<SEC-DOCUMENT>0001558370-22-010258.txt : 20220624
<SEC-HEADER>0001558370-22-010258.hdr.sgml : 20220624
<ACCEPTANCE-DATETIME>20220624140145
ACCESSION NUMBER:		0001558370-22-010258
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20211231
FILED AS OF DATE:		20220624
DATE AS OF CHANGE:		20220624

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Adtalem Global Education Inc.
		CENTRAL INDEX KEY:			0000730464
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		IRS NUMBER:				363150143
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13988
		FILM NUMBER:		221039396

	BUSINESS ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661
		BUSINESS PHONE:		630-515-7700

	MAIL ADDRESS:	
		STREET 1:		500 WEST MONROE
		STREET 2:		28TH FLOOR
		CITY:			CHICAGO
		STATE:			IL
		ZIP:			60661

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170522

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education Inc.
		DATE OF NAME CHANGE:	20170519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Adtalem Global Education
		DATE OF NAME CHANGE:	20170519
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>tmb-20211231x11k.htm
<DESCRIPTION>11-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  9.14.0.96--><!--Created on: 6/22/2022 11:00:59 AM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">UNITED STATES</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 10pt 0pt;"><b style="font-weight:bold;">FORM&#160;11-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">ANNUAL REPORT</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR PLANS</b><b style="font-weight:bold;"><br></b><b style="font-weight:bold;">PURSUANT TO SECTION&#160;15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;"><font style="white-space:pre-wrap;">[X]  ANNUAL REPORT PURSUANT TO SECTION&#160;15(d)&#160;OF THE SECURITIES EXCHANGE ACT OF 1934</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:60.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">For the fiscal&#160;<font style="white-space:pre-wrap;">year ended:  </font></p></td><td style="vertical-align:top;width:60.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">December&#160;31, 2021</p></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:60.11%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:60.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="white-space:pre-wrap;">Commission file number:  </font></p></td><td style="vertical-align:top;width:60.11%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">1-13988</p></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:60.11%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:39.88%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:60.11%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 134.25pt;">Adtalem Global Education Retirement Plan</p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">A.&#160;&#160;&#160;&#160;Full title of the plan:</p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 134.25pt;">ADTALEM GLOBAL EDUCATION&#160;INC.</p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 134.25pt;">500 WEST MONROE</p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 134.25pt;">CHICAGO, ILLINOIS 60661</p></td></tr><tr><td colspan="2" style="vertical-align:top;width:100%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">B.&#160;&#160;&#160;&#160;Name of issuer of the securities held pursuant to the plan and address of its principal executive office:</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:12pt 0pt 6pt 0pt;"><b style="font-weight:bold;">REQUIRED INFORMATION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;">The Plan&#8217;s audited financial statements and other required information are included on pages&#160;2-19.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">SIGNATURES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 6pt 0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the following administrator of the Adtalem Global Education Success Sharing Retirement Plan has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:6.54%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:43.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:1.87%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:3.95%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:44.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><a name="_Hlk106113283"></a><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Adtalem Global Education Retirement Plan</u></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 27.75pt;">(Name of Plan)</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:6.54%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Date:</p></td><td style="vertical-align:top;width:43.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">June&#160;24, 2022</u></p></td><td style="vertical-align:top;width:1.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.95%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">By:</p></td><td style="vertical-align:top;width:44.32%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">/s/ Cheryl James</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:3.95%;margin:0pt;padding:0pt;"></td><td style="vertical-align:top;width:44.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Cheryl James&#160;&#8211; Administrator</p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="3" style="vertical-align:top;width:51.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Total Number of Pages&#160;&#160;&#160;&#160;<u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;white-space:pre-wrap;">       19</u></p></td><td colspan="2" style="vertical-align:top;width:48.27%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:0pt;margin:0pt 0pt 12pt 0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt;">ADTALEM GLOBAL EDUCATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt;">RETIREMENT PLAN</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 24pt 0pt;">REPORT ON AUDITED FINANCIAL STATEMENTS AND</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt;">SUPPLEMENTAL SCHEDULE</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 24pt 0pt;">FOR THE&#160;YEARS ENDED DECEMBER&#160;31, 2021 AND 2020</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';font-size:12pt;line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;">ADTALEM GLOBAL EDUCATION<a name="TOC"></a><br><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RETIREMENT PLAN</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 24pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">TABLE OF CONTENTS</u></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 18pt;"><font style="margin-bottom:12pt;margin-left:0pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:10.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">Page</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:10pt 0pt 0pt 0pt;"><a href="#ReportofIndependent_begin"><b style="font-style:normal;font-weight:bold;">Report of Independent Registered Public Accounting Firm</b></a></p></td><td style="vertical-align:top;width:10.05%;border-top:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">3-4</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:10pt 0pt 0pt 0pt;">Financial Statements:</p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:10pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:10pt 0pt 0pt 0pt;"><a href="#STATEMENTSOFNETASSETSAVAILABLEFORBENEFIT"><font style="font-style:normal;font-weight:normal;">Statements of Net Assets Available for Benefits</font></a></p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">5</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:10pt 0pt 0pt 0pt;"><a href="#STATEMENTSOFCHANGESINNETASSETS_357631"><font style="font-style:normal;font-weight:normal;">Statements of Changes in Net Assets Available for Benefits</font></a></p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">6</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:10pt 0pt 0pt 0pt;"><a href="#NOTES_begin_961265"><font style="font-style:normal;font-weight:normal;">Notes&#160;to Financial Statements</font></a></p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">7-16</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:10pt 0pt 0pt 0pt;">Supplemental Schedule:</p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:10pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:10pt 0pt 0pt 0pt;"><a