State Street Bank and Trust Company State Street U.S. Inflation Protected Bond Index Non-Lending Series Fund Financial Statements December 31, 2015
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1 Financial Statements
2 Independent Auditor's Report To the Trustee of State Street Bank and Trust Company We have audited the accompanying financial statements of State Street Bank and Trust Company State Street U.S. Inflation Protected Bond Index Non-Lending Series Fund (formerly State Street Bank and Trust Company SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund) ("the Fund"), which comprise the statement of assets and liabilities, including the schedule of investments as of December 31, 2015, and the related statements of operations and of changes in net assets and the financial highlights for the year then ended. These financial statements and financial highlights are hereafter collectively referred to as "financial statements". Management's Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's Responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of State Street Bank and Trust Company at, and the results of its operations and changes in its net assets and the financial highlights for the year then ended, in accordance with accounting principles generally accepted in the United States of America. March 11, 2016 PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA T: (617) , F: (617) ,
3 Statement of Assets and Liabilities Assets Investments in securities, at value (cost $2,073,071,791) $ 2,037,663,795 Receivable for Fund units issued 31,370,344 Receivable for investments sold 2,544,278 Interest receivable 7,291,290 Total assets 2,078,869,707 Liabilities Payable for Fund units redeemed 6,710,184 Payable for investments purchased 28,734,019 Accrued expenses 57,413 Total liabilities 35,501,616 Net Assets, at value $ 2,043,368,091 2
4 Statement of Assets and Liabilities (continued) - Class A (77,224,362 units outstanding, at $23.45 per unit net asset value) $ 1,810,918,209 - Class C (16,429,984 units outstanding, at $12.77 per unit net asset value) 209,855,074 - Class G (2,419,283 units outstanding, at $9.34 per unit net asset value) 22,594,808 $ 2,043,368,091 3
5 Statement of Operations Year Ended Investment income Interest $ 1,860,145 Expenses Management 197,150 Administration 222,605 Administrative service fee 130,016 Audit 36,800 Other 36,950 Total expenses 623,521 Net investment income (loss) 1,236,624 Net realized and unrealized gain (loss): Net realized gain (loss): Investments 1,557,430 Net change in unrealized appreciation (depreciation): Investments (32,750,536) Net realized and unrealized gain (loss) (31,193,106) Net increase (decrease) in net assets resulting from operations $ (29,956,482) 4
6 Statement of Changes in Net Assets Year Ended From operations Net investment income (loss) $ 1,236,624 Net realized gain (loss) 1,557,430 Net change in unrealized appreciation (depreciation) (32,750,536) Net increase (decrease) in net assets resulting from operations (29,956,482) Net increase (decrease) in net assets resulting from participant transactions (234,307,386) Net increase (decrease) in net assets (264,263,868) Net Assets Beginning of year 2,307,631,959 End of year $ 2,043,368,091 5
7 Statement of Changes in Net Assets (continued) Year Ended Units Amount Units of Participation Participant transactions for the Fund were as follows: Class A Units issued 21,402,062 $ 510,055,807 Units redeemed (25,391,828) (606,364,670) (3,989,766) (96,308,863) Class C Units issued 5,274,665 $ 68,770,941 Units redeemed (15,929,738) (205,745,896) (10,655,073) (136,974,955) Class G Units issued 428,264 $ 4,078,522 Units redeemed (534,123) (5,102,090) (105,859) (1,023,568) Net increase (decrease) $ (234,307,386) 6
8 - Class A Financial Highlights Year Ended (For a Unit of Participation Outstanding Throughout the Year) Selected Per Unit Data Net asset value, beginning of year $ Net investment income (loss) Net realized and unrealized gain (loss) (0.35) Total from investment operations (0.34) Net asset value, end of year $ Total return (%) 2 (1.44) Ratios to Average Net Assets 3 Ratio of expenses (%) Ratio of net investment income (loss) (%) Net investment income (loss) per unit has been calculated based upon an average of daily units outstanding. 2 Calculation is based on the value of a single unit of participation outstanding throughout the year. It represents the percentage change in the net asset value per unit between the beginning and end of the year. The calculation includes only those expenses charged directly to the Class. The result may be reduced by any administrative or other fees which are incurred in the management or maintenance of individual participant accounts. 3 Calculations include only those expenses charged directly to the Fund (direct expenses) and do not include expenses charged to the funds in which the Fund invests (indirect expenses) (Note 2). 4 Please refer to the Additional Expense Information in the accompanying notes for further disclosures regarding expenses. 7
