11-K 1 a2021employeesavingsplan.htm 11-K Document






UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 ________________________________________
FORM 11-K
 ––––––––––––––––––––––––––––––––––––––––
 ý
ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the year ended: December 31, 2021
or
¨
TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission file number 1-1687
A.Full title of the plan and address of the plan, if different from that of the issuer named below:
PPG Industries Employee Savings Plan
B.Name of the issuer of the securities held pursuant to the plan and the address of its principal executive office:
PPG Industries, Inc.
One PPG Place, Pittsburgh, Pennsylvania 15272


PPG Industries Employee Savings Plan
Table of Contents



Report of Independent Registered Public Accounting Firm


To the Administrator and Plan Participants of
PPG Industries Employee Savings Plan


Opinion on the Financial Statements

We have audited the accompanying statements of net assets available for benefits of PPG Industries Employee Savings Plan (the “Plan”) as of December 31, 2021 and 2020 and the related statement of changes in net assets available for benefits for the year ended December 31, 2021, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2021 and 2020, and the changes in net assets available for benefits for the year ended December 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information

The supplemental schedule of Form 5500, Schedule H, Part IV, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2021 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ PricewaterhouseCoopers LLP
Pittsburgh, Pennsylvania
June 16, 2022

We have served as the Plan’s auditor since 2013.
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PPG Industries Employee Savings Plan
Statements of Net Assets Available for Benefits
As of December 31, 2021 and 2020
($ in millions)20212020
Net Assets:
Investments at fair value$4,063 $3,668 
Investments at contract value612 672 
Total investments$4,675 $4,340 
Receivables:
Notes receivable from participants42 41 
Other receivables— 4 
Net Assets Available for Benefits$4,717 $4,385 
The accompanying notes to the financial statements are an integral part of these statements.

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PPG Industries Employee Savings Plan
Statement of Changes in Net Assets Available for Benefits
For the Year Ended December 31, 2021
($ in millions)2021
Additions:
Net appreciation in fair value of investments$608 
Interest and dividend income18 
Interest income on notes receivable from participants2 
Total net investment income$628 
Contributions:
Employer75 
Employee125 
Total contributions$200 
Total additions$828 
Deductions:
Withdrawals493 
Administration expenses3 
Total deductions$496 
Net increase in net assets available for benefits$332 
Net Assets Available for Benefits:
Beginning of year$4,385 
End of year$4,717 
The accompanying notes to the financial statements are an integral part of this statement.

