Bm121239 Trs Usd P F .20000 Bm1212 13.83
Fees and Expenses Other/Not Clsfd 0.79 70.83 70.04 R 52 mil Bm121039 Trs Usd R F 1.00000 Bm121 13.75
R 52 mil Bm121040 Trs Usd R F 1.00000 Bm121 -13.66
Total 100.00 179.23 79.23 R Bm121039 Trs Usd P F .20000 Bm1210
-13.59
Sales Charges NA Equity Style Portfolio Statistics Port Rel Rel R 52 mil Bm121040 Trs Usd P F .20000 Bm1210 11.51
NA Avg Index Cat 43 mil Bm120661 Trs Usd R F 1.00000 Bm120 -11.33
Front-End Load % Value Blend Growth P/E Ratio TTM —— — 43 mil Bm120661 Trs Usd P F .16000 Bm1206 5.70
Deferred Load % P/C Ratio TTM —— — 22 mil Bm120464 Trs Usd R F 1.00000 Bm120 5.63
Large Mid Small P/B Ratio TTM —— — 21 mil Bm120659 Trs Usd R F 1.00000 Bm120
Fund Expenses Geo Avg Mkt Cap —— — -5.62
$mil -5.54
Management Fees % 0.38 3.72
12b1 Expense % NA Fixed-Income Style Avg Eff Maturity 8.81 22 mil Bm120464 Trs Usd P F .17000 Bm1204 -3.66
Gross Expense Ratio % 0.47 Avg Eff Duration 4.88 21 mil Bm120659 Trs Usd P F .16000 Bm1206 2.52
Risk and Return Profile Ltd Mod Ext Avg Wtd Coupon 14 mil Bm120465 Trs Usd R F 1.00000 Bm120
10 Yr Avg Wtd Price — 14 mil Bm120465 Trs Usd P F .17000 Bm1204 Rel Std Index
Morningstar RatingTM 3 Yr 5 Yr 124 funds High Med Low 104.67 10 mil Freddie Mac Stacr Remic Trust 0.89 —
Morningstar Risk 202 funds 182 funds
Morningstar Return 5Q Credit Quality Breakdown 12-31-2021 Bond % Sector Weightings Stocks % —
4Q 5Q +Avg —
+Avg +Avg High AAA 57.52 h Cyclical — —
AA 11.15 r Basic Materials — —
High High A 18.02 t Consumer Cyclical —
y Financial Services — —
Standard Deviation 3 Yr 5 Yr 10 Yr BBB 12.42 u Real Estate — —
Mean BB 0.89 —
Sharpe Ratio 5.12 4.37 4.57 B 0.00 j Sensitive — —
7.64 4.93 2.89 i Communication Services — —
1.33 0.87 0.51 Below B 0.00 o Energy —
NR 0.00 p Industrials — —
MPT Statistics Standard Index Best Fit Index a Technology — —
Rel Std Index —
Alpha Bloomberg US k Defensive — —
Beta — s Consumer Defensive —
R-Squared Treasury US TIPS TR — d Healthcare —
12-Month Yield — f Utilities —
Potential Cap Gains Exp USD

4.14 -1.05 Regional Exposure Stocks %

1.02 1.18 Americas —
Greater Europe —
53.42 91.20 Greater Asia —

—
2.25%

Operations MassMutual Base Currency: USD Purchase Constraints: A
Multiple Ticker: MIPZX Incept: 03-01-2011
Family: 13.4 Years ISIN: US57629H3194 Type: MF
Manager: Growth and Income Minimum Initial Purchase: $0 Total Assets: $345.33 mil
Tenure:
Objective:

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 11 of 28

Standardized and Tax Adjusted Returns Disclosure Statement

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will
fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return
data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to
reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including
M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract,
and sales charges. The maximum redemption fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-
tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund
shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of
certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by
the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax
returns for exchange-traded funds are based on net asset value.

Money Market Fund Disclosures
If money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that links
it to the applicable disclosure below:

Institutional Money Market Funds (designated by an “S”):
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than
what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity
falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not
expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” )
and
Retail Money Market Funds (designated by an “L”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums
because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide
financial support to the fund at any time.

Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an
“N”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no
legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Annualized returns 12-31-2021 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Date Max Front Max Back Net Exp Gross Exp Max
Standardized Returns (%) Subsidized Unsubsidized Inception Load % Load % Ratio % Ratio % Redemption %

American Century Inflation-Adjs Bond R6 as of date as of date
American Funds Inflation Linked Bd R6
DFA Inflation-Protected Securities I — — 6.65 — — 5.50 07-28-2017 NA NA 0.22 0.22 NA
Fidelity® Inflation-Prot Bd Index NA
Goldman Sachs Infl Protected Secs Instl — — 4.18 5.58 — 4.24 11-01-2013 NA NA 0.31 0.31 NA
MassMutual Infl-Prot and Inc I NA
— — 5.55 5.44 3.10 4.71 09-18-2006 NA NA 0.11 0.11 NA

— — 5.93 5.26 — 2.80 05-16-2012 NA NA 0.05 0.05 NA

— — 5.39 4.98 2.88 4.45 08-31-2007 NA NA 0.341 0.41

— — 6.45 5.56 3.25 4.10 03-01-2011 NA NA 0.47 0.47

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Page 12 of 28

Annualized returns 12-31-2021 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Date Max Front Max Back Net Exp Gross Exp Max
Standardized Returns (%) Subsidized Unsubsidized Inception Load % Load % Ratio % Ratio % Redemption %

Morningstar US Core Bd TR USD as of date as of date
MSCI EAFE NR USD
S&P 500 TR USD -1.61 — — — 05-01-2019
USTREAS T-Bill Auction Ave 3 Mon 11.26 9.55 8.03 — 03-31-1986
28.71 18.47 16.55 — 01-30-1970
0.05 1.11 0.61 — 02-28-1941

1. Contractual waiver; Expires 07-29-2022

Return after Tax (%) On Distribution On Distribution and Sales of Shares

American Century Inflation-Adjs Bond R6 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception
American Funds Inflation Linked Bd R6
DFA Inflation-Protected Securities I 4.64 — — 4.24 07-28-2017 3.91 — — 3.68
Fidelity® Inflation-Prot Bd Index 2.70 4.43 — 3.34 11-01-2013 2.47 3.82 — 2.90
Goldman Sachs Infl Protected Secs Instl 3.49 4.29 2.21 3.67 09-18-2006 3.26 3.70 2.01 3.31
4.77 4.48 — 2.22 05-16-2012 4.32 3.84 — 1.96
MassMutual Infl-Prot and Inc I 3.16 3.87 1.93 3.20 08-31-2007 3.16 3.35 1.80 2.98

3.52 3.82 1.79 2.61 03-01-2011 3.90 3.53 1.88 2.56

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 13 of 28

TIPs Fund Options
Disclosure

Defined Contribution Plan Status discount. A closed-end mutual fund’s expense ratio is an annual fee charged to
Report Disclosure Statement a shareholder. It includes operating expenses and management fees, but does
not take into account any brokerage costs. Closed-end funds may also have 12b-
1 fees. Income distributions and capital gains of the closed-end fund are subject
to income tax, if held in a taxable account.

The Defined Contribution Plan Status Report is supplemental sales literature, An ETF is an investment company that typically has an investment objective of
and therefore must be preceded or accompanied by the fund’s current striving to achieve a similar return as a particular market index. The ETF will
prospectus or an equivalent statement. Please read this information carefully. In invest in either all or a representative sample of the securities included in the
all cases, this disclosure statement should accompany the Defined Contribution index it is seeking to imitate. Like closed-end funds, an ETF can be traded on a
Plan Status Report. Morningstar is not itself a FINRA-member firm. All data secondary market and thus have a market price that may be higher or lower than
presented is based on the most recent information available to Morningstar as its net asset value. If these shares trade at a price above their NAV, they are
of the release date and may or may not be an accurate reflection of current data said to be trading at a premium. Conversely, if they are trading at a price below
for securities included in the fund’s portfolio. There is no assurance that the their NAV, they are said to be trading at a discount. ETFs are not actively
data will remain the same. managed, so their value may be affected by a general decline in the U.S. market
segments relating to their underlying indexes. Similarly, an imperfect match
Unless otherwise specified, the definition of “funds” used throughout this between an ETF’s holdings and those of its underlying index may cause its
Disclosure Statement includes closed-end funds, exchange-traded funds, performance to vary from that of its underlying index. The expense ratio of an
grantor trusts, index mutual funds, open-ended mutual funds, and unit ETF is an annual fee charged to a shareholder. It includes operating expenses
investment trusts. It does not include exchange-traded notes or exchange-traded and management fees, but does not take into account any brokerage costs. ETFs
commodities. do not have 12b-1 fees or sales loads. Capital gains from funds held in a taxable
account are subject to income tax. In many, but not all cases, ETFs are generally
Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and considered to be more tax-efficient when compared to similarly invested mutual
exchange-traded funds as separate groups. Each group contained a subset of funds.
the current investments included in our current comparative analysis. In this
report, historical data presented on a calendar-year basis and trailing periods Holding company depository receipts (HOLDRs) are similar to ETFs, but they
ending at the most-recent month-end reflect the updated methodology. focus on narrow industry groups. HOLDRs initially own 20 stocks, which are
unmanaged, and can become more concentrated due to mergers, or the
Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or disparate performance of their holdings. HOLDRs can only be bought in 100-
Sharpe ratio) are calculated for securities or portfolios that have at least a share increments. Investors may exchange shares of a HOLDR for its underlying
three-year history. stocks at any time.

Most Morningstar rankings do not include any adjustment for one-time sales A money-market fund is an investment company that invests in commercial
charges, or loads. Morningstar does publish load-adjusted returns, and ranks paper, banker's acceptances, repurchase agreements, government securities,
such returns within a Morningstar Category in certain reports. The total returns certificates of deposit and other highly liquid securities, and pays money market
for ETFs and fund share classes without one-time loads are equal to rates of interest. Money markets are not FDIC-insured, may lose money, and are
Morningstar’s calculation of load-adjusted returns. Share classes that are not guaranteed by a bank or other financial institution.
subject to one-time loads relating to advice or sales commissions have their
returns adjusted as part of the load-adjusted return calculation to reflect those An open-end fund is an investment company that issues shares on a continuous
loads. basis. Shares can be purchased from the open-end mutual fund itself, or
through an intermediary, but cannot be traded on a secondary market, such as
Comparison of Fund Types the New York Stock Exchange. Investors pay the open-end mutual fund’s current
Funds, including closed-end funds, exchange-traded funds (ETFs), money market net asset value plus any initial sales loads. Net asset value is calculated daily,
funds, open-end funds, and unit investment trusts (UITs), have many similarities, at the close of business. Open-end mutual fund shares can be redeemed, or sold
but also many important differences. In general, publically-offered funds are back to the fund or intermediary, at their current net asset value minus any
investment companies registered with the Securities and Exchange Commission deferred sales loads or redemption fees. The expense ratio for an open-end
under the Investment Company Act of 1940, as amended. Funds pool money mutual fund is an annual fee charged to a shareholder. It includes operating
from their investors and manage it according to an investment strategy or expenses and management fees, but does not take into account any brokerage
objective, which can vary greatly from fund to fund. Funds have the ability to costs. Open-end funds may also have 12b-1 fees. Income distributions and
offer diversification and professional management, but also involve risk, capital gains of the open-end fund are subject to income tax, if held in a taxable
including the loss of principal. account.

A closed-end fund is an investment company, which typically makes one public A unit investment trust (UIT) is an investment company organized under a trust
offering of a fixed number of shares. Thereafter, shares are traded on a agreement between a sponsor and trustee. UITs typically purchase a fixed
secondary market. As a result, the secondary market price may be higher or portfolio of securities and then sell units in the trust to investors. The major
lower than the closed-end fund's net asset value (NAV). If these shares trade at difference between a UIT and a mutual fund is that a mutual fund is actively
a price above their NAV, they are said to be trading at a premium. Conversely, if managed, while a UIT is not. On a periodic basis, UITs usually distribute to the
they are trading at a price below their NAV, they are said to be trading at a

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 14 of 28

TIPs Fund Options
Disclosure

unit holder their pro rata share of the trust's net investment income and net money into a series of payments over time. Variable annuity policies have
realized capital gains, if any. If the trust is one that invests only in tax-free limitations and are not viewed as short-term liquid investments. An insurance
securities, then the income from the trust is also tax-free. UITs generally make company's fulfillment of a commitment to pay a minimum death benefit, a
one public offering of a fixed number of units. However, in some cases, the schedule of payments, a fixed investment account guaranteed by the insurance
sponsor will maintain a secondary market that allows existing unit holders to company, or another form of guarantee depends on the claims-paying ability of
sell their units and for new investors to buy units. A one-time initial sales the issuing insurance company. Any such guarantee does not affect or apply to
charge is deducted from an investment made into the trust. UIT investors may the investment return or principal value of the separate account and its
also pay creation and development fees, organization costs, and/or trustee and subaccount. The financial ratings quoted for an insurance company do not apply
operation expenses. UIT units may be redeemed by the sponsor at their net to the separate account and its subaccount. The insurance company offering a
asset value minus a deferred sales charge, and sold to other investors. UITs variable life contract will charge several fees to investors, including annual
have set termination dates, at which point the underlying securities are sold and contract charges that compensate the insurance company for the cost of
the sales proceeds are paid to the investor. Typically, a UIT investment is rolled maintaining and administering the variable life contract, mortality and expense
over into successive trusts as part of a long-term strategy. A rollover fee may be risk (M&E Risk) charges based on a percentage of a subaccount’s assets to
charged for the exercise of rollover purchases. There are tax consequences cover costs associated with mortality and expense risk, and administration fees
associated with rolling over an investment from one trust to the next. that are based on a percentage of a subaccount’s assets to cover the costs
involved in offering and administering the subaccount. A variable annuity
Comparison of Other Security Types investor will also be charged a front-end load by the insurance company on their
A bond is a debt security. When an investor purchases a bond, the purchase initial contribution, ongoing fees related to the management of the fund, and
amount is lent to a government, municipality, corporation or other entity known surrender charges if the investor makes a withdrawal prior to a specified time.
as an issuer. The issuer promises to pay a specified rate of interest during the
life of the bond and repay the face value of the bond when it matures. U.S If the variable annuity subaccount is invested in a money-market fund, the
Treasuries can be purchased directly from the Treasury or through a brokerage money market fund is not FDIC-insured, may lose money, and is not guaranteed
firm. Most other newly issued bonds are offered through an underwriter. Older by a bank or other financial institution.
bonds are traded throughout the day on the secondary market and can be
purchased through a brokerage firm, who will charge transaction fees and Variable life insurance is a cash-value life insurance that has a variable cash
commission for the purchase or sale. Price evaluations are provided by value and/or death benefit depending on the investment performance of the
Interactive Data Corporation (IDC). subaccount into which premium payments are invested. Unlike traditional life
insurance, variable life insurance has inherent risks associated with it, including
A commingled pool or collective investment trust (CIT) is a product where assets market volatility, and is not viewed as a short-term liquid investment. For more
from several accounts are pooled and managed together. This strategy reduces information on a variable life product, including each subaccount, please read
management and administrative costs. Typically a collection of participants the current prospectus. Please note, the financial ratings noted on the report are
with the same strategy is pooled together. quoted for an insurance company and do not apply to the separate account and
its subaccount. The insurance company offering a variable life contract will
Insurance group separate accounts (IGSA) are unregistered group annuities, charge several fees to investors, including annual contract charges that
primarily used in 401(k) qualified, but also 403(b) and 457 retirement plans. compensate the insurance company for the cost of maintaining and
They are segregated (usually pooled) investment portfolios, separate from the administering the variable life contract, mortality and expense risk (M&E Risk)
general investment portfolios established by life insurance companies. These charges based on a percentage of a subaccount’s assets to
products are regulated by state insurance boards, but not the SEC. cover costs associated with mortality and expense risk, and administration fees
that are based on a percentage of a subaccount’s assets to cover the costs
A separate account is a professionally managed portfolio of individual involved in offering and administering the subaccount. A variable life investor
securities. Generally, it is an investment consulting relationship in which a will also be charged a front-end load by the insurance company on their initial
client’s money is placed with one or more money managers, and all contribution, ongoing fees related to the management of the fund, and surrender
administrative and management fees, along with commissions, are wrapped charges if the investor makes a withdrawal prior to a specified time.
into one comprehensive fee, often paid quarterly.
If the variable life subaccount is invested in a money-market fund, the money
A stock is an ownership interest in a company. When an investor purchases a market fund is not FDIC-insured, may lose money, and is not guaranteed by a
stock, they become a business owner, and the value of their ownership stake bank or other financial institution.
will rise and fall according to the underlying business. Stockholders are entitled
to the profits, if any, generated by the company after everyone else – Before investing, an investor should consider whether the investor's or
employees, vendors, lenders – get paid. Companies usually pay out their profits designated beneficiary's home state offers any state tax or other state benefits
to investors in the form of dividends, or they reinvest the money back into the such as financial aid, scholarship funds, and protection from creditors that are
business. Stocks trade on exchanges throughout the day, through a brokerage only available for investments in such state's 529 qualified tuition program.
firm who will charge a commission for the purchase or sale of shares. Income
distributions and capital gains of the stock are subject to income tax upon their Performance
sale, if held in a taxable account. The performance data given represents past performance and should not be
considered indicative of future results. Principal value and investment return will
Variable annuities are tax-deferred investments structured to convert a sum of fluctuate, so that an investor's shares, when sold, may be worth more or less

