Fund 40

The Fund 40 Investment Option invests in a combination of Domestic Equity, International Equity, Real Estate, and Fixed Income investments in order to seek long-term growth with the potential to earn income. This portfolio has a target allocation of 36% Domestic Equity, 19% International Equity, 5% Real Estate, and 40% Fixed Income.

Underlying Investments

Fidelity U.S. Bond Index Fund 12%

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Northern Stock Index Strategy 10%

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iShares 0-5 Year TIPS Bond ETF 9%

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Baird Short-Term Bond Fund 7%

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PGIM Core Bond Fund 7%

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Fidelity Short-Term Bond Index Fund 7%

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American Beacon Garcia Hamilton Quality Bond Fund 5%

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T. Rowe Price Large-Cap Growth Strategy 5%

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DFA U.S. Large Cap Value Portfolio 5%

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Northern International Equity Index Fund 4%

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BlackRock High Yield Bond Fund 4%

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AB Global Bond Fund 3.5%

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Credit Suisse Floating Rate High Income Fund 3%

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BlackRock Emerging Markets Fund 2.5%

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Payden Emerging Markets Bond Fund 2.5%

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Principal Global Real Estate Securities Fund 2%

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Dodge & Cox International Stock Fund 2%

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Invesco Oppenheimer International Growth Fund 2%

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Ariel Fund 1.5%

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DFA International Small Company Portfolio 1.5%

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BlackRock Mid-Cap Growth Equity Fund 1.5%

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Northern Small Cap Value Strategy 1%

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Harbor Small Cap Growth 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, 2023	YTD	3 Mo	Average Annual Total Returns as of 11/30/2023					Expense Ratio^{Footnote 1}	Inception Date
Fee Structure as of November 30, 2023	YTD	3 Mo	1 Yr	3 Yrs	5 Yrs	10 Yrs	Since Inception^{Footnote 2}	Expense Ratio^{Footnote 1}	Inception Date
Fee Structure A	7.87%	0.85%	5.58%	0.78%	3.86%	3.74%	4.30%	0.71%	11/18/05
Fee Structure C	7.63%	0.79%	5.30%	0.53%	3.60%	3.47%	4.05%	0.96%	11/18/05
Fee Structure E	7.87%	0.91%	5.59%	0.78%	3.87%	3.73%	4.26%	0.71%	3/1/06
Fee Structure F	8.12%	0.95%	5.87%	1.02%	4.12%	3.99%	4.57%	0.46%	11/18/05
Fee Structure G	7.86%	0.91%	5.62%	0.78%	3.86%	-	3.35%	0.71%	11/3/17
Fee Structure H	8.20%	0.98%	5.89%	1.04%	4.12%	-	3.62%	0.46%	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 40

Underlying Investments

Portfolio Performance

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