Quarterly Performance Overview

Fee Structure:

The performance and prices for each portfolio are shown below.

Age-Based Portfolios As of June 30, 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	13.67	41.39	12.98	n/a	n/a	14.46	1.09	--	10/25/16
Ages 3-5	12.43	37.36	12.49	n/a	n/a	13.50	1.09	--	10/25/16
Ages 6-8	10.90	32.84	11.76	n/a	n/a	12.36	1.09	--	10/25/16
Ages 9-10	9.37	28.56	10.76	n/a	n/a	11.06	1.11	--	10/25/16
Ages 11-12	7.85	24.07	9.77	n/a	n/a	9.78	1.11	--	10/25/16
Ages 13-14	6.34	20.10	8.88	n/a	n/a	8.67	1.11	--	10/25/16
Ages 15-16	5.11	16.11	7.74	n/a	n/a	7.43	1.09	--	10/25/16
Ages 17-18	3.79	12.39	6.54	n/a	n/a	6.02	1.08	--	10/25/16
Ages 19+	2.40	8.26	5.11	n/a	n/a	4.56	1.05	--	10/25/16
Age-Based Moderate
Ages 0-2	12.43	37.36	12.49	n/a	n/a	13.50	1.09	--	10/25/16
Ages 3-5	10.90	32.84	11.76	n/a	n/a	12.36	1.09	--	10/25/16
Ages 6-8	9.37	28.56	10.76	n/a	n/a	11.06	1.11	--	10/25/16
Ages 9-10	7.85	24.07	9.77	n/a	n/a	9.78	1.11	--	10/25/16
Ages 11-12	6.34	20.10	8.88	n/a	n/a	8.67	1.11	--	10/25/16
Ages 13-14	5.11	16.11	7.74	n/a	n/a	7.43	1.09	--	10/25/16
Ages 15-16	3.79	12.39	6.54	n/a	n/a	6.02	1.08	--	10/25/16
Ages 17-18	2.40	8.26	5.11	n/a	n/a	4.56	1.05	--	10/25/16
Ages 19+	1.21	4.64	3.51	n/a	n/a	3.08	1.00	--	10/25/16
Age-Based Conservative
Ages 0-2	10.90	32.84	11.76	n/a	n/a	12.36	1.09	--	10/25/16
Ages 3-5	9.37	28.56	10.76	n/a	n/a	11.06	1.11	--	10/25/16
Ages 6-8	7.85	24.07	9.77	n/a	n/a	9.78	1.11	--	10/25/16
Ages 9-10	6.34	20.10	8.88	n/a	n/a	8.67	1.11	--	10/25/16
Ages 11-12	5.11	16.11	7.74	n/a	n/a	7.43	1.09	--	10/25/16
Ages 13-14	3.79	12.39	6.54	n/a	n/a	6.02	1.08	--	10/25/16
Ages 15-16	2.40	8.26	5.11	n/a	n/a	4.56	1.05	--	10/25/16
Ages 17-18	1.21	4.64	3.51	n/a	n/a	3.08	1.00	--	10/25/16
Ages 19+	0.00	0.74	1.70	n/a	n/a	1.31	0.93	--	10/25/16

Target Portfolios As of June 30, 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	13.67	41.39	12.98	14.58	10.91	7.61	1.09	--	11/18/05
Target Fund 80	10.90	32.84	11.76	12.45	9.39	7.20	1.09	--	11/18/05
Target Fund 60	7.85	24.07	9.77	9.80	7.48	6.19	1.11	--	11/18/05
Target Fund 40	5.11	16.11	7.74	7.41	5.63	5.06	1.09	--	11/18/05
Target Fund 20	2.40	8.26	5.11	4.50	3.36	3.47	1.05	--	11/18/05
Target Fund 10	1.21	4.64	3.51	3.03	2.00	2.27	1.00	--	11/18/05
Target Fixed Income Fund	0.00	0.74	1.70	1.30	0.62	1.27	0.93	--	11/18/05

