Monthly & Daily performance – Fee Structure A

The performance and prices for each Portfolio are shown below. Net Asset Value (NAV) is the value of one share of the portfolio excluding sales charges. Performance does not reflect the 3.50% upfront sales charge or the annual account maintenance fee of $12 (waived for Alabama residents).

Choose your Fee Structure: A B C F
Choose your View: All - Age-Based - Target - Individual

Age-Based Portfolios
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Age-Based Aggressive
Ages 0–8Expense Ratio: 1.28
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$16.32$-0.052.71%at NAV-3.27%10.07%17.79%12.42%-3.27%10.07%17.79%12.42%
Inception Date8/2/2010w/sales charge-6.65%6.22%16.40%11.47%-6.65%6.22%16.40%11.47%
Ages 9–12Expense Ratio: 1.24
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$15.28$-0.042.69%at NAV-2.81%8.62%14.69%10.65%-2.81%8.62%14.69%10.65%
Inception Date8/2/2010w/sales charge-6.21%4.82%13.34%9.71%-6.21%4.82%13.34%9.71%
Ages 13–16Expense Ratio: 1.18
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$14.26$-0.032.59%at NAV-2.27%7.00%11.56%8.83%-2.27%7.00%11.56%8.83%
Inception Date8/2/2010w/sales charge-5.69%3.25%10.25%7.90%-5.69%3.25%10.25%7.90%
Ages 17–20Expense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$13.29$-0.022.86%at NAV-1.49%5.67%8.60%6.96%-1.49%5.67%8.60%6.96%
Inception Date8/2/2010w/sales charge-4.94%1.97%7.31%6.05%-4.94%1.97%7.31%6.05%
Ages 21+Expense Ratio: 1.05
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.16$-0.022.36%at NAV-0.74%3.86%5.30%4.73%-0.74%3.86%5.30%4.73%
Inception Date8/2/2010w/sales charge-4.21%0.22%4.06%3.84%-4.21%0.22%4.06%3.84%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Age-Based Moderate
Ages 0–8Expense Ratio: 1.24
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$15.28$-0.042.69%at NAV-2.81%8.62%14.69%10.65%-2.81%8.62%14.69%10.65%
Inception Date8/2/2010w/sales charge-6.21%4.82%13.34%9.71%-6.21%4.82%13.34%9.71%
Ages 9–12Expense Ratio: 1.18
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$14.26$-0.032.59%at NAV-2.27%7.00%11.56%8.83%-2.27%7.00%11.56%8.83%
Inception Date8/2/2010w/sales charge-5.69%3.25%10.25%7.90%-5.69%3.25%10.25%7.90%
Ages 13–16Expense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$13.29$-0.022.86%at NAV-1.49%5.67%8.60%6.96%-1.49%5.67%8.60%6.96%
Inception Date8/2/2010w/sales charge-4.94%1.97%7.31%6.05%-4.94%1.97%7.31%6.05%
Ages 17–20Expense Ratio: 1.05
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.16$-0.022.36%at NAV-0.74%3.86%5.30%4.73%-0.74%3.86%5.30%4.73%
Inception Date8/2/2010w/sales charge-4.21%0.22%4.06%3.84%-4.21%0.22%4.06%3.84%
Ages 21+Expense Ratio: 0.94
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.45$0.000.29%at NAV-0.19%0.19%0.65%1.06%-0.19%0.19%0.65%1.06%
Inception Date8/2/2010w/sales charge-3.68%-3.31%-0.54%0.20%-3.68%-3.31%-0.54%0.20%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Age-Based Conservative
Ages 0–8Expense Ratio: 1.18
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$14.26$-0.032.59%at NAV-2.27%7.00%11.56%8.83%-2.27%7.00%11.56%8.83%
Inception Date8/2/2010w/sales charge-5.69%3.25%10.25%7.90%-5.69%3.25%10.25%7.90%
Ages 9–12Expense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$13.29$-0.022.86%at NAV-1.49%5.67%8.60%6.96%-1.49%5.67%8.60%6.96%
Inception Date8/2/2010w/sales charge-4.94%1.97%7.31%6.05%-4.94%1.97%7.31%6.05%
Ages 13–16Expense Ratio: 1.05
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.16$-0.022.36%at NAV-0.74%3.86%5.30%4.73%-0.74%3.86%5.30%4.73%
Inception Date8/2/2010w/sales charge-4.21%0.22%4.06%3.84%-4.21%0.22%4.06%3.84%
Ages 17–20Expense Ratio: 0.94
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.45$0.000.29%at NAV-0.19%0.19%0.65%1.06%-0.19%0.19%0.65%1.06%
Inception Date8/2/2010w/sales charge-3.68%-3.31%-0.54%0.20%-3.68%-3.31%-0.54%0.20%
Ages 21+Expense Ratio: 0.44
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$1.00$0.000.00%at NAV0.01%0.04%0.08%0.08%0.01%0.04%0.08%0.08%
Inception Date8/2/2010w/sales charge0.01%0.04%0.08%0.08%0.01%0.04%0.08%0.08%
Target Portfolios
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Target Fund 100Expense Ratio: 1.28
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$16.32$-0.052.71%at NAV-3.27%10.07%17.79%12.42%-3.27%10.07%17.79%12.42%
