Quarterly Performance

Fee Structure:

Age-Based Portfolios As of December 31, 2018	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 December 31, 2018	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	-13.37	-13.37	n/a	n/a	3.21	9/28/16	3.50%	1.13
Ages 3-5	-12.14	-12.14	n/a	n/a	3.05	9/28/16	3.50%	1.13
Ages 6-8	-11.25	-11.25	n/a	n/a	2.75	9/28/16	3.50%	1.14
Ages 9-10	-10.43	-10.43	n/a	n/a	2.06	9/28/16	3.50%	1.15
Ages 11-12	-9.39	-9.39	n/a	n/a	1.83	9/28/16	3.50%	1.15
Ages 13-14	-8.28	-8.28	n/a	n/a	1.64	9/28/16	3.50%	1.13
Ages 15-16	-7.27	-7.27	n/a	n/a	1.09	9/28/16	3.50%	1.14
Ages 17-18	-6.35	-6.35	n/a	n/a	0.63	9/28/16	3.50%	1.11
Ages 19+	-5.09	-5.09	n/a	n/a	0.28	9/28/16	3.50%	1.08
Age-Based Moderate
Ages 0-2	-12.14	-12.14	n/a	n/a	3.05	9/28/16	3.50%	1.13
Ages 3-5	-11.25	-11.25	n/a	n/a	2.75	9/28/16	3.50%	1.14
Ages 6-8	-10.43	-10.43	n/a	n/a	2.06	9/28/16	3.50%	1.15
Ages 9-10	-9.39	-9.39	n/a	n/a	1.83	9/28/16	3.50%	1.15
Ages 11-12	-8.28	-8.28	n/a	n/a	1.64	9/28/16	3.50%	1.13
Ages 13-14	-7.27	-7.27	n/a	n/a	1.09	9/28/16	3.50%	1.14
Ages 15-16	-6.35	-6.35	n/a	n/a	0.63	9/28/16	3.50%	1.11
Ages 17-18	-5.09	-5.09	n/a	n/a	0.28	9/28/16	3.50%	1.08
Ages 19+	-4.15	-4.15	n/a	n/a	-0.31	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	-11.25	-11.25	n/a	n/a	2.75	9/28/16	3.50%	1.14
Ages 3-5	-10.43	-10.43	n/a	n/a	2.06	9/28/16	3.50%	1.15
Ages 6-8	-9.39	-9.39	n/a	n/a	1.83	9/28/16	3.50%	1.15
Ages 9-10	-8.28	-8.28	n/a	n/a	1.64	9/28/16	3.50%	1.13
Ages 11-12	-7.27	-7.27	n/a	n/a	1.09	9/28/16	3.50%	1.14
Ages 13-14	-6.35	-6.35	n/a	n/a	0.63	9/28/16	3.50%	1.11
Ages 15-16	-5.09	-5.09	n/a	n/a	0.28	9/28/16	3.50%	1.08
Ages 17-18	-4.15	-4.15	n/a	n/a	-0.31	9/28/16	3.50%	1.02
Ages 19+	-3.04	-3.04	n/a	n/a	-1.11	9/28/16	3.50%	0.93
Target Portfolios As of December 31, 2018	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Portfolios As of December 31, 2018	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	-13.37	-13.37	4.55	3.25	7.68	8/2/10	3.50%	1.13
Target Fund 80	-11.25	-11.25	4.13	2.85	6.60	8/2/10	3.50%	1.14
Target Fund 60	-9.39	-9.39	3.25	2.30	5.40	8/2/10	3.50%	1.15
Target Fund 40	-7.27	-7.27	2.60	1.94	4.27	8/2/10	3.50%	1.14
Target Fund 20	-5.09	-5.09	1.55	1.28	2.84	8/2/10	3.50%	1.08
Target Fixed Income Fund	-3.04	-3.04	-0.49	-0.35	0.28	8/2/10	3.50%	0.93
Individual Portfolios As of December 31, 2018	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Individual Portfolios As of December 31, 2018	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*	1.43	1.43	n/a	n/a	0.82	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	0.84	0.84	1.52	1.10	1.00	8/2/10	3.50%	1.18
Northern Funds Bond Index 529 Portfolio	-4.32	-4.32	0.01	0.99	1.41	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	-4.48	-4.48	1.01	1.11	0.50	10/10/12	3.50%	1.15
MainStay Total Return Bond 529 Portfolio	-5.22	-5.22	0.85	n/a	0.21	12/17/14	3.50%	1.25
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-3.79	-3.79	-0.30	-0.81	-0.83	9/26/13	3.50%	1.02
BlackRock Inflation Protected Bond 529 Portfolio	-5.93	-5.93	-0.13	-0.24	0.95	8/2/10	3.50%	1.04
Touchstone High Yield 529 Portfolio	-6.83	-6.83	3.25	1.13	2.05	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-2.06	-2.06	2.02	-0.73	-0.29	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	-8.78	-8.78	4.10	3.48	6.76	8/2/10	3.50%	1.11
Real Estate 529 Portfolios
T. Rowe Price Real Estate 529 Portfolio	-12.60	-12.60	-1.47	5.11	6.89	8/2/10	3.50%	1.25
Voya Global Real Estate 529 Portfolio	-12.35	-12.35	-1.48	1.13	2.36	10/10/12	3.50%	1.70
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	n/a	n/a	n/a	n/a	-15.27	2/6/18	3.50%	0.92
Northern Funds Stock Index 529 Portfolio	-8.46	-8.46	7.12	6.90	10.99	8/2/10	3.50%	0.75
American Century Equity Growth 529 Portfolio	-9.97	-9.97	6.13	5.10	10.29	8/2/10	3.50%	1.12
T. Rowe Price Large-Cap Growth 529 Portfolio	0.00	0.00	11.83	10.56	14.70	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	-14.88	-14.88	5.52	4.40	9.83	8/2/10	3.50%	0.81
William Blair Small Cap Value 529 Portfolio	-19.25	-19.25	2.83	1.22	7.17	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	-14.86	-14.86	5.31	2.87	9.06	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	-10.66	-10.66	n/a	n/a	5.16	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	-17.36	-17.36	1.10	-0.98	3.01	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	-18.32	-18.32	0.58	-0.46	3.09	8/2/10	3.50%	1.45
DFA International Small Company 529 Portfolio	-22.79	-22.79	1.63	0.54	5.39	10/10/12	3.50%	1.18
Lazard Emerging Markets Equity 529 Portfolio	-21.41	-21.41	6.15	-2.03	0.04	8/2/10	3.50%	1.73
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	-15.38	-15.38	-1.44	-10.05	-10.68	10/10/12	3.50%	1.43