WIXLIB

0%4.80%1.20%1.40%22.00%8.00%6.00%4.00%40.00%In tive May 13, 2022, on page 19, the table “Allocations for the Index-Based Multi-FundPortfolios” is deleted and replaced with the following:Index-BasedMulti-Fund PortfolioIndex-BasedAggressive PortfolioIndex-BasedModerate PortfolioIndex-BasedConservative xReal EstateFundIndex uardShort-TermInflationProtectedSecuritiesIndex alEquity ngFund(VWEAX) AgreementEffective May 13, 2022, on page 19 of the Plan Description, the two paragraphs under the subheading “Investment Risks for each of the Three Index-Based Multi-Fund Portfolios” aredeleted in their entirety and replaced with the following:Through their investments in mutual funds and a funding agreement, the Index-Based Multi-FundPortfolios are subject to the following investment risks (in alphabetical order): Active ManagementRisk, Call Risk, Concentration Risk (includes Industry and Asset Concentration Risks), Credit Risk,Credit Spread Risk, Currency Risk, Downgrade Risk, Emerging Markets Risk, Extension Risk, FixedIncome Foreign Investment Risk, Floating and Variable Rate Securities Risk, Foreign Investment Risk,Illiquid Investments Risk, Income Volatility Risk, Index Risk, Interest Rate Risk, Investment Style Risk,Issuer Risk (sometimes referred to as Financial Risk), Large-Cap Risk, Market Risk, Market Volatility,Liquidity and Valuation Risk (types of Market Risk), Mid-Cap Risk, Nondiversification Risk, NonInvestment-Grade Securities Risk, Prepayment Risk, Real Interest Rate Risk, Small-Cap Risk, U.S.Government Securities Risk, and the risk that TIAA-CREF Life could fail to perform its obligationsunder the funding agreement for financial or other reasons.Effective May 13, 2022, on pages 24-25:The sub-heading “Stable Principal Investment Portfolios” is replaced with “Principal PlusInterest Investment Portfolio.”The Cash Equivalents and Bank CD Portfolio is merged with the Principal Plus Interest Portfolio.The section titled “Cash Equivalents and Bank CD Portfolio” is deleted in its entirety.The third paragraph under the section titled “Principal Plus Interest Portfolio” is deleted in itsentirety.Effective May 13, 2022, beginning on page 25 of the Plan Description, under the sub-heading“Explanation of the Investment Risks of Investment Portfolios,” the following new risks are addedin alphabetical order:Concentration Risk (includes Industry, and Asset Concentration Risks) — The risk that to theextent that a fund’s portfolio is concentrated in the securities of issuers in a particular market, industry(e.g., real estate), group of industries or sector, a fund may be adversely affected by the performanceof those securities, may be subject to increased price volatility and may be more susceptible toadverse economic, market, political or regulatory occurrences affecting that market, industry, group of5

