SUPPLEMENT DATED OCTOBER 2015 TO THE USAA 529 COLLEGE SAVINGS PLAN TM PLAN DESCRIPTION AND PARTICIPATION AGREEMENT DATED AUGUST 2013 AS SUPPLEMENTED

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1 SUPPLEMENT DATED OCTOBER 2015 TO THE 529 COLLEGE SAVINGS PLAN TM PLAN DESCRIPTION AND PARTICIPATION AGREEMENT DATED AUGUST 2013 AS SUPPLEMENTED Please file this Supplement to the 529 COLLEGE SAVINGS PLAN TM Plan Description and Participation Agreement (Plan Description) with your records. All defined terms used in this Supplement have the same meanings as in the Plan Description, unless otherwise specified. The Average Annual Total Returns chart found on page 28 of the Plan Description has been updated to reflect returns as of June 30, Average Annual Total Returns for the Period Ended June 30, 2015 Fixed Allocation Portfolios* Age-Based Portfolios* 1 Year 3 Years 5 Years 10 Years Since Inception** Very Aggressive 0-2 Years 3.45% Aggressive Growth 3-4 Years 1.47% 11.22% 10.92% 5.84% 6.26% Growth 5-6 Years 1.27% 10.26% 10.21% 5.87% 6.33% Moderately Aggressive Years 1.03% 8.99% 9.26% 6.04% 6.39% Moderate Years 0.70% 7.88% 8.24% 5.91% 6.00% Moderately Conservative Years -1.23% Conservative Years -0.44% 3.80% 4.49% 4.54% 4.58% Very Conservative Years 0.00% In College 18+ Years 0.50% 3.29% 3.76% 4.03% 3.72% Preservation of Capital 0.00% 0.00% 0.00% 0.02% * Since the Plan s inception date, the Underlying s have changed and may change in the future. The Portfolios reflect the performance of Underlying s that are no longer included in the Portfolios. ** The inception date for the Very Aggressive, Moderately Conservative, and Very Conservative is March 27, 2015; Preservation of Capital Portfolio is September 1, 2009; and June 3, 2002, for all other 529 College Savings Plan Portfolios. + Prior to March 27, 2015, the Moderately Aggressive Portfolio was named the Moderate Portfolio and operated under a different investment objective and different investment strategies. ++ Prior to March 27, 2015, the Moderate Portfolio was named the Balanced Portfolio and operated under a different investment objective and different investment strategies. The tables found on pages 41 and 42 of the Plan Description have been updated to reflect the Estimated Underlying Expenses, Total Annual Asset-Based Fees, and Example of Investment Costs as of June 30, Annual Asset-Based Plan Fees Total Annual Estimated Asset-Based Fees Underlying (including Portfolio Expenses* Expenses)** Additional Investor Expenses Annual State Account Maintenance Fee*** Annual Minimumbalance Fee**** Investment Options (Portfolios) Very Aggressive 1.14% 1.14% $15 $15 Aggressive Growth 1.07% 1.07% $15 $15 Growth 1.01% 1.01% $15 $15 Moderately Aggressive 0.95% 0.95% $15 $15 Moderate 0.89% 0.89% $15 $15 Moderately Conservative 0.83% 0.83% $15 $15 Conservative 0.77% 0.77% $15 $15 Very Conservative 0.67% 0.67% $15 $15 In College 0.63% 0.63% $15 $15 Preservation of Capital 0.63% 0.63% $15 $15

2 * Each account in each Portfolio indirectly bears Underlying Expenses. Underlying Expenses include a mutual fund s investment advisory fees and administrative fees, which are paid to, and other expenses. Estimated Underlying Expenses are based on the weighted average of the expense ratio of each underlying mutual fund for that fund s most recent fiscal year as reported in the fund s current prospectus as of June 30, 2015 or, if such prospectus does not include the fund s expense ratio for its most recent fiscal year, as reported in the fund s annual report to shareholders for that year. The weighted average for each Portfolio other than the Preservation of Capital was determined by using the allocation of the Portfolio s assets in the underlying mutual funds as of June 30, For Preservation of Capital Portfolio, the weighted average was determined by assuming the allocation of all the Portfolio s assets in the Money Market. ** This total is assessed against assets over the course of the year and does not include the Annual State Account Maintenance Fee or the Annual Minimumbalance Fee. The Example of Investment Costs tables below show the approximate cost of investing in each of the Plan s Portfolios over 1-, 3-, 5-, and 10-year periods. *** Waived for Plan accounts owned by Nevada residents and Plan accounts with designated beneficiaries who are Nevada residents. **** Waived in certain circumstances as described above. Accounts Other than Nevada Resident Investment Options 1 Year 3 Years 5 Years 10 Years Very Aggressive $131 $407 $703 $1,536 Aggressive Growth $124 $385 $665 $1,456 Growth $118 $367 $633 $1,386 Moderately Aggressive $112 $348 $600 $1,316 Moderate $106 $329 $568 $1,246 Moderately Conservative $100 $310 $535 $1,175 Conservative $94 $291 $503 $1,104 Very Conservative $83 $259 $448 $985 In College $79 $247 $426 $936 Preservation of Capital $79 $247 $426 $936 Nevada Resident Accounts Investment Options 1 Year 3 Years 5 Years 10 Years Very Aggressive $116 $362 $628 $1,386 Aggressive Growth $109 $340 $590 $1,306 Growth $103 $322 $558 $1,236 Moderately Aggressive $97 $303 $525 $1,166 Moderate $91 $284 $493 $1,096 Moderately Conservative $85 $265 $460 $1,025 Conservative $79 $246 $428 $954 Very Conservative $68 $214 $373 $835 In College $64 $202 $351 $786 Preservation of Capital $64 $202 $351 $

