Quarterly Performance

Fee Structure:

The performance and prices for each portfolio are shown below. Net Asset Value (NAV) is the value of one share of the portfolio excluding sales charges. Performance does not reflect the 3.50% upfront sales charge or the annual account maintenance fee of $12 (waived for Alabama residents).

Age-Based Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)¹	Average Annual Total Returns w/ Sales Charge (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Age-Based Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Age-Based Aggressive
Ages 0-2	8.24	-2.51	n/a	n/a	7.72	9/28/16	3.50%	1.12
Ages 3-5	7.29	-1.99	n/a	n/a	7.19	9/28/16	3.50%	1.11
Ages 6-8	6.40	-1.85	n/a	n/a	6.55	9/28/16	3.50%	1.13
Ages 9-10	5.48	-1.68	n/a	n/a	5.54	9/28/16	3.50%	1.14
Ages 11-12	4.57	-1.41	n/a	n/a	4.96	9/28/16	3.50%	1.14
Ages 13-14	3.77	-0.84	n/a	n/a	4.46	9/28/16	3.50%	1.13
Ages 15-16	2.72	-0.78	n/a	n/a	3.53	9/28/16	3.50%	1.14
Ages 17-18	1.55	-0.99	n/a	n/a	2.64	9/28/16	3.50%	1.12
Ages 19+	0.40	-0.81	n/a	n/a	1.85	9/28/16	3.50%	1.08
Age-Based Moderate
Ages 0-2	7.29	-1.99	n/a	n/a	7.19	9/28/16	3.50%	1.11
Ages 3-5	6.40	-1.85	n/a	n/a	6.55	9/28/16	3.50%	1.13
Ages 6-8	5.48	-1.68	n/a	n/a	5.54	9/28/16	3.50%	1.14
Ages 9-10	4.57	-1.41	n/a	n/a	4.96	9/28/16	3.50%	1.14
Ages 11-12	3.77	-0.84	n/a	n/a	4.46	9/28/16	3.50%	1.13
Ages 13-14	2.72	-0.78	n/a	n/a	3.53	9/28/16	3.50%	1.14
Ages 15-16	1.55	-0.99	n/a	n/a	2.64	9/28/16	3.50%	1.12
Ages 17-18	0.40	-0.81	n/a	n/a	1.85	9/28/16	3.50%	1.08
Ages 19+	-0.78	-1.17	n/a	n/a	0.83	9/28/16	3.50%	1.02
Age-Based Conservative
Ages 0-2	6.40	-1.85	n/a	n/a	6.55	9/28/16	3.50%	1.13
Ages 3-5	5.48	-1.68	n/a	n/a	5.54	9/28/16	3.50%	1.14
Ages 6-8	4.57	-1.41	n/a	n/a	4.96	9/28/16	3.50%	1.14
Ages 9-10	3.77	-0.84	n/a	n/a	4.46	9/28/16	3.50%	1.13
Ages 11-12	2.72	-0.78	n/a	n/a	3.53	9/28/16	3.50%	1.14
Ages 13-14	1.55	-0.99	n/a	n/a	2.64	9/28/16	3.50%	1.12
Ages 15-16	0.40	-0.81	n/a	n/a	1.85	9/28/16	3.50%	1.08
Ages 17-18	-0.78	-1.17	n/a	n/a	0.83	9/28/16	3.50%	1.02
Ages 19+	-2.41	-1.76	n/a	n/a	-0.56	9/28/16	3.50%	0.93
Target Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)¹	Average Annual Total Returns w/ Sales Charge (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)¹	1 Yr	3 Yrs	5 Yrs	Lifetime	Inception Date	Max Sales Charge	Expense Ratio (%)²
Target Fund 100	8.24	-2.51	8.84	5.31	8.89	8/2/10	3.50%	1.12
Target Fund 80	6.40	-1.85	7.53	4.57	7.61	8/2/10	3.50%	1.13
Target Fund 60	4.57	-1.41	5.88	3.66	6.23	8/2/10	3.50%	1.14
Target Fund 40	2.72	-0.78	4.39	2.95	4.90	8/2/10	3.50%	1.14
Target Fund 20	0.40	-0.81	2.56	1.88	3.23	8/2/10	3.50%	1.08
Target Fixed Income Fund	-2.41	-1.76	-0.21	-0.16	0.40	8/2/10	3.50%	0.93
