# Model Portfolio Report (2022) > Briefs, arguments, decisions, and more. URL: https://www.frixlaw.com/law-library/documents/tribal%3Apyramid_lake%3Aef9f12bb2de3b6a6 ## Record - **Collection:** Tribal code - **Document type:** Tribal code ## Text Model Portfolio Report Pyramid Lake Paiute Minor's Trust Model Portfolio Prepared By: Breakwater Investment Group, LLC 13725 54th Drive SE Everett, WA 98208 United States Source: Morningstar Direct US Broad Market Indexes 9.6 9.0 8.8 11.7 13.1 12.3 9.3 8.4 11.3 9.4 6.4 7.3 7.7 10.0 7.8 15.0 12.6 20.0 15.2 As of Date: 12/31/2022 5.0 0.0 -6.9 -6.9 -5.0 -10.0 -20.0 -18.1 -18.1 -15.0 YTD -33.0 -35.0 -40.0 -29.1 -33.0 Return -30.0 -29.1 -25.0 1 Year 3 Years S&P 500 TR 5 Years 10 Years NASDAQ 100 PR USD 15 Years DJ Industrial Average TR USD Wilshire 5000 Growth TR USD US Sector Indexes (Dow Jones) As of Date: 12/31/2022 62.2 70.0 62.2 80.0 60.0 50.0 40.0 -50.0 3 Years 5 Years 10 Years Industrials Health Care Technology Utilities Basic Materials Financials Telecommunications Consumer Goods Consumer Services Energy Source: Morningstar Direct 8.7 11.7 12.3 7.4 5.8 5.2 3.0 8.9 10.4 3.3 -0.7 12.1 14.9 17.0 11.1 8.7 11.5 3.7 10.2 11.3 5.2 6.7 5.6 8.4 7.2 12.0 14.2 9.1 7.0 6.5 7.5 -6.8 -7.6 -13.7 -5.7 1 Year 0.4 1.5 YTD -23.4 -30.3 -40.0 -34.5 -34.5 Return -30.0 -14.0 -20.0 -23.4 -30.3 -14.0 -10.0 -7.6 -13.7 -5.7 -4.5 0.0 -4.5 1.5 10.0 6.3 11.0 9.8 5.8 11.8 4.4 20.0 18.7 30.0 15 Years International Market As of Date: 12/31/2022 -9.2 -10.0 1.0 0.6 1.5 0.6 2.2 3.7 3.9 2.9 4.8 1.8 -1.0 -2.7 -1.0 -2.2 -3.4 -1.2 -1.1 -3.4 -9.2 -5.0 -2.3 -1.5 -2.7 -1.0 -3.0 -3.8 -2.7 0.0 0.0 0.8 5.0 1.9 5.4 6.7 10.0 6.0 9.4 15.0 -30.0 -17.7 -19.7 -28.8 -24.2 -23.4 -17.8 -16.8 -28.8 Return -25.0 -35.0 -17.7 -19.7 -17.8 -24.2 -23.4 -20.0 -16.8 -15.0 YTD 1 Year 3 Years 5 Years 10 Years 15 Years International Large Core International Large Value International Large Growth International Small/Mid Core International Small/Mid Value International Small/Mid Growth Global Stocks Emerging Markets Bond Market As of Date: 12/31/2022 -15.0 15 Years -0.8 0.0 1.3 0.5 -2.2 0.7 0.4 -2.7 10 Years -11.2 -13.0 -12.5 1.2 2.1 2.9 2.3 2.0 -6.9 -3.4 -7.8 -3.8 -11.2 -13.0 -10.0 -8.0 -8.0 -7.5 -7.8 -3.8 -5.0 -3.4 -2.5 -5.7 -0.5 -1.5 0.0 0.0 -1.4 0.0 2.5 2.3 5.0 0.7 0.7 0.0 1.4 0.7 2.2 4.0 1.1 7.5 -17.5 -20.0 -30.0 YTD 1 Year -25.6 -25.2 -27.5 -25.6 -25.0 -25.2 Return -22.5 3 Years 5 Years Short Government Intermediate Government Long Government Short Corporate Intermediate Corporate Long Corporate High Yield Multi-Sector Source: Morningstar Direct 2.7 4.9 6.1 10.0 Model Portfolio Report PERFORMANCE Time Period: 1/1/2020 to 12/31/2022 0-9 Minor's 135.0 Portfolio Date: 7/31/2022 130.0 125.0 120.0 115.0 110.0 105.0 100.0 95.0 90.0 85.0 80.0 % 6/2020 12/2020 6/2021 Pyramid Lake Paiute 0-9 Minor's Trust Fund 12/2021 6/2022 12/2022 CASH/MONEY MARKET 2.0 FIXED INCOME 18.0 US EQUITY 43.0 INTL EQUITY 19.0 ALTS/SPECIALTY Total 18.0 100.0 0-9 Minor's Return Last 3 Months 8.07 YTD -13.22 1 Year -13.22 3 Year 4.47 0-9 Minor's Portfolio Date: 7/31/2022 Portfolio Weighting % Vanguard S&P 500 ETF 15.00 Janus Henderson Overseas I 12.00 Boston Partners All Cap Value Instl 8.00 CIBC Atlas All Cap Growth Institutional 8.00 JPMorgan Emerging Markets Equity L 7.00 PIMCO Income Instl 7.00 Vanguard Mid-Cap ETF 7.00 BlackRock Systematic Multi-Strat Instl 6.00 Cohen & Steers Realty Shares L 6.00 SPDR® SSgA Multi-Asset Real Return ETF 6.00 Invesco Impact Invt Grade Govt Crdt Int 5.00 Schwab Small Cap Index 5.00 Vanguard Interm-Term Corp Bd ETF 3.00 Vanguard Short-Term Corporate Bond ETF 3.00 CASH 2.00 Source: Morningstar Direct Model Portfolio Report PERFORMANCE 130.0 10-12 Minor's 125.0 Portfolio Date: 7/31/2022 120.0 115.0 110.0 105.0 100.0 95.0 90.0 85.0 80.0 % 6/2020 12/2020 6/2021 Pyramid Lake Paiute 10-12 Minor's Trust Fund 12/2021 6/2022 12/2022 CASH/MONEY MARKET 3.0 FIXED INCOME 32.0 US EQUITY 32.0 INTL EQUITY 17.0 ALTS/SPECIALTY Total 16.0 100.0 10-12 Minor's Return Last 3 Months 7.14 YTD -11.78 1 Year -11.78 3 Year 3.62 10-12 Minor's Portfolio Date: 7/31/2022 Portfolio Weighting % Vanguard S&P 500 ETF 13.00 PIMCO Income Instl 12.00 Janus Henderson Overseas I 11.00 Invesco Impact Invt Grade Govt Crdt Int 10.00 JPMorgan Emerging Markets Equity L 6.00 SPDR® SSgA Multi-Asset Real Return ETF 6.00 BlackRock Systematic Multi-Strat Instl 5.00 Boston Partners All Cap Value Instl 5.00 CIBC Atlas All Cap Growth Institutional 5.00 Cohen & Steers Realty Shares L 5.00 Vanguard Interm-Term Corp Bd ETF 5.00 Vanguard Mid-Cap ETF 5.00 Vanguard Short-Term Corporate Bond ETF 5.00 Schwab Small Cap Index 4.00 CASH 3.00 Source: Morningstar Direct Model Portfolio Report PERFORMANCE 125.0 13-15 Minor's Portfolio Date: 7/31/2022 120.0 115.0 110.0 105.0 100.0 95.0 90.0 % 85.0 6/2020 12/2020 6/2021 Pyramid Lake Paiute 13-15 Minor's Trust Fund 12/2021 6/2022 12/2022 CASH/MONEY MARKET 5.0 FIXED INCOME 45.0 US EQUITY 23.0 INTL EQUITY 12.0 ALTS/SPECIALTY Total 15.0 100.0 13-15 Minor's Return Last 3 Months 5.84 YTD -10.55 1 Year -10.55 3 Year 2.70 13-15 Minor's Portfolio Date: 7/31/2022 Portfolio Weighting % PIMCO Income Instl 17.00 Invesco Impact Invt Grade Govt Crdt Int 14.00 Vanguard S&P 500 ETF 10.00 Janus Henderson Overseas I 8.00 Vanguard Interm-Term Corp Bd ETF 7.00 Vanguard Short-Term Corporate Bond ETF 7.00 BlackRock Systematic Multi-Strat Instl 5.00 CASH 5.00 Cohen & Steers Realty Shares L 5.00 SPDR® SSgA Multi-Asset Real Return ETF 5.00 JPMorgan Emerging Markets Equity L 4.00 Vanguard Mid-Cap ETF 4.00 Boston Partners All Cap Value Instl 3.00 CIBC Atlas All Cap Growth Institutional 3.00 Schwab Small Cap Index 3.00 Source: Morningstar Direct Model Portfolio Report PERFORMANCE 117.5 16+ Minor's 115.0 Portfolio Date: 7/31/2022 112.5 110.0 107.5 105.0 102.5 100.0 97.5 95.0 92.5 90.0 % 6/2020 12/2020 6/2021 Pyramid Lake Paiute 16+ Minor's Trust Fund 12/2021 6/2022 12/2022 CASH/MONEY MARKET 7.0 FIXED INCOME 60.0 US EQUITY 13.0 INTL EQUITY 9.0 ALTS/SPECIALTY 11.0 Total 100.0 16+ Minor's Return Last 3 Months 4.70 YTD -9.38 1 Year -9.38 3 Year 1.62 16+ Minor's Portfolio Date: 7/31/2022 Portfolio Weighting % PIMCO Income Instl 23.00 Invesco Impact Invt Grade Govt Crdt Int 19.00 Vanguard Interm-Term Corp Bd ETF 9.00 Vanguard Short-Term Corporate Bond ETF 9.00 Vanguard S&P 500 ETF 8.00 CASH 7.00 Janus Henderson Overseas I 6.00 Cohen & Steers Realty Shares L 4.00 SPDR® SSgA Multi-Asset Real Return ETF 4.00 BlackRock Systematic Multi-Strat Instl 3.00 JPMorgan Emerging Markets Equity L 3.00 Vanguard Mid-Cap ETF 3.00 Schwab Small Cap Index 2.00 Source: Morningstar Direct Morningstar DirectSM | Print Date: 1/7/2023 Client: PLPT Id Name Morningstar Rating Overall 1 2 3 4 5 Vanguard Short-Term Corporate Bond ETF Vanguard Interm-Term Corp Bd ETF Invesco Impact Invt Grade Govt Crdt Int PIMCO Income Instl Boston Partners All Cap Value Instl QQQQ QQQQ QQQ QQQQQ QQQQ 0.04 -0.61 1.83 -0.20 -4.06 1.86 3.51 -1.26 3.41 14.14 -5.71 -14.06 -7.55 -7.81 -2.42 -5.71 -14.06 -7.66 -7.81 -2.42 -0.44 -2.47 -0.69 0.03 8.46 1.25 0.76 1.14 1.69 7.53 4.31 8.91 3.38 7.35 22.55 QQQ QQQQ QQQQ QQQ QQQ -6.57 -5.76 -5.35 -6.49 -0.45 2.61 7.55 9.03 6.23 19.00 -29.69 -18.15 -18.68 -20.42 -8.67 -29.69 -18.15 -18.68 -20.42 -8.67 4.53 7.61 6.18 3.15 6.46 9.74 9.38 7.33 4.19 5.39 22.60 21.17 23.61 26.39 21.96 QQQQ 11 JPMorgan Emerging Markets Equity L QQQQQ 12 Cohen & Steers Realty Shares L 13 SPDR® SSgA Multi-Asset Real Return ETF QQQ QQQQ 14 BlackRock Systematic Multi-Strat Instl 15 Bloomberg US Agg Bond TR USD -2.58 -5.25 -2.81 -0.02 -0.45 11.12 3.72 10.12 2.85 1.87 -25.68 -24.96 7.61 -3.09 -13.01 -25.68 -24.96 7.61 -3.09 -13.01 -3.46 1.29 9.51 2.15 -2.71 -0.01 5.76 6.12 3.31 0.02 23.05 21.95 18.80 5.29 5.85 16 S&P 500 TR USD -5.76 7.56 -18.11 -18.11 7.66 9.42 21.16 6 CIBC Atlas All Cap Growth Institutional 7 Vanguard S&P 500 ETF 8 Vanguard Mid-Cap ETF 9 Schwab Small Cap Index 10 Janus Henderson Overseas I Total Ret Total Ret Total Ret Total Ret Total Ret Total Ret Std Dev 1 Mo 3 Mo YTD 1 Yr Annlzd 3 Yr Annlzd 5 Yr 3 Yr (Qtr-End) (Mo-End) (Mo-End) (Mo-End) (Mo-End) (Mo-End) (Mo-End) © Morningstar 2023. 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Past financial performance is no guarantee of future results. ß ® Release date 12-31-2022 Page 1 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Vanguard Short-Term Corporate Bond ETF (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -2.38 -0.61 -3.71 5.57 0.79 -1.94 0.89 0.10 -1.97 1.06 -0.69 1.86 5.08 -0.41 -5.71 1 Yr 3 Yr 5 Yr 10 Yr Incept Std Mkt 12-31-22 -5.62 Std NAV 12-31-22 -5.71 Mkt Total Ret -5.62 NAV Total Ret -5.71 +/- Std Index 7.30 +/- Cat Index -2.02 % Rank Cat 69 No. in Cat 586 — — -0.47 -0.44 2.27 -0.13 53 539 1.27 1.25 1.27 1.25 1.22 0.33 24 479 1.56 1.59 1.56 1.59 0.53 0.71 12 348 2.26 2.28 2.26 2.28 — — Trailing Returns Unsubsidized 5.03 4.99 30-day SEC Yield 2023-01-06 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-662-7447 or visit www.vanguard.com. Fees and Expenses Fund Expenses Management Fees % Annual Report Net Expense Ratio % Annual Report Gross Expense Ratio % 12b1 Expense % 07-08-2022 0.03 0.04 0.04 NA 2 2 2 2 2 2 2 2 2 2 2 100 99 98 99 99 99 100 99 96 94 91 99 40k 20k 10k 4Q +Avg +Avg 3 Yr 5 Yr 10 Yr Standard Deviation NAV Standard Deviation MKT Mean NAV Mean MKT Sharpe Ratio 4.31 4.18 -0.44 -0.47 -0.28 3.51 3.44 1.25 1.27 -0.01 2.69 2.64 1.59 1.56 0.30 MPT Statistics Standard Index NAV Alpha Beta R-Squared 12-Month Yield Potential Cap Gains Exp Leveraged Leverage Type Leverage % Primary Prospectus Benchmark 0.73 0.57 58.89 Best Fit