3 SUPPLEMENT DATED FEBRUARY 2015 TO THE 529 COLLEGE SAVINGS PLAN TM PLAN DESCRIPTION AND PARTICIPATION AGREEMENT DATED AUGUST 2013 Please file this Supplement to the 529 COLLEGE SAVINGS PLAN TM Plan Description and Participation Agreement (Plan Description) with your records. All defined terms used in this Supplement have the same meanings as in the Plan Description, unless otherwise specified. Annual investment change limits Under the recently enacted federal law known as the Achieving a Better Life Experience Act of 2014 or the ABLE Act of 2014, you will be permitted to change the investment option for all or a portion of the assets in your account for any reason up to two times during each calendar year beginning in Accordingly, all references to the once per calendar year restriction found throughout this Plan Description and Participation Agreement should be changed to twice per calendar year

4 SUPPLEMENT DATED JANUARY 2015 TO THE 529 COLLEGE SAVINGS PLAN TM PLAN DESCRIPTION AND PARTICIPATION AGREEMENT DATED AUGUST 2013 Please file this Supplement to the 529 COLLEGE SAVINGS PLAN TM Plan Description and Participation Agreement (Plan Description) with your records. All defined terms used in this Supplement have the same meanings as in the Plan Description, unless otherwise specified. On December 2, 2013, Ascensus, Inc. acquired Upromise Investments, Inc. and its affiliates Upromise Investment Advisors, LLC. and Upromise Investments Recordkeeping Services, LLC. (the Upromise Entities ). Effective May 14, 2014, the names of the Upromise Entities related to the 529 College Savings Plan have changed as follows: Prior Entity Name Upromise Investments, Inc. Upromise Investment Advisors, LLC. New Entity Name Ascensus Broker Dealer Services, Inc. Ascensus Investment Advisors, LLC. Each reference to a Prior Entity Name in the Plan Description and Participation Agreement is hereby replaced with its corresponding New Entity Name. Each reference to the term Upromise as it is used to describe the Upromise Entities and their affiliates is hereby replaced with the term Ascensus College Savings. Upromise, Inc., which is not affiliated with the Ascensus College Savings companies, continues to offer the Upromise service under the name Upromise as described in the Plan Description and supplements thereto. The following information replaces the section entitled Ugift Give College Savings on page 15: You may invite family and friends to contribute to your Plan Accounts through Ugift Give College Savings, a Plan feature, either in connection with a special event or just to provide a gift to the Account Owner s designated beneficiary. Family and friends can either contribute on line through an electronic bank transfer or by mailing in the gift contribution coupon with a check made payable to Ugift 529 College Savings Plan. The minimum Ugift contribution is $15. Gift contributions associated with a special event will be held by the Program Manager upon receipt and transferred into your Account approximately three (3) business days after the special event. If the gift contribution is received less than two (2) business days prior to the special event, or if the gift contribution is not associated with a special event, then the gift contribution will be held for approximately five (5) business days before being transferred into your Account. Gift contributions through Ugift are subject to the general contribution limitations. Gift contributions will be invested according to the allocation on file for your Account at the time the gift contribution is transferred. There may be potential tax consequences of gift contributions to a Plan account. You and the gift giver should consult a tax advisor for more information. For more information about Ugift, visit usaa.com/529, or call the Plan at

5 The Average Annual Total Returns chart found on page 28 of the Plan Description has been updated to reflect returns as of September 30, Average Annual Total Returns for the Period Ended September 30, 2014 Fixed Allocation Portfolios* Age-Based Portfolios* 1 Year 3 Years 5 Years 10 Years Since Inception** Aggressive Growth 0-5 Years 9.20% 14.58% 10.19% 6.38% 6.30% Growth 6-8 Years 8.78% 13.33% 9.85% 6.40% 6.42% Moderate 9-11 Years 8.07% 11.80% 9.15% 6.53% 6.53% Balanced Years 7.50% 10.48% 8.45% 6.35% 6.17% Conservative Years 4.44% 5.38% 5.38% 4.85% 4.82% In College 18+ Years 3.63% 4.38% 4.36% 4.18% 3.87% Preservation of Capital 0.00% 0.00% 0.02% 0.02% * Since the Plan s inception date, the Underlying s have changed and may change in the future. The Portfolios reflect the performance of Underlying s that are no longer included in the Portfolios. ** The inception date for the Preservation of Capital Portfolio is September 1, 2009, and June 3, 2002, for all other 529 College Savings Plan Portfolios. Changes to Fixed Allocation Portfolios and Transfer of Assets in Age-Based Option On or about March 27, 2015, the Plan will begin offering new Fixed Allocation Portfolios and will rename two of the Fixed Allocation Portfolios as described below. In addition, assets in the Age-Based Portfolios will be transferred automatically to a new or existing Fixed Allocation Portfolio based on the age of the designated beneficiary as described below. The creation of the new Portfolios will expand the investment options available to the investor; and for investors in the Aged-Based option, it will provide a more gradual movement to more conservative Portfolios as the designated beneficiary ages. As a result of these changes, certain information in the Plan Description has been updated to reflect the new Portfolios and asset allocations. The Age-Based Portfolio beneficiary age bands are changing from: 0-5, 6-8, 9-11, 12-14, 15-17, 18+ years to 0-2, 3-4, 5-6, 7-8, 9-11, 12-13, 14-15, 16-17, 18+ years. You will automatically be shifted to the new Portfolio that corresponds with your designated beneficiary s age. Additionally, depending on the age of the designated beneficiary, you may be moved to a more aggressive or more conservative Portfolio due to the transition. Please refer to the table below and the Portfolios pie charts below for the target allocations. The Fixed Allocation Portfolios as described on page 21 of the Plan Description will be revised as follows: Very Aggressive, Aggressive Growth, Growth, Moderately Aggressive, Moderate, Moderately Conservative, Conservative, Very Conservative, In College, and Preservation of Capital. The three new Fixed Allocation Portfolios are: Very Aggressive, Moderately Conservative and Very Conservative. The following Fixed Allocations have been renamed: the Moderate Portfolio has been renamed to Moderately Aggressive Portfolio and the Balanced Portfolio has been renamed to Moderate Portfolio and each Portfolio s investment objective has been revised as set forth below. Since these changes have been initiated by the Plan, the transition to the newly designated Portfolios will occur automatically and will not count as your annual exchange. You are not required to take any action at the time of the transition. If, however, you would like to make a change to your investment strategy, you may choose to do so this year if you have not already made an investment exchange in 2015.

