Fund 20

The Fund 20 Investment Option invests in a combination of 13% Domestic Equity, 5% International Equity, 1% Real Estate, 72% Fixed Income, 8% Money Market, and 1% Global Listed Infrastructure investments in order to seek long-term growth with the potential to earn income.

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%

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FDIC Insured Bank Account 8%
PGIM Core Bond Fund 7.5%

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

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Northern Stock Index Strategy 5%

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T. Rowe Price Large-Cap Growth Strategy 3%

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BlackRock High Yield Bond Fund 3%

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DFA U.S. Large Cap Value Portfolio 3%

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AB Global Bond Fund 3%

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Northern International Equity Index Fund 2%

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Credit Suisse Floating Rate High Income Fund 2%

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Payden Emerging Markets Bond Fund 2%

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Principal Global Real Estate Securities Fund 1%

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Ariel Fund 1%

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Dodge & Cox International Stock Fund 1%

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Invesco Oppenheimer International Growth Fund 1%

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BlackRock Mid-Cap Growth Equity Fund 1%

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BlackRock Emerging Markets Fund 1%

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Virtus Duff & Phelps Global Infrastructure Fund 1%

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Portfolio Performance

Single Portfolio Performance
Fee Structure as of November 30, 2024	YTD	3 Mo	Average Annual Total Returns as of 11/30/2024					Expense Ratio^{Footnote 1}	Inception Date
Fee Structure as of November 30, 2024	YTD	3 Mo	1 Yr	3 Yrs	5 Yrs	10 Yrs	Since Inception^{Footnote 2}	Expense Ratio^{Footnote 1}	Inception Date
Fee Structure A	3.27%	-2.30%	6.28%	0.62%	2.44%	2.69%	3.17%	0.64%	11/18/05
Fee Structure C	6.80%	1.19%	9.85%	1.59%	2.93%	2.80%	3.11%	0.89%	11/18/05
Fee Structure E	7.04%	1.27%	10.16%	1.84%	3.18%	3.05%	3.34%	0.64%	5/16/06
Fee Structure F	7.25%	1.29%	10.41%	2.08%	3.43%	3.31%	3.62%	0.39%	11/18/05
Fee Structure G	7.00%	1.21%	10.07%	1.82%	3.18%	-	3.25%	0.64%	11/3/17
Fee Structure H	7.31%	1.35%	10.44%	2.09%	3.44%	-	3.51%	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.

Fund 20

Underlying Investments

Portfolio Performance

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