href="#SCHEDULEOFASSETS_142797"><font style="font-style:normal;font-weight:normal;">Schedule of Assets (Held at End of&#160;Year)</font></a></p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">17</p></td></tr><tr><td style="vertical-align:top;width:89.94%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:10pt 0pt 0pt 0pt;"><a href="#ConsentofIndependentRegisteredPublicAcco"><b style="font-style:normal;font-weight:bold;">Consent of Independent Registered Public Accounting Firm</b></a></p></td><td style="vertical-align:top;width:10.05%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:10pt 0pt 0pt 0pt;">18</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">2</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 24pt 0pt;">Report of Independent Registered Public Accounting Firm<a name="ReportofIndependent_begin"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">To the Plan Participants and Audit and Finance Committee of</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">Adtalem Global Education Retirement Plan</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt;">Opinion on the Financial Statements</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We have audited the accompanying statements of net assets available for benefits of Adtalem Global Education Retirement Plan (f/k/a Adtalem Global Education Success Sharing Retirement Plan) (the Plan) as of December&#160;31, 2021 and 2020, the related statements of changes in net assets available for benefits for the&#160;years then ended, and the related notes to the financial statements (collectively, 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&#160;31, 2021 and 2020, and the changes in net assets available for benefits for the&#160;years then ended, in conformity with accounting principles generally accepted in the United States of America.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt;">Basis for Opinion</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;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 U.S. federal securities laws and the applicable rules&#160;and regulations of the Securities and Exchange Commission and the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;margin:0pt;">Report on Supplemental Information</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;">The supplemental information in the accompanying Schedule H, line 4i&#160;&#8211; schedule of assets (held at end of&#160;year) as of December&#160;31, 2021, has been subjected to audit procedures performed in conjunction with the audit of the Plan&#8217;s financial statements. The supplemental information is presented for the purpose of additional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor&#8217;s Rules&#160;and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is the responsibility of the Plan&#8217;s management. Our audit procedures included determining whether the supplemental information 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 information. In forming our opinion on the supplemental information in the accompanying schedule, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">3</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 24pt 0pt;">Department of Labor&#8217;s Rules&#160;and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information in the accompanying schedule is fairly stated in all material respects in relation to the financial statements as a whole.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">/s/ RSM US LLP<a name="ReportofIndependent_end"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">We have served as the Plan&#8217;s auditor since 2009.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Chicago, Illinois</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">June&#160;24, 2022</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">4</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 10pt 0pt;">ADTALEM GLOBAL EDUCATION<a name="STATEMENTSOFNETASSETSAVAILABLEFORBENEFIT"></a><br><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RETIREMENT PLAN</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 10pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 18pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">DECEMBER&#160;31, 2021 AND 2020</u></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:99.48%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:14.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:14.29%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Assets:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Investments at fair value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">551,285,966</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">459,513,564</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Investment at contract value</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">30,141,727</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">33,377,258</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Receivables:</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 23pt;">Participant contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">690,795</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">356,861</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 23pt;">Employer contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">1,236,137</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">750,078</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 23pt;">Notes from participants</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">9,516,154</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">8,217,744</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 23pt;">Other</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">2,504</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Total assets</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">592,870,779</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">502,218,009</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Liabilities:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Operating payables</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">3,863</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">4,291</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Other payables</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">27</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Total liabilities</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">3,890</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">4,291</p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:13.04%;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.44%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Net assets available for benefits</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">592,866,889</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.48%;background:#cceeff;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.24%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.04%;background:#cceeff;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">502,213,718</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;">The accompanying notes are an integral part of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">5</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 10pt 0pt;">ADTALEM GLOBAL EDUCATION<a name="STATEMENTSOFCHANGESINNETASSETS_357631"></a><br><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RETIREMENT PLAN</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 10pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">STATEMENTS OF CHANGES IN NET ASSETS</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 18pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">AVAILABLE FOR BENEFITS</u><font style="font-weight:normal;text-decoration-line:none;"><br></font><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">YEARS ENDED DECEMBER&#160;31, 2021 AND 2020</u></p><div><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:100%;" align="center"><tr style="height:1pt;"><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:14.