Index Morningstar US Corp Bd TR USD 0.25 0.43 87.21 2.02% — No — 100.00 Bloomberg USD Corp Bd 1-5 Yr TR USD & & & ( & & ( ( Performance Quartile (within category) 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 12-22 History 1.38 1.37 3.40 0.73 15 458 0.24 1.82 1.96 -4.01 1.19 12 524 0.14 1.26 1.25 0.70 0.60 3 559 0.10 2.60 2.63 -0.02 1.35 25 522 0.18 2.17 2.45 -1.09 1.60 15 513 0.12 0.92 0.91 0.90 -0.69 62 530 0.04 7.02 6.85 -1.87 2.82 6 569 0.11 5.13 5.08 -2.43 1.75 17 574 0.24 -0.63 -0.41 1.13 0.06 59 608 0.05 -5.62 -5.71 7.30 -2.02 69 586 — Mkt Total Ret % NAV Total Ret % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Avg Prem/Discount % Portfolio Analysis 11-30-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 0.68 0.00 0.00 99.21 0.10 0.68 0.00 0.00 99.21 0.10 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth Portfolio Statistics Port Rel Avg Index Rel Cat P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil — — — — — — — — — — — — Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price 3.00 2.70 — 95.16 Credit Quality Breakdown — Bond % AAA AA A 0.96 6.43 47.50 BBB BB B 45.06 0.00 0.00 Below B NR 0.04 0.01 Regional Exposure Share Chg since 10-2022 Share Amount Holdings : 0 Total Stocks , 2,212 Total Fixed-Income, 50% Turnover Ratio T T T T T 121 mil 107 mil 106 mil 117 mil 95 mil The Boeing Company 2.196% Charter Communications Operating, Microsoft Corporation 3.3% Bank of America Corporation 1.734% Dell International L.L.C. and EMC 0.23 0.22 0.21 0.21 0.20 T T T T T 110 mil 98 mil 94 mil 98 mil 95 mil JPMorgan Chase & Co. 1.578% Goldman Sachs Group, Inc. 3.5% JPMorgan Chase & Co. 4.851% Wells Fargo & Company 3% Visa Inc 3.15% 0.20 0.20 0.19 0.19 0.19 T T T T T 97 mil 92 mil 96 mil 97 mil 95 mil Morgan Stanley 3.125% Bank of America Corporation 3.5% Citigroup Inc. 3.07% Goldman Sachs Group, Inc. 2.64% Magallanes Inc. 3.755% 0.19 0.18 0.18 0.18 0.18 Sector Weightings Low 4Q +Avg +Avg & 5.57 5.74 1.52 4.48 16 413 0.37 Med 3Q +Avg Avg Vanguard Short-Term Corporate Bond ETF 12,742 Category Average 11,518 Standard Index 12,484 2011 High Morningstar Rating Morningstar Risk Morningstar Return Growth of $10,000 3.05 2.94 -4.90 1.35 13 405 0.33 Small 10 Yr 348 funds & Mid 5 Yr 479 funds Fixed-Income Bond % 4k & Large 3 Yr 539 funds US Fund Short-Term Bond Investment Style 100k 80k 60k Risk and Return Profile TM Morningstar Cat Bloomberg US Bloomberg US Agg Bond TR USD Govt/Credit 1-3 Yr TR USD 2 & Subsidized QQQQ 539 US Fund Short-Term Bond Œ Category Index Stocks % Rel Std Index Americas Greater Europe Greater Asia — — — — — — Ticker: Incept: Expiration Date: Exchange: NAV: Prem/Discount: VCSH 11-19-2009 — NASDAQ - ALL MARKETS 75.11 0.11 Stocks % Net Assets % Rel Std Index h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate — — — — — — — — — — j Sensitive i Communication Services o Energy p Industrials a Technology — — — — — — — — — — k Defensive s Consumer Defensive d Healthcare f Utilities — — — — — — — — Operations Family: Manager: Tenure: Total Assets: Shares Outstanding: Type: Vanguard Joshua Barrickman 13.2 Years $40,816.0 mil 539.68 mil ETF Mkt Price: Base Currency: Legal Structure: Backing Bank: 75.19 USD Open Ended Investment Company Vanguard Group Inc ©2023 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. ® ß Release date 12-31-2022 Page 2 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Vanguard Interm-Term Corp „ 07-07-2022 Bd ETF (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -3.97 -3.95 -6.96 9.65 3.06 -6.37 1.71 0.04 -4.69 2.29 9.55 -0.49 -1.46 3.51 -14.06 1 Yr 3 Yr 5 Yr 10 Yr Incept Std Mkt 12-31-22 -13.98 Std NAV 12-31-14.06 22 Mkt Total Ret -13.98 NAV Total Ret -14.06 +/- Std Index -1.05 +/- Cat Index 1.70 % Rank Cat 22 No. in Cat 214 — 0.73 2.05 3.77 — 0.76 2.08 3.80 -2.57 -2.47 0.24 0.41 36 193 0.73 0.76 0.74 0.31 26 170 2.05 2.08 1.02 0.12 29 99 3.77 3.80 — — Trailing Returns Subsidized Unsubsidized 5.26 5.25 30-day SEC Yield 2023-01-06 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-662-7447 or visit www.vanguard.com. Fees and Expenses Fund Expenses Management Fees % Annual Report Net Expense Ratio % Annual Report Gross Expense Ratio % 12b1 Expense % 0.03 0.04 0.04 NA 8 5 8 5 5 5 5 5 5 5 5 97 99 100 100 99 99 99 99 95 96 96 100 40k 20k 10k * 3 Yr 5 Yr 10 Yr 8.91 9.15 -2.47 -2.57 -0.33 7.38 7.60 0.76 0.73 -0.04 5.97 6.13 2.08 2.05 0.24 Standard Deviation NAV Standard Deviation MKT Mean NAV Mean MKT Sharpe Ratio Standard Index NAV Alpha Beta R-Squared 12-Month Yield Potential Cap Gains Exp Leveraged Leverage Type Leverage % Primary Prospectus Benchmark Best Fit Index Bloomberg US Corp Bond TR USD 1.53 1.31 74.30 0.14 0.93 97.24 3.03% — No — 100.00 Bloomberg US Credit Corp 5-10 Yr TR USD ( ( * * ( Growth of $10,000 Vanguard Interm-Term Corp Bd ETF 14,767 Category Average 14,188 Standard Index 12,484 ( & Performance Quartile (within category) 12-22 History 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 10.53 11.36 7.14 1.54 47 134 0.53 -1.94 -1.80 0.22 -0.27 78 145 0.14 7.66 7.47 1.50 0.00 30 169 0.26 0.92 0.88 0.33 1.56 8 177 0.17 5.26 5.30 2.65 -0.81 67 199 0.26 5.31 5.50 1.96 -0.91 60 227 0.22 -1.73 -1.75 -1.76 0.75 34 250 0.12 14.10 13.97 5.25 -0.57 50 217 0.22 9.46 9.55 2.04 -0.34 57 206 0.34 -1.77 -13.98 -1.46 -14.06 0.08 -1.05 -0.42 1.70 72 22 211 214 0.02 — Mkt Total Ret % NAV Total Ret % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Avg Prem/Discount % Portfolio Analysis 11-30-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 0.06 0.00 0.00 99.85 0.09 0.06 0.00 0.00 99.85 0.09 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Blend Growth Portfolio Statistics Port Rel Avg Index Rel Cat P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil — — — — — — — — — — — — Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price 7.50 6.23 — 89.14 Credit Quality Breakdown — Bond % AAA AA A 0.26 4.34 41.06 BBB BB B 54.42 0.00 0.00 Below B NR 0.00 -0.08 Regional Exposure Share Chg since 10-2022 Share Amount Holdings : 0 Total Stocks , 2,011 Total Fixed-Income, 58% Turnover Ratio T T Y T Y 179 mil 137 mil 126 mil 101 mil 131 mil T-Mobile USA, Inc. 3.875% AbbVie Inc. 3.2% JPMorgan Chase & Co. 4.912% Deutsche Telekom International Fin Bank of America Corporation 3.419% 0.40 0.31 0.30 0.30 0.29 T T T T T 121 mil 134 mil 137 mil 118 mil 130 mil Bank of America Corporation 5.015% Magallanes Inc. 4.279% Verizon Communications Inc. 2.355% Citigroup Inc. 4.412% Bank of America Corporation 2.687% 0.29 0.28 0.27 0.27 0.26 T T Y T Y 109 mil 103 mil 102 mil 99 mil 116 mil Wells Fargo & Company 4.897% The Boeing Company 5.15% Verizon Communications Inc. 4.329% Anheuser-Busch InBev Worldwide Inc Verizon Communications Inc. 2.55% 0.26 0.25 0.24 0.24 0.24 Sector Weightings Low 4Q Avg +Avg & 2011 Med 4Q -Avg +Avg * 8.96 7.94 0.10 -0.20 30 127 0.56 High 3Q -Avg Avg Morningstar Rating Morningstar Risk Morningstar Return MPT Statistics ) Small 10 Yr 99 funds Fixed-Income Bond % 4k * Mid 5 Yr 170 funds Investment Style 100k 80k 60k Large 3 Yr 193 funds Morningstar Cat Bloomberg US Bloomberg US Corp US Fund Corporate Agg Bond TR USD Bond TR USD Bond 8 Risk and Return Profile TM QQQQ 193 US Fund Corporate Bond Category Index Stocks % Rel Std Index Americas Greater Europe Greater Asia — — — — — — Ticker: Incept: Expiration Date: Exchange: NAV: Prem/Discount: VCIT 11-19-2009 — NASDAQ - ALL MARKETS 77.46 0.06 Stocks % Net Assets % Rel Std Index h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate — — — — — — — — — — j Sensitive i Communication Services o Energy p Industrials a Technology — — — — — — — — — — k Defensive s Consumer Defensive d Healthcare f Utilities — — — — — — — — Operations Family: Manager: Tenure: Total Assets: Shares Outstanding: Type: Vanguard Joshua Barrickman 13.2 Years $40,400.7 mil 511.21 mil ETF Mkt Price: Base Currency: Legal Structure: Backing Bank: 77.51 USD Open Ended Investment Company Vanguard Group Inc ©2023 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. ® ß Release date 11-30-2022 Page 3 of 34 TM Invesco Impact Invt Grade Govt Crdt Int (USD) Overall Morningstar Rating Standard Index QQQ Bloomberg US Bloomberg US Agg Bond TR USD Govt/Credit 1-3 Yr TR USD 100k 80k 60k Customization Exclude securities Modify sector weightings Consult with portfolio manager Consult with portfolio administrator Tax Lot Harvest Rpt to Financial Professional Access daily portfolio holdings Access daily performance Access daily risk/MPT stats Annual tax document — — — — — Tax-Efficiency Use of tax-optimization software Use of tax-lot trading strategies Ability to harvest tax losses Trades analyzed by holding period Lg-term cap gain use in position chgs Analysis of taxable income streams Sell high cost positions first Short-term gain flag before trade Analysis of loss candidates 20k 4k — — — — — — — — — — — — Performance Quartile (within category) 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 11-22 History — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — — 2 — — — — 18 2.13 1.29 1.86 0.30 8 — — — — 65 — — — — 67 — — — — 123 — — — — 152 — — — — 197 — — — — 251 Rating and Risk Composition % Time Period Morningstar Rtn vs Cat Morningstar Risk vs Cat Morningstar Rating Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 0.56 0.00 0.00 94.54 4.90 0.56 0.00 0.00 94.54 4.90 0.00 0.00 0.00 0.00 0.00 Share Chg since 06-2022 Share Amount Holdings : 0 Total Stocks , 23 Total Fixed-Income, 49% Turnover Ratio 3 Yr 5 Yr 10 Yr — — — — — — 3Q 3Q — Total 100.00 100.00 0.00 Y Y Y Y R 25,000 27,000 20,000 20,000 20,000 Inter-American Development