6 The description of each Plan Portfolio and its Investment Objective found on page 22 of the Plan Description will be revised as follows: Plan Portfolio Very Aggressive (Stocks 98%, Bonds 0%, Alternative Investments 2%, Cash 0%) Aggressive Growth (Stocks 83.5%, Bonds 14.5%, Alternative Investments 2%, Cash 0%) Growth (Stocks 71%, Bonds 27%, Alternative Investments 2%, Cash 0%) Moderately Aggressive (Stocks 58.5%, Bonds 39.5%, Alternative Investments 2%, Cash 0%) Moderate (Stocks 46%, Bonds 52%, Alternative Investments 2%, Cash 0%) Moderately Conservative (Stocks 33.5%, Bonds 64.5%, Alternative Investments 2%, Cash 0%) Conservative (Stocks 21%, Bonds 77%, Alternative Investments 2%, Cash 0%) Very Conservative (Stocks 8.5%, Bonds 81.5%, Alternative Investments 0%, Cash 10%) In College (Stocks 0%, Bonds 70%, Alternative Investments 0%, Cash 30%) Preservation of Capital (Money Market 100%) Investment Objective Seeks to maximize returns over time through long-term capital appreciation Seeks long-term capital appreciation Primarily seeks capital appreciation and secondarily seeks income Seeks capital appreciation and income, with more emphasis on growth Seeks to achieve a balance between capital appreciation and income Primarily seeks income and secondarily seeks capital appreciation Primarily seeks income and conservation of principal Seeks income and conservation of principal Seeks income and protection of principal Seeks protection of principal The pie charts found on pages of the Plan Description depicting the Fixed-Allocation and Aged-Based options will be revised to the following allocations: The pie charts under each heading represent target allocations for Portfolios found in the two different options, as labeled below. 1,2 Please see page 21 for a further description of each Portfolio.

7 Very Aggressive Portfolio Fixed Allocation Option Age of Designated Beneficiary 0-2 Years Age-Based Option Small Cap Stock 16.3% Value 10.2% International 29.4% Equity Fixed Income Alternative Investments Income Stock 10.2% Growth & Income 8.2% Growth 12.3% Real Return 2.0% Emerging Markets 11.4% Cash Aggressive Growth Portfolio Fixed Allocation Option Age of Designated Beneficiary 3-4 Years Age-Based Option Value 8.7% Small Cap Stock 13.9% International 25.1% Income Stock 8.7% Growth & Income 7.0% Growth 10.4% Real Return 2.0% High Income 1.5% Emerging Markets 9.7% Income 6.1% Intermediate -Term Bond 4.3% Short-Term Bond 2.6% 1 Each Portfolio has the ability to invest up to 5% of assets in cash or cash-type securities (high-quality, short-term debt securities issued by corporations, financial institutions, the U.S. Government or foreign governments). 2 The target investment mix shown for each option is subject to change by the Board at its discretion.

8 Growth Portfolio Fixed Allocation Option Age of Designated Beneficiary 5-6 Years Age-Based Option Value 7.4% Small Cap Stock 11.8% International 21.3% Income Stock 7.4% Growth & Income 5.9% Emerging Markets 8.3% Equity Fixed Income Alternative Investments Cash Growth 8.9% Real Return 2.0% High Income 2.8% Short-Term Bond 4.8% Income 11.3% Intermediate- Term Bond 8.1% Moderately Aggressive Portfolio Fixed Allocation Option Age of Designated Beneficiary 7-8 Years Age-Based Option Value 6.1% Income Stock 6.1% Small Cap Stock 9.8% International 17.6% Emerging Markets 6.8% Growth & Income 4.9% Growth 7.3% Real Return 2.0% High Income 4.1% Short-Term Bond 7.1% Income 16.5% Intermediate -Term Bond 11.8%

9 Moderate Portfolio Fixed Allocation Option Age of Designated Beneficiary 9-11 Years Age-Based Option Income Stock 4.8% Growth & Inocme 3.8% Growth 5.8% Real Return 2.0% High Income 5.5% Value 4.8% Small Cap Stock 7.7% International 13.8% Emerging Markets 5.3% Income 21.7% Equity Fixed Income Short- Term Bond 9.3% Intermediate- Term Bond 15.5% Alternative Investments Cash Moderately Conservative Portfolio Fixed Allocation Option Age of Designated Beneficiary Years Age-Based Option Income Stock 3.5% Growth & Income 2.8% Growth 4.2% Real Return 2.0% High Income 6.8% Value 3.5% Small Cap Stock 5.6% International 10.1% Emerging Markets 3.9% Income 26.9% Short- Term Bond 11.5% Intermediate- Term Bond 19.2%

10 Conservative Portfolio Fixed Allocation Option Age of Designated Beneficiary Years Age-Based Option Income Stock 2.2% Growth & Income 1.7% Growth 2.6% Real Return 2.0% High Income 8.1% Value 2.2% Small Cap Stock 3.5% International 6.3% Emerging Markets 2.5% Income 32.1% Short-Term Bond 13.8% Equity Fixed Income Alternative Investments Intermediate-Term Bond 23.0% Cash Very Conservative Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary Years Age-Based Option Value 0.9% Income Stock 0.9% Growth & Income 0.7% Growth 1.1% Money Market Small Cap 10.0% Stock 1.4% International 2.5% Emerging Markets 1.0% Income 8.1% Short-Term Bond 73.4% 3 The Very Conservative Portfolios investment in the Money Market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the seeks to preserve the value of the investment at $1 per share, it is possible that the Portfolios may lose money by investing in the.