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 15 of 28

TIPs Fund Options
Disclosure

than the original investment. Fund portfolio statistics change over time. Funds what the fund’s managers are buying and how they are positioning the fund’s
are not FDIC-insured, may lose value, and are not guaranteed by a bank or other portfolio. When short positions are captured in these portfolio statistics,
financial institution. investors get a more robust description of the fund’s exposure and risk. Long
positions involve buying the security outright and selling it later, with the hope
Morningstar calculates after-tax returns using the highest applicable federal the security’s price rises over time. Short positions are taken with the hope of
marginal income tax rate plus the Medicare surcharge. As of 2016, this rate is benefitting from anticipated price declines. The investor borrows the security
39.6% plus 0.9% Medicare surcharge, or 40.5%, this has been unchanged since from another investor, sells it and receives cash, and then is obligated to buy it
2013. This rate changes periodically in accordance with changes in federal law. back at some point in the future. If the price falls after the short sale, the
investor will have sold high and can buy low to close the short position and lock
Pre-Inception Returns in a profit. However, if the price of the security increases after the short sale,
The analysis in this report may be based, in part, on adjusted historical returns the investor will experience a loss buying it at a higher price than the sale price.
for periods prior to the inception of the share class of the fund shown in this
report (“Report Share Class”). If pre-inception returns are shown, a performance Most fund portfolios hold fairly conventional securities, such as long positions in
stream consisting of the Report Share Class and older share class(es) is created. equities and bonds. Morningstar may generate a colored pie chart for these
Morningstar adjusts pre-inception returns downward to reflect higher expenses portfolios. Other portfolios use other investment strategies or securities, such as
in the Report Share Class, we do not hypothetically adjust returns upwards for short positions or derivatives, in an attempt to reduce transaction costs,
lower expenses. For more information regarding calculation of pre-inception enhance returns, or reduce risk. Some of these securities and strategies behave
returns please see the Morningstar Extended Performance Methodology. like conventional securities, while other have unique return and risk
characteristics. Portfolios that incorporate investment strategies resulting in
When pre-inception data is presented in the report, the header at the short positions or portfolio with relatively exotic derivative positions often report
top of the report will indicate this. In addition, the pre-inception data data to Morningstar that does not meet the parameters of the calculation
included in the report will appear in italics. underlying a pie chart’s generation. Because of the nature of how these
securities are reported to Morningstar, we may not always get complete
While the inclusion of pre-inception data provides valuable insight into the portfolio information to report asset allocation. Morningstar, at its discretion,
probable long-term behavior of newer share classes of a fund, investors should may determine if unidentified characteristics of fund holdings are material.
be aware that an adjusted historical return can only provide an approximation of Asset allocation and other breakdowns may be rescaled accordingly so that
that behavior. For example, the fee structures of a retail share class will vary percentages total to 100 percent. (Morningstar used discretion to determine if
from that of an institutional share class, as retail shares tend to have higher unidentified characteristics of fund holdings are material, pie charts and other
operating expenses and sales charges. These adjusted historical returns are not breakdowns may rescale identified characteristics to 100% for more intuitive
actual returns. The underlying investments in the share classes used to presentation.)
calculate the pre-performance string will likely vary from the underlying
investments held in the fund after inception. Calculation methodologies utilized Note that all other portfolio statistics presented in this report are based on the
by Morningstar may differ from those applied by other entities, including the long (or long rescaled) holdings of the fund only.
fund itself.
Average Effective Duration
12b1 Expense % Duration is a time measure of a bond's interest-rate sensitivity. Average
A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is often effective duration is a weighted average of the duration of the fixed-income
used as a commission to brokers for selling the fund. The amount of the fee is securities within a portfolio.
taken from a fund’s returns.
Average Effective Maturity
Alpha Average Effective Maturity is a weighted average of the maturities of all bonds
Alpha is a measure of the difference between a security or portfolio’s actual in a portfolio.
returns and its expected performance, given its level of risk (as measured by
beta.) Alpha is often seen as a measure of the value added or subtracted by a Best Fit Index
portfolio manager. Alpha, beta, and R-squared statistics are presented for a broad market index
and a “best fit” index. The Best Fit Index identified in this report was
Asset Allocation determined by Morningstar by calculating R-squared for the fund against
Asset Allocation reflects asset class weightings of the portfolio. The “Other” approximately 100 indexes tracked by Morningstar. The index representing the
category includes security types that are not neatly classified in the other asset highest R-squared is identified as the best fit index. The best fit index may not
classes, such as convertible bonds and preferred stocks, or cannot be classified be the fund’s benchmark, nor does it necessarily contain the types of securities
by Morningstar as a result of missing data. Morningstar may display asset that may be held by the fund or portfolio.
allocation data in several ways, including tables or pie charts. In addition,
Morningstar may compare the asset class breakdown of the fund against its Beta
three-year average, category average, and/or index proxy. Beta is a measure of a security or portfolio’s sensitivity to market movements
(proxied using an index.) A beta of greater than 1 indicates more volatility than
Asset allocations shown in tables may include a breakdown among the long, the market, and a beta of less than 1 indicates less volatility than the market.
short, and net (long positions net of short) positions. These statistics summarize

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 16 of 28

TIPs Fund Options
Disclosure

Correlation Matrix Graph The expense ratio is the annual fee that all funds charge their shareholders. It
The Correlation Matrix is based on the correlation coefficient calculated for the expresses the percentage of assets deducted each fiscal year for fund expenses,
monthly returns of each investment showing in the report against the other including 12b-1 fees, management fees, administrative fees, operating costs,
investments in the report. The correlation coefficient is a number between -1.0 and all other asset-based costs incurred by the fund. Portfolio transaction fees,
and 1.0. or brokerage costs, as well as front-end or deferred sales charges are not
included in the expense ratio. The expense ratio, which is deducted from the
If there is a perfect positive linear relationship between the returns of fund’s average net assets, is accrued on a daily basis. The gross expense ratio,
investments, the correlation will be 1.0. A correlation close to 1.0 means that in contrast to the net expense ratio, does not reflect any fee waivers in effect
two investments perform similarly—when one investment is performing above during the time period.
its average return, the other performs above its average return. The opposite is
also true—when one investment performs below its average return, the other Expense Ratio Quartile Rank
also performs below its average. The expense ratio quartile rank of a holding is calculated by dividing the
expense ratio of the holding by the expense ratio of its Morningstar Category.
A correlation coefficient of 0.0 means that there is no linear relationship The graph, ranging from Q1 (best/lowest) to Q4 (worse/highest), displays the
between the returns of two investments. Securities with a correlation number of funds that fall into each of the resulting quartiles.
coefficient at or near 0 indicate a pattern of returns between two securities that
are unrelated. Expense/Return Graph
The expense/return graph is used to capture each security’s return and expense
If there is a perfect negative linear relationship between two investments the performance relative to its category peers. It’s important to understand the
correlation coefficient is -1.0. If there is a perfectly negative relationship context in which returns and expenses are experienced. For example, slightly
between two investments, when one investment performs above its average higher than category median expenses may be acceptable if the option provides
return, the other performs below its average, and vice versa. much higher than category average returns. The desirable quadrant of the
expense/return graph is the upper left, where options have demonstrated lower
Correlation between securities is a helpful measure because it indicates the expenses and higher returns than their category peers.
extent to which securities may serve to improve diversification within a
portfolio. Portfolios containing securities with low correlation of returns produce Front-end Load %
portfolio risk that is lower than the average risk of the individual securities. The The initial sales charge or front-end load is a deduction made from each
lower the correlation between securities, the greater the impact in lowering investment in the fund and is generally based on the amount of the investment.
portfolio risk. Securities with correlations equal to 1.0 indicate a pattern of
returns that do not contribute to beneficial diversification in a portfolio and do Geometric Average Market Capitalization
not lower overall portfolio risk when the securities are combined in a portfolio. Geometric Average Market Capitalization is a measure of the size of the
Securities with correlations equal to 0.0 or close to 0.0 indicate a pattern of companies in which a portfolio invests.
returns that serve to improve diversification effects in a portfolio. Securities
with correlations equal to -1.0 or close to -1.0 indicate a pattern of returns that Investment Fees and Expenses
serve to strongly improve diversification effects in a portfolio, notably, lower Please note that all data in the Fees and Expenses section are entered by your
overall portfolio risk. Note that it is very unusual to have investments with financial advisor. This section of the report itemizes costs at a plan level and
extremely strong negative correlation patterns. Most securities have a investment level based on information entered by the advisor.
correlation above 0.
Management Fees %
Note that return patterns between securities may change over time. The The management fee includes the management and administrative fees listed in
correlation coefficient between two investments over one period may differ the Management Fees section of a fund’s prospectus. Typically, these fees
from that of another period. represent the costs shareholders paid for management and administrative
services over the fund’s prior fiscal year.
Further, note that while combining securities with correlation coefficients less
than 1.0 in a portfolio can reduce risk, risk cannot be completely eliminated with Maximum Redemption Fee %
diversification. There is no guarantee that any particular mix of securities will The Maximum Redemption Fee is the maximum amount a fund may charge if
eliminate risk, reduce your current exposure to risk, or manage your exposure to redeemed in a specific time period after the fund’s purchase (for example, 30,
risk in a way that is tolerable for you. 180, or 365 days).

Deferred Load % Mean
The back-end sales charge or deferred load is imposed when an investor Mean is the annualized geometric return for the period shown.
redeems shares of a fund. The percentage of the load charged generally
declines the longer the fund’s shares are held by the investor. This charge, Morningstar Analyst Rating™
coupled with 12b-1 fees, commonly serves as an alternative to a traditional The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective
front-end load. evaluation performed by Morningstar’s manager research group, which consists
of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the
Expense Ratio % United States, that subsidiary is Morningstar Research Services LLC, which is

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 17 of 28

TIPs Fund Options
Disclosure

registered with and governed by the U.S. Securities and Exchange Commission. which may cause Morningstar’s expectations not to occur or to differ
The Manager Research Group evaluates funds based on five key pillars, which significantly from what we expected.
are process, performance, people, parent, and price. The Manager Research
Group uses this five pillar evaluation to determine how they believe funds are Morningstar Rank
likely to perform relative to a benchmark, or in the case of exchange-traded Morningstar Rank is the total return percentile rank within each Morningstar
funds and index mutual funds, a relevant peer group, over the long term on a Category. The highest (or most favorable) percentile rank is zero and the lowest
risk-adjusted basis. They consider quantitative and qualitative factors in their (or least favorable) percentile rank is 100. Historical percentile ranks are based
research, and the weight of each pillar may vary. The Analyst Rating scale is on a snapshot of a fund at the time of calculation.
Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of
Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a Morningstar Rating™
fund’s prospects for outperformance. Analyst Ratings ultimately reflect the The Morningstar Rating™ for funds, or "star rating", is calculated for funds and
Manager Research Group’s overall assessment, are overseen by an Analyst separate accounts with at least a three-year history. Exchange-traded funds and
Rating Committee, and are continuously monitored and reevaluated at least open-ended mutual funds are considered a single population for comparative
every 14 months. For more detailed information about Morningstar’s Analyst purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure
Rating, including its methodology, please go to that accounts for variation in a managed product's monthly excess performance,
global.morningstar.com/managerdisclosures/. placing more emphasis on downward variations and rewarding consistent
performance. The Morningstar Rating does not include any adjustment for sales
The Morningstar Analyst Rating (i) should not be used as the sole basis in loads. The top 10% of products in each product category receive 5 stars, the
evaluating a fund, (ii) involves unknown risks and uncertainties which may cause next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5%
the Manager Research Group’s expectations not to occur or to differ receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar
significantly from what they expected, and (iii) should not be considered an offer Rating for a managed product is derived from a weighted average of the
or solicitation to buy or sell the fund. performance figures associated with its three-, five-, and 10-year (if applicable)
Morningstar Rating metrics. For more information about the Morningstar Rating
Morningstar Category for funds, including its methodology, please go to
Morningstar Category is assigned by placing funds into peer groups based on global.morningstar.com/managerdisclosures/.
their underlying holdings. The underlying securities in each portfolio are the
primary factor in our analysis as the investment objective and investment The subaccounts of unregistered variable annuities, as well as those of
strategy stated in a fund’s prospectus may not be sufficiently detailed for our registered group variable annuities that are solely available for use in qualified
proprietary classification methodology. Funds are placed in a category based on plans, are rated based on their position within the bell curve of the open-
their portfolio statistics and compositions over the past three years. Analysis of end/ETF fund peer group (a.k.a. category), rather than the variable annuity
performance and other indicative facts are also considered. If the fund is new subaccount peer group. These ratings are calculated by using an overlay of the
and has no portfolio history, Morningstar estimates where it will fall before open-end/ETF fund peer group break points and therefore do not contribute to
giving it a permanent category assignment. Categories may be changed based the category average or number of funds within the subaccount peer group.
on recent changes to the portfolio.
The Morningstar Rating for separate accounts is based on the same
Morningstar Ownership Zone methodology that Morningstar uses to rate other investments, such as open-
The Morningstar Ownership Zone provides a graphic representation of the size end mutual funds, closed-end mutual funds, and variable annuity subaccounts.
and investment style of long stocks in fund’s portfolio. The Ownership Zone is There are some differences between the separate account rating methodology
derived by plotting each stock in the portfolio within the Morningstar Style and the rating methodologies for other investments because of the unique way
BoxTM. The Ownership Zone is the shaded area that represents 75% of the that separate account managers calculate and report investment performance.
assets in the portfolio and indicates the level of concentration in the holdings. All separate account performance data is reported to Morningstar as a
The “centroid” in the middle of the Ownership Zone represents the weighted “composite” of similarly managed portfolios. Morningstar rates separate
average of all the holdings. The Ownership Zone helps investors differentiate accounts based on total returns that have not been adjusted for investment
between portfolios that may otherwise look similar. Investors can also use the management fees. Morningstar does not tax-adjust the returns of separate
Ownership Zone to construct diversified portfolios and model how multiple accounts that invest in municipal bonds. The Morningstar Rating for separate
funds complement one another in a portfolio. accounts is based on quarter-end performance data. It will be recalculated
quarterly, because many managers do not provide monthly returns until the end
Morningstar Pillar Ratings of each quarter.
Morningstar Pillar Ratings are subjective evaluations of funds performed by
manager research analysts of Morningstar. Morningstar evaluates funds based Please note that some Morningstar proprietary calculations, including the
on five key pillars, which are process, performance, people, parent, and price. Morningstar Rating, may be calculated based on adjusted historical returns (pre-
Morningstar’s analysts assign each pillar a rating of Positive, Neutral, or inception returns). If the extended performance rating is in effect, the “stars”
Negative. Morningstar Pillar Scores are then used to help determine the fund’s are represented as unshaded stars.
Morningstar Analyst Rating.
Morningstar Return
The Morningstar Pillar Rating should not be used as the sole basis in evaluating The Morningstar Return rates a fund’s performance relative to other managed
a fund. Morningstar Pillar Ratings involve unknown risks and uncertainties products in its Morningstar Category. It is an assessment of a product's excess

