CollegeBound 529 Unit Classes Data as of June 30, 2021 Invesco Equally-Weighted S&P 500 Portfolio Quarterly Performance Commentary CUSIPS: A:76221W326 C:76221W318 I:76221W276 Investment objective Market overview The portfolio seeks total return through growth of - The US stock market once again hit new highs in the second quarter, despite higher volatility capital and current income. stemming from inflation concerns and potential for rising interest rates. Investors remained optimistic about the strength of the economic recovery after the Bureau of Economic Analysis reported that US GDP grew at a 6.4% annualized rate for the first quarter of 2021. Corporate Portfolio management earnings also remained strong as the majority of S&P 500 companies beat Wall Street Peter Hubbard, Michael Jeanette, Tony Seisser earnings forecasts. The Consumer Price Index (CPI), which has risen each month since Management is that of the underlying fund. January, rose 5% for the 12 months ending in May, its largest increase since August 2008 when it rose 5.3%. Despite rising inflation, the Federal Reserve has indicated it will likely wait Portfolio information until 2023 or later to raise the federal funds rate from its current level. Market leadership shifted again during the quarter as the Russell 1000 Growth Index returned 11.93% and the Total net assets $116,196,134 Russell 1000 Value Index returned 5.21%. The S&P 500 Index returned 8.55% for the Total number of holdings 506 quarter. Holdings shown are that of the underlying fund. Performance highlights Top equity holdings % of total net assets - The portfolio’s Class A units at net asset value (NAV) underperformed the S&P 500 Index for Etsy 0.25 the second quarter. (Please see the investment results table on page 2 for portfolio and index Enphase Energy 0.25 performance.) Advanced Micro Devices 0.23 - All 11 sectors within the portfolio had positive returns for the quarter, with the information Nike 'B' 0.23 technology (IT) sector being the largest contributor to portfolio results. Generac 0.23 - The majority of the portfolio’s relative underperformance was due to weightings of individual stocks within sectors, as mega capitalization stocks outperformed. This was evident in the Skyworks Solutions 0.22 wide performance gap between the portfolio and the benchmark in the IT and communication Nvidia 0.22 services sectors. Xilinx 0.22 - The portfolio outperformed most in the health care and energy sectors, relative to the index. ResMed 0.22 - The portfolio’s allocation to smaller capitalization stocks within the index detracted from Chipotle Mexican Grille 0.22 relative return as these stocks underperformed the large and mega capitalization stocks. Holdings are that of the underlying fund, subject to Contributors to performance change and are not buy/sell recommendations. - NVIDIA, a semiconductor & semiconductor equipment company, was the largest individual Top contributors % of total net assets contributor as investors responded favorably to strong earnings and the announcement of its first stock split. 1. NVIDIA 0.22 - Equifax, a commercial and professional services company, was another large contributor. The 2. Equifax 0.20 company announced better-than-expected earnings and revenues for the first quarter. The 3. Pool 0.21 company also benefited from an increase in consumer demand due to the continued 4. Gartner 0.21 economic reopening. 5. Devon Energy 0.20 Data shown is that of the underlying fund. Detractors from performance - Citrix Systems, a software company, detracted from portfolio results as the company’s first Top detractors % of total net assets quarter 2021 earnings and revenue declined from the first quarter of 2020. - Penn National Gaming, a gaming and leisure company, was another significant detractor. 1. Penn National Gaming 0.18 Despite the company beating analyst earnings expectations for the first quarter, the stock 2. Citrix Systems 0.19 declined from an all-time high in March. 3. Organon 0.20 4. Dollar Tree 0.19 Positioning and outlook 5. Southwest Airlines 0.18 - The portfolio invests in a diversified portfolio of common stocks represented in the S&P 500 Data shown is that of the underlying fund. Index. The portfolio generally invests in each stock included in the S&P 500 in approximately equal proportions. Buy and sell decisions are not made by the management team. The S&P Portfolio commentary provided is based on the 500 Equal Weight Index dictates buy and sell decisions. underlying fund. - The portfolio achieved its objective by maintaining an equal weight in the constituents of the S&P 500 Equal Weight Index. Not a deposit; Not FDIC insured; Not guaranteed by the - The index is typically rebalanced quarterly. As always, we caution investors against making bank; May