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INVESTMENT PRODUCTS: NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Re: Q1 2020 Performance

From: Adam Petryk, President and CEO, QS Investors

Thomas Picciochi, Head of Multi-Asset Portfolio Management & Implementation, QS Investors

Lisa Wang, Portfolio Manager, QS Investors

Highlights• Global equity returns were shattered by the coronavirus’s impact, and the U.S. large-caps category

subsequently had its worst quarterly decline since the global financial crisis• The Federal Reserve cut interest rates by 150 basis points in March in an effort to support the

national economy • Crude oil declined -66.5%, driven by a price war between Saudi Arabia and Russia

As the portfolio managers of the Scholars Choice College Savings Program, we are responsible for constructing the plan’s portfolios, selecting the underlying funds and managers within each portfolio, and importantly, continually monitoring the performance of each fund. Responsible management of your money requires ongoing due diligence. The following is intended to offer you a perspective on recent performance of the Program.

Markets reviewGlobal equities had a historic quarter after the spread of COVID-19 (a.k.a. the coronavirus) escalated throughout the period. In the U.S., the large-cap equities category had its worst quarterly decline since 2008 and its worst first quarter ever.1 However, U.S. large-caps strongly outperformed small-caps, returning -19.6% versus -30.6%. U.S. equity volatility, as measured by the VIX Index, increased +288.5% to 53.5 — reaching the highest level ever in March.2 Abroad, emerging markets marginally outperformed developed markets, returning -19.0% and -20.4%. Overall, Chinese equities were one of the leading performers out of the major equity regions, dropping just -10.3%.

During the quarter, the U.S. yield curve significantly declined across the curve. The U.S. 10-year yield fell 125 basis points (bps) during the quarter and ended at 0.67%, a historic low point. Policymakers became increasingly concerned about the economic impact of the coronavirus, and in March the Federal Reserve cut its policy rate first by 50 bps and then followed that with a subsequent 100-bps cut. The USD rose +5.2% over the quarter, as investors searched for “safe haven” assets as the coronavirus pandemic escalated. The USD depreciated slightly at the end of March due to two significant events: the White House and Congress reached a deal on a two-trillion-dollar stimulus package, and the largest-ever unemployment claims number was posted.

Within fixed income, U.S. bonds outperformed global bonds, respectively returning +3.1% and -0.3% during the quarter. U.S. bonds benefitted from price appreciation due to the significant drop in the yield curve. In terms of international policy, several central banks reduced interest rates,

This document must be used in conjunction with the Scholars Choice Performance Fact Card.


including those of Canada, Australia, England and Norway. In March the European Central Bank announced a new bond purchasing program worth 750bn euros. Japan also announced central bank activity, as it will double its annual ETF purchases to 12 trillion yen.

Crude oil declined -66.5% on the quarter, largely driven by the -54.2% return in March. In January, the outlook for demand in China (the largest importer of crude oil) drastically declined due to the coronavirus. In March, a price war between Saudi Arabia and Russia dominated the crude oil market’s continued depreciation. Additionally, transport fuels, such as gasoline and jet fuel, were affected by airliners grounding flights indefinitely.

Gold rose +4.0% over the quarter and reached a seven-year high. Gold retained its “safe haven” status throughout the quarter, as coronavirus concerns were top of mind. Physical gold saw high demand, as retail investors bought the metal for protection against the turmoil from the coronavirus.

OutlookOur proprietary Leading Economic Indicator declined month-over-month and moved into negative territory. This reading was largely driven by record-breaking unemployment claims during the month.

Our outlook for U.S. stocks versus investment-grade bonds has moved into neutral territory. The valuation factor, which compares the earnings yield of the S&P 500 relative to the 10-year Treasury yield, continues to support stocks. However, the decline in the QS Leading Economic Indicator and the decline in leverage growth currently supports bonds.

In U.S. fixed income, we believe that investment-grade bonds will outperform high yield over the near term — this reading is at its highest level since 2008. Within the model, the widening of the spread between these assets and the sharp increase in equity volatility are driving the preference for investment-grade bonds.

We believe that U.S. stocks are positioned to outperform versus their international-developed market counterparts, a change in our view compared with last month. Yield curves in other developed markets are flattening at a faster rate than in the U.S., which we interpret as a sign of lower economic prospects, and which supports U.S. equities. International-developed markets are supported by valuation, which compares the forward price-to-earnings ratio in the U.S. versus that of their international counterparts.

European stocks are expected to perform similarly to European bonds in our model. Valuation, as measured by comparing European equities earnings yield to the 10-year government yield and European leading economic indicators, is supporting European stocks. The QS Leading Economic Indicator and equity price momentum are supporting European bonds.

Underlying investment performanceIn the first quarter of 2020, performance for the Scholars Choice portfolios was negative across the board as markets experienced historic drawdowns.

Among the Age-Based portfolios, returns were least negative in the near-horizon portfolios. Portfolio VII, with the highest allocation to fixed income, was the best performer, with a return of -0.65%. As fixed income allocations decreased, returns followed. Portfolio I was weakest performer among the Age-Based portfolios, returning -19.46%.



Returns among all but one of the portfolios’ underlying holdings was negative, with equities detracting the most. Within equities, returns ranged from -38.66% in ClearBridge Small Cap Fund to -15.0% in ClearBridge Large Cap Growth Fund. Within fixed income, Western Asset Inflation Indexed Plus Bond Fund was the least negative, returning -1.10%. Western Asset Short-Term Bond Fund and Western Asset Core Plus Bond Fund were close behind, returning -1.42% and -2.23%, respectively. The only positive-performing holding was Western Asset Institutional Government Reserves, returning +0.31%.

Relative to their benchmarks, the Age-Based portfolios underperformed. Relative returns ranged from -2.34% to -1.80%. Among underlying managers, relative returns varied. Thornburg International Value had the highest outperformance, outpacing its benchmark by 3.82%. This was followed by QS Global Dividend Fund, beating its benchmark by 2.80%. The biggest laggards were BrandywineGLOBAL - Global Opportunities Bond Fund and ClearBridge Small Cap Fund, underperforming by -13.21% and -8.05%, respectively.