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2021</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">&#160;&#160;&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:14.21%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;">2020</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Additions to net assets attributed to:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Investment income from interest and dividends</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">7,231,275</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">5,310,192</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Net appreciation in fair value of investments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">65,730,060</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">50,083,927</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Participant contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">26,457,097</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">20,156,650</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Participant rollovers from other plans</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">32,704,301</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">2,155,498</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Employer matching contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">16,764,152</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">13,447,302</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Interest income on notes receivable from participants</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">448,024</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">429,743</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Qualified non-elective contributions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">65,076</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">61,524</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Revenue sharing</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">59,755</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">148,411</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 43.2pt;">Total additions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">149,459,740</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">91,793,247</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Deductions from net assets attributed to:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Benefits paid to participants</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">59,129,879</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">53,583,941</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 32pt;">Investment and administrative expenses</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">560,701</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">513,651</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 43.2pt;">Total deductions</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">59,690,580</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">54,097,592</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 43.2pt;">Net increase before transfer in</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">89,769,160</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">37,695,655</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Transfer in (Note 10)</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">884,011</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 43.2pt;">Net increase</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">90,653,171</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">37,695,655</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">Net assets available for benefits:</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:12.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 17pt;">Beginning of year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">502,213,718</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:12.98%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">464,518,063</p></td></tr><tr><td style="vertical-align:bottom;width:66.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 17pt;">End of year</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">592,866,889</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.47%;background:#cceeff;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.23%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:12.98%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">502,213,718</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;">The accompanying notes are an integral part of these financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">6</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;">ADTALEM GLOBAL EDUCATION<a name="NOTES_begin_961265"></a><br><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">RETIREMENT PLAN</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;font-weight:bold;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="font-weight:normal;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">NOTES&#160;TO FINANCIAL STATEMENTS</u></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Plan Description</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The following description of Adtalem Global Education Retirement Plan (the &#8220;Plan&#8221;) is provided for general information purposes only. Participants should refer to the Plan document for a more complete description of the Plan&#8217;s provisions.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The Plan is a participant-directed defined contribution plan with elective employee participation on a before-tax and after-tax basis under Section&#160;401(k)&#160;of the Internal Revenue Code (&#8220;IRC&#8221;). The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended, (&#8220;ERISA&#8221;). The Plan covers all United States of America employees of Adtalem Global Education&#160;Inc. (&#8220;Adtalem&#8221; or &#8220;Employer&#8221;) and its subsidiaries eligible on the date of hire to make employee contributions. Participants are eligible for Adtalem&#8217;s matching contributions on the first day of employment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Adtalem is the administrator of the Plan. Fidelity Management Trust Company (&#8220;FMTC&#8221; or &#8220;Trustee&#8221;) and affiliates serves as trustee of the Plan and performs certain administrative and record keeping services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Contributions</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The Plan is funded by voluntary employee pre-tax contributions and after-tax Roth contributions. Participant contributions are subject to limitations set by the Internal Revenue Service (&#8220;IRS&#8221;). Participant contributions are made by payroll deductions and are determined each pay period by multiplying the participant selected contribution rate then in effect by his/her eligible compensation for such period. The Plan has an auto enrollment feature for newly hired employees. Unless they elect otherwise, participants are automatically enrolled at 4% of eligible compensation. The Plan offers an annual increase program that automatically increases a participant&#8217;s deferral by 1% each&#160;year unless the participants opt out. The Plan also allows the participant to contribute into the Plan balances from another qualified benefit plan, known as &#8220;rollover contributions.&#8221;</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">A participant can designate and change on a daily basis the proportions in which his/her contributions, as well as ongoing account balances, are allocated among the Plan&#8217;s active investment funds. The minimum allocation to each investment fund is 1%. However, investments in the Adtalem Global Education&#160;Inc. Stock Fund may be made only with current period contributions and are limited to 25% of these contributions. Prior account balances may not be allocated to this investment fund.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Effective January&#160;1, 2020, Adtalem makes a matching employer contribution into the Plan of 100% up to the first 6% of the participant&#8217;s compensation (as defined) and eliminated future discretionary contributions.