Bank 3. International Bank for Reconstruct Inter-American Development Bank 2. International Bank for Reconstruct International Bank for Reconstruct 9.04 8.37 7.34 7.33 7.14 Gross Performance 11-30-2022 Total 2018 2019 2020 2021 2022 — — — — — — — — — — — — — — — — — — — — — — — — — Y R R R Y 20,000 15,000 15,000 12,000 12,000 International Bank for Reconstruct REGIONAL TRANSN DIST COLO SALES TA VIRGINIA ST HSG DEV AUTH 1.485% International Bank for Reconstruct International Bank for Reconstruct 5.95 5.03 4.86 4.59 3.81 Trailing Net Total Return % +/- Std Index % Rank Cat Growth of $10,000 R Y Y Y Y 10,000 7,000 7,000 7,000 7,000 International Bank for Reconstruct AbbVie Inc. 3.75% Comcast Corporation 3.7% American Tower Corporation 3.375% NextEra Energy Capital Holdings In 3.52 2.69 2.69 2.65 2.65 1 Mo 3 Mo 1 Yr 3 Yr 5 Yr — — — — — — — — — — — — — — — — — — — — Equity Style Market Cap Rel Value Giant Large Medium Small Micro — — — — — Geo Avg Cap($mil) — Blend Growth Value Grades % Med Risk and Return Profile Best Fit Index Bloomberg US Agg Bond TR USD — — — — — — Standard Deviation Mean Sharpe Ratio — — — 12-Month Yield — Low Standard Index Ltd Mod Both 0.25 — — % Avg Eff Duration Avg Eff Maturity Avg Wtd Coupon Avg Wtd Price 3.66 4.05 2.18 91.80 Ext Account Size Breakdown Less than $250,000 $250,000 - $1 million $1 million - $10 million More than $10 million Operations Product Focus: Investment Minimum( $mil): % Portfolios Customized: % Portfolio Tax-Managed: Growth Grades Fixed-Income Style High 4th Qtr Small 3rd Qtr Mid 2nd Qtr +/- Standard Index +/- Category Index Total Rtn % Rank Cat High Low Median Std Dev of Accounts Product Assets $mil Portfolio Analysis 09-30-2022 Large 1st Qtr Total Return % Dispersion Portfolio Manager(s) Alpha Beta R-Squared Invesco Impact Invt Grade Govt Crdt Int $— Category Average $— Standard Index $— 40k — — — — — — — — — Edward Bernhardt Since 09-30-2014,Tim Benzel Since 09-302014 Short-Term Bond Growth of $10,000 10k — — — — Morningstar CategoryTM Category Index Address: Phone: Web Address: Total Account Value( $mil) Number of Accounts 0.00 0.00 0.00 572.36 0 0 0 2 Invesco Ltd 1555 Peachtree Street NE Suite 1800 404-892-0896 www.invesco.com Sector Weightings Stocks % Net Assets % Rel Std Index h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate — — — — — — — — — — j Sensitive i Communication Services o Energy p Industrials a Technology — — — — — — — — — — k Defensive s Consumer Defensive d Healthcare f Utilities — — — — — — — — Date of Inception: GIPS Compliance Date: No. of Accounts: Total Assets: 2014-09-30 2003-01-01 63 $250.81 mil ©2023 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. ® ß Release date 12-31-2022 Page 4 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index PIMCO Income Instl (USD) QQQQQ 290 US Fund Multisector Bond Œ 05-15-2022 Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -7.66 -0.17 -4.20 6.48 2.01 -5.18 3.01 0.58 -1.86 4.46 0.17 3.41 5.80 2.61 -7.81 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -7.81 -7.81 -7.81 0.03 — 0.03 1.69 1.69 1.69 4.00 4.00 4.00 6.62 6.62 6.62 +/- Std Index +/- Cat Index 5.20 5.19 2.74 2.57 1.67 1.51 2.94 2.67 — — % Rank Cat 23 25 20 1 No. in Cat 343 290 253 148 Unsubsidized — 4.83 — 4.83 7-day Yield 30-day SEC Yield 11-30-22 Performance Disclosure 0 0 0 0 0 0 0 0 0 2 2 94 88 87 72 69 73 68 72 65 57 88 66 40k 20k 10k & & & & * & 2015 2016 2017 2018 2019 2020 2021 12-22 History 11.73 2.63 2.08 2.20 3 304 12.06 8.72 6.07 4.81 31 299 12.41 8.60 5.06 4.51 10 321 11.81 0.58 0.57 0.84 18 326 12.04 8.05 -0.67 -1.24 78 302 12.11 5.80 -1.71 -1.78 47 336 11.94 2.61 4.15 3.71 45 339 10.35 -7.81 5.20 5.19 23 343 NAV/Price Total 100.00 364.17 264.17 Equity Style Value Blend Growth Large Mid Small Ltd Mod Ext 10 Yr 7.35 0.03 -0.08 5.85 1.69 0.09 4.68 4.00 0.69 Standard Index 2.17 0.79 40.02 12-Month Yield Potential Cap Gains Exp Best Fit Index JPM EMBI Global Diversified TR USD 2.22 0.52 91.05 6.39% -6.57% Port Rel Avg Index Rel Cat P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil — — — — — — — — — — — — Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price 5.17 3.22 — 88.04 Low Alpha Beta R-Squared 5 Yr Med MPT Statistics High Standard Deviation Mean Sharpe Ratio 3 Yr Portfolio Statistics Fixed-Income Style Risk and Return Profile 5Q -Avg High Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 09-30-2022 Fund Expenses 4Q -Avg +Avg Performance Quartile (within category) 2014 Fees and Expenses 4Q Avg +Avg & 12.33 7.18 1.21 1.62 7 276 Short % Morningstar RatingTM Morningstar Risk Morningstar Return * 2013 145.56 0.00 0.00 118.61 0.00 10 Yr 148 funds * 12.26 4.80 6.83 6.15 18 308 Long % 5 Yr 253 funds ) 2012 119.92 1.15 0.36 241.21 1.53 3 Yr 290 funds & 12.36 22.17 17.95 16.63 1 283 Net % 0.50 NA 0.51 0.51 PIMCO Income Instl 19,235 Category Average 14,085 Standard Index 12,484 2011 -25.64 1.15 0.36 122.60 1.53 Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Growth of $10,000 10.85 6.36 -1.48 -1.04 7 250 Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd NA NA Fixed-Income Bond % 4k Asset Allocation % Front-End Load % Deferred Load % US Fund Multisector Bond Investment Style 100k 80k 60k The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 888-877-4626 or visit www.pimco.com. Sales Charges Morningstar Cat Bloomberg US Bloomberg US Agg Bond TR USD Universal TR USD 0 & Subsidized Category Index Bond % AAA AA A 41.00 9.07 4.04 BBB BB B 17.13 14.90 4.78 Below B NR 9.10 0.00 Americas Greater Europe Greater Asia Share Amount Holdings : 23 Total Stocks , 6,325 Total Fixed-Income, 319% Turnover Ratio Y T R Y R 91,065 642 mil 3,150 mil 21,145 2,669 mil 10 Year Treasury Note Future Dec 22 Pimco Fds Federal National Mortgage Associat US Treasury Bond Future Dec 22 Federal National Mortgage Associat -8.95 5.47 2.57 -2.35 2.11 Y R 15,493 1,693 mil 1,607 mil 1,560 mil 1,484 mil Fin Fut Us Ultra 30Yr Cbt 12/20/22 United States Treasury Notes 3.875% United States Treasury Notes 2.375% CITIGROUP MORTGAGE LOAN TRUST 2021 CSMC TRUST 3.25522% -1.86 1.48 1.28 1.20 1.19 1,215 mil 1,451 mil 1,388 mil 11,288 41 mil Durham Mortgages B PLC 2.44721% United States Treasury Notes 0.25% United States Treasury Notes 0.125% Fin Fut Uk Gilt Ice 12/28/22 At&T Mobility II LLC 7% 1.18 1.15 1.07 -1.07 0.92 Y Y Y T T Y Sector Weightings Credit Quality Breakdown 09-30-2022 Regional Exposure Share Chg since 06-2022 Stocks % Rel Std Index 75.9 24.1 0.0 — — — Stocks % Net Assets % Rel Std Index h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate 60.5 — 0.0 0.0 20.4 40.0 — — — — j Sensitive i Communication Services o Energy p Industrials a Technology 39.5 — 24.1 15.4 0.0 0.0 — — — — k Defensive s Consumer Defensive d Healthcare f Utilities 0.0 — 0.0 0.0 0.0 — — — Operations Family: Manager: Tenure: Objective: PIMCO Multiple 15.8 Years Multisector Bond Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD PIMIX US72201F4900 $1 mil Purchase Constraints: Incept: Type: Total Assets: A 03-30-2007 MF $111,406.02 mil ©2023 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. ® ß Release date 12-31-2022 Page 5 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Boston Partners All Cap Value Instl (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -28.57 15.81 11.80 6.35 0.18 -10.51 4.95 19.93 4.12 -1.92 7.69 25.59 -4.65 14.14 -2.42 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Load-adj Mthly Std 12-31-2022 Total Return -2.42 -2.42 -2.42 8.46 — 8.46 7.53 11.86 10.37 7.53 11.86 10.37 7.53 11.86 10.37 +/- Std Index +/- Cat Index 15.69 5.11 0.80 2.50 -1.89 0.87 -0.70 1.57 % Rank Cat 22 24 42 9 No. in Cat 1229 1155 1099 819 09-07-2022 1 1 1 1 1 1 1 1 1 1 1 1 97 98 97 98 97 99 97 98 96 100 99 98 — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 888-261-4073 or visit www.robecoinvest.com. Fees and Expenses 4k * & 2014 2015 2016 2017 22.44 12.23 -1.45 -1.22 23 1290 21.24 0.95 -0.43 4.78 6 1378 23.48 14.82 2.86 -2.52 44 1268 26.52 21.97 17.87 -11.87 -3.97 -7.49 4.20 -3.60 29 84 1260 1244 10 Yr 22.55 8.46 0.43 20.15 7.53 0.40 16.16 11.86 0.73 MPT Statistics Standard Index Best Fit Index Russell 1000 Value TR USD Alpha Beta R-Squared 1.32 0.97 83.07 2.29 1.04 98.05 12-Month Yield Potential Cap Gains Exp — 41.19% & * 2019 2020 27.37 28.04 27.88 4.12 -3.61 -14.28 1.34 1.32 24 37 1209 1200 & Performance Quartile (within category) 2021 12-22 History 33.35 25.59 -3.12 0.43 56 1207 29.98 -2.42 15.69 5.11 22 1229 NAV/Price ( Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 10-31-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 1.74 92.65 5.61 0.00 0.00 1.74 93.23 5.61 0.00 0.00 0.00 0.58 0.00 0.00 0.00 Total 100.00 100.58 0.58 Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 14.2 11.5 2.3 47537 0.75 0.81 0.64 0.29 Rel Cat 0.95 1.03 0.91 0.41 Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Low 5 Yr 2018 2013 Med 3 Yr ) 21.01 39.12 6.74 6.60 5 1213 High 4Q +Avg High * 2012 Small Standard Deviation Mean Sharpe Ratio 3Q +Avg Avg * 15.69 15.83 -0.18 -1.68 37 1208 10 Yr 819 funds 4Q +Avg +Avg & 2011 Mid 0.70 NA 0.80 0.86 & 13.86 -1.38 -3.50 -1.77 53 1258 Risk and Return Profile Morningstar Rating Morningstar Risk Morningstar Return Boston Partners All Cap Value Instl 35,039 Category Average 29,099 Standard Index 38,680 10k Large NA NA 3 Yr 5 Yr 1,155 funds 1,099 funds Growth of $10,000 20k Fund Expenses TM Equity Stocks % 40k Equity Style Sales Charges Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Investment Style 100k 80k 60k ( — — Morningstar Cat Russell 1000 Value US Fund Large Value TR USD — — Unsubsidized Front-End Load % Deferred