Quarterly Performance Overview

Fee Structure:

The performance and prices for each portfolio are shown below.

Age-Based Portfolios As of March 31, 2021	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹					Expense Ratio (%)²	Max Sales Charge	Inception Date
		1 Yr	3 Yrs	5 Yrs	10 Yrs	Lifetime

Age-Based Aggressive
Ages 0-2	6.37	57.78	11.03	n/a	n/a	13.62	1.09	--	10/25/16
Ages 3-5	5.72	52.42	10.61	n/a	n/a	12.73	1.09	--	10/25/16
Ages 6-8	4.79	45.96	10.03	n/a	n/a	11.66	1.09	--	10/25/16
Ages 9-10	4.02	40.00	9.19	n/a	n/a	10.46	1.11	--	10/25/16
Ages 11-12	3.04	33.86	8.38	n/a	n/a	9.23	1.11	--	10/25/16
Ages 13-14	2.23	28.77	7.74	n/a	n/a	8.22	1.11	--	10/25/16
Ages 15-16	1.51	23.19	6.82	n/a	n/a	7.02	1.09	--	10/25/16
Ages 17-18	1.03	18.41	5.84	n/a	n/a	5.73	1.08	--	10/25/16
Ages 19+	0.30	12.92	4.62	n/a	n/a	4.33	1.05	--	10/25/16
Age-Based Moderate
Ages 0-2	5.72	52.42	10.61	n/a	n/a	12.73	1.09	--	10/25/16
Ages 3-5	4.79	45.96	10.03	n/a	n/a	11.66	1.09	--	10/25/16
Ages 6-8	4.02	40.00	9.19	n/a	n/a	10.46	1.11	--	10/25/16
Ages 9-10	3.04	33.86	8.38	n/a	n/a	9.23	1.11	--	10/25/16
Ages 11-12	2.23	28.77	7.74	n/a	n/a	8.22	1.11	--	10/25/16
Ages 13-14	1.51	23.19	6.82	n/a	n/a	7.02	1.09	--	10/25/16
Ages 15-16	1.03	18.41	5.84	n/a	n/a	5.73	1.08	--	10/25/16
Ages 17-18	0.30	12.92	4.62	n/a	n/a	4.33	1.05	--	10/25/16
Ages 19+	-0.21	7.52	3.24	n/a	n/a	2.92	1.00	--	10/25/16
Age-Based Conservative
Ages 0-2	4.79	45.96	10.03	n/a	n/a	11.66	1.09	--	10/25/16
Ages 3-5	4.02	40.00	9.19	n/a	n/a	10.46	1.11	--	10/25/16
Ages 6-8	3.04	33.86	8.38	n/a	n/a	9.23	1.11	--	10/25/16
Ages 9-10	2.23	28.77	7.74	n/a	n/a	8.22	1.11	--	10/25/16
Ages 11-12	1.51	23.19	6.82	n/a	n/a	7.02	1.09	--	10/25/16
Ages 13-14	1.03	18.41	5.84	n/a	n/a	5.73	1.08	--	10/25/16
Ages 15-16	0.30	12.92	4.62	n/a	n/a	4.33	1.05	--	10/25/16
Ages 17-18	-0.21	7.52	3.24	n/a	n/a	2.92	1.00	--	10/25/16
Ages 19+	-0.41	2.10	1.67	n/a	n/a	1.29	0.93	--	10/25/16

Target Portfolios As of March 31, 2021	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹					Expense Ratio (%)²	Max Sales Charge	Inception Date
		1 Yr	3 Yrs	5 Yrs	10 Yrs	Lifetime

Target Fund 100	6.37	57.78	11.03	13.30	10.20	7.27	1.09	--	11/18/05
Target Fund 80	4.79	45.96	10.03	11.43	8.83	6.92	1.09	--	11/18/05
Target Fund 60	3.04	33.86	8.38	9.03	7.07	5.98	1.11	--	11/18/05
Target Fund 40	1.51	23.19	6.82	6.91	5.35	4.91	1.09	--	11/18/05
Target Fund 20	0.30	12.92	4.62	4.25	3.22	3.39	1.05	--	11/18/05
Target Fund 10	-0.21	7.52	3.24	2.85	1.89	2.22	1.00	--	11/18/05
Target Fixed Income Fund	-0.41	2.10	1.67	1.28	0.61	1.26	0.93	--	11/18/05

Individual Portfolios As of March 31, 2021	YTD Returns at NAV (%)¹	Average Annual Total Returns at NAV (%)¹					Expense Ratio (%)²	Max Sales Charge	Inception Date
		1 Yr	3 Yrs	5 Yrs	10 Yrs	Lifetime