Closing thoughtsIn 2019, investors were rewarded with equity markets reaching all-time highs and fixed income indices returning double-digit returns. However, the first quarter of 2020 drastically changed the global outlook for the year and brought down return expectations across the globe. The coronavirus impacted all asset classes, and equity volatility reached record levels.

U.S. GDP likely contracted in the first quarter and will likely do the same in the second quarter — pushing the economy into a recession. Economists are forecasting a significant contraction in the second quarter, and the unemployment rate will likely spike. In the last two weeks of March, almost 10 million people filed for unemployment for the first time, a record level. The U.S. government is trying to combat this with a two-trillion-dollar stimulus package that will provide loans to small businesses and a one-time payment to lower-income individuals.

Central banks across the globe are providing significant accommodative policy to help support their economies and to prevent a recession. The virus has infected over one million people across the globe, and the final impact is difficult to forecast. However, its negative impact on the global economy will be severe, though the regional impact will vary.

As always, if you have any questions or concerns about your investment in the Scholars Choice program, please talk to your financial advisor.

Adam Petryk President and CEO QS Investors

Thomas Picciochi Head of Multi-Asset Portfolio Management & Implementation QS Investors

Lisa Wang Portfolio Manager QS Investors

1,2 Sources: Bloomberg, QS Investors, JPMorgan



References may include:

Chinese Equities MSCI China Net Total Return Local Index

Emerging Markets Equities MSCI EM Gross Total Return Local Index

Global Equities MSCI ACWI Gross Total Return Local Index

Global Fixed Income Bloomberg Barclays Global Agg Total Return Index Value Unhedged USD

U.S. Equities S&P 500 Total Return Index

U.S. Small-Cap Equities Russell 2000 Total Return Index

U.S. Dollar (USD) Bloomberg Dollar Spot Index

U.S. Fixed Income Bloomberg Barclays U.S. Agg Total Return Index Value Unhedged USD

Definitions A basis point (bp, or bps) is one one-hundredth of one percent (1/100% or 0.01%).Bloomberg Barclays Global Agg Total Return Index Value Unhedged USD: The Bloomberg Barclays Global Aggregate Index is a flagship measure of global investment grade debt from local currency markets. This multi-currency benchmark includes treasury, government-related, corporate and securitized fixed-rate bonds from both developed and emerging markets issuers.The Bloomberg Barclays U.S. Aggregate Total Return Index Value Unhedged USD is a broad-based bond index composed of government, corporate, mortgage and asset-backed issues rated investment grade or higher and having at least one year to maturity. The total return index is a type of index that tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.The Bloomberg Dollar Spot Index (BBDXY) tracks the performance of a basket of leading global currencies versus the U.S. Dollar.Coronavirus disease (COVID-19) was discovered in 2019 and has not been previously identified in humans.The European Central Bank (ECB) is the central bank responsible for the monetary system of the European Union (EU) and the euro currency. The Federal Reserve Board (“Fed”) is responsible for the formulation of policies designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments.Gross Domestic Product (GDP) is the market value of all final goods and services produced within a country in a given period of time.An investment grade is a rating that indicates that a municipal or corporate bond has a relatively low risk of default.MSCI ACWI Gross Total Return Local Index is a market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. The total return index is a type of index that tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.MSCI China Net Total Return Local Index: The MSCI China Index captures large and mid cap representation across various China share classes, and foreign listings (e.g. ADRs).The MSCI Emerging Markets Index is a free float-adjusted market-capitalization index that is designed to measure equity market performance in the global emerging markets. MSCI EM Gross Total Return Local Index captures large- and mid-cap representation across 26 Emerging Markets (EM) countries.The Russell 2000 Index is comprised of the 2,000 smallest companies in the Russell 3000 Index. Russell 2000 Total Return Index: The Russell 2000 Index measures the performance of the small-cap segment of the US equity universe. The Russell 2000® Index is a subset of the Russell 3000® Index representing approximately 10% of the total market capitalization of that index. The S&P 500 Total Return Index is an unmanaged index of 500 stocks that is generally representative of the performance of larger companies in the U.S. The total return index is a type of index that tracks both the capital gains of a group of stocks over time and assumes that any cash distributions, such as dividends, are reinvested back into the index. Indexes are unmanaged, and not available for direct investment. Index returns do not include fees or sales charges.The Volatility Index, or VIX, is a real-time market index that represents the market’s expectation of 30-day forward-looking volatility. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.The yield curve shows the relationship between yields and maturity dates for a similar class of bonds.



The performance shown represents past performance. Past performance is no guarantee of future results, and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors’ shares, when redeemed, may be worth more or less than the original cost. Total returns assume the reinvestment of all distributions at net asset value and the deduction of all Fund expenses. Total return figures are based on the NAV per share applied to shareholder subscriptions and redemptions, which may differ from the NAV per share disclosed in Fund shareholder reports. Performance would have been lower if fees had not been forgone in various periods. To obtain performance data current to the most recent month end, please visit our website, www.scholars-choice.com. The performance does not reflect the impact of sales charges, since they will not apply with respect to the purchase of the Funds by the Portfolios. The Fund performance data are net of all Fund fees and expenses, while the benchmark returns are gross of fees and expenses.

ClearBridge Large Cap Growth Fund - IS (Since Inception: 3/15/13) (%)

Fund Performance (As of March 31, 2020)

Since Qtrly YTD 1-Year 3-Year 5-Year 10-Year Inception

Class IS (LSITX) -15.00 -15.00 -2.93 9.86 9.94 N/A 12.93

Russell 1000 Growth Index3 -14.10 -14.10 0.91 11.32 10.36 N/A 13.00

Annual expense ratio

Gross 0.64

Net 0.64

Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. Net expenses reflect contractual fee waivers and/or reimbursements, where these reductions reduce the Fund’s gross expenses, which cannot be terminated prior to December 31, 2021 without Board consent.