Load % S&P 500 TR USD Incept Subsidized 7-day Yield 30-day SEC Yield QQQQ 1,155 US Fund Large Value „ Category Index Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Americas Greater Europe Greater Asia Share Amount Holdings : 137 Total Stocks , 0 Total Fixed-Income, 29% Turnover Ratio Stocks % Rel Std Index 95.1 4.3 0.6 0.96 3.96 18.06 Net Assets % Y Y Y Y Y 260,899 857,968 195,818 48,309 545,174 Johnson & Johnson Bank of America Corp AbbVie Inc UnitedHealth Group Inc Pfizer Inc 3.08 2.10 1.95 1.82 1.72 Y Y Y Y Y 44,476 186,168 402,308 523,826 214,467 Elevance Health Inc JPMorgan Chase & Co American International Group Inc Sanofi SA ADR Merck & Co Inc 1.65 1.59 1.56 1.54 1.47 Y Y Y Y Y 248,105 258,517 95,926 248,620 73,089 Medtronic PLC Bristol-Myers Squibb Co Visa Inc Class A Charles Schwab Corp Amgen Inc 1.47 1.36 1.35 1.34 1.34 Sector Weightings Credit Quality Breakdown — Regional Exposure Share Chg since 09-2022 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Rel Std Index 35.3 1.23 3.2 8.8 23.3 0.0 1.31 0.92 1.68 0.00 38.6 0.87 2.3 8.8 12.7 14.8 0.31 1.69 1.40 0.64 26.1 0.98 2.2 23.9 0.0 0.29 1.50 0.00 Operations Family: Manager: Tenure: Objective: Base Currency: Boston Partners Duilio Ramallo 15.1 Years Growth and Income USD Ticker: ISIN: Minimum Initial Purchase: Min Auto Investment Plan: Purchase Constraints: BPAIX US7492551392 $100,000 $5,000 — Incept: Type: Total Assets: 07-01-2002 MF $1,365.24 mil ©2023 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. ® ß Release date 12-31-2022 Page 6 of 34 CIBC Atlas All Cap Growth Institutional (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 2020 2021 2022 -16.28 26.55 12.61 8.76 29.76 0.31 10.05 2.38 10.77 25.20 -10.92 -19.94 -3.92 2.61 -29.69 Trailing Returns 3rd Qtr 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -29.69 -29.69 -29.69 4.53 — 4.53 9.74 11.24 9.74 11.24 9.74 11.24 7.98 7.98 7.98 +/- Std Index +/- Cat Index -11.58 -0.56 -3.13 -3.25 0.31 -1.23 -1.32 -2.86 — — % Rank Cat 50 61 32 66 No. in Cat 1235 1131 1054 804 ‰Q Unsubsidized 0.00 — — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 855-328-3863 or visit www.hamlinfunds.com. Fees and Expenses NA NA 7 7 7 7 7 7 7 100 99 99 100 100 100 100 95 97 98 99 97 40k 20k 10k ) 3 Yr 5 Yr 10 Yr 22.60 4.53 0.27 20.44 9.74 0.49 16.79 11.24 0.67 MPT Statistics Standard Index Best Fit Index Morningstar US LM Brd Growth TR USD Alpha Beta R-Squared -2.72 1.01 89.37 -0.84 0.90 94.45 12-Month Yield Potential Cap Gains Exp — 55.99% 2014 2012 2013 22.24 9.56 -6.45 -5.70 95 1681 30.08 25.95 35.25 -3.00 2.86 -16.69 1.77 -16.05 35 99 1712 1710 * ) & 2015 2016 2017 2018 2019 25.31 23.35 5.73 -0.45 4.35 -12.41 0.07 -7.53 34 81 1681 1463 27.81 32.06 10.23 1.85 22 1363 23.59 2.45 6.83 3.96 12 1405 29.11 35.99 4.50 -0.40 21 1360 Growth of $10,000 CIBC Atlas All Cap Growth Institutional 30,298 Category Average 33,023 Standard Index 38,680 & & * * Performance Quartile (within category) 2020 2021 12-22 History 35.00 29.76 11.36 -8.73 62 1289 39.36 25.89 25.20 -29.69 -3.50 -11.58 -2.40 -0.56 32 50 1237 1235 ( NAV/Price Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 10-31-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 2.88 93.05 4.07 0.00 0.00 2.88 93.05 4.07 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 28.0 21.4 5.5 75188 1.47 1.51 1.54 0.47 Rel Cat 1.09 1.12 0.80 0.26 Ltd Mod Ext Share Chg since 07-2022 Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Americas Greater Europe Greater Asia Holdings : 47 Total Stocks , 110 Total Fixed-Income, 66% Turnover Ratio Stocks % Rel Std Index 95.8 4.2 0.0 0.97 3.83 0.00 Net Assets % 59,230 81,926 139,763 21,652 23,546 Palo Alto Networks Inc Amazon.com Inc Brown & Brown Inc Eli Lilly and Co Mastercard Inc Class A 5.06 4.18 4.09 3.90 3.85 Y Y Y 21,977 22,143 112,344 11,672 66,557 Martin Marietta Materials Inc S&P Global Inc AstraZeneca PLC ADR Elevance Health Inc Blackstone Inc 3.68 3.54 3.29 3.18 3.02 6 mil 12,877 38,220 62,135 20,455 First American Government Obligs X Roper Technologies Inc EOG Resources Inc CoStar Group Inc Intuitive Surgical Inc 2.88 2.66 2.60 2.56 2.51 Y T T Y Sector Weightings Credit Quality Breakdown — Regional Exposure Share Amount Y Y Y Y Y Y Fixed-Income Style Low 3Q Avg Avg ) 2011 Med Standard Deviation Mean Sharpe Ratio 3Q Avg +Avg * 20.30 -4.69 -6.81 -7.34 71 1683 10 Yr 804 funds 3Q Avg Avg Equity Stocks % 4k High Morningstar Rating Morningstar Risk Morningstar Return Investment Style 100k 80k 60k Small 3 Yr 5 Yr 1,131 funds 1,054 funds US Fund Large Growth 7 Risk and Return Profile TM Russell 1000 Growth TR USD S&P 500 TR USD 7 Mid 0.82 NA 0.96 0.96 QQQ 1,131 US Fund Large Growth 7 Fund Expenses Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Morningstar Cat 7 Large Front-End Load % Deferred Load % Category Index 11-30-2022 Equity Style Sales Charges Overall Morningstar RatingTM Standard Index 7 ( Subsidized 7-day Yield 01-06-23 30-day SEC Yield Morningstar Quantitative RatingTM Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Rel Std Index 41.0 1.43 6.0 9.2 21.9 4.0 2.44 0.96 1.58 1.43 35.6 0.80 1.9 4.3 9.5 19.9 0.26 0.82 1.05 0.86 23.4 0.87 1.5 21.9 0.0 0.20 1.37 0.00 Operations Family: Manager: Tenure: Objective: Base Currency: CIBC Private Wealth Management Multiple 15.3 Years Growth USD Ticker: ISIN: Minimum Initial Purchase: Minimum IRA Purchase: Purchase Constraints: AWGIX US00769G1702 $250,000 $250,000 — Incept: Type: Total Assets: 09-28-2007 MF $179.08 mil ©2023 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. ® ß Release date 12-31-2022 Page 7 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Vanguard S&P 500 ETF (USD) Œ QQQQ 1,223 US Fund Large Blend 02-07-2022 Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 2020 2021 2022 -19.63 20.54 6.17 8.54 -4.61 -16.11 8.93 12.15 18.35 0.57 11.01 28.66 -4.90 7.55 -18.15 Trailing Returns 1 Yr 3 Yr 4th Qtr Total % 5 Yr 10 Yr 12.52 12.81 Subsidized Unsubsidized 1.69 1.56 12.52 12.81 12.52 12.93 -0.04 — 0.15 — 14 818 The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 866-499-8473 or visit www.vanguard.com. Fees and Expenses Fund Expenses Management Fees % Annual Report Net Expense Ratio % Annual Report Gross Expense Ratio % 12b1 Expense % 0.02 0.03 0.03 NA 4 4 4 4 4 4 4 4 4 4 4 100 100 99 100 100 100 100 99 100 100 100 100 4k & * * 5 Yr 10 Yr 21.17 21.17 7.61 7.62 0.41 18.69 18.65 9.38 9.35 0.50 14.78 14.76 12.52 12.52 0.82 Best Fit Index S&P 500 TR USD -0.04 1.00 100.00 1.69% — No — 100.00 S&P 500 TR USD * * * & * & ( Performance Quartile (within category) 12-22 History 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 16.00 15.98 -0.02 -0.44 35 1686 -0.05 32.39 32.33 -0.06 -0.78 42 1559 -0.03 13.55 13.63 -0.06 0.39 18 1568 -0.02 1.31 1.35 -0.03 0.44 20 1606 0.00 12.17 11.93 -0.03 -0.12 27 1409 0.01 21.77 21.78 -0.05 0.09 29 1396 0.01 -4.50 -4.42 -0.04 0.36 26 1402 0.02 31.35 31.46 -0.03 0.03 24 1387 -0.02 18.29 18.35 -0.05 -2.62 38 1363 -0.02 28.78 -18.19 28.66 -18.15 -0.05 -0.04 2.20 0.98 24 52 1382 1358 0.00 — Mkt Total Ret % NAV Total Ret % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Avg Prem/Discount % Portfolio Analysis 11-30-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 0.37 98.53 1.09 0.00 0.00 0.40 98.53 1.09 0.00 0.00 0.03 0.00 0.00 0.00 0.00 Total 100.00 100.03 0.03 Equity Style Value Portfolio Statistics Blend Growth Port Rel Avg Index P/E Ratio TTM 20.2 P/C Ratio TTM 15.0 P/B Ratio TTM 3.8 Geo Avg Mkt Cap 175688 $mil Rel Cat 1.06 1.02 1.06 0.94 1.06 16.50 1.09 0.73 Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Credit Quality Breakdown — Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Regional Exposure Americas Greater Europe Greater Asia Share Chg since 10-2022 Share Amount Holdings : 503 Total Stocks , 0 Total Fixed-Income, 2% Turnover Ratio Net Assets % T T T T T 346 mil 171 mil 203 mil 137 mil 41 mil Apple Inc Microsoft Corp Amazon.com Inc Alphabet Inc Class A Berkshire Hathaway Inc Class B 6.50 5.53 2.49 1.76 1.67 T T T T T 123 mil 61 mil 21 mil 60 mil 95 mil Alphabet Inc Class C Tesla Inc UnitedHealth Group Inc Johnson & Johnson Exxon Mobil Corp 1.58 1.51 1.49 1.36 1.35 T T T T T 57 mil 67 mil 55 mil 37 mil 24 mil NVIDIA Corp JPMorgan Chase & Co Procter & Gamble Co Visa Inc Class A The Home Depot Inc 1.23 1.18 1.04 1.02 0.97 Sector Weightings Low 3 Yr & 2011 Med 4Q Avg +Avg & 1.89 2.09 -0.02 0.59 17 1786 -0.01 High 4Q Avg +Avg -0.04 1.00 100.00 Vanguard S&P 500 ETF 38,519 Category Average 31,104 Standard Index 38,680 10k Small Alpha Beta R-Squared 12-Month Yield Potential Cap Gains Exp Leveraged Leverage Type Leverage % Primary Prospectus Benchmark Growth of $10,000 20k 10 Yr 818 funds 3Q Avg Avg Standard Index Equity Stocks % 40k Mid MPT Statistics NAV Investment Style 100k 80k 60k Large 3 Yr 5 Yr 1,223 funds 1,116 funds Standard Deviation NAV Standard Deviation MKT Mean NAV Mean MKT Sharpe Ratio US Fund Large Blend 4 Risk and Return Profile Morningstar Rating Morningstar Risk Morningstar Return Russell 1000 TR USD 12.52 12.93 Performance Disclosure TM Morningstar Cat Incept Std Mkt 12-31-22 -18.19 — 9.35 Std NAV 12-31-18.15 — 9.38 22 Mkt Total Ret -18.19 7.62 9.35 NAV Total Ret -18.15 7.61 9.38 +/- Std Index -0.04 -0.05 -0.04 +/- Cat Index 0.98 0.27 0.25 % Rank Cat 52 34 25 No. in Cat 1,358 1,223 1,116 30-day SEC Yield 2023-01-06 S&P 500 TR USD Category Index Stocks % Rel Std Index 98.9 1.1 0.0 1.00 0.98 0.97 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Rel Std Index 29.1 1.01 2.4 10.2 13.8 2.8 0.98 1.06 0.99 0.99 45.2 1.01 7.5 5.1 8.9 23.7 1.02 0.98 0.98 1.03 25.7 0.96 7.4 15.3 3.0 0.97 