11 In College Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary 18+ Years Age-Based Option Money Market 30.0% Income 7.0% Equity Fixed Income Alternative Investments Cash Short- Term Bond 63.0% Preservation of Capital Portfolio 3 Equity Fixed Income Alternative Investments Cash 100% 3 The, In College and Preservation of Capital Portfolios investment in the Money Market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the seeks to preserve the value of the investment at $1 per share, it is possible that the Portfolios may lose money by investing in the. The tables found on pages 41 and 42 of the Plan Description have been updated to reflect the Estimated Underlying Expenses, Total Annual Asset-Based Fees, and Example of Investment Costs as of September 30, These tables will be in effect until the new Fixed Allocation Portfolios are offered, on or about March 27, 2015.

12 Annual Asset-Based Plan Fees Total Annual Estimated Asset-Based Underlying Fees (including Portfolio Expenses* Expenses)** Additional Investor Expenses Annual State Account Maintenance Fee*** Annual Minimum-balance Fee**** Investment Options (Portfolios) Aggressive Growth 1.05% 1.05% $15 $15 Growth 1.01% 1.01% $15 $15 Moderate 0.95% 0.95% $15 $15 Balanced 0.91% 0.91% $15 $15 Conservative 0.76% 0.76% $15 $15 In College 0.72% 0.72% $15 $15 Preservation of Capital 0.63% 0.63% $15 $15 * Each account in each Portfolio indirectly bears Underlying Expenses. Underlying Expenses include a mutual fund s investment advisory fees and administrative fees, which are paid to, and other expenses. Estimated Underlying Expenses are based on the weighted average of the expense ratio of each underlying mutual fund for that fund s most recent fiscal year as reported in the fund s current prospectus as of the date of this Plan Description or, if such prospectus does not include the fund s expense ratio for its most recent fiscal year, as reported in the fund s annual report to shareholders for that year. The weighted average for each Portfolio other than the Preservation of Capital was determined by using the allocation of the Portfolio s assets in the underlying mutual funds as of September 30, For Preservation of Capital Portfolio, the weighted average was determined by assuming the allocation of all the Portfolio s assets in the Money Market. ** This total is assessed against assets over the course of the year and does not include the Annual State Account Maintenance Fee or the Annual Minimum-balance Fee. The Example of Investment Costs tables below show the approximate cost of investing in each of the Plan s Portfolios over 1-, 3-, 5-, and 10-year periods. *** Waived for Plan accounts owned by Nevada residents and Plan accounts with designated beneficiaries who are Nevada residents. **** Waived in certain circumstances as described on page 40 of the Plan Description. Accounts Other than Nevada Resident Investment Options 1 Year 3 Years 5 Years 10 Years Aggressive Growth $122 $379 $654 $1,433 Growth $118 $367 $633 $1,386 Moderate $112 $348 $600 $1,316 Balanced $108 $335 $579 $1,270 Conservative $93 $288 $497 $1,092 In College $89 $275 $476 $1,044 Preservation of Capital $79 $247 $426 $936 Nevada Resident Accounts Investment Options 1 Year 3 Years 5 Years 10 Years Aggressive Growth $107 $334 $579 $1,283 Growth $103 $322 $558 $1,236 Moderate $97 $303 $525 $1,166 Balanced $93 $290 $504 $1,120 Conservative $78 $243 $422 $942 In College $74 $230 $401 $894 Preservation of Capital $64 $202 $351 $786

13 Upon the launch of the new Fixed Allocation Portfolios as described above, on or about March 27, 2015, the above tables will be replaced with the below tables to reflect the Estimated Underlying Expenses, Total Annual Asset-Based Fees, and Example of Investment Costs of the Portfolios as of September 30, Annual Asset-Based Plan Fees Total Annual Asset-Based Estimated Fees Underlying (including Portfolio Expenses* Expenses)** Additional Investor Expenses Annual State Account Maintenance Fee*** Annual Minimum-balance Fee**** Investment Options (Portfolios) Very Aggressive 1.16% 1.16% $15 $15 Aggressive Growth 1.09% 1.09% $15 $15 Growth 1.03% 1.03% $15 $15 Moderately Aggressive 0.97% 0.97% $15 $15 Moderate 0.91% 0.91% $15 $15 Moderately Conservative 0.85% 0.85% $15 $15 Conservative 0.79% 0.79% $15 $15 Very Conservative 0.68% 0.68% $15 $15 In College 0.63% 0.63% $15 $15 Preservation of Capital 0.63% 0.63% $15 $15 * Each account in each Portfolio indirectly bears Underlying Expenses. Underlying Expenses include a mutual fund s investment advisory fees and administrative fees, which are paid to, and other expenses. Estimated Underlying Expenses are based on the weighted average of the expense ratio of each underlying mutual fund for that fund s most recent fiscal year as reported in the fund s current prospectus as of the date of this Plan Description or, if such prospectus does not include the fund s expense ratio for its most recent fiscal year, as reported in the fund s annual report to shareholders for that year. The weighted average for each Portfolio other than the Preservation of Capital was determined by using the allocation of the Portfolio s assets in the underlying mutual funds as of September 30, For Preservation of Capital Portfolio, the weighted average was determined by assuming the allocation of all the Portfolio s assets in the Money Market. ** This total is assessed against assets over the course of the year and does not include the Annual State Account Maintenance Fee or the Annual Minimum-balance Fee. The Example of Investment Costs tables below show the approximate cost of investing in each of the Plan s Portfolios over 1-, 3-, 5-, and 10-year periods. *** Waived for Plan accounts owned by Nevada residents and Plan accounts with designated beneficiaries who are Nevada residents. **** Waived in certain circumstances as described above. Accounts Other than Nevada Resident Investment Options 1 Year 3 Years 5 Years 10 Years Very Aggressive $133 $413 $713 $1,559 Aggressive Growth $126 $392 $676 $1,479 Growth $120 $373 $644 $1,409 Moderately Aggressive $114 $354 $611 $1,340 Moderate $108 $335 $579 $1,270 Moderately Conservative $102 $316 $546 $1,199 Conservative $96 $297 $514 $1,128 Very Conservative $84 $263 $454 $997 In College $70 $247 $426 $936 Preservation of Capital $79 $247 $426 $936

