Quarterly Performance

Fee Structure:

Age-Based Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Age-Based Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Age-Based Aggressive
Ages 0-2	-26.80	-18.28	-1.75	n/a	0.57	9/28/16	3.50%	1.12
Ages 3-5	-24.61	-16.41	-1.27	n/a	0.86	9/28/16	3.50%	1.11
Ages 6-8	-22.69	-14.99	-1.08	n/a	0.92	9/28/16	3.50%	1.12
Ages 9-10	-20.38	-13.26	-0.87	n/a	0.81	9/28/16	3.50%	1.14
Ages 11-12	-18.33	-11.61	-0.53	n/a	0.96	9/28/16	3.50%	1.12
Ages 13-14	-15.98	-9.51	0.03	n/a	1.29	9/28/16	3.50%	1.13
Ages 15-16	-13.59	-7.87	0.18	n/a	1.17	9/28/16	3.50%	1.11
Ages 17-18	-11.34	-6.29	0.24	n/a	1.03	9/28/16	3.50%	1.12
Ages 19+	-9.04	-4.84	0.39	n/a	0.92	9/28/16	3.50%	1.05
Age-Based Moderate
Ages 0-2	-24.61	-16.41	-1.27	n/a	0.86	9/28/16	3.50%	1.11
Ages 3-5	-22.69	-14.99	-1.08	n/a	0.92	9/28/16	3.50%	1.12
Ages 6-8	-20.38	-13.26	-0.87	n/a	0.81	9/28/16	3.50%	1.14
Ages 9-10	-18.33	-11.61	-0.53	n/a	0.96	9/28/16	3.50%	1.12
Ages 11-12	-15.98	-9.51	0.03	n/a	1.29	9/28/16	3.50%	1.13
Ages 13-14	-13.59	-7.87	0.18	n/a	1.17	9/28/16	3.50%	1.11
Ages 15-16	-11.34	-6.29	0.24	n/a	1.03	9/28/16	3.50%	1.12
Ages 17-18	-9.04	-4.84	0.39	n/a	0.92	9/28/16	3.50%	1.05
Ages 19+	-6.58	-3.23	0.42	n/a	0.68	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	-22.69	-14.99	-1.08	n/a	0.92	9/28/16	3.50%	1.12
Ages 3-5	-20.38	-13.26	-0.87	n/a	0.81	9/28/16	3.50%	1.14
Ages 6-8	-18.33	-11.61	-0.53	n/a	0.96	9/28/16	3.50%	1.12
Ages 9-10	-15.98	-9.51	0.03	n/a	1.29	9/28/16	3.50%	1.13
Ages 11-12	-13.59	-7.87	0.18	n/a	1.17	9/28/16	3.50%	1.11
Ages 13-14	-11.34	-6.29	0.24	n/a	1.03	9/28/16	3.50%	1.12
Ages 15-16	-9.04	-4.84	0.39	n/a	0.92	9/28/16	3.50%	1.05
Ages 17-18	-6.58	-3.23	0.42	n/a	0.68	9/28/16	3.50%	1.02
Ages 19+	-3.94	-2.06	0.06	n/a	0.02	9/28/16	3.50%	0.91
Target Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	-26.80	-18.28	-1.75	0.67	6.09	8/2/10	3.50%	1.12
Target Fund 80	-22.69	-14.99	-1.08	0.95	5.41	8/2/10	3.50%	1.12
Target Fund 60	-18.33	-11.61	-0.53	1.00	4.61	8/2/10	3.50%	1.12
Target Fund 40	-13.59	-7.87	0.18	1.21	3.89	8/2/10	3.50%	1.11
Target Fund 20	-9.04	-4.84	0.39	1.05	2.74	8/2/10	3.50%	1.05
Target Fixed Income Fund	-3.94	-2.06	0.06	0.13	0.52	8/2/10	3.50%	0.91
Individual Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Individual Portfolios As of March 31, 2020	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Money Market 529 Portfolio
State Street U.S. Government Money Market 529 Portfolio*	0.28	1.61	1.32	n/a	1.10	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	-2.34	-1.19	0.62	0.89	0.84	8/2/10	3.50%	1.15
Northern Funds Bond Index 529 Portfolio	-0.51	4.56	2.86	1.85	2.36	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	-1.93	3.22	2.63	1.90	1.79	10/10/12	3.50%	1.15
PGIM Total Return Bond 529 Portfolio	n/a	n/a	n/a	n/a	n/a	4/28/20	3.50%	1.14
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-5.27	-2.93	-0.66	0.01	-0.30	9/26/13	3.50%	1.02
Touchstone High Yield 529 Portfolio	-16.98	-12.19	-1.66	-0.10	1.43	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-7.60	-7.77	-2.38	-0.41	-0.57	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	-17.61	-9.58	1.47	2.40	6.15	8/2/10	3.50%	1.11
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	-25.81	n/a	n/a	n/a	-19.13	4/9/19	3.50%	0.83
Principal Global Real Estate Securities 529 Portfolio	-28.60	n/a	n/a	n/a	-22.61	11/25/14	3.50%	1.53
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	-34.02	-25.66	n/a	n/a	-14.08	2/6/18	3.50%	0.91
Northern Funds Stock Index 529 Portfolio	-22.58	-10.91	3.07	5.16	10.03	8/2/10	3.50%	0.75
T. Rowe Price Large-Cap Growth 529 Portfolio	-17.06	-7.52	10.77	9.77	13.77	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	-32.29	-25.82	-6.00	-0.97	7.06	8/2/10	3.50%	0.80
William Blair Small Cap Value 529 Portfolio	-37.30	-33.60	-12.45	-4.86	3.48	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	-33.25	-27.39	-6.55	-1.76	6.18	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	-26.65	-17.27	0.76	n/a	3.42	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	-25.52	-17.94	-3.67	-1.97	1.92	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	-25.16	-15.59	-2.10	-1.28	2.42	8/2/10	3.50%	1.44
DFA International Small Company 529 Portfolio	-32.87	-24.49	-7.46	-1.77	2.36	10/10/12	3.50%	1.17
Vanguard Emerging Markets Select Stock 529 Portfolio	-31.30	n/a	n/a	n/a	-28.20	4/9/19	3.50%	1.17
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	-25.06	-24.93	-10.35	-8.86	-11.27	10/10/12	3.50%	1.43