Quarterly Performance

Fee Structure:

Age-Based Portfolios As of June 30, 2017	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 June 30, 2017	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	6.83	n/a	n/a	n/a	8.12	9/28/16	3.50%	1.21
Ages 3-5	5.73	n/a	n/a	n/a	7.21	9/28/16	3.50%	1.20
Ages 6-8	4.95	n/a	n/a	n/a	6.44	9/28/16	3.50%	1.21
Ages 9-10	3.86	n/a	n/a	n/a	4.90	9/28/16	3.50%	1.21
Ages 11-12	3.15	n/a	n/a	n/a	4.12	9/28/16	3.50%	1.20
Ages 13-14	2.44	n/a	n/a	n/a	3.25	9/28/16	3.50%	1.18
Ages 15-16	1.41	n/a	n/a	n/a	1.92	9/28/16	3.50%	1.17
Ages 17-18	0.54	n/a	n/a	n/a	0.84	9/28/16	3.50%	1.14
Ages 19+	-0.52	n/a	n/a	n/a	-0.28	9/28/16	3.50%	1.09
Age-Based Moderate
Ages 0-2	5.73	n/a	n/a	n/a	7.21	9/28/16	3.50%	1.20
Ages 3-5	4.95	n/a	n/a	n/a	6.44	9/28/16	3.50%	1.21
Ages 6-8	3.86	n/a	n/a	n/a	4.90	9/28/16	3.50%	1.21
Ages 9-10	3.15	n/a	n/a	n/a	4.12	9/28/16	3.50%	1.20
Ages 11-12	2.44	n/a	n/a	n/a	3.25	9/28/16	3.50%	1.18
Ages 13-14	1.41	n/a	n/a	n/a	1.92	9/28/16	3.50%	1.17
Ages 15-16	0.54	n/a	n/a	n/a	0.84	9/28/16	3.50%	1.14
Ages 17-18	-0.52	n/a	n/a	n/a	-0.28	9/28/16	3.50%	1.09
Ages 19+	-1.57	n/a	n/a	n/a	-1.67	9/28/16	3.50%	1.03
Age-Based Conservative
Ages 0-2	4.95	n/a	n/a	n/a	6.44	9/28/16	3.50%	1.21
Ages 3-5	3.86	n/a	n/a	n/a	4.90	9/28/16	3.50%	1.21
Ages 6-8	3.15	n/a	n/a	n/a	4.12	9/28/16	3.50%	1.20
Ages 9-10	2.44	n/a	n/a	n/a	3.25	9/28/16	3.50%	1.18
Ages 11-12	1.41	n/a	n/a	n/a	1.92	9/28/16	3.50%	1.17
Ages 13-14	0.54	n/a	n/a	n/a	0.84	9/28/16	3.50%	1.14
Ages 15-16	-0.52	n/a	n/a	n/a	-0.28	9/28/16	3.50%	1.09
Ages 17-18	-1.57	n/a	n/a	n/a	-1.67	9/28/16	3.50%	1.03
Ages 19+	-3.04	n/a	n/a	n/a	-3.41	9/28/16	3.50%	0.93
Target Portfolios As of June 30, 2017	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Portfolios As of June 30, 2017	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	6.83	14.38	3.70	9.84	9.54	8/2/10	3.50%	1.21
Target Fund 80	4.95	11.42	3.03	8.00	8.12	8/2/10	3.50%	1.21
Target Fund 60	3.15	7.94	2.27	6.13	6.61	8/2/10	3.50%	1.20
Target Fund 40	1.41	4.56	1.75	4.36	5.15	8/2/10	3.50%	1.17
Target Fund 20	-0.52	1.25	0.91	2.39	3.34	8/2/10	3.50%	1.09
Target Fixed Income Fund	-3.04	-3.13	-1.05	-0.71	0.20	8/2/10	3.50%	0.93
Individual Portfolios As of June 30, 2017	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Individual Portfolios As of June 30, 2017	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*	0.19	n/a	n/a	n/a	0.22	7/27/16	3.50%	0.44
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	1.04	2.69	1.11	1.04	0.98	8/2/10	3.50%	1.14
Northern Funds Bond Index 529 Portfolio	-1.73	-4.81	0.46	0.64	1.71	8/2/10	3.50%	0.83
Fidelity Advisor Investment Grade Bond 529 Portfolio	-1.47	-2.68	0.57	n/a	0.66	10/10/12	3.50%	1.17
MainStay Total Return Bond 529 Portfolio	-0.86	-1.91	n/a	n/a	0.56	12/17/14	3.50%	1.27
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-3.40	-3.40	-1.67	n/a	-1.13	9/26/13	3.50%	1.04
BlackRock Inflation Protected Bond 529 Portfolio	-2.90	-4.51	-1.90	-1.38	1.27	8/2/10	3.50%	1.12
Touchstone High Yield 529 Portfolio	0.54	5.42	0.77	n/a	3.05	10/10/12	3.50%	1.39
Templeton International Bond 529 Portfolio	-0.66	4.65	-2.45	n/a	-0.46	10/10/12	3.50%	1.43
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	5.61	9.68	3.71	8.14	8.08	8/2/10	3.50%	1.16
Real Estate 529 Portfolios
T. Rowe Price Real Estate 529 Portfolio	-3.60	-6.55	5.27	7.19	9.40	8/2/10	3.50%	1.31
Voya Global Real Estate 529 Portfolio	0.11	-5.98	-0.32	n/a	4.04	10/10/12	3.50%	1.66
Domestic Equity 529 Portfolios
Cohen & Steers Dividend Value 529 Portfolio	1.87	12.95	5.16	11.59	11.86	6/20/12	3.50%	1.32
Northern Funds Stock Index 529 Portfolio	5.12	12.86	7.48	12.95	12.69	8/2/10	3.50%	0.77
American Century Equity Growth 529 Portfolio	4.86	13.32	4.86	11.56	12.02	8/2/10	3.50%	1.14
T. Rowe Price Large-Cap Growth 529 Portfolio	15.08	26.07	10.48	15.92	15.25	8/2/10	3.50%	1.23
Northern Funds Mid Cap Index 529 Portfolio	1.83	13.46	6.34	13.15	12.70	8/2/10	3.50%	0.82
William Blair Small Cap Value 529 Portfolio	-4.29	12.82	4.58	11.61	10.40	8/2/10	3.50%	1.91
Northern Funds Small Cap Index 529 Portfolio	0.96	19.29	5.29	12.05	11.80	8/2/10	3.50%	0.82
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	6.60	n/a	n/a	n/a	10.01	9/28/16	3.50%	1.33
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	10.42	15.03	-0.71	7.10	4.75	8/2/10	3.50%	0.92
Neuberger Berman International Select 529 Portfolio	10.87	12.86	0.65	6.58	4.82	8/2/10	3.50%	1.57
DFA International Small Company 529 Portfolio	11.85	18.87	2.59	n/a	9.78	10/10/12	3.50%	1.21
Lazard Emerging Markets Equity 529 Portfolio	8.51	14.44	-3.41	1.71	1.25	8/2/10	3.50%	1.77
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	-8.50	-9.44	-15.97	n/a	-12.59	10/10/12	3.50%	1.47