14 Nevada Resident Accounts Investment Options 1 Year 3 Years 5 Years 10 Years Very Aggressive $118 $368 $638 $1,409 Aggressive Growth $111 $347 $601 $1,329 Growth $105 $328 $569 $1,259 Moderately Aggressive $99 $309 $536 $1,190 Moderate $93 $290 $504 $1,120 Moderately Conservative $87 $271 $471 $1,049 Conservative $81 $252 $439 $978 Very Conservative $69 $218 $379 $847 In College $64 $202 $351 $786 Preservation of Capital $64 $202 $351 $786 Effective on or about March 27, 2015, all references to the Precious Metals and Minerals found on pages are hereby deleted

15 SUPPLEMENT DATED NOVEMBER 2013 TO THE 529 COLLEGE SAVINGS PLAN TM PLAN DESCRIPTION AND PARTICIPATION AGREEMENT DATED AUGUST 2013 Please file this Supplement to the 529 COLLEGE SAVINGS PLAN TM Plan Description and Participation Agreement (Plan Description) with your records. All defined terms used in this Supplement have the same meanings as in the Plan Description, unless otherwise specified. On or about January 14, 2014, the information found on pages of the Plan Description is hereby deleted and replaced with the following: The pie charts under each heading represent target allocations for Portfolios found in the two different options, as labeled below. 1,2 Please see page 21 for a further description of each Portfolio. Aggressive Growth Portfolio Fixed Allocation Option Age of Designated Beneficiary 0-5 Years Age-Based Option Small Cap Stock 9.0% Value 7.2% International 22.5% Equity Fixed Income Alternatives Cash Income Stock 7.2% Growth & Income 9.0% Growth 12.6% Real Return 2.0% High Income 5.0% Emerging Markets 7.5% Precious Metals and Minerals 2.0% Income Intermediate- 10.3% Term Bond 5.7% Growth Portfolio Fixed Allocation Option Age of Designated Beneficiary 6-8 Years Age-Based Option Value 6.2% Income Stock 6.2% Growth & Income 7.8% Small Cap Stock 7.8% Growth 10.9% Real High Return Income 2.0% 5.0% International 19.5% Emerging Markets 6.5% Precious Metals and Minerals 2.0% Intermediate -Term Bond 16.2% Income 9.8% 1 Each Portfolio has the ability to invest up to 5% of assets in cash or cash-type securities (high-quality, short-term debt securities issued by corporations, financial institutions, the U.S. Government or foreign governments). 2 The target investment mix shown for each option is subject to change by the Board at its discretion.

16 Moderate Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary 9-11 Years Age-Based Option Value 5.3% Income Stock 5.3% Growth & Income 6.6% Growth 9.2% Small Cap Stock 6.6% Money Market 2.0% International 16.5% Emerging Markets 5.5% Income 22.7% Precious Metals and Minerals 2.0% Equity Fixed Income Alternatives Real Return 2.0% High Income 5.0% Intermediate- Term Bond 11.3% Cash Balanced Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary Years Age-Based Option Small Cap Stock 5.4% Value 4.3% Income Stock 4.3% Growth & Income 5.4% Growth 7.6% Money Market 2.0% International 13.5% Emerging Markets 4.5% Precious Metals and Minerals 2.0% Income 18.1% Real Return 2.0% High Income 5.0% Short- Term Bond 9.0% Intermediate- Term Bond 16.9% 3 The Moderate, Balanced, Conservative, In College, and Preservation of Capital Portfolios investment in the Money Market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the seeks to preserve the value of the investment at $1 per share, it is possible that the Portfolios may lose money by investing in the.

17 Conservative Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary Years Age-Based Option Small Cap Stock 1.8% Value 1.4% Income Stock 1.4% Growth & Income 1.8% Money Market 10.0% International 4.5% Emerging Markets 1.5% Precious Metals and Minerals 2.0% Income 12.1% Growth 2.5% Real Return 2.0% Intermediate- Term Bond 16.5% Equity Fixed Income High Income 5.0% Short- Term Bond 37.4% Alternatives Cash In College Portfolio 3 Fixed Allocation Option Age of Designated Beneficiary 18+ Years Age-Based Option Money Market 30.0% Small Cap Stock 1.2% Value 1.0% Income Stock 1.0% Growth & Income 1.2% Growth 1.7% International 3.0% Real Return 2.0% High Income 5.0% Emerging Markets 1.0% Income 9.0% Intermediate- Term Bond 13.5% Short- Term Bond 30.5% 3 The Moderate, Balanced, Conservative, In College, and Preservation of Capital Portfolios investment in the Money Market is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the seeks to preserve the value of the investment at $1 per share, it is possible that the Portfolios may lose money by investing in the. All references to the Aggressive Growth found on pages are hereby deleted

