IBM 401(k) Plus Plan

Individual Fund Flyer

Large Company Index Fund

This investment option is a unitized fund and not a mutual fund and
as such is not registered with the Securities Exchange Commission
(SEC). The performance presented for this option may not be
calculated in the same manner as the performance of mutual
funds. Other data shown also may not be comparable to mutual fund
data.

The most current fund performance for this option can be found on
netbenefits.com/ibm either under Investment Performance &
Research or in the Performance & Risk section for this individual
fund.

Expanded Choice Funds

3.IM-C-778C.123
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401(k) Plus Plan Value

Equity Style
Blend Growth

Large Company Index Fund (as of 6/30/23)

Large
Market Cap
Weightings

Medium
This document constitutes part of a prospectus covering securities that have been registered under the Securities Act of 1933. Lighter

Medium

Small
Objective & Strategy Risk/Return Profile Heavier

The Large Company Index Fund, a unitized
fund, seeks long-term growth of capital and
income from dividends by holding all the
stocks that make up the Standard and Poor’s
500 Index, in proportion to their weight-
ing in the index. It attempts to match the
performance of the index, which is a widely
recognized benchmark of U.S. stock market
performance, and remains fully invested in
stocks at all times. The fund’s performance
typically can be expected to fall short of
the index returns by a small percentage,
representing operating costs. Unit price
and return will vary.
Annualized Expense Ratio:
Average Large Blend Fund Expense Ratio :
The Large Company Index Fund may be
appropriate for investors seeking low-
cost participation in the stock market
through a broadly diversified portfo-
lio. It may also be for investors seek-
ing long-term growth of capital and
income and willing to accept significant
fluctuations in price.
When investing in stock funds, short-
term losses (or gains) are common,
largely as a result of sudden movements
0.02% or $0.21 per $1,000 invested in the fund
(1)
0.19% or $1.90 per $1,000 invested in the fund
in stock prices as views change about
the economy and individual companies.
However, over extended periods the
market’s ups have tended to outweigh
its downs. There is no guarantee this
will continue. Historically, the longer
investments are held, the lower the
chances of losing money. Because the
fund invests only in the largest stocks in
the United States, its performance will
often differ from that of the overall
U.S. stock market.
Overall Risk Level(3)
Qualitative Low Moderate High Very High

Fund Score
Turnover Ratio: 2% of the fund
Average Large Blend Fund Turnover Ratio(2): 68% of the fund Quantitative 0 5 10 15 20 25 30

Trailing Time Period Performance(4)

% Total Return as of 6/30/23 3 Mos YTD 1 Yr 3 Yr 5 Yr 10 Yr Since Inception of Fund Inception
Date:
Large Company Index Fund 8.75 16.90 19.59 14.59 12.31 12.86 11.94 5/1/82
Benchmark: S&P 500 Index ® (5)(6)
8.74 16.89 19.59 14.60 12.31 12.86 11.92

Growth of $10,000: Large Company Index Fund vs. Benchmark

$50,000

$38,174
$40,000
$38,148

$30,000

$20,000

$10,000

0
Calendar Year Performance
% Return 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 YTD

Large Company 32.37 13.68 1.39 11.96 21.82 -4.41 31.50 18.43 28.69 -18.12 16.90
Index Fund
S&P® 500 Index(5)(6) 32.39 13.69 1.38 11.96 21.83 -4.38 31.49 18.40 28.71 -18.11 16.89

(1) Asset-weighted average expense ratio for similar mutual funds as reported by Morningstar Inc.
(2) Turnover Ratio, for similar mutual funds as reported by Morningstar Inc., is an indication of the fund’s activity and refers to the percent of a fund’s
assets that are replaced during a fiscal year.
(3) Overall Risk Level based on fund’s 5 year standard deviation.
(4) The data presented represents past performance, which cannot be used to predict future returns that may be achieved. The investment return and
principal value of an investment will fluctuate so that an investor’s units, when redeemed, may be worth more or less than their original cost.
(5) The S&P 500 Index is an unmanaged index of the common stock prices of 500 widely held U.S. stocks that includes the reinvestment of dividends.
(6) Benchmark returns do not include operating costs.
Large Company Index Fund (as of 6/30/23)
Portfolio Composition (by sector)

Real Estate 2.5% Utilities 2.6%

Communication Services 8.4%

Materials 2.5%

Consumer Discretionary 10.7%

Information Technology 28.3%

Consumer Staples 6.7%

Energy 4.1%

Industrials 8.5% Financials 12.4%

Health Care 13.4%

Fund Net Assets: $7,889 million

Top 20 Holdings (% of Portfolio) Total # Holdings: 504
Dividend Yield: 1.69%
1 Apple Inc. 7.7 11 Johnson & Johnson 1.2 Fund Manager: The Vanguard Group®
2 Microsoft Corp. 6.8 12 JPMorgan Chase & Co. 1.1
3 Alphabet Inc. 3.6 13 Visa Inc. 1.0
4 Amazon.com Inc. 3.1 14 Eli Lilly & Co. 1.0
5 NVIDIA Corp. 2.8 15 Broadcom Inc. 1.0
6 Tesla Inc. 1.9 16 Procter & Gamble Co. 1.0 Market Cap Breakdown (%)
7 Meta Platforms Inc. 1.7 17 Mastercard Inc. 0.9
8 Berkshire Hathaway Inc. 1.6 18 Home Depot Inc. 0.8 Large (Over $44.06 billion) 81.51
9 UnitedHealth Group Inc. 1.2 19 Merck & Co. Inc. 0.8 Medium ($5.85 - $44.06 billion) 18.39
10 Exxon Mobil Corp. 1.2 20 Chevron Corp. 0.7 Small (Under $5.85 billion) 0.10

Top 10 holdings: 31.6% of total portfolio Top 20 holdings: 41.1% of total portfolio

Advanced Analytics
Standard: Benchmark: 3 YR 5 YR
S&P 500® Index S&P 500® Index Sharpe Ratio 0.73 0.57
R-Squared* 1.00 1.00 Standard Deviation 18.19% 18.79%
Beta* 1.00 1.00
Alpha* -0.01% -0.01%
*Based on trailing 36 months’ returns; alphas are annualized.

Price/Cash 3-Yr Earnings Return on Debt to Median

Price/Earnings Price/Book Value Flow Growth % Equity % Cap % Market Cap
As of 6/30/23 23.6 4.1 24.0 7.6 24.6 43.5 $31,148 million
3-Year Average 23.6 4.0 24.1 10.8 21.7 43.8 $29,116 million

The fund may lend its holdings to qualified institutional investors to seek to enhance returns through fees earned related to the securities lent. Although all loans of securities
are fully collateralized, there is some risk of loss if a borrower defaults on its obligation or losses occur related to the collateral received. Securities lending is performed in
accordance with applicable law and regulations.
The IBM 401(k) Plus Plan Trust (Trust) has claimed an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act (Act) and,
therefore, the Trust is not subject to registration or regulation as a pool operator under the Act.
IBM® is a registered trademark of International Business Machines Corporation. All rights reserved.
Vanguard is a registered trademark of The Vanguard Group, Inc.
Standard & Poor’s®, S&P®, S&P 500®, Standard & Poor’s 500, and 500 are trademarks of The McGraw-Hill Companies, Inc.‚ and have been licensed for use by The Vanguard Group‚ Inc.
©2023 International Business Machines Corporation. All rights reserved.