industries or sector. To the extent that a fund is heavily weighted in its largest holdings, a fund’sperformance may be hurt disproportionately by the poor performance of relatively few stocks.Investment Style Risk — The risk that returns from the stocks of REITs and other real estate-relatedinvestments—which typically are small- or mid-capitalization stocks—will trail returns from the overallstock market. Historically, these stocks have performed quite differently from the overall market.LIBOR Risk — The risk associated with the transition away from LIBOR. Many financial instrumentsuse or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is theoffered rate for short-term Eurodollar deposits between major international banks. There remainsuncertainty regarding the future utilization of LIBOR and the nature of any replacement rate. Theelimination of LIBOR or changes to other reference rates or any other changes or reforms to thedetermination or supervision of reference rates could have an adverse impact on the market for, orvalue of, any securities or payments linked to those reference rates, which may adversely affect thefund’s performance and/or net asset value.Nondiversification Risk — A diversified investment company under the 1940 Act, may become nondiversified under the 1940 Act without shareholder approval when necessary to continue to track itsbenchmark index. Non-diversified status means that a fund can invest a greater percentage of itsassets in the securities of a single issuer than a diversified fund. A nondiversified fund has the abilityto invest a larger percentage of its assets in the securities of a smaller number of issuers than adiversified fund. As a result, poor performance by a single issuer could adversely affect fundperformance more than if the fund were invested in a larger number of issuers. A nondiversified fund’sshare price can be expected to fluctuate more than that of a similar fund that is more broadlydiversified.Real Interest Rate Risk — The risk that the value of a bond will fluctuate because of a change in thelevel of real, or after inflation, interest rates. Although inflation-indexed bonds seek to provide inflationprotection, their prices may decline when real interest rates rise and vice versa.Effective May 13, 2022, on page 25 of the Plan Description, under the sub-heading “Explanation ofthe Investment Risks of Investment Portfolios,” the description of “Call Risk” is deleted in itsentirety and replaced with the following:Call Risk — During periods of falling interest rates, or due to a number of other reasons (e.g., changesin credit spreads and improvements in the issuer’s credit quality), an issuer may exercise its right toredeem or call (or repay) a fixed-income security earlier than expected and prior to maturity, resultingin an increased turnover rate and a decline in a mutual fund’s income. A fund may be forced toreinvest in lower-yielding securities, securities with greater credit risks or securities with other,less favorable features.VII.RISKS OF INVESTING IN THE PLANThe following is added as a new sub-section under the heading “Risks of Investing in the Plan,”beginning on page 31:Force Majeure. None of the State of Wisconsin, the Department, the Board, the Plan or anyother government agency or entity, or any of the service providers to the Plan, are responsible forcircumstances beyond their reasonable control that may negatively impact your Account. Suchcircumstances include, but are not limited to, regulatory or legislative changes, worldwide politicaluncertainties, and general economic conditions (such as including inflation and unemploymentrates), acts of God, acts of civil or military authority, acts of government, accidents, environmentaldisasters, natural disasters or events, fires, floods, earthquakes, hurricanes, explosions, lightning,suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, acts ofwar (whether war is declared or not), terrorism, threats of terrorism, insurrections, embargoes,cyber-attacks, riots, strikes, lockouts or other labor disturbances, disruptions of supply chains, civilunrest, revolutions, power or other mechanical failures, loss or malfunction of utilities orcommunications services, delays or stoppage of postal or courier services, delays in or stoppagesof transportation, and any other events or circumstances beyond our reasonable control whethersimilar or dissimilar to any of the foregoing.”6

VIII.PAST PERFORMANCEThe section under the heading “Past Performance” on pages 32-34 is deleted in its entirety andreplaced with the following:The tables below compare the average annual total return of an Investment Portfolio (afterdeducting fees and expenses) to the returns of a benchmark. The benchmark included in thetables combines the benchmark(s) for the underlying investment(s) in which an InvestmentPortfolio invests weighted according to the allocation(s) to those underlying investments(s) andadjusted to reflect any changes in the allocation(s) and/or the benchmark(s) during the relevanttime period. Benchmarks are not available for investment, are not managed and do not reflect thefees or expenses of investing.The performance data shown below represents past performance. Past performance is not aguarantee of future results. Current performance data may be lower or higher than theperformance data below. Performance may be substantially affected over time by changes in theallocations and/or changes in the investments in which each Investment Portfolio invests.Investment returns and the principal value will fluctuate so that your Account, when redeemed,may be worth more or less than the amounts contributed to your Account.For monthly performance information, visit the Plan’s website or call the Plan.Average Annual Total Returns for the Period Ended December 31, 2021Investment Portfolio2038 / 2039 Enrollment Portfolio1 Year3 Year------5 Year---10 Year---Benchmark5.50%Inception DateJune 11, 20215.69%2036 / 2037 Enrollment Portfolio16.87%Benchmark17.15%2034 / 2035 Enrollment Portfolio16.46%Benchmark16.75%2032 / 2033 Enrollment Portfolio15.35%Benchmark15.63%2030 / 2031 Enrollment Portfolio14.02%Benchmark14.37%2028 / 2029 Enrollment Portfolio12.20%Benchmark12.49%2026 / 2027 Enrollment Portfolio10.52%Benchmark10.75%2024 / 2025 Enrollment Portfolio8.84%Benchmark8.93%2022 / 2023 Enrollment Portfolio6.17%Benchmark6.02%In School 1%March 6, 202021.49%---------21.05%March 6, 202021.13%---------19.87%March 6, 202019.99%---------18.34%March 6, 202018.54%---------16.26%March 6, 202016.48%---------14.11%March 6, 202014.34%---------12.12%March 6, ch 6, 20208.91%3.57%March 6, 20204.96%Index-Based Aggressive .04%Index-Based Moderate 3.80%9.79%---8.22%Index-Based Conservative %5.72%7October 26, 201211.55%4.98%October 26, 2012October 26, 2012

