Quarterly Performance

Fee Structure:

Age-Based Portfolios As of June 30, 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 June 30, 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	-12.20	-4.88	2.98	n/a	5.52	9/28/16	3.50%	1.12
Ages 3-5	-10.63	-3.73	3.21	n/a	5.48	9/28/16	3.50%	1.11
Ages 6-8	-9.55	-3.31	3.08	n/a	5.16	9/28/16	3.50%	1.12
Ages 9-10	-8.50	-2.87	2.83	n/a	4.56	9/28/16	3.50%	1.14
Ages 11-12	-7.12	-1.99	2.91	n/a	4.41	9/28/16	3.50%	1.12
Ages 13-14	-5.59	-0.90	3.18	n/a	4.40	9/28/16	3.50%	1.13
Ages 15-16	-4.71	-0.74	2.83	n/a	3.76	9/28/16	3.50%	1.11
Ages 17-18	-3.67	-0.34	2.52	n/a	3.21	9/28/16	3.50%	1.12
Ages 19+	-2.89	-0.31	2.17	n/a	2.63	9/28/16	3.50%	1.05
Age-Based Moderate
Ages 0-2	-10.63	-3.73	3.21	n/a	5.48	9/28/16	3.50%	1.11
Ages 3-5	-9.55	-3.31	3.08	n/a	5.16	9/28/16	3.50%	1.12
Ages 6-8	-8.50	-2.87	2.83	n/a	4.56	9/28/16	3.50%	1.14
Ages 9-10	-7.12	-1.99	2.91	n/a	4.41	9/28/16	3.50%	1.12
Ages 11-12	-5.59	-0.90	3.18	n/a	4.40	9/28/16	3.50%	1.13
Ages 13-14	-4.71	-0.74	2.83	n/a	3.76	9/28/16	3.50%	1.11
Ages 15-16	-3.67	-0.34	2.52	n/a	3.21	9/28/16	3.50%	1.12
Ages 17-18	-2.89	-0.31	2.17	n/a	2.63	9/28/16	3.50%	1.05
Ages 19+	-2.18	-0.27	1.71	n/a	1.87	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	-9.55	-3.31	3.08	n/a	5.16	9/28/16	3.50%	1.12
Ages 3-5	-8.50	-2.87	2.83	n/a	4.56	9/28/16	3.50%	1.14
Ages 6-8	-7.12	-1.99	2.91	n/a	4.41	9/28/16	3.50%	1.12
Ages 9-10	-5.59	-0.90	3.18	n/a	4.40	9/28/16	3.50%	1.13
Ages 11-12	-4.71	-0.74	2.83	n/a	3.76	9/28/16	3.50%	1.11
Ages 13-14	-3.67	-0.34	2.52	n/a	3.21	9/28/16	3.50%	1.12
Ages 15-16	-2.89	-0.31	2.17	n/a	2.63	9/28/16	3.50%	1.05
Ages 17-18	-2.18	-0.27	1.71	n/a	1.87	9/28/16	3.50%	1.02
Ages 19+	-2.18	-1.27	0.60	n/a	0.51	9/28/16	3.50%	0.91
Target Portfolios As of June 30, 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 June 30, 2020	YTD Returns at NAV (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	-12.20	-4.88	2.98	4.41	7.89	8/2/10	3.50%	1.12
Target Fund 80	-9.55	-3.31	3.08	4.22	6.95	8/2/10	3.50%	1.12
Target Fund 60	-7.12	-1.99	2.91	3.71	5.86	8/2/10	3.50%	1.12
Target Fund 40	-4.71	-0.74	2.83	3.33	4.82	8/2/10	3.50%	1.11
Target Fund 20	-2.89	-0.31	2.17	2.46	3.35	8/2/10	3.50%	1.05
Target Fixed Income Fund	-2.18	-1.27	0.60	0.52	0.69	8/2/10	3.50%	0.91
Individual Portfolios As of June 30, 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 June 30, 2020	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	n/a	n/a	n/a	n/a	n/a	7/1/20	3.50%	0.21
Money Market 529 Portfolio
State Street U.S. Government Money Market 529 Portfolio*	0.28	1.09	1.28	n/a	1.03	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	1.35	2.18	1.68	1.56	1.20	8/2/10	3.50%	1.15
Northern Funds Bond Index 529 Portfolio	1.94	4.01	3.28	2.70	2.55	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	3.30	5.47	3.99	3.36	2.41	10/10/12	3.50%	1.15
PGIM Total Return Bond 529 Portfolio	n/a	n/a	n/a	n/a	0.17	4/28/20	3.50%	1.14
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-2.10	-1.24	0.68	0.61	0.20	9/26/13	3.50%	1.02
Touchstone High Yield 529 Portfolio	-9.77	-7.06	0.39	1.56	2.48	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-9.18	-10.64	-2.43	-0.53	-0.77	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	-5.38	0.68	4.87	5.33	7.48	8/2/10	3.50%	1.11
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	-16.25	-10.24	n/a	n/a	-7.16	4/9/19	3.50%	0.83
Principal Global Real Estate Securities 529 Portfolio	-20.59	-15.44	n/a	n/a	-11.50	11/25/14	3.50%	1.53
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	-23.35	-16.14	n/a	n/a	-7.08	2/6/18	3.50%	0.91
Northern Funds Stock Index 529 Portfolio	-6.82	2.92	8.60	9.09	11.83	8/2/10	3.50%	0.75
T. Rowe Price Large-Cap Growth 529 Portfolio	6.48	15.44	17.38	15.25	16.30	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	-16.10	-10.63	0.39	3.62	9.21	8/2/10	3.50%	0.80
William Blair Small Cap Value 529 Portfolio	-29.14	-26.90	-8.47	-2.25	4.68	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	-16.41	-10.74	-0.05	2.72	8.46	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	-9.16	-2.62	6.92	n/a	9.24	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	-14.69	-9.17	-1.23	0.59	3.27	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	-9.69	-1.44	1.95	2.55	4.32	8/2/10	3.50%	1.44
DFA International Small Company 529 Portfolio	-19.11	-10.82	-3.76	0.96	4.79	10/10/12	3.50%	1.17
Vanguard Emerging Markets Select Stock 529 Portfolio	-16.43	-10.52	n/a	n/a	-10.45	4/9/19	3.50%	1.17
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	-21.00	-19.52	-7.72	-8.61	-10.31	10/10/12	3.50%	1.43