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 18 of 28

TIPs Fund Options
Disclosure

return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison are those whose weighted-average credit quality is determined to be less than
with the products in its Morningstar category. In each Morningstar category, “BBB-“; "medium" are those less than “AA-“, but greater or equal to “BBB-“;
the top 10% of products earn a High Morningstar Return (High), the next 22.5% and "high" are those with a weighted-average credit quality of “AA-“ or higher.
Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below When classifying a bond portfolio, Morningstar first maps the NRSRO credit
Average (-Ave), and the bottom 10% Low (Low). Morningstar Return is ratings of the underlying holdings to their respective default rates (as
measured for up to three time periods (three, five, and 10 years). These determined by Morningstar’s analysis of actual historical default rates).
separate measures are then weighted and averaged to produce an overall Morningstar then averages these default rates to determine the average default
measure for the product. Products with less than three years of performance rate for the entire bond fund. Finally, Morningstar maps this average default
history are not rated. rate to its corresponding credit rating along a convex curve.

Morningstar Risk For interest-rate sensitivity, Morningstar obtains from fund companies the
Morningstar Risk evaluates a fund’s downside volatility relative to that of other average effective duration. Generally, Morningstar classifies a fixed-income
products in its Morningstar Category. It is an assessment of the variations in fund's interest-rate sensitivity based on the effective duration of the
monthly returns, with an emphasis on downside variations, in comparison with Morningstar Core Bond Index, which is currently three years. The classification
the products in its Morningstar category. In each Morningstar category, the 10% of Limited will be assigned to those funds whose average effective duration is
of products with the lowest measured risk are described as Low Risk (Low), the between 25% to 75% of MCBI's average effective duration; funds whose
next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next average effective duration is between 75% to 125% of the MCBI will be
22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is classified as Moderate; and those that are at 125% or greater of the average
measured for up to three time periods (three, five, and 10 years). These effective duration of the MCBI will be classified as Extensive.
separate measures are then weighted and averaged to produce an overall
measure for the product. Products with less than three years of performance For municipal-bond funds, Morningstar also obtains from fund companies the
history are not rated. average effective duration. In these cases, static breakpoints are used. These
breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than
Morningstar Style Box™ 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In
The Morningstar Style Box™ reveals a fund’s investment strategy as of the date addition, for non-U.S. taxable and non-U.S. domiciled fixed-income funds, static
noted on this report. duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii)
Moderate: more than 3.5 years but less than or equal to 6 years; (iii) Extensive:
For equity funds, the vertical axis shows the market capitalization of the long more than 6 years.
stocks owned, and the horizontal axis shows the investment style (value, blend,
or growth.) A darkened square in the style box indicates the weighted average Interest-rate sensitivity for non-U.S. domiciled funds (excluding funds in
style of the portfolio. convertible categories) may be measured with modified duration when effective
duration is not available.
For fixed-income funds, the vertical axis shows the credit quality of the long
bonds owned and the horizontal axis shows interest-rate sensitivity as P/B Ratio TTM
measured by a bond's effective duration. Morningstar seeks credit rating The Price/Book Ratio (or P/B Ratio) for a fund is the weighted average of the P/B
information from fund companies on a periodic basis (for example, quarterly). In Ratio of the stocks in its portfolio. Book value is the total assets of a company,
compiling credit rating information, Morningstar accepts credit ratings reported less total liabilities. The P/B ratio of a company is calculated by dividing the
by fund companies that have been issued by all Nationally Recognized market price of its outstanding stock by the company's book value, and then
Statistical Rating Organizations. For a list of all NRSROs, please visit adjusting for the number of shares outstanding. Stocks with negative book
http://www.sec.gov/divisions/marketreg/ ratingagency.htm. Additionally, values are excluded from this calculation. It shows approximately how much an
Morningstar accepts foreign credit ratings from widely recognized or registered investor is paying for a company’s assets based on historical valuations.
rating agencies. If two rating organizations/ agencies have rated a security, fund
companies are to report the lower rating; if three or more P/C Ratio TTM
organizations/agencies have rated a security, fund companies are to report the The Price/Cash Flow Ratio (or P/C Ratio) for a fund is the weighted average of
median rating; and in cases where there are more than two organization/agency the P/C Ratio of the stocks in its portfolio. The P/C Ratio of a stock represents
ratings and a median rating does not exist, fund companies are to use the lower the amount an investor is willing to pay for a dollar generated from a company’s
of the two middle ratings. operations. It shows the ability of a company to generate cash and acts as a
gauge of liquidity and solvency.
Please Note: Morningstar, Inc. is not an NRSRO nor does it issue a credit rating
on the fund. NRSRO or rating agency ratings can change from time to time. P/E Ratio TTM
The Price/Earnings Ratio (or P/E Ratio) for a fund is the weighted average of the
For credit quality, Morningstar combines the credit rating information provided P/E Ratios of the stocks in its portfolio. The P/E Ratio of a stock is the stock’s
by the fund companies with an average default rate calculation to come up with current price divided by the company’s trailing 12-month earnings per share. A
a weighted-average credit quality. The weighted-average credit quality is high P/E Ratio usually indicates the market will pay more to obtain the
currently a letter that roughly corresponds to the scale used by a leading company’s earnings because it believes in the company’s abilities to increase
NRSRO. Bond funds are assigned a style box placement of “low,” “medium,” or their earnings. A low P/E Ratio indicates the market has less confidence that
“high” based on their average credit quality. Funds with a "low" credit quality the company’s earnings will increase, however value investors may believe such

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 19 of 28

TIPs Fund Options
Disclosure

stocks have an overlooked or undervalued potential for appreciation. calculated by geometrically linking these weighted-average monthly returns.
Custom benchmark returns thus assume monthly rebalancing.
Percentile Rank in Category
Percentile Rank is a standardized way of ranking items within a peer group, in Potential Capital Gains Exposure
this case, funds within the same Morningstar Category. The observation with Potential Capital Gains Exposure is an estimate of the percent of a fund’s assets
the largest numerical value is ranked zero the observation with the smallest that represent gains. It measures how much the fund’s assets have
numerical value is ranked 100. The remaining observations are placed equal appreciated, and it can be an indicator of possible future capital gains
distance from one another on the rating scale. Note that lower percentile ranks distributions. A positive potential capital gains exposure value means that the
are generally more favorable for returns (high returns), while higher percentile fund’s holdings have generally increased in value while a negative value means
ranks are generally more favorable for risk measures (low risk). that the fund has reported losses on its book.

Performance Quartile Quarterly Returns
Performance Quartile reflects a fund’s Morningstar Rank. Quarterly Return is calculated applying the same methodology as Total Return
except it represents return through each quarter-end.
Performance Quartile Graph
The Performance Quartile graph displays a count of the number of plan options R-Squared
ranking within each quartile (first through fourth). By normalizing for the R-squared is the percentage of a security or portfolio’s return movements that
category, this graph yields insights into how well plan options are performing are explained by movements in its benchmark index, showing the degree of
relative to their comparative universe as opposed to all funds. correlation between the security or portfolio and the benchmark. This figure is
helpful in assessing how likely it is that beta and alpha are statistically
Plan Growth of 10,000 significant. A value of 1 indicates perfect correlation between the security or
This graph shows how an investment of $10,000 invested in the plan would portfolio and its benchmark. The lower the R-squared value, the lower the
have grown over time based on historical monthly returns and compares it with correlation.
that of a benchmark index. The total returns are not adjusted to reflect sales
charges or the effects of taxation but are adjusted to reflect actual ongoing fund Regional Exposure
expenses, and they assume reinvestment of dividends and capital gains. If The regional exposure is a display of the portfolio’s assets invested in the
adjusted, effects of sales charges and taxation would reduce the performance regions shown on the report.
quoted. The growth of $10,000 begins at the earliest common inception date of
each investment option within the trailing ten years. Relative Expense
Relative Expense is a ratio that shows how an individual fund compares to the
The benchmark index in the Growth of 10,000 graph is an unmanaged portfolio median expense of all funds in its Morningstar Category. The category median is
of specified securities and cannot be invested in directly. The benchmark index always set equal to 0.00. For example, a Large Blend fund with a relative
does not reflect any initial or ongoing expenses. A fund's portfolio may differ expense of 0.5 has 50% more expense than its median peer. The Prospectus
significantly from the securities in the benchmark index. The index is chosen by Gross Expense Relative to Category Median is calculated by dividing the fund’s
Morningstar. prospectus gross expense ratio by the category prospectus gross expense ratio
median, then subtracting 1.
Plan Trailing Total Returns
Plan Trailing Total Returns reflect the weighted average of the underlying Relative Return
holdings’ non-standardized returns during the same periods. The plan-level Relative Return is a ratio that shows how an individual fund compares to the
performance is calculated by applying the holding weightings supplied by the average return of all funds in its Morningstar Category. The category average is
user to an individual holding’s monthly returns. When monthly returns are always set to equal 0.00. For example, a Large Blend fund with a Relative
unavailable for a holding (i.e. due to it not being in existence during the Return of 0.5 has 50 more return than its average peer. The relative return is
historical period being reported), the remaining portfolio holdings are re- calculated by dividing the difference between the fund’s return and the category
weighted to maintain consistent proportions. Inception dates are listed in the average return by the absolute value of the category average return.
Standardized and Tax Adjusted Returns Disclosure Statement. Trailing returns
are calculated by geometrically linking these weighted-average monthly returns. Risk/Reward Scatterplot
The plan-level returns thus assume monthly rebalancing. Returns for individual The risk/reward scatterplot graph plots the return and risk (measured by
holdings are simple time-weighted trailing returns. Neither portfolio returns nor standard deviation) for a selection of securities and a benchmark index for the
holding returns are adjusted for loads or taxes. If they were, the returns shown trailing period identified in the report. The table beneath the graph identifies the
would be reduced. The returns stated assume the reinvestment of dividends and specific risk and return plot points for the graphed securities and the benchmark
capital gains. Mutual fund returns include all ongoing fund expenses. VA/VL index.
returns reflect subaccount level fund expenses, including M&E expenses,
administration fees, and actual ongoing fund-level expenses. Benchmark returns The returns noted for a security reflect any sales charges that were applied in
may or may not be adjusted to reflect ongoing expenses such as sales charges. the illustration over the time period selected, but do not reflect impacts of
An investment’s portfolio may differ significantly from the securities in the taxation. If impacts of taxation were reflected, the returns would be lower than
benchmark. Returns for custom benchmarks are calculated by applying user- those indicated in the report.
supplied weighting to each benchmark’s return every month. Trailing returns are