Active-Based Aggressive .07%Active-Based Moderate 3.91%9.84%---8.17%Active-Based Conservative %5.33%Balanced %18.47%13.06%---11.57%International Equity Index 12%9.69%Small-Cap Index .02%U.S. Equity Active .97%Large-Cap Stock Index %26.07%18.47%---16.45%Social Choice %25.79%17.97%---16.08%Bond Index 79%3.57%---2.73%Principal Plus Interest r 31, 201211.50%October 31, 2012October 31, 20124.98%October 26, 2012October 26, 20127.09%---13.29%October 26, 201213.20%---15.50%November 5, 201216.19%October 26, 2012November 1, 2012October 26, 2012October 26, 2012OTHER INFORMATIONOn page 36 of the Plan Description, the disclosure under the sub-heading “FinancialStatements,” the second sentence is deleted in its entirety and replaced with the following:You may download a copy of the financial statements at www.edvest.com, or request a copy bycontacting the Plan.X.FEDERAL TAX INFORMATIONOn page 39-40 of the Plan Description, the disclosure under the sub-heading “Federal Gift,Estate and Generation-Skipping Transfer Tax Treatment” is amended by deleting the lastparagraph in its entirety and replacing it with the following:As of the date of this Supplement, the amount of the annual gift tax exclusion is 16,000 per year( 32,000 for married contributors electing to split gifts). The lifetime exemption, estate taxexemption and generation-skipping transfer tax exemption is 12,060,000 for each contributor( 24,120,000 for married couples).XI.WISCONSIN TAX INFORMATIONOn page 40 of the Plan Description, the sixth through ninth sentences of the first paragraphunder the sub-heading “Contributions” are deleted in their entirety and replaced with thefollowing:The maximum contribution deduction for each contributor per Beneficiary is 3,380 for the 2021tax year and 3,560 for the 2022 tax year and may increase annually based on inflation. A marriedcouple filing a joint return may deduct their contributions up to the maximum contribution deductionper Beneficiary each year. A married couple filing separately may each claim a maximumdeduction of 1,690 for 2021 and 1,780 for 2022. Divorced parents are each allowed to claim amaximum deduction of 1,690 for 2021 and 1,780 for 2022, unless the divorce judgment specifies8

a different division of the combined maximum deduction that may be claimed by each formerspouse.XII.OTHER INFORMATION ABOUT YOUR ACCOUNTOn page 41 of the Plan Description under the section “Other Information About Your Account,”the following paragraphs are added:Unclaimed Property Laws: Each state has unclaimed property laws which may require thatfunds associated with checks that are not cashed within a specified period of time be turned overto the applicable state. Some states may require an Account to be turned over to the applicablestate in the event that there is no activity on such Account over a designated period and/or Planmailings are returned to the Manager or its designee. The applicable state for these purposes isusually determined by the most recent address on file of the Account Owner.9