Top 10 Equity Holdings as of 3/31/20 (%)

% of Port

Amazon.com Inc 8.2

Microsoft Corp 6.2

Facebook Inc 4.9

Visa Inc 4.5

Alphabet Inc 4.4

Apple Inc 4.2

UnitedHealth Group Inc 3.4

Adobe Inc 3.2

Zoetis Inc 2.8

Thermo Fisher Scientific Inc 2.7

3 The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Please note that an investor cannot invest directly in an index.



ClearBridge Small Cap Fund - IS (Since Inception: 9/8/17) (%)



Class IS (LISGX) -38.66 -38.66 -31.28 N/A N/A N/A -8.58

Russell 2000 Index4 -30.61 -30.61 -23.99 N/A N/A N/A -5.96


Gross 0.88

Net 0.88

Gross expenses are the Fund’s total annual operating expenses for the share class(es) shown. For Class IS there is currently no fee waivers in effect, so gross and net expenses are identical.


% of Port

Sprouts Farmers Markets Inc 2.4

Gray Television Inc 2.2

Silgan Holdings Inc 2.0

HealthEquity Inc 2.0

Black Hills Corp 1.9

CommVault Systems Inc 1.9

Lexington Realty Trust 1.9

International Seaways Inc 1.7

K12 Inc 1.7

Itron Inc 1.7

4 The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index.



QS Global Dividend Fund - IS (Since Inception: 2/28/13) (%)



Class IS (LDIFX) -18.57 -18.57 -12.39 -0.15 2.77 N/A 5.11

MSCI AC World (Net) (USD)5 -21.37 -21.37 -11.26 1.50 2.85 N/A 5.28


Gross 0.74

Net 0.74



% of Port

Microsoft Corp 2.6

Apple Inc 2.2

Intel Corp 1.8

Walmart Inc 1.6

Eli Lilly & Co 1.6

NTT DOCOMO Inc 1.6

Roche Holding AG 1.5

Pfizer Inc 1.5

Johnson & Johnson 1.5

FUJIFILM Holdings Corp 1.3

5 The MSCI All Country World Index is a market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI consists of 45 country indices comprising 24 developed and 21 emerging market country indices. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.



Western Asset Core Plus Bond Fund - IS (Since Inception: 8/4/08) (%)



Class IS (WAPSX) -2.23 -2.23 5.34 4.34 3.77 4.99 6.34

Bloomberg Barclays U.S. Aggregate6 3.15 3.15 8.93 4.82 3.36 3.88 4.36


Gross 0.42

Net 0.42


Top 10 Fixed Income Holdings as of 3/31/20 (%)

% of Port

WA Premier Institutional Gover 0.3335% Mat 12/01/2099 3.6

FNMA TBA MAY 30 SINGLE FAM 4.5000% Mat 05/01/2050 2.9

US TREASURY N/B 2.8750% Mat 08/15/2045 2.2

UNITED STATES TREASURY INFLATI 1.0000% Mat 02/15/2049 1.4

US TREASURY N/B 02/44 3.625 3.6250% 1.4

ITALY BUONI POLIENNALI DEL TES 2.3000% Mat 10/15/2021 1.3

US TREASURY BOND 3.7500% Mat 11/15/2043 1.1

CHINA GOVERNMENT BOND 3.2900% Mat 05/23/2029 1.0

UNITED STATES TREASURY NOTE/BO 2.8750% Mat 05/15/2049 0.9

US TSY I/ 0.25% 15/50 IFL 0.9

6 The Bloomberg Barclays U.S. Aggregate Bond Index is an unmanaged index that measures the performance of the investment-grade universe of bonds issued in the United States. The index includes institutionally traded U.S. Treasury, government-sponsored, mortgage and corporate securities. Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.



Western Asset Short-Term Bond Fund - IS (Since Inception: 10/5/12) (%)



Class IS (LWSTX) -1.42 -1.42 1.52 2.18 1.89 N/A 1.67

FTSE Treasury Govt/Credit 1-3 Yr (USD)7 1.57 1.57 4.38 2.54 1.86 N/A 1.53


Gross 0.41

Net 0.40



% of Port

WA Premier Institutional Gover 0.3335% Mat 12/01/2099 8.0

US TREASURY N/B 03/24 2.125 2.1250% 4.4




US TSY N/B 1.63% 11/15/22 1.5

US TREASURY N/B 05/21 2.125 2.1250% 1.4



BANK OF AMERICA CORP SR UNSECU 2.6250% Mat 10/19/2020 1.1

7 The FTSE Treasury/Government Sponsored/Credit 1-3 Year Index is a broad-based index of short-term U.S. Treasury and corporate debt securities. An index does not reflect deductions for fees, expenses or taxes. It is not possible to invest directly in an index.



Western Asset Inflation Indexed Plus Bond Fund - IS (Since Inception: 12/18/08) (%)



Class IS (WAFSX) -1.10 -1.10 4.67 2.88 1.75 2.84 3.61

Bloomberg Barclays U.S. Treasury: U.S. TIPS8 1.69 1.69 6.85 3.46 2.67 3.48 3.86


Gross 0.28

Net 0.28



% of Port

TSY INFL IX N/B 04/22 0.125 0.1250% 25.1

US INFLATION-LINKED TREASURY BOND 1.3750% Mat 02/15/2044 16.8




US INFLATION-LINKED TREASURY NOTE 0.1250% Mat 01/15/2023 4.0



UNITED STATES TREASURY INFLATI 0.6250% Mat 04/15/2023 1.2


8 The Bloomberg Barclays U.S. TIPS Index is an unmanaged index that measures the performance of intermediate (1- to 10-year) U.S. Treasury Inflation Protected Securities. Please note that an investor cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.



