Common use of INVESTMENT OPTIONS General Clause in Contracts

INVESTMENT OPTIONS General. At the time of enrollment, Account Owners may choose to invest contributions in one or more of 11 different investment options: an Age- Based option, a Preservation of Capital option, and nine Fixed-Allocation options (each a Portfolio). An Account Owner’s contributions are used to purchase Trust Interests in the selected Portfolio(s). An Account Owner may open multiple Accounts specifying different Portfolios for the same or a different designated beneficiary. The minimum allocation per Portfolio must be five percent of the contribution amount. If a contribution is received by the Plan and a Portfolio is not designated, your contribution amount will be returned to you, or you may be contacted by a Victory Capital representative to clarify your contribution intentions. Portfolios invest in one or more underlying USAA Mutual Funds and/or Victory Mutual Funds, which are selected to meet the investment objective of that Portfolio. Account Owners will not own shares of the underlying USAA Mutual Funds or Victory Mutual Funds. The Board seeks to achieve each Portfolio’s investment objective through investments in one or more underlying USAA Mutual Funds and/or Victory Mutual Funds such as domestic, global, and international stock mutual funds (for growth), bond mutual funds (for income), and money market funds (for protection of principal). Because these investments have different objectives, the Board has selected them to create diversified Portfolios. The Portfolio options offer different asset allocation mixes because different investors have different needs, time frames, and risk tolerances. The Program Manager and Victory Capital provide the Board with annual recommendations as to the Plan’s investment options and the asset allocations of the Portfolios. The investment options, the Portfolios, the asset allocations of the Portfolios, and the underlying mutual funds in which any Portfolio invests are subject to change. Portfolios with higher allocations in bond and/or money market mutual funds tend to be less volatile than those with higher stock mutual fund allocations. None of the Portfolios are designed to provide any particular total return over any particular time peri od or investment time horizon. By purchasing Trust Interests, Account Owners do not own shares of, or become shareholders of, the underlying USAA Mutual Funds or Victory Mutual Funds. Because the Account Owners have different investment objectives, Account Owners have the opportunity to diversify their investment in the Plan. When investing in the Plan, an Account Owner should consider, among other factors, when contributions will be made to the Account, the contribution amounts, the age of the designated beneficiary and the length of time contributions will be held in the Account before withdrawals are directed and the other resources expected to be available to fund the designated beneficiary’s qualified higher education expenses. Under federal tax law, once a Portfolio selection has been made, an Account Owner may change how previous contributions (and any earnings thereon) have been allocated among the available Portfolio options for all Accounts for the same designated beneficiary up to two times per calendar year or upon a change of the designated beneficiary. (See page 25 for treatment of transfers between an account in the Plan and another plan sponsored by the State of Nevada.) Account Owners should periodically assess, and if appropriate, adjust their investment choices with their time horizon, risk tolerance, and investment objectives in mind. The Portfolios are not insured or guaranteed by Victory Capital, Ascensus, or their respective affiliates, the Federal Deposit Insurance Corporation, the State of Nevada, the Board, or any other government agency. Account values may vary based on the Portfolios’ performance and market conditions and may be more or less than the amount invested at the time of withdrawal. (See “Plan and Portfolio Risks” section on page 77). The Plan’s investment options are described below. Age-Based Option If an Account Owner selects the Age-Based option, contributions are invested in a Portfolio based upon the birth date of the designated beneficiary, as indicated on the Account application. Portfolios for a designated beneficiary with a more recent birth date will be invested in a more aggressive equity Portfolio, which seeks to capitalize on the longer investment time frame and maximize potential returns. As time passes and the designated beneficiary approaches college age, investments are automatically moved to more conservative Portfolios as the expected time for withdrawal approaches. The Program Manager automatically exchanges assets from one Portfolio to another as the designated beneficiary ages, on or about the fifth business day of the month following the month of the designated beneficiary’s birthday. The allocations of the USAA Mutual Funds and/or Victory Mutual Funds for each Portfolio are shown on the following pages. (See the “Plan and Portfolio Risks” and “Additional Investment Information” sections beginning on pages 77 and 48, respectively, for more detailed information regarding the objectives of the underlying funds and the related risks of investing in these funds.) A free prospectus for any USAA Mutual Fund or Victory Mutual Fund used in connection with the Plan can be obtained by calling 000-000-0000. The Age-Based Option is designed for investment for saving for post-secondary educational institutions, such as a college, graduate school, or professional school, and may not be appropriate if investing for saving for K-12 Education Expenses or for qualified Education Loan Repayment goals.

