The Moderate Track represents the least aggressive track of the three Age-Based Investment Tracks and may be appropriate for Account Owners who are comfortable sacrificing the potential for greater returns in exchange for the potential for less risk. This track initially invests in the Vanguard LifeStrategy Moderate Growth Fund (VSMGX), which seeks to provide capital appreciation and a low to moderate level of current income. When the Beneficiary reaches six (6) years of age, the Moderate Track transitions to the Vanguard LifeStrategy Conservative Growth Fund (VSCGX). When the Beneficiary reaches eleven (11) years of age, the Moderate Track transitions to the Vanguard LifeStrategy Income Fund (VASIX). When the Beneficiary reaches sixteen (16) years of age, all monies invested in the Moderate Track move to the Louisiana Principal Protection Fund (See description, above).

NOTE: It is possible that monies invested in this fund will lose value.

Somewhat more aggressive than the Moderate Track, the Growth Track initially invests in the Vanguard LifeStrategy Growth Fund (VASGX), which seeks to provide capital appreciation and some current income. When the Beneficiary reaches six (6) years of age, the Growth Track transitions to the Vanguard LifeStrategy Moderate Growth Fund (VSMGX). When the Beneficiary reaches eleven (11) years of age, the Growth Track transitions to the Vanguard LifeStrategy Conservative Growth Fund (VSCGX), which seeks to provide current income and low to moderate capital appreciation. When the Beneficiary reaches sixteen (16) years of age, all monies invested in the Growth Track move to the Louisiana Principal Protection Fund (See description, above).

NOTE: It is possible that monies invested in this fund will lose value.

The Aggressive Track, the most aggressive of the three Age-Based Investment Tracks, is designed for Account Owners who are willing to accept greater risk in exchange for the possibility of a higher rate of return. The Aggressive Track Fund uses the same funds used by the Growth Track Fund, but allows the principal to remain in the riskier funds longer. The Aggressive Track initially invests in the Vanguard LifeStrategy Growth Fund (VASGX), which seeks to provide capital appreciation and some current income. When the Beneficiary reaches nine (9) years of age, the Aggressive Track transitions to the Vanguard LifeStrategy Moderate Growth Fund (VSMGX). When the Beneficiary reaches thirteen (13) years of age, the Aggressive Track transitions to the Vanguard LifeStrategy Conservative Growth Fund (VSCGX), which seeks to provide current income and low to moderate capital appreciation. When the Beneficiary reaches sixteen (16) years of age, all monies invested in the Aggressive Track move to the Louisiana Principal Protection Fund (See description, above).

NOTE: It is possible that monies invested in this fund will lose value.

VINIX: Vanguard 500 Index Fund - Institutional Shares - Investment objective: Vanguard Institutional Index Fund seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, which is dominated by the stocks of large U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index.

NOTE: It is possible that monies invested in this fund will lose value.

VTWIX: Vanguard Total World Stock Index Fund - seeks to track the performance of a benchmark index that measures the investment return of global stocks. Investment strategy: The fund employs a passive management indexing investment approach designed to track the performance of the FTSE Global All Cap Index, a free-float-adjusted, market-capitalization-weighted index designed to measure the market performance of large- and mid-capitalization stocks of companies located around the world. The Index includes approximately 7,400 stocks of companies located in 47 countries, including both developed and emerging markets.

NOTE: It is possible that monies invested in this fund will lose value.

VITPX: Vanguard Institutional Total Stock Market Index Fund - seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index, which represents approximately 100% of the investible U.S. Stock market and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and NASDAQ. The fund invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.

NOTE: It is possible that monies invested in this fund will lose value.

VTSNX: Vanguard International Total Stock Market Index Fund - seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market –capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index includes approximately 7,718 stocks of companies located in 48 markets. As of October 31, 2022, the largest markets covered in the Index were Japan, the United Kingdom, Canada, China, France, and Switzerland (which made up approximately 15.4%, 10.1%, 8.1%, 7.1%, 6.5% and 6%, respectively, of the Index’s market capitalization). The Fund invests all, or substantially all, of its assets in the common stocks included in its target index.

NOTE: It is possible that monies invested in this fund will lose value.