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">7</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Adtalem does a true-up match annually to credit individual retirement plan participant&#8217;s accounts for any match contributions not received as a result of reaching the annual limit on participant contributions earlier in the plan&#160;year. A contribution receivable is recorded for participant deferrals and related Adtalem matching contributions earned during the Plan&#160;year but not received until the following Plan&#160;year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Allocations to Participants</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Each participant&#8217;s account is credited with the participant&#8217;s contributions and the Employer contributions. Earnings of the Plan are allocated on a daily basis. Participant accounts are charged with an allocation of investment and administrative expenses that are paid by the Plan. Allocations are based on the participant earnings, account balances, or specific transactions, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant&#8217;s vested account balance.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The investment options provided by the Plan include mutual funds, collective trusts, the Adtalem Global Education&#160;Inc. Stock Fund, which is a direct purchase stock fund, and the Prudential Fixed Income Fund which is a guaranteed investment fund.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Vesting</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Participants are fully vested in their contributions and related investment earnings and losses at all times.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Participants are immediately vested in Employer&#8217;s contributions, other than any discretionary contributions made to the Plan by Adtalem in prior years. Discretionary contributions made by Adtalem are ratably vested over a five-year period.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Withdrawals</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">A participant who has attained age 59&#189; may withdraw a portion (minimum of $1,000) or all of his/her account balance provided that a participant may make only one such withdrawal in any Plan&#160;year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Hardship withdrawals are available according to provisions of the Plan if approved by the Plan Administrator, but are limited to the value of the participant&#8217;s contributions and the participant&#8217;s immediate financial need. In addition, participants are limited to one hardship withdrawal per&#160;year. Earnings and Adtalem contributions are not eligible for hardship withdrawals. In the case of a partial withdrawal made by a participant with an interest in more than one investment fund, the amount withdrawn from each of the participant&#8217;s investment funds is in the same proportion as the value of his/her interest in each investment fund.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Distributions</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 0pt 18pt;">In the event of retirement or disability (as described in the Plan&#8217;s provisions) or termination of employment for any reason other than death, and provided the value of the participant&#8217;s account </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">8</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">is in excess of $1,000, the participant may elect one of two distribution options or may defer either election to a later date. The two distribution options available are (1)&#160;receive a lump sum distribution or (2)&#160;receive a specified number of annual installments over a period of generally up to ten&#160;years.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">In the event that a participant dies before the balance of his/her account has been distributed, the remaining balance of his/her account shall be distributed to the participant&#8217;s beneficiaries in a lump sum distribution or installments. If upon a participant&#8217;s retirement, disability, or termination of employment the value of the participant&#8217;s account is not in excess of $1,000, such participant receives an immediate lump sum distribution. For purposes of determining the account balance for involuntary distributions of vested benefits of $1,000 or less, the portion of the balance attributable to rollover contributions and allocable earnings will be considered.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Distributions are generally cash distributions; however, a participant who is entitled to a distribution and who has investments in whole or in part in the Adtalem Global Education&#160;Inc. Stock Fund may elect, in writing, to have the value of his/her investment in the Adtalem Global Education&#160;Inc. Stock Fund distributed in whole shares of Adtalem Global Education&#160;Inc. Common Stock. Fractional shares are distributed in cash.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Notes&#160;Receivable from Participants</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">A participant may borrow funds from his/her Plan account subject to the provisions of the Plan. A participant is eligible to have up to two outstanding loans at a given time and may borrow up to half the value of his/her Plan account (including any current loan balance), but no more than $50,000, less his/her highest outstanding loan balance during the preceding 12-month period. The Coronavirus Aid, Relief, and Economic Security Act (the &#8220;CARES Act&#8221;) became law on March&#160;27, 2020. The CARES Act allows for a qualified participant to borrow up to the full value of his/her Plan account, but no more than $100,000, for loans taken between March&#160;27, 2020 and September&#160;23, 2020. In addition, the CARES Act allows for a qualified participant with a loan outstanding on or after March&#160;27, 2020, and any repayment on the loan due from March&#160;27, 2020 to December&#160;31, 2020, that such due date may be delayed for up to one&#160;year. No notes will be made while any other note is in default. Notes&#160;are granted for a minimum term of one&#160;year, and up to a maximum of five&#160;years (ten&#160;years for a purchase of a principal residence); however, the participant may prepay the note at any time. Each note bears a fixed rate of interest determined at the inception of the note by the Plan Administrator. The fixed rate of interest applied to each note is the prime rate as published in the Wall Street Journal on the last business day of the&#160;month preceding the calendar&#160;month in which the participant requests the note plus 1.00%. As of December&#160;31, 2021, note interest rates in effect ranged from 4.25% to 6.50% with various maturity dates. Payment of the note is made in substantially level payments through payroll deductions. Payments of principal and interest are allocated to the investment funds elected for current contributions. A participant may continue to contribute to the Plan while he/she has an outstanding note balance.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">9</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Forfeitures</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Any portion of a participant&#8217;s account balance in which the participant is not vested upon termination of employment constitutes forfeiture. As of December&#160;31, 2021 and 2020, forfeited nonvested accounts totaled $590,882 and $786,167, respectively. The Plan provides that forfeitures are to be used to pay Plan administrative expenses or to reduce Employer contributions. For the plan&#160;years ended December&#160;31, 2021 and 2020, $862,276 and $457,956, respectively, of forfeitures were used to reduce Employer contributions and no forfeitures were utilized to pay plan expenses.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18.7pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Revenue Sharing</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;text-indent:0.7pt;margin:0pt 0pt 12pt 18pt;">FMTC may receive revenue sharing payments from mutual funds in which the Plan&#8217;s assets are invested. Effective April&#160;1, 2015, for funds with a revenue sharing component, which charges fees to participants, FMTC will credit the revenue sharing cost back to the participant&#8217;s accounts at the end of each quarter. The revenue sharing credits vary from 0.02% to 0.15% depending on the funds selected. For the&#160;years ended December&#160;31, 2021 and 2020, total revenue sharing received amounted to $59,755 and $148,411, respectively, all of which was used to pay investment and administrative expenses.