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PPG Industries Employee Savings Plan
Notes to the Financial Statements
As of and for the Years Ended December 31, 2021 and 2020
1.     Description of the Plan
The PPG Industries Employee Savings Plan (the "Plan") is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan was established in 1965 for employees residing in the United States. Eligible participants include employees of PPG Industries, Inc. (the "Company" or "PPG") and certain of its subsidiaries and collective bargaining units. The Plan was converted to an Employee Stock Ownership Plan ("ESOP") on December 1, 1988, and was amended effective January 1, 2006, to reflect that only the PPG Stock Fund is an ESOP.
The named fiduciary for the operation and administration of the Plan (the “Plan Administrator”) is the PPG Global Benefits Leader. The named fiduciary with respect to control and management of the assets of the Plan is the PPG Executive Committee and the PPG Benefits Investment Committee. Their responsibilities include, but are not limited to, approval of trustees, investment options, and investment managers and establishing performance benchmarks. The PPG Employee Benefits Committee also has responsibility for establishing, maintaining, and amending the Plan.
Trustee of the Plan Assets - Fidelity Management Trust Company ("FMTC") was the trustee of the Plan assets for the years ended December 31, 2021 and 2020.
Recordkeeper of the Plan - On January 1, 2021, Fidelity Investments Institutional Operations Company LLC superseded Alight Solutions as the recordkeeper of the Plan.
Administrative Expenses - The Plan pays all reasonable and necessary costs to manage and operate the Plan as determined by the Plan Administrator. These expenses, including recordkeeping fees, administrative charges, professional costs, and trustee costs, are paid from Plan assets. The Plan Administrator has adopted uniform and nondiscriminatory procedures to allocate these expenses to participant accounts.
Eligibility to Participate in the Plan - The Plan is available to most U.S. salaried and hourly employees of PPG and its wholly owned subsidiaries who are not covered by a collective bargaining agreement and hourly employees whose employment is covered by a collective bargaining agreement where the collective bargaining agreement provides for participation. An eligible employee may become a participant in the Plan as soon as administratively possible after enrollment.
Investment Options - Participants of the Plan are eligible to invest in mutual funds, PPG Industries, Inc. common stock, the Stable Value Fund, and common-collective trusts. If participants transfer funds out of the Fidelity Contrafund Commingled Pool or the Fidelity Growth Company Commingled Pool, participants cannot transfer funds back into these investment options for 60 calendar days. If participants transfer funds out of the BNY Mellon SL ACWI ex-U.S. Fund, the JP Morgan Equity Income Fund or the Allspring Special Small Cap Value Fund, participants cannot transfer funds back into these investment options for 30 calendar days.
Contributions - Contributions under the Plan are made by the participants and, for certain participants, by the Company. Eligible employees are automatically enrolled in the Plan, unless they elect to not participate, with before-tax contributions equal to 4% of eligible earnings. These before-tax contributions will be invested in the Plan’s default investment option.
Employee
The participants’ maximum contribution rate for the years ended December 31, 2021 and 2020 was 50% of eligible participant compensation, up to $19,500. Participants can contribute on a before-tax basis, an after-tax basis, and on a Roth 401(k) after-tax contribution basis. Catch-up contributions, including Roth 401(k) catch-up contributions, are permitted for eligible participants (catch-up contributions are not eligible for the Company match) and were limited to $6,500 in both 2021 and 2020. Employee contributions also include rollovers from other qualified plans. The amount of individual rollovers from other plans totaled $42 million and $4 million in 2021 and 2020, respectively.
Employer
For most participants not covered by a collective bargaining agreement, the Company will match the participant contribution, up to the first 6% of the participant's eligible compensation. Each contribution will be multiplied by the Company match rate in effect to determine the amount of the Company-matching contribution. The Company match rate established each year is at the discretion of the Company. The Company-matching contribution was 100% during 2021 and 2020. For those participants whose employment is covered by a collective bargaining
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agreement, the level of Company matching contributions, if any, is determined by the relevant collective bargaining agreement.
Employer contributions also include "Employer Additional Contributions" where the Company deposits additional retirement plan monies into eligible participant accounts. These contributions are between 2% and 5% of the eligible participants' eligible Plan compensation. The applicable contribution percentage is based on a combination of the participants' age and years of service. Employer Additional Contributions were $32 million and $23 million in 2021 and 2020, respectively.
Participant Accounts - Individual accounts are maintained for each Plan participant. Each participant's account is credited with the participants' contribution, the Company's matching contribution, the Employer Additional Contribution, if applicable, and allocations of fund earnings and is charged with an allocation of fund losses and administrative expenses. Allocations are based on participant account balances, as defined by the Plan. Participants direct the investment of their contributions and Company matching contributions into various investment options offered by the Plan.
If the Company declares a dividend on PPG Industries, Inc. common stock, each participant will share in that dividend if any portion of the participant's account is invested in the PPG Stock Fund on the ex-dividend date. Each participant may elect to reinvest 100% of the dividend or to have 100% of the dividend paid in cash. If no election is made by the participant, PPG Stock Fund dividends are automatically re-invested into participant accounts to purchase additional shares of PPG Industries, Inc. common stock.
Vesting - All participant contributions and Company matching contributions and their related earnings are vested immediately. The Employer Additional Contributions are generally vested over a three year service period.
Forfeitures - Forfeited balances of terminated participants’ unvested accounts are used to reduce future contributions by PPG. As of December 31, 2021 and 2020, forfeited balances were $3,311,583 and $1,297,977, respectively. Forfeited balances are included in Investments at fair value on the Statements of Net Assets Available for Benefits.
Payment of Benefits - Upon termination from service as a result of a voluntary or involuntary separation, retirement, or receiving approval to participate in a Company sponsored long-term disability program, a participant may elect to receive payment of his or her account from several options, including a total distribution, a partial lump-sum distribution, or recurring payments. Those participants with vested balances of less than $5,000 will receive a taxable cash distribution as soon as administratively possible unless instructions are provided by the participant. Those participants with vested balances of greater than $5,000 may defer the distribution of their account. Those participants must begin receiving a required minimum distribution by April 1 of the year following termination from PPG, and each year thereafter. Required minimum distributions may not be rolled over to another retirement plan, IRA, or Roth IRA.
Payments to designated beneficiaries upon the death of the participant are made as a lump-sum distribution as soon as administratively possible from the date such payments are requested by the designated beneficiary or beneficiaries.
Notes Receivable from Participants - All Plan participants, excluding (a) those with a vested account balance less than $2,000, (b) those who have two existing loans, (c) those who have defaulted on an existing loan within the past 36 months, (d) those who have paid off a loan in the past 30 calendar days, (e) those who are not receiving payroll payments, and (f) those who are suspended from making contributions due to an in-service or hardship withdrawal, may borrow, for either general purposes or for a primary residence, from their account a minimum of $1,000, up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance, reduced by the highest outstanding participant loan balance over the past 12 months. General purpose loans have a loan term of 12 to 60 months. Primary residence loans have a loan term of 61 to 360 months. The loans are secured by the participants' account balance and bear an interest rate determined by the Plan Administrator based on the prevailing interest rates for loans which would be made under similar circumstances. Principal and interest payments are generally repaid by payroll deductions. Company contributions, based on age and years of service, are not available for loans.
Transfers - Transfers in primarily occur when PPG acquires a new business and the existing plan(s) of the acquired company are legally moved into the Plan. Transfers out primarily occur when PPG divests part or all of one of its strategic business units and portions of the Plan related to the divested business are legally moved out of the Plan. There were no transfers in the year ended December 31, 2021.
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The above brief description of the Plan is provided for general information purposes only. Participants should refer to the Summary Plan Description for a complete description of the Plan, which is available from the Plan Administrator.
2.Summary of Significant Accounting Policies and Related Matters
Basis of Accounting - The financial statements of the Plan are prepared on the accrual basis of accounting, except for amounts due to participants who had requested withdrawals, which are not recorded as a liability of the Plan as of December 31, 2021 and 2020, in accordance with the American Institute of Certified Public Accountants Audit and Accounting Guide, Audits of Employee Benefit Plans.
Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends on the PPG Industries common stock are recorded as investment income on the ex-dividend date.
Use of Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (GAAP) requires Plan management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein. Actual results could differ from those estimates.
Benefit Payments - Benefits are recorded when paid.
Risk and Uncertainties - The Plan invests in various investment securities. Investment securities, in general, are exposed to various risks, such as interest rate risk, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could be material in relation to the amounts reported in the financial statements.
Investment Valuation - Investments are generally stated at fair value. Investments in securities traded on securities exchanges are valued at the closing sales price on the last business day of the Plan year. Listed securities for which no sale was reported on that date are valued at bid quotations. See Note 3 for further information regarding fair value measurement.
The Stable Value Fund is a separate account with FMTC as the investment manager, which invests in a diversified portfolio of fixed income securities, such as U.S. government obligations, mortgage-related and asset-backed securities, and corporate bonds. The Stable Value Fund is measured at contract value. See Note 4 for further information regarding the Stable Value Fund.