Money Market 529 Portfolio
Invesco Government and Agency 529 Portfolio*	0.01	0.05	1.19	n/a	n/a	0.95	0.32	--	7/28/16
Fixed Income 529 Portfolios
PGIM Core Bond 529 Portfolio	-3.66	n/a	n/a	n/a	n/a	-2.50	1.03	--	10/1/20
American Beacon Garcia Hamilton Quality Bond 529 Portfolio	-1.39	n/a	n/a	n/a	n/a	-1.00	1.09	--	10/1/20
PIMCO Short-Term 529 Portfolio	0.08	4.51	1.64	1.80	1.05	1.59	1.21	--	11/18/05
Baird Short-Term Bond 529 Portfolio	-0.27	3.95	2.80	1.85	n/a	1.58	0.98	--	11/18/14
Fidelity U.S. Bond Index 529 Portfolio	-3.64	-0.29	n/a	n/a	n/a	2.17	0.83	--	9/26/19
MainStay MacKay Total Return Bond 529 Portfolio	-3.18	6.26	4.62	3.40	n/a	2.76	1.28	--	11/18/14
American Century Short Duration Inflation Protection Bond 529 Portfolio	1.21	8.24	3.18	2.13	n/a	1.18	1.05	--	12/5/13
BlackRock Inflation Protected Bond 529 Portfolio	-1.17	9.18	5.02	3.29	2.35	3.08	1.07	--	3/30/09
Templeton International Bond 529 Portfolio	-3.54	-5.70	-2.68	-0.08	-0.21	0.09	1.46	--	10/29/10
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	3.01	37.51	10.09	10.41	8.28	6.86	1.14	--	11/18/05
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	8.24	32.63	n/a	n/a	n/a	0.79	1.29	--	9/26/19
Principal Global Real Estate Securities 529 Portfolio	4.34	34.15	n/a	n/a	n/a	5.93	1.56	--	8/23/18
U.S. Equity 529 Portfolios
Calvert Equity 529 Portfolio	2.17	46.30	20.48	18.02	13.62	10.17	1.40	--	11/18/05
MFS Value 529 Portfolio	8.47	47.06	10.12	10.92	n/a	12.26	1.29	--	5/31/12
T. Rowe Price Equity Income 529 Portfolio	13.24	59.49	9.86	11.54	9.30	6.86	1.22	--	11/18/05
American Century Value 529 Portfolio	13.94	62.34	10.17	10.40	9.72	7.00	1.46	--	11/18/05
American Century Equity Growth 529 Portfolio	8.39	52.44	13.55	14.25	11.98	8.17	1.15	--	11/18/05
Northern Stock Index 529 Portfolio	6.00	55.36	15.95	15.44	12.89	8.90	0.71	--	11/18/05
Sit Dividend Growth 529 Portfolio	6.85	52.14	13.33	13.00	11.23	13.52	1.38	--	3/30/09
American Century Growth 529 Portfolio	1.44	57.94	20.67	19.68	14.16	16.49	1.46	--	3/30/09
T. Rowe Price Large-Cap Growth 529 Portfolio	3.31	66.12	21.93	23.32	17.00	14.15	1.05	--	4/30/08
T. Rowe Price Extended Equity Market Index 529 Portfolio	7.46	94.06	16.74	16.74	12.07	9.75	1.03	--	11/18/05
William Blair Mid Cap Growth 529 Portfolio	-1.99	54.79	15.95	15.07	10.57	12.50	1.73	--	5/28/10
Ariel Fund 529 Portfolio	19.43	102.24	11.50	13.26	10.50	7.78	1.40	--	11/18/05
Northern Small Cap Value 529 Portfolio	18.86	76.79	7.65	9.68	8.74	8.10	1.27	--	4/30/08
Northern Funds Small Cap Index 529 Portfolio	12.52	93.39	13.73	15.37	10.68	8.39	0.83	--	11/18/05
Delaware Small Cap Core 529 Portfolio	12.79	79.25	12.89	14.54	11.70	10.78	1.67	--	4/30/08
Harbor Small Cap Growth Opportunities 529 Portfolio	3.69	78.95	11.52	13.66	n/a	12.51	1.58	--	10/1/15
International Equity 529 Portfolios
Dodge & Cox International Stock 529 Portfolio	7.01	56.45	3.32	8.22	4.27	4.62	1.32	--	10/29/10
Northern Funds International Equity Index 529 Portfolio	3.23	43.35	5.10	8.11	4.58	3.73	0.93	--	11/18/05
Invesco Oppenheimer International Growth 529 Portfolio	-0.10	52.01	7.70	8.77	6.96	5.20	1.38	--	4/30/08
DFA International Small Company 529 Portfolio	5.71	64.89	4.42	8.93	n/a	8.30	1.21	--	11/30/12
Causeway Emerging Markets 529 Portfolio	4.88	58.51	4.09	10.75	n/a	5.33	1.86	--	12/5/13