Quarterly Performance Overview

Fee Structure:

The performance and prices for each portfolio are shown below.

Age-Based Portfolios As of December 31, 2019	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	25.53	25.53	12.12	n/a	n/a	12.71	1.10	--	10/25/16
Ages 3-5	23.67	23.67	11.25	n/a	n/a	11.67	1.10	--	10/25/16
Ages 6-8	21.65	21.65	10.35	n/a	n/a	10.62	1.11	--	10/25/16
Ages 9-10	19.55	19.55	9.30	n/a	n/a	9.45	1.09	--	10/25/16
Ages 11-12	17.33	17.33	8.28	n/a	n/a	8.36	1.07	--	10/25/16
Ages 13-14	15.29	15.29	7.25	n/a	n/a	7.32	1.09	--	10/25/16
Ages 15-16	12.94	12.94	6.18	n/a	n/a	6.28	1.10	--	10/25/16
Ages 17-18	10.70	10.70	5.06	n/a	n/a	5.03	1.08	--	10/25/16
Ages 19+	8.32	8.32	3.94	n/a	n/a	3.90	1.05	--	10/25/16
Age-Based Moderate
Ages 0-2	23.67	23.67	11.25	n/a	n/a	11.67	1.10	--	10/25/16
Ages 3-5	21.65	21.65	10.35	n/a	n/a	10.62	1.11	--	10/25/16
Ages 6-8	19.55	19.55	9.30	n/a	n/a	9.45	1.09	--	10/25/16
Ages 9-10	17.33	17.33	8.28	n/a	n/a	8.36	1.07	--	10/25/16
Ages 11-12	15.29	15.29	7.25	n/a	n/a	7.32	1.09	--	10/25/16
Ages 13-14	12.94	12.94	6.18	n/a	n/a	6.28	1.10	--	10/25/16
Ages 15-16	10.70	10.70	5.06	n/a	n/a	5.03	1.08	--	10/25/16
Ages 17-18	8.32	8.32	3.94	n/a	n/a	3.90	1.05	--	10/25/16
Ages 19+	5.27	5.27	2.62	n/a	n/a	2.62	1.00	--	10/25/16
Age-Based Conservative
Ages 0-2	21.65	21.65	10.35	n/a	n/a	10.62	1.11	--	10/25/16
Ages 3-5	19.55	19.55	9.30	n/a	n/a	9.45	1.09	--	10/25/16
Ages 6-8	17.33	17.33	8.28	n/a	n/a	8.36	1.07	--	10/25/16
Ages 9-10	15.29	15.29	7.25	n/a	n/a	7.32	1.09	--	10/25/16
Ages 11-12	12.94	12.94	6.18	n/a	n/a	6.28	1.10	--	10/25/16
Ages 13-14	10.70	10.70	5.06	n/a	n/a	5.03	1.08	--	10/25/16
Ages 15-16	8.32	8.32	3.94	n/a	n/a	3.90	1.05	--	10/25/16
Ages 17-18	5.27	5.27	2.62	n/a	n/a	2.62	1.00	--	10/25/16
Ages 19+	2.58	2.58	1.32	n/a	n/a	1.24	0.99	--	10/25/16

Target Portfolios As of December 31, 2019	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	25.53	25.53	12.12	8.70	10.25	6.53	1.10	--	11/18/05
Target Fund 80	21.65	21.65	10.35	7.41	8.87	6.29	1.11	--	11/18/05
Target Fund 60	17.33	17.33	8.28	5.97	7.15	5.51	1.07	--	11/18/05
Target Fund 40	12.94	12.94	6.18	4.58	5.37	4.56	1.10	--	11/18/05
Target Fund 20	8.32	8.32	3.94	2.91	3.21	3.21	1.05	--	11/18/05
Target Fund 10	5.27	5.27	2.62	1.91	1.79	2.09	1.00	--	11/18/05
Target Fixed Income Fund	2.58	2.58	1.32	0.90	0.55	1.25	0.99	--	11/18/05

Individual Portfolios As of December 31, 2019	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*	1.96	1.96	1.34	n/a	n/a	1.19	0.32	--	7/28/16
Fixed Income 529 Portfolios
PIMCO Short-Term 529 Portfolio	2.04	2.04	1.51	1.37	0.97	1.58	1.21	--	11/18/05
Baird Short-Term Bond 529 Portfolio	3.88	3.88	1.84	1.40	n/a	1.33	0.98	--	11/18/14
Fidelity U.S. Bond Index 529 Portfolio	n/a	n/a	n/a	n/a	n/a	0.10	0.83	--	9/26/19
MainStay MacKay Total Return Bond 529 Portfolio	8.57	8.57	3.45	2.38	n/a	2.36	1.28	--	11/18/14
American Century Short Duration Inflation Protection Bond 529 Portfolio	4.25	4.25	1.36	1.12	n/a	0.49	1.05	--	12/5/13
BlackRock Inflation Protected Bond 529 Portfolio	7.55	7.55	2.37	1.48	2.09	2.55	1.07	--	3/30/09
Templeton International Bond 529 Portfolio	1.73	1.73	1.63	0.88	n/a	1.21	1.46	--	10/29/10
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	20.12	20.12	10.04	6.95	8.12	6.28	1.14	--	11/18/05
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	n/a	n/a	n/a	n/a	n/a	-0.60	1.29	--	9/26/19
Principal Global Real Estate Securities 529 Portfolio	24.22	24.22	n/a	n/a	n/a	11.99	1.56	--	8/23/18
U.S. Equity 529 Portfolios
Calvert Equity 529 Portfolio	35.83	35.83	21.26	13.43	13.48	9.29	1.40	--	11/18/05
MFS Value 529 Portfolio	29.19	29.19	10.59	8.61	n/a	12.73	1.29	--	5/31/12
T. Rowe Price Equity Income 529 Portfolio	25.86	25.86	9.44	7.52	9.87	6.48	1.22	--	11/18/05
American Century Value 529 Portfolio	26.27	26.27	7.15	6.93	10.05	6.64	1.46	--	11/18/05
American Century Equity Growth 529 Portfolio	27.76	27.76	13.04	8.51	11.76	7.32	1.15	--	11/18/05
Northern Stock Index 529 Portfolio	30.60	30.60	14.42	10.79	12.47	8.02	0.71	--	11/18/05
Sit Dividend Growth 529 Portfolio	28.21	28.21	12.41	9.23	11.28	13.21	1.38	--	3/30/09
American Century Growth 529 Portfolio	34.86	34.86	19.55	12.94	13.03	15.18	1.46	--	3/30/09
T. Rowe Price Large-Cap Growth 529 Portfolio	28.23	28.23	22.14	15.23	15.17	12.27	1.05	--	4/30/08
T. Rowe Price Extended Equity Market Index 529 Portfolio	26.97	26.97	10.09	8.05	11.86	8.07	1.03	--	11/18/05
William Blair Mid Cap Growth 529 Portfolio	35.29	35.29	17.03	9.65	n/a	11.72	1.73	--	5/28/10
Ariel Fund 529 Portfolio	24.23	24.23	7.24	6.25	10.89	6.46	1.40	--	11/18/05
Northern Small Cap Value 529 Portfolio	22.02	22.02	3.57	5.91	10.13	7.65	1.27	--	4/30/08