0.96 0.94 Operations Family: Manager: Tenure: Total Assets: Shares Outstanding: Type: Vanguard Multiple 6.8 Years $266,302.5 mil 746.80 mil ETF Ticker: Incept: Expiration Date: Exchange: NAV: Prem/Discount: VOO 09-07-2010 — NYSE ARCA 351.41 -0.02 Mkt Price: Base Currency: Legal Structure: Backing Bank: 351.34 USD Open Ended Investment Company Vanguard Group Inc ©2023 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. ® ß Release date 12-31-2022 Page 8 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Vanguard Mid-Cap ETF (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 2020 2021 2022 -25.74 24.96 7.19 7.59 -6.32 -16.96 7.94 18.01 18.22 0.01 7.97 24.52 -4.13 9.03 -18.68 Trailing Returns 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Incept Std Mkt 12-31-22 -18.72 Std NAV 12-31-18.68 22 Mkt Total Ret -18.72 NAV Total Ret -18.68 +/- Std Index -0.57 +/- Cat Index -1.37 % Rank Cat 85 No. in Cat 405 — 7.30 11.08 9.21 — 7.33 11.10 9.21 6.16 6.18 -1.48 0.30 56 370 7.30 11.08 7.33 11.10 -2.10 -1.46 0.23 0.14 29 16 342 219 9.21 9.21 — — Subsidized Unsubsidized 1.67 1.54 30-day SEC Yield 2023-01-06 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 866-499-8473 or visit www.vanguard.com. Fees and Expenses Fund Expenses Management Fees % Annual Report Net Expense Ratio % Annual Report Gross Expense Ratio % 12b1 Expense % 0.03 0.04 0.04 NA 08-02-2022 5 5 5 5 5 5 5 5 5 5 5 100 100 100 100 99 100 100 99 100 99 99 4k * ( 3 Yr 5 Yr 10 Yr 23.61 23.55 6.18 6.16 0.34 20.66 20.60 7.33 7.30 0.38 16.31 16.35 11.10 11.08 0.68 Standard Deviation NAV Standard Deviation MKT Mean NAV Mean MKT Sharpe Ratio MPT Statistics * Standard Index NAV Alpha Beta R-Squared 12-Month Yield Potential Cap Gains Exp Leveraged Leverage Type Leverage % Primary Prospectus Benchmark -1.50 1.08 93.61 Best Fit Index Russell Mid Cap TR USD 0.32 0.98 99.60 1.60% — No — 100.00 CRSP US Mid Cap TR USD & & ( & * & & * ) Performance Quartile (within category) 12-22 History 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 -2.08 -1.96 -4.08 -0.42 33 424 0.00 16.22 15.98 -0.02 -1.30 55 412 0.02 35.04 35.15 2.76 0.38 41 399 0.01 13.75 13.76 0.07 0.54 6 369 0.01 -1.35 -1.34 -2.72 1.10 18 432 0.28 11.26 11.23 -0.73 -2.57 72 427 0.01 19.27 19.25 -2.58 0.73 17 443 0.00 -9.22 -9.21 -4.83 -0.15 32 464 0.02 30.97 31.04 -0.45 0.50 13 404 0.01 18.06 18.22 -0.18 1.12 17 407 -0.03 24.69 -18.72 24.52 -18.68 -4.19 -0.57 1.93 -1.37 47 85 391 405 0.02 — Mkt Total Ret % NAV Total Ret % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Avg Prem/Discount % Portfolio Analysis 11-30-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 1.11 97.45 1.43 0.00 0.00 1.11 97.45 1.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Equity Style Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 17.5 13.5 2.9 23610 0.92 0.95 0.81 0.15 Rel Cat 1.14 1.07 7.47 2.25 Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Credit Quality Breakdown — Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Regional Exposure Americas Greater Europe Greater Asia Share Chg since 10-2022 Share Amount Holdings : 353 Total Stocks , 0 Total Fixed-Income, 16% Turnover Ratio T T T T T 13 mil 17 mil 14 mil 6 mil 9 mil Centene Corp Corteva Inc Amphenol Corp Class A Cadence Design Systems Inc DexCom Inc 0.80 0.78 0.77 0.76 0.74 T T T T T 4 mil 15 mil 6 mil 13 mil 3 mil Motorola Solutions Inc Devon Energy Corp Cheniere Energy Inc Microchip Technology Inc Enphase Energy Inc 0.73 0.72 0.71 0.70 0.70 T T T T T 5 mil 4 mil 7 mil 2 mil 6 mil Arthur J. Gallagher & Co IQVIA Holdings Inc Hess Corp Cintas Corp Nucor Corp 0.67 0.65 0.65 0.64 0.63 Sector Weightings Low 4Q Avg +Avg Vanguard Mid-Cap ETF 32,576 Category Average 26,883 Standard Index 38,680 10k Med 4Q Avg +Avg Growth of $10,000 20k High 3Q Avg Avg Morningstar Rating Morningstar Risk Morningstar Return Equity Stocks % 40k Small 10 Yr 219 funds Investment Style 100k 80k 60k Mid 5 Yr 342 funds Morningstar Cat Russell Mid Cap TR US Fund Mid-Cap USD Blend 100 Large 3 Yr 370 funds S&P 500 TR USD 5 Risk and Return Profile TM QQQQ 370 US Fund Mid-Cap Blend Œ Category Index Stocks % Rel Std Index 99.2 0.7 0.2 1.00 0.62 5.52 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Net Assets % Rel Std Index 36.9 1.29 5.0 10.1 12.8 9.0 2.04 1.06 0.92 3.21 39.5 0.89 3.6 5.8 12.6 17.5 0.49 1.11 1.39 0.76 23.5 0.88 4.2 12.3 7.0 0.55 0.77 2.21 Operations Family: Manager: Tenure: Total Assets: Shares Outstanding: Type: Vanguard Multiple 24.7 Years $50,856.6 mil 244.71 mil ETF Ticker: Incept: Expiration Date: Exchange: NAV: Prem/Discount: VO 01-26-2004 — NYSE ARCA 203.84 -0.01 Mkt Price: Base Currency: Legal Structure: Backing Bank: 203.81 USD Open Ended Investment Company Vanguard Group Inc ©2023 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. ® ß Release date 12-31-2022 Page 9 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Schwab Small Cap Index (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 2020 2021 2022 -30.56 25.42 12.69 4.27 -7.52 -17.22 4.97 31.42 20.13 -4.34 2.14 14.81 -2.15 6.23 -20.42 Trailing Returns 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -20.42 -20.42 -20.42 3.15 — 3.15 4.19 4.19 4.19 9.05 9.05 9.05 8.14 8.14 8.14 +/- Std Index +/- Cat Index -2.31 0.02 -4.51 0.05 -5.24 0.06 -3.52 0.04 — — % Rank Cat 86 79 70 56 No. in Cat 611 585 543 363 Unsubsidized — — — — 7-day Yield 30-day SEC Yield 06-08-2022 Performance Disclosure 6 6 6 6 6 6 6 6 6 100 97 96 97 99 99 99 99 99 100 99 100 4k * * * * * & * 2016 2017 2018 2019 2020 28.10 21.33 9.37 0.02 43 750 30.64 24.60 14.68 -10.95 -7.15 -6.56 0.04 0.07 24 34 802 769 29.12 25.60 -5.88 0.08 33 702 34.11 35.92 28.22 20.13 14.81 -20.42 1.74 -13.90 -2.31 0.17 -0.01 0.02 12 92 86 671 630 611 Equity Style Value Blend Growth Large Mid Small Ltd Mod Ext 19.25 9.05 0.51 Standard Index -4.04 1.12 80.36 12-Month Yield Potential Cap Gains Exp Best Fit Index Russell 2000 TR USD 0.05 1.00 100.00 — 39.49% Port Rel Avg Index Rel Cat P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil 11.6 9.8 2.0 2282 0.91 0.92 0.88 0.54 0.61 0.69 0.55 0.01 Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Low 23.49 4.19 0.24 Med Alpha Beta R-Squared High MPT Statistics 26.39 3.15 0.22 Portfolio Statistics Fixed-Income Style Risk and Return Profile Standard Deviation Mean Sharpe Ratio NAV/Price Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 11-30-2022 Fund Expenses 10 Yr History 2015 24.10 -4.41 -5.79 0.00 46 780 0.00 5 Yr 12-22 2014 26.97 4.97 -8.72 0.07 43 737 100.00 3 Yr 2021 2013 100.00 3Q Avg Avg Performance Quartile (within category) 27.59 38.69 6.30 -0.13 36 681 Total 3Q Avg -Avg ) 2012 Fees and Expenses 2Q Avg -Avg ) 21.11 16.45 0.44 0.10 34 662 0.00 0.00 0.00 0.00 0.00 Morningstar RatingTM Morningstar Risk Morningstar Return & 2011 Short % 10 Yr 363 funds * 19.01 -2.62 -4.74 1.55 41 650 0.22 98.00 1.78 0.00 0.00 5 Yr 543 funds Schwab Small Cap Index 26,957 Category Average 25,001 Standard Index 38,680 10k Long % 3 Yr 585 funds Growth of $10,000 20k 0.22 98.00 1.78 0.00 0.00 0.04 NA 0.04 0.04 Equity Stocks % 40k Net % Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Investment Style 100k 80k 60k Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd NA NA US Fund Small Blend 6 Asset Allocation % Front-End Load % Deferred Load % Russell 2000 TR USD 6 The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 877-824-5615 or visit www.schwab.com. Sales Charges S&P 500 TR USD Morningstar Cat 6 * Subsidized QQQ 585 US Fund Small Blend ´ Category Index Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Americas Greater Europe Greater Asia Share Amount Holdings : 1,957 Total Stocks , 0 Total Fixed-Income, 19% Turnover Ratio Stocks % Rel Std Index 99.3 0.4 0.4 1.00 0.33 11.77 Net Assets % T T T T T 14,300 80,226 305,840 110,184 253,641 E-Mini Russ 2000 Dec22 Xcme 202212 ShockWave Medical Inc Halozyme Therapeutics Inc EMCOR Group Inc Matador Resources Co 0.49 0.37 0.32 0.31 0.30 T T T T T 67,301 332,094 63,624 287,056 64,279 Karuna Therapeutics Inc Murphy Oil Corp Inspire Medical Systems Inc Iridium Communications Inc RBC Bearings Inc 0.29 0.28 0.28 0.28 0.27 T T T T T 48,783 151,085 168,975 59,874 250,538 Kinsale Capital Group Inc Texas Roadhouse Inc SouthState Corp Saia Inc Glacier Bancorp Inc 0.27 0.27 0.27 0.26 0.26 Sector Weightings Credit Quality Breakdown — Regional Exposure Share Chg since 10-2022 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Rel Std Index 38.5 1.34 4.2 10.3 16.2 7.7 1.72 1.08 1.17 2.75 37.6 0.84 2.6 6.6 14.8 13.6 0.35 1.27 1.63 0.59 23.9 0.90 4.2 16.2 3.5 0.56 1.02 1.10 Operations Family: Manager: Tenure: Objective: Schwab Funds Multiple 9.9 Years Small Company Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD SWSSX US8085098486 $0 Purchase Constraints: Incept: Type: Total Assets: — 05-19-1997 MF $5,272.16 mil ©2023 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. ® ß Release date 12-31-2022 Page 10 of 34 Janus Henderson Overseas I ‰ (USD) 11-30-2022 Morningstar Quantitative RatingTM Q Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -24.83 18.70 5.06 6.92 -3.69 -11.90 8.01 21.11 16.71 -1.53 2.34 13.19 -9.55 19.00 -8.67 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -8.67 -8.67 -8.67 6.46 — 6.46 5.39 5.39 5.39 3.52 3.52 3.52 3.78 3.78 3.78 +/- Std Index +/- Cat Index 7.33 7.33 6.39 6.39 4.51 4.51 -0.28 -0.28 — — % Rank Cat 5 1 3 79 No. in Cat 744 704 611 422 Unsubsidized — — — — 7-day Yield 30-day SEC Yield Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 877-335-2687 or visit www.janushenderson.com. Fees and Expenses NA NA 4 4 4 4 4 4 4 100 100 99 97 98 