BrandywineGLOBAL - Global Opportunities Bond Fund - IS (Since Inception: 11/1/06) (%)



Class IS (GOBSX) -11.21 -11.21 -5.82 -0.47 0.10 3.24 4.08

FTSE World Govt Bond Index (USD)9 2.00 2.00 6.17 4.27 2.96 2.19 3.35


Gross 0.59

Net 0.59



% of Port

UNITED ST FRN 10/31/21 0.5902% 11.3

US TREASURY BOND 2.3750% Mat 11/15/2049 8.6

MEX BONOS DESARR FIX RT 7.7500% Mat 11/13/2042 3.1

GOLDMAN SACHS GROUP INC SR UNS 2.4327% Mat 02/23/2023 3.0

MEXICAN BONOS 8.5000% Mat 05/31/2029 2.7

MEX BONOS DESARR FIX RT 8.5000% Mat 11/18/2038 2.6

COLOMBIAN TES 6.0000% Mat 04/28/2028 2.4

AUSTRALIAN GOVERNMENT 5.75% 15JUL2022 Mat 07/15/2022 2.4

BANK OF AMERICA CORP 4.0830% Mat 03/20/2051 2.4

REPUBLIC OF POLAND GOVERNMENT 1.5000% Mat 04/25/2020 2.2

9 The FTSE World Government Bond Index (“WGBI”) measures the performance of fixed-rate, local-currency, investment-grade sovereign bonds. The WGBI currently comprises sovereign debt from multiple countries, denominated in a variety of currencies. The WGBI provides a broad benchmark for the global sovereign fixed income market. Please note that an investor cannot invest directly in an index.



Western Asset Institutional Government Reserves - I (Since Inception: 6/16/95) (%)



Class I (INGXX) 0.31 0.31 1.81 1.59 1.04 0.54 2.37


Gross 0.22

Net 0.18



% of Port

FEDERAL HOME LOAN BANK 1.7030% Mat 04/14/2021 1.3

FEDERAL HOME LOAN BANK 0.1200% Mat 08/28/2020 1.2

FEDERAL FARM CREDIT BANK 0.7546% Mat 02/16/2021 1.0




FEDERAL HOME LOAN MORTGAGE COR 0.3100% Mat 06/30/2021 0.7

US TREASURY NOTE 1.3750% Mat 09/30/2020 0.7





Fund holdings are subject to change at any time. Current and future portfolio holdings are subject to risk. Characteristics are expressed as a percentage of net assets.

An investor should consider the Program’s investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement and Participation Agreement (www.scholars-choice.com/pds) contains more information and should be read carefully before investing. If an investor and/or an investor’s beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits such as financial aid, scholarship funds and protection from creditors that are only available to state taxpayers investing in such plans.

Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado, CollegeInvest, QS Investors, LLC, Legg Mason Investor Services, LLC, or Legg Mason, Inc., or its affiliates, and they are subject to risks, including loss of principal amount invested.

Legg Mason, Inc., its affiliates, and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.

Scholars Choice is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. QS Investors, LLC is the Investment Manager and Legg Mason Investor Services, LLC is the primary distributor of interests in the Program; together they serve as Manager of the Program. QS Investors, LLC, ClearBridge Investments, LLC, Brandywine Global Investment Management, LLC, Western Asset Management Company, LLC, and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. and Templeton Global Advisors Limited are not affiliated with Legg Mason, Inc.

While the Cash Reserve Option will invest all of its assets in a money market mutual fund and will value its units based on the underlying money market fund share value, the Cash Reserve Portfolio itself is not a money market mutual fund. The Cash Reserve Option will not seek capital appreciation and may underperform other investment options. You could lose money by investing in this investment option. Although the money market fund in which your investment option invests (the “underlying fund”) seeks to preserve its value at $1.00 per share, the underlying fund cannot guarantee it will do so. An investment in this investment option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying fund’s sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying fund at any time.

Risks:All investments involve risk, including possible loss of principal. Please see the underlying funds’ prospectuses for more detailed risk information.

Outperformance does not imply positive results.

©2020 Legg Mason Investor Services, LLC. Member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc SCHX107134 04/20



SCHOLARS CHOICE®

529 COLLEGE SAVINGS PROGRAM

1Q 2020 Performance Summary

Scholars Choice Performance AVERAGE ANNUAL TOTAL RETURNS

as of quarter ending 3/31/2020CALENDAR RATES OF RETURN

ending 12/31

Excluding the effectsof sales charges (%)

Including the effects ofmaximum sales charges (%)


Portfolio ClassInception

Date YTD 1 Yr 3 Yr 5 Yr 10 YrSince

Inception YTD 1 Yr 3 Yr 5 Yr 10 YrSince

Inception

Est.ExpenseRatio† 2019 2018 2017 2016 2015

Investment Choices – Automatic Allocations

Age-Based: 0-3 A 7/17/2001 -19.46 -11.22 0.47 2.19 6.59 4.68 -22.28 -14.33 -0.72 1.47 6.21 4.48 1.03 21.70 -7.07 16.99 8.86 -1.74

C 7/17/2001 -19.56 -11.66 -0.05 1.67 6.27 4.53 -19.56 -11.66 -0.05 1.67 6.27 4.53 1.53 21.09 -7.57 16.45 8.32 -2.26

O 10/26/1999 -19.46 -11.22 0.46 2.18 6.61 4.46 -19.46 -11.22 0.46 2.18 6.61 4.46 1.05 21.67 -7.10 17.00 8.85 -1.73

Benchmark -17.62 -7.59 2.98 4.30 7.76 N/A -17.62 -7.59 2.98 4.30 7.76 N/A N/A 24.88 -5.75 18.31 10.42 -0.55

Age-Based: 4-6 A 7/17/2001 -17.32 -9.21 0.94 2.35 6.40 4.64 -20.20 -12.40 -0.25 1.62 6.02 4.44 0.99 20.36 -6.32 15.56 8.49 -1.75