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 20 of 28

TIPs Fund Options
Disclosure

The return plotted in the graph is mean geometric return. Standard deviation is a of the period and sold at the end, incurring transaction charges.
statistical measure of the volatility of the security’s or portfolio’s returns in
relation to the mean return. The larger the standard deviation, the greater the Stock Intersection
volatility of return in relation to the mean return. The stock intersection report reviews the top 25 stock holdings across the plan’s
investment option offerings. It identifies (both at the plan level and the fund
Sector Delta level)the overall weightings of a particular security. While this report only
The sector delta is an equilateral triangle that depicts a fund’s super sector displays the top 25 holdings, your plan portfolio may hold substantially more. For
allocation, relative to a benchmark. The sector delta is divided into four parts of purposes of this report, all investment option offerings in the plan are
equal area representing the diversified, defensive, sensitive, and cyclical considered on an equally weighted basis, regardless of the actual amount of
classifications of a fund’s portfolio and is used to represent a fund’s allocation plan assets invested in each fund.
at a single point in time or over a historical period.
Style Count
Sector Weightings Style count is a derivation of the Morningstar Style Box that reveals a plan’s
Super Sectors represent Morningstar's broadest classification of equity sectors investment strategy. For equity holdings, the vertical axis shows the market
by assigning the 11 equity sectors into three classifications. The Cyclical Super capitalization of the stocks owned and the horizontal axis shows investment
Sector includes industries significantly impacted by economic shifts, and the style (value, blend, or growth). For fixed-income holdings, the vertical axis
stocks included in these sectors generally have betas greater than 1. The shows the average credit quality of the bonds owned and the horizontal axis
Defensive Super Sector generally includes industries that are relatively immune shows interest rate sensitivity as measured by a bond’s duration (limited,
to economic cycles, and the stocks in these industries generally have betas less moderate, or extended). The boxes contain the count of funds in the plan for
than 1. The Sensitive Super Sector includes industries that ebb and flow with which the weighted average of holdings falls in that box.
the overall economy, but not severely so. Stocks in the Sensitive Super Sector
generally have betas that are close to 1. Style Orientation
Style orientation is a graph that visually depicts a historical view of the holdings
Security Types in the portfolio and where they have fallen in the Morningstar Style Box. A
The following security types may be represented herein: bond (BD), closed-end larger circle within the graph denotes a more recent portfolio. All circles
fund (CE), collective investment trust (CIT), exchange-traded fund (ETF), holding represent a distinct month-end date where a maximum of 12 circles are
company depository receipt (HOLDR), insurance group separate account (IGSA), available for companies that submit monthly portfolios and a maximum of 4
index (IDX), money market mutual fund (MM), open-end mutual fund (MF), circles are available for companies that submit quarterly portfolios.
separate account (SA), stock (ST), and variable annuity/life (VA/L).
Total Return
Share Change Total Return, or "Non Load-Adjusted Return", reflects performance without
Shares Change represents the number of shares of a stock bought or sold by a adjusting for sales charges (if applicable) or the effects of taxation, but it is
fund since the previously reported portfolio of the fund. adjusted to reflect all actual ongoing security expenses and assumes
reinvestment of dividends and capital gains. It is the return an investor would
Sharpe Ratio have experienced if the fund was held throughout the period. If adjusted for
Sharpe Ratio uses standard deviation and excess return (a measure of a security sales charges and the effects of taxation, the performance quoted would be
or portfolio’s return in excess of the U.S. Treasury three-month Treasury Bill) to significantly reduced.
determine the reward per unit of risk.
Total Return +/- indicates how a fund has performed relative to its peers (as
Sortino Ratio measure by its Standard Index and/or Morningstar Category Index) over the time
Sortino Ratio is similar to the Sharpe ratio, except that it uses downside risk periods shown.
(downside deviation). Since upside volatility is not necessarily undesirable, the
Sortino ratio is sometimes preferable to a Sharpe ratio. It measures the Trailing Returns
annualized rate of return for a given level of downside risk. Standardized Return applies the methodology described in the Standardized
Returns page of this report. Standardized Return is calculated through the most
Standard Deviation recent calendar-quarter end for one-year, five-year, 10-year, and/or since-
Standard deviation is a statistical measure of the volatility of the security or inception periods, and it demonstrates the impact of sales charges (if
portfolio’s returns. The larger the standard deviation, the greater the volatility applicable) and ongoing fund expenses. Standardized Return reflects the return
of return. an investor may have experienced if the fund was purchased at the beginning of
the period and sold at the end, incurring transaction charges.
Standardized Returns
Standardized Return applies the methodology described in the Standardized Load-Adjusted Monthly Return is calculated applying the same methodology as
Returns page of this report. Standardized Return is calculated through the most Standardized Return, except that it represents return through month-end. As
recent calendar-quarter end for one-year, five-year, 10-year, and/or since- with Standardized Return, it reflects the impact of sales charges and ongoing
inception periods, and it demonstrates the impact of sales charges (if fund expenses, but not taxation. If adjusted for the effects of taxation, the
applicable) and ongoing fund expenses. Standardized Return reflects the return performance quoted would be significantly different.
an investor may have experience if the security was purchased at the beginning

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 21 of 28

TIPs Fund Options
Disclosure

Trailing Return +/- indicates how a fund has performed relative to its peers (as offering of a fixed number of shares. Thereafter, shares are traded on a
measure by its Standard Index and/or Morningstar Category Index) over the time secondary market. As a result, the secondary market price may be higher or
periods shown. lower than the closed-end fund's net asset value (NAV). If these shares trade at
a price above their NAV, they are said to be trading at a premium. Conversely, if
Mutual Fund Detail Report they are trading at a price below their NAV, they are said to be trading at a
Disclosure Statement discount. A closed-end mutual fund’s expense ratio is an annual fee charged to
a shareholder. It includes operating expenses and management fees, but does
The Mutual Fund Detail Report is supplemental sales literature, and therefore not take into account any brokerage costs. Closed-end funds may also have 12b-
must be preceded or accompanied by the mutual fund’s current prospectus or an 1 fees. Income distributions and capital gains of the closed-end fund are subject
equivalent statement. Please read this information carefully. In all cases, this to income tax, if held in a taxable account.
disclosure statement should accompany the Mutual Fund Detail Report.
Morningstar is not itself a FINRA-member firm. An ETF is an investment company that typically has an investment objective of
striving to achieve a similar return as a particular market index. The ETF will
All data presented is based on the most recent information available to invest in either all or a representative sample of the securities included in the
Morningstar as of the release date and may or may not be an accurate reflection index it is seeking to imitate. Like closed-end funds, an ETF can be traded on a
of current data for securities included in the fund’s portfolio. There is no secondary market and thus have a market price that may be higher or lower than
assurance that the data will remain the same. its net asset value. If these shares trade at a price above their NAV, they are
said to be trading at a premium. Conversely, if they are trading at a price below
Unless otherwise specified, the definition of “funds” used throughout this their NAV, they are said to be trading at a discount. ETFs are not actively
Disclosure Statement includes closed-end funds, exchange-traded funds, managed, so their value may be affected by a general decline in the U.S. market
grantor trusts, index mutual funds, open-ended mutual funds, and unit segments relating to their underlying indexes. Similarly, an imperfect match
investment trusts. It does not include exchange-traded notes or exchange-traded between an ETF’s holdings and those of its underlying index may cause its
commodities. performance to vary from that of its underlying index. The expense ratio of an
ETF is an annual fee charged to a shareholder. It includes operating expenses
Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and and management fees, but does not take into account any brokerage costs. ETFs
exchange-traded funds as separate groups. Each group contained a subset of do not have 12b-1 fees or sales loads. Capital gains from funds held in a taxable
the current investments included in our current comparative analysis. In this account are subject to income tax. In many, but not all cases, ETFs are generally
report, historical data presented on a calendar-year basis and trailing periods considered to be more tax-efficient when compared to similarly invested mutual
ending at the most-recent month-end reflect the updated methodology. funds.

Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or Holding company depository receipts (HOLDRs) are similar to ETFs, but they
Sharpe ratio) are calculated for securities or portfolios that have at least a focus on narrow industry groups. HOLDRs initially own 20 stocks, which are
three-year history. unmanaged, and can become more concentrated due to mergers, or the
disparate performance of their holdings. HOLDRs can only be bought in 100-
share increments. Investors may exchange shares of a HOLDR for its underlying
stocks at any time.

Most Morningstar rankings do not include any adjustment for one-time sales A money-market fund is an investment company that invests in commercial
charges, or loads. Morningstar does publish load-adjusted returns, and ranks paper, banker's acceptances, repurchase agreements, government securities,
such returns within a Morningstar Category in certain reports. The total returns certificates of deposit and other highly liquid securities, and pays money market
for ETFs and fund share classes without one-time loads are equal to rates of interest. Money markets are not FDIC-insured, may lose money, and are
Morningstar’s calculation of load-adjusted returns. Share classes that are not guaranteed by a bank or other financial institution.
subject to one-time loads relating to advice or sales commissions have their
returns adjusted as part of the load-adjusted return calculation to reflect those An open-end fund is an investment company that issues shares on a continuous
loads. basis. Shares can be purchased from the open-end mutual fund itself, or
through an intermediary, but cannot be traded on a secondary market, such as
Comparison of Fund Types the New York Stock Exchange. Investors pay the open-end mutual fund’s current
Funds, including closed-end funds, exchange-traded funds (ETFs), money market net asset value plus any initial sales loads. Net asset value is calculated daily,
funds, open-end funds, and unit investment trusts (UITs), have many similarities, at the close of business. Open-end mutual fund shares can be redeemed, or sold
but also many important differences. In general, publically-offered funds are back to the fund or intermediary, at their current net asset value minus any
investment companies registered with the Securities and Exchange Commission deferred sales loads or redemption fees. The expense ratio for an open-end
under the Investment Company Act of 1940, as amended. Funds pool money mutual fund is an annual fee charged to a shareholder. It includes operating
from their investors and manage it according to an investment strategy or expenses and management fees, but does not take into account any brokerage
objective, which can vary greatly from fund to fund. Funds have the ability to costs. Open-end funds may also have 12b-1 fees. Income distributions and
offer diversification and professional management, but also involve risk, capital gains of the open-end fund are subject to income tax, if held in a taxable
including the loss of principal. account.

A closed-end fund is an investment company, which typically makes one public ß®

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 22 of 28

TIPs Fund Options
Disclosure

A unit investment trust (UIT) is an investment company organized under a trust investments held in the fund after inception. Calculation methodologies utilized
agreement between a sponsor and trustee. UITs typically purchase a fixed by Morningstar may differ from those applied by other entities, including the
portfolio of securities and then sell units in the trust to investors. The major fund itself.
difference between a UIT and a mutual fund is that a mutual fund is actively
managed, while a UIT is not. On a periodic basis, UITs usually distribute to the 12b1 Expense %
unit holder their pro rata share of the trust's net investment income and net A 12b-1 fee is a fee used to pay for a mutual fund’s distribution costs. It is often
realized capital gains, if any. If the trust is one that invests only in tax-free used as a commission to brokers for selling the fund. The amount of the fee is
securities, then the income from the trust is also tax-free. UITs generally make taken from a fund’s returns.
one public offering of a fixed number of units. However, in some cases, the
sponsor will maintain a secondary market that allows existing unit holders to Alpha
sell their units and for new investors to buy units. A one-time initial sales Alpha is a measure of the difference between a security or portfolio’s actual
charge is deducted from an investment made into the trust. UIT investors may returns and its expected performance, given its level of risk (as measured by
also pay creation and development fees, organization costs, and/or trustee and beta.) Alpha is often seen as a measure of the value added or subtracted by a
operation expenses. UIT units may be redeemed by the sponsor at their net portfolio manager.
asset value minus a deferred sales charge, and sold to other investors. UITs
have set termination dates, at which point the underlying securities are sold and Asset Allocation
the sales proceeds are paid to the investor. Typically, a UIT investment is rolled Asset Allocation reflects asset class weightings of the portfolio. The “Other”
over into successive trusts as part of a long-term strategy. A rollover fee may be category includes security types that are not neatly classified in the other asset
charged for the exercise of rollover purchases. There are tax consequences classes, such as convertible bonds and preferred stocks, or cannot be classified
associated with rolling over an investment from one trust to the next. by Morningstar as a result of missing data. Morningstar may display asset
allocation data in several ways, including tables or pie charts. In addition,
Performance Morningstar may compare the asset class breakdown of the fund against its
The performance data given represents past performance and should not be three-year average, category average, and/or index proxy.
considered indicative of future results. Principal value and investment return will
fluctuate, so that an investor's shares, when sold, may be worth more or less Asset allocations shown in tables may include a breakdown among the long,
than the original investment. Fund portfolio statistics change over time. Funds short, and net (long positions net of short) positions. These statistics summarize
are not FDIC-insured, may lose value, and are not guaranteed by a bank or other what the fund’s managers are buying and how they are positioning the fund’s
financial institution. portfolio. When short positions are captured in these portfolio statistics,
investors get a more robust description of the fund’s exposure and risk. Long
Morningstar calculates after-tax returns using the highest applicable federal positions involve buying the security outright and selling it later, with the hope
marginal income tax rate plus the investment income tax and Medicare the security’s price rises over time. Short positions are taken with the hope of
surcharge. As of 2018, this rate is 37% plus 3.8% investment income plus 0.9% benefitting from anticipated price declines. The investor borrows the security
Medicare surcharge, or 41.7%. This rate changes periodically in accordance from another investor, sells it and receives cash, and then is obligated to buy it
with changes in federal law. back at some point in the future. If the price falls after the short sale, the
investor will have sold high and can buy low to close the short position and lock
Pre-Inception Returns in a profit. However, if the price of the security increases after the short sale,
The analysis in this report may be based, in part, on adjusted historical returns the investor will experience a loss buying it at a higher price than the sale price.
for periods prior to the inception of the share class of the fund shown in this
report (“Report Share Class”). If pre-inception returns are shown, a performance Most fund portfolios hold fairly conventional securities, such as long positions in
stream consisting of the Report Share Class and older share class(es) is created. equities and bonds. Morningstar may generate a colored pie chart for these
Morningstar adjusts pre-inception returns downward to reflect higher expenses portfolios. Other portfolios use other investment strategies or securities, such as
in the Report Share Class, we do not hypothetically adjust returns upwards for short positions or derivatives, in an attempt to reduce transaction costs,
lower expenses. For more information regarding calculation of pre-inception enhance returns, or reduce risk. Some of these securities and strategies behave
returns please see the Morningstar Extended Performance Methodology. like conventional securities, while other have unique return and risk
characteristics. Portfolios that incorporate investment strategies resulting in
When pre-inception data is presented in the report, the header at the short positions or portfolio with relatively exotic derivative positions often report
top of the report will indicate this. In addition, the pre-inception data data to Morningstar that does not meet the parameters of the calculation
included in the report will appear in italics. underlying a pie chart’s generation. Because of the nature of how these
securities are reported to Morningstar, we may not always get complete
While the inclusion of pre-inception data provides valuable insight into the portfolio information to report asset allocation. Morningstar, at its discretion,
probable long-term behavior of newer share classes of a fund, investors should may determine if unidentified characteristics of fund holdings are material.
be aware that an adjusted historical return can only provide an approximation of Asset allocation and other breakdowns may be rescaled accordingly so that
that behavior. For example, the fee structures of a retail share class will vary percentages total to 100 percent. (Morningstar used discretion to determine if
from that of an institutional share class, as retail shares tend to have higher unidentified characteristics of fund holdings are material, pie charts and other
operating expenses and sales charges. These adjusted historical returns are not breakdowns may rescale identified characteristics to 100% for more intuitive
actual returns. The underlying investments in the share classes used to
calculate the pre-performance string will likely vary from the underlying

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 23 of 28

TIPs Fund Options
Disclosure

presentation.) and all other asset-based costs incurred by the fund. Portfolio transaction fees,
or brokerage costs, as well as front-end or deferred sales charges are not
Note that all other portfolio statistics presented in this report are based on the included in the expense ratio. The expense ratio, which is deducted from the
long (or long rescaled) holdings of the fund only. fund’s average net assets, is accrued on a daily basis. The gross expense ratio,
in contrast to the net expense ratio, does not reflect any fee waivers in effect
Average Effective Duration during the time period.
Duration is a time measure of a bond's interest-rate sensitivity. Average
effective duration is a weighted average of the duration of the fixed-income Front-end Load %
securities within a portfolio. The initial sales charge or front-end load is a deduction made from each
investment in the fund and is generally based on the amount of the investment.

Average Effective Maturity Geometric Average Market Capitalization
Average Effective Maturity is a weighted average of the maturities of all bonds Geometric Average Market Capitalization is a measure of the size of the
in a portfolio. companies in which a portfolio invests.

