Age-Based Conservative

(Beneficiary age 15-16)

The Age-Based Conservative Option invests in the following mix of equity, real estate, fixed income, and/or money market/bank account funds allocated based on the current age of the Beneficiary. The Age-BasedPortfolio adjust over time so that as the Beneficiary nears college age each Age-Based Portfolio’s allocation between equity, real estate, fixed income, and money market/bank account funds becomes more conservative relative to the allocation in earlier years.

Underlying Investments

Baird Short-Term Bond Fund 12.5%

Fact Sheet Prospectus Annual Report
Fidelity U.S. Bond Index Fund 12.5%

Fact Sheet Prospectus Annual Report
Fidelity Short-Term Bond Index Fund 12.5%

Fact Sheet Prospectus Annual Report
iShares 0-5 Year TIPS Bond ETF 12%

Fact Sheet Prospectus Annual Report
FDIC Insured Bank Account 8%
PGIM Core Bond Fund 7.5%

Fact Sheet Prospectus Annual Report
American Beacon Garcia Hamilton Quality Bond Fund 5%

Fact Sheet Prospectus Annual Report
Northern Stock Index Strategy 5%

Fact Sheet Prospectus Annual Report
T. Rowe Price Large-Cap Growth Strategy 3%

Fact Sheet Prospectus Annual Report
BlackRock High Yield Bond Fund 3%

Fact Sheet Prospectus Annual Report
DFA U.S. Large Cap Value Portfolio 3%

Fact Sheet Prospectus Annual Report
AB Global Bond Fund 3%

Fact Sheet Prospectus Annual Report
Northern International Equity Index Fund 2%

Fact Sheet Prospectus Annual Report
Credit Suisse Floating Rate High Income Fund 2%

Fact Sheet Prospectus Annual Report
Payden Emerging Markets Bond Fund 2%

Fact Sheet Prospectus Annual Report
Principal Global Real Estate Securities Fund 1%

Fact Sheet Prospectus Annual Report
Ariel Fund 1%

Fact Sheet Prospectus Annual Report
Dodge & Cox International Stock Fund 1%

Fact Sheet Prospectus Annual Report
Invesco Oppenheimer International Growth Fund 1%

Fact Sheet Prospectus Annual Report
BlackRock Mid-Cap Growth Equity Fund 1%

Fact Sheet Prospectus Annual Report
BlackRock Emerging Markets Fund 1%

Fact Sheet Prospectus Annual Report
Virtus Duff & Phelps Global Infrastructure Fund 1%

Fact Sheet Prospectus Annual Report

Portfolio Performance

Single Portfolio Performance
Fee Structure as of May 31, 2025	YTD	3 Mo	Average Annual Total Returns as of 5/31/2025					Expense Ratio^{Footnote 1}	Inception Date
Fee Structure as of May 31, 2025	YTD	3 Mo	1 Yr	3 Yrs	5 Yrs	10 Yrs	Since Inception^{Footnote 2}	Expense Ratio^{Footnote 1}	Inception Date
Fee Structure A	2.91%	0.85%	6.84%	4.48%	3.41%	-	3.48%	0.64%	10/25/16
Fee Structure C	2.77%	0.78%	6.57%	4.22%	3.15%	-	3.22%	0.89%	10/25/16
Fee Structure E	2.92%	0.86%	6.87%	4.49%	3.41%	-	3.48%	0.64%	10/25/16
Fee Structure F	2.99%	0.91%	7.06%	4.72%	3.66%	-	3.73%	0.39%	10/25/16
Fee Structure G	2.91%	0.87%	6.88%	4.48%	3.41%	-	3.25%	0.64%	11/3/17
Fee Structure H	3.02%	0.86%	7.10%	4.72%	3.66%	-	3.50%	0.39%	11/3/17

Past performance is not necessarily an indication of future performance. Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may be lower or higher than the performance data above. Performance information is current as of the most recent timeframe referenced above and is net of the Underlying Investment expenses, the program management fee, state fee, and any applicable account servicing fee.

For more information about the risks associated with each Investment Option and Underlying Investments, read the Program Disclosure Statement and the fund prospectus. The Investment Options’ risks are directly related to the risks of the Underlying Investments.

Age-Based Conservative

Underlying Investments

Portfolio Performance

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