Common use of Breakpoints Clause in Contracts

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class A shares from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class C shares to class A shares of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expired, the account owner is responsible to pay the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners holdings in an Option to Class X. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement.

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares units x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class Class A shares units from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class Class C shares units to class Class A shares units of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. This waiver does not apply to Class C units which, consistent with the 529 Plan Description, automatically convert at an earlier date. • Purchase of Class A units through a rollover from another 529 Plan. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expiredexpires, the account owner is responsible to pay for paying the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners holdings in an Option to Class X. A. Age-Based Option reinvestments for account owners purchasing units through an Xxxxxx Xxxxx platform or account • For account owners investing in Age-Based Options through the Xxxxxx Xxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, during the month following the month of the Beneficiary’s birth date. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar IAdvisor 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement.. • Front-end load discounts available at Xxxxxxx Xxxxx: breakpoints, rights of accumulation, Breakpoints as described in this 529 Plan’s Program Description Rights of accumulation which entitle account owners to breakpoint discounts will be automatically calculated based on the aggregated holding of 529 Plan assets held by accounts within the purchaser’s household at Xxxxxxx Xxxxx. Eligible 529 Plan assets not held at Xxxxxxx Xxxxx xxx be included in the calculation of rights of accumulation only if the account owner notifies his or her financial intermediary about such assets. XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED (“MERRILL”) The following information has been furnished by Merrill. Neither Voya Investments Distributor, LLC nor IAdvisor 529 Plan has independently verified such information. If you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, the features and policies related to unit class sales charges (including CDSC), unit class sales charge waiver eligibility, and C unit conversion period likely will be different than referenced in this document and will be governed by the Xxxxxxx Terms and Conditions provided to you by Xxxxxxx prior to establishing your account. Importantly, if you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, then the Unit Class your account will purchase will generally be based on your eligible assets or meeting other eligibility criteria as set forth in the Xxxxxxx Terms and Conditions. 529 plans offered by Xxxxxxx on its omnibus platform generally will have two unit classes – A Unit Class and C Unit Class – each with its own fee and expense structure. Each account will purchase a specific unit class when an initial or subsequent contribution is credited to the account. The unit class will be automatically determined at the time of the contribution based on the participant’s eligible assets and/or meeting other eligibility criteria. You will not be able to select the unit class. Among other things, C units generally will be automatically converted to A units (not subject to an initial sales charge) after four years from their respective dates of purchase. Age-Based Option reinvestments for account owners purchasing units through a Xxxxxxx platform or account For account owners investing in Age-Based Options through the Xxxxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, on the day following the day of the Beneficiary’s birth date. Please contact your Xxxxxxx advisor with any questions or to request a copy of the Xxxxxxx Terms and Conditions. Supplement No. 5 dated June 30, 2020 To the IAdvisor 529 Plan Program Description and Participation Agreement dated April 1, 2019 This Supplement amends the Iowa Advisor 529 Plan Program Description and Participation Agreement, dated April 1, 2019 (the “Program Description”). You should review this information carefully and keep it with your current copy of the Program Description. Capitalized terms not defined herein have the meanings set forth in the Program Description. SUMMARY OF CHANGES

