Quarterly Performance

Fee Structure:

Age-Based Portfolios As of September 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 September 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	11.29	-3.93	7.51	n/a	7.38	9/28/16	3.50%	1.12
Ages 3-5	10.34	-3.27	7.07	n/a	6.95	9/28/16	3.50%	1.11
Ages 6-8	9.39	-2.82	6.53	n/a	6.41	9/28/16	3.50%	1.13
Ages 9-10	8.42	-1.97	5.63	n/a	5.55	9/28/16	3.50%	1.14
Ages 11-12	7.56	-1.36	5.18	n/a	5.10	9/28/16	3.50%	1.14
Ages 13-14	7.00	-0.50	4.81	n/a	4.77	9/28/16	3.50%	1.13
Ages 15-16	5.73	-0.10	3.96	n/a	3.93	9/28/16	3.50%	1.14
Ages 17-18	4.40	-0.07	3.18	n/a	3.14	9/28/16	3.50%	1.12
Ages 19+	3.05	0.22	2.43	n/a	2.43	9/28/16	3.50%	1.08
Age-Based Moderate
Ages 0-2	10.34	-3.27	7.07	n/a	6.95	9/28/16	3.50%	1.11
Ages 3-5	9.39	-2.82	6.53	n/a	6.41	9/28/16	3.50%	1.13
Ages 6-8	8.42	-1.97	5.63	n/a	5.55	9/28/16	3.50%	1.14
Ages 9-10	7.56	-1.36	5.18	n/a	5.10	9/28/16	3.50%	1.14
Ages 11-12	7.00	-0.50	4.81	n/a	4.77	9/28/16	3.50%	1.13
Ages 13-14	5.73	-0.10	3.96	n/a	3.93	9/28/16	3.50%	1.14
Ages 15-16	4.40	-0.07	3.18	n/a	3.14	9/28/16	3.50%	1.12
Ages 17-18	3.05	0.22	2.43	n/a	2.43	9/28/16	3.50%	1.08
Ages 19+	1.56	0.11	1.48	n/a	1.48	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	9.39	-2.82	6.53	n/a	6.41	9/28/16	3.50%	1.13
Ages 3-5	8.42	-1.97	5.63	n/a	5.55	9/28/16	3.50%	1.14
Ages 6-8	7.56	-1.36	5.18	n/a	5.10	9/28/16	3.50%	1.14
Ages 9-10	7.00	-0.50	4.81	n/a	4.77	9/28/16	3.50%	1.13
Ages 11-12	5.73	-0.10	3.96	n/a	3.93	9/28/16	3.50%	1.14
Ages 13-14	4.40	-0.07	3.18	n/a	3.14	9/28/16	3.50%	1.12
Ages 15-16	3.05	0.22	2.43	n/a	2.43	9/28/16	3.50%	1.08
Ages 17-18	1.56	0.11	1.48	n/a	1.48	9/28/16	3.50%	1.02
Ages 19+	-0.86	-0.68	0.06	n/a	0.06	9/28/16	3.50%	0.93
Target Portfolios As of September 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 September 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	11.29	-3.93	7.51	5.72	8.71	8/2/10	3.50%	1.12
Target Fund 80	9.39	-2.82	6.53	4.96	7.51	8/2/10	3.50%	1.13
Target Fund 60	7.56	-1.36	5.18	4.07	6.20	8/2/10	3.50%	1.14
Target Fund 40	5.73	-0.10	3.96	3.33	4.96	8/2/10	3.50%	1.14
Target Fund 20	3.05	0.22	2.43	2.21	3.34	8/2/10	3.50%	1.08
Target Fixed Income Fund	-0.86	-0.68	0.06	0.13	0.55	8/2/10	3.50%	0.93
Individual Portfolios As of September 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 September 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*	1.50	1.94	1.15	n/a	1.09	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	1.84	1.28	1.71	1.30	1.12	8/2/10	3.50%	1.18
Northern Funds Bond Index 529 Portfolio	4.20	5.74	0.89	1.82	2.15	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	4.81	5.90	1.39	2.07	1.64	10/10/12	3.50%	1.15
MainStay MacKay Total Return Bond 529 Portfolio	4.81	5.42	1.45	n/a	1.92	12/17/14	3.50%	1.25
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-0.29	-0.99	-0.23	-0.08	-0.18	9/26/13	3.50%	1.02
BlackRock Inflation Protected Bond 529 Portfolio	2.69	1.70	-0.02	0.44	1.56	8/2/10	3.50%	1.04
Touchstone High Yield 529 Portfolio	7.74	3.01	3.62	2.81	3.45	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-2.65	-0.70	2.36	-0.83	-0.13	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	10.13	1.08	6.86	5.50	7.74	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	5.48	4/9/19	3.50%	0.83
Principal Global Real Estate Securities 529 Portfolio	n/a	n/a	n/a	n/a	2.00	11/25/14	3.50%	1.53
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	10.46	-6.03	n/a	n/a	-1.84	2/6/18	3.50%	0.92
Northern Funds Stock Index 529 Portfolio	15.75	-0.13	11.23	9.21	12.25	8/2/10	3.50%	0.75
American Century Equity Growth 529 Portfolio	14.87	-2.46	10.09	7.27	11.51	8/2/10	3.50%	1.12
T. Rowe Price Large-Cap Growth 529 Portfolio	12.17	-2.43	17.37	13.17	15.30	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	13.08	-6.64	7.21	7.22	10.89	8/2/10	3.50%	0.81
William Blair Small Cap Value 529 Portfolio	10.54	-11.11	3.60	5.15	8.16	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	9.47	-12.83	6.11	6.59	9.79	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	17.53	-5.37	11.06	n/a	10.90	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	8.69	-5.21	4.47	1.86	4.10	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	10.84	-4.56	4.46	3.08	4.40	8/2/10	3.50%	1.45
DFA International Small Company 529 Portfolio	6.30	-11.44	2.47	3.06	6.26	10/10/12	3.50%	1.18
Vanguard Emerging Markets Select Stock 529 Portfolio	n/a	n/a	n/a	n/a	-9.87	4/9/19	3.50%	1.59
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	-1.62	-11.15	-3.69	-8.54	-9.34	10/10/12	3.50%	1.43