9 - Class C Financial Highlights Year Ended (For a Unit of Participation Outstanding Throughout the Year) Selected Per Unit Data Net asset value, beginning of year $ Net investment income (loss) Net realized and unrealized gain (loss) (0.23) Total from investment operations (0.20) Net asset value, end of year $ Total return (%) 2 (1.49) Ratios to Average Net Assets 3 Ratio of expenses (%) Ratio of net investment income (loss) (%) Net investment income (loss) per unit has been calculated based upon an average of daily units outstanding. 2 Calculation is based on the value of a single unit of participation outstanding throughout the year. It represents the percentage change in the net asset value per unit between the beginning and end of the year. The calculation includes only those expenses charged directly to the Class. The result may be reduced by any administrative or other fees which are incurred in the management or maintenance of individual participant accounts. 3 Calculations include only those expenses charged directly to the Fund (direct expenses) and do not include expenses charged to the funds in which the Fund invests (indirect expenses) (Note 2). 4 Please refer to the Additional Expense Information in the accompanying notes for further disclosures regarding expenses. 8
10 - Class G Financial Highlights Year Ended (For a Unit of Participation Outstanding Throughout the Year) Selected Per Unit Data Net asset value, beginning of year $ 9.54 Net investment income (loss) 1 (0.06) Net realized and unrealized gain (loss) (0.14) Total from investment operations (0.20) Net asset value, end of year $ 9.34 Total return (%) 2 (2.13) Ratios to Average Net Assets 3 Ratio of expenses (%) Ratio of net investment income (loss) (%) (0.62) 1 Net investment income (loss) per unit has been calculated based upon an average of daily units outstanding. 2 Calculation is based on the value of a single unit of participation outstanding throughout the year. It represents the percentage change in the net asset value per unit between the beginning and end of the year. The calculation includes only those expenses charged directly to the Class. The result may be reduced by any administrative or other fees which are incurred in the management or maintenance of individual participant accounts. 3 Calculations include only those expenses charged directly to the Fund (direct expenses) and do not include expenses charged to the funds in which the Fund invests (indirect expenses) (Note 2). 4 Please refer to the Additional Expense Information in the accompanying notes for further disclosures regarding expenses. 9
11 Schedule of Investments (showing percentage of total value of investments) Government Issues % Interest Rate Maturity Date Principal Value ($) Treasury Bond % 2.38% 01/15/2017 USD 35,260,223 36,136, % 04/15/ ,938,629 93,747, % 07/15/ ,200,600 31,536, % 01/15/ ,957,560 32,976, % 04/15/ ,750, ,586, % 07/15/ ,520,391 32,643, % 01/15/ ,324,309 31,056, % 04/15/ ,607, ,040, % 07/15/ ,318,461 35,348, % 01/15/ ,407,757 42,055, % 04/15/ ,525, ,317, % 07/15/ ,096,013 64,638, % 01/15/ ,217,783 73,498, % 07/15/ ,395,876 75,973, % 01/15/ ,219,172 80,800, % 07/15/ ,834,272 83,352, % 01/15/ ,232,952 82,797, % 07/15/ ,534,898 83,703, % 01/15/ ,334,230 84,480, % 07/15/ ,081,242 79,995,733 10
12 Schedule of Investments (showing percentage of total value of investments) Government Issues % Interest Rate Maturity Date Principal Value ($) Total Government Issues (Cost $2,058,138,935) 0.25% 01/15/ ,065,096 80,361, % 01/15/ ,196,566 62,855, % 07/15/ ,187,847 81,609, % 01/15/ ,206,368 44,754, % 01/15/ ,348,309 37,483, % 01/15/ ,268,632 35,359, % 04/15/ ,267,852 35,737, % 01/15/ ,247,433 37,091, % 04/15/ ,333,997 45,386, % 04/15/ ,817,962 17,366, % 02/15/ ,102,548 20,205, % 02/15/ ,720,514 25,816, % 02/15/ ,212,864 33,728, % 02/15/ ,205,370 23,961, % 02/15/ ,910,847 43,822, % 02/15/ ,433,569 41,504,373 2,022,730,939 2,022,730,939 11
13 Schedule of Investments (showing percentage of total value of investments) State Street Bank and Trust Company Collective Investment Funds - 0.7% Units Value ($) State Street Short Term Investment Fund 1 14,932,856 14,932,856 Total State Street Bank and Trust Company Collective Investment Funds 14,932,856 (Cost $14,932,856) TOTAL INVESTMENTS % (Cost $2,073,071,791) 2,037,663,795 1 Collective investment fund advised by State Street Global Advisors. USD : United States Dollar 12
14 Notes to Financial Statements 1. Fund Organization and Investment Objective Effective January 1, 2016, State Street Bank and Trust Company ("State Street Bank") SSgA U.S. Inflation Protected Bond Index Non-Lending Series Fund changed its name to State Street Bank and Trust Company State Street U.S. Inflation Protected Bond Index Non-Lending Series Fund (the "Fund"), pursuant to an amended Fund Declaration. The Fund was formed by State Street Bank under the State Street Bank and Trust Company Investment Funds for Tax Exempt Retirement Plans Declaration of Trust (the "Trust"). These financial statements refer to the Fund by its amended name. State Street Bank is Trustee, Custodian, and Recordkeeper of the Fund and, as Trustee, has exclusive management and control of the Trust. State Street Global Advisors ("SSGA"), a division of State Street Bank, is the Fund's Investment Manager. The Fund is operated pursuant to the provisions of the Trust and other governing documents, which are available from the Trustee. The investment objective of the Fund is to approximate as closely as practicable, before expenses, the performance of the Barclays U.S. Treasury Inflation Protected Securities (TIPS) Index over the long term, while providing participants the ability to purchase and redeem units on an "as of" basis. The Trustee has the authority to establish unlimited classes of units of the Fund (each a "Class") and issue an unlimited number of units of any such Class of the Fund. The following Class(es) of units of the Fund have been established