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares units x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class Class A shares units from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class Class C shares units to class Class A shares units of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. This waiver does not apply to Class C units which, consistent with the 529 Plan Description, automatically convert at an earlier date. • Purchases of Class A units through a rollover from another 529 Plan. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expiredexpires, the account owner is responsible to pay for paying the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners owner's holdings in an Option to Class X. A. Age-Based Option reinvestments for account owners purchasing units through an Xxxxxx Xxxxx platform or account • For account owners investing in Age-Based Options through the Xxxxxx Xxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, during the month following the month of the Beneficiary’s birth date. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement.. • Front-end load discounts available at Xxxxxxx Xxxxx: breakpoints, rights of accumulation, Breakpoints as described in this 529 Plan’s Program Description Rights of accumulation which entitle account owners to breakpoint discounts will be automatically calculated based on the aggregated holding of 529 Plan assets held by accounts within the purchaser’s household at Xxxxxxx Xxxxx. Eligible 529 Plan assets not held at Xxxxxxx Xxxxx xxx be included in the calculation of rights of accumulation only if the account owner notifies his or her financial intermediary about such assets. XXXXXXX XXXXX, XXXXXX, XXXXXX & XXXXX INCORPORATED (“XXXXXXX”) The following information has been furnished by Xxxxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar 529 Plan has independently verified such information. If you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, the features and policies related to unit class sales charges (including CDSC), unit class sales charge waiver eligibility, and C unit and C1 unit conversion period likely will be different than referenced in this document and will be governed by the Xxxxxxx Terms and Conditions provided to you by Xxxxxxx prior to establishing your account. Importantly, if you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, then the Unit Class your account will purchase will generally be based on your eligible assets or meeting other eligibility criteria as set forth in the Xxxxxxx Terms and Conditions. 529 plans offered by Xxxxxxx on its omnibus platform generally will have three unit classes – A Unit Class, C Unit Class, and Class C1 Unit Class – each with its own fee and expense structure. Each account will purchase a specific unit class when an initial or subsequent contribution is credited to the account. The unit class will be automatically determined at the time of the contribution based on the participant’s eligible assets and/or meeting other eligibility criteria. You will not be able to select the unit class. Among other things, C units and C1 units generally will be automatically converted to A units (not subject to an initial sales charge) after four years from their respective dates of purchase. Age-Based Option reinvestments for account owners purchasing units through a Xxxxxxx platform or account For account owners investing in Age-Based Options through the Xxxxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, on the day following the day of the Beneficiary’s birth date. Please contact your Xxxxxxx advisor with any questions or to request a copy of the Xxxxxxx Terms and Conditions. TOMORROW’S SCHOLAR® 529 PLAN Supplement No. 2 dated June 30, 2020 To the Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement dated January 2, 2020 This Supplement amends the Tomorrow’s Scholar® 529 Plan Program Description and Participation Agreement, dated January 2, 2020, as supplemented March 31, 2020 (the “Program Description”). You should review this information carefully and keep it with your current copy of the Program Description. Capitalized terms not defined herein have the meanings set forth in the Program Description. CHANGES TO THE PROGRAM DESCRIPTION

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares units x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class Class A shares units from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class Class C shares units to class Class A shares units of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. This waiver does not apply to Class C units which, consistent with the 529 Plan Description, automatically convert at an earlier date. • Purchases of Class A units through a rollover from another 529 Plan. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expiredexpires, the account owner is responsible to pay for paying the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners owner's holdings in an Option to Class X. A. Age-Based Option reinvestments for account owners purchasing units through an Xxxxxx Xxxxx platform or account • For account owners investing in Age-Based Options through the Xxxxxx Xxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, during the month following the month of the Beneficiary’s birth date. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement. • Front-end load discounts available at Xxxxxxx Xxxxx: breakpoints, rights of accumulation, Breakpoints as described in this 529 Plan’s Program Description Rights of accumulation which entitle account owners to breakpoint discounts will be automatically calculated based on the aggregated holding of 529 Plan assets held by accounts within the purchaser’s household at Xxxxxxx Xxxxx. Eligible 529 Plan assets not held at Xxxxxxx Xxxxx xxx be included in the calculation of rights of accumulation only if the account owner notifies his or her financial intermediary about such assets. XXXXXXX XXXXX, XXXXXX, XXXXXX & XXXXX INCORPORATED (“XXXXXXX”) The following information has been furnished by Xxxxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar 529 Plan has independently verified such information. If you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, the features and policies related to unit class sales charges (including CDSC), unit class sales charge waiver eligibility, and C unit and C1 unit conversion period likely will be different than referenced in this document and will be governed by the Xxxxxxx Terms and Conditions provided to you by Xxxxxxx prior to establishing your account. Importantly, if you establish or hold your 529 Plan account on the Xxxxxxx omnibus platform, then the Unit Class your account will purchase will generally be based on your eligible assets or meeting other eligibility criteria as set forth in the Xxxxxxx Terms and Conditions. 529 plans offered by Xxxxxxx on its omnibus platform generally will have three unit classes – A Unit Class, C Unit Class, and Class C1 Unit Class – each with its own fee and expense structure. Each account will purchase a specific unit class when an initial or subsequent contribution is credited to the account. The unit class will be automatically determined at the time of the contribution based on the participant’s eligible assets and/or meeting other eligibility criteria. You will not be able to select the unit class. Among other things, C units and C1 units generally will be automatically converted to A units (not subject to an initial sales charge) after four years from their respective dates of purchase. Age-Based Option reinvestments for account owners purchasing units through a Xxxxxxx platform or account For account owners investing in Age-Based Options through the Xxxxxxx platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, on the day following the day of the Beneficiary’s birth date. Please contact your Xxxxxxx advisor with any questions or to request a copy of the Xxxxxxx Terms and Conditions. PROGRAM DESCRIPTION STATEMENT Please keep this Program Description (including the Participation Agreement) with your other records about the Tomorrow’s Scholar® 529 Plan, which is offered by the State of Wisconsin. You should read and understand this Program Description before you make contributions. Definitions for capitalized terms may be found under “Key Terms” in this Program Description. You should rely only on the information contained in this Program Description (including the Participation Agreement). No person is authorized to provide information that is different from the information contained in this Program Description (including the Participation Agreement). The information in this Program Description is subject to change without notice. This Program 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 Tomorrow’s Scholar® 529 Plan by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation or sale. In particular, if you or your intended beneficiary reside in a state other than Wisconsin or have taxable income in a state other than Wisconsin, it is important for you to note that if that state has established a 529 Plan, such state may offer favorable state tax or other benefits such as financial aid, scholarship funds, and protection from creditors that are available only if you invest in that state’s 529 Plan. You should consult with a qualified advisor or review the offering documents for that state’s 529 Plan to find out more about any such benefits (including any applicable limitations) and to learn how they may apply to your specific circumstances. Those benefits, if any, should be one of the many appropriately weighted factors you should consider before making a decision to invest in the Tomorrow’s Scholar® 529 Plan. An Account in the Tomorrow’s Scholar® 529 Plan should be used only to save for Qualified Education Expenses of a Beneficiary. Such Accounts are not intended for use, and should not be used, by any taxpayer for the purpose of evading federal or state taxes or tax penalties. The tax information contained in this Program Description was written to support the promotion and marketing of the Tomorrow’s Scholar® 529 Plan and was neither written nor intended to be used, and cannot be used, by any taxpayer for the purpose of avoiding federal or state taxes or tax penalties. Taxpayers should consult with a qualified advisor to seek tax advice based on their own particular circumstances. Participation in the Tomorrow’s Scholar® 529 Plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover future tuition and other education expenses or that a Beneficiary will be admitted or permitted to continue to attend an educational institution. Before making any contributions to the Tomorrow’s Scholar® 529 Plan, please read and understand the Program Description, including any supplements that may be issued from time to time. These documents contain important information about Tomorrow’s Scholar® 529 Plan, including information about investment risks, and should be retained for future reference. The information contained in this Program Description is considered to be accurate as of the date on the front cover and is subject to change without notice, and neither delivery of this Program Description nor any sale of interests in the Tomorrow’s Scholar® 529 Plan shall, under