Investment Objective. The fund seeks to track the performance of a broad, market-weighted bond index. Primary Risks: Interest rate risk, Income risk, Call risk, Prepayment risk, Extension risk, Credit risk, Index sampling risk, Liquidity risk. For a description of all risks, see Exhibit C. Vanguard Real Estate Index ETF 529 Portfolio – invests solely in the Vanguard Real Estate Index ETF. Investment Objective: The fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments. Principal Risks: Industry concentration risk, Stock market risk, Interest rate risk, Investment style risk, Nondiversification risk. For a description of all risks, see Exhibit C. Vanguard Global ex-U.S. Real Estate Index ETF 529 Portfolio – invests solely in the Vanguard Global ex-U.S. Real Estate Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks. Primary Risks: Industry concentration risk, Investment style risk, Stock market risk, Country/regional risk, Currency risk, Derivatives risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Value Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. Principal Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mega Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. Principal Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. Principal Risks: Stock market risk, Investment style risk, Nondiversification risk, Sector risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Value Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Value Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Value Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Small-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard FTSE Developed Markets Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Developed Markets Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in Canada and the major markets of Europe and the Pacific region. Primary Risks: Stock market risk, Country/regional risk, Investment style risk, Currency risk. For a description of all risks, see Exhibit C. Vanguard FTSE Emerging Markets Stock Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Emerging Markets Stock Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. Primary Risks: Stock market risk, Emerging markets risk, Country/regional risk, Currency risk, China A-shares risk, Index sampling risk. For a description of all risks, see Exhibit C. For additional information on the individual exchange traded funds underlying the Individual Fund ETF Portfolios, see each fund’s prospectus and “Exhibit C - Underlying Exchange Traded Fund Information.”
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Investment Objective. The fund seeks to track the performance of a broad, market-weighted bond index. Primary Risks: Interest rate risk, Income risk, Call risk, Prepayment risk, Extension risk, Call risk, Credit risk, Index sampling risk, Liquidity risk. For a description of all risks, see Exhibit C. Vanguard Real Estate Index ETF 529 Portfolio – invests solely in the Vanguard Real Estate Index ETF. Investment Objective: The fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investments. Principal Risks: Industry concentration risk, Stock market risk, Asset concentration risk, Interest rate risk, Investment style risk, Nondiversification risk. For a description of all risks, see Exhibit C. Vanguard Global ex-U.S. Real Estate Index ETF 529 Portfolio – invests solely in the Vanguard Global ex-U.S. Real Estate Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of international real estate stocks. Primary Risks: Industry concentration risk, Investment style risk, Stock market risk, Country/regional risk, Currency risk, Derivatives risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Value Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. Principal Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mega Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. Principal Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mega Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. Principal Risks: Stock market risk, Investment style risk, Nondiversification risk, Sector risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Value Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Value Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Value Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Small-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard FTSE Developed Markets Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Developed Markets Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in Canada and the major markets of Europe and the Pacific region. Primary Risks: Stock market risk, Country/regional risk, Investment style risk, Currency risk. For a description of all risks, see Exhibit C. Vanguard FTSE Emerging Markets Stock Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Emerging Markets Stock Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. Primary Risks: Stock market risk, Emerging markets risk, Country/regional risk, Currency risk, China A-shares risk, Index sampling risk. For a description of all risks, see Exhibit C. For additional information on the individual exchange traded funds underlying the Individual Fund ETF Portfolios, see each fund’s prospectus and “Exhibit C - Underlying Exchange Traded Fund Information.”