18 529 COLLEGE SAVINGS PLAN TM Plan Description and Participation Agreement August 2013 Sponsored by the State of Nevada Administered by Nevada State Treasurer Kate Marshall Investment Products Offered Are Not FDIC Insured May Lose Value Are Not Bank Guaranteed

19 DEFINITION OF TERMS Capitalized terms used in this Plan Description document have the following meanings: Account: an Account established in the Plan by an Account Owner. Account Owner: To establish an Account in the Plan, the Account Owner must either be (1) a natural person of legal age who is either a U.S. citizen or resident alien and has a valid Social Security number (or taxpayer identification number) with the authority to open an individual account, or (2) a natural person of legal age with the authority to act as a custodian for a UGMA/UTMA account or as a trustee for a trust. Act: Chapter 353B of the Nevada Revised Statutes, as amended. Board: the Board of Trustees of the College Savings Plans of Nevada (the Board), which is chaired by Nevada State Treasurer Kate Marshall, administers the Trust. Cash Form: The only acceptable forms of contributions are those made by check, Automatic Investment Plan (AIP), payroll deduction including government allotments, electronic funds transfer (EFT), or federal wire. Code: United States Internal Revenue Code of 1986, as amended from time to time. There are references to various sections of the Code throughout the document, including Section 529 as it exists and may subsequently be amended and regulations adopted under it. Current Portfolio: the assets in the Portfolio in which you are currently invested. Eligible Institutions of Higher Education: Generally, an institution as defined in the Code includes accredited post-secondary educational institutions in the United States or abroad offering credit toward an associate s degree, a bachelor s degree, a graduate level or professional degree, or another recognized post-secondary credential, and certain post-secondary vocational and proprietary institutions. The institution must be eligible to participate in U.S. Department of Education student financial aid programs. For additional information, please visit Maximum Contribution Limit: The Maximium Contribution Limit is currently $370,000. (For purposes of the Maximum Contribution Limit, balances for all accounts for the same designated beneficiary under all 529 savings plans sponsored by the State of Nevada are aggregated.) Member of the Family: For purposes of changing the designated beneficiary, a member of the family of the designated beneficiary is defined by the Code as: Father, mother, or an ancestor of either, Son, daughter, or a descendant of either, Stepfather or stepmother, Stepson or stepdaughter, Brother, sister, stepbrother, or stepsister, Brother or sister of the father or mother, Brother-in-law, sister-in-law, son-in-law, daughter-in-law, father-in-law, or mother-in-law, Son or daughter of a brother or sister, 1

20 Spouse of the designated beneficiary or any of the individuals mentioned above, or First cousin. For purposes of this definition, a legally adopted child of an individual shall be treated as the child of such individual by blood and a half-brother or half-sister is treated as a brother or sister. Plan: The 529 College Savings Plan. Program Manager: The Program Manager of the Plan is Upromise Investments, Inc. Portfolio: The investment options available to Account Owners. Section 529: Section 529 of the Internal Revenue Code of 1986, as amended from time to time (Code), and any regulations and other guidance issued thereunder Trust: The Nevada College Savings Trust. Trust Interests: Municipal fund securities, which are issued by the Trust in exchange for contributions. UGMA/UTMA: an account created under the Uniform Gifts to Minors Act or the Uniform Transfers to Minors Act of any state. Upromise: Upromise is used to refer collectively or individually, as the case requires, to Upromise Investments, Inc. and its affiliates, Upromise Investment Advisors, LLC, and Upromise, Inc. that serve as Program Manager to the Plan. : is used to refer collectively or individually, as the case requires, to Investment Management Company and its affiliates. 2

21 Interests in the Plan are municipal fund securities issued by the Nevada College Savings Trust (Trust) administered by the Board of Trustees of the College Savings Plans of Nevada (Board), which is chaired by Nevada State Treasurer Kate Marshall. The Plan, which is within the Trust, is administered by the Board and is managed by Upromise Investments, Inc. (Upromise). Interests in the Plan (Trust Interests) are sold exclusively by Investment Management Company (). Trust Interests in the Plan have not been registered with the Securities and Exchange Commission or any other federal or state governmental agency. Trust Interests in the Plan are not guaranteed by the State of Nevada, the Board or any other governmental entities, or or Upromise or any of their respective affiliates. The information shown in the Plan Highlights is only a summary of the 529 College Savings Plan (Plan). More detailed information about the Plan, including the Portfolios (defined below) and the underlying funds in which they invest, investment risks, tax consequences, and how to invest, are described in the pages that follow. Please read this entire Plan Description before investing. PLAN HIGHLIGHTS Minimum Initial Contribution Minimum Subsequent Contribution Maximum Contribution Limit Nevada Residency Requirement Age Limits School Eligibility Tax Advantages $250 one time contribution $50 with the establishment of a $50 monthly automatic investment plan or payroll deduction, $15 through Ugift (See Contributions on page 13 for details.) $370,000 Maximum Contribution Limit (For purposes of the Maximum Contribution Limit, balances for all accounts for the same designated beneficiary under all 529 savings plans sponsored by the State of Nevada are aggregated.) (See Maximum Contribution on page 17 for details.) None None the designated beneficiary may be any age, from newborn to adult. Savings may be used at any eligible post-secondary school in the United States or abroad. This Program Description does not contain tax advice. You should consult your tax advisor for more information. Federal tax-deferred growth. No federal tax on qualified withdrawals. No gift tax on contributions up to $70,000 ($140,000 for spouses electing to split gifts) prorated over five years. Contributions are considered completed gifts for federal gift and estate tax purposes. (See Federal Taxation of Section 529 Plan Contributions and Withdrawals on page 37 for details. Also, see State Taxes and Other Considerations on page 39 and the discussion generally in Tax Treatment of Investments and Withdrawals beginning on page 36.) 3