Inception Date8/2/2010w/sales charge-6.65%6.22%16.40%11.47%-6.65%6.22%16.40%11.47%
Target Fund 80Expense Ratio: 1.24
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$15.28$-0.042.69%at NAV-2.81%8.62%14.69%10.65%-2.81%8.62%14.69%10.65%
Inception Date8/2/2010w/sales charge-6.21%4.82%13.34%9.71%-6.21%4.82%13.34%9.71%
Target Fund 60Expense Ratio: 1.18
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$14.26$-0.032.59%at NAV-2.27%7.00%11.56%8.83%-2.27%7.00%11.56%8.83%
Inception Date8/2/2010w/sales charge-5.69%3.25%10.25%7.90%-5.69%3.25%10.25%7.90%
Target Fund 40Expense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$13.29$-0.022.86%at NAV-1.49%5.67%8.60%6.96%-1.49%5.67%8.60%6.96%
Inception Date8/2/2010w/sales charge-4.94%1.97%7.31%6.05%-4.94%1.97%7.31%6.05%
Target Fund 20Expense Ratio: 1.05
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.16$-0.022.36%at NAV-0.74%3.86%5.30%4.73%-0.74%3.86%5.30%4.73%
Inception Date8/2/2010w/sales charge-4.21%0.22%4.06%3.84%-4.21%0.22%4.06%3.84%
Target Fixed Income FundExpense Ratio: 0.94
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.45$0.000.29%at NAV-0.19%0.19%0.65%1.06%-0.19%0.19%0.65%1.06%
Inception Date8/2/2010w/sales charge-3.68%-3.31%-0.54%0.20%-3.68%-3.31%-0.54%0.20%
Individual Fund Portfolios
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Money Market 529 Portfolio
BlackRock Cash Funds 529 Portfolio A*Expense Ratio: 0.44
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$1.00$0.000.00%at NAV0.01%0.04%0.08%0.08%0.01%0.04%0.08%0.08%
Inception Date8/2/2010w/sales charge0.01%0.04%0.08%0.08%0.01%0.04%0.08%0.08%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio AExpense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.38$0.000.87%at NAV0.29%0.97%1.32%0.90%0.29%0.97%1.32%0.90%
Inception Date8/2/2010w/sales charge0.29%0.97%1.32%0.90%0.29%0.97%1.32%0.90%
Northern Funds Bond Index 529 Portfolio AExpense Ratio: 0.84
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$11.20$-0.024.58%at NAV0.09%3.26%1.61%2.54%0.09%3.26%1.61%2.54%
Inception Date8/2/2010w/sales charge-3.41%-0.36%0.41%1.67%-3.41%-0.36%0.41%1.67%
Fidelity Advisor Investment Grade Bond 529 Portfolio AExpense Ratio: 1.17
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.20$-0.014.51%at NAV-0.30%3.59%n/a0.56%-0.30%3.59%n/a0.56%
Inception Date10/10/2012w/sales charge-3.79%-0.04%n/a-1.24%-3.79%-0.04%n/a-1.24%
PIMCO Total Return 529 Portfolio A   **Removed as an investment option October 1, 2014**Expense Ratio: 1.13
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
n/an/a2.29%at NAV-0.52%2.59%3.88%3.42%-0.52%2.59%3.88%3.42%
Inception Date8/2/2010w/sales charge-4.00%-1.00%2.65%2.53%-4.00%-1.00%2.65%2.53%
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio AExpense Ratio: 1.04
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$9.92$-0.01-0.50%at NAV-1.49%-0.70%n/a-0.69%-1.49%-0.70%n/a-0.69%
Inception Date9/26/2013w/sales charge-4.94%-4.18%n/a-4.13%-4.94%-4.18%n/a-4.13%
BlackRock Inflation Protected Bond 529 Portfolio AExpense Ratio: 1.12
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$11.34$-0.013.47%at NAV-2.51%0.45%0.72%2.91%-2.51%0.45%0.72%2.91%
Inception Date8/2/2010w/sales charge-5.92%-3.07%-0.47%2.04%-5.92%-3.07%-0.47%2.04%
Touchstone High Yield 529 Portfolio AExpense Ratio: 1.26
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$11.17$0.004.10%at NAV-2.04%6.26%n/a5.10%-2.04%6.26%n/a5.10%
Inception Date10/10/2012w/sales charge-5.47%2.54%n/a3.22%-5.47%2.54%n/a3.22%
Templeton International Bond 529 Portfolio AExpense Ratio: 1.42
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$10.35$-0.011.57%at NAV-1.99%2.58%n/a1.66%-1.99%2.58%n/a1.66%
Inception Date10/10/2012w/sales charge-5.42%-1.01%n/a-0.16%-5.42%-1.01%n/a-0.16%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio AExpense Ratio: 1.32
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$15.13$-0.043.49%at NAV-1.24%10.10%14.09%10.50%-1.24%10.10%14.09%10.50%
Inception Date8/2/2010w/sales charge-4.70%6.25%12.75%9.56%-4.70%6.25%12.75%9.56%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Real Estate 529 Portfolio
T. Rowe Price Real Estate 529 Portfolio AExpense Ratio: 1.45
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$16.63$-0.0221.74%at NAV-3.20%13.61%15.27%11.00%-3.20%13.61%15.27%11.00%