any circumstances, create any implication that there has been no change in the affairs of the Tomorrow’s Scholar 529 Plan® or the Program Manager since the date of this Program Description. The Wisconsin Department of Administration has entered into a management agreement with TFI. TFI subcontracted to the Program Manager whereby the Program Manager would provide management, administration, distribution, recordkeeping, and certain administrative services to the Tomorrow’s Scholar® 529 Plan. No dealer, broker, salesperson, or other person has been authorized by the State, the Board, TFI, or the Program Manager to give any information or to make any representations other than those contained in this Program Description, and, if given or made, such other information or representations must not be relied upon as having been authorized by the State, the Board, TFI, or the Program Manager. Pursuant to exemptions from registration available for securities issued by a public instrumentality of a state, no security issued by the Tomorrow’s Scholar® 529 Plan has been registered with or approved by the SEC or any state securities commission. This Program Description is not intended to constitute, nor does it constitute, legal or tax advice. This Program Description is intended to substantially comply with the Disclosure Principles Statement No. 6 adopted by the College Savings Plan Network, an affiliate of the National Association of State Treasurers, on July 1, 2017. The Tomorrow’s Scholar® 529 Plan’s offering materials consist of the Program Description, including any supplements. The Options (as described in “Appendix A: Investment Options”), the investments held by the Options, and the securities issued by the Tomorrow’s Scholar® 529 Plan (for example, your investment in an Option) are not insured or guaranteed by the United States; the Federal Deposit Insurance Corporation; the State; the Board; any agency or instrumentality of the federal government or of the State; any underlying mutual funds or other issuers of investments held by the Options; TFI, the Program Manager, or any of their affiliates; any agent, representative, or subcontractor retained in connection with the Tomorrow’s Scholar® 529 Plan; or any other person. Account values vary based on Option performance and may be more or less than the amount invested. Your Account may lose value. Account Owners should periodically assess, and if appropriate, adjust their investment choices with their investment time horizons, risk tolerances and investment objectives in mind. In addition to the Tomorrow’s Scholar® 529 Plan, the State of Wisconsin also offers Edvest, a 529 Plan sold directly to investors. Edvest is not described in this Program Description; may offer different investment options including different underlying funds with different investment advisers or sub-advisers; may offer different benefits, and may be marketed differently than the Tomorrow’s Scholar® 529 Plan. Edvest may also assess different fees, withdrawal penalties, and sales commissions, if any, relative to those assessed by the Tomorrow’s Scholar® 529 Plan. Offering materials for Edvest are available online at xxx.xxxxxx.xxx. KEY TERMS Capitalized terms used in this Program Description are defined as follows: 529 Plan: An education savings plan under Section 529 of the Code. Account: An account in the Tomorrow’s Scholar® 529 Plan.

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class A shares from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class C shares to class A shares of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expired, the account owner is responsible to pay the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners holdings in an Option to Class X. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar IAdvisor 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement.. • Front-end load discounts available at Xxxxxxx Xxxxx: breakpoints, rights of accumulation, Breakpoints as described in this 529 Plan’s Program Description Rights of accumulation which entitle account owners to breakpoint discounts will be automatically calculated based on the aggregated holding of 529 Plan assets held by accounts within the purchaser’s household at Xxxxxxx Xxxxx. Eligible 529 Plan assets not held at Xxxxxxx Xxxxx xxx be included in the calculation of rights of accumulation only if the account owner notifies his or her financial intermediary about such assets. XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED (“MERRILL”) The following information has been furnished by Merrill. Neither Voya Investments Distributor, LLC nor IAdvisor 529 Plan has independently verified such information. Effective June 30, 2020, if you establish or hold your 529 Plan account on the Merrill omnibus platform, the features and policies related to unit class sales charges (including CDSC), unit class sales charge waiver eligibility, and C unit conversion period likely will be different than referenced in this document and will be governed by the Merrill Terms and Conditions provided to you by Merrill prior to establishing your account. Importantly, if you establish or hold your 529 Plan account on the Merrill omnibus platform, then the Unit Class your account will purchase will generally be based on your eligible assets or meeting other eligibility criteria as set forth in the Merrill Terms and Conditions. 