22 Qualified Withdrawals Non-qualified Withdrawals Transfers Fees and Expenses Use your savings to pay for qualified higher education expenses including tuition, certain room and board, expenses, fees, supplies, and equipment required for enrollment by a designated beneficiary at any eligible school in the United States or abroad (including expenses for special needs services for a special needs beneficiary incurred in connection with such attendance). (See Withdrawals on page 29 for details.) An account owner (Account Owner) may make withdrawals from his or her account or close his or her account by notifying the Program Manager, although under federal law, the earnings portion of non-qualified withdrawals will be subject to an additional 10 percent federal tax penalty on earnings, in addition to federal and any applicable state taxes that may otherwise be due. In the event of a withdrawal, the net asset value of the withdrawal is calculated at the next close of business of the NYSE after the Program Manager s receipt of the request in good order (as determined by the Program Manager). (See Non-Qualified Withdrawals on page 31 for details.) (1) Transfers to a Plan account of a new designated beneficiary who is a Member of the Family of the original designated beneficiary will not be subject to federal income tax or penalty if made within 60 days of distribution. (2) Direct transfers within the Plan for the benefit of the same designated beneficiary will be treated as a nontaxable reallocation allowance only once per calendar year rather than as a tax-free Rollover or transfer. (See Rollover Contributions and Other Transfers on page 15 for details.) Total Annual Asset-Based Fees of each Portfolio consist of the Portfolio s pro rata share of the expenses of the underlying fund(s) in which the Portfolio invests, excluding the Annual State Account Maintenance Fee and the Annual Minimum-balance Fee. All accounts are subject to a $15 Annual State Account Maintenance Fee, unless the Account Owner or designated beneficiary is a Nevada resident, in which case, the Annual State Account Maintenance Fee is waived for such Plan account. Some accounts may also be assessed a $15 Annual Minimum-balance Fee. (See Plan Fees and Expenses on page 39 for details.) 4

23 Investment Options and Performance Account Owners can choose from eight different investment options -- one of six Fixed Allocation options (each a Portfolio), an Age-Based option, and a Preservation of Capital option (a Portfolio) -- or a combination of these options. The Fixed Allocation options are: Aggressive Growth Portfolio Growth Portfolio Moderate Portfolio Balanced Portfolio Conservative Portfolio In College Portfolio Age-Based Option (See Investment Options on page 19 for details.) Plan and Portfolio Risks Who s Who in the 529 College Savings Plan Contact Information The 529 College Savings Plan is an investment vehicle. Accounts in the Plan are subject to certain risks. In addition, certain Portfolio options carry more and/or different risks than others. Account Owners should weigh such risks with the understanding that they could arise at any time during the life of an account. Such risks include, but are not limited to, (i) the risk of investment losses; (ii) the risk of federal tax law changes; (iii) the risk of state tax law changes; (iv) the risk of Plan changes including changes in fees and/or expenses; and (v) the risk that contributions to the Plan may adversely affect the eligibility of the designated beneficiary and/or the Account Owner for financial aid or other benefits, e.g., Medicaid or other state and federal benefits. (See Plan and Portfolio Risks on page 43 for details.) The 529 College Savings Plan is offered by The Nevada College Savings Trust. The Trust is administered by the Board, which is chaired by Nevada State Treasurer Kate Marshall. The Plan is administered by Upromise Investments, Inc. Investment Management Company provides investment management services to the Board, and markets and distributes the Plan. The Program Management Agreement between Upromise Investments, Inc. and its affiliates and the Board expires in College Savings Plan P.O. Box Boston, MA usaa.com/

24 IMPORTANT NOTICES Tax Considerations Depending upon the laws of your home state or the home state of the designated beneficiary, favorable state tax treatment or other benefits offered by such home state for investing in 529 college savings plans may be available only if you invest in the home state s college savings plan. Since different states have different tax provisions, this Plan Description contains limited information about the state tax consequences of investing in the Plan. Therefore, you should consult with your financial, tax, or other adviser to learn more about how state-based benefits (including any limitations) would apply to your specific circumstances. You also may wish to contact your home state s 529 plan(s), or any other 529 plan, to learn more about those plans features, benefits and limitations. Keep in mind that any state-based benefit offered with respect to a particular 529 college savings plan should be one of many appropriately weighted factors to be considered in making an investment decision. Tax Disclaimer In order to comply with Treasury Department regulations, we advise you that this Plan Description is not intended to constitute, nor does it constitute, legal or tax advice. This Plan Description was developed to support the marketing of the 529 College Savings Plan and cannot be relied upon for purposes of avoiding the payment of federal tax penalties. You should consult your legal or tax advisor about the impact of these rules on your individual situation. Privacy Policy Investment Management Company considers the privacy and security of the nonpublic, personal information it holds concerning each Account Owner and designated beneficiary of the Plan a top priority. provides marketing, sales, and related support for the Plan. will not disclose nonpublic, personal information to anyone except as permitted by law. may share certain nonpublic information it collects with affiliates, as well as with non-affiliated third parties in certain limited instances; and you are afforded an opportunity to opt out of certain sharing or use, all of which is more fully described in s Privacy Promise, which is included with the account opening materials. Privacy Policy Board of Trustees of the College Savings Plans of Nevada and Upromise The Board considers the privacy and security of the nonpublic, personal information it holds concerning each Account Owner and designated beneficiary of this Plan a top priority. The Board has also received an assurance from Upromise, its Program Manager, that it is also a top priority for Upromise. Specifically, the Board and Upromise adhere to the following privacy policy for the benefit of current and past Account Owners and designated beneficiaries: The types of nonpublic, personal information collected by the Board and Upromise may include: Information the Account Owner or designated beneficiary provides to the Plan on the application or otherwise, such as name, address, and Social Security number; Information the Board, Upromise and may acquire as a result of administering an account, such as transactions (contributions or distributions) or account balances; and Information from third parties, such as credit agencies. Neither the Board nor Upromise will disclose such nonpublic, personal information to anyone except as permitted by law. The Account Owner should also carefully review the privacy policy of, which is referenced above and more fully described in the account opening materials and 6

