Common use of Omnibus Accounts Clause in Contracts

Omnibus Accounts. You may invest indirectly in the Program through a broker- dealer that maintains a master account (an “Omnibus Account”) with the Program on behalf of its customers. Trades made by the customers of such a broker-dealer are typically aggregated by the broker-dealer for transmission to the Program. Under an Omnibus Account arrangement, your broker-dealer maintains an Account for you on its own books and performs all services in connection with your participation in the Program. Services performed by your broker-dealer include accepting and processing initial and subsequent Account contributions and distribution requests; delivering financial reports, statements, tax reports and other information; and maintaining all records of your participation in the Program. All Program features, privileges, services, and restrictions described in this Program Disclosure Statement may not apply or be available to you, and you may be subject to policies and procedures established by your broker-dealer that are not described in this Program Disclosure Statement. Contact your financial advisor for additional information. The Program Manager or the Distributor may also pay service fees from their own assets to a broker-dealer who maintains Omnibus Accounts on behalf of their customers. Individual Fund ETF Portfolios - Fee Structure F What are the Individual Fund ETF Portfolios? Fee Structure F has 15 additional Individual Fund Portfolios that invest in exchange-traded funds. The Individual Fund ETF Portfolios are available only under Fee Structure F. Fee Structure F is available to Account Owners who establish an Account through registered investment advisors or other financial advisors that are compensated through payment of an hourly fee or a percentage of assets under management. Each Individual Fund ETF Portfolio invests solely in shares of a single Underlying Investment. You may allocate your Contributions to an Account among one or more Individual Fund ETF Portfolios according to your investment objective and risk tolerance. Because each Individual Fund ETF Portfolio invests in a single Underlying Investment, the performance of such Individual Fund ETF Portfolio is based solely on the performance of the Underlying Investment in that Portfolio. Consequently, the performance of each of the Individual Fund ETF Portfolios may be more volatile than that of the Target or Age-Based Portfolios. Portfolios may (a) invest in registered or unregistered funds; (b) have their assets managed in a separate account in accordance with the Program Management Agreement and Investment Policy Statement; or (c) include a combination of (a) and (b). Account Owners do not own shares of the Underlying Investments directly, but rather, own shares in a Portfolio of the Program. The Underlying Investment in which each Individual Fund ETF Portfolio is invested are set forth in “Exhibit C – Underlying Exchange Traded Fund Information.” The Individual Fund ETF Portfolios are designed for Account Owners seeking a more focused investment strategy. Additional information about the investment strategies and risks of each Underlying Investment is available in its current prospectus and statement of additional information. You can request a copy of the current prospectus, the statement of additional information, and most recent semiannual or annual report of any Underlying Investment by contacting the underlying mutual fund company. Please read it carefully before investing. The Individual Fund ETF Portfolios available for investment on the effective date of this Program Disclosure Statement are briefly described as follows: Fixed Income ETF 529 Portfolios Vanguard Short-Term Bond Index ETF 529 Portfolio – invests solely in the Vanguard Short-Term Bond Index ETF. Investment Objective: The fund seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. Primary Risks: Income risk, Interest rate risk, Credit risk, Index sampling risk, Liquidity risk. For a description of all risks, see Exhibit C. Vanguard Total Bond Market Index ETF 529 Portfolio - invests solely in the Vanguard Total Bond Market Index ETF.

Omnibus Accounts. You may invest indirectly in the Program through a broker- dealer that maintains a master account (an “Omnibus Account”) with the Program on behalf of its customers. Trades made by the customers of such a broker-dealer are typically aggregated by the broker-dealer for transmission to the Program. Under an Omnibus Account arrangement, your broker-dealer maintains an Account for you on its own books and performs all services in connection with your participation in the Program. Services performed by your broker-dealer include accepting and processing initial and subsequent Account contributions and distribution requests; delivering financial reports, statements, tax reports and other information; and maintaining all records of your participation in the Program. All Program features, privileges, services, and restrictions described in this Program Disclosure Statement may not apply or be available to you, and you may be subject to policies and procedures established by your broker-dealer that are not described in this Program Disclosure Statement. Contact your financial advisor for additional information. The Program Manager or the Distributor may also pay service fees from their own assets to a broker-dealer who maintains Omnibus Accounts on behalf of their customers. Individual Fund ETF Portfolios - Fee Structure F What are the Individual Fund ETF Portfolios? Fee Structure F has 15 additional Individual Fund Portfolios that invest in exchange-traded funds. The Individual Fund ETF Portfolios are available only under Fee Structure F. Fee Structure F is available to Account Owners who establish an Account through registered investment advisors or other financial advisors that are compensated through payment of an hourly fee or a percentage of assets under management. Each Individual Fund ETF Portfolio invests solely in shares of a single Underlying Investment. You may allocate your Contributions to an Account among one or more Individual Fund ETF Portfolios according to your investment objective and risk tolerance. Because each Individual Fund ETF Portfolio invests in a single Underlying Investment, the performance of such Individual Fund ETF Portfolio is based solely on the performance of the Underlying Investment in that Portfolio. Consequently, the performance of each of the Individual Fund ETF Portfolios may be more volatile than that of the Target or Age-Based Portfolios. Portfolios may (a) invest in registered or unregistered funds; (b) have their assets managed in a separate account in accordance with the Program Management Agreement and Investment Policy Statement; or (c) include a combination of (a) and (b). Account Owners do not own shares of the Underlying Investments directly, but rather, own shares in a Portfolio of the Program. The Underlying Investment in which each Individual Fund ETF Portfolio is invested are set forth in “Exhibit C – Underlying Exchange Traded Fund Information.” The Individual Fund ETF Portfolios are designed for Account Owners seeking a more focused investment strategy. Additional information about the investment strategies and risks of each Underlying Investment is available in its current prospectus and statement of additional information. You can request a copy of the current prospectus, the statement of additional information, and or the most recent semiannual or annual report of any Underlying Investment by contacting the underlying mutual fund company. Please read it carefully before investing. The Individual Fund ETF Portfolios available for investment on the effective date of this Program Disclosure Statement are briefly described as follows: Fixed Income ETF 529 Portfolios Vanguard Short-Term Bond Index ETF 529 Portfolio – invests solely in the Vanguard Short-Term Bond Index ETF. Investment Objective: The fund seeks to track the performance of a market-weighted bond index with a short-term dollar-weighted average maturity. Primary Risks: Income risk, Interest rate risk, Credit risk, Index sampling risk, Liquidity risk. For a description of all risks, see Exhibit C. Vanguard Total Bond Market Index ETF 529 Portfolio - invests solely in the Vanguard Total Bond Market Index ETF.