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 fund expenses, the 0.075% program management fee, and the 0.025% state fee (0.00% state fee on index portfolios).

¹Expense ratio information is the total annual underlying fund expenses for the investment funds that make up each Portfolio. Expense ratios are as of the most recent Program Disclosure Statement dated November 15, 2022 and also include the 0.075% program management fee and the 0.025% state fee (0.00% state fee on index portfolios)._back

²The underlying omnibus bank accounts annual percentage yield is 5.28% as of June 1, 2023. This rate is variable and subject to change at any time. There is no minimum balance required to obtain this rate. Interest earnings realized by participants will be reduced by the program management fee and state administrative fee._back

*You could lose money by investing in this investment option. Although the money market fund in which your investment option invests (the “underlying fund”) seeks to preserve its value at $1.00 per share, the underlying fund cannot guarantee it will do so. An investment in this investment option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying fund’s sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying fund at any time._back

For more information about the risks associated with each Portfolio and underlying investments, read the Program Disclosure Statement and the fund prospectus. The Portfolios’ risks are directly related to the risks of the underlying funds.