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">2.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Summary of Significant Accounting Policies</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Basis of Accounting</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">The financial statements of the Plan are prepared on the accrual basis of accounting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Investments held by a defined contribution plan are required to be reported at fair value, except for fully benefit-responsive investment contracts. Contract value is the relevant measure for the portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsible investment contracts because contract value is the amount participants normally would receive if they were to initiate permitted transactions under the terms of the Plan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, changes therein and the disclosure of contingent assets and liabilities. Accordingly, actual results may differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Investment Valuation and Income Recognition</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 18pt;">Investments are reported at fair value (except for fully benefit-responsive investment contracts, which are reported at contract value). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Plan&#8217;s Investment Committee determines the Plan&#8217;s valuation policies </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">10</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">utilizing information provided by the investments advisers, custodians, and insurance company. See Note&#160;4 for discussion of fair value measurements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan&#8217;s gains and losses on investments purchased and sold as well as held during the&#160;year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Notes&#160;Receivable from Participants</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Notes&#160;receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant notes are reclassified as distributions based upon the terms of the Plan document. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December&#160;31, 2021 or 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Notes&#160;receivable from participants have been classified as an investment asset for Form&#160;5500 reporting purposes and accordingly have been included as an investment in Schedule H, Part&#160;IV, Line 4(i)&#160;&#8211; Schedule of Assets (Held at End of&#160;Year).</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Distributions to Withdrawing Participants</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">Distributions to withdrawing participants are recorded when paid.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Expenses</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Investment expenses incurred by the manager of the funds and directly related administrative expenses are deducted from the earnings of the Plan. Other administrative expenses are paid by Adtalem.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 18pt;"><u style="text-decoration-line:underline;text-decoration-style:solid;">Subsequent Events</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The Plan Administrator monitors significant events occurring after the balance sheet date and prior to the issuance of the financial statements to determine the impacts, if any, of events on the financial statements to be issued. All subsequent events of which the Plan Administrator was aware were evaluated through the date that these financial statements were issued.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">In March 2022, the Plan was amended to qualify as a multiple employer plan to allow previous employees of Adtalem to continue participating in the Plan subsequent to the divestiture of certain subsidiaries of Adtalem.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">3.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Insurance Contract</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 18pt;">The Plan has entered into a benefit-responsive insurance contract with Prudential Retirement Insurance and Annuity Company (&#8220;Prudential&#8221;). The fully benefit-responsive guaranteed investment contract provides preservation of principal, maintains a stable interest rate, and provides daily liquidity at contract value for participant withdrawals and transfers in accordance with the provisions of the Plan. The contract is credited with earnings on the underlying </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">11</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate that is guaranteed to the Plan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The guaranteed rate of interest for 2021 was 3.00% and 2020 was 3.50%. For purposes of crediting interest to participants, the rate for 2021 was 2.84% and 2020 was 3.33%.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">As described in Note&#160;2, because the guaranteed insurance contract is fully benefit-responsive, contract value is the relevant measurement attributable for that portion of the net assets available for the benefits attributable to the guaranteed insurance contract. Contract value, as reported to the Plan by Prudential, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of the investment at contract value.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">There are no reserves against contract value for credit risk of a contract issuer or otherwise. The crediting interest rate is based on a formula agreed upon with the issuer, but it may not be less than 0%. Such interest rates are reviewed on an annual basis for resetting.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Certain events limit the ability of the Plan to transact at contract value with the issuer. Such events include, but are not limited to layoffs, Plan termination, business closings, re-organizations, liquidations, and the failure of the Plan to qualify under Section&#160;401(a)&#160;or Section&#160;401(k)&#160;of the IRC. The Plan Administrator does not believe that any events which would limit the Plan&#8217;s ability to transact at contract value with participants are probable of occurring.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The guaranteed insurance contract does not permit Prudential to terminate the agreement prior to the scheduled maturity date.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">4.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Fair Value Measurements</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Authoritative guidance establishes a framework for measuring fair value. That framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The guidance also specifies a fair value hierarchy based upon the observability of inputs used in valuation techniques. Observable inputs (highest level) reflect market data obtained from independent sources, while unobservable inputs (lowest level) reflect internally developed market assumptions. In accordance with authoritative guidance, fair value measurements are classified under the following hierarchy:</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 40.5pt;">Level 1&#160;&#8211; Quoted prices for identical instruments in active markets.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 40.5pt;">Level 2&#160;&#8211; Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs or significant value-drivers are observable in active markets.</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">12</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 40.5pt;">Level 3&#160;&#8211; Model-derived valuations in which one or more significant inputs or significant value-drivers are unobservable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">When available, Adtalem uses quoted market prices to determine fair value, and such measurements are classified within Level 1. In some cases where market prices are not available, Adtalem makes use of observable market based inputs to calculate fair value, in which case the measurements are classified within Level 2. If quoted or observable market prices are not available, fair value is based upon internally developed models that use, where possible, current market-based parameters such as interest rates and yield curves. These measurements are classified within Level 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">To assess the appropriate classification of investments within the fair value hierarchy, the availability of market data is monitored. Changes in economic conditions or valuation techniques may require the transfer of investment from one fair value level to another. In such instances, the transfer is reported at the end of the reporting period. Management evaluates the significance of transfers between levels based upon the nature of the investment and size of the transfer relative to total net assets available for benefits. For the&#160;years ended December&#160;31, 2021 and 2020, there were no transfers in or out of Levels 1, 2, or 3.