C 7/18/2001 -17.41 -9.66 0.44 1.84 6.07 4.49 -17.41 -9.66 0.44 1.84 6.07 4.49 1.50 19.76 -6.78 14.97 7.96 -2.26

O 10/25/1999 -17.34 -9.30 0.86 2.29 6.37 4.56 -17.34 -9.30 0.86 2.29 6.37 4.56 1.05 20.26 -6.40 15.51 8.43 -1.75


Age-Based: 7-9 Years to Enrollment: 10-12

A 7/17/2001 -15.07 -7.09 1.41 2.53 6.21 4.82 -18.05 -10.36 0.21 1.80 5.83 4.61 0.95 18.98 -5.42 13.97 7.99 -1.53

C 7/17/2001 -15.16 -7.53 0.92 2.03 5.88 4.66 -15.16 -7.53 0.92 2.03 5.88 4.66 1.45 18.38 -5.92 13.47 7.47 -2.08

O 11/3/1999 -15.09 -7.20 1.31 2.45 6.14 4.57 -15.09 -7.20 1.31 2.45 6.14 4.57 1.05 18.82 -5.52 13.93 7.92 -1.58



A 7/17/2001 -12.76 -5.35 1.72 2.56 5.65 4.43 -15.81 -8.65 0.52 1.83 5.27 4.23 0.90 16.76 -4.20 12.09 7.24 -1.32

C 7/18/2001 -12.85 -5.82 1.23 2.06 5.33 4.29 -12.85 -5.82 1.23 2.06 5.33 4.29 1.40 16.19 -4.72 11.57 6.74 -1.85

O 10/26/1999 -12.81 -5.48 1.58 2.43 5.54 4.44 -12.81 -5.48 1.58 2.43 5.54 4.44 1.05 16.61 -4.36 11.96 7.15 -1.42



A 7/23/2001 -10.11 -3.41 2.08 2.52 5.05 4.20 -13.25 -6.78 0.88 1.79 4.68 4.00 0.81 14.21 -2.81 10.00 5.92 -1.18

C 7/19/2001 -10.19 -3.85 1.58 2.01 4.74 4.01 -10.19 -3.85 1.58 2.01 4.74 4.01 1.31 13.62 -3.28 9.40 5.40 -1.70

O 11/8/1999 -10.13 -3.62 1.85 2.30 4.86 3.90 -10.13 -3.62 1.85 2.30 4.86 3.90 1.05 13.93 -3.05 9.79 5.70 -1.40

Benchmark -7.95 -0.16 3.78 3.94 5.73 N/A -7.95 -0.16 3.78 3.94 5.73 N/A N/A 15.90 -1.99 10.05 6.81 0.29


A 7/23/2001 -5.11 0.21 2.39 2.17 3.46 3.11 -8.43 -3.29 1.18 1.45 3.09 2.92 0.68 9.81 -0.81 5.84 3.37 -0.65

C 7/19/2001 -5.26 -0.29 1.86 1.66 3.15 2.94 -5.26 -0.29 1.86 1.66 3.15 2.94 1.18 9.31 -1.35 5.30 2.85 -1.13

O 11/14/1999 -5.22 -0.16 2.03 1.82 3.12 3.02 -5.22 -0.16 2.03 1.82 3.12 3.02 1.05 9.45 -1.18 5.42 3.10 -1.02

Benchmark -2.93 2.82 3.57 3.15 3.87 N/A -2.93 2.82 3.57 3.15 3.87 N/A N/A 10.40 -0.17 5.60 4.01 0.44

Age-Based: 19+ Years to Enrollment: Less Than 1

A 7/19/2001 -0.54 2.01 1.76 1.15 1.00 1.60 -4.04 -1.54 0.55 0.44 0.65 1.40 0.56 4.08 0.64 1.65 1.02 -0.58

C 7/18/2001 -0.67 1.51 1.22 0.64 0.69 1.46 -0.67 1.51 1.22 0.64 0.69 1.46 1.06 3.60 0.08 1.08 0.55 -1.08

O 12/27/1999 -0.65 1.54 1.29 0.69 0.56 1.61 -0.65 1.54 1.29 0.69 0.56 1.61 1.05 3.65 0.07 1.21 0.61 -1.05

Benchmark 1.15 4.01 2.48 1.78 1.35 N/A 1.15 4.01 2.48 1.78 1.35 N/A N/A 4.30 1.09 1.40 1.55 0.03

www.scholars-choice.com

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors’ units, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, go to scholars-choice.com. For performance data including the effects of sales charges, Class A units reflect the maximum front-end sales charge of 3.50%. Class C units have no initial or deferred sales charge, but are subject to a distribution fee of 0.75%. The purchase of Class O units is restricted, as disclosed in the PDS. The unaudited performance data shown is net of all fees and expenses, but does not reflect the annual $20 small account balance fee which may be applicable to certain accounts. Estimated Expense Ratio includes, as applicable, estimated underlying fund expenses, the Manager’s service fee, CollegeInvest’s administration fee and an annual distribution fee. Actual underlying fund expenses borne by a Portfolio may be higher or lower than the estimate of such expenses used in calculating a Portfolio’s Estimated Expense Ratio. Please read the PDS for more information concerning fees and expenses.

† Collegelnvest currently is electing to waive 0.04% of its 0.10% administration fee commencing September 1, 2011. While such waiver continues in effect, Collegelnvest will receive an administration fee at an annual rate of 0.06% of the average daily net assets in each Portfolio. Such waiver may be reduced or terminated at any time. Portfolio returns would have been lower in the absence of such waiver.

Scholars Choice Performance www.scholars-choice.com

AVERAGE ANNUAL TOTAL RETURNSas of quarter ending 3/31/2020

CALENDAR RATES OF RETURNending 12/31







Inception


Investment Choices – Static Multi-Fund Allocations

All Equity A 7/17/2001 -23.32 -14.75 -0.37 1.84 6.90 3.77 -26.01 -17.74 -1.55 1.13 6.51 3.57 1.09 24.43 -8.56 19.91 9.38 -2.05

C 7/17/2001 -23.42 -15.17 -0.87 1.34 6.58 3.62 -23.42 -15.17 -0.87 1.34 6.58 3.62 1.59 23.78 -8.97 19.26 8.86 -2.51

O 10/6/2000 -23.34 -14.73 -0.35 1.90 6.98 3.28 -23.34 -14.73 -0.35 1.90 6.98 3.28 1.05 24.48 -8.48 19.94 9.41 -1.92


Equity 80% A 7/17/2001 -19.46 -11.22 0.47 2.19 6.59 4.68 -22.28 -14.33 -0.72 1.47 6.21 4.48 1.03 21.70 -7.07 16.99 8.86 -1.74