529 plans offered by Merrill on its omnibus platform generally will have two unit classes – A Unit Class and C Unit Class – each with its own fee and expense structure. Each account will purchase a specific unit class when an initial or subsequent contribution is credited to the account. The unit class will be automatically determined at the time of the contribution based on the participant’s eligible assets and/or meeting other eligibility criteria. You wil l not be able to select the unit class. Among other things, C units generally will be automatically converted to A units (not subject to an initial sales charge) after four years from their respective dates of purchase. Age-Based Option reinvestments for account owners purchasing units through a Merrill platform or account For account owners investing in Age-Based Options through the Merrill platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, on the day following the day of the Beneficiary’s birth date. Please contact your Merrill advisor with any questions or to request a copy of the Merrill Terms and Conditions. IADVISOR 529 PLAN Supplement No. 4 dated March 31, 2020 To the IAdvisor 529 Plan Program Description and Participation Agreement dated April 1, 2019, as supplemented December 31, 2019 This Supplement amends the Iowa Advisor 529 Plan Program Description and Participation Agreement, dated April 1, 2019 (the “Program Description”), as supplemented December 31, 2019. You should review this information carefully and keep it with your current copy of the Program Description. Capitalized terms not defined herein have the meanings set forth in the Program Description. CHANGES TO THE PROGRAM DESCRIPTION

Breakpoints. Rights of Accumulation (ROA) • The applicable sales charge on a purchase of Class A units is determined by taking into account all classes of the 529 Plan held by the account owner or in an account grouped by Xxxxxx Xxxxx with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). This includes all units held on the Xxxxxx Xxxxx platform and/or held on another platform. The inclusion of eligible 529 Plan assets in the rights of accumulation calculation is dependent on the account owner notifying his or her financial advisor of such assets at the time of calculation. • ROA is determined by calculating the higher of cost or market value (current shares x NAV). Sales Charge Waivers Sales charges are waived for the following account owners and in the following situations: • Associates of Xxxxxx Xxxxx and its affiliates and their family members who are in the same pricing group (as determined by Xxxxxx Xxxxx under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Xxxxxx Xxxxx in good-standing. • Units purchased in an Xxxxxx Xxxxx fee-based program. • Units purchased from the proceeds of redeemed units of the same 529 Plan so long as the following conditions are met: 1) the proceeds are from the sale of units within 60 days of the purchase; and 2) the sale and purchase are made in the same Option and the same account or the purchase is made in an individual account. • Units exchanged into class A shares from another class so long as the exchange is into the same Option and was initiated at the discretion of Xxxxxx Xxxxx. Xxxxxx Xxxxx is responsible for any remaining CDSC due to the 529 Plan, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the Program Description. • Exchanges from class C shares to class A shares of the same 529 Plan, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Xxxxxx Xxxxx. Contingent Deferred Sales Charge (CDSC) Waivers If the account owner purchases units that are subject to a CDSC and those units are redeemed before the CDSC is expired, the account owner is responsible to pay the CDSC except in the following conditions: • The death or disability of the account owner. • Systematic withdrawals with up to 10% per year of the account value. • Units sold to pay Xxxxxx Xxxxx fees or costs in such cases where the transaction is initiated by Xxxxxx Xxxxx. • Units exchanged in an Xxxxxx Xxxxx fee-based program. • Units acquired through NAV reinstatement. Other Important Information Minimum Purchase Amounts • $250 initial purchase minimum • $50 subsequent purchase minimum Minimum Balances • Xxxxxx Xxxxx has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy: o A fee-based account held on an Xxxxxx Xxxxx platform o A 529 account held on an Xxxxxx Xxxxx platform o An account with an active systematic investment plan Changing Share Classes • At any time it deems necessary, Xxxxxx Xxxxx has the authority to exchange at NAV an account owners holdings in an Option to Class X. XXXXXXX XXXXX & ASSOCIATES, INC., XXXXXXX XXXXX FINANCIAL SERVICES, INC. and each entity’s affiliates (“XXXXXXX XXXXX”) The following information has been furnished by Xxxxxxx Xxxxx. Neither Voya Investments Distributor, LLC nor Tomorrow’s Scholar IAdvisor 529 Plan has independently verified such information. Account owners purchasing units through a Xxxxxxx Xxxxx platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Xxxxxxx Xxxxx provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this 529 Plan’s Program Description. Front-end sales load waivers on Class A units available at Xxxxxxx Xxxxx • Units purchased in an investment advisory program. • Units purchased within the same 529 Plan through a systematic reinvestment of capital gains and dividend distributions. • Employees and registered representatives of Xxxxxxx Xxxxx or its affiliates and their family members as designated by Xxxxxxx Xxxxx. • Units purchased from the proceeds of redemptions within the same 529 Plan, provided: (1) the repurchase occurs within 90 days following the redemption; (2) the redemption and purchase occur in the same account; and (3) redeemed units were subject to a front-end or deferred sales load (known as Rights of Reinstatement). • An account owner in the 529 Plan’s Class C units will have their units converted at net asset value to Class A units (or the appropriate unit class) of the 529 Plan if the units are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Xxxxxxx Xxxxx. CDSC Waivers on Classes A, and C units available at Xxxxxxx Xxxxx • Death or disability of the account owner. • Units sold as part of a systematic withdrawal plan as described in the 529 Plan’s Program Description. • Units sold to pay Xxxxxxx Xxxxx fees but only if the transaction is initiated by Xxxxxxx Xxxxx. • Units acquired through a Right of Reinstatement. • Front-end load discounts available at Xxxxxxx Xxxxx: breakpoints, rights of accumulation, Breakpoints as described in this 529 Plan’s Program Description Rights of accumulation which entitle account owners to breakpoint discounts will be automatically calculated based on the aggregated holding of 529 Plan assets held by accounts within the purchaser’s household at Xxxxxxx Xxxxx. Eligible 529 Plan assets not held at Xxxxxxx Xxxxx xxx be included in the calculation of rights of accumulation only if the account owner notifies his or her financial intermediary about such assets. XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX INCORPORATED (“MERRILL”) The following information has been furnished by Merrill. Neither Voya Investments Distributor, LLC nor IAdvisor 529 Plan has independently verified such information. Effective June 30, 2020, if you establish or hold your 529 Plan account on the Merrill omnibus platform, the features and policies related to unit class sales charges (including CDSC), unit class sales charge waiver eligibility, and C unit conversion period likely will be different than referenced in this document and will be governed by the Merrill Terms and Conditions provided to you by Merrill prior to establishing your account. Importantly, if you establish or hold your 529 Plan account on the Merrill omnibus platform, then the Unit Class your account will purchase will generally be based on your eligible assets or meeting other eligibility criteria as set forth in the Merrill Terms and Conditions. 529 plans offered by Merrill on its omnibus platform generally will have two unit classes – A Unit Class and C Unit Class – each with its own fee and expense structure. Each account will purchase a specific unit class when an initial or subsequent contribution is credited to the account. The unit class will be automatically determined at the time of the contribution based on the participant’s eligible assets and/or meeting other eligibility criteria. You wil l not be able to select the unit class. Among other things, C units generally will be automatically converted to A units (not subject to an initial sales charge) after four years from their respective dates of purchase. Age-Based Option reinvestments for account owners purchasing units through a Merrill platform or account For account owners investing in Age-Based Options through the Merrill platform, the automatic reinvestments which occur as the Beneficiary ages to the next age band, will occur, when applicable, on the day following the day of the Beneficiary’s birth date. Please contact your Merrill advisor with any questions or to request a copy of the Merrill Terms and Conditions. PROGRAM DESCRIPTION STATEMENT‌‌ Please keep this Program Description with your other records about the IAdvisor 529 Plan. Investing is an important decision. Before making any contributions to the IAdvisor 529 Plan, please read and understand this Program Description, including any supplements hereto that may be issued from time to time. These documents contain important information about the IAdvisor 529 Plan, including information about investment risks, and should be retained for future reference. Definitions for capitalized terms may be found under “Key Terms” in this Program Description. This Program 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 IAdvisor 529 Plan by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation, or sale. The Trust, through the Trustee, has entered into a program management agreement with the Program Manager whereby the Program Manager and other parties will provide for the management, administration, distribution, recordkeeping, and certain administrative services to the IAdvisor 529 Plan. No dealer, broker, salesperson, or other person has been authorized by the State, the Trust, the Trustee, or the Program Manager to give any information or to make any representations other than those contained in this Program Description and, if given or made, such other information or representations must not be relied upon as having been authorized