Average Weighted Coupon Growth of 10,000
A coupon is the fixed annual percentage paid out on a bond. The average For funds, this graph compares the growth of an investment of 10,000 (in the
weighted coupon is the asset-weighted coupon of each bond in the portfolio. base currency of the fund) with that of an index and/or with that of the average
for all funds in its Morningstar Category. The total returns are not adjusted to
Average Weighted Price reflect sales charges or the effects of taxation but are adjusted to reflect actual
Average Weighted Price is the asset-weighted price of bonds held in a portfolio, ongoing fund expenses, and they assume reinvestment of dividends and capital
expressed as a percentage of par (face) value. This number reveals if the gains. If adjusted, effects of sales charges and taxation would reduce the
portfolio favors bonds selling at prices above or below par value (premium or performance quoted. If pre-inception data is included in the analysis, it will be
discount securities respectively.) graphed.

Best Fit Index The index in the Growth of 10,000 graph is an unmanaged portfolio of specified
Alpha, beta, and R-squared statistics are presented for a broad market index securities and cannot be invested in directly. The index does not reflect any
and a “best fit” index. The Best Fit Index identified in this report was initial or ongoing expenses. A fund's portfolio may differ significantly from the
determined by Morningstar by calculating R-squared for the fund against securities in the index. The index is chosen by Morningstar.
approximately 100 indexes tracked by Morningstar. The index representing the
highest R-squared is identified as the best fit index. The best fit index may not Management Fees %
be the fund’s benchmark, nor does it necessarily contain the types of securities The management fee includes the management and administrative fees listed in
that may be held by the fund or portfolio. the Management Fees section of a fund’s prospectus. Typically, these fees
represent the costs shareholders paid for management and administrative
Beta services over the fund’s prior fiscal year.
Beta is a measure of a security or portfolio’s sensitivity to market movements
(proxied using an index.) A beta of greater than 1 indicates more volatility than Maximum Redemption Fee %
the market, and a beta of less than 1 indicates less volatility than the market. The Maximum Redemption Fee is the maximum amount a fund may charge if
redeemed in a specific time period after the fund’s purchase (for example, 30,
Credit Quality Breakdown 180, or 365 days).
Credit Quality breakdowns are shown for corporate-bond holdings in the fund’s
portfolio and depict the quality of bonds in the underlying portfolio. It shows the Mean
percentage of fixed-income securities that fall within each credit-quality rating Mean is the annualized geometric return for the period shown.
as assigned by a Nationally Recognized Statistical Rating Organization (NRSRO).
Bonds not rated by an NRSRO are included in the Other/Not-Classified category. Morningstar Analyst Rating™
The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective
Deferred Load % evaluation performed by Morningstar’s manager research group, which consists
The back-end sales charge or deferred load is imposed when an investor of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the
redeems shares of a fund. The percentage of the load charged generally United States, that subsidiary is Morningstar Research Services LLC, which is
declines the longer the fund’s shares are held by the investor. This charge, registered with and governed by the U.S. Securities and Exchange Commission.
coupled with 12b-1 fees, commonly serves as an alternative to a traditional The Manager Research Group evaluates investment products based on five key
front-end load. pillars, which are process, performance, people, parent, and price. The Manager
Research Group uses this five-pillar evaluation to determine how they believe
Expense Ratio % investment products are likely to perform relative to a benchmark over the long
The expense ratio is the annual fee that all funds charge their shareholders. It term on a risk adjusted basis. They consider quantitative and qualitative factors
expresses the percentage of assets deducted each fiscal year for fund expenses, in their research. For actively managed strategies, people and process each
including 12b-1 fees, management fees, administrative fees, operating costs, receive a 45% weighting in their analysis, while parent receives a 10%

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 24 of 28

TIPs Fund Options
Disclosure

weighting. For passive strategies, process receives an 80% weighting, while • Morningstar Quantitative Rating: Intended to be comparable to
people and parent each receive a 10% weighting. For both active and passive Morningstar’s Analyst Ratings for open-end funds and ETFs, which is the
strategies, performance has no explicit weight as it is incorporated into the summary expression of Morningstar's forward-looking analysis of a fund. The
analysis of people and process; price at the share-class level (where applicable) Morningstar Analyst Rating is based on the analyst's conviction in the fund's
is directly subtracted from an expected gross alpha estimate derived from the ability to outperform its peer group and/or relevant benchmark on a risk-
analysis of the other pillars. The impact of the weighted pillar scores for people, adjusted basis over a full market cycle of at least 5 years. Ratings are assigned
process and parent on the final Morningstar Analyst Rating is further modified on a five-tier scale with three positive ratings of Gold, Silver, and Bronze, a
by a measure of the dispersion of historical alphas among relevant peers. For Neutral rating, and a Negative rating. Morningstar calculates the Morningstar
certain peer groups where standard benchmarking is not applicable, primarily Quantitative Rating using a statistical model derived from the Morningstar
peer groups of investment products using alternative investment strategies, the Analyst Rating our fund analysts assign to open-end funds and ETFs. Please go
modification by alpha dispersion is not used. to https://shareholders.morningstar.com/investor-
relations/governance/Compliance--Disclosure/default.aspx for information
Separately managed accounts are rated using the methodology for actively about Morningstar Analyst Rating Morningstar’s fund analysts assign to funds.
managed funds. A proxy fee is deducted from all separately managed accounts
in a given Morningstar Category. The proxy fee is based on a survey of • Quantitative Parent pillar: Intended to be comparable to
separately managed account model-delivery fees. Morningstar’s Parent pillar scores, which provides Morningstar’s analyst opinion
on the stewardship quality of a firm. Morningstar calculates the Quantitative
The Morningstar Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Parent pillar using an algorithm designed to predict the Parent Pillar score our
Negative. For active investment products, a Morningstar Analyst Rating of Gold, fund analysts would assign to the fund. The quantitative pillar rating is
Silver, or Bronze reflects the Manager Research Group’s expectation that an expressed in both a rating and a numerical value as High (5), Above Average (4),
active investment product will be able to deliver positive alpha net of fees Average (3), Below Average (2), Low (1).
relative to the standard benchmark index assigned to the Morningstar category.
The level of the rating relates to the level of expected positive net alpha relative • Quantitative People pillar: Morningstar’s People pillar scores, which
to Morningstar category peers for active investment products. For passive provides Morningstar’s analyst opinion on the fund manager’s talent, tenure,
investment products, a Morningstar Analyst Rating of Gold, Silver, or Bronze and resources. Morningstar calculates the Quantitative People pillar using an
reflects the Manager Research Group’s expectation that an investment product algorithm designed to predict the People pillar score our fund analysts would
will be able to deliver a higher alpha net of fees than the lesser of the relevant assign to the fund. The quantitative pillar rating is expressed in both a rating
Morningstar category median or 0. The level of the rating relates to the level of and a numerical value as High (5), Above Average (4), Average (3), Below
expected net alpha relative to Morningstar category peers for passive Average (2), Low (1).
investment products. For certain peer groups where standard benchmarking is
not applicable, primarily peer groups of investment products using alternative • Quantitative Process Pillar: Intended to be comparable to
investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze Morningstar’s Process pillar scores, which provides Morningstar’s analyst
reflects the Manager Research Group’s expectation that an investment product opinion on the fund’s strategy and whether the management has a competitive
will deliver a weighted pillar score above a predetermined threshold within its advantage enabling it to execute the process and consistently over time.
peer group. Morningstar Analyst Ratings ultimately reflect the Manager Morningstar calculates the Quantitative Process pillar using an algorithm
Research Group’s overall assessment, are overseen by an Analyst Rating designed to predict the Process pillar score our fund analysts would assign to
Committee, and are continuously monitored and reevaluated at least every 14 the fund. The quantitative pillar rating is expressed in both a rating and a
months. numerical value as High (5), Above Average (4), Average (3), Below Average (2),
and Low (1).
For more detailed information about Morningstar’s Analyst Rating, including its
methodology, please go to http://global.morningstar.com/equitydisclosure. Morningstar Quantitative Ratings have not been made available to the
issuer of the security prior to publication.
The Morningstar Analyst Rating (i) should not be used as the sole basis in
evaluating an investment product, (ii) involves unknown risks and uncertainties Risk Warning
which may cause the Manager Research Group’s expectations not to occur or to
differ significantly from what they expected, and (iii) should not be considered The quantitative fund ratings are not statements of fact. Morningstar does not
an offer or solicitation to buy or sell the investment product guarantee the completeness or accuracy of the assumptions or models used in
determining the quantitative fund ratings. In addition, there is the risk that the
Morningstar Quantitative Rating™ return target will not be met due to such things as unforeseen changes in
Morningstar’s quantitative fund ratings consist of: (i) Morningstar Quantitative changes in management, technology, economic development, interest rate
Rating (overall score), (ii) Quantitative Parent pillar, (iii) Quantitative People development, operating and/or material costs, competitive pressure, supervisory
pillar, and (iv) Quantitative Process pillar (collectively the“Quantitative Fund law, exchange rate, and tax rate. For investments in foreign markets there are
Ratings”).The Quantitative Fund Ratings are calculated monthly and derived further risks, generally based on exchange rate changes or changes in political
from the analyst-driven ratings of a fund’s peers as determined by statistical and social conditions. A change in the fundamental factors underlying the
algorithms. Morningstar, Inc. calculates Quantitative Fund Ratings for funds quantitative fund ratings can mean that the recommendation is subsequently no
when an analyst rating does not exist as part of its qualitative coverage. longer accurate.

For more information about Morningstar’s quantitative methodology, please visit

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 25 of 28

TIPs Fund Options
Disclosure

https://shareholders.morningstar.com/investor- 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is
relations/governance/Compliance--Disclosure/default.aspx measured for up to three time periods (three, five, and 10 years). These
separate measures are then weighted and averaged to produce an overall
Morningstar Category measure for the product. Products with less than three years of performance
Morningstar Category is assigned by placing funds into peer groups based on history are not rated.
their underlying holdings. The underlying securities in each portfolio are the
primary factor in our analysis as the investment objective and investment Style Analysis
strategy stated in a fund’s prospectus may not be sufficiently detailed for our The Morningstar Style Box reveals a fund's investment style as of the date
proprietary classification methodology. Funds are placed in a category based on noted on this report.
their portfolio statistics and compositions over the past three years. Analysis of
performance and other indicative facts are also considered. If the fund is new For equity funds, the vertical axis shows the market capitalization of the long
and has no portfolio history, Morningstar estimates where it will fall before stocks owned, and the horizontal axis shows the investment style (value, blend,
giving it a permanent category assignment. Categories may be changed based or growth.) A darkened cell in the style box matrix indicates the weighted
on recent changes to the portfolio. average style of the portfolio.

Morningstar Rank For portfolios holding fixed-income investments, a Fixed Income Style Box is
Morningstar Rank is the total return percentile rank within each Morningstar calculated. The vertical axis shows the credit quality based on credit ratings
Category. The highest (or most favorable) percentile rank is zero and the lowest and the horizontal axis shows interest-rate sensitivity as measured by effective
(or least favorable) percentile rank is 100. Historical percentile ranks are based duration. There are three credit categories- “High”, “Medium”, and “Low; and
on a snapshot of a fund at the time of calculation. there are three interest rate sensitivity categories- “Limited”, “Moderate”, and
“Extensive” resulting in nine possible combinations. As in the equity Style Box
Morningstar Rating™ the combination of credit and interest rate sensitivity for a portfolio is
The Morningstar Rating™for funds, or "star rating", is calculated for funds and represented by a darkened cell in the matrix.
separate accounts with at least a three-year history. Exchange-traded funds and
open-ended mutual funds are considered a single population for comparative Morningstar uses credit rating information from credit rating agencies (CRA’s)
purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that have been designated Nationally Recognized Statistical Rating
that accounts for variation in a managed product's monthly excess performance, Organizations (NRSRO’s) by the Securities and Exchange Commission (SEC) in
placing more emphasis on downward variations and rewarding consistent the United States. For a list of all NRSROs, please visit
performance. The Morningstar Rating does not include any adjustment for sales https://www.sec.gov/ocr/ocr-learn-nrsros.html. Additionally, Morningstar will
loads. The top 10% of products in each product category receive 5 stars, the use credit ratings from CRA’s which have been recognized by foreign regulatory
next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% institutions that are deemed the equivalent of the NRSRO designation.
receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar
Rating for a managed product is derived from a weighted average of the To determine the rating applicable to a holding and the subsequent holding
performance figures associated with its three-, five-, and 10-year (if applicable) weighted value of a portfolio two methods may be employed. First is a common
Morningstar Rating metrics. For more information about the Morningstar Rating methodology approach where if a case exists such that two rating
for funds, including its methodology, please go to organizations/ agencies have rated a holding, the lower rating of the two should
global.morningstar.com/managerdisclosures be applied; if three or more CRA’s have rated a holdingt the median rating
should be applied, and in cases where there are more than two ratings and a
The Morningstar Return rates a fund’s performance relative to other managed median rating cannot be determined the lower of the two middle ratings should
products in its Morningstar Category. It is an assessment of a product's excess be applied. Alternatively, if there is more than one rating available an average
return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison can be calculated from all and applied. Please Note: Morningstar, Inc. is not an
with the products in its Morningstar category. In each Morningstar category, NRSRO nor does it issue a credit rating on the fund. Credit ratings for any
the top 10% of products earn a High Morningstar Return (High), the next 22.5% security held in a portfolio may change over time.
Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below
Average (-Ave), and the bottom 10% Low (Low). Morningstar Return is Morningstar uses the credit rating information to calculate a weighted-average
measured for up to three time periods (three, five, and 10 years). These credit quality value for the portfolio. This value is based only upon those
separate measures are then weighted and averaged to produce an overall holdings which are considered to be classified as “fixed_income”, such as
measure for the product. Products with less than three years of performance government, corporate, or securitized issues. Other types of holdings such as
history are not rated. equities and many, though not all, types of derivatives are excluded. The
weighted-average credit quality value is represented by a rating symbol which
Morningstar Risk corresponds to the long-term rating symbol schemas employed by most CRA’s.
Morningstar Risk evaluates a fund’s downside volatility relative to that of other Note that this value is not explicitly published but instead serves an an input in
products in its Morningstar Category. It is an assessment of the variations in Style Box calculation. This symbol is then used to map to a Style Box credit
monthly returns, with an emphasis on downside variations, in comparison with quality category of “low,” “medium,” or “high”. Funds with a "low" credit quality
the products in its Morningstar category. In each Morningstar category, the 10% category are those whose weighted-average credit quality is determined to be
of products with the lowest measured risk are described as Low Risk (Low), the equivalent to the commonly used High Yield classification, meaning a rating
next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next below “BBB”, portfolios assigned to the “high” credit category have either a

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 26 of 28

TIPs Fund Options
Disclosure

“AAA” or “AA+” average credit quality value, while "medium" are those with an Percentile Rank in Category
average rating of “AA” inclusive to “BBB-“. It is expected and intended that the Percentile Rank is a standardized way of ranking items within a peer group, in
majority of portfolios will be assigned a credit category of “medium”. this case, funds within the same Morningstar Category. The observation with
the largest numerical value is ranked zero the observation with the smallest
For assignment to an interest-rate sensitivity category Morningstar uses the numerical value is ranked 100. The remaining observations are placed equal
average effective duration of the portfolio. From this value there are three distance from one another on the rating scale. Note that lower percentile ranks
distinct methodologies employed to determine assignment to category. are generally more favorable for returns (high returns), while higher percentile
Portfolios which are assigned to Morningstar municipal-bond categoriesemploy ranks are generally more favorable for risk measures (low risk).
static breakpoints between categories. These breakpoints are “Limited” equal to
4.5 years or less,; (ii) “Moderate” equal to 4.5 years to less than 7 years, and Performance Quartile
“Extensive” equal to more than 7 years. For portfolios assigned to Morningstar Performance Quartile reflects a fund’s Morningstar Rank.
categories other than U.S> Taxable, including all domiciled outside the United
States, static duration breakpoints are also used. The values differ from the Potential Capital Gains Exposure
municipal category values, : (i) “Limited” equals less than or equal to 3.5 Potential Capital Gains Exposure is an estimate of the percent of a fund’s assets
years,“Moderate” equals greater than 3.5 years but less than or equal to 6 that represent gains. It measures how much the fund’s assets have
years, “Extensive” is assigned to portfolios with effective durations of more appreciated, and it can be an indicator of possible future capital gains
than 6 years. Note: Interest-rate sensitivity for non-U.S. domiciled portfolios distributions. A positive potential capital gains exposure value means that the
(excluding those in Morningstar convertible categories) may be assigned using fund’s holdings have generally increased in value while a negative value means
average modified duration when average effective duration is not available. that the fund has reported losses on its book.