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Fair value measurements of assets and liabilities are classified according to the lowest level input or value-driver that is significant to the valuation. A measurement may therefore be classified within Level 3 even though there may be significant inputs that are readily observable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The following is a description of the valuation methodologies used for assets measured at fair value.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><i style="font-style:italic;">Money Market and Mutual Funds:</i> Valued at the daily net asset value (&#8220;NAV&#8221;) of shares held by the Plan, which are deemed to be actively traded.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><i style="font-style:italic;">Collective Trusts:</i> Valued at the daily published NAV per unit held by the Plan as quoted by the trusts. The NAV is based on the fair value of the underlying investments held by the trust less its liabilities and is the basis for current transactions. Participant transactions may occur daily.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 36pt;"><i style="font-style:italic;">Common Stock:</i> Valued at the closing price reported on the active market on which the security is traded.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The preceding methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;"><font style="margin-left:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">13</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">The following tables set forth by level, within the fair value hierarchy, the Plan&#8217;s investments at fair value on a recurring basis as of December&#160;31, 2021 and 2020.</p><div style="padding-left:18pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:95%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:36.64%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:6.72%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:36.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">As of December 31, 2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;2</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:8.04%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;3</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr><td style="vertical-align:bottom;width:36.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Money Market and Mutual Funds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">238,984,845</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:6.72%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">238,984,845</p></td></tr><tr><td style="vertical-align:bottom;width:36.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Collective Trusts</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">308,410,846</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:6.72%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">308,410,846</p></td></tr><tr><td style="vertical-align:bottom;width:36.64%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Common Stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">3,890,275</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:6.72%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">3,890,275</p></td></tr><tr><td style="vertical-align:bottom;width:36.64%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Total</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">242,875,120</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">308,410,846</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:6.72%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">551,285,966</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><div style="padding-left:18pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:95%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:36.63%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:6.73%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:36.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 0pt 5pt;"><b style="font-weight:bold;">As of December 31, 2020</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;1</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;2</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:8.05%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Level&#160;3</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">Total</b></p></td></tr><tr><td style="vertical-align:bottom;width:36.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Money Market and Mutual Funds</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">200,229,816</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:6.73%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">200,229,816</p></td></tr><tr><td style="vertical-align:bottom;width:36.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Collective Trusts</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">254,837,826</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:6.73%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">254,837,826</p></td></tr><tr><td style="vertical-align:bottom;width:36.63%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Common Stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">4,445,922</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:6.73%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">4,445,922</p></td></tr><tr><td style="vertical-align:bottom;width:36.63%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Total</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">204,675,738</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">254,837,826</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.32%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:6.73%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">459,513,564</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">5.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Income Tax Status</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:0.7pt;text-align:justify;text-indent:-0.7pt;margin:0pt 0pt 12pt 18pt;">The IRS has determined and informed Adtalem by a letter dated November&#160;21, 2017, that the Plan and related trust are designed in accordance with applicable sections of the IRC. Although the Plan has been amended since receiving the determination letter, the Plan Administrator and the Plan&#8217;s counsel believe that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC. The Plan sponsor has indicated that it will take the necessary steps, if any, to correct any failure to operate the Plan in compliance with the IRC.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">Accounting principles generally accepted in the United States of America require plan management to evaluate tax positions taken by the Plan and recognize 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 is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">6.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Plan Termination</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">Adtalem anticipates that the Plan will continue without interruption but reserves the right to terminate or freeze the Plan at any time. In the event the Plan is terminated or frozen, all amounts not yet allocated to the participants&#8217; accounts will be allocated in accordance with the provisions of the Plan. The resultant participants&#8217; accounts then become fully vested. If the Plan is terminated, the assets in the Plan will be completely distributed. If the Plan is frozen, the assets of the Plan will be retained in the Plan for distribution at such time and in such a manner as the Plan provides.