Quarterly Performance

Fee Structure:

Age-Based Portfolios As of June 30, 2019	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, 2019	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	11.53	-0.52	n/a	n/a	8.17	9/28/16	3.50%	1.12
Ages 3-5	10.42	-0.20	n/a	n/a	7.64	9/28/16	3.50%	1.11
Ages 6-8	9.44	0.08	n/a	n/a	7.03	9/28/16	3.50%	1.13
Ages 9-10	8.24	0.21	n/a	n/a	6.01	9/28/16	3.50%	1.14
Ages 11-12	7.26	0.54	n/a	n/a	5.47	9/28/16	3.50%	1.14
Ages 13-14	6.46	1.10	n/a	n/a	5.02	9/28/16	3.50%	1.13
Ages 15-16	5.14	1.03	n/a	n/a	4.09	9/28/16	3.50%	1.14
Ages 17-18	3.75	0.78	n/a	n/a	3.20	9/28/16	3.50%	1.12
Ages 19+	2.31	0.62	n/a	n/a	2.38	9/28/16	3.50%	1.08
Age-Based Moderate
Ages 0-2	10.42	-0.20	n/a	n/a	7.64	9/28/16	3.50%	1.11
Ages 3-5	9.44	0.08	n/a	n/a	7.03	9/28/16	3.50%	1.13
Ages 6-8	8.24	0.21	n/a	n/a	6.01	9/28/16	3.50%	1.14
Ages 9-10	7.26	0.54	n/a	n/a	5.47	9/28/16	3.50%	1.14
Ages 11-12	6.46	1.10	n/a	n/a	5.02	9/28/16	3.50%	1.13
Ages 13-14	5.14	1.03	n/a	n/a	4.09	9/28/16	3.50%	1.14
Ages 15-16	3.75	0.78	n/a	n/a	3.20	9/28/16	3.50%	1.12
Ages 17-18	2.31	0.62	n/a	n/a	2.38	9/28/16	3.50%	1.08
Ages 19+	0.81	0.13	n/a	n/a	1.34	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	9.44	0.08	n/a	n/a	7.03	9/28/16	3.50%	1.13
Ages 3-5	8.24	0.21	n/a	n/a	6.01	9/28/16	3.50%	1.14
Ages 6-8	7.26	0.54	n/a	n/a	5.47	9/28/16	3.50%	1.14
Ages 9-10	6.46	1.10	n/a	n/a	5.02	9/28/16	3.50%	1.13
Ages 11-12	5.14	1.03	n/a	n/a	4.09	9/28/16	3.50%	1.14
Ages 13-14	3.75	0.78	n/a	n/a	3.20	9/28/16	3.50%	1.12
Ages 15-16	2.31	0.62	n/a	n/a	2.38	9/28/16	3.50%	1.08
Ages 17-18	0.81	0.13	n/a	n/a	1.34	9/28/16	3.50%	1.02
Ages 19+	-1.41	-1.04	n/a	n/a	-0.14	9/28/16	3.50%	0.93
Target Portfolios As of June 30, 2019	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, 2019	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	11.53	-0.52	9.51	5.06	8.99	8/2/10	3.50%	1.12
Target Fund 80	9.44	0.08	8.07	4.38	7.73	8/2/10	3.50%	1.13
Target Fund 60	7.26	0.54	6.28	3.54	6.35	8/2/10	3.50%	1.14
Target Fund 40	5.14	1.03	4.63	2.90	5.04	8/2/10	3.50%	1.14
Target Fund 20	2.31	0.62	2.71	1.91	3.36	8/2/10	3.50%	1.08
Target Fixed Income Fund	-1.41	-1.04	-0.03	-0.02	0.51	8/2/10	3.50%	0.93
Individual Portfolios As of June 30, 2019	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, 2019	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*	1.03	1.87	n/a	n/a	1.02	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	1.29	1.38	1.85	1.24	1.09	8/2/10	3.50%	1.18
Northern Funds Bond Index 529 Portfolio	2.13	3.37	0.28	1.43	1.98	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	2.91	3.88	1.25	1.64	1.43	10/10/12	3.50%	1.15
MainStay MacKay Total Return Bond 529 Portfolio	2.41	3.00	1.15	n/a	1.51	12/17/14	3.50%	1.25
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-0.19	-0.99	-0.06	-0.36	-0.17	9/26/13	3.50%	1.02
BlackRock Inflation Protected Bond 529 Portfolio	1.83	-0.39	-0.01	-0.23	1.51	8/2/10	3.50%	1.04
Touchstone High Yield 529 Portfolio	6.68	3.94	4.70	2.18	3.43	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-0.09	3.05	2.85	-0.71	0.25	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	9.01	2.40	7.90	5.02	7.84	8/2/10	3.50%	1.11
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	n/a	n/a	n/a	n/a	-1.86	4/9/19	3.50%	0.83
Principal Global Real Estate Securities 529 Portfolio	n/a	n/a	n/a	n/a	-1.76	11/25/14	3.50%	1.53
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	9.91	-1.23	n/a	n/a	-2.52	2/6/18	3.50%	0.92
Northern Funds Stock Index 529 Portfolio	14.04	5.81	12.00	9.09	12.43	8/2/10	3.50%	0.75
American Century Equity Growth 529 Portfolio	13.85	3.00	11.66	7.21	11.75	8/2/10	3.50%	1.12
T. Rowe Price Large-Cap Growth 529 Portfolio	13.64	5.43	20.89	13.57	15.94	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	13.37	-2.99	8.71	6.37	11.25	8/2/10	3.50%	0.81
William Blair Small Cap Value 529 Portfolio	11.94	-7.12	5.77	3.70	8.55	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	12.43	-7.45	10.10	5.48	10.41	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	18.94	2.52	n/a	n/a	12.44	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	9.92	-3.05	6.86	0.76	4.35	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	11.20	-4.06	6.66	1.86	4.57	8/2/10	3.50%	1.45
DFA International Small Company 529 Portfolio	8.05	-11.17	5.91	1.53	6.76	10/10/12	3.50%	1.18
Vanguard Emerging Markets Select Stock 529 Portfolio	n/a	n/a	n/a	n/a	-5.82	4/9/19	3.50%	1.59
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	0.83	-10.97	-4.02	-10.34	-9.34	10/10/12	3.50%	1.43