Notes Receivable from Participants - Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are recorded as withdrawals based on the terms of the Plan document.
3.Fair Value Measurement
Accounting guidance on fair value measurements establishes a hierarchy of inputs employed to determine fair value measurements, which has three levels.
Level 1 inputs are quoted prices in active markets for identical assets and liabilities. Level 1 inputs are considered to be the most reliable evidence of fair value as they are based on unadjusted quoted market prices from various financial information service providers and securities exchanges.
Level 2 inputs are directly or indirectly observable prices that are not quoted on active exchanges, which include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability and inputs that are derived principally from or corroborated by observable market data by correlation or other means.
Level 3 inputs are unobservable inputs employed for measuring the fair value of assets or liabilities.
The availability of observable market data is monitored to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. PPG evaluates the significance of transfers between levels based upon the nature of the financial instrument and size of the transfer relative to total net assets available for benefits. For the years ended December 31, 2021 and 2020, there were no transfers between levels.
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The financial assets that are reported at fair value on a recurring basis as of December 31, 2021 and 2020, were as follows:
December 31, 2021
($ in millions)Level 1Level 2Level 3Total
Investments in the fair value hierarchy:
PPG Industries, Inc. common stock (a)
$819 $— $— $819 
Mutual funds (b)
171 — — 171 
Money market funds16 — — 16 
Total assets in the fair value hierarchy$1,006 $— $— $1,006 
Common-collective trusts (c)
— — — 3,057 
Investments at fair value$1,006 $— $— $4,063 
December 31, 2020
($ in millions)Level 1Level 2Level 3Total
Investments in the fair value hierarchy:
PPG Industries, Inc. common stock (a)
$746 $— $— $746 
Mutual funds (b)
68 — — 68 
Money market funds7 — — 7 
Total assets in the fair value hierarchy$821 $— $— $821 
Common-collective trusts (c)
— — — 2,847 
Investments at fair value$821 $— $— $3,668 
(a)The fair value of PPG Industries, Inc. common stock is valued at the closing price reported on the active market on which the individual securities are traded.
(b)The fair value of mutual funds is valued at the daily closing price as reported by the fund.
(c)Certain investments that are measured at net asset value per share (or its equivalent) are not required to be classified in the fair value hierarchy.
Common-Collective Trusts
The investment in Common-Collective Trusts is comprised of investments in the BlackRock Institutional Trust Company (“BlackRock”) Equity Index Fund, the Artisan Small Cap Growth Trust Fund, the BNY Mellon SL ACWI ex-U.S. Fund, BlackRock LifePath Index Funds, the BNY Mellon Aggregate Bond Index Fund, the BNY Mellon Capital Small Cap Index Stock Fund, the Fidelity Contrafund Commingled Pool, the Fidelity Growth Company Commingled Pool, the BlackRock Total Return Bond Fund, the BlackRock Treasury Inflation Protected Securities (TIPS) Index Fund and the Allspring Special Small Cap Value Fund. The BlackRock Equity Index Fund's objective is to provide a total return that closely corresponds to the investment performance of the S&P 500 with dividends reinvested and is only available to qualified institutional investors. The Artisan Small Cap Growth Trust Fund's objective is to seek long term capital growth by investing primarily in US small-cap growth companies. The BNY Mellon SL ACWI ex-U.S. Fund's objective is to track the performance of the MSCI All Country World Index (ACWI) ex-U.S. and is available only to qualified institutional investors. The objective of the BlackRock LifePath Index Funds is to maximize total return while maintaining an investment mix of stocks and fixed income instruments relative to a participant’s retirement time frame. The BNY Mellon Aggregate Bond Index Fund’s objective is to provide a total return that closely corresponds to the investment performance of the Barclays U.S. Aggregate Index. The BNY Mellon Capital Small Cap Stock Index Fund's objective is to provide a total return that seeks to match the investment performance of the Russell 2000 Index. The Fidelity Contrafund Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the S&P 500 Index. The Fidelity Growth Company Commingled Pool's objective is to provide capital appreciation over a market cycle relative to the Russell 3000 Index. The BlackRock Total Return Bond Fund's objective is to provide a total return through fixed income investments. The BlackRock TIPS Index Fund’s objective is to provide a total return that seeks to match the investment performance of the TIPS Index. The Allspring Special Small Cap Value Fund's objective is to seek long-term capital appreciation by principally investing in small-capitalization companies.
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This commingled pool is not a mutual fund and is only available to qualified institutional investors. The fair value of the common-collective trust is based upon the net asset value of the underlying investments held by each of the funds. These investments are valued at their respective net asset value per share or unit on the valuation date.
4.Stable Value Fund
The objective of the Stable Value Fund is to preserve the invested principal and accumulated interest, while earning a competitive level of income over time. The Stable Value Fund is a separate account managed by FMTC. The Stable Value Fund is fully benefit-responsive and consists of synthetic guaranteed investment contracts.
The Stable Value Fund invests in a diversified portfolio of short-term bonds and other fixed income securities, such as U.S. Treasury bonds, government agency securities, corporate bonds, mortgage-backed securities, commercial mortgage-backed securities, and asset-backed securities. The Stable Value Fund also invests in money market funds to provide daily liquidity and purchases third party wrap contracts that are designed to permit the Fund to use contract value accounting to provide for the payment of participant directed withdrawals and exchanges at contract value under most circumstances. Interest is credited to the Stable Value Fund under the wrap contracts. There is no immediate recognition of gains and losses on the fixed income securities. Instead, gains or losses are recognized over time by adjusting the interest rate credited to the Stable Value Fund.
The wrap contracts have been issued by State Street Bank and Trust, J.P. Morgan Chase, Prudential Insurance Company of America, American General Life, Nationwide Life Insurance Company, Transamerica Premier Life, Pacific Life Insurance Company, and Metropolitan Life Insurance Company. The S&P credit rating at December 31, 2021 of the issuing financial institutions is AA-, A+, AA-, A+, A+, A+, AA-, and AA-, respectively. The underlying investments of the Stable Value Fund are stated at contract value.
The third party wrap contracts provide that participant fund transactions are executed at contract value. Contract value represents contributions made to the fund, plus net investment income, less participant withdrawals. The interest crediting rates are reset quarterly based upon market rates of similar investments, the current yield of the underlying investments, and the spread between market value and contract value, but the rate cannot be less than 0%.
Certain events, such as a Plan termination or Plan merger initiated by the Plan Administrator may limit the ability of the Plan to transact at contract value or may allow for the termination of the wrap contract at less than contract value. The Plan Administrator does not believe that any events that may limit the ability of the Plan to transact at contract value are probable.
5.Related-Party Transactions
FMTC manages the Stable Value Fund, the Fidelity Contrafund Commingled Pool and the Fidelity Growth Company Commingled Pool. As of December 31, 2021 and 2020, the Plan also held cash and cash equivalents in money market funds managed by FMTC. These transactions are considered exempt party-in-interest transactions. Eligible participants may borrow from their individual account balance in the Plan as discussed in Note 1, and these transactions are considered exempt party-in-interest transactions.
At December 31, 2021 and 2020, respectively, the Plan held 4,751,371 and 5,175,418 shares of PPG Industries, Inc. common stock, the Plan Sponsor. During the year ended December 31, 2021, the Plan's investment in the Company’s common stock included purchases and sales of approximately $228 million and $309 million, respectively. These transactions are considered exempt party-in-interest transactions. Dividends earned on PPG Industries, Inc. common stock were $10 million and $11 million in 2021 and 2020, respectively.
6.Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to terminate the Plan, subject to the provisions of ERISA. In the event the Plan is terminated, Plan participants will receive all amounts credited to their accounts.
7.Federal Income Tax Status
The Internal Revenue Service (the "IRS") has determined and informed the Company by a letter dated April 28, 2017 that the Plan is qualified and the trust established under the Plan is tax-exempt under the appropriate sections of the Internal Revenue Code (the "Code"). Subsequent to this determination by the IRS, the Plan was amended. The Plan Administrator believes the Plan, as amended, is being operated in compliance with the applicable requirements of the Code and, therefore, believes the Plan is qualified and the trust established under the Plan is
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tax-exempt under the appropriate sections of the Code. Therefore, no provision for income taxes has been included in the Plan's financial statements.
Plan management evaluates tax positions taken by the Plan and recognizes a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan Administrator has analyzed the tax positions taken by the Plan and has concluded that as of December 31, 2021, there are no uncertain tax positions taken or expected to be taken that would require recognition of a liability or disclosure in the financial statements. The Plan Administrator believes it is no longer subject to income tax examinations by the IRS for U.S. federal income tax returns filed for years through 2018.
Participants in the Plan are not liable for federal income tax on amounts allocated to their accounts resulting from their before-tax deferrals, employer contributions, or investment income until such time as amounts are withdrawn from the participant's account.
8.    Reconciliation of Financial Statements to Form 5500
A reconciliation of net assets available for benefits per the financial statements to the total net assets per the Form 5500 as of December 31, 2021 and 2020, and the change in net assets per the financial statements to the net income per the Form 5500 for the years ended December 31, 2021 and 2020, is as follows:
($ in millions)20212020
Net assets available for benefits per the financial statements$4,717 $4,385 
Adjustment from contract value to fair value for fully benefit-responsive investment contracts7 27 
Total net assets per the Form 5500$4,724 $4,412 
Net increase in net assets per the financial statements332 353 
Change in the adjustment from contract value to fair value for fully benefit-responsive investment contracts(20)18 
Net income per the Form 5500$312 $371 