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">7.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Investment Risk</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 18.7pt;">The Plan provides for various investment options including Adtalem Global Education&#160;Inc. Common Stock and a number of mutual funds, commingled funds and an insurance contract all of which invest in stocks, bonds, and other investment securities. Certain investment securities are exposed to risks such as changes in interest rates, fluctuations in market conditions, and credit </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">14</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">risk. The level of risk associated with certain investment securities and uncertainty related to changes in value of these securities could materially affect participant account balances and amounts reported in the financial statements and accompanying notes.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">8.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Related-Parties and Party-in-Interest Transactions</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">At December&#160;31, 2021 and 2020, a significant portion of the Plan&#8217;s assets were invested in investment funds advised by Fidelity Management&#160;&amp; Research Company (&#8220;FMR&#8221;), an affiliate of FMTC, the Plan&#8217;s Trustee. Fidelity Investments Institutional Operations Company, the Plan&#8217;s record keeper, is also an affiliate of FMTC and FMR.&#160;Investment and administrative fees paid to Fidelity for the&#160;years ended December&#160;31, 2021 and 2020 were $304,974 and $211,298, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">At December&#160;31, 2021, the Plan held 131,606 shares of Adtalem Global Education&#160;Inc. Common Stock valued at $3,890,275. At December&#160;31, 2020, the Plan held 130,955 shares of Adtalem Global Education&#160;Inc. Common Stock valued at $4,445,922.</p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">9.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Reconciliation of Financial Statements to Form&#160;5500</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The following is a reconciliation of net assets available for benefits per the financial statements at December&#160;31, 2021 and 2020 to the Form&#160;5500:</p><div style="padding-left:18pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:95%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:64.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.96%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr><td style="vertical-align:bottom;width:64.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Net assets available for benefits per the financial statements</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">592,866,889</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">502,213,718</p></td></tr><tr><td style="vertical-align:bottom;width:64.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Deemed participant loans</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">(500,067)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">(419,810)</p></td></tr><tr><td style="vertical-align:bottom;width:64.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Investments</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">2</p></td></tr><tr><td style="vertical-align:bottom;width:64.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Adjustment for participant and employer contributions receivable allocated to participant accounts</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">(1,926,932)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.66%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">(1,106,939)</p></td></tr><tr><td style="vertical-align:bottom;width:64.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt 0pt 0pt 5pt;">Net assets available for benefits per the Form 5500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">590,439,890</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.6%;background:#cceeff;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.3%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.66%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">500,686,971</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18.7pt;">The following is a reconciliation of changes in net assets available for benefits per the financial statements for the&#160;years ended December&#160;31, 2021 and 2020 to the Form&#160;5500:</p><div style="padding-left:18pt;" align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:95%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:64.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:1.42%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:13.52%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:64.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><b style="font-weight:bold;">&#160;&#160;&#160;&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:14.94%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2020</b></p></td></tr><tr><td style="vertical-align:bottom;width:64.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Net increase in net assets available for benefits per the financial statements</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.52%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">90,653,171</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.52%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">37,695,655</p></td></tr><tr><td style="vertical-align:bottom;width:64.42%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Adjustment for participant and employer contributions and other</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt;">(900,252)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:13.52%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">636,773</p></td></tr><tr><td style="vertical-align:bottom;width:64.42%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:7.2pt;text-indent:-7.2pt;margin:0pt;">Net increase in net assets available for benefits per Form 5500</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.52%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">89,752,919</p></td><td style="vertical-align:bottom;white-space:nowrap;width:2.84%;background:#cceeff;border-bottom:3px double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.42%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">$</p></td><td style="vertical-align:bottom;width:13.52%;background:#cceeff;border-bottom:3px double #000000;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:0pt 3pt 0pt 0pt;">38,332,428</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><table border="0" cellpadding="0" cellspacing="0"><tr><td style="width:1.95pt;padding:0pt;"></td><td style="vertical-align:text-top;white-space:nowrap;width:18.75pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;">10.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:12pt;margin-top:0pt;text-align:justify;"><b style="font-weight:bold;text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Transfer In</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 0pt 18pt;">On August&#160;12, 2021, Adtalem completed the acquisition of Walden University from Laureate Education,&#160;Inc. Certain account balances of participants associated with Walden University were </p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">15</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 18pt;">transferred into the Plan from Laureate Education,&#160;Inc. 401(k)&#160;Retirement Savings Plan during the&#160;year ended December&#160;31, 2021. The total assets transferred were $884,011, which consisted of notes receivable from <a name="NOTES_end_961266"></a>participants.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">16</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">ADTALEM GLOBAL EDUCATION RETIREMENT PLAN</u><a name="SCHEDULEOFASSETS_142797"></a><font style="text-decoration-line:none;"><br></font><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">PLAN NO.