Individual Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)¹	Average Annual Total Returns w/ Sales Charge (%)¹				Inception Date	Max Sales Charge	Expense Ratio (%)²
Individual Portfolios As of March 31, 2019	YTD Returns w/ Sales Charge (%)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*	0.51	1.69	n/a	n/a	0.93	7/27/16	3.50%	0.42
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	0.92	1.67	1.96	1.21	1.07	8/2/10	3.50%	1.18
Northern Funds Bond Index 529 Portfolio	-0.85	0.01	-0.03	1.20	1.69	8/2/10	3.50%	0.80
Fidelity Advisor Investment Grade Bond 529 Portfolio	-0.16	0.40	1.19	1.41	1.01	10/10/12	3.50%	1.15
MainStay MacKay Total Return Bond 529 Portfolio	-0.36	-0.27	0.99	n/a	0.95	12/17/14	3.50%	1.25
American Century Short-Duration Inflation-Protection Bond Fund 529 Portfolio	-1.75	-2.14	-0.32	-0.45	-0.47	9/26/13	3.50%	1.02
BlackRock Inflation Protected Bond 529 Portfolio	-0.58	-2.40	-0.28	0.01	1.27	8/2/10	3.50%	1.04
Touchstone High Yield 529 Portfolio	3.89	1.64	5.21	2.05	3.14	10/10/12	3.50%	1.37
Templeton International Bond 529 Portfolio	-1.51	-1.22	2.25	-0.50	0.04	10/10/12	3.50%	1.48
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	5.68	0.11	7.19	5.14	7.69	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	n/a	4/9/19	3.50%	0.83
Principal Global Real Estate Securities 529 Portfolio	n/a	n/a	n/a	n/a	n/a	11/25/14	3.50%	1.53
Domestic Equity 529 Portfolios
DFA U.S. Large Cap Value 529 Portfolio	6.72	-3.90	n/a	n/a	-5.52	2/6/18	3.50%	0.92
Northern Funds Stock Index 529 Portfolio	9.47	4.85	11.31	9.27	12.28	8/2/10	3.50%	0.75
American Century Equity Growth 529 Portfolio	10.09	2.38	10.83	7.46	11.67	8/2/10	3.50%	1.12
T. Rowe Price Large-Cap Growth 529 Portfolio	10.50	9.27	19.71	13.62	16.05	8/2/10	3.50%	1.21
Northern Funds Mid Cap Index 529 Portfolio	10.24	-1.84	9.01	6.62	11.23	8/2/10	3.50%	0.81
William Blair Small Cap Value 529 Portfolio	9.03	-4.64	5.98	3.50	8.47	8/2/10	3.50%	1.90
Northern Funds Small Cap Index 529 Portfolio	10.36	-2.31	10.76	5.48	10.49	8/2/10	3.50%	0.80
T. Rowe Price QM U.S. Small-Cap Growth Equity 529 Portfolio	13.04	2.77	n/a	n/a	11.47	9/28/16	3.50%	1.31
International Equity 529 Portfolios
Northern Funds International Equity Index 529 Portfolio	6.22	-8.02	5.39	0.87	4.07	8/2/10	3.50%	0.90
Neuberger Berman International Select 529 Portfolio	7.60	-8.76	4.38	1.60	4.30	8/2/10	3.50%	1.45
DFA International Small Company 529 Portfolio	5.90	-14.79	4.75	1.61	6.70	10/10/12	3.50%	1.18
Vanguard Emerging Markets Select Stock 529 Portfolio	n/a	n/a	n/a	n/a	n/a	4/9/19	3.50%	1.59
Commodities
Credit Suisse Commodity Return Strategy 529 Portfolio	2.52	-9.48	0.38	-10.00	-9.45	10/10/12	3.50%	1.43