SUPPLEMENT DATED JUNE 2018 TO THE …

1 Please file this SUPPLEMENT to the collegechoice 529 direct savings plan Disclosure booklet with your records. ES-IND-SUP-09162020 SUPPLEMENT DATED OCTOBER 2020 TO THE collegechoice 529 direct savings plan DISCLOSURE booklet DATED JUNE 2019 This SUPPLEMENT describes important changes affecting the collegechoice 529 direct savings plan . Unless otherwise indicated, capitalized terms have the same meaning as those in the Disclosure booklet . 1. The following replaces in its entirety item six, of the enumerated list in the section entitled Moving Assets from an UGMA/UTMA Account on page 11 of the Disclosure booklet : 6. you must notify us when the custodianship terminates and your Beneficiary is legally entitled to take control of the Account by completing the appropriate form. At that time, the Beneficiary will become the Account Owner and will become subject to the provisions of the plan applicable to non-UGMA/UTMA Account Owners. If you do not direct us to transfer ownership of the Account when the Beneficiary is legally entitled to take control, we may freeze the Account.

2 Some UGMA/UTMA laws allow for more than one age at which the custodianship terminates (Age of Termination). We may freeze the Account based on the youngest allowable Age of Termination of the custodianship according to the UGMA/UTMA laws where the custodianship Account was established, based on our records. The Custodian may be required to provide documentation to us if the Age of Termination of the custodianship Account is other than the youngest allowable age under the applicable UMGA/UTMA law or if the applicable UGMA/UTMA law differs from our records; 2. The following replaces the paragraph entitled Manager Fee on page 20 of the Disclosure booklet : Manager Fee. The Program Manager receives the Manager Fee for administration and management of collegechoice 529. It is intended that the Manager Fee will provide all income to the Program Manager necessary to cover the expenses of administering and managing collegechoice 529. The Program Manager has agreed to reduce the Manager Fee at certain breakpoints, up to two basis points for each of the Year of Enrollment Portfolios and the Individual Portfolios, when the combined assets of collegechoice 529 and collegechoice Advisor reach $ billion.

3 Once the breakpoint is reached, the Authority, in its sole discretion, will determine the actual amount of fee reduction applicable to each Portfolio. As of September 1, 2020, the combined assets of collegechoice 529 and collegechoice Advisor 529 savings plan were just over $ billion. Please file this SUPPLEMENT to the collegechoice 529 direct savings plan Disclosure booklet with your records. ES-IND-SUP-09162020 3. The following replaces the table entitled Fee and Expense Information on page 21 of the Disclosure booklet effective September 1, 2020: FEE AND EXPENSE INFORMATION A $20 ANNUAL ACCOUNT MAINTENANCE FEE IS ASSESSED PER ACCOUNT1 ALL INVESTMENT OPTIONS BEAR THE TOTAL ANNUAL ASSET-BASED FEE2 INVESTMENT OPTIONS ESTIMATED ANNUALIZED UNDERLYING INVESTMENT FEE3,4 ANNUALIZED MANAGER FEE TOTAL ANNUAL ASSET- BASED FEE2 2036 Enrollment Portfolio 2033 Enrollment Portfolio 2030 Enrollment Portfolio 2027 Enrollment Portfolio 2024 Enrollment Portfolio 2021 Enrollment Portfolio College Portfolio Equity Index Portfolio International Portfolio Active Bond Portfolio Inflation-Protected Portfolio Bond Index Portfolio Stable Value Portfolio4, 5 savings Portfolio 1 This fee is waived if you or your Beneficiary are an Indiana Resident, or your Account balance is at least $25,000.

4 2 This total is assessed against assets over the course of the year and includes the annualized Underlying Investment Fee and the annualized Manager Fee, but does not include the Annual Account Maintenance Fee. Please refer to the table that shows total approximate costs for a $10,000 investment over 1-, 3-, 5-, and 10-year periods. 3 The Estimated Underlying Investment Fee reflects each Underlying Fund s expense ratio disclosed in its most recent prospectus (except in the case of the Stable Value Portfolio which does not have a prospectus as of August 31, 2020). Expenses for multiple-fund Portfolios represent a weighted average of the expenses of the Portfolio s Underlying Funds. As of the date of this SUPPLEMENT to the Disclosure booklet , an Underlying Investment Fee is not charged for the savings Portfolio. The Annualized Underlying Investment Fees may increase or decrease over time. 4 Because the Vanguard Short-Term Reserves Account is a component of select Year of Enrollment Portfolios and is the Fund underlying the Stable Value Portfolio, the expense ratio of select Year of Enrollment Portfolios and the Stable Value Portfolio may include a stable value wrap fee of between and , which could reduce the return of the Portfolio.

5 5 The Program Manager may voluntarily limit the Manager Fee associated with the Stable Value Portfolio in an effort to achieve a net yield of or greater. Please file this SUPPLEMENT to the collegechoice 529 direct savings plan Disclosure booklet with your records. ES-IND-SUP-09162020 4. The following replaces the Approximate Cost For A $10,000 Investment Excluding The $20 Annual Account Maintenance Fee table on page 22 of the Disclosure booklet : APPROXIMATE COST FOR A $10,000 INVESTMENT EXCLUDING THE $20 ANNUAL ACCOUNT MAINTENANCE FEE PORTFOLIO 1 YEAR 3 YEAR 5 YEAR 10 YEAR 2036 Enrollment Portfolio $37 $116 $202 $457 2033 Enrollment Portfolio $39 $124 $217 $488 2030 Enrollment Portfolio $41 $130 $227 $511 2027 Enrollment Portfolio $42 $131 $229 $515 2024 Enrollment Portfolio $41 $129 $224 $505 2021 Enrollment Portfolio $39 $123 $215 $485 College Portfolio $38 $121 $210 $474 Equity Index Portfolio $16 $52 $90 $205 International Portfolio $79 $246 $428 $954 Active Bond Portfolio $55 $173 $302 $677 Inflation-Protected Portfolio $26 $80 $141 $318 Bond Index Portfolio $18 $58 $101 $230 Stable Value Portfolio $17 $52 $92 $208 savings Portfolio $14 $45 $79 $179 5.

