BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition ...

[Pages:25]BLACKROCK COLLEGEADVANTAGE? 529 PLAN Sponsor: Ohio Tuition Trust Authority

SUPPLEMENT DATED NOVEMBER 13, 2018 TO THE BLACKROCK COLLEGEADVANTAGE? 529 PLAN PROGRAM DESCRIPTION AND PARTICIPATION

AGREEMENT DATED JULY 16, 2014, AS SUPPLEMENTED

PLEASE READ CAREFULLY

This Supplement updates the BlackRock CollegeAdvantage? 529 Plan Program Description and Participation Agreement, dated July 16, 2014, as supplemented (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.

The following modifications correct an inadvertent error regarding the maximum initial sales charge for Class A Units of certain Investment Options.

Fees and Expenses ? Summary of Fees and Expenses

The following disclosure replaces the rows relating solely to Class A Units of the Investment Options listed in the table below, under "Fees and Expenses ? Summary of Fees and Expenses." beginning on page 76 of the Program Description:

Class A Units

Investment Options BlackRock GNMA Option BlackRock High Yield Bond Option BlackRock Inflation Protected Bond Option BlackRock Strategic Income Opportunities Option Wells Fargo Advantage Core Bond Option

Estimated Underlying

Fund Expense

Ratio 0.67% 0.62% 0.44% 0.73% 0.70%

Annual Asset-Based Fees

Annual Sales Fee 0.25% 0.25% 0.25% 0.25% 0.25%

OTTA Fee

0.07% 0.07% 0.07% 0.07% 0.07%

Program Management

Fee 0.07% 0.07% 0.07% 0.07% 0.07%

Total Annual Asset Based

Fees 1.06% 1.01% 0.83% 1.12% 1.09%

Additional Investor Expenses

Annual Account Maintenance

Fee $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00

Maximum Initial Sales Charge 4.00% 4.00% 4.00% 4.00% 4.00%

Maximum Deferred

Sales Charge None None None None None

Hypothetical Cost of a $10,000 Investment

The following disclosure replaces the rows relating solely to the Investment Options listed in the table below under "Fees and Expenses ? Hypothetical Cost of a $10,000 Investment" beginning on page 80 of the Program Description:

Investment Option BlackRock GNMA Option BlackRock High Yield Bond Option BlackRock Inflation Protected Option BlackRock Strategic Income Opportunities Option Wells Fargo Advantage Core Bond Option

Unit Class

Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption)

Number of Years You Own Your Units

1 Year $ 529

3 Years $ 798

5 Years $ 1,083

10 Years $ 1,877

$ 309 $ 642 $ 1,099 $ 2,352

$ 209 $ 642 $ 1,099 $ 2,352

$ 524 $ 783 $ 1,057 $ 1,823

$ 304 $ 627 $ 1,074 $ 2,299

$ 204 $ 627 $ 1,074 $ 2,299

$ 506 $ 728 $ 964 $ 1,622

$ 285 $ 572 $ 980 $ 2,106

$ 185 $ 572 $ 980 $ 2,106

$ 534 $ 815 $ 1,114 $ 1,943

$ 315 $ 661 $ 1,130 $ 2,415

$ 215 $ 661 $ 1,130 $ 2,415

$ 532 $ 806 $ 1,098 $ 1,910

$ 312 $ 652 $ 1,115 $ 2,383

$ 212 $ 652 $ 1,115 $ 2,383

529-DISC-1118SUP

BLACKROCK COLLEGEADVANTAGE? 529 PLAN Sponsor: Ohio Tuition Trust Authority

SUPPLEMENT DATED OCTOBER 1, 2018 TO THE BLACKROCK COLLEGEADVANTAGE? 529 PLAN PROGRAM DESCRIPTION AND

PARTICIPATION AGREEMENT DATED JULY 16, 2014, AS SUPPLEMENTED

PLEASE READ CAREFULLY

This Supplement updates the BlackRock CollegeAdvantage? 529 Plan Program Description and Participation Agreement, dated July 16, 2014, as supplemented (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.

New Target Date Investment Options

Effective as of November 30, 2018, two new Target Date Investment Options will be available: the BlackRock College 2035 Option and the BlackRock College 2038 Option.

Effective as of November 30, 2018, the following descriptions of the two new Target Date Investment Options are hereby added immediately following the description of the BlackRock College 2032 Option under "BlackRock CollegeAdvantage Target Date Investment Options":

"BlackRock College 2035 Option

This Investment Option invests up to 80% of its assets in equity investments to seek capital appreciation. This Investment Option has a target allocation of 80% equity investments and 20% fixed income investments.

BlackRock College 2038 Option

This Investment Option invests up to 80% of its assets in equity investments to seek capital appreciation. This Investment Option has a target allocation of 80% equity investments and 20% fixed income investments."

Effective November 30, 2018, the following Target Underlying Fund Allocations as of September 30, 2018 are hereby added after the discussion of the BlackRock CollegeAdvantage Target Date Investment Options:

College 2035 Option

Domestic Equity

BlackRock Advantage Large Cap Core Fund

22.62%

BlackRock Advantage Small Cap Core Fund

4.79%

BlackRock Capital Appreciation Fund, Inc.