VSCIX: Vanguard Small-Cap Index Fund - seeks to track the performance of a benchmark index that measures the investment return of small-capitalization stocks. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Small Cap Index, a broadly diversified index of stocks of smaller U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

NOTE: It is possible that monies invested in this fund will lose value.

VMCIX: Vanguard Mid-Cap Index Fund - seeks to track the performance of a benchmark index that measures the investment return of mid-capitalization stocks. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Mid Cap Index, a broadly diversified index of stocks of medium-size U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

NOTE: It is possible that monies invested in this fund will lose value.

VLISX: Vanguard Large-Cap Index Fund - seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Large Cap Index, a broadly diversified index predominantly made up of stocks of large U.S. companies. The fund attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.

NOTE: It is possible that monies invested in this fund will lose value.

VMFXX: Vanguard Federal Money Market Fund

NOTE: It is possible that monies invested in this fund will lose value.

VBIRX: Vanguard Short-Term Bond Index Fund Admiral Shares - employs a "passive management" investment approach designed to track the performance of the Bloomberg U.S. 1-5 year government/credit float adjusted index by investing in government, corporate and international dollar denominated bonds that have maturities between 1 and 5 years.

NOTE: It is possible that monies invested in this fund will lose value.

VBILX: Vanguard Intermediate-Term Bond Index Fund Admiral Shares - aims to track the Bloomberg U.S. 5-10 year government/credit float adjusted index by investing in bonds represented in the Index. This Index includes U.S. government, investment-grade corporate and international dollar-denominated bonds.

NOTE: It is possible that monies invested in this fund will lose value.

VASGX: Vanguard LifeStrategy® Growth Fund
80/20 Stocks to Bonds
Vanguard Total Stock Market Index Fund Investor Shares
Vanguard Total International Stock Index Fund Investor Shares
Vanguard Total Bond Market II Index Fund Investor Shares
Vanguard Total International Bond Index Fund Investor Shares

NOTE: It is possible that monies invested in this fund will lose value.

VSMGX: Vanguard LifeStrategy® Moderate Growth Fund
60/40 Stocks to Bonds
Vanguard Total Stock Market Index Fund Investor Shares
Vanguard Total Bond Market II Index Fund Investor Shares
Vanguard Total International Stock Index Fund Investor Shares
Vanguard Total International Bond Index Fund Investor Shares

NOTE: It is possible that monies invested in this fund will lose value.

VSCGX: Vanguard LifeStrategy® Conservative Growth Fund
40/60 Stocks to Bonds
Vanguard Total Bond Market II Index Fund Investor Shares
Vanguard Total Stock Market Index Fund Investor Shares
Vanguard Total International Bond Index Fund Investor Shares
Vanguard Total International Stock Index Fund Investor Shares

NOTE: It is possible that monies invested in this fund will lose value.

VASIX: Vanguard LifeStrategy® Income Fund
20/80 Stocks to Bonds
Vanguard Total Bond Market II Index Fund Investor Shares
Vanguard Total International Bond Index Fund Investor Shares
Vanguard Total Stock Market Index Fund Investor Shares
Vanguard Total International Stock Index Fund Investor Shares

NOTE: It is possible that monies invested in this fund will lose value.

VITPX: Vanguard Institutional Total Stock Market Index Fund - seeks to track the performance of a benchmark index that measures the investment return of the overall stock market. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the CRSP US Total Market Index, which represents approximately 100% of the investible U.S. Stock market and includes large-, mid-, small-, and micro-cap stocks regularly traded on the New York Stock Exchange and NASDAQ. The fund invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics. These key characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield.

NOTE: It is possible that monies invested in this fund will lose value.

VTSNX: Vanguard International Total Stock Market Index Fund - seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. Investment strategy: The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market –capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The Index includes approximately 7,718 stocks of companies located in 48 markets. As of October 31, 2022, the largest markets covered in the Index were Japan, the United Kingdom, Canada, China, France, and Switzerland (which made up approximately 15.4%, 10.1%, 8.1%, 7.1%, 6.5% and 6%, respectively, of the Index’s market capitalization). The Fund invests all, or substantially all, of its assets in the common stocks included in its target index.

NOTE: It is possible that monies invested in this fund will lose value.