Individual Portfolios As of June 30, 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	0.02	1.07	n/a	n/a	0.90	0.32	--	7/28/16
Fixed Income 529 Portfolios
PGIM Core Bond 529 Portfolio	-1.68	n/a	n/a	n/a	n/a	-0.50	1.03	--	10/1/20
American Beacon Garcia Hamilton Quality Bond 529 Portfolio	-1.49	n/a	n/a	n/a	n/a	-1.10	1.09	--	10/1/20
PIMCO Short-Term 529 Portfolio	-0.16	0.55	1.34	1.62	1.01	1.55	1.21	--	11/18/05
Baird Short-Term Bond 529 Portfolio	-0.27	0.64	2.73	1.65	n/a	1.52	0.98	--	11/18/14
Fidelity U.S. Bond Index 529 Portfolio	-2.05	-1.22	n/a	n/a	n/a	2.81	0.83	--	9/26/19
MainStay MacKay Total Return Bond 529 Portfolio	-0.90	2.87	5.64	3.41	n/a	3.01	1.28	--	11/18/14
American Century Short Duration Inflation Protection Bond 529 Portfolio	2.88	6.44	3.61	2.30	n/a	1.36	1.05	--	12/5/13
BlackRock Inflation Protected Bond 529 Portfolio	1.65	6.78	5.89	3.55	2.39	3.25	1.07	--	3/30/09
Templeton International Bond 529 Portfolio	-3.35	-3.99	-1.72	0.02	-0.40	0.10	1.46	--	10/29/10
Balanced 529 Portfolio
T. Rowe Price Balanced 529 Portfolio	8.39	25.97	11.68	11.30	8.74	7.10	1.14	--	11/18/05
Real Estate 529 Portfolios
DFA Real Estate Securities 529 Portfolio	21.39	31.98	n/a	n/a	n/a	7.45	1.29	--	9/26/19
Principal Global Real Estate Securities 529 Portfolio	13.64	31.45	n/a	n/a	n/a	8.60	1.56	--	8/23/18
U.S. Equity 529 Portfolios
Calvert Equity 529 Portfolio	11.92	33.77	23.06	20.28	14.52	10.64	1.40	--	11/18/05
MFS Value 529 Portfolio	14.41	36.03	12.38	11.18	n/a	12.56	1.29	--	5/31/12
T. Rowe Price Equity Income 529 Portfolio	18.10	46.98	10.82	11.67	9.90	7.03	1.22	--	11/18/05
American Century Value 529 Portfolio	18.09	46.33	10.59	10.05	10.21	7.13	1.46	--	11/18/05
American Century Equity Growth 529 Portfolio	15.10	34.69	14.79	15.38	12.53	8.45	1.15	--	11/18/05
Northern Stock Index 529 Portfolio	14.86	39.83	17.85	16.78	13.82	9.31	0.71	--	11/18/05
Sit Dividend Growth 529 Portfolio	14.09	37.24	15.53	14.15	11.84	13.84	1.38	--	3/30/09
American Century Growth 529 Portfolio	13.98	38.80	23.34	22.33	15.55	17.24	1.46	--	3/30/09
T. Rowe Price Large-Cap Growth 529 Portfolio	16.29	45.11	24.18	26.32	18.55	14.89	1.05	--	4/30/08
T. Rowe Price Extended Equity Market Index 529 Portfolio	14.79	59.22	17.10	17.57	12.95	10.05	1.03	--	11/18/05
William Blair Mid Cap Growth 529 Portfolio	3.25	32.45	15.95	16.05	10.93	12.73	1.73	--	5/28/10
Ariel Fund 529 Portfolio	25.93	72.90	12.70	14.95	11.40	8.02	1.40	--	11/18/05
Northern Small Cap Value 529 Portfolio	20.73	56.77	6.01	9.33	9.09	8.06	1.27	--	4/30/08
Northern Funds Small Cap Index 529 Portfolio	17.08	60.79	12.52	15.47	11.33	8.53	0.83	--	11/18/05
Delaware Small Cap Core 529 Portfolio	17.65	53.21	11.30	14.82	12.03	10.92	1.67	--	4/30/08
Harbor Small Cap Growth Opportunities 529 Portfolio	5.31	44.35	8.32	13.48	n/a	12.24	1.58	--	10/1/15
International Equity 529 Portfolios
Dodge & Cox International Stock 529 Portfolio	11.76	39.42	6.72	9.47	4.70	4.94	1.32	--	10/29/10
Northern Funds International Equity Index 529 Portfolio	8.41	31.43	7.49	9.33	4.91	3.99	0.93	--	11/18/05
Invesco Oppenheimer International Growth 529 Portfolio	6.74	34.77	11.30	11.04	7.28	5.63	1.38	--	4/30/08
DFA International Small Company 529 Portfolio	11.69	44.04	7.13	10.44	n/a	8.74	1.21	--	11/30/12
Causeway Emerging Markets 529 Portfolio	8.46	41.01	9.34	11.32	n/a	5.62	1.86	--	12/5/13