98 99 98 98 99 97 92 40k 20k 10k _ 1Q High -Avg 3 Yr 5 Yr 10 Yr 21.97 6.46 0.35 19.57 5.39 0.30 17.96 3.52 0.24 MPT Statistics Standard Index Best Fit Index MSCI ACWI Ex USA NR USD Alpha Beta R-Squared 6.57 1.10 96.14 6.57 1.10 96.14 12-Month Yield Potential Cap Gains Exp — -95.40% 2014 2012 2013 34.27 12.53 -4.30 -4.30 — — 36.95 31.57 12.28 -13.57 -3.01 -9.71 -3.01 -9.71 92 98 791 750 ) ) 2015 2016 27.61 25.39 -8.44 -6.86 -2.78 -11.36 -2.78 -11.36 92 97 788 762 & ( 2017 2018 2019 2020 32.73 27.40 31.36 -15.30 4.17 -1.10 4.17 -1.10 4 62 756 741 34.15 27.22 5.71 5.71 6 732 39.49 16.71 6.06 6.06 10 785 Growth of $10,000 Janus Henderson Overseas I 10,703 Category Average 14,943 Standard Index 14,638 & & Performance Quartile (within category) 2021 12-22 History 44.16 13.19 5.37 5.37 16 767 39.66 -8.67 7.33 7.33 5 744 NAV/Price & & Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 09-30-2022 Asset Allocation % Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 6.72 8.06 83.82 0.00 1.40 6.72 8.06 83.82 0.00 1.40 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 10.4 8.3 1.5 43223 — — — — Rel Cat 0.80 0.91 0.87 0.89 Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Low 5Q High High ) 2011 Med 5Q +Avg High ) 31.51 -32.70 -18.99 -18.99 — — High Standard Deviation Mean Sharpe Ratio 10 Yr 422 funds Equity Stocks % 4k Small Morningstar RatingTM Morningstar Risk Morningstar Return 5 Yr 611 funds Investment Style 100k 80k 60k Risk and Return Profile 3 Yr 704 funds US Fund Foreign Large Blend 5 Mid 0.76 NA 0.90 0.90 MSCI ACWI Ex USA NR USD MSCI ACWI Ex USA NR USD 4 Fund Expenses Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % QQQ 704 US Fund Foreign Large Blend 4 Large Front-End Load % Deferred Load % Morningstar Cat 4 Equity Style Sales Charges Category Index 1 _ Subsidized Overall Morningstar RatingTM Standard Index Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Americas Greater Europe Greater Asia T Share Amount Holdings : 40 Total Stocks , 0 Total Fixed-Income, 32% Turnover Ratio Stocks % Rel Std Index 16.0 53.0 31.0 1.48 1.18 0.70 Net Assets % T T Y 1 mil 1 mil 2 mil 2 mil 548,569 Yum China Holdings Inc Diageo PLC Teck Resources Ltd Class B JD.com Inc Ordinary Shares - Class AstraZeneca PLC 3.64 3.61 3.60 3.49 3.48 T T T T 1 mil 677,308 7 mil 1 mil 1 mil BNP Paribas Heineken NV AIA Group Ltd Unilever PLC Canadian Natural Resources Ltd 3.44 3.43 3.13 3.07 3.04 679,407 666,238 4 mil 1 mil 3 mil Sanofi SA Novartis AG Taiwan Semiconductor Manufacturing NN Group NV Deutsche Telekom AG 2.99 2.93 2.93 2.89 2.85 T T Y R Sector Weightings Credit Quality Breakdown — Regional Exposure Share Chg since 06-2022 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate Rel Std Index 42.4 1.00 6.8 15.4 20.2 0.0 0.81 1.42 0.97 0.00 j Sensitive i Communication Services o Energy p Industrials a Technology 33.7 0.95 8.6 5.8 6.3 12.8 1.37 0.96 0.52 1.17 k Defensive s Consumer Defensive d Healthcare f Utilities 24.0 1.09 11.0 13.0 0.0 1.26 1.30 0.00 Operations Family: Manager: Tenure: Objective: Janus Henderson Multiple 7.0 Years Foreign Stock Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD JIGFX US47103C4649 $1 mil Purchase Constraints: Incept: Type: Total Assets: — 07-06-2009 MF $2,076.37 mil ©2023 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. ® ß Release date 12-31-2022 Page 11 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index JPMorgan Emerging Markets Equity L (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 2020 2021 2022 -22.07 24.51 14.11 21.81 34.88 -2.27 5.64 -8.57 -4.90 -10.23 -15.94 -10.37 -11.22 11.12 -25.68 Trailing Returns 3rd Qtr 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -25.68 -25.68 -25.68 -3.46 — -3.46 -0.01 -0.01 -0.01 2.61 2.61 2.61 5.05 5.05 5.05 +/- Std Index +/- Cat Index -9.68 -5.59 -3.53 -0.76 -0.90 1.38 -1.19 1.17 — — % Rank Cat 80 64 25 22 No. in Cat 816 732 650 394 — — — — Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-480-4111 or visit www.jpmorganfunds.com. Fees and Expenses 7 7 7 7 7 7 7 7 7 7 99 98 99 98 97 93 96 99 98 98 99 100 NA NA 40k 20k 10k * ) 20.42 -16.98 -3.27 1.44 21 458 2012 2013 24.14 22.70 19.01 -5.23 2.18 -20.51 0.79 -2.62 46 79 552 614 4Q +Avg +Avg 3 Yr 5 Yr 10 Yr 23.05 -3.46 -0.08 20.66 -0.01 0.04 17.75 2.61 0.19 MPT Statistics Standard Index Best Fit Index MSCI EM NR USD Alpha Beta R-Squared -2.88 1.01 72.57 -0.15 1.08 92.21 12-Month Yield Potential Cap Gains Exp — -10.04% 2015 ( 2016 2017 2018 21.11 13.39 8.90 2.21 15 813 29.99 24.98 42.70 -15.90 15.51 -1.71 5.42 -1.32 12 51 806 836 Long % Short % 0.00 4.82 95.18 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 21.1 13.9 3.6 55649 — — — — JPMorgan Emerging Markets Equity L 12,778 Category Average 10,640 Standard Index 14,638 & ) ) Performance Quartile (within category) 2019 2020 2021 12-22 History 32.72 32.05 10.53 13.61 3 835 44.07 38.08 28.15 34.88 -10.23 -25.68 24.23 -18.05 -9.68 16.57 -7.69 -5.59 8 92 80 796 791 816 & Share Chg since 10-2022 Y Rel Cat 1.79 1.63 2.00 1.47 Y Y Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Low 4Q +Avg +Avg 2014 22.54 18.77 0.36 -15.91 4.23 -10.25 2.55 -0.99 19 66 749 840 & 0.00 4.82 95.18 0.00 0.00 Med 2Q Avg Avg & Net % High Standard Deviation Mean Sharpe Ratio 10 Yr 394 funds ( Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd Small Morningstar RatingTM Morningstar Risk Morningstar Return 5 Yr 650 funds Growth of $10,000 NAV/Price Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 11-30-2022 Risk and Return Profile 3 Yr 732 funds & Asset Allocation % Mid 0.68 NA 0.90 0.90 Equity Stocks % 4k Fund Expenses Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Investment Style 100k 80k 60k Large Front-End Load % Deferred Load % Morningstar Cat MSCI EM NR USD US Fund Diversified Emerging Mkts 7 Equity Style Sales Charges MSCI ACWI Ex USA NR USD 7 2011 Unsubsidized 7-day Yield 30-day SEC Yield 04-12-2022 & Subsidized QQQQ 732 US Fund Diversified Emerging Mkts „ Category Index Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Americas Greater Europe Greater Asia Holdings : 70 Total Stocks , 0 Total Fixed-Income, 18% Turnover Ratio 8 mil 10 mil 8 mil 7 mil 13 mil Taiwan Semiconductor Manufacturing Samsung Electronics Co Ltd Housing Development Finance Corp L Tencent Holdings Ltd HDFC Bank Ltd 7.91 6.00 3.26 3.13 3.04 23 mil 248,108 8 mil 5 mil 534,086 AIA Group Ltd MercadoLibre Inc JD.com Inc Ordinary Shares - Class Tata Consultancy Services Ltd EPAM Systems Inc 2.78 2.76 2.65 2.44 2.35 618 mil 3 mil 8 mil 320 mil 6 mil PT Bank Rakyat Indonesia (Persero) HDFC Bank Ltd ADR Kotak Mahindra Bank Ltd PT Bank Central Asia Tbk Reliance Industries Ltd 2.35 2.32 2.28 2.27 2.22 Sector Weightings Credit Quality Breakdown — Regional Exposure Y Share Amount Stocks % Rel Std Index 14.3 5.6 80.1 1.33 0.13 1.80 Net Assets % Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate Rel Std Index 44.7 1.05 3.4 13.1 28.2 0.0 0.41 1.21 1.35 0.00 j Sensitive i Communication Services o Energy p Industrials a Technology 38.8 1.09 4.7 2.5 5.0 26.6 0.75 0.41 0.41 2.43 k Defensive s Consumer Defensive d Healthcare f Utilities 16.5 0.75 11.1 5.4 0.0 1.28 0.54 0.00 Operations Family: Manager: Tenure: Objective: JPMorgan Multiple 17.3 Years Diversified Emerging Markets Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD JMIEX US4812A06313 $3 mil Purchase Constraints: Incept: Type: Total Assets: C 11-15-1993 MF $8,954.92 mil ©2023 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. ® ß Release date 12-31-2022 Page 12 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index Cohen & Steers Realty Shares L (USD) 05-17-2022 Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 2020 2021 2022 -22.83 12.75 2.82 8.56 -2.88 8.57 12.01 1.07 16.03 42.61 -5.97 -13.53 -11.02 3.72 -24.96 Trailing Returns 3rd Qtr 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Load-adj Mthly Std 12-31-2022 Total Return -24.96 -24.96 -24.96 1.29 — 1.29 5.76 5.76 5.76 7.75 10.79 7.75 10.79 7.75 10.79 +/- Std Index +/- Cat Index -6.60 -0.60 -2.71 1.27 0.54 2.08 -0.23 1.37 % Rank Cat 28 14 7 6 No. in Cat 252 233 210 152 8 5 5 5 5 8 8 5 5 5 5 5 97 97 99 98 99 99 100 100 100 98 98 99 — 1.36 1. Contractual waiver; Expires 06-30-2023 Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-437-9912 or visit www.cohenandsteers.com. Cohen & Steers Realty Shares L 25,912 Category Average 22,132 Standard Index 23,182 10k 4k ) & 2011 2012 2013 2014 60.83 6.18 13.53 -2.29 71 242 64.57 62.82 15.72 3.09 -0.41 -19.72 -2.27 0.69 76 17 263 259 76.86 30.18 26.02 -0.09 35 274 Short % 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Portfolio Statistics Blend Growth 3 Yr 5 Yr 10 Yr Standard Deviation Mean Sharpe Ratio 21.95 1.29 0.13 19.10 5.76 0.32 16.43 7.75 0.49 MPT Statistics Standard Index Best Fit Index Morningstar US Real Est TR USD Alpha Beta R-Squared -2.08 0.97 79.55 1.54 0.94 98.74 Port Rel Avg Index 23.5 16.1 2.6 24489 — — — — Rel Cat 0.95 0.98 1.07 0.87 Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — — — — Low 5Q Avg High P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Fixed-Income Style Med 5Q Avg High 2017 0.42 98.87 0.00 0.00 0.71 High 4Q -Avg +Avg 2016 65.63 64.44 5.61 7.09 -2.25 -16.89 -2.88 2.76 62 31 267 257 Long % Small Morningstar Rating Morningstar Risk Morningstar Return 2015 70.52 5.00 7.36 2.46 5 282 0.42 98.87 0.00 0.00 0.71 Mid 10 Yr 152 funds * Net % Large 5 Yr 210 funds ( Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd Risk and Return Profile 3 Yr 233 funds & & & * 2018 2019 2020 58.20 -4.19 5.23 -0.40 25 251 66.16 61.03 32.90 -2.88 6.31 -19.14 8.46 4.64 10 27 256 