C 7/17/2001 -19.56 -11.66 -0.05 1.67 6.27 4.53 -19.56 -11.66 -0.05 1.67 6.27 4.53 1.53 21.09 -7.57 16.45 8.32 -2.26

O 10/26/1999 -19.46 -11.22 0.46 2.18 6.61 4.46 -19.46 -11.22 0.46 2.18 6.61 4.46 1.05 21.67 -7.10 17.00 8.85 -1.73


Balanced 50/50 A 7/17/2001 -12.76 -5.35 1.72 2.56 5.65 4.43 -15.81 -8.65 0.52 1.83 5.27 4.23 0.90 16.76 -4.20 12.09 7.24 -1.32

C 7/18/2001 -12.85 -5.82 1.23 2.06 5.33 4.29 -12.85 -5.82 1.23 2.06 5.33 4.29 1.40 16.19 -4.72 11.57 6.74 -1.85

O 10/26/1999 -12.81 -5.48 1.58 2.43 5.54 4.44 -12.81 -5.48 1.58 2.43 5.54 4.44 1.05 16.61 -4.36 11.96 7.15 -1.42


Fixed Income 80% A 7/23/2001 -5.11 0.21 2.39 2.17 3.46 3.11 -8.43 -3.29 1.18 1.45 3.09 2.92 0.68 9.81 -0.81 5.84 3.37 -0.65

C 7/19/2001 -5.26 -0.29 1.86 1.66 3.15 2.94 -5.26 -0.29 1.86 1.66 3.15 2.94 1.18 9.31 -1.35 5.30 2.85 -1.13

O 11/14/1999 -5.22 -0.16 2.03 1.82 3.12 3.02 -5.22 -0.16 2.03 1.82 3.12 3.02 1.05 9.45 -1.18 5.42 3.10 -1.02

Benchmark -2.93 2.82 3.57 3.15 3.87 N/A -2.93 2.82 3.57 3.15 3.87 N/A N/A 10.40 -0.17 5.60 4.01 0.44

All Fixed Income A 7/26/2001 -2.62 4.32 3.63 3.14 4.35 4.61 -6.04 0.69 2.40 2.41 3.98 4.41 0.73 11.67 -2.01 6.33 5.17 -0.19

C 7/30/2001 -2.79 3.80 3.09 2.62 4.03 4.42 -2.79 3.80 3.09 2.62 4.03 4.42 1.23 11.20 -2.55 5.80 4.68 -0.77

O 11/1/2000 -2.72 3.95 3.28 2.80 4.03 4.60 -2.72 3.95 3.28 2.80 4.03 4.60 1.05 11.35 -2.34 5.99 4.86 -0.54

Benchmark 2.01 7.69 4.38 3.36 4.00 N/A 2.01 7.69 4.38 3.36 4.00 N/A N/A 8.91 -0.31 3.81 4.20 0.15


Date YTD 1 Yr 3 Yr 5 YrSince

Inception YTD 1 Yr 3 Yr 5 YrSince

Inception

Est.ExpenseRatio†

7-Day Yield

2019 2018 2017 2016 2015With

WaiverWithoutWaiver

Investment Choices – Static Multi-Fund Allocations

Cash Reserve1 A 8/11/2005 0.12 0.97 0.75 0.46 1.01 0.12 0.97 0.75 0.46 1.01 1.05 0.01 -0.62 1.21 0.87 0.06 0.01 0.01

C 8/8/2005 0.12 0.97 0.75 0.46 1.01 0.12 0.97 0.75 0.46 1.01 1.05 0.01 -0.62 1.21 0.87 0.06 0.01 0.01

O 7/29/2005 0.12 0.97 0.75 0.46 1.01 0.12 0.97 0.75 0.46 1.01 1.05 0.01 -0.62 1.21 0.87 0.06 0.01 0.01

Benchmark 0.39 2.04 1.74 1.12 N/A 0.39 2.04 1.74 1.12 N/A N/A N/A N/A 2.25 1.86 0.84 0.27 0.03

1 While the Cash Reserve Option will invest all of its assets in a money market mutual fund and will value its units based on the underlying money market fund share value, the Cash Reserve Portfolio itself is not a money market mutual fund. The Cash Reserve Option will not seek capital appreciation and may underperform other investment options. You could lose money by investing in this investment option. Although the money market fund in which your investment option invests (the “underlying fund”) seeks to preserve its value at $1.00 per share, the underlying fund cannot guarantee it will do so. An investment in this investment option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying fund’s sponsor has no legal obligation to provide financial support to the underlying fund, and you should not expect that the sponsor will provide financial support to the underlying fund at any time. Current 7-day yield represents net interest income generated by the investments for the past seven days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current portfolio earnings than does total returns. The “with waiver” 7-day yield shown for the Cash Reserve Portfolio reflects the Program Manager’s voluntary waiver of all or a portion of its service fee and Collegelnvest’s waiver of all or a portion of its administration fee, as described above. Such waivers may be reduced or terminated at any time. Returns for the Cash Reserve Portfolio would have been lower in the absence of such waivers.

On November 30, 2018, any Class C units of a portfolio that had been held in a Scholars Choice account for a period of at least 6 years were automatically converted to Class A units of the same portfolio. After November 30, 2018, Class C units held in an account automatically convert to Class A units in the calendar month in which the sixth anniversary of the purchase of such Class C units occurs. With the exception of the Cash Reserve Portfolio, Class A units of all Scholars Choice portfolios have an annual distribution fee of 0.25%, which is lower than the 0.75% annual distribution fee applicable to Class C units. For performance periods of greater than six years, Class C returns reflect annual distribution fees based on the portfolio’s automatic conversion to Class A units. For investors who held Class C units for greater than six years prior to the conversion to Class A Units on November 30, 2018, returns would have been lower than those shown. No sales load, fee or other charge will apply to Class C unit conversions, and such conversions will not count against the twice per calendar year limitation on investment option changes.