SUPPLEMENT NO. 1 DATED APRIL 1, 2021 TO THEEDVEST COLLEGE SAVINGS PLANPLAN DESCRIPTION DATED MARCH 9, 2020This Supplement No. 1 (the “Supplement”) provides new and additional information beyond thatcontained in the March 9, 2020 Plan Description and Participation Agreement (the “PlanDescription”) of the Edvest College Savings Plan (the “Plan”). It should be retained and read inconjunction with the Plan Description.OVERVIEW OF THE PLANI.On page 2 of the Plan Description, the amount listed in the table entry for “Current MaximumAccount Balance,” is increased to 516,000.On page 3 of the Plan Description, in the table entry for “Wisconsin Tax Treatment,” the secondand third bullet points are deleted and replaced in their entirety with the following: II.For single filers and married couplies filing a joint return, contributions reduce Wisconsintaxable income up to a maximum of 3,340 for 2020 and 3,380 for 2021 (adjustedannually for inflation) for each contributor per beneficiary per tax year.A married couple filing separately and certain divorced parents may each claim amaximum deduction of 1,670 for 2020 and 1,690 for 2021.FREQUENTLY USED TERMSOn page 4 of the Plan Description, in the table entry for “Qualified Higher EducationExpenses,” the second and third paragraphs are deleted in their entirety and replaced with thefollowing:For both federal and Wisconsin tax purposes, any reference to Qualified Higher EducationExpenses also includes (i) a reference to tuition in connection with enrollment or attendance at aprimary (i.e., elementary school) or secondary (i.e., middle school or high school) public, private,or religious school up to a maximum of 10,000 of distributions for such tuition expenses pertaxable year per Designated Beneficiary from all 529 Plans; (ii) expenses for fees, books,supplies, and equipment required for the participation of a Designated Beneficiary in anapprenticeship program registered and certified with the Secretary of Labor under the NationalApprenticeship Act; and (iii) amounts paid as principal or interest on any qualified education loanof either the Beneficiary, or a sibling of the Designated Beneficiary, up to a lifetime limit of 10,000 per individual. Distributions treated as Qualified Higher Education Expenses withrespect to the loans of a sibling of a Designated Beneficiary will count towards the limit of thesibling, not the Designated Beneficiary. Such loan repayments may impact student loan interestdeductibility.III.CONTRIBUTIONSOn page 9 of the Plan Description, the first sentence under “Maximum Account Balance,” isdeleted in its entirety and replaced with the following:Currently, the maximum account balance (also referred to as the maximum contribution limit) forall Accounts in the Program (including the Advisor Plan) for the same beneficiary is 516,000.On page 10 of the Plan Description, a new section called UGMA/UTMA Contributions is added asfollows:UGMA/UTMA Contributions. Because only cash equivalent contributions to an Account arepermitted, UGMA or UTMA assets outside the Plan may need to be liquidated in order tocontribute them to an Account, which may have adverse income tax consequences.1A41008

IV.PLAN FEESEffective June 11, 2021 (although the Plan Manager Fee of 0.07% is effective as of December1, 2020), on pages 10-13 of the Plan Description, the information under the sub-headings “FeeTable” and “Investment Cost Example” are deleted in their entirety and replaced with thefollowing:The following table describes the Plan’s current fees. The Board reserves the right to change thefees and/or to impose additional fees in the future.Fee TablePlan Expenses of 038/2039 Enrollment Portfolio0.07%0.00%0.12%0.19%2036/2037 Enrollment Portfolio0.07%0.00%0.12%0.19%2034/2035 Enrollment Portfo

1 SUPPLEMENT NO. 2 DATED APRIL 1, 2022 TO THE EDVEST COLLEGE SAVINGS PLAN . PLAN DESCRIPTION DATED MARCH 9, 2020 . This Supplement No. 2 (the "Supplement") provides new and additional information beyond that contained in the March 9, 2020 Plan Description and Participation Agreement (the " Plan Description") and Supplement No. 1 dated April 1, 2021 ("Supplement No. 1") of the Edvest