and are currently funded: Class A, Class C and Class G. 2. Summary of Significant Accounting Policies The financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") which require the use of management estimates. Actual results could differ from those estimates. The Fund qualifies as an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment companies. The policies described below are followed consistently in the preparation of the financial statements. A. Valuation Governance and Oversight The Trustee and the Investment Manager assign valuation oversight responsibility to SSGA's regional valuation committees for the assigned products managed within each specific region. These regional valuation committees are generally comprised of senior officers from the compliance, credit, information technology, investment operations, legal, portfolio management, risk management, and trading areas. These committees, or employees tasked with assisting the committees, perform a variety of functions including, but not limited to: Responding to circumstances that require fair valuation and determining the fair value of portfolio instruments for which market quotations are not readily available, including where available market quotations are deemed unreliable; Determining appropriate pricing services and sources for various securities or instruments, including secondary and tertiary source options; Recommending changes to approved pricing sources, and monitoring pricing services' overall performance, including evaluating the pricing methodologies these pricing services employ; Escalating valuation challenges; Reviewing results of fair value determinations; and Maintaining valuation records. The regional valuation committees inquire of members of the investment team for input on an as-needed basis. SSGA s North America Valuation Committee is responsible for valuation oversight of the Fund. SSGA regularly performs various controls and procedures to assess the appropriateness of the valuation of portfolio investments and other financial instruments. These controls and procedures include, but are not limited to, reviewing for 13
15 Notes to Financial Statements occurrences where market quotations are not readily available, validating stale priced holdings, comparing executed trades to vendor prices, analyzing vendor-to-vendor valuation comparisons and reviewing market data and news to identify potential fair valuation considerations. These procedures and the results of these controls are reviewed periodically by SSGA s North America Valuation Committee. B. Security Valuation The investment valuation policy of the Fund is to value investments at fair value, which is generally defined as the price that could reasonably be expected to be realized from an orderly transaction to sell an asset or paid to transfer a liability between market participants. By its nature, a fair value price is a good faith estimate of the valuation in a current sale and may not reflect an actual market price. Investments and other portfolio instruments are generally valued using a market approach. In accordance with valuation policies and procedures approved by the Trustee, fixed income investments are valued on the basis of valuations furnished by independent pricing services. These services determine valuations for normal institutional-size trading units of such securities using valuation models or matrix pricing, which incorporates yield and/or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date and quotations from securities dealers to determine current value. If these valuations are not readily available or deemed unreliable, the fair value will be determined in good faith by the Trustee. To the extent the inputs are observable, timely and/or consistent with other valuation inputs, these investments are classified within Level 2 of the fair value hierarchy. Short-term investments (with a remaining maturity of 60 days or less at the time of purchase and not credit impaired), if any, are stated at amortized cost, which approximates fair value, and are classified within Level 2 of the fair value hierarchy. Investments in registered investment companies (other than those that are exchange traded) or collective investment funds, if any, are valued at their respective net asset value and are classified within Level 2 of the fair value hierarchy. In the event current market prices or quotations are not readily available or are deemed unreliable by the Trustee, such as the occurrence of a significant event, the fair value will be determined in good faith by the Trustee using alternative fair valuation methods. A "significant event" is an event that the Trustee believes, with a reasonably high degree of certainty, has caused the closing market prices of a Fund's portfolio securities to no longer reflect their value at the time of the Fund's net asset value calculation. The use of alternative valuation methods would generally result in the investments being classified within Level 2 or Level 3 of the fair value hierarchy. Fair Value Hierarchy The Fund values its assets and liabilities at fair value using a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy are described below: Level 1 Level 2 Level 3 Unadjusted quoted prices in active markets for identical assets or liabilities. Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in valuing a portfolio instrument. These may include quoted prices for similar investments, interest rates, foreign exchange rates, prepayment speeds, credit risk and others. Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trustee's own assumptions about the factors market participants would use in valuing a portfolio instrument, and would be based on the best information available. 14
