Age-Based Moderate

(Beneficiary age 3-5)

The Age-Based Moderate 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

Portfolio Performance

Single Portfolio Performance
Fee Structure as of June 30, 2025YTD3 MoAverage Annual Total Returns as of 6/30/2025Expense RatioFootnote 1Inception Date
1 Yr3 Yrs5 Yrs10 YrsSince InceptionFootnote 2
Fee Structure A8.59%8.97%12.59%12.98%9.96%-8.97%0.76%10/25/16
Fee Structure C8.46%8.92%12.35%12.70%9.69%-8.70%1.01%10/25/16
Fee Structure E8.61%8.96%12.62%12.98%9.96%-8.97%0.76%10/25/16
Fee Structure F8.74%9.05%12.92%13.27%10.24%-9.24%0.51%10/25/16
Fee Structure G8.62%8.96%12.60%12.97%9.96%-7.59%0.76%11/3/17
Fee Structure H8.78%9.04%12.90%13.27%10.24%-7.86%0.51%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.

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