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Investment Objective. The fund seeks to track provide investment results approximating the aggregate price and dividend performance of a broadthe securities included in the MSCI EAFE Index. Principal Risks – Market Risk, marketManagement Risk, Tracking Risk, Foreign Securities Risk, Currency Risk, Cybersecurity Risk, Market Events Risk, Geographic Risk, Large Cap Stock Risk, Mid Cap Stock Risk, Small Cap Stock Risk, Valuation Risk. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ International Select 529 Portfolio – invests solely in the ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ International Select Fund. Goal – The fund seeks long-weighted bond indexterm growth of capital by investing primarily in common stocks of foreign companies. Primary Risks: Interest rate riskPrincipal Investment Risks – Currency Risk, Income riskForeign and Emerging Market Risk, Call riskGeographic Risk, Prepayment riskGrowth Stock Risk, Extension riskIssuer- Specific Risk, Credit riskMarket Capitalization Risk, Index sampling riskMarket Volatility Risk, Liquidity riskOperational and Cybersecurity Risk, Recent Market Conditions, Redemption Risk, Risk Management, Risk of Increase in Expense, Sector Risk, Valuation Risk, Value Stock Risk. For a description DFA International Small Company 529 Portfolio – invests solely in the DFA International Small Company Portfolio. Investment Objective – The investment objective of all risksthe International Small Company Portfolio is to achieve long-term capital appreciation. Principal Risks – Fund of Funds Risk, see Exhibit C. Foreign Securities and Currencies Risk, Small Company Risk, Equity Market Risk, Derivatives Risk, Securities Lending Risk, Cybersecurity Risk. Vanguard Real Estate Index ETF Emerging Markets Select Stock 529 Portfolio – invests solely in the Vanguard Real Estate Index ETFEmerging Markets Select Stock Fund. Investment Objective: Objective – The fund seeks to provide a high level of income and moderate long-term capital appreciation by tracking the performance of a benchmark index that measures the performance of publicly traded equity REITs and other real estate-related investmentsappreciation. Principal Risks: Industry concentration Investment Risks –Stock Market Risk, Emerging Markets Risk, Country/regional risk, Stock market risk, Interest rate riskCurrency Risk, Investment style riskStyle Risk, Nondiversification riskManager Risk. For a description of all risks, see Exhibit C. Vanguard Global ex-U.S. Real Estate Index ETF Credit Suisse Commodity Return Strategy 529 Portfolio – invests solely in the Vanguard Global ex-U.S. Real Estate Index ETFCredit Suisse Commodity Return Strategy Fund. Investment Objective: Objective – The fund seeks to track the performance of a benchmark index that measures the investment return of international real estate stockstotal return. Primary Principal Risks – Commodity Exposure Risks: Industry concentration risk, Investment style riskCorrelation Risk, Stock market risk, Country/regional risk, Currency riskCredit Risk, Derivatives risk. For a description of all risksRisk, see Exhibit C. Vanguard Mega Cap Value Index ETF 529 Exposure Risk, Fixed Income Risk, Focus Risk, Futures Contracts Risk, Interest Rate Risk, Leveraging Risk, Liquidity Risk, Market Risk, Non-Diversified Status, Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization value stocks in the United States. Principal Risks: Stock market riskTurnover Risk, Investment style risk. For a description of all risksStructured Note Risk, see Exhibit C. Vanguard Mega Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mega Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks in the United States. Principal Risks: Stock market riskSubsidiary Risk, Investment style risk. For a description of all risksSwap Agreements Risk, see Exhibit C. Vanguard Mega Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization growth stocks in the United States. Principal Risks: Stock market riskTax Risk, Investment style risk, Nondiversification risk, Sector risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Value Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Value Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Mid-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Mid-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Value Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization value stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Index ETF 529 Portfolio – invests solely in the Vanguard Small-Cap Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard Small-Cap Growth Index ETF 529 Portfolio – Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of small-capitalization growth stocks. Primary Risks: Stock market risk, Investment style risk. For a description of all risks, see Exhibit C. Vanguard FTSE Developed Markets Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Developed Markets Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in Canada and the major markets of Europe and the Pacific region. Primary Risks: Stock market risk, Country/regional risk, Investment style risk, Currency risk. For a description of all risks, see Exhibit C. Vanguard FTSE Emerging Markets Stock Index ETF 529 Portfolio – invests solely in the Vanguard FTSE Emerging Markets Stock Index ETF. Investment Objective: The fund seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in emerging market countries. Primary Risks: Stock market risk, Emerging markets risk, Country/regional risk, Currency risk, China A-shares risk, Index sampling risk. For a description of all risks, see Exhibit C. For additional information on the individual exchange traded mutual funds underlying the Individual Fund ETF Portfolios, contact the underlying mutual fund company and see each fund’s prospectus and “Exhibit C - Underlying Exchange Traded Investment Portfolios and Mutual Fund Information.”” The descriptions above are taken from the most recent prospectuses (dated on or prior to May 20, 2020) of the relevant funds and are intended to provide general information regarding the mutual funds’ respective investment objectives and strategies. You should consult each mutual fund’s prospectus for more complete information. You can obtain the prospectus for any of the funds by contacting the underlying mutual fund company, your broker or financial advisor, or at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇. It is important to remember that none of the Plan, the State of Alabama or its officials/employees, the Board, the Treasurer, the Distributor, nor the Program Manager or any of its affiliates can guarantee a minimum rate of return nor can any of them guarantee that an investment will not lose value. Furthermore, funds deposited in an Account are not guaranteed or insured by the State of Alabama, the Board, the Treasurer, the Distributor, the Program Manager or its affiliates, the FDIC, except for the investments in the Bank Savings 529 Portfolio, or any other party. See “Certain Risks to Consider” Can I Change My Investment Election? How Can I Change the Investment of my Current Balance and Future Contributions? How Is the Value of My Account Calculated? How are Units Priced?
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