16 Notes to Financial Statements Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy. Transfers between fair value hierarchy levels are recognized at the end of the period. The following is a summary of the inputs used, as of, involving the Fund's assets and liabilities carried at fair value. The inputs or methodologies used for valuing investments and other financial instruments may not be an indication of the risk associated with investing in those securities. Level 1 Level 2 Level 3 Total Investments in securities, long - Assets Government Issues $ - $ 2,022,730,939 $ - $ 2,022,730,939 Collective Investment Funds - 14,932,856-14,932,856 $ - $ 2,037,663,795 $ - $ 2,037,663,795 Please refer to the Schedule of Investments for additional information regarding composition of amounts listed above. C. Security Transactions and Investment Income Security transactions are accounted for as of the trade date. Realized gains and losses from investment transactions are determined using the average cost method. Distributions received from underlying funds, if any, are recorded on the exdividend date and retain the character of income as earned by the underlying funds. Dividend income, if any, is recorded on the ex-dividend date. Non-cash dividends, if any, are recorded at the fair value of the securities received. Interest income earned on securities, if any, is recorded on the accrual basis. Interest income includes accretion of discounts and amortization of premiums, as well as any increase or decrease in the principal of inflation-indexed protected securities, if any. Inflation-indexed securities are fixed income securities whose principal value is periodically adjusted according to the rate of inflation. Interest on inflation-indexed securities is accrued based upon the inflation adjusted principal value. Changes in the principal amount of inflation-indexed securities are not received until maturity. Investment income and unrealized and realized gains or losses are allocated daily to each Class of the Fund based upon the relative proportion of net assets of each Class. D. Taxes It is the Fund's policy to comply with the requirements of Section 501(a) of the Internal Revenue Code relating to collective investment of employee benefit funds. Accordingly, the Fund is exempt from federal and state taxes and no federal or state tax provision is required. The Trustee has reviewed the Fund's tax positions for all open tax periods (current and prior tax periods) and has determined that no provision for income taxes is required in the Fund's financial statements. E. Issuances and Redemptions of Units of Participation The per unit net asset value of each Class is determined each business day. Issuances and redemptions of Class units may be made on such days, based upon the net asset value per unit as of the Class' valuation date last preceding the date on which such order to contribute or redeem assets is received. The Trustee, in its sole discretion, reserves the right to value any contribution or redemption as of the next succeeding valuation date or another date as the Trustee deems appropriate. Additional terms of participation are detailed in the Trust and the Fund s other governing documents. Such terms may be implemented pursuant to the Trustee's prudent determination. 15
17 Notes to Financial Statements The Fund recognized gains/(losses) of $2,008,734 from securities delivered through in-kind redemptions during the period. These amounts are included as net realized gain/(loss) on investments in the Statement of Operations. F. Expenses Under the Trust, the Fund may pay certain expenses for services received. Each Class is charged its allocable share of the fees and expenses borne by the Fund that are not specifically allocated to one or more of the Classes. The Fund indirectly bears the expenses incurred by the underlying funds, if any. The Investment Manager charges a management fee to the Classes at the following rate of average daily net asset value: Class Rate (%) Management Fees Class C 0.05 $ 161,691 Class G ,459 Total Management Fees $ 197,150 Class A is not charged a direct management fee. SSGA receives investment fees from the Class participants and therefore, the Class makes no payments for these services. The Fund may be charged by the Trustee an annual administration fee equal to 0.01% of the average daily net asset value of the Fund and $5 per Fund transaction of securities and portfolio instruments. Alternatively, should the Fund, in the discretion of the Trustee, invest more than 50% of its assets directly in collective investment funds, the Trustee will instead charge an administration fee equal to $25,000 to each Class. This administration fee relates to the provision of custody, bookkeeping and accounting services, shareholder servicing, transfer agency and other services that the Trustee may from time to time consider necessary or appropriate. The following Classes are charged an administrative service fee, as a percentage of average daily net assets, which compensates third parties or intermediaries for services including, but not limited to, record keeping, asset servicing, subaccounting and communication services: Class Rate (%) Administrative Service Fees Class G 0.55 $ 130,016 Total Administrative Service Fees $ 130,016 Please refer to the Additional Expense Information footnote for further disclosures regarding expenses. G. Treatment of Net Investment Income and Net Realized Gains Net investment income and net realized gains are retained by the Fund. 16