6 The following replaces the Approximate Cost For A $10,000 Investment Including The $20 Annual Account Maintenance Fee table on page 22 of the Disclosure booklet : APPROXIMATE COST FOR A $10,000 INVESTMENT INCLUDING THE $20 ANNUAL ACCOUNT MAINTENANCE FEE PORTFOLIO 1 YEAR 3 YEAR 5 YEAR 10 YEAR 2036 Enrollment Portfolio $57 $176 $302 $653 2033 Enrollment Portfolio $59 $184 $316 $684 2030 Enrollment Portfolio $61 $190 $326 $707 2027 Enrollment Portfolio $62 $191 $328 $711 2024 Enrollment Portfolio $61 $188 $324 $701 2021 Enrollment Portfolio $59 $183 $314 $681 College Portfolio $58 $180 $310 $670 Equity Index Portfolio $36 $111 $190 $403 International Portfolio $99 $306 $526 $1,146 Active Bond Portfolio $75 $233 $401 $871 Inflation-Protected Portfolio $46 $140 $240 $516 Bond Index Portfolio $38 $118 $201 $428 Stable Value Portfolio $37 $112 $191 $406 savings Portfolio $34 $105 $179 $378 Please file this SUPPLEMENT to the collegechoice 529 direct savings plan Disclosure booklet with your records.

7 ES-IND-SUP-09162020 6. The following replaces the table on page 39 of the Disclosure booklet in the section entitled Investment Performance . Average Annual Returns As Of August 31, 2020 PORTFOLIO 1 YEAR 3 YEAR 5 YEAR SINCE INCEPTION INCEPTION DATE YEAR OF ENROLLMENT 2036 Enrollment Portfolio - - 02/09/18 2033 Enrollment Portfolio - - 02/09/18 2030 Enrollment Portfolio - - 02/09/18 2027 Enrollment Portfolio - - 02/09/18 2024 Enrollment Portfolio - - 02/09/18 2021 Enrollment Portfolio - - 02/09/18 College Portfolio - - 02/09/18 INDIVIDUAL PORTFOLIOS Equity Index Portfolio 09/19/08 International Portfolio 09/19/08 Active Bond Portfolio 09/19/08 Inflation-Protected Portfolio 09/19/08 Bond Index Portfolio 07/27/09 Stable Value Portfolio - - 10/07/16 savings PORTFOLIO savings Portfolio % 07/19/10 Please file this SUPPLEMENT to the collegechoice 529 direct savings plan Disclosure booklet with your records.

8 SUPPLEMENT DATED JULY 2020 TO THE collegechoice 529 direct savings plan DISCLOSURE booklet DATED JUNE 2019 This SUPPLEMENT describes important changes affecting the collegechoice 529 direct savings plan . Unless otherwise indicated, capitalized terms have the same meaning as those in the Disclosure booklet . 1. The following new entry is added at the beginning of the section entitled Funding Methods on page 9 of the Disclosure booklet . Processing delays. In the event of Force Majeure, we may experience processing delays, which may affect your trade date. In those instances, your actual trade date for a contribution, withdrawal, or investment exchange, may be after the trade date you would have received, which may negatively affect the value of your Account. 2. The following is added at the end of the section entitled Contributions By Check on page 9 of the Disclosure booklet . In the event of mail delays, we may experience resulting processing delays, which may affect your trade date.

9 In those instances, you may receive a trade date that is after the day we received your contribution. 3. The following replaces in its entirety the section entitled Market Uncertainties on page 23 of the Disclosure booklet . Market Uncertainties and Other Events Due to market uncertainties, the overall market value of your Account may exhibit volatility and could be subject to wide fluctuations in the event of Force Majeure. These factors may cause the value of your Account to decrease (realized or unrealized losses) regardless of our performance or any systematic investing, including Recurring Contributions, payroll deduction, and dollar-cost averaging on your part. 4. The following replaces in its entirety the paragraph entitled Indiana Taxation of Non-Qualified and Other Distributions on page 43 of the Disclosure booklet as supplemented. Indiana Taxation of Non-Qualified and Other Distributions. Because Indiana adjusted gross income is generally derived from federal adjusted gross income, you or the Beneficiary, as applicable, will be subject to Indiana adjusted gross income tax on the earnings portion of any Non-Qualified Distribution, or other distributions that are also included in your federal adjusted gross income for a taxable year.

10 5. The following definition is added to the Glossary beginning on page 50 of the Disclosure booklet . Force Majeure: Circumstances beyond the reasonable control of the plan officials, including but not limited to regulatory or legislative changes, worldwide political uncertainties, and general economic conditions (such as inflation and unemployment rates), acts of God, acts of civil or military authority, acts of government, accidents, environmental disasters, natural disasters or events, fires, floods, earthquakes, hurricanes, explosions, lightning, suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, acts of war (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, civil unrest, revolutions, power or other mechanical failures, loss or malfunction of utilities or communications services, delays or stoppage of postal or courier services, delays in or stoppages of transportation, and any other events or circumstances beyond our reasonable control whether similar or dissimilar to any of the foregoing.