For portfolios Morningstar classifies as U.S Taxable Fixed-Income, interest-rate Quarterly Returns
sensitivity category assignment is based on the effective duration of the Quarterly Return is calculated applying the same methodology as Total Return
Morningstar Core Bond Index (MCBI). The classification assignment is except it represents return through each quarter-end.
dynamically determined relative to the benchmark index value. A “Limited”
category will be assigned to portfolios whose average effective duration is R-Squared
between 25% to 75% of MCBI average effective duration, where the average R-squared is the percentage of a security or portfolio’s return movements that
effective duration is between 75% to 125% of the MCBI the portfolio will be are explained by movements in its benchmark index, showing the degree of
classified as “Moderate”, and those portfolios with an average effective correlation between the security or portfolio and the benchmark. This figure is
duration value 125% or greater of the average effective duration of the MCBI helpful in assessing how likely it is that beta and alpha are statistically
will be classified as “Extensive”. significant. A value of 1 indicates perfect correlation between the security or
portfolio and its benchmark. The lower the R-squared value, the lower the
P/B Ratio TTM correlation.
The Price/Book Ratio (or P/B Ratio) for a fund is the weighted average of the P/B
Ratio of the stocks in its portfolio. Book value is the total assets of a company, Regional Exposure
less total liabilities. The P/B ratio of a company is calculated by dividing the The regional exposure is a display of the portfolio’s assets invested in the
market price of its outstanding stock by the company's book value, and then regions shown on the report.
adjusting for the number of shares outstanding. Stocks with negative book
values are excluded from this calculation. It shows approximately how much an Sector Weightings
investor is paying for a company’s assets based on historical valuations. Super Sectors represent Morningstar's broadest classification of equity sectors
by assigning the 11 equity sectors into three classifications. The Cyclical Super
P/C Ratio TTM Sector includes industries significantly impacted by economic shifts, and the
The Price/Cash Flow Ratio (or P/C Ratio) for a fund is the weighted average of stocks included in these sectors generally have betas greater than 1. The
the P/C Ratio of the stocks in its portfolio. The P/C Ratio of a stock represents Defensive Super Sector generally includes industries that are relatively immune
the amount an investor is willing to pay for a dollar generated from a company’s to economic cycles, and the stocks in these industries generally have betas less
operations. It shows the ability of a company to generate cash and acts as a than 1. The Sensitive Super Sector includes industries that ebb and flow with
gauge of liquidity and solvency. the overall economy, but not severely so. Stocks in the Sensitive Super Sector
generally have betas that are close to 1.
P/E Ratio TTM
The Price/Earnings Ratio (or P/E Ratio) for a fund is the weighted average of the Share Change
P/E Ratios of the stocks in its portfolio. The P/E Ratio of a stock is the stock’s Shares Change represents the number of shares of a stock bought or sold by a
current price divided by the company’s trailing 12-month earnings per share. A fund since the previously reported portfolio of the fund.
high P/E Ratio usually indicates the market will pay more to obtain the
company’s earnings because it believes in the company’s abilities to increase Sharpe Ratio
their earnings. A low P/E Ratio indicates the market has less confidence that Sharpe Ratio uses standard deviation and excess return (a measure of a security
the company’s earnings will increase, however value investors may believe such or portfolio’s return in excess of the U.S. Treasury three-month Treasury Bill) to
stocks have an overlooked or undervalued potential for appreciation. determine the reward per unit of risk.

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 27 of 28

TIPs Fund Options
Disclosure

Standard Deviation to increased industry-specific risks.
Standard deviation is a statistical measure of the volatility of the security or
portfolio’s returns. The larger the standard deviation, the greater the volatility Non-Diversified Strategies: Portfolios that invest a significant percentage of
of return. assets in a single issuer involve additional risks, including share price
fluctuations, because of the increased concentration of investments.
Standardized Returns
Standardized Return applies the methodology described in the Standardized Small Cap Equities: Portfolios that invest in stocks of small companies involve
Returns page of this report. Standardized Return is calculated through the most additional risks. Smaller companies typically have a higher risk of failure, and
recent calendar-quarter end for one-year, five-year, 10-year, and/or since- are not as well established as larger blue-chip companies. Historically, smaller-
inception periods, and it demonstrates the impact of sales charges (if company stocks have experienced a greater degree of market volatility than the
applicable) and ongoing fund expenses. Standardized Return reflects the return overall market average.
an investor may have experience if the security was purchased at the beginning
of the period and sold at the end, incurring transaction charges. Mid Cap Equities: Portfolios that invest in companies with market capitalization
below $10 billion involve additional risks. The securities of these companies
Total Return may be more volatile and less liquid than the securities of larger companies.
Total Return, or "Non Load-Adjusted Return", reflects performance without
adjusting for sales charges (if applicable) or the effects of taxation, but it is High-Yield Bonds: Portfolios that invest in lower-rated debt securities
adjusted to reflect all actual ongoing security expenses and assumes (commonly referred to as junk bonds) involve additional risks because of the
reinvestment of dividends and capital gains. It is the return an investor would lower credit quality of the securities in the portfolio. The investor should be
have experienced if the fund was held throughout the period. If adjusted for aware of the possible higher level of volatility, and increased risk of default.
sales charges and the effects of taxation, the performance quoted would be
significantly reduced. Tax-Free Municipal Bonds: The investor should note that the income from tax-
free municipal bond funds may be subject to state and local taxation and the
Total Return +/- indicates how a fund has performed relative to its peers (as Alternative Minimum Tax.
measure by its Standard Index and/or Morningstar Category Index) over the time
periods shown. Bonds: Bonds are subject to interest rate risk. As the prevailing level of bond
interest rates rise, the value of bonds already held in a portfolio declines.
Trailing Returns Portfolios that hold bonds are subject to declines and increases in value due to
Standardized Return applies the methodology described in the Standardized general changes in interest rates.
Returns page of this report. Standardized Return is calculated through the most
recent calendar-quarter end for one-year, five-year, 10-year, and/or since- HOLDRs: The investor should note that these are narrow industry-focused
inception periods, and it demonstrates the impact of sales charges (if products that, if the industry is hit by hard times, will lack diversification and
applicable) and ongoing fund expenses. Standardized Return reflects the return possible loss of investment would be likely. These securities can trade at a
an investor may have experienced if the fund was purchased at the beginning of discount to market price, ownership is of a fractional share interest, the
the period and sold at the end, incurring transaction charges. underlying investments may not be representative of the particular industry, the
HOLDR might be delisted from the AMEX if the number of underlying companies
Load-Adjusted Monthly Return is calculated applying the same methodology as drops below nine, and the investor may experience trading halts.
Standardized Return, except that it represents return through month-end. As
with Standardized Return, it reflects the impact of sales charges and ongoing Hedge Funds: The investor should note that hedge fund investing involves
fund expenses, but not taxation. If adjusted for the effects of taxation, the specialized risks that are dependent upon the type of strategies undertaken by
performance quoted would be significantly different. the manager. This can include distressed or event-driven strategies, long/short
strategies, using arbitrage (exploiting price inefficiencies), international
Trailing Return +/- indicates how a fund has performed relative to its peers (as investing, and use of leverage, options and/or derivatives. Although the goal of
measure by its Standard Index and/or Morningstar Category Index) over the time hedge fund managers may be to reduce volatility and produce positive absolute
periods shown. return under a variety of market conditions, hedge funds may involve a high
degree of risk and are suitable only for investors of substantial financial means
Investment Risks who could bear the entire loss of their investment.

International/Emerging Market Equities: Investing in international securities Bank Loan/Senior Debt: Bank loans and senior loans are impacted by the risks
involves special additional risks. These risks include, but are not limited to, associated with fixed income in general, including interest rate risk and default
currency risk, political risk, and risk associated with varying accounting risk. They are often non-investment grade; therefore, the risk of default is high.
standards. Investing in emerging markets may accentuate these risks. These securities are also relatively illiquid. Managed products that invest in
bank loans/senior debt are often highly leveraged, producing a high risk of
return volatility.

Sector Strategies: Portfolios that invest exclusively in one sector or industry Exchange Traded Notes (ETNs): ETNs are unsecured debt obligations. Any
involve additional risks. The lack of industry diversification subjects the investor repayment of notes is subject to the issuer's ability to repay its obligations.

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 28 of 28

TIPs Fund Options
Disclosure

ETNs do not typically pay interest. incur transaction costs, which would lower the performance results. Indices are
not actively managed and investors cannot invest directly in the indices.

Leveraged ETFs: Leveraged investments are designed to meet multiples of the Morningstar US Core Bd TR USD
return performance of the index they track and seek to meet their fund Description unavailable.
objectives on a daily basis (or other time period stated within the prospectus
objective). The leverage/gearing ratio is the amount of excess return that a MSCI EAFE NR USD
leveraged investment is designed to achieve in comparison to its index This Europe, Australasia, and Far East index is a market-capitalization-weighted
performance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X, -2X, -3X). index of 21 non-U.S., industrialized country indexes.
Compounding has the ability to affect the performance of the fund to be either
greater or less than the index performance multiplied by the multiple stated This disclosure applies to all MSCI indices: Certain information included herein
within the funds objective over a stated time period. is derived by Morningstar in part from MSCI’s Index Constituents (the “Index
Data”). However, MSCI has not reviewed any information contained herein and
Short Positions: When a short position moves in an unfavorable way, the losses does not endorse or express any opinion such information or analysis. MSCI
are theoretically unlimited. The broker may demand more collateral and a does not make any express or implied warranties, representations or guarantees
manager might have to close out a short position at an inopportune time to limit concerning the Index Data or any information or data derived therefrom, and in
further losses. no event will MSCI have any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) relating to any use of
Long-Short: Due to the strategies used by long-short funds, which may include this information. The constituents displayed for this index are from the following
but are not limited to leverage, short selling, short-term trading, and investing in proxy: Schwab International Index Fund®.
derivatives, these funds may have greater risk, volatility, and expenses than
those focusing on traditional investment strategies. S&P 500 TR USD
A market capitalization-weighted index composed of the 500 most widely held
Liquidity Risk: Closed-end fund, ETF, and HOLDR trading may be halted due to stocks whose assets and/or revenues are based in the US; it's often used as a
market conditions, impacting an investor’s ability to sell a fund. proxy for the U.S. stock market. TR (Total Return) indexes include daily
reinvestment of dividends. The constituents displayed for this index are from the
Market Price Risk: The market price of ETFs, HOLDRs, and closed-end funds following proxy: SPDR® S&P 500 ETF Trust.
traded on the secondary market is subject to the forces of supply and demand
and thus independent of the NAV. This can result in the market price trading at USTREAS T-Bill Auction Ave 3 Mon
a premium or discount to the NAV, which will affect an investor’s value. Three-month T-bills are government-backed, short-term investments considered
to be risk-free and as good as cash because the maturity is only three months.
Market Risk: The market prices of ETFs and HOLDRs can fluctuate as a result of Morningstar collects yields on the T-bill on a weekly basis from the Wall Street
several factors, such as security-specific factors or general investor sentiment. Journal.
Therefore, investors should be aware of the prospect of market fluctuations and
the impact it may have on the market price. Risk and Return Benchmark Disclosure

Target-Date Funds: Target-date funds typically invest in other mutual funds and Investment Name MPT Index
are designed for investors who are planning to retire during the target date year. American Century Inflation-Adjs Bond R6 Bloomberg US Agg Bond TR USD
The fund's target date is the approximate date when investors expect to begin American Funds Inflation Linked Bd R6 Bloomberg US Agg Bond TR USD
withdrawing their money. A target-date fund's investment objective/strategy DFA Inflation-Protected Securities I Bloomberg US Agg Bond TR USD
typically becomes more conservative over time, primarily by reducing its Fidelity® Inflation-Prot Bd Index Bloomberg US Agg Bond TR USD
allocation to equity mutual funds and increasing its allocations in fixed-income Goldman Sachs Infl Protected Secs Instl Bloomberg US Agg Bond TR USD
mutual funds. An investor's principal value in a target-date fund is not MassMutual Infl-Prot and Inc I Bloomberg US Agg Bond TR USD
guaranteed at any time, including at the fund's target date.

High double- and triple-digit returns: High double- and triple-digit returns were
the result of extremely favorable market conditions, which may not continue to
be the case. High returns for short time periods must not be a major factor when
making investment decisions.

Benchmark Disclosure

The past performance of an index is not a guarantee of future results. Each ß®
index reflects an unmanaged universe of securities without any deduction for
advisory fees or other expenses that would reduce actual returns. An actual
investment in the securities included in the index would require an investor to

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 | Note: Portions of the analysis are based on pre-inception returns. Please read disclosure for more information. Currency Page 1 of 8
USD
Investment Growth $17k
12-31-2012 to 02-28-2022 16
15
Initial Value: $10,000 14
13
2 12
11
6543 1 10
9
8
7

12-12 12-13 12-14 12-15 12-16 12-17 12-18 12-19 12-20 12-21

Investment Cumulative Return % Annualized Return % Amount at End of Period $

1 American Century Inflation-Adjs Bond R6 (USD, AIADX) 21.47 2.14 12,146.50
2 American Funds Inflation Linked Bd R6 (USD, RILFX) 30.82 2.97 13,081.51
3 DFA Inflation-Protected Securities I (USD, DIPSX) 24.82 2.45 12,482.39
4 Fidelity® Inflation-Prot Bd Index (USD, FIPDX) 24.74 2.44 12,473.76
5 Goldman Sachs Infl Protected Secs Instl (USD, GSIPX) 22.73 2.26 12,272.98

6 MassMutual Infl-Prot and Inc I (USD, MIPZX) 26.74 2.62 12,674.43

Performance Disclosure

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate; thus an investor's
shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return data quoted herein. For performance data current to the
most recent month-end, please visit http://advisor.morningstar.com/familyinfo.asp.