Inception Date8/2/2010w/sales charge-6.59%9.64%13.91%10.06%-6.59%9.64%13.91%10.06%
Voya Global Real Estate 529 PortfolioExpense Ratio: 1.67
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.00$-0.079.79%at NAV-5.18%6.16%n/a7.54%-5.18%6.16%n/a7.54%
Inception Date10/10/2012w/sales charge-8.50%2.45%n/a5.61%-8.50%2.45%n/a5.61%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Domestic Equity 529 Portfolios
Cohen & Steers Dividend Value 529 Portfolio AExpense Ratio: 1.32
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$15.11$0.009.10%at NAV0.40%21.18%n/a20.04%0.40%21.18%n/a20.04%
Inception Date6/20/2012w/sales charge-3.12%16.94%n/a18.18%-3.12%16.94%n/a18.18%
Northern Funds Stock Index 529 PortfolioExpense Ratio: 0.78
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$18.67$-0.028.42%at NAV0.92%18.90%22.08%16.02%0.92%18.90%22.08%16.02%
Inception Date8/2/2010w/sales charge-2.61%14.74%20.64%15.03%-2.61%14.74%20.64%15.03%
American Century Equity Growth 529 Portfolio AExpense Ratio: 1.15
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$19.14$-0.037.59%at NAV0.63%19.20%22.81%16.85%0.63%19.20%22.81%16.85%
Inception Date8/2/2010w/sales charge-2.89%15.03%21.36%15.86%-2.89%15.03%21.36%15.86%
T. Rowe Price Large-Cap Growth 529 Portfolio AExpense Ratio: 1.24
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$20.07$-0.164.53%at NAV0.46%16.28%23.82%17.92%0.46%16.28%23.82%17.92%
Inception Date8/2/2010w/sales charge-3.06%12.21%22.36%16.92%-3.06%12.21%22.36%16.92%
Northern Funds Mid Cap Index 529 Portfolio AExpense Ratio: 0.83
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$18.56$-0.034.56%at NAV-4.16%10.90%21.63%15.49%-4.16%10.90%21.63%15.49%
Inception Date8/2/2010w/sales charge-7.51%7.02%20.19%14.51%-7.51%7.02%20.19%14.51%
William Blair Small Cap Value 529 Portfolio AExpense Ratio: 1.92
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$16.89$0.010.18%at NAV-7.85%2.77%19.25%11.89%-7.85%2.77%19.25%11.89%
Inception Date8/2/2010w/sales charge-11.08%-0.83%17.84%10.94%-11.08%-0.83%17.84%10.94%
Northern Funds Small Cap Index 529 PortfolioExpense Ratio: 0.83
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$17.81$-0.06-1.17%at NAV-7.61%3.07%20.45%13.78%-7.61%3.07%20.45%13.78%
Inception Date8/2/2010w/sales charge-10.85%-0.54%19.03%12.81%-10.85%-0.54%19.03%12.81%
Lord Abbett Developing Growth 529 Portfolio AExpense Ratio: 1.44
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$21.18$-0.08-1.12%at NAV-5.83%1.43%22.50%18.85%-5.83%1.43%22.50%18.85%
Inception Date8/2/2010w/sales charge-9.12%-2.12%21.06%17.84%-9.12%-2.12%21.06%17.84%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
International Equity 529 Portfolio
Northern Funds International Equity Index 529 PortfolioExpense Ratio: 0.93
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.82$-0.06-4.90%at NAV-6.39%3.21%13.10%6.86%-6.39%3.21%13.10%6.86%
Inception Date8/2/2010w/sales charge-9.67%-0.40%11.76%5.95%-9.67%-0.40%11.76%5.95%
Neuberger Berman International Select 529 Portfolio AExpense Ratio: 1.57
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.49$-0.07-5.52%at NAV-6.11%1.11%10.73%6.01%-6.11%1.11%10.73%6.01%
Inception Date8/2/2010w/sales charge-9.40%-2.43%9.42%5.11%-9.40%-2.43%9.42%5.11%
DFA International Small Company 529 Portfolio AExpense Ratio: 1.23
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$12.73$-0.05-5.70%at NAV-8.69%3.79%n/a14.86%-8.69%3.79%n/a14.86%
Inception Date10/10/2012w/sales charge-11.88%0.16%n/a12.80%-11.88%0.16%n/a12.80%
Lazard Emerging Markets Equity 529 Portfolio AExpense Ratio: 1.77
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$11.41$0.052.61%at NAV-6.04%3.74%8.51%3.11%-6.04%3.74%8.51%3.11%
Inception Date8/2/2010w/sales charge-9.33%0.11%7.23%2.23%-9.33%0.11%7.23%2.23%
Portfolio Prices and YTD Performance Average Annual Total Returns
As of October 29, 2014 Monthly as of September 30, 2014 Quarterly as of September 30, 2014
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio AExpense Ratio: 1.48
PriceChangeYTD 3 Month1 Yr3 YrsSince Inception3 Month1 Yr3 YrsSince Inception
$7.91$0.09-5.95%at NAV-11.65%-7.29%n/a-11.33%-11.65%-7.29%n/a-11.33%
Inception Date10/10/2012w/sales charge-14.74%-10.53%n/a-12.92%-14.74%-10.53%n/a-12.92%
Alabama TreasurerUnion Bank

