Quarterly Performance

Fee Structure:

Age-Based Portfolios As of December 31, 2021	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, 2021	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	15.53	15.53	17.93	12.52	12.13	9/28/16	3.50%	0.98
Ages 3-5	14.07	14.07	16.78	11.74	11.43	9/28/16	3.50%	0.97
Ages 6-8	11.98	11.98	15.32	10.75	10.50	9/28/16	3.50%	0.97
Ages 9-10	10.08	10.08	13.53	9.47	9.20	9/28/16	3.50%	0.98
Ages 11-12	7.94	7.94	12.13	8.57	8.32	9/28/16	3.50%	0.97
Ages 13-14	6.14	6.14	10.88	7.77	7.54	9/28/16	3.50%	0.95
Ages 15-16	4.61	4.61	9.15	6.57	6.34	9/28/16	3.50%	0.95
Ages 17-18	2.58	2.58	7.39	5.35	5.14	9/28/16	3.50%	0.95
Ages 19+	0.87	0.87	5.44	4.05	3.90	9/28/16	3.50%	0.91
Age-Based Moderate
Ages 0-2	14.07	14.07	16.78	11.74	11.43	9/28/16	3.50%	0.97
Ages 3-5	11.98	11.98	15.32	10.75	10.50	9/28/16	3.50%	0.97
Ages 6-8	10.08	10.08	13.53	9.47	9.20	9/28/16	3.50%	0.98
Ages 9-10	7.94	7.94	12.13	8.57	8.32	9/28/16	3.50%	0.97
Ages 11-12	6.14	6.14	10.88	7.77	7.54	9/28/16	3.50%	0.95
Ages 13-14	4.61	4.61	9.15	6.57	6.34	9/28/16	3.50%	0.95
Ages 15-16	2.58	2.58	7.39	5.35	5.14	9/28/16	3.50%	0.95
Ages 17-18	0.87	0.87	5.44	4.05	3.90	9/28/16	3.50%	0.91
Ages 19+	-1.24	-1.24	3.43	2.65	2.50	9/28/16	3.50%	0.86
Age-Based Conservative
Ages 0-2	11.98	11.98	15.32	10.75	10.50	9/28/16	3.50%	0.97
Ages 3-5	10.08	10.08	13.53	9.47	9.20	9/28/16	3.50%	0.98
Ages 6-8	7.94	7.94	12.13	8.57	8.32	9/28/16	3.50%	0.97
Ages 9-10	6.14	6.14	10.88	7.77	7.54	9/28/16	3.50%	0.95
Ages 11-12	4.61	4.61	9.15	6.57	6.34	9/28/16	3.50%	0.95
Ages 13-14	2.58	2.58	7.39	5.35	5.14	9/28/16	3.50%	0.95
Ages 15-16	0.87	0.87	5.44	4.05	3.90	9/28/16	3.50%	0.91
Ages 17-18	-1.24	-1.24	3.43	2.65	2.50	9/28/16	3.50%	0.86
Ages 19+	-3.33	-3.33	0.65	0.67	0.57	9/28/16	3.50%	0.79
Target Portfolios As of December 31, 2021	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, 2021	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	15.53	15.53	17.93	12.52	10.63	8/2/10	3.50%	0.98
Target Fund 80	11.98	11.98	15.32	10.75	9.17	8/2/10	3.50%	0.97
Target Fund 60	7.94	7.94	12.13	8.57	7.47	8/2/10	3.50%	0.97
Target Fund 40	4.61	4.61	9.15	6.57	5.87	8/2/10	3.50%	0.95
Target Fund 20	0.87	0.87	5.44	4.05	3.84	8/2/10	3.50%	0.91
Target Fixed Income Fund	-3.33	-3.33	0.65	0.67	0.69	8/2/10	3.50%	0.79
Individual Portfolios As of December 31, 2021	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, 2021	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Bank Savings 529 Portfolio
Bank Savings 529 Portfolio	0.28	0.28	n/a	n/a	0.29	7/1/20	3.50%	0.21
Money Market 529 Portfolio
State Street U.S. Government Money Market 529 Portfolio*	0.00	0.00	0.71	0.81	0.75	7/27/16	3.50%	0.33
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	-0.53	-0.53	1.21	1.25	1.05	8/2/10	3.50%	1.08
Northern Funds Bond Index 529 Portfolio	-5.66	-5.66	2.81	2.06	2.09	8/2/10	3.50%	0.68
Fidelity Advisor Investment Grade Bond 529 Portfolio	-4.79	-4.79	4.22	2.94	2.09	10/10/12	3.50%	0.89
PGIM Total Return Bond 529 Portfolio	-5.11	-5.11	n/a	n/a	1.36	4/28/20	3.50%	0.92
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	2.19	2.19	3.81	2.27	1.27	9/26/13	3.50%	0.90
BlackRock High Yield Bond 529 Portfolio	n/a	n/a	n/a	n/a	-0.12	4/15/21	3.50%	1.15
AB Global Bond Fund 529 Portfolio	n/a	n/a	n/a	n/a	-2.73	4/15/21	3.50%	1.03
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	8.99	8.99	14.30	10.63	9.03	8/2/10	3.50%	0.99
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	36.19	36.19	n/a	n/a	13.23	4/9/19	3.50%	0.71
Principal Global Real Estate Securities 529 Portfolio	18.53	18.53	n/a	n/a	7.73	11/25/14	3.50%	1.40
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	23.01	23.01	14.83	n/a	7.58	2/6/18	3.50%	0.75
Northern Funds Stock Index 529 Portfolio	23.47	23.47	23.73	16.80	14.56	8/2/10	3.50%	0.63
T. Rowe Price Large-Cap Growth 529 Portfolio	18.28	18.28	27.91	24.33	18.40	8/2/10	3.50%	1.09
Northern Funds Mid Cap Index 529 Portfolio	19.70	19.70	19.12	11.45	12.55	8/2/10	3.50%	0.68
T. Rowe Price Small-Cap Value 529 Portfolio	n/a	n/a	n/a	n/a	0.86	8/11/21	3.50%	1.23
Northern Funds Small Cap Index 529 Portfolio	10.10	10.10	17.68	10.37	11.61	8/2/10	3.50%	0.68
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	6.97	6.97	20.29	14.39	14.32	9/28/16	3.50%	1.18
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	6.60	6.60	11.50	8.12	5.50	8/2/10	3.50%	0.77
Neuberger Berman International Select 529 Portfolio	9.64	9.64	16.48	11.13	6.79	8/2/10	3.50%	1.34
DFA International Small Company 529 Portfolio	9.68	9.68	13.55	8.66	8.40	10/10/12	3.50%	0.97
Vanguard Emerging Markets Select Stock 529 Portfolio	-5.10	-5.10	n/a	n/a	4.97	4/9/19	3.50%	1.38
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	22.97	22.97	8.70	2.62	-4.42	10/10/12	3.50%	1.33