by the State, the Trust, the Trustee, or the Program Manager. Accounts in the IAdvisor 529 Plan may only be established, and contributions to Accounts may only be made, through financial intermediaries that have entered into a selling, service, or similar agreement with the Distributor. No security issued by the IAdvisor 529 Plan has been registered with or approved by the SEC or any state securities commission and the Trust is not registered with the SEC as an investment company. In addition, interests in the IAdvisor 529 Plan are units in the Trust that are exempt from the registration requirements of the federal securities laws, although they are subject to regulation as “municipal fund securities.” Neither the SEC nor any state securities commission has determined whether this Program Description is accurate or complete, nor have they made any determination as to whether anyone should purchase Trust units. Any representation to the contrary is a criminal offense. An Account in the IAdvisor 529 Plan should be used only to save for the Qualified Education Expenses of a Beneficiary. Such Accounts are not intended for use, and should not be used, by any taxpayer for the purpose of evading federal or state taxes or tax penalties. The tax information contained in this Program Description was written to support the promotion and marketing of the IAdvisor 529 Plan and was neither written nor intended to be used, and cannot be used, by any taxpayer for the purpose of evading federal or state taxes or avoiding tax penalties. Taxpayers should consult with a qualified advisor to seek tax advice based on their own particular circumstances. If you are not an Iowa taxpayer, consider before investing whether your home state or the Beneficiary’s home state offers a 529 plan that provides its taxpayers with favorable state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that may only be available through investment in the home state’s 529 plan, and which are not available through investment in the IAdvisor 529 Plan. This Program Description contains limited information about the state tax consequences of investing in the IAdvisor 529 Plan. Therefore, please consult your financial, tax, or other advisor to learn more about how state based benefits (or any limitations) would apply to your specific circumstances. Prospective Account Owners should consider many factors before deciding to contribute to a 529 plan such as the IAdvisor 529 Plan, including the 529 plan’s investment options and their performance histories, the 529 plan’s flexibility and features, the reputation and expertise of the 529 plan’s investment manager(s), the 529 plan’s maximum contribution limit, the 529 plan’s fees and expenses, and federal and state and/or local tax benefits associated with an investment in the 529 plan. Participation in the IAdvisor 529 Plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover future education expenses or that the Beneficiary will be admitted or permitted to continue to attend a particular educational institution. In addition to the IAdvisor 529 Plan, the Trust also offers the College Savings Iowa 529 Plan, a 529 plan sold directly to investors. The College Savings Iowa 529 Plan is not described in this Program Description. It offers different investment options, includes different Underlying Funds with different investment advisers or sub-advisers, offers different benefits, and is marketed differently than the IAdvisor 529 Plan. The College Savings Iowa 529 Plan may also assess different fees, withdrawal penalties, and sales commissions, if any, relative to those assessed by the IAdvisor 529 Plan. Offering materials for the College Savings Iowa 529 Plan are available online at xxx.xxxxxxxxxxxxxxxxxx.xxx. The information contained in this Program Description is considered to be accurate as of the date on the front cover and is subject to change without notice. However, neither delivery of this Program Description nor any sale made hereunder shall, under any circumstances, create any implication that there has been no change in the affairs of the IAdvisor 529 Plan, the Trust, the Trustee or the Program Manager since the date of this Program Description. The Options, the securities held by the Options, and securities issued by the IAdvisor 529 Plan (for example, your investment in an Option) are not insured or guaranteed by the United States; the Federal Deposit Insurance Corporation; the State; the Trust; the Trustee; any agency or instrumentality of the federal government or of the State; any Underlying Funds or other issuers of securities held by the Options; the Program Manager or any of its affiliates; any agent, representative, or subcontractor retained in connection with the IAdvisor 529 Plan; or any other person. Account values can vary based on the Option’s performance and market conditions and may be more or less than the amount invested. Your Account may lose value. Account Owners should periodically assess, and if appropriate, adjust their investment choices with their investment time horizons, risk tolerances and investment objectives in mind. KEY TERMS‌ Capitalized terms used in this Program Description are defined as follows: 1940 Act: Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder. Account: An account in the IAdvisor 529 Plan.