lose value; Not insured by any federal agency investment decisions based on short-term performance and recommend that you consult a financial advisor to discuss your individual financial program. Investment results The portfolio’s positioning versus the Average annual total returns (%) as of June 30, 2021 S&P 500 Index Class A units Class C units Class I units Style-Specific (% underweight/overweight) Index Industrials 5.95 Inception: Inception: Inception: 07/08/16 07/08/16 07/08/16 Real Estate 2.96 Max Max Utilities 2.85 Load CDSC Period 3.50% NAV 1.00% NAV NAV S&P 500 Index Materials 2.68 Inception 13.67 14.61 13.76 13.76 14.91 - 3 Years 14.20 15.77 14.92 14.92 16.07 18.67 Energy 1.40 1 Year 43.73 49.73 47.67 48.67 50.15 40.79 Financials 1.24 Quarter 2.49 6.77 5.56 6.56 6.85 8.55 Consumer 0.34 The performance quoted is past performance and is not a guarantee of future results. Investment returns and Staples principal value of an investment will fluctuate so that an account owner’s units, when redeemed, may be worth Consumer 0.02 more or less than their original cost. Current performance may be higher or lower than the performance data Discretionary shown. For up-to-date month-end performance information please call 877 615 4116, or visit Health Care -0.19 collegebound529.com. Performance figures reflect reinvested distributions of the underlying security and Communication changes in net asset value (NAV). No contingent deferred sales charge (CDSC) will be imposed on redemptions of -6.80 Class C units following one year from the date units were purchased. Performance shown at NAV does not Services include applicable CDSC or front-end sales charges, which would have reduced the performance. Class I units IT -12.54 have no sales charge; therefore, performance is at NAV. Returns less than one year are cumulative; all others are annualized. Index returns do not reflect any fees, expenses, or sales charges. -30 -20 -10 0 10 20 Index source: FactSet Research Systems Inc. Data shown is that of the underlying fund. Asset mix (%) Expense ratios (%) Dom Common Stock 97.37 Class A units 0.58 Intl Common Stock 0.58 Class C units 1.33 Cash 1.98 Class I units 0.33 Other 0.07 Total annual asset-based fee per the current Program Data shown is that of the underlying fund. Description. For more information you can visit us at collegebound529.com Class I units are available only to certain investors. See the Program Description for more information. The underlying fund holdings are organized according to the Global Industry Classification Standard, which was developed by and is the exclusive property and service mark of MSCI Inc. and Standard & Poor’s. The S&P 500® Index is an unmanaged index considered representative of the US stock market. An investment cannot be made directly in an index. The S&P 500 Equal Weight Index is the equally weighted version of the S&P 500® Index. An investment cannot be made directly in an index. About risk Risks of the Underlying Holding Ordinarily, the Adviser will not sell the underlying fund’s negative effects on other market segments. Different Derivatives may be more volatile and less liquid than portfolio securities except to reflect changes in the stock markets may behave differently from each other traditional investments and are subject to market, stocks that comprise the Index, or as may be necessary and U.S. stock markets may move in the opposite interest rate, credit, leverage, counterparty and to raise cash to pay underlying fund shareholders who direction from one or more foreign stock markets. management risks. An investment in a derivative could sell underlying fund shares. The portfolio is subject to certain other risks. Please lose more than the cash amount invested. The Fund's value may be affected by changes in the see the current Program Description for more Because the underlying fund operates as a passively stock markets. Stock markets may experience information regarding the risks associated with an managed index fund, adverse performance of a significant short-term volatility and may fall or rise investment in the portfolio. particular stock ordinarily will not result in its sharply at times. Adverse events in any part of the elimination from the underlying fund's portfolio. equity or fixed-income markets may have unexpected Before you invest, consider whether your or the beneficiary’s home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in that state’s qualified tuition program. For more information about CollegeBound 529, contact your financial advisor, call 877-615-4116, or visit www.collegebound529.com to obtain a Program Description, which includes investment objectives, risks, charges, expenses, and other important information; read and consider it carefully before investing.