248 * * Performance Quartile (within category) 2021 12-22 History 83.48 58.47 42.61 -24.96 24.07 -6.60 -0.44 -0.60 34 28 253 252 NAV/Price Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 09-30-2022 Fund Expenses 0.75 0.00 0.88 0.93 * Asset Allocation % NA NA 12-Month Yield Potential Cap Gains Exp Growth of $10,000 20k Value TM Equity Stocks % 40k Equity Style Fees and Expenses Sales Charges Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % Investment Style 100k 80k 60k ( — 1.42 1 Morningstar Cat S&P United States US Fund Real Estate REIT TR USD — — Unsubsidized Front-End Load % Deferred Load % MSCI ACWI NR USD Incept Subsidized 7-day Yield 30-day SEC Yield 10-31-22 QQQQQ 233 US Fund Real Estate ´ Category Index Share Chg since 06-2022 Share Amount Holdings : 33 Total Stocks , 0 Total Fixed-Income, 41% Turnover Ratio Y Y Y T Y 2 mil 1 mil 11 mil 5 mil 7 mil American Tower Corp Public Storage Invitation Homes Inc Welltower Inc Duke Realty Corp 9.67 7.78 6.75 5.94 5.79 Y Y T Y T 3 mil 3 mil 3 mil 4 mil 1 mil Simon Property Group Inc Prologis Inc Digital Realty Trust Inc Realty Income Corp Crown Castle Inc 5.75 5.22 4.89 4.45 3.86 Y T Y Y Y 5 mil 2 mil 1 mil 6 mil 237,274 UDR Inc Camden Property Trust Sun Communities Inc Americold Realty Trust Inc Equinix Inc 3.70 3.41 2.79 2.68 2.49 Sector Weightings Credit Quality Breakdown — Bond % AAA AA A — — — BBB BB B — — — Below B NR — — Regional Exposure Stocks % Rel Std Index Americas Greater Europe Greater Asia 100.0 0.0 0.0 1.56 0.00 0.00 3.19% 32.62% Net Assets % Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate Rel Std Index 100.0 2.94 0.0 1.0 0.0 99.0 0.00 0.10 0.00 35.57 j Sensitive i Communication Services o Energy p Industrials a Technology 0.0 0.00 0.0 0.0 0.0 0.0 0.00 0.00 0.00 0.00 k Defensive s Consumer Defensive d Healthcare f Utilities 0.0 0.00 0.0 0.0 0.0 0.00 0.00 0.00 Operations Family: Manager: Tenure: Objective: Cohen & Steers Multiple 15.3 Years Specialty - Real Estate Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD CSRSX US1924761091 $10,000 Purchase Constraints: Incept: Type: Total Assets: — 07-02-1991 MF $5,517.03 mil ©2023 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. ® ß Release date 12-31-2022 Page 13 of 34 SPDR® SSgA Multi-Asset Real Return ETF (USD) Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 2020 2021 2022 -24.98 12.55 8.15 8.00 14.28 -8.21 2.87 14.13 -0.87 0.56 4.82 23.11 -6.84 10.12 7.61 Trailing Returns 4th Qtr Total % 1 Yr 3 Yr 5 Yr 10 Yr Incept Std Mkt 12-31-22 7.82 Std NAV 12-31-22 7.61 Mkt Total Ret 7.82 NAV Total Ret 7.61 +/- Std Index 22.38 +/- Cat Index 24.71 % Rank Cat 1 No. in Cat 418 — — 9.60 9.51 7.56 8.56 1 401 6.09 6.12 6.09 6.12 2.39 3.26 2 359 2.47 2.47 2.47 2.47 -3.35 -2.73 85 256 2.64 2.68 2.64 2.68 — — Subsidized Unsubsidized 5.99 — 30-day SEC Yield 2023-01-06 Fees and Expenses Fund Expenses Management Fees % Annual Report Net Expense Ratio % Annual Report Gross Expense Ratio % 12b1 Expense % 0.50 0.05 0.05 NA 11-30-2022 4 1 1 1 1 1 1 1 1 1 4 51 60 55 47 52 58 53 57 54 62 63 5Q High High 5Q High High 1Q High -Avg Morningstar Rating Morningstar Risk Morningstar Return 4k _ _ ) ) 10 Yr 13.14 13.09 2.47 2.47 0.19 Standard Index NAV Alpha Beta R-Squared 12-Month Yield Potential Cap Gains Exp Leveraged Leverage Type Leverage % Primary Prospectus Benchmark Best Fit Index Morningstar Gbl Upstm Nat Res NR USD 7.74 1.15 70.88 -1.06 0.72 92.50 5.67% — No — 100.00 Bloomberg US Govt Infl Lkd TR USD ) _ _ _ 2011 2012 2013 2014 2015 — — — — — — — — -3.08 -6.75 — -3.07 -6.54 — -17.37 -11.43 — -16.25 -10.21 — 90 96 — 482 534 0.08 0.15 0.00 -15.06 -15.24 -13.45 -13.26 96 567 -0.02 2016 2017 2018 12.02 12.05 3.48 5.04 — — -0.01 10.40 -11.71 10.24 -11.07 -4.41 -6.31 -6.88 -5.50 — — — — 0.05 0.03 Asset Allocation % 12-29-2022 Net % Long % Short % Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd 19.77 32.60 30.15 12.60 4.88 19.77 32.60 30.15 12.60 4.88 0.00 0.00 0.00 0.00 0.00 Total 100.00 100.00 0.00 Portfolio Analysis 01-05-2023 Equity Style Value Portfolio Statistics Blend Growth P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Port Rel Avg Index 9.9 7.1 1.8 32043 — — — — Rel Cat 0.74 0.80 3.38 0.54 Fixed-Income Style Ltd Mod Ext Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price 6.05 5.53 1.04 — Credit Quality Breakdown — Bond % AAA AA A 84.91 5.64 3.54 BBB BB B 2.69 2.37 0.87 Below B NR 0.00 0.00 Regional Exposure Americas Greater Europe Greater Asia & & Performance Quartile (within category) 2020 2021 12-22 History 15.62 -0.61 15.24 -0.87 -3.78 -13.69 -3.29 -14.41 — — — — -0.06 -0.05 22.86 23.11 12.92 13.81 4 432 0.08 7.82 7.61 22.38 24.71 1 418 — Mkt Total Ret % _ _ 2019 NAV Total Ret % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Avg Prem/Discount % Top Holdings 12-29-2022 Low 5 Yr 16.10 16.01 6.12 6.09 0.37 SPDR® SSgA Multi-Asset Real Return ETF 13,206 Category Average 14,412 Standard Index 18,283 10k Med MPT Statistics 3 Yr 18.80 18.59 9.51 9.60 0.53 Growth of $10,000 20k High Standard Deviation NAV Standard Deviation MKT Mean NAV Mean MKT Sharpe Ratio Equity Stocks % 40k Small 10 Yr 256 funds Investment Style 100k 80k 60k Mid 5 Yr 359 funds Morningstar Cat Morningstar Mod Morningstar Gbl US Fund Global Tgt Risk TR USD Allocation TR USD Allocation — Large 3 Yr 401 funds Category Index 0 Risk and Return Profile TM QQQ 401 US Fund Global Allocation „Q Performance Disclosure The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 866-787-2257 or visit www.spdrs.com. Overall Morningstar RatingTM Standard Index Morningstar Quantitative RatingTM Stocks % Rel Std Index 62.5 22.0 15.5 1.01 1.21 0.78 Share Chg since 01-2023 Share Amount Holdings : 491 Total Stocks , 245 Total Fixed-Income, 38% Turnover Ratio Net Assets % T T T T T 3 mil 3 mil 9 mil 3 mil 404,477 SPDR® S&P Global Natural Resources SPDR® S&P Global Infrastructure ETF Invesco Optm Yd Dvrs Cdty Stra No SPDR® Blmbg 1-10 Year TIPS ETF Energy Select Sector SPDR® ETF 26.68 25.13 21.52 10.18 5.67 T T T T T 367,337 17 mil 365,193 142,788 109,022 SPDR® S&P Metals and Mining ETF Ssi Us Gov Money Market Class Stat SPDR® FTSE Intl Govt Infl-Protd Bd SPDR® Dow Jones REIT ETF SPDR Dow Jones Intl Real Estate 2.96 2.70 2.43 2.02 0.47 T 18,145 VanEck Agribusiness ETF Sector Weightings 0.25 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Rel Std Index 33.7 0.84 26.5 2.4 0.3 4.5 4.88 0.22 0.02 0.63 46.8 1.30 0.0 30.0 16.8 0.0 0.00 5.56 1.46 0.00 19.5 0.81 2.3 0.1 17.2 0.31 0.01 4.64 Operations Family: Manager: Tenure: Total Assets: Shares Outstanding: Type: SPDR State Street Global Advisors Multiple 10.8 Years $638.6 mil 23.02 mil ETF Ticker: Incept: Expiration Date: Exchange: NAV: Prem/Discount: RLY 04-25-2012 — NYSE ARCA 27.52 0.07 Mkt Price: Base Currency: Legal Structure: Backing Bank: 27.54 USD Open Ended Investment Company SSGA Funds Management Inc ©2023 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. ® ß Release date 12-31-2022 Page 14 of 34 Morningstar Analyst RatingTM Overall Morningstar RatingTM Standard Index BlackRock Systematic Multi-Strat Instl (USD) 07-12-2022 Performance 12-31-2022 Quarterly Returns 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total % 2020 2021 2022 -2.23 1.19 -2.87 6.62 2.84 -0.59 0.10 -0.76 -2.42 -0.74 2.82 2.85 3.57 6.18 -3.09 Trailing Returns 1 Yr 3 Yr 5 Yr 10 Yr Incept Load-adj Mthly Std 12-31-2022 Total Return -3.09 -3.09 -3.09 2.15 — 2.15 3.31 3.31 3.31 — — — 3.72 3.72 3.72 +/- Std Index +/- Cat Index 15.27 10.76 -1.86 1.32 -1.92 0.52 — — — — % Rank Cat 48 40 7 — No. in Cat 136 128 107 — Subsidized Unsubsidized — 3.99 — 3.99 7-day Yield 30-day SEC Yield 11-30-22 QQQQ 128 US Fund Multistrategy ´ 0 0 0 0 0 0 0 0 2 — — — — — 54 59 56 51 52 41 46 4k _ _ _ _ _ 2011 2012 2013 2014 — — — — — — — — — — — — — — — — — — — — — — — — & & 2015 2016 2017 9.53 — — — — — 9.61 10.14 5.90 9.89 -1.96 -14.08 -0.76 -0.97 16 12 116 111 Short % 89.09 56.39 1.98 123.31 0.05 49.98 51.10 2.15 67.51 0.07 Fees and Expenses Total 100.00 270.81 170.81 Equity Style Value Portfolio Statistics Blend Growth Large Mid Small Ltd Mod Ext — — — 3 Yr 5 Yr 10 Yr 5.30 2.15 0.27 4.47 3.31 0.45 — — — Standard Index 0.49 0.18 47.39 12-Month Yield Potential Cap Gains Exp Best Fit Index Morningstar US Corp Bd TR USD 2.92 0.44 61.62 4.88% 0.71% Port Rel Avg Index 11.2 7.8 2.3 27118 — — — — Rel Cat 0.94 0.94 1.05 0.95 Avg Eff Maturity Avg Eff Duration Avg Wtd Coupon Avg Wtd Price — 1.28 4.44 95.12 Low Alpha Beta R-Squared 5Q Low High Med MPT Statistics High Standard Deviation Mean Sharpe Ratio 3Q -Avg Avg P/E Ratio TTM P/C Ratio TTM P/B Ratio TTM Geo Avg Mkt Cap $mil Fixed-Income Style Risk and Return Profile Morningstar RatingTM Morningstar Risk Morningstar Return & * ( * * Performance Quartile (within category) 2018 2019 2020 2021 12-22 History 9.47 9.88 10.10 10.45 1.84 8.43 3.57 6.18 11.25 -18.17 -12.68 -12.35 4.70 -6.82 -8.29 -0.18 1 43 51 42 128 139 155 153 9.66 -3.09 15.27 10.76 48 136 NAV/Price Total Return % +/- Standard Index +/- Category Index % Rank Cat No. of Funds in Cat Portfolio Analysis 11-30-2022 Fund Expenses 10 Yr 44 funds BlackRock Systematic MultiStrat Instl 13,213 Category Average 11,227 Standard Index 16,021 10k Long % 5 Yr 107 funds Growth of $10,000 20k Net % 3 Yr 128 funds Fixed-Income Bond % 40k 39.11 5.29 -0.17 55.79 -0.02 0.74 NA 0.97 0.98 Investment Style 100k 80k 60k Cash US Stocks Non-US Stocks Bonds Other/Not Clsfd Management Fees % 12b1 Expense % Net Expense Ratio % Gross Expense Ratio % US Fund Multistrategy 0 Asset Allocation % NA NA Morningstar Mod Con Tgt Risk TR USD 0 The Overall Morningstar Rating is based on risk-adjusted returns, derived from a weighted average of the three-, five-, and 10-year (if applicable) Morningstar metrics. 