18 Notes to Financial Statements 3. Concentration of Ownership The following information illustrates concentration of ownership of participants owning units in excess of 10% of total units outstanding as well as units owned by other State Street Bank Collective Investment Funds. 10% or Greater Participants % of Units Outstanding held by other # of Participants % of Units held State Street Bank Collective Investment Funds Class A 3 41% 50% Class C 2 30% - % Class G 1 94% - % 4. Risks and Uncertainties A. Market and Credit Risk In the normal course of business, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the counterparty to the transaction to perform (credit risk). The Fund may be exposed to additional credit risk that an institution or other entity with which the Fund has unsettled or open transactions will default. Additionally, if a counterparty is in bankruptcy, reorganization proceedings, becomes insolvent or otherwise fails to perform its obligations, the Fund may experience significant delays in obtaining any recovery. 5. Indemnifications In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Trustee expects the risk of loss to be remote. 6. Recent Accounting Pronouncements In May 2015, the Financial Accounting Standards Board ( FASB ) issued an amendment to U.S. GAAP that removes the requirement to categorize within the fair value hierarchy investments for which fair value is measured using the net asset value per share practical expedient. The amendment is effective for the Fund on January 1, The Trustee does not anticipate that the adoption of the amendment will have a material effect on the Fund s financial statements. In August 2014, the FASB issued an amendment to U.S. GAAP which clarifies that management would be responsible for evaluating and disclosing conditions or events that raise substantial doubt about an entity s ability to continue as a going concern. The amendment is effective for the Fund on January 1, The Trustee does not anticipate that the adoption of the amendment will have a material impact on the Fund s financial statements. 7. Other SSGA is involved in various industry-related and other regulatory, governmental and law enforcement inquiries and subpoenas. The Trustee has reviewed these matters in connection with these financial statements. Based upon that review, the Trustee has determined that no accrual or loss contingency is required on the Fund's financial statements. 17
19 Notes to Financial Statements 8. Subsequent Events The Trustee has evaluated subsequent events after through March 11, 2016, the date the financial statements were available to be issued, and has concluded that there is no impact requiring adjustment or disclosure in the financial statements, except for: Effective January 1, 2016, Class A will have a Total Annual Operating Expense Ratio equal to 0.012% of the Class' average daily net asset value. Effective January 1, 2016, Class C will have a Total Annual Operating Expense Ratio equal to 0.062% of the Class' average daily net asset value. Effective January 1, 2016, Class G will have a Total Annual Operating Expense Ratio equal to 0.712% of the Class' average daily net asset value. 18
20 Notes to Financial Statements 9. Additional Expense Information During the period ended, the Fund incurred expenses directly for certain services received and indirectly through its investments in underlying funds, if any. As applicable, the Trustee contractually or voluntarily waived and/or reimbursed the Classes to the extent the total annual gross operating expenses, as a percentage of average daily net assets, exceeded the total annual operating expense ratio. In certain instances, the waivers and/or reimbursements from the Trustee to the Class may exceed the Class' total direct expenses incurred. Ratios of expense classifications as a % of average daily net assets TAOER DE IE TAGOE W/R TANOE Class A Class C Class G Total Annual Operating Expense Ratio ("TAOER") Direct Expenses ("DE") Indirect Expenses ("IE") Total Annual Gross Operating Expense ("TAGOE") Waivers and/or Reimbursements ("W/R") Total Annual Net Operating Expense ("TANOE") Limitation on the total direct and indirect expenses the Fund may incur, as set forth in the Fund s governing documents. Fees and expenses directly incurred by the Fund which may include administration, audit, legal and management fees, if any. Proportionate amount of fees and expenses indirectly incurred by the Fund as a result of its investment in underlying funds which may include administration, audit and legal fees, if any. Total direct and indirect expenses incurred, prior to the application of any waivers and/or reimbursements, if any. Amounts waived and/or reimbursed by the Trustee to the extent the total direct and indirect expenses of the Fund exceeded the total annual operating expense ratio, as described in the Fund s governing documents. Total direct and indirect expenses incurred, net of waivers and/or reimbursements, if any. The total annual net operating expense ratio presented above may not correlate to the Class' ratio of expenses to average daily net assets as presented in the Financial Highlights, which do not reflect indirect expenses, if any. 19
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