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 2 of 8

Standardized and Tax Adjusted Returns Disclosure Statement

The performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will
fluctuate; thus an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than return
data quoted herein. For performance data current to the most recent month-end please visit http://advisor.morningstar.com/familyinfo.asp.

Standardized Returns assume reinvestment of dividends and capital gains. They depict performance without adjusting for the effects of taxation, but are adjusted to
reflect sales charges and ongoing fund expenses.

If adjusted for taxation, the performance quoted would be significantly reduced. For variable annuities, additional expenses will be taken into account, including
M&E risk charges, fund-level expenses such as management fees and operating fees, contract-level administration fees, and charges such as surrender, contract,
and sales charges. The maximum redemption fee is the maximum amount a fund may charge if redeemed in a specific time period after the fund’s purchase.

After-tax returns are calculated using the highest individual federal marginal income tax rates, and do not reflect the impact of state and local taxes. Actual after-
tax returns depend on the investor's tax situation and may differ from those shown. The after-tax returns shown are not relevant to investors who hold their fund
shares through tax-deferred arrangements such as 401(k) plans or an IRA. After-tax returns exclude the effects of either the alternative minimum tax or phase-out of
certain tax credits. Any taxes due are as of the time the distributions are made, and the taxable amount and tax character of each distribution are as specified by
the fund on the dividend declaration date. Due to foreign tax credits or realized capital losses, after-tax returns may be greater than before-tax returns. After-tax
returns for exchange-traded funds are based on net asset value.

Money Market Fund Disclosures
If money market fund(s) are included in the Standardized Returns table below, each money market fund’s name will be followed by a superscripted letter that links
it to the applicable disclosure below:

Institutional Money Market Funds (designated by an “S”):
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than
what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity
falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit
Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not
expect that the sponsor will provide financial support to the fund at any time.

Government Money Market Funds that have chosen to rely on the ability to impose liquidity fees and suspend redemptions (designated by an ”L” )
and
Retail Money Market Funds (designated by an “L”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell shares if the fund’s liquidity falls below required minimums
because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide
financial support to the fund at any time.

Government Money Market Funds that have chosen not to rely on the ability to impose liquidity fees and suspend redemptions (designated by an
“N”):
You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do
so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no
legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

Annualized returns 12-31-2021 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Max Front Max Back Net Exp Gross Exp Max
Standardized Returns (%) Subsidized Unsubsidized Inception Date Load % Load % Ratio % Ratio % Redemption %

American Century Inflation-Adjs Bond R6 as of date as of date
American Funds Inflation Linked Bd R6
DFA Inflation-Protected Securities I — — 6.65 — — 5.50 07-28-2017 NA NA 0.22 0.22 NA
Fidelity® Inflation-Prot Bd Index — — 4.18 5.58 — 4.24 11-01-2013 NA NA 0.31 0.31 NA
Goldman Sachs Infl Protected Secs Instl — — 5.55 5.44 3.10 4.71 09-18-2006 NA NA 0.11 0.11 NA
MassMutual Infl-Prot and Inc I — — 5.93 5.26 — 2.80 05-16-2012 NA NA 0.05 0.05 NA
— — 5.39 4.98 2.88 4.45 08-31-2007 NA NA 0.341 0.41 NA

— — 6.45 5.56 3.25 4.10 03-01-2011 NA NA 0.47 0.47 NA

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 3 of 8

Annualized returns 12-31-2021 7-day Yield 7-day Yield 1Yr 5Yr 10Yr Since Inception Max Front Max Back Net Exp Gross Exp Max
Standardized Returns (%) Subsidized Unsubsidized Inception Date Load % Load % Ratio % Ratio % Redemption %
as of date as of date -1.61 —
Morningstar US Core Bd TR USD 11.26 9.55
MSCI EAFE NR USD 28.71 18.47 — — 05-01-2019
S&P 500 TR USD 0.05 1.11 8.03 — 03-31-1986
USTREAS T-Bill Auction Ave 3 Mon 16.55 — 01-30-1970
0.61 — 02-28-1941

1. Contractual waiver; Expires 07-29-2022

Return after Tax (%) On Distribution On Distribution and Sales of Shares

American Century Inflation-Adjs Bond R6 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception
American Funds Inflation Linked Bd R6
DFA Inflation-Protected Securities I 4.64 — — 4.24 07-28-2017 3.91 — — 3.68
Fidelity® Inflation-Prot Bd Index 2.70 4.43 — 3.34 11-01-2013 2.47 3.82 — 2.90
Goldman Sachs Infl Protected Secs Instl 3.49 4.29 2.21 3.67 09-18-2006 3.26 3.70 2.01 3.31
4.77 4.48 — 2.22 05-16-2012 4.32 3.84 — 1.96
MassMutual Infl-Prot and Inc I 3.16 3.87 1.93 3.20 08-31-2007 3.16 3.35 1.80 2.98

3.52 3.82 1.79 2.61 03-01-2011 3.90 3.53 1.88 2.56

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 4 of 8

Investment Growth An ETF is an investment company that typically has an investment objective of
Report Disclosure striving to achieve a similar return as a particular market index. The ETF will
invest in either all or a representative sample of the securities included in the
The Investment Growth Report is supplemental sales literature, and therefore index it is seeking to imitate. Like closed-end funds, an ETF can be traded on a
must be preceded or accompanied by the mutual fund’s current prospectus or an secondary market and thus have a market price that may be higher or lower than
equivalent statement. Please read this information carefully. In all cases, this its net asset value. If these shares trade at a price above their NAV, they are
disclosure statement should accompany the Investment Analysis Report. said to be trading at a premium. Conversely, if they are trading at a price below
Morningstar is not itself a FINRA-member firm. All data presented is based on their NAV, they are said to be trading at a discount. ETFs are not actively
the most recent information available to Morningstar as of the release date and managed, so their value may be affected by a general decline in the U.S. market
may or may not be an accurate reflection of current data for securities included segments relating to their underlying indexes. Similarly, an imperfect match
in the fund’s portfolio. There is no assurance that the data will remain the same. between an ETF’s holdings and those of its underlying index may cause its
performance to vary from that of its underlying index. The expense ratio of an
Unless otherwise specified, the definition of “funds” used throughout this ETF is an annual fee charged to a shareholder. It includes operating expenses
Disclosure Statement includes closed-end funds, exchange-traded funds, and management fees, but does not take into account any brokerage costs. ETFs
grantor trusts, index mutual funds, open-ended mutual funds, and unit do not have 12b-1 fees or sales loads. Capital gains from funds held in a taxable
investment trusts. It does not include exchange-traded notes or exchange-traded account are subject to income tax. In many, but not all cases, ETFs are generally
commodities. considered to be more tax-efficient when compared to similarly invested mutual
funds.
Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and
exchange-traded funds as separate groups. Each group contained a subset of Holding company depository receipts (HOLDRs) are similar to ETFs, but they
the current investments included in our current comparative analysis. In this focus on narrow industry groups. HOLDRs initially own 20 stocks, which are
report, historical data presented on a calendar-year basis and trailing periods unmanaged, and can become more concentrated due to mergers, or the
ending at the most-recent month-end reflect the updated methodology. disparate performance of their holdings. HOLDRs can only be bought in 100-
share increments. Investors may exchange shares of a HOLDR for its underlying
stocks at any time.

Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or A money-market fund is an investment company that invests in commercial
Sharpe ratio) are calculated for securities or portfolios that have at least three- paper, banker's acceptances, repurchase agreements, government securities,
year history. certificates of deposit and other highly liquid securities, and pays money market
rates of interest. Money markets are not FDIC-insured, may lose money, and are
Most Morningstar rankings do not include any adjustment for one-time sales not guaranteed by a bank or other financial institution.
charges, or loads. Morningstar does publish load-adjusted returns, and ranks
such returns within a Morningstar Category in certain reports. The total returns An open-end fund is an investment company that issues shares on a continuous
for ETFs and fund share classes without one-time loads are equal to basis. Shares can be purchased from the open-end mutual fund itself, or through
Morningstar’s calculation of load-adjusted returns. Share classes that are an intermediary, but cannot be traded on a secondary market, such as the New
subject to one-time loads relating to advice or sales commissions have their York Stock Exchange. Investors pay the open-end mutual fund’s current net
returns adjusted as part of the load-adjusted return calculation to reflect those asset value plus any initial sales loads. Net asset value is calculated daily, at
loads. the close of business. Open-end mutual fund shares can be redeemed, or sold
back to the fund or intermediary, at their current net asset value minus any
Comparison of Fund Types deferred sales loads or redemption fees. The expense ratio for an open-end
Funds, including closed-end funds, exchange-traded funds (ETFs), money market mutual fund is an annual fee charged to a shareholder. It includes operating
funds, open-end funds, and unit investment trusts (UITs), have many similarities, expenses and management fees, but does not take into account any brokerage
but also many important differences. In general, publically-offered funds are costs. Open-end funds may also have 12b-1 fees. Income distributions and
investment companies registered with the Securities and Exchange Commission capital gains of the open-end fund are subject to income tax, if held in a taxable
under the Investment Company Act of 1940, as amended. Funds pool money account.
from their investors and manage it according to an investment strategy or
objective, which can vary greatly from fund to fund. Funds have the ability to A unit investment trust (UIT) is an investment company organized under a trust
offer diversification and professional management, but also involve risk, agreement between a sponsor and trustee. UITs typically purchase a fixed
including the loss of principal. portfolio of securities and then sell units in the trust to investors. The major
difference between a UIT and a mutual fund is that a mutual fund is actively
A closed-end fund is an investment company, which typically makes one public managed, while a UIT is not. On a periodic basis, UITs usually distribute to the
offering of a fixed number of shares. Thereafter, shares are traded on a unit holder their pro rata share of the trust's net investment income and net
secondary market. As a result, the secondary market price may be higher or realized capital gains, if any. If the trust is one that invests only in tax-free
lower than the closed-end fund's net asset value (NAV). If these shares trade at securities, then the income from the trust is also tax-free. UITs generally make
a price above their NAV, they are said to be trading at a premium. Conversely, if one public offering of a fixed number of units. However, in some cases, the
they are trading at a price below their NAV, they are said to be trading at a sponsor will maintain a secondary market that allows existing unit holders to
discount. A closed-end mutual fund’s expense ratio is an annual fee charged to sell their units and for new investors to buy units. A one-time initial sales
a shareholder. It includes operating expenses and management fees, but does charge is deducted from an investment made into the trust. UIT investors may
not take into account any brokerage costs. Closed-end funds may also have 12b- also pay creation and development fees, organization costs, and/or trustee and
1 fees. Income distributions and capital gains of the closed-end fund are subject operation expenses. UIT units may be redeemed by the sponsor at their net
to income tax, if held in a taxable account. asset value minus a deferred sales charge, and sold to other investors. UITs
have set termination dates, at which point the underlying securities are sold and

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 5 of 8

the sales proceeds are paid to the investor. Typically, a UIT investment is rolled investor will also be charged a front-end load by the insurance company on their
over into successive trusts as part of a long-term strategy. A rollover fee may be initial contribution, ongoing fees related to the management of the fund, and
charged for the exercise of rollover purchases. There are tax consequences surrender charges if the investor makes a withdrawal prior to a specified time.
associated with rolling over an investment from one trust to the next.
If the variable annuity subaccount is invested in a money-market fund, the
Comparison of Other Security Types money market fund is not FDIC-insured, may lose money, and is not guaranteed
A bond is a debt security. When an investor purchases a bond, the purchase by a bank or other financial institution.
amount is lent to a government, municipality, corporation or other entity known
as an issuer. The issuer promises to pay a specified rate of interest during the Variable life insurance is a cash-value life insurance that has a variable cash
life of the bond and repay the face value of the bond when it matures. U.S value and/or death benefit depending on the investment performance of the
Treasuries can be purchased directly from the Treasury or through a brokerage subaccount into which premium payments are invested. Unlike traditional life
firm. Most other newly issued bonds are offered through an underwriter. Older insurance, variable life insurance has inherent risks associated with it, including
bonds are traded throughout the day on the secondary market and can be market volatility, and is not viewed as a short-term liquid investment. For more
purchased through a brokerage firm, who will charge transaction fees and information on a variable life product, including each subaccount, please read
commission for the purchase or sale. Price evaluations are provided by the current prospectus. Please note, the financial ratings noted on the report are
Interactive Data Corporation (IDC). quoted for an insurance company and do not apply to the separate account and
its subaccount. The insurance company offering a variable life contract will
A commingled pool or collective investment trust (CIT) is a product where assets charge several fees to investors, including annual contract charges that
from several accounts are pooled and managed together. This strategy reduces compensate the insurance company for the cost of maintaining and
management and administrative costs. Typically a collection of participants with administering the variable life contract, mortality and expense risk (M&E Risk)
the same strategy is pooled together. charges based on a percentage of a subaccount’s assets to
cover costs associated with mortality and expense risk, and administration fees
Insurance group separate accounts (IGSA) are unregistered group annuities, that are based on a percentage of a subaccount’s assets to cover the costs
primarily used in 401(k) qualified, but also 403(b) and 457 retirement plans. They involved in offering and administering the subaccount. A variable life investor
are segregated (usually pooled) investment portfolios, separate from the general will also be charged a front-end load by the insurance company on their initial
investment portfolios established by life insurance companies. These products contribution, ongoing fees related to the management of the fund, and surrender
are regulated by state insurance boards, but not the SEC. charges if the investor makes a withdrawal prior to a specified time.