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.

* An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Portfolio.

1 Expense ratio information is the total annual underlying mutual fund expenses for the investment funds that make up each Portfolio, as disclosed in each fund's most recent prospectus dated prior to September 1, 2013, and also includes the 0.32% program management fee, the 0.10% state administrative fee, and the 0.25% annual account servicing fee for Fee Structure A.

Performance information is current as of the most recent timeframe referenced above and is net of the 0.32% program management fee, the 0.10% state fee, the 0.25% annual account servicing fee, and the underlying mutual fund expenses.

NAV Performance - information does not include the maximum sales charge of 3.50% for Fee Structure A.

w/ Sales Charge Performance - includes the maximum sales charge of 3.50% for Fee Structure A.

Contributions made to the BlackRock Cash Funds 529 Portfolio, the PIMCO Short-Term 529 Portfolio, and the Age-Based Conservative (21+) Portfolio under Fee Structure A are not subject to an initial sales charge. If you choose to transfer funds in the BlackRock Cash Funds 529 Portfolio, the PIMCO Short-Term 529 Portfolio, or the Age-Based Conservative (21+) Portfolio that are subject to Fee Structure A to another Portfolio in the Plan, you will be assessed the sales charge applicable to such new Portfolio under Fee Structure A.

For more information about the risks associated with each underlying mutual fund, read the fund prospectus and the CollegeCounts 529 Fund Program Disclosure Statement.

The CollegeCounts 529 Fund Advisor Plan is a qualified tuition program under Section 529 of the Internal Revenue Code that is sponsored by the State of Alabama and administered by the Board of Trustees of the ACES Trust Fund (the “Trust” and plan issuer). Union Bank & Trust Company serves as Program Manager and Northern Trust Securities, Inc. acts as Distributor. Accounts and investments under the CollegeCounts 529 Fund Advisor Plan are not insured or guaranteed by the FDIC, the State of Alabama, the State Treasurer of Alabama, the Board, the Trust, the Program, Union Bank & Trust Company, Northern Trust Securities, Inc., or any other entity. Investment returns are not guaranteed and you could lose money by investing in the Plan.

An investor should consider the investment objectives, risks and charges and expenses associated with the Program before investing. This information is contained in the Program Disclosure Statement. Please read it carefully before investing.

If you are not an Alabama taxpayer, consider before investing whether your or the designated beneficiary’s home state offers any state tax or other benefits that are only available for investments in such state’s qualified tuition program.

Not FDIC Insured. No Bank Guarantee.May Lose Value.