4.74%

BlackRock Equity Dividend Fund

4.81%

iShares Russell 1000 ETF

23.42%

International Equity

BlackRock Advantage International Fund

7.46%

iShares Core MSCI EAFE ETF

8.23%

Mixed Domestic Equity/International Equity/Fixed Income

College 2038 Option

22.62% 4.79% 4.74% 4.81% 23.42%

7.46% 8.23%

BlackRock Tactical Opportunities Fund Fixed Income iShares Short Treasury Bond ETF BlackRock Core Alpha Bond Fund BlackRock Total Return Fund iShares 20+ Year Treasury Bond ETF iShares Currency Hedged MSCI Japan ETF Money Market T-Fund (a series of BlackRock Liquidity Funds)

3.22%

8.89% 1.35% 1.11% 2.74% 4.17%

2.45%

3.22%

8.89% 1.35% 1.11% 2.74% 4.17%

2.45%

Program Management Fee and OTTA Fee Changes

OTTA and the Program Manager have restructured the fees to be paid by Account Owners, resulting in an overall reduction in the combined program management fee and OTTA Fee. The following fee related changes to the Program Description shall be effective as follows:

Program Management Fee

Effective as of October 1, 2018:

? All references in the Program Description to a program management fee of "0.19%" or "19 basis points" are hereby changed to reference a program management fee of "0.07%" or "7 basis points", respectively.

? The following disclosure replaces the table and the disclosure set forth under "Ongoing Fees and Expenses ? Annual Program Management Fee ? Breakpoints" on page 74 of the Program Description:

Plan's Monthly Average of Assets under Management

Program Management Fee on Average Daily Net Assets

0 - $5,999,999,999

7 basis points

$6,000,000,000 - $7,999,999,999

6.5 basis points

$8,000,000,000 and above

6 basis points

If the program management fee is reduced below 7 basis points in accordance with the breakpoint schedule above, such fee will not increase pursuant to the breakpoint schedule even if the assets under management by the Plan decrease below the applicable threshold. As of September 1, 2018, the Plan had assets of approximately $5.4 billion under management.

OTTA Fee

Effective as of October 1, 2018 all references in the Program Description to an OTTA Fee of "0.02%" are changed to reference an OTTA Fee of "0.07%". The changes reflect a restructuring of the fees between the Program Manager and OTTA.

2

Fees and Expenses ? Summary of Fees and Expenses

The following information hereby replaces the tables relating to Class A Units and Class C Units, respectively, under "Fees and Expenses ? Summary of Fees and Expenses," beginning on page 76 of the Program Description:

Class A Units

Investment Options BlackRock College Enrollment Option BlackRock College 2020 Option BlackRock College 2024 Option BlackRock College 2027 Option BlackRock College 2032 Option BlackRock College 2035 Option BlackRock College 2038 Option BlackRock Moderate Portfolio Option BlackRock Growth Portfolio Option BlackRock Aggressive Growth Portfolio Option BlackRock Capital Appreciation Option BlackRock Equity Dividend Option BlackRock Advantage Large Cap Core Option iShares Core S&P 500 ETF Option iShares Core S&P Mid-Cap ETF Option Voya Small Company Option iShares Russell 2000 ETF Option BlackRock Advantage International Option iShares Core MSCI EAFE ETF Option BlackRock Global Allocation Option BlackRock Multi-Asset Income Option BlackRock GNMA Option BlackRock High Yield Bond Option BlackRock Inflation Protected Bond Option BlackRock Strategic Income Opportunities Option Wells Fargo Advantage Core Bond Option BlackRock Money Market Option Class C Units

Investment Options BlackRock College Enrollment Option BlackRock College 2020 Option BlackRock College 2024 Option BlackRock College 2027 Option BlackRock College 2032 Option BlackRock College 2035 Option BlackRock College 2038 Option BlackRock Moderate Portfolio Option BlackRock Growth Portfolio Option BlackRock Aggressive Growth Portfolio Option BlackRock Capital Appreciation Option BlackRock Equity Dividend Option BlackRock Advantage Large Cap Core Option iShares Core S&P 500 ETF Option iShares Core S&P Mid-Cap ETF Option Voya Small Company Option iShares Russell 2000 ETF Option BlackRock Advantage International Option iShares Core MSCI EAFE ETF Option BlackRock Global Allocation Option BlackRock Multi-Asset Income Option BlackRock GNMA Option

Estimated Underlying

Fund Expense

Ratio

0.26% 0.38% 0.33% 0.34% 0.36% 0.37% 0.37% 0.40% 0.41% 0.40% 0.64% 0.70% 0.48% 0.04% 0.07% 1.04% 0.19% 0.64% 0.08% 0.82% 0.57% 0.67% 0.62% 0.44% 0.73% 0.70% 0.17%

Annual Asset-Based Fees

Annual Sales Fee

0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25% 0.25%

OTTA Fee

0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%

Program Management

Fee

0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%

Total Annual Asset Based

Fees

0.65% 0.77% 0.72% 0.73% 0.75% 0.76% 0.76% 0.79% 0.80% 0.79% 1.03% 1.09% 0.87% 0.43% 0.46% 1.43% 0.58% 1.03% 0.47% 1.21% 0.96% 1.06% 1.01% 0.83% 1.12% 1.09% 0.56%

Additional Investor Expenses

Annual Account Maintenance

Fee

$ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00

Maximum Initial Sales Charge

4.00% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% 5.