&#160;001; PLAN EIN: 36-3150143</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Form&#160;5500, Schedule H, Part&#160;IV, Line 4(i)</u><font style="text-decoration-line:none;"><br></font><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">SCHEDULE OF ASSETS (HELD AT END OF&#160;YEAR)</u></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><u style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">AT DECEMBER&#160;31, 2021</u></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:100.53%;"><tr style="height:1pt;"><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">(a)</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">(b)</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">(c)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">(d)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td colspan="2" style="vertical-align:bottom;width:13.44%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">(e)</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">Identity of issue, borrower, lessor, or similar party</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;width:26.8%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Description of investment</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Cost**</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">&#160;&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:13.44%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;">Current Value</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Money Market and Mutual Funds</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Government Money Market Fund</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">16,497,880</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Short Term Income Fund</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">503,069</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Dimensional Fund Advisors </p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">U.S. Portfolio Institutional Class</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">20,060,303</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity 500 Index Inst Fund</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">124,620,572</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Mid Cap Index</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">17,572,972</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">International Index</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">15,658,174</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Baird</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Core Plus Inst</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">19,162,466</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">JP Morgan</p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Emerging Markets Equity</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">5,547,371</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Ariel </p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">International Inst</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">743,271</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">PIMCO </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">All Asset Fund Institutional Class</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">775,315</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Dodge and Cox</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Balanced Fund</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">17,842,414</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="white-space:pre-wrap;"> 238,983,807</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Collective Trusts</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date Income</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">5,130,993</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date 2015</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">16,511,051</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company</p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date 2025</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">65,367,708</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date 2035</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">84,193,606</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company</p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date 2045</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">97,110,978</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Fidelity Institutional Asset Management Trust Company</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Index Target Date 2055</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">40,096,510</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">308,410,846</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Prudential Retirement Insurance and Annuity Company </p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Guaranteed Deposit Fund (at contract value)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">30,141,727</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Adtalem Global Education</p></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Common Stock</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">3,891,313</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:4pt 0pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Participant Loans- Various Participants</p></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:4pt 0pt 0pt 0pt;">Participant loans with interest rates of 4.25% to 6.50% (maturing through December&#160;2031)</p></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:right;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">9,016,087</p></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:4pt 0pt 0pt 0pt;"><font style="font-size:8pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:10.41%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td></tr><tr><td style="vertical-align:bottom;white-space:nowrap;width:4.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:39.74%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:26.8%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:6.86%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;white-space:nowrap;width:3.03%;background:#cceeff;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"></td><td style="vertical-align:bottom;width:3.03%;background:#cceeff;border-bottom:2.25pt double #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:10.41%;background:#cceeff;border-bottom:2.25pt double #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:right;margin:4pt 0pt 0pt 0pt;">590,443,780</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="font-size:6pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 3pt 24.75pt;"><i style="font-style:italic;">*Indicates party-in-interest</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt 0pt 0pt 24.75pt;"><i style="font-style:italic;">**These investments are participant directed, and therefore, cost information is not required to be presented</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">17</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:always;width:79.3%;border-width:0;"><div style="max-width:100%;padding-left:10.35%;padding-right:10.35%;position:relative;"><div style="margin-top:21.6pt;min-height:41.75pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 30pt 0pt;"><a href="#TOC"><font style="font-style:normal;font-weight:normal;">Table of Contents</font></a></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Consent of Independent Registered Public Accounting Firm</b><a name="ConsentofIndependentRegisteredPublicAcco"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We consent to the incorporation by reference in Registration Statement (Nos. 33-44421 and 333-198409) on Form&#160;S-8 of Adtalem Global Education&#160;Inc. of our report dated June&#160;24, 2022, relating to our audit of the financial statements and supplemental schedule of Adtalem Global Education Retirement Plan, which appears in this Annual Report on Form&#160;11-K of Adtalem Global Education Retirement Plan for the&#160;year ended December&#160;31, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">/s/ RSM US LLP</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt;">Chicago, Illinois</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin:0pt 0pt 12pt 0pt;">June&#160;24, 2022</p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-align:center;margin:24pt 0pt 0pt 0pt;">18</p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:10.35%;margin-right:10.35%;margin-top:30pt;page-break-after:avoid;width:79.3%;border-width:0;"></body></html>
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