INVESTMENT OPTIONS General. At Account Owners, at the time of enrollmentenroll- ment, Account Owners may choose to invest contributions in one or more of 11 different investment options: options -- an Age- Age-Based option, a Preservation of Capital optionoption (a Portfolio), and nine Fixed-Allocation options (each a Portfolio). An Account Owner’s contributions are used to Contribu- tions purchase Trust Interests in of the selected Portfolio(s)Portfolio within an investment option. An Account Owner may open multiple Accounts specifying including different Portfolios for the same or a different designated beneficiary. The minimum allocation per Portfolio must be five percent of the contribution amount. If a contribution is received by the Plan and a Portfolio is not designated, your contribution amount will be returned to you, or you may be contacted by a Victory Capital USAA representative to clarify your contribution intentions. Portfolios invest in one or more underlying under- lying USAA Mutual Funds and/or Victory Mutual Fundsmutual funds, which are selected to meet the investment objective objec- tive of that Portfolio. Account Owners will not own shares of the underlying USAA Mutual Funds or Victory Mutual Fundsmutual funds. The Board seeks to achieve each Portfolio’s investment objective through investments in one or more underlying USAA Mutual Funds and/or Victory Mutual Funds mutual funds such as domestic, global, and international interna- tional stock mutual funds (for growth), bond mutual funds (for income), and money market funds (for protection of principal). Because these investments have different objectives, the Board has selected them to create diversified Portfolios. The Portfolio options offer different asset allocation mixes because different investors have different needs, time frames, and risk tolerances. The Program Manager and Victory Capital USAA provide the Board with annual recommendations recommen- dations as to the Plan’s investment options and the asset allocations of the Portfolios. The investment options, the Portfolios, the asset allocations of the Portfolios, and the underlying mutual funds in which any Portfolio invests are subject to change. Portfolios with higher allocations in bond and/or money market mutual funds tend to be less volatile than those with higher stock mutual fund allocations. None of the Portfolios are designed to provide any particular total return over any particular time peri od period or investment time horizon. By purchasing pur- chasing Trust Interests, Account Owners Own- ers do not own shares of, or become shareholders of, the underlying USAA Mutual Funds or Victory Mutual Fundsmutual funds. Because the Account Owners shareholders have different investment objectives, Account Owners have the opportunity to diversify their investment in the Plan. When investing in the Plan, an Account Owner should consider, among other factors, when contributions will be made to the Account, the contribution PLAN DESCRIPTION AND PARTICIPATION AGREEMENT amounts, the age of the designated beneficiary and the length of time contributions will be held in the Account before withdrawals distri- butions are directed and the directed, other resources expected to be available to fund the designated beneficiary’s qualified higher education expenses, and the age of the designated beneficiary. Under federal tax law, once a Portfolio selection has been made, an Account Owner may change how previous contributions con- tributions (and any earnings thereon) have been allocated among the available avail- able Portfolio options for all Accounts for the same designated beneficiary up to two times per calendar year or upon a change of the designated beneficiary. (See page 25 pages 13 and 14 for treatment of transfers between an account in the Plan and another plan sponsored by the State of Nevada.) Account Owners should periodically assess, and if appropriate, adjust their investment choices with their time horizon, risk tolerance, and investment objectives in mind. The Portfolios are not insured or guaranteed by Victory CapitalUSAA, Ascensus, or their respective affiliates, the Federal Deposit Insurance Corporation, the State of Nevada, the Board, or any other government agency. Account values may vary based on the PortfoliosPortfo- lios’ performance and market conditions condi- tions and may be more or less than the amount invested at the time of withdrawaldistribution. (See “Plan and Portfolio Risks” section on page 77). 57.) The Plan’s investment options are described below. Age-Based Option If an Account Owner selects the Age-Age- Based option, contributions are invested invest- ed in a Portfolio based upon the birth date of the designated beneficiary, as indicated on the Account application. Portfolios for a designated beneficiary with a more recent birth date will be invested in a more aggressive equity Portfolio, which seeks to capitalize on the longer investment time frame and maximize potential returns. As time passes and the designated beneficiary approaches college age, investments are automatically moved to more conservative Portfolios as the expected time for withdrawal distribution approaches. The Program Manager automatically exchanges assets from one Portfolio to another as the designated beneficiary ages, on or about the fifth business day of the month following the month of the designated beneficiary’s birthday. The allocations of the USAA Mutual Funds and/or Victory Mutual Funds mutual funds for each Portfolio are shown on the following pages. (See the “Plan and Portfolio Risks” and “Additional Investment Invest- ment Information” sections beginning on pages 77 page 57 and 4835, respectively, for more detailed information regarding the objectives of the underlying funds and the related risks of investing in these funds.) A free prospectus for any USAA Mutual Fund or Victory Mutual Fund mutual fund used in connection connec- tion with the Plan can be obtained by calling 000-000-0000. The Age-Based Option is designed for investment for saving for post-secondary educational institutions, such as a college, graduate school, or professional school, college and may not be appropriate if investing for saving for K-12 Education Expenses or for qualified Education Loan Repayment goalstuition expenses.