25 the privacy policy of Upromise below. Privacy policies may be modified or supplemented at anytime. Privacy Policy Upromise Under the terms of the Direct Program Management Agreement between Upromise and the Board, Upromise is required to treat all Account Owner and beneficiary information confidentially. Upromise is prohibited from using or disclosing such information, except as may be necessary to perform its obligations under the terms of its contract with the Board, or if required by applicable law, by court order, or other such order. Security The Board, Upromise, and maintain appropriate physical, electronic, and procedural safeguards to protect this nonpublic, personal information about Account Owners and beneficiaries. Individual Advice No investment recommendation or advice received by the Account Owner from or any other person is provided by, or on behalf of, the State of Nevada, the Board, the Plan, or Upromise or its affiliates. Plan Description Information The information in this Plan Description is believed to be accurate as of the cover date, but is subject to change without notice. Account Owners should rely only on the information contained in this Plan Description. No one is authorized to provide information that is different from the information in the most current form of this Plan Description. Statements contained in this Plan Description that involve estimates, forecasts, or matters of opinion, whether or not expressly so described herein, are intended solely as such and are not to be construed as representations of facts. This Plan Description does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of a security in the Plan by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation, or sale. Investment Risk Plan accounts involve investment risk, including the possible loss of principal. Account Owner Interest Account Owners and designated beneficiaries do not have access or rights to any assets of the State of Nevada or any assets of the Trust other than assets credited to the account of that Account Owner for that designated beneficiary. See Plan and Portfolio Risks on page 43. Special Considerations The Board reserves the right to: Refuse, change, discontinue, or temporarily suspend account services including accepting contributions and processing withdrawal requests, for any reason. Delay sending out the proceeds of a withdrawal request for up to seven calendar days (this generally applies only to very large redemptions without notice or during unusual market conditions). 7

26 Suspend or postpone payment of the proceeds of withdrawal requests when the New York Stock Exchange (NYSE) is closed for any reason other than its usual weekend or holiday closings, when the Securities and Exchange Commission (SEC) restricts trading, or when any emergency circumstances exist. Change the Plan s fees and charges. Add, subtract, terminate or merge Portfolios, or change the Portfolios included in the Age-Based and Fixed Allocation Options, the asset allocation of the Portfolios, or the underlying funds in which any Portfolio invests. Terminate an account if the Board determines that the Account Owner or the designated beneficiary has provided false or misleading information to the Board, the Program Manager, or an eligible institution of higher education. Add a new, or replace the current, Program Manager. Read this Plan Description and Participation Agreement carefully before you invest or send money. This Plan Description contains information you should know before participating in the Plan, including information about fees and risks. Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or passed upon the adequacy of this Plan Description. Any representation to the contrary is a criminal offense. This Plan Description contains important information concerning the following topics: (i) fees and costs (See page 39 for details.); (ii) investment options and investment managers and how and when the Board may change these (See page 19 for details.); (iii) Portfolio investment performance (See page 28 for details.); (iv) federal and state tax considerations (See page 37 for details.); (v) risk factors (See page 43 for details.); and (vi) limitations or penalties imposed by the Plan upon transfers between investment options, transfers to other Nevada sponsored plans, transfers to other Section 529 plans or non-qualified distributions generally (See pages 16 and 31 for details. Also, see State Taxes and Other Considerations on page 39 and the discussion generally in Tax Treatment of Investments and Withdrawals beginning on page 37.). 8

27 TABLE OF CONTENTS Definitions of Terms... 1 Plan Highlights... 3 Important Notices... 6 Table Of Contents... 9 Introduction The Application Process Contributions Methods Of Contribution Contributions by Check Automatic Investment Plan (AIP) Direct Deposits from Payroll Electronic s Transfer (EFT) Ugift Give College Savings Rollover Contributions and Other Transfers Rollovers Plan Transfers for the Account of a New Designated Beneficiary Plan Transfers for the Same Designated Beneficiary Transfer into a Plan Account from Another Plan Within the Trust for the Benefit of a New Designated Beneficiary Transfer into a Plan Account from Another Plan Within the Trust for the Benefit of the Same Designated Beneficiary Transfers from a Coverdell Education Savings Account Transfers from Series I or EE Bonds Maximum Contribution Excess Contributions Contribution Policies and Fees Ownership of Contributions and Earnings No Assignments or Pledges Account Restrictions Change of Account Owner Investment Options General Fixed Allocation Option Age-Based Option Preservation of Capital Option Portfolio Performance Information Investment Policies Statements and Reporting Changing the Designated Beneficiary Withdrawals Qualified Withdrawals Procedures for Qualified Withdrawals Qualified Higher Education Expenses Refunds Non-Qualified Withdrawals Procedures for Non-Qualified Withdrawals Other Withdrawals Death of Designated Beneficiary Disability of Designated Beneficiary Receipt of Scholarship Rollover Distributions Appointment at Certain Specified Military Academies Use of Education Tax Credits Transfers to Another College Savings Plan Sponsored by the State of Nevada Records Retention Residual Account Balances