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PPG Industries Employee Savings Plan
Supplemental Schedule
Form 5500, Schedule H, Part IV, Line 4i - Schedule of Assets (Held at End of Year)
As of December 31, 2021
($ in millions)
(a)
(b)
Identity of issue, Borrower, Lessor or Similar Party
(c)
 Description of Investment, Including Maturity Date, Rate of Interest, Collateral, Par or Maturity Value
(e)
Current Value
Mutual funds — at fair value:
JP Morgan Equity Income FundMutual Fund$102 
MFS International Equity FundMutual Fund30 
Baillie Gifford Emerging Markets FundMutual Fund39 
*Investment in PPG Industries, Inc. common stock — at fair valueCommon Stock819 
Money market funds — at fair value:
*Fidelity Government PortfolioCash and cash equivalent13 
*Fidelity Government Cash ReservesCash and cash equivalent3 
Common-collective trusts — at fair value:
Allspring Special Small Cap Value FundCommon-collective trust9 
Artisan Small Cap Growth TrustCommon-collective trust22 
BlackRock Lifepath Index Retirement FundCommon-collective trust160 
BlackRock Lifepath Index 2025 FundCommon-collective trust139 
BlackRock Lifepath Index 2030 FundCommon-collective trust136 
BlackRock Lifepath Index 2035 FundCommon-collective trust113 
BlackRock Lifepath Index 2040 FundCommon-collective trust97 
BlackRock Lifepath Index 2045 FundCommon-collective trust73 
BlackRock Lifepath Index 2050 FundCommon-collective trust76 
BlackRock Lifepath Index 2055 FundCommon-collective trust53 
BlackRock Lifepath Index 2060 FundCommon-collective trust19 
BlackRock Lifepath Index 2065 FundCommon-collective trust3 
BlackRock Equity Index FundCommon-collective trust652 
BlackRock TIPS Index FundCommon-collective trust81 
BlackRock Total Return Bond FundCommon-collective trust91 
BNY Mellon Capital Small Cap Stock Index FundCommon-collective trust163 
BNY Mellon Aggregate Bond Index FundCommon-collective trust137 
BNY Mellon SL ACWI ex-U.S.FundCommon-collective trust223 
*Fidelity Contrafund Commingled PoolCommon-collective trust272 
*Fidelity Growth Company Commingled PoolCommon-collective trust538 
*Stable value fund - at market value:
U.S. Government Obligations - at market value:
US Treasury Note 0.25% 09/30/2025U.S. Government Obligation7 
US Treasury Note 0.75% 03/31/2026U.S. Government Obligation70 
US Treasury Note 0.25% 05/15/2024U.S. Government Obligation59 
US Treasury Note 0.375% 07/15/2024U.S. Government Obligation1 
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US Treasury Note 0.625% 07/31/2026U.S. Government Obligation10 
US Treasury Note 0.375% 08/15/2024U.S. Government Obligation75 
US Treasury Note 0.125% 08/31/2023U.S. Government Obligation34 
US Treasury Note 0.75% 08/31/2026U.S. Government Obligation40 
US Treasury Note 2% 08/15/2025U.S. Government Obligation8 
US Treasury Note 1.5% 01/31/2027U.S. Government Obligation6 
Total U.S. Government Obligations310 
Corporate Debt - at market value:
AIG GLOBAL FDG 0.9% 09/22/2025 144ACorporate Debt2 
APPLE INC 0.75% 05/11/2023Corporate Debt1 
ASTRAZENECA FINANCE LLC 0.7% 05/28/2024Corporate Debt1 
ATHENE GLOBAL FUNDING 0.95% 01/08/2024 144ACorporate Debt2 
ATHENE GLOBAL FUNDING 1.73% 10/02/2026 144ACorporate Debt2 
BANCO SANTANDER SA 1.722%/VAR 09/14/2027Corporate Debt1 
BANK OF AMERICA CORPORATION 3.004%/VAR 12/20/2023Corporate Debt1 
BANK OF AMERICA CORPORATION 3.864%/VAR 07/23/2024Corporate Debt2 
BANK OF AMERICA CORPORATION 3.456% VAR 03/15/2025Corporate Debt3 
BANK OF AMERICA CORPORATION 2.456%/VAR 10/22/2025Corporate Debt2 
BANK OF AMERICA CORPORATION 1.319%/VAR 06/19/2026Corporate Debt1 
BANK OF AMERICA CORPORATION 1.197/VAR 10/24/2026Corporate Debt2 
BANK OF AMERICA CORP 1.734%/VAR 07/22/2027Corporate Debt1 
BANK OF MONTREAL QUE 1.85% 05/01/2025Corporate Debt2 
BANK NEW YORK MELLON CORP 1.6% 04/24/2025Corporate Debt1 
BERKSHIRE HATHAWAY ENERGY COMPANY 2.8% 01/15/2023Corporate Debt1 
BERKSHIRE HATHAWAY ENERGY COMPANY 4.05% 04/15/2025Corporate Debt1 
BERKSHIRE HATHAWAY INC DEL 2.75% 03/15/2023Corporate Debt1 
BNP PARIBAS SOFR 1.323%/VAR 01/13/2027 144ACorporate Debt1 
BRISTOL-MYERS SQUIBB CO 2.9% 07/26/2024Corporate Debt1 
CHEVRON CORP NEW 1.141% 05/11/2023Corporate Debt1 
CITIGROUP INC 3.106%/VAR 04/08/2026Corporate Debt2 
CITIGROUP INC 1.122%/VAR 01/28/2027Corporate Debt1 
COMCAST CORP NEW 3.7% 04/15/2024Corporate Debt1 
CREDIT SUISSE AG NY BRNCH 1% 05/05/2023Corporate Debt2 
DNB BANK ASA T5Y 1.535%/VAR 05/25/2027 144ACorporate Debt1 
DAIMLER FIN NORTH AMER LLC 0.75% 03/01/2024 144ACorporate Debt2 
DAIMLER FIN NORTH AMER LLC 1.45% 03/02/2026 144ACorporate Debt1 
DAIMLER TRUCKS FINANCE NORTH AMERICA LLC 1.625% 12/13/2024 144ACorporate Debt1 
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DEERE JOHN CAPITAL CORP 0.7% 07/05/2023Corporate Debt1 
DEUTSCHE BANK AG NEW YORK BNCH 0.962% 11/08/2023Corporate Debt1 
TWDC ENTERPRISES 18 CORP 2.35% 12/01/2022Corporate Debt1 
DNB BANK ASA 1.605/VAR 03/30/2028 144ACorporate Debt1 
ERP OPERATING LP 3.375% 06/01/2025Corporate Debt1 
EQUITABLE FINANCIAL LIFE GLOBAL FUNDING 1.7% 11/12/2026 144ACorporate Debt1 
GOLDMAN SACHS GROUP INC (THE) 2.905/VAR 07/24/2023Corporate Debt1 
GOLDMAN SACHS GROUP INC (THE) 3.2% 02/23/2023Corporate Debt1 
GREAT-WEST LIFECO FIN 20 0.904% 08/12/2025 144ACorporate Debt1 
GUARDIAN LIFE GLOBAL FUNDING 3.4% 04/25/2023 144ACorporate Debt1 
GUARDIAN LIFE GLOBAL FUNDING 1.1% 06/23/2025 144ACorporate Debt1 
GUARDIAN LIFE GLOBAL FUNDING 1.4% 07/06/2027 144ACorporate Debt2 
HSBC HOLDINGS PLC 3.95%/VAR 5/18/2024Corporate Debt1 
HSBC HOLDINGS PLC 3.803%/VAR 03/11/2025Corporate Debt2 
HSBC HOLDINGS PLC 1.589%/VAR 05/24/2027Corporate Debt2 
HSBC HOLDINGS PLC 2.251%/VAR 11/22/2027Corporate Debt2 
ING GROEP NV SOFR 1.726%/VAR 04/01/2027Corporate Debt1 
INTERCONTINENTAL EXCHANGE INC 3.45% 09/21/2023Corporate Debt1 
JPMORGAN CHASE & CO 3.559%/VAR 04/23/24Corporate Debt1 
JPMORGAN CHASE & CO 4.023/VAR 12/05/2024Corporate Debt2 
JPMORGAN CHASE & CO 2.083/VAR 04/22/2026Corporate Debt2 
JPMORGAN CHASE & CO 1.514%/VAR 06/01/2024Corporate Debt1 
JPMORGAN CHASE & CO 1.045%/VAR 11/19/2026Corporate Debt1 
JPMORGAN CHASE & CO 0.824/VAR 06/01/2025Corporate Debt1 
JPMORGAN CHASE & CO SOFR 1.47%/VAR 09/22/2027Corporate Debt2 
LLOYDS BANKING GROUP PLC 2.438%/VAR 02/05/2026Corporate Debt1 
MARSH & MCLENNAN COS INC 3.875% 03/15/2024Corporate Debt1 
METROPOLITAN LIFE GLBL FDG I 0.9% 06/08/2023 144ACorporate Debt1 
MITSUBISHI UFJ FIN GRP INC 3.455% 03/02/2023Corporate Debt1 
MITSUBISHI UFJ FIN GRP INC 2.193% 02/25/2025Corporate Debt2 
MITSUBISHI UFJ FIN GRP INC 1.412% 07/17/2025Corporate Debt2 
MITSUBISHI UFJ FIN GRP INC 0.848%/VAR 09/15/2024Corporate Debt1 
MITSUBISHI UFJ FIN GRP INC 0.953%/VAR 07/19/2025Corporate Debt2 
MITSUBISHI UFJ FIN GRP INC 1.64%/VAR 10/13/2027Corporate Debt2 
MIZUHO FINL GROUP INC 0.849%/VAR 09/08/2024Corporate Debt1 
MIZUHO FINL GROUP INC 1.234%/VAR 5/22/2027Corporate Debt1 
MORGAN STANLEY 3.125% 01/23/2023Corporate Debt1 
MORGAN STANLEY 3.737%/VAR 04/24/2024Corporate Debt1 
MORGAN STANLEY VAR/2.72 07/22/2025Corporate Debt1 
MORGAN STANLEY 2.188%/VAR 04/28/2026Corporate Debt1 
MORGAN STANLEY .56/VAR 11/10/2023Corporate Debt2 
NTT FINANCE CORP 0.583% 03/01/2024 144ACorporate Debt1 
12