Scholars Choice Performance www.scholars-choice.com

The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors’ units, when redeemed, may be worth more or less than the original cost. For performance data current to the most recent month end, go to scholars-choice.com. For performance data including the effects of sales charges, Class A units reflect the maximum front-end sales charge of 3.50%. Class C units have no initial or deferred sales charge, but are subject to a distribution fee of 0.75%. The purchase of Class O units is restricted, as disclosed in the PDS. The unaudited performance data shown is net of all fees and expenses, but does not reflect the annual $20 small account balance fee which may be applicable to certain accounts.On November 30, 2018, any Class C units of a portfolio that had been held in a Scholars Choice account for a period of at least 6 years were automatically converted to Class A units of the same portfolio. After November 30, 2018, Class C units held in an account automatically convert to Class A units in the calendar month in which the sixth anniversary of the purchase of such Class C units occurs. With the exception of the Cash Reserve Portfolio, Class A units of all Scholars Choice portfolios have an annual distribution fee of 0.25%, which is lower than the 0.75% annual distribution fee applicable to Class C units. For performance periods of greater than six years, Class C returns reflect annual distribution fees based on the portfolio’s automatic conversion to Class A units. For investors who held Class C units for greater than six years prior to the conversion to Class A Units on November 30, 2018, returns would have been lower than those shown. No sales load, fee or other charge will apply to Class C unit conversions, and such conversions will not count against the twice per calendar year limitation on investment option changes.

AVERAGE ANNUAL TOTAL RETURNSas of quarter ending 3/31/2020

CALENDAR RATES OF RETURNending 12/31







Inception


Investment Choices – Individual Fund Portfolios

U.S. Aggressive Equity

A 8/31/2012 -19.44 -9.70 -0.90 0.73 N/A 8.18 -22.27 -12.87 -2.08 0.02 N/A 7.68 1.03 24.27 -7.88 14.42 5.78 -4.30

C 8/31/2012 -19.53 -10.13 -1.41 0.23 N/A 7.75 -19.53 -10.13 -1.41 0.23 N/A 7.75 1.53 23.63 -8.35 13.84 5.25 -4.76

O 8/31/2012 -19.43 -9.67 -0.92 0.70 N/A 8.16 -19.43 -9.67 -0.92 0.70 N/A 8.16 1.05 24.26 -7.93 14.37 5.78 -4.30

Benchmark -14.10 0.91 11.32 10.36 N/A N/A -14.10 0.91 11.32 10.36 N/A N/A N/A 36.39 -1.51 30.21 7.08 5.67

U.S. Core Equity A 8/31/2012 -19.82 -6.58 5.02 6.06 N/A 9.39 -22.62 -9.86 3.78 5.31 N/A 8.88 0.89 29.92 -2.12 19.65 9.10 1.58

C 8/31/2012 -19.90 -7.04 4.50 5.53 N/A 8.95 -19.90 -7.04 4.50 5.53 N/A 8.95 1.39 29.27 -2.60 19.01 8.57 1.04

O 8/31/2012 -19.81 -6.73 4.87 5.91 N/A 9.25 -19.81 -6.73 4.87 5.91 N/A 9.25 1.05 29.68 -2.24 19.44 8.93 1.51

Benchmark -20.22 -8.03 4.64 6.22 N/A N/A -20.22 -8.03 4.64 6.22 N/A N/A N/A 31.43 -4.78 21.69 12.05 0.92

U.S. Small Cap Equity

A 8/31/2012 -38.72 -31.51 -6.38 -1.69 N/A 3.79 -40.86 -33.90 -7.49 -2.38 N/A 3.31 1.04 30.68 -9.11 14.30 26.31 -11.62

C 8/31/2012 -38.76 -31.81 -6.82 -2.15 N/A 3.41 -38.76 -31.81 -6.82 -2.15 N/A 3.41 1.54 29.98 -9.51 13.69 25.64 -12.02

O 8/31/2012 -38.73 -31.51 -6.26 -1.58 N/A 3.91 -38.73 -31.51 -6.26 -1.58 N/A 3.91 1.05 30.74 -8.70 14.18 26.36 -11.52

Benchmark -30.61 -23.99 -4.64 -0.25 N/A N/A -30.61 -23.99 -4.64 -0.25 N/A N/A N/A 25.52 -11.01 14.65 21.31 -4.41

International Equity

A 8/31/2012 -19.62 -10.68 -1.40 -0.37 N/A 2.76 -22.41 -13.82 -2.55 -1.07 N/A 2.28 1.58 28.27 -20.32 24.67 -2.91 6.00

C 8/31/2012 -19.66 -11.10 -1.87 -0.86 N/A 2.37 -19.66 -11.10 -1.87 -0.86 N/A 2.37 2.08 27.60 -20.71 23.98 -3.37 5.55

O 8/31/2012 -19.45 -10.18 -0.85 0.16 N/A 3.31 -19.45 -10.18 -0.85 0.16 N/A 3.31 1.05 28.98 -19.95 25.22 -2.31 6.52

Benchmark -23.36 -15.57 -1.96 -0.64 N/A N/A -23.36 -15.57 -1.96 -0.64 N/A N/A N/A 21.51 -14.20 27.19 4.50 -5.66

Global Fixed Income

A 8/31/2012 -11.27 -6.10 -0.78 -0.21 N/A 0.61 -14.39 -9.35 -1.96 -0.91 N/A 0.14 0.89 8.86 -5.16 12.50 4.63 -8.74

C 8/31/2012 -11.44 -6.59 -1.29 -0.72 N/A 0.19 -11.44 -6.59 -1.29 -0.72 N/A 0.19 1.39 8.40 -5.67 11.88 4.20 -9.24

O 8/31/2012 -11.32 -6.30 -0.96 -0.39 N/A 0.34 -11.32 -6.30 -0.96 -0.39 N/A 0.34 1.05 8.64 -5.33 12.28 4.48 -8.93

Benchmark 2.00 6.17 4.27 2.96 N/A N/A 2.00 6.17 4.27 2.96 N/A N/A N/A 5.90 -0.84 7.49 1.60 -3.57