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 sold or 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 call 800-441-7762. Front-End Load % Deferred Load % Morningstar Cat 0 Performance Disclosure Sales Charges MSCI ACWI NR USD Category Index Bond % AAA AA A 49.94 1.46 23.78 BBB BB B 21.71 11.48 3.59 Below B NR 0.00 -11.96 Americas Greater Europe Greater Asia Share Amount Holdings : 402 Total Stocks , 1,640 Total Fixed-Income, 936% Turnover Ratio Y R Y Y Y 15,653 7,414 4,554 4,935 4,031 Us 5Yr Note Mar 23 Us 10Yr Note Mar 23 Euro Bund Future Dec 22 Us 10Yr Note Mar 23 Us Ultra 10Yr Note Mar 23 -17.41 8.62 -6.75 -5.74 -4.95 Y Y R T Y 2,861 2,875 1,931 215 mil 1,519 Us Long Bond Mar 23 Us 10Yr Note Mar 23 Euro Bund Future Dec 22 BlackRock Liquidity T-Fund Instl Euro OAT Future Dec 22 -3.73 -3.34 2.86 2.20 -2.18 R Y Y Y R 253 mil 992 1,272 1,755 150 mil Federal National Mortgage Associat Us 2Yr Note Mar 23 Us Long Bond Mar 23 10 Year Australian Treasury Bond F Federal National Mortgage Associat 2.17 -2.08 -1.66 1.45 1.32 Sector Weightings Credit Quality Breakdown 11-30-2022 Regional Exposure Share Chg since 10-2022 Stocks % Rel Std Index 98.4 1.1 0.5 1.54 0.06 0.03 Stocks % h Cyclical r Basic Materials t Consumer Cyclical y Financial Services u Real Estate j Sensitive i Communication Services o Energy p Industrials a Technology k Defensive s Consumer Defensive d Healthcare f Utilities Net Assets % Rel Std Index 38.7 1.14 4.9 19.4 8.9 5.5 1.02 1.93 0.54 1.97 37.4 0.90 5.3 11.4 11.1 9.6 0.77 2.04 1.08 0.51 23.9 0.98 6.5 13.0 4.4 0.82 0.97 1.42 Operations Family: Manager: Tenure: Objective: BlackRock Multiple 7.7 Years Growth and Income Base Currency: Ticker: ISIN: Minimum Initial Purchase: USD BIMBX US09260C3079 $2 mil Purchase Constraints: Incept: Type: Total Assets: A 05-19-2015 MF $9,520.43 mil ©2023 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. ® ß Release date 12-31-2022 Page 15 of 34 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 aftertax 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 12-31-2022 Standardized Returns (%) 7-day Yield 7-day Yield Subsidized Unsubsidized as of date as of date 1Yr 5Yr 10Yr Since Inception Inception Max Front Max Back Date Load % Load % Net Exp Ratio % Gross Exp Max Ratio % Redemption % BlackRock Systematic Multi-Strat Instl Boston Partners All Cap Value Instl CIBC Atlas All Cap Growth Institutional Cohen & Steers Realty Shares L Janus Henderson Overseas I — — — — — — — — — — -3.09 -2.42 -29.69 -24.96 -8.67 3.31 7.53 9.74 5.76 5.39 — 11.86 11.24 7.75 3.52 3.72 05-19-2015 10.37 07-01-2002 7.98 09-28-2007 10.79 07-02-1991 3.78 07-06-2009 NA NA NA NA NA NA NA NA NA NA 0.971 0.802 0.96 0.883 0.90 0.98 0.86 0.96 0.93 0.90 NA NA 2.00 NA NA JPMorgan Emerging Markets Equity L PIMCO Income Instl — — — — -25.68 -7.81 -0.01 1.69 2.61 4.00 5.05 11-15-1993 6.62 03-30-2007 NA NA NA NA 0.90 0.51 0.90 0.51 NA NA ©2023 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. ® ß Release date 12-31-2022 Page 16 of 34 Annualized returns 12-31-2022 Standardized Returns (%) 7-day Yield 7-day Yield Subsidized Unsubsidized as of date as of date 1Yr 5Yr 10Yr Since Inception Inception Max Front Max Back Date Load % Load % Net Exp Ratio % Gross Exp Max Ratio % Redemption % Schwab Small Cap Index SPDR® SSgA Multi-Asset Real Return ETFNAV SPDR® SSgA Multi-Asset Real Return ETFMarket — — — — -20.42 7.61 4.19 6.12 9.05 2.47 8.14 05-19-1997 2.68 04-25-2012 NA NA NA NA 0.04 0.50 0.04 0.50 NA NA — — 7.82 6.09 2.47 2.64 04-25-2012 NA NA 0.50 0.50 NA Vanguard Interm-Term Corp Bd ETF-NAV Vanguard Interm-Term Corp Bd ETF-Market Vanguard Mid-Cap ETF-NAV Vanguard Mid-Cap ETF-Market Vanguard S&P 500 ETF-NAV — — — — — — — — — — -14.06 -13.98 -18.68 -18.72 -18.15 0.76 0.73 7.33 7.30 9.38 2.08 2.05 11.10 11.08 12.52 3.80 11-19-2009 3.77 11-19-2009 9.21 01-26-2004 9.21 01-26-2004 12.93 09-07-2010 NA NA NA NA NA NA NA NA NA NA 0.04 0.04 0.04 0.04 0.03 0.04 0.04 0.04 0.04 0.03 NA NA NA NA NA Vanguard S&P 500 ETF-Market Vanguard Short-Term Corporate Bond ETFNAV Vanguard Short-Term Corporate Bond ETFMarket — — — — -18.19 -5.71 9.35 1.25 12.52 1.59 12.81 09-07-2010 2.28 11-19-2009 NA NA NA NA 0.03 0.04 0.03 0.04 NA NA — — -5.62 1.27 1.56 2.26 11-19-2009 NA NA 0.04 0.04 NA Bloomberg US Agg Bond TR USD Bloomberg US Corp Bond TR USD Bloomberg US Govt/Credit 1-3 Yr TR USD Bloomberg US Universal TR USD JPM EMBI Global Diversified TR USD -13.01 -15.76 -3.69 0.02 0.45 0.92 1.06 1.96 0.88 — 01-03-1980 — 01-03-1989 — 01-30-1976 -12.99 -17.78 0.18 -1.31 1.33 1.59 — 12-31-1998 — 07-30-1999 Morningstar Gbl Allocation TR USD Morningstar Gbl Upstm Nat Res NR USD Morningstar Mod Con Tgt Risk TR USD Morningstar Mod Tgt Risk TR USD Morningstar US Core Bd TR USD -17.10 15.46 2.86 9.83 — 5.81 — 06-18-2013 — 07-29-2011 -13.85 -14.77 -12.99 2.79 3.73 — 4.30 5.82 — — 02-18-2009 — 02-18-2009 — 05-01-2019 Morningstar US Corp Bd TR USD Morningstar US LM Brd Growth TR USD Morningstar US Real Est TR USD MSCI ACWI Ex USA NR USD MSCI ACWI NR USD -15.71 -31.71 — — — — — 05-01-2019 — 12-21-2020 -25.55 -16.00 -18.36 3.74 0.88 5.23 6.29 3.80 7.98 — 12-20-2010 — 01-01-2001 — 01-01-2001 MSCI EAFE NR USD MSCI EM NR USD Russell 1000 Growth TR USD Russell 1000 TR USD Russell 1000 Value TR USD -14.45 -20.09 -29.14 -19.13 -7.54 1.54 -1.40 10.96 9.13 6.67 4.67 1.44 14.10 12.37 10.29 — 03-31-1986 — 01-01-2001 — 01-01-1987 — 12-31-1978 — 01-01-1987 Russell 2000 TR USD Russell Mid Cap TR USD S&P 500 TR USD S&P United States REIT TR USD USTREAS T-Bill Auction Ave 3 Mon -20.44 -17.32 -18.11 -24.36 2.13 4.13 7.10 9.42 3.68 1.34 9.01 10.96 12.56 6.37 0.82 — 12-31-1978 — 12-31-1978 — 01-30-1970 — 12-31-1992 — 02-28-1941 1. Contractual waiver; Expires 06-30-2023 2. Contractual waiver; Expires 12-31-2023 3. Contractual waiver; Expires 06-30-2023 Return after Tax (%) On Distribution On Distribution and Sales of Shares 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception -4.91 -4.53 -30.77 -26.55 -9.29 1.58 6.07 7.10 3.31 4.79 — 10.30 8.95 5.00 2.65 2.09 9.09 6.52 8.37 2.94 05-19-2015 07-01-2002 09-28-2007 07-02-1991 07-06-2009 -1.78 -0.38 -16.81 -14.22 -5.14 1.81 5.53 7.60 3.82 3.92 — 9.27 8.90 5.29 2.30 2.20 8.44 6.42 8.31 2.63 JPMorgan Emerging Markets Equity L -25.84 PIMCO Income Instl -10.09 Schwab Small Cap Index -20.83 SPDR® SSgA Multi-Asset Real Return ETF- 5.22 NAV -0.41 -0.48 2.57 3.97 2.26 1.54 7.39 1.03 4.59 4.10 6.75 1.27 11-15-1993 03-30-2007 05-19-1997 04-25-2012 -15.20 -4.61 -12.08 4.50 -0.07 0.40 2.95 3.77 1.94 1.98 6.96 1.23 4.04 4.14 6.48 1.42 BlackRock Systematic Multi-Strat Instl Boston Partners All Cap Value Instl CIBC Atlas All Cap Growth Institutional Cohen & Steers Realty Shares L Janus Henderson Overseas I ©2023 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. ® ß Release date 12-31-2022 Page 17 of 34 Annualized returns 12-31-2022 Return after Tax (%) On Distribution 1Yr 5Yr 10Yr Since Inception Inception Date 1Yr 5Yr 10Yr Since Inception Vanguard Interm-Term Corp Bd ETF-NAV -15.07 -0.49 0.71 2.39 11-19-2009 -8.31 0.11 1.01 2.39 Vanguard Mid-Cap ETF-NAV Vanguard S&P 500 ETF-NAV Vanguard Short-Term Corporate Bond ETFNAV -19.01 -18.47 -6.47 6.76 8.84 0.30 10.56 11.91 0.66 8.72 12.36 1.37 01-26-2004 09-07-2010 11-19-2009 -10.86 -10.51 -3.38 5.54 7.28 0.57 8.98 10.24 0.82 7.68 10.81 1.38 On Distribution and Sales of Shares ©2023 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. ® ß Release date 12-31-2022 Mutual Fund Detail Report Disclosure Statement The Mutual Fund Detail Report is supplemental sales literature, and therefore must be preceded or accompanied by the mutual fund’s current prospectus or an equivalent statement. Please read this information carefully. In all cases, this disclosure statement should accompany the Mutual Fund Detail Report. Morningstar is not itself a FINRA-member firm. All data presented is based on the most recent information available to Morningstar as of the release date and may or may not be an accurate reflection of current data for securities included in the fund’s portfolio. There is no assurance that the data will remain the same. Unless otherwise specified, the definition of “funds” used throughout this Disclosure Statement includes closed-end funds, exchange-traded funds, grantor trusts, index mutual funds, open-ended mutual funds, and unit investment trusts. It does not include exchange-traded notes or exchange-traded commodities. Prior to 2016, Morningstar’s methodology evaluated open-end mutual funds and exchange-traded funds as separate groups. Each group contained a subset of the current investments included in our current comparative analysis. In this report, historical data presented on a calendar-year basis and trailing periods ending at the most-recent month-end reflect the updated methodology. Risk measures (such as alpha, beta, r-squared, standard deviation, mean, or Sharpe ratio) are calculated for securities or portfolios that have at least a three-year history. Most Morningstar rankings do not include any adjustment for one-time sales charges, or loads. Morningstar does publish load-adjusted returns, and ranks such returns within a Morningstar Category in certain reports. The total returns for ETFs and fund [Text truncated at 120,000 characters. The full text is on the page linked above.] --- Source: Frix Law Library, https://www.frixlaw.com/law-library/documents/tribal%3Apyramid_lake%3Aef9f12bb2de3b6a6. Public record. Not legal advice.