NTT FINANCE CORP 1.162% 04/03/2026 144ACorporate Debt1 
NATIONAL BANK OF CANADA 0.55/VAR 11/15/2024Corporate Debt1 
NATWEST MARKETS PLC 0.8% 08/12/2024 144ACorporate Debt1 
ORACLE CORP 1.65% 03/25/2026Corporate Debt1 
PACIFIC LIFE GF II 1.2% 06/24/2025 144ACorporate Debt1 
PHILIP MORRIS INTL INC 2.875% 05/01/2024Corporate Debt1 
PHILIP MORRIS INTL INC 1.5% 05/01/2025Corporate Debt1 
PRICOA GLOBAL FDG I 2.4% 09/23/2024 144ACorporate Debt2 
RABOBANK NEDERLAND COOP CENTL 1.98%/VAR 12/15/2027Corporate Debt1 
RGA GLOBAL FUNDING 2% 11/30/2026 144ACorporate Debt1 
ROSS STORES INC 0.875% 04/15/2026Corporate Debt1 
ROYAL BANK OF CANADA 1.6% 04/17/2023Corporate Debt1 
SSM HEALTH CARE CORP 3.688% 06/01/2023Corporate Debt1 
7 ELEVEN INC 1.3% 02/10/2028 144ACorporate Debt1 
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 0.65% 03/11/2024 144ACorporate Debt1 
SIEMENS FINANCIERINGSMAATSCHAPPIJ NV 1.2% 03/11/2026 144ACorporate Debt1 
SIMON PROPERTY GROUP LP 2.75% 06/01/2023Corporate Debt1 
SUMITOMO MITSUI FINL GRP INC 1.474% 07/08/2025Corporate Debt2 
SUMITOMO MITSUI FINL GRP INC 1.402% 09/17/2026Corporate Debt2 
TRUIST BANK 3.2% 04/01/2024Corporate Debt2 
SVENSKA HANDELSBANKEN AB 0.625% 06/30/2023 144ACorporate Debt2 
TOYOTA MOTOR CREDIT CORP 0.5% 08/14/2023Corporate Debt1 
UBS GROUP AG 1.008%/VAR 07/30/2024 144ACorporate Debt1 
VOLKSWAGEN GROUP AMER FIN LLC 1.25% 11/24/2025 144ACorporate Debt2 
WELLS FARGO & CO NEW 3.75% 01/24/2024Corporate Debt1 
WELLS FARGO & CO NEW 2.164%/VAR 02/11/2026Corporate Debt3 
WELLS FARGO & CO NEW 2.188/VAR 04/30/2026Corporate Debt1 
WELLS FARGO & CO NEW 1.654%/VAR 06/02/2024Corporate Debt1 
Total Corporate Debt131
Mortgage Backed Securities - at market value:
FHLG 15YR 2.5% 10/01/2031#G16387Mortgage Backed Security1 
FHLG 15YR 3% 05/01/2033#G16550Mortgage Backed Security1 
FHLG 20YR 3.5% 06/01/2032#C91456Mortgage Backed Security1 
FHLG 15YR 2.5% 11/01/2028#J32374Mortgage Backed Security2 
FHLG 15YR 2% 01/01/2032#ZS7735Mortgage Backed Security3 
FHLG 15YR 2.5% 12/01/2031#SB0093Mortgage Backed Security1 
FHLG 15YR 3% 02/01/2034#SB0179Mortgage Backed Security1 
FHLG 15YR 3% 03/01/2033#SB0181Mortgage Backed Security2 
FHLG 15YR 3.5% 04/01/2034#SB0378Mortgage Backed Security1 
FHLG 20YR 3% 11/01/2033#G30872Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT K720 A2 2.716% 06/25/2022Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT K722 A2 2.406% 03/25/2023Mortgage Backed Security1 
FHMS K027 A2 2.637% 01/23Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT 3.3% 04/25/2023Mortgage Backed Security1 
13