All Equity Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US Index

70%10%20%

Aged-Based: 0-3Equity 80%

Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US IndexBloomberg Barclays Global High Yield IndexBloomberg Barclays U.S. Aggregate Bond Index

56%8%16%2.5%17.5%

Age-Based: 4-6 Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US IndexBloomberg Barclays Global High Yield IndexBloomberg Barclays U.S. Aggregate Bond Index

49%7%14%2.5%27.5%

Aged-Based: 7-9Years to Enrollment: 10-12

Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US IndexBloomberg Barclays Global High Yield IndexBloomberg Barclays U.S. Aggregate Bond Index

42%6%12%2.5%37.5%

Age-Based: 10-12Years to Enrollment: 7-9Balanced 50/50

Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US IndexBloomberg Barclays Global High Yield IndexFTSE Government/Credit 1-5 Year IndexBloomberg Barclays U.S. Aggregate Bond IndexBloomberg Barclays U.S. TIPS Index

35%5%10%2.5%10%32.5%5%

Age-Based: 13-15Years to Enrollment: 4-6

Russell 1000 IndexRussell 2000 IndexMSCI All Country World ex-US IndexBloomberg Barclays Global High Yield IndexFTSE Government/Credit 1-5 Year IndexBloomberg Barclays U.S. Aggregate Bond IndexFTSE 3 Month Treasury Bill IndexBloomberg Barclays U.S. TIPS Index

34%2%4%2.5%15%22.5%10%10%

Age-Based: 16-18Years to Enrollment: 1-3Fixed Income 80%

Russell 1000 IndexFTSE Government/Credit 1-5 Year IndexBloomberg Barclays U.S. Aggregate Bond IndexFTSE 3 Month Treasury Bill IndexBloomberg Barclays U.S. TIPS Index

20%25%15%25%15%

Age-Based: 19+Years to Enrollment: Less Than 1

FTSE Government/Credit 1-5 Year IndexFTSE 3 Month Treasury Bill IndexBloomberg Barclays U.S. TIPS Index

30%50%20%

All Fixed Income Bloomberg Barclays Global High Yield IndexBloomberg Barclays U.S. Aggregate Bond IndexBloomberg Barclays U.S. TIPS Index

5%80%15%

U.S. Aggressive Equity Russell 1000 Growth Index 100%

U.S. Core Equity Russell 1000 Index 100%

U.S. Small Cap Equity Russell 2000 Index 100%

International Equity MSCI All Country World ex-US Index 100%

Global Fixed Income FTSE World Government Bond Index 100%

Cash Reserve FTSE 3 Month Treasury Bill Index 100%

BENCHMARKS: The benchmark performance is shown for illustrative purposes only. Investors cannot invest directly in an index and unmanaged index returns do not reflect any fees, expenses or sales charges. The benchmark for each Portfolio is a hypothetical blend of unmanaged indices based on a blend of returns for the benchmarks of the underlying asset categories and the Portfolio’s target allocations to the funds in such categories. The blended benchmarks do not reflect the deduction of fees, expenses or sales charges. A Portfolio’s benchmark may change over time to reflect changes in an asset category benchmark, the Portfolio’s underlying funds and the Portfolio’s target allocations to such funds. When a Portfolio’s benchmark changes, the benchmark’s new composition is utilized to calculate benchmark performance for periods from and after such change. Benchmark performance for periods prior to the change is not recalculated or restated based on the benchmark’s new composition.

*Please note: Totals may not add to 100% due to rounding.

Scholars Choice Benchmark Breakdown*

An investor should consider the Program’s investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement and Participation Agreement (www.scholars-choice.com/pds) contains more information and should be read carefully before investing. If an investor and/or an investor’s beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits such as financial aid, scholarship funds and protection from creditors that are only available to state taxpayers investing in such plans.Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado, CollegeInvest, QS Investors, LLC, Legg Mason Investor Services, LLC, or Legg Mason, Inc., or its affiliates and are subject to risks, including loss of principal amount invested.Legg Mason, Inc., its affiliates and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon, by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the “promotion or marketing” of the transaction(s) or matter(s) addressed by these materials, to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.Scholars Choice is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. QS Investors, LLC is the Investment Manager and Legg Mason Investor Services, LLC is the primary distributor of interests in the Program; together they serve as Manager of the Program. QS Investors, LLC, ClearBridge Investments, LLC, Brandywine Global Investment Management, LLC, Western Asset Management Company, and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. and Templeton Global Advisors Limited are not affiliated with Legg Mason, Inc.

Benchmark Description

Bloomberg Barclays Global High Yield Index A broad-based unmanaged index of high yield securities.

Bloomberg Barclays U.S. Aggregate Index A broad-based bond index comprised of Government, Corporate, Mortgage and Asset-backed issues, rated investment grade or higher, and having at least one year to maturity.

Bloomberg Barclays U.S. TIPS Index An unmanaged index that measures the performance of intermediate (1 to 10 year) U.S. Treasury Inflation Protected Securities.

FTSE 3 Month Treasury Bill Index An unmanaged index that is generally representative of 3-month Treasury bills consists of an average of the last 3-month U.S. Treasury Bill issues.

FTSE Government/Credit 1-5 Year Index A broad measure of the performance of short-term U.S. Treasury and corporate fixed-income securities.

FTSE World Government Bond Index Measures the performance of developed countries global fixed income markets invested in debt issues of U.S. and non-U.S. governmental entities.

MSCI All Country World ex-US Index The MSCI All Country World ex US Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States.

Russell 1000 Index Measures the performance of the 1000 largest companies in the Russell 3000 Index, which represents approximately 90% of the total market capitalization of the Russell 3000 Index.

Russell 2000 Index An unmanaged list of common stocks that is frequently used as a general performance measure of U.S. stocks of small and/or midsize companies.

www.scholars-choice.com© 2020 Legg Mason Investor Services, LLC. Member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc.937544 SCH0062 D7617 04/20

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