A separate account is a professionally managed portfolio of individual If the variable life subaccount is invested in a money-market fund, the money
securities. Generally, it is an investment consulting relationship in which a market fund is not FDIC-insured, may lose money, and is not guaranteed by a
client’s money is placed with one or more money managers and all bank or other financial institution.
administrative and management fees, along with commissions, are wrapped
into one comprehensive fee, often paid quarterly. Performance
The performance data given represents past performance and should not be
A stock is an ownership interest in a company. When an investor purchases a considered indicative of future results. Principal value and investment return will
stock, they become a business owner, and the value of their ownership stake fluctuate, so that an investor's shares, when sold, may be worth more or less
will rise and fall according to the underlying business. Stockholders are entitled than the original investment. Fund portfolio statistics change over time. Funds
to the profits, if any, generated by the company after everyone else – are not FDIC-insured, may lose value, and are not guaranteed by a bank or other
employees, vendors, lenders – get paid. Companies usually pay out their profits financial institution.
to investors in the form of dividends, or they reinvest the money back into the
business. Stocks trade on exchanges throughout the day, through a brokerage Morningstar calculates after-tax returns using the highest applicable federal
firm who will charge a commission for the purchase or sale of shares. Income marginal income tax rate plus the investment income tax and Medicare
distributions and capital gains of the stock are subject to income tax upon their surcharge. As of 2018, this rate is 37% plus 3.8% investment income plus 0.9%
sale, if held in a taxable account. Medicare surcharge, or 41.7%. This rate changes periodically in accordance
with changes in federal law.
Variable annuities are tax-deferred investments structured to convert a sum of
money into a series of payments over time. Variable annuity policies have Pre-Inception Returns
limitations and are not viewed as short-term liquid investments. An insurance The analysis in this report may be based, in part, on adjusted historical returns
company's fulfillment of a commitment to pay a minimum death benefit, a for periods prior to the inception of the share class of the fund shown in this
schedule of payments, a fixed investment account guaranteed by the insurance report (“Report Share Class”). If pre-inception returns are shown, a performance
company, or another form of guarantee depends on the claims-paying ability of stream consisting of the Report Share Class and older share class(es) is created.
the issuing insurance company. Any such guarantee does not affect or apply to Morningstar adjusts pre-inception returns downward to reflect higher expenses
the investment return or principal value of the separate account and its in the Report Share Class, we do not hypothetically adjust returns upwards for
subaccount. The financial ratings quoted for an insurance company do not apply lower expenses. For more information regarding calculation of pre-inception
to the separate account and its subaccount. The insurance company offering a returns please see the Morningstar Extended Performance Methodology.
variable life contract will charge several fees to investors, including annual
contract charges that compensate the insurance company for the cost of When pre-inception data is presented in the report, the header at the
maintaining and administering the variable life contract, mortality and expense top of the report will indicate this. In addition, the pre-inception data
risk (M&E Risk) charges based on a percentage of a subaccount’s assets to included in the report will appear in italics.
cover costs associated with mortality and expense risk, and administration fees
that are based on a percentage of a subaccount’s assets to cover the costs While the inclusion of pre-inception data provides valuable insight into the
involved in offering and administering the subaccount. A variable annuity probable long-term behavior of newer share classes of a fund, investors should

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 6 of 8

be aware that an adjusted historical return can only provide an approximation of The expense ratio is the annual fee that all funds charge their shareholders. It
that behavior. For example, the fee structures of a retail share class will vary expresses the percentage of assets deducted each fiscal year for fund expenses
from that of an institutional share class, as retail shares tend to have higher including 12b-1 fees, management fees, administrative fees, operating costs,
operating expenses and sales charges. These adjusted historical returns are not and all other asset-based costs incurred by the fund. Portfolio transaction fees,
actual returns. The underlying investments in the share classes used to or brokerage costs, as well as front-end or deferred sales charges are not
calculate the pre-performance string will likely vary from the underlying included in the expense ratio. The expense ratio, which is deducted from the
investments held in the fund after inception. Calculation methodologies utilized fund’s average net assets, is accrued on a daily basis. The gross expense ratio,
by Morningstar may differ from those applied by other entities, including the in contrast to the net expense ratio, does not reflect any fee waivers in effect
fund itself. during the time period.

Variable Life Return Front-end Load %
Please refer to the hypothetical illustration in the prospectus which, The initial sales charge or front-end load is a deduction made from each
among other things, shows the effect that fees and charges have on investment in the fund and is generally based on the amount of the investment.
performance. We urge investors to obtain a personalized illustration
that reflects the costs of insurance protection. Growth of 10,000
For funds, this graph compares the growth of an investment of 10,000 (in the
Investment Growth Report base currency of the fund) with that of an index and/or with that of the average
This graph allows the market value of securities, indexes, and Morningstar for all funds in its Morningstar Category. The total returns are not adjusted to
categories to be graphed over customized time periods. The graph reflects the reflect sales charges or the effects of taxation but are adjusted to reflect actual
discrete return of the illustration time horizon displayed at the top of the report. ongoing fund expenses, and they assume reinvestment of dividends and capital
The returns that were achieved are displayed in the table beneath the graph. gains. If adjusted, effects of sales charges and taxation would reduce the
performance quoted. If pre-inception data is included in the analysis, it will be
The returns noted for a security do not reflect any sales charges and do not graphed.
reflect impacts of taxation. If impacts of sales charges and taxation were
reflected, the returns would be lower than those indicated in the report. The index in the Growth of 10,000 graph is an unmanaged portfolio of specified
securities and cannot be invested in directly. The index does not reflect any
For exchange-traded funds and closed-end funds, market returns are used. initial or ongoing expenses. A fund's portfolio may differ significantly from the
securities in the index. The index is chosen by Morningstar.
Unscheduled Portfolio Returns
Monthly total returns for unscheduled portfolios are calculated by applying the Maximum Redemption Fee %
ending period holding weightings supplied by the user to an individual holding's The Maximum Redemption Fee is the maximum amount a fund may charge if
monthly returns. When monthly returns are unavailable for a holding (ie. due to redeemed in a specific time period after the fund’s purchase (for example, 30,
it not being in existence during the historical period being reported), the 180, or 365 days).
remaining portfolio holdings are re-weighted to maintain consistent proportions.
Inception dates are listed in the Disclosure for Standardized and Tax Adjusted Standardized Returns
Returns. Trailing returns are calculated by geometrically linking these Standardized Return applies the methodology described in the Standardized
weightedaverage monthly returns. Unscheduled portfolio returns thus assume Returns page of this report. Standardized Return is calculated through the most
monthly rebalancing. Returns for individual holdings are simple time-weighted recent calendar-quarter end for one-year, five-year, 10-year, and/or
trailing returns. Neither portfolio returns nor holding returns are adjusted for sinceinception periods, and it demonstrates the impact of sales charges (if
loads or taxes, and if they were, the returns stated would be reduced. The applicable) and ongoing fund expenses. Standardized Return reflects the return
returns stated assume the reinvestment of dividends and capital gains. Mutual an investor may have experience if the security was purchased at the beginning
fund returns include all ongoing fund expenses. VA/VL returns reflect of the period and sold at the end, incurring transaction charges.
subaccount level fund expenses, including M&E expenses, administration fees,
and actual ongoing fund-level expenses. Total Return
Total Return, or "Non Load-Adjusted Return", reflects performance without
Benchmark returns may or may not be adjusted to reflect ongoing expenses such adjusting for sales charges (if applicable) or the effects of taxation, but it is
as sales charges. An investment's portfolio may differ significantly from the adjusted to reflect all actual ongoing security expenses and assumes
securities in the benchmark. reinvestment of dividends and capital gains. It is the return an investor would
have experienced if the fund was held throughout the period. If adjusted for
Returns for custom benchmarks are calculated by applying user-supplied sales charges and the effects of taxation, the performance quoted would be
weightings to each benchmark's returns every month. Trailing returns are significantly reduced.
calculated by geometrically linking these weighted-average monthly returns.
Custom benchmark returns thus assume monthly rebalancing. Total Return +/- indicates how a fund has performed relative to its peers (as
measure by its Standard Index and/or Morningstar Category Index) over the time
Deferred Load % periods shown.
The back-end sales charge or deferred load is imposed when an investor
redeems shares of a fund. The percentage of the load charged generally Trailing Returns
declines the longer the fund’s shares are held by the investor. This charge, Standardized Return applies the methodology described in the Standardized
coupled with 12b-1 fees, commonly serves as an alternative to a traditional Returns page of this report. Standardized Return is calculated through the most
front-end load. recent calendar-quarter end for one-year, five-year, 10-year, and/or
sinceinception periods, and it demonstrates the impact of sales charges (if
Expense Ratio % applicable) and ongoing fund expenses. Standardized Return reflects the return

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 7 of 8

an investor may have experienced if the fund was purchased at the beginning of HOLDR might be delisted from the AMEX if the number of underlying companies
the period and sold at the end, incurring transaction charges. drops below nine, and the investor may experience trading halts.

Load-Adjusted Monthly Return is calculated applying the same methodology as Hedge Funds: The investor should note that hedge fund investing involves
Standardized Return, except that it represents return through month-end. As specialized risks that are dependent upon the type of strategies undertaken by
with Standardized Return, it reflects the impact of sales charges and ongoing the manager. This can include distressed or event-driven strategies, long/short
fund expenses, but not taxation. If adjusted for the effects of taxation, the strategies, using arbitrage (exploiting price inefficiencies), international
performance quoted would be significantly different. investing, and use of leverage, options and/or derivatives. Although the goal of
hedge fund managers may be to reduce volatility and produce positive absolute
Trailing Return +/- indicates how a fund has performed relative to its peers (as return under a variety of market conditions, hedge funds may involve a high
measure by its Standard Index and/or Morningstar Category Index) over the time degree of risk and are suitable only for investors of substantial financial means
periods shown. who could bear the entire loss of their investment.

Yield Bank Loan/Senior Debt: Bank loans and senior loans are impacted by the risks
Yield is the annual dividend per share divided by the current stock price. associated with fixed income in general, including interest rate risk and default
risk. They are often non-investment grade; therefore, the risk of default is high.
Investment Risks These securities are also relatively illiquid. Managed products that invest in
bank loans/senior debt are often highly leveraged, producing a high risk of
return volatility.

International/Emerging Market Equities: Investing in international securities Exchange Traded Notes (ETNs): ETNs are unsecured debt obligations. Any
involves special additional risks. These risks include, but are not limited to, repayment of notes is subject to the issuer's ability to repay its obligations.
currency risk, political risk, and risk associated with varying accounting ETNs do not typically pay interest.
standards. Investing in emerging markets may accentuate these risks.
Leveraged ETFs: Leveraged investments are designed to meet multiples of the
Sector Strategies: Portfolios that invest exclusively in one sector or industry return performance of the index they track and seek to meet their fund
involve additional risks. The lack of industry diversification subjects the investor objectives on a daily basis (or other time period stated within the prospectus
to increased industry-specific risks. objective). The leverage/gearing ratio is the amount of excess return that a
leveraged investment is designed to achieve in comparison to its index
Non-Diversified Strategies: Portfolios that invest a significant percentage of performance (i.e. 200%, 300%, -200%, or -300% or 2X, 3X, -2X, -3X).
assets in a single issuer involve additional risks, including share price Compounding has the ability to affect the performance of the fund to be either
fluctuations, because of the increased concentration of investments. greater or less than the index performance multiplied by the multiple stated
within the funds objective over a stated time period.
Small Cap Equities: Portfolios that invest in stocks of small companies involve
additional risks. Smaller companies typically have a higher risk of failure, and Short Positions: When a short position moves in an unfavorable way, the losses
are not as well established as larger blue-chip companies. Historically, smaller- are theoretically unlimited. The broker may demand more collateral and a
company stocks have experienced a greater degree of market volatility than the manager might have to close out a short position at an inopportune time to limit
overall market average. further losses.

Mid Cap Equities: Portfolios that invest in companies with market capitalization Long-Short: Due to the strategies used by long-short funds, which may include
below $10 billion involve additional risks. The securities of these companies but are not limited to leverage, short selling, short-term trading, and investing in
may be more volatile and less liquid than the securities of larger companies. derivatives, these funds may have greater risk, volatility, and expenses than
those focusing on traditional investment strategies.
High-Yield Bonds: Portfolios that invest in lower-rated debt securities
(commonly referred to as junk bonds) involve additional risks because of the Liquidity Risk: Closed-end fund, ETF, and HOLDR trading may be halted due to
lower credit quality of the securities in the portfolio. The investor should be market conditions, impacting an investor’s ability to sell a fund.
aware of the possible higher level of volatility, and increased risk of default.
Market Price Risk: The market price of ETFs, HOLDRs, and closed-end funds
Tax-Free Municipal Bonds: The investor should note that the income from tax- traded on the secondary market is subject to the forces of supply and demand
free municipal bond funds may be subject to state and local taxation and the and thus independent of the NAV. This can result in the market price trading at
Alternative Minimum Tax. a premium or discount to the NAV, which will affect an investor’s value.

Bonds: Bonds are subject to interest rate risk. As the prevailing level of bond Market Risk: The market prices of ETFs and HOLDRs can fluctuate as a result of
interest rates rise, the value of bonds already held in a portfolio declines. several factors, such as security-specific factors or general investor sentiment.
Portfolios that hold bonds are subject to declines and increases in value due to Therefore, investors should be aware of the prospect of market fluctuations and
general changes in interest rates. the impact it may have on the market price.

HOLDRs: The investor should note that these are narrow industry-focused Target-Date Funds: Target-date funds typically invest in other mutual funds and
products that, if the industry is hit by hard times, will lack diversification and are designed for investors who are planning to retire during the target date year.
possible loss of investment would be likely. These securities can trade at a The fund's target date is the approximate date when investors expect to begin
discount to market price, ownership is of a fractional share interest, the withdrawing their money. A target-date fund's investment objective/strategy
underlying investments may not be representative of the particular industry, the typically becomes more conservative over time, primarily by reducing its

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

Release date 02-28-2022 Page 8 of 8

allocation to equity mutual funds and increasing its allocations in fixed-income
mutual funds. An investor's principal value in a target-date fund is not
guaranteed at any time, including at the fund's target date.

High double- and triple-digit returns: High double- and triple-digit returns were
the result of extremely favorable market conditions, which may not continue to
be the case. High returns for short time periods must not be a major factor when
making investment decisions.

Benchmark Disclosure

Morningstar US Core Bd TR USD
Description unavailable.

MSCI EAFE NR USD
This Europe, Australasia, and Far East index is a market-capitalization-weighted
index of 21 non-U.S., industrialized country indexes.

This disclosure applies to all MSCI indices: Certain information included herein
is derived by Morningstar in part from MSCI’s Index Constituents (the “Index
Data”). However, MSCI has not reviewed any information contained herein and
does not endorse or express any opinion such information or analysis. MSCI
does not make any express or implied warranties, representations or guarantees
concerning the Index Data or any information or data derived therefrom, and in
no event will MSCI have any liability for any direct, indirect, special, punitive,
consequential or any other damages (including lost profits) relating to any use of
this information. The constituents displayed for this index are from the following
proxy: Schwab International Index Fund®.

S&P 500 TR USD
A market capitalization-weighted index composed of the 500 most widely held
stocks whose assets and/or revenues are based in the US; it's often used as a
proxy for the U.S. stock market. TR (Total Return) indexes include daily
reinvestment of dividends. The constituents displayed for this index are from the
following proxy: SPDR® S&P 500 ETF Trust.

USTREAS T-Bill Auction Ave 3 Mon
Three-month T-bills are government-backed, short-term investments considered
to be risk-free and as good as cash because the maturity is only three months.
Morningstar collects yields on the T-bill on a weekly basis from the Wall Street
Journal.

©2022 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. The information, data, analyses and ß®
opinions contained herein (1) include the confidential and proprietary information of Morningstar, (2) may include, or be derived from, account information provided by your financial professional which cannot be verified by
Morningstar, (3) may not be copied or redistributed, (4) do not constitute investment advice offered by Morningstar, (5) are provided solely for informational purposes and therefore are not an offer to buy or sell a security,
and (6) are not warranted to be correct, complete or accurate. Except as otherwise required by law, Morningstar shall not be responsible for any trading decisions, damages or other losses resulting from, or related to, this
information, data, analyses or opinions or their use. Opinions expressed are as of the date written and are subject to change without notice. Investment research is produced and issued by subsidiaries of Morningstar, Inc.
including, but not limited to, Morningstar Research Services LLC, registered with and governed by the U.S. Securities and Exchange Commission. This report is supplemental sales literature. If applicable it must be preceded
or accompanied by a prospectus, or equivalent, and disclosure statement. Please see important disclosures at the end of this report.

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