FEDERAL HOME LN MTG MLT CTF GT 2013-K033 A2 3.06%Mortgage Backed Security2 
FEDERAL HOME LN MTG MLT CTF GT 2013-K035 A2 3.458%Mortgage Backed Security2 
FEDERAL HOME LN MTG MLT CTF GT K727 A2 2.946% 07/25/2024Mortgage Backed Security2 
FNMA 15YR 2.5% 10/01/2031#AS8010Mortgage Backed Security1 
FNMA 15YR 3% 02/01/2033#BM5108Mortgage Backed Security3 
FNMA 15YR 3% 12/01/2032#BM5109Mortgage Backed Security3 
FNMA 15YR 3% 09/01/2032#BM5110Mortgage Backed Security1 
FNMA 15YR 3.5% 02/01/2035#FM0065Mortgage Backed Security1 
FNMA 15YR 3% 06/01/2033#Mortgage Backed Security1 
FNMA 30YR 4.5% 09/01/2049#FM1534Mortgage Backed Security1 
FNMA 15YR 3.5% 09/01/2034#FM1577Mortgage Backed Security1 
FNMA 15YR 4% 03/01/2034#FM2867Mortgage Backed Security3 
FNMA 30YR 3% 03/01/2050#FM2870Mortgage Backed Security3 
FNMA 15YR 4% 02/01/2034#FM3001Mortgage Backed Security1 
FNMA 20YR 3% 12/01/2040#FM4710Mortgage Backed Security1 
FNMA 20YR 3% 12/01/2040#FM4711Mortgage Backed Security2 
FNMA 20YR 3.00% 11/32 #MA1237Mortgage Backed Security2 
FNMA 20YR 3% 07/01/2036#MA2672Mortgage Backed Security2 
FNMA 20YR 4% 04/01/2038#MA3337Mortgage Backed Security1 
GNII II 3.5% 01/01/2052 #TBAMortgage Backed Security2 
GNII II 4% 04/20/2047#MA4383Mortgage Backed Security1 
BX TR 2021-ACNT 1ML+85 11/15/2026 144AMortgage Backed Security1 
BENCHMARK MTG TR 2018-B2 A2 3.6623% 02/15/2051Mortgage Backed Security1 
BENCHMARK MORTGAGE TRUST 2018-B7 A2 4.377% 05/15/2053Mortgage Backed Security1 
BENCHMARK MTG TR 2018-B8 A2 4.149% 01/15/2052Mortgage Backed Security1 
CSAIL 2017-CX9 A2 3.0538% 09/15/2050Mortgage Backed Security1 
COMM 2013-CCRE7 MTG TR 3.213% 03/10/2046Mortgage Backed Security1 
CGCMT 2012-GC8 A4 3.024% 9/45Mortgage Backed Security1 
CITIGROUP COML MTG TR 13-GC17 4.131% 11/10/2046Mortgage Backed Security1 
CITIGROUP COML MTG TR 2014-GC23 A3 3.356% 07/10/2047Mortgage Backed Security1 
CITIGROUP COML MTG TR 2016-GC36 AAB 3.368% 02/10/2049Mortgage Backed Security1 
CSAIL 2019-C15 COML MTG TR 3.4505% 03/15/2052Mortgage Backed Security1 
ELP COMMERCIAL MORTGAGE TRUST 2021-ELP 1ML+70.1 11/15/2036 144AMortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 1.85% 05/25/2033Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 3.0% 06/25/2043Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2.5% 05/25/2045Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2015-28 JE 3.0% 05/25/2045Mortgage Backed Security1 
FNR 2015-42 LE 3.0% 06/25/45Mortgage Backed Security1 
FNR 2015-49 LE 3% 07/45Mortgage Backed Security1 
FNR 2016-19 AH 3% 04/46Mortgage Backed Security1 
FNR 2016-26 CG 3% 05/46Mortgage Backed Security1 
14

