Common use of Investment Flexibility Clause in Contracts

Investment Flexibility. The Treasurer and Program Manager have designed 3 Age-Based Portfolios, 7 Target Portfolios, 36 Individual Fund Portfolios, and 15 Individual Fund ETF Portfolios. The Age-Based and Target Portfolios invest in specified allocations of equity, real estate, fixed income, bank deposit, and/ or money market Underlying Investments, and the Individual Fund Portfolios and Individual Fund ETF Portfolios invest in a single Underlying Investment. Account Owners do not own shares of the Underlying Investments or mutual funds, but rather own shares in a Portfolio of the Program. Working with your broker or other financial advisor you can choose a Portfolio that is tailored to meet your investment objectives and risk profile. Accounts in the Program are offered only through brokers or other financial advisors to allow you to obtain advice as to whether an investment in the Program is right for you. The Underlying Investments in a Portfolio may be modified from time to time by the Trustee in its sole discretion. DEFINITIONS OF KEY TERMS

Investment Flexibility. The Treasurer and Program Manager have designed 3 Age-Based Portfolios, 7 Target Portfolios, 36 32 Individual Fund Portfolios, and 15 Individual Fund ETF Portfolios. The Age-Based and Target Portfolios invest in specified allocations of equity, real estate, fixed income, bank deposit, and/ or and/or money market Underlying Investments, and the Individual Fund Portfolios and Individual Fund ETF Portfolios invest in a single Underlying Investment. Account Owners do not own shares of the Underlying Investments or mutual funds, but rather own shares in a Portfolio of the Program. Working with your broker or other financial advisor you can choose a Portfolio that is tailored to meet your investment objectives and risk profile. Accounts in the Program are offered only through brokers or other financial advisors to allow you to obtain advice as to whether an investment in the Program is right for you. The Underlying Investments in a Portfolio may be modified from time to time by the Trustee in its sole discretion. DEFINITIONS OF KEY TERMS