FNR 2016-27 HK 3% 01/25/2041Mortgage Backed Security1 
FNR 2016-37 BK 3% 06/25/46Mortgage Backed Security1 
FNR 2016-34 GH 3% 06/46Mortgage Backed Security1 
FEDERAL NATL MTG AS GTD RE PTT 2016-105 PA 3.5% 04/25/2045Mortgage Backed Security1 
FNR 2016-100 P 3.5% 11/44Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2017-11 HA 3.5% 12/25/2045Mortgage Backed Security1 
FNR 2017-20 AP 3.5% 03/25/2045Mortgage Backed Security1 
FANNIE MAE 2017-74 PA 3.5% 11/25/2045Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2% 06/25/2035Mortgage Backed Security2 
FEDERAL NAT MTG ASN GTD REM 2017-97 P 3% 01/25/2047Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2018-3 LP 3% 02/25/2047Mortgage Backed Security1 
FEDERAL NATL MTG AS GTD RE PTT 2018-11 LA 3.5% 07/25/2045Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 3.5% 02/25/2046Mortgage Backed Security1 
FNMA GTD MTG PASS THRU CTF 3.5% 10/25/2044Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 4% 11/25/2048Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 3% 03/25/2048Mortgage Backed Security2 
FEDERAL NAT MTG ASN GTD REM PA 2019-38 AB 3% 07/25/2039Mortgage Backed Security1 
FEDERAL NAT MTG ASN GTD REM PA 2.5% 10/25/2039Mortgage Backed Security1 
FREDDIE MAC 4656 PA 3.5% 10/15/2045Mortgage Backed Security1 
FHR 4683 EA 2.5% 05/47Mortgage Backed Security1 
FEDERAL HOME LN MTGE CORP 4765 QA 3% 02/15/2046Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT 4847 CA 3.5% 11/15/2045Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT 4% 07/15/2047Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT 2019-4872 AB 4% 08/15/2047Mortgage Backed Security1 
FEDERAL HOME LN MTG MLT CTF GT 3% 07/25/2039Mortgage Backed Security1 
FREDDIE MAC REMICS 3% 10/25/2048Mortgage Backed Security1 
FREDDIE MAC REMICS 2018-4766 MA 3.5% 02/15/2046Mortgage Backed Security1 
GS MTG SECS TR 2013-GC10 A5 2.943% 02/10/2046Mortgage Backed Security1 
GSMS 2012-GCJ9 A3 2.773% 11/45Mortgage Backed Security1 
GS MTG SECS TR 2015-GC30 A4 3.382% 05/10/2050Mortgage Backed Security1 
GS MTG SECS TR 2014-GC26 AAB 3.365% 11/10/2047Mortgage Backed Security1 
JP MORGAN CHASE COML MTG SE 2012-C8 A3 2.8291% 10/15/2045Mortgage Backed Security1 
JP MORGAN CHASE COML MTG SECS TR 2013-C10 A5 3.142Mortgage Backed Security1 
JPMBB COML MTG SECS TR 2014-C22 3.8012% 09/15/2047Mortgage Backed Security1 
JPMBB COML MTG SECUTITIES TR 2015-C29 A4 3.6108% 05/15/2048Mortgage Backed Security1 
MSBAM 2013-C8 A4 3.134% 12/48Mortgage Backed Security1 
MSBAM 2014-C17 ASB 3.477% 8/47Mortgage Backed Security1 
15

MORGAN STANLEY CAP I TR 2019-MEAD 3.17% 11/10/2036Mortgage Backed Security1 
OPG TR 2021-PORT 1ML+49.8 10/15/2036 144AMortgage Backed Security2 
SREIT TR 2021-MFP 1ML+73.08 11/15/2038 144AMortgage Backed Security1 
WFRBS COML MTG TR 2014-C22 ASB 3.464% 09/15/2057Mortgage Backed Security1 
WFRBS 2012-C9 A3 2.87% 11/45Mortgage Backed Security1 
WFRBS COML MTG TR 2013-C16 A5 4.415% 09/15/2046Mortgage Backed Security1 
WELLS FARGO COML MTG TR 15-C27 ASB 3.278% 02/15/2048Mortgage Backed Security1 
WFCM 2016-C34 A2 2.603% 06/49Mortgage Backed Security1 
Total Mortgage Backed Securities122 
Asset Backed Securities - at market value
AMERICAN EXPRESS CR ACC MST TR 0.9% 11/15/2026Asset Backed Security2 
BA CR CARD TR 0.34% 05/15/2026Asset Backed Security2 
BA CR CARD TR 0.44% 09/15/2026Asset Backed Security2 
CAPITAL ONE MULTI-ASST EXEC TR 1.04% 11/16/2026Asset Backed Security2 
CARMAX AUTO OWNER TR 2020-4 0.5% 08/15/2025Asset Backed Security1 
DELL EQUIPMENT FINANCE TRUST 2021-1 0.43% 05/22/2026 144AAsset Backed Security1 
DELL EQUIPMENT FINANCE TRUST 2020-2 0.57% 10/23/2023 144AAsset Backed Security1 
DISCOVER CARD EXECUTION NT TR 0.58% 09/15/2026Asset Backed Security2 
FORD CR FLOORPLN MAST OWN TR A 0.7% 09/15/2025Asset Backed Security2 
FORDR 2017-2 A 2.36% 03/15/2029 144AAsset Backed Security1 
FORD CR AUTO OWNER TR 2019-1 A 3.52% 07/15/2030 144AAsset Backed Security1 
GMF FLOORPLAN OWNER REVOLVING TR 0.68% 08/15/2025Asset Backed Security1 
GMF FLOORPLAN OWNER REVOLVING TR 0.69% 10/15/2025Asset Backed Security1 
GM FINANCIAL CONSUMER AUTOMOBILE RECEIVABLES TRUSTAsset Backed Security1 
HYUNDAI AUTO RECEIVABLES TR 2020-C 0.38% 05/15/2025Asset Backed Security1 
JOHN DEERE OWNER TR 2019-B 2.21% 12/15/2023Asset Backed Security1 
SANTANDER RETAIL AUTO LEASE TR 2020-B 0.57% 04/22/2024Asset Backed Security2 
SANTANDER RETAIL AUTO LEASE TR 2021-A 0.51% 07/22/2024Asset Backed Security1 
VERIZON MASTER TRUST 2021-1 A 0.5% 05/20/2027Asset Backed Security1 
VERIZON MASTER TRUST 2021-1 A 0.99% 04/20/2028Asset Backed Security2 
VERIZON OWNER TR 2020-A 1.85% 07/22/2024Asset Backed Security2 
WORLD OMNI AUTOMOBILE LEASE SECURITIZATION TR 2020Asset Backed Security1 
CITIBANK NA 3.65% 01/23/2024Asset Backed Security1 
FIRST REPUBLIC BANK 1.912%/VAR 02/12/2024Asset Backed Security1 
Total Asset Backed Securities33 
Municipal Bonds - at market value
CA ST 2.40% 10/1/2025Municipal Bond1 
16

NYS UDC 2.67% 3/15/2023Municipal Bond1 
NYS UDC 2.7% 3/15/2023Municipal Bond1 
Total Municipal Bonds3 
State Street Government Short Term Investment FundCash and cash equivalent9 
Fidelity Investments Money Market Government Portfolio - Institutional ClassCash and cash equivalent11 
Total Stable Value Fund at market value619 
*Loans to participantsInterest rates ranging from 3.25% to 10.5% and maturity dates through December 205142 
Total$4,724 
(d) Cost information is omitted as all investments are participant-directed
* Party-in-interest

17

PPG Industries Employee Savings Plan
Index to Exhibits
The following exhibit is filed as part of this Form 11-K.
Exhibit NumberExhibit Description
23.1  

18

Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the Global Benefits Leader of PPG Industries, Inc., and Administrator of the Plan, has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
PPG Industries Employee Savings Plan
(Name of Plan)
Date: June 16, 2022/s/ Karen P. Rathburn
Karen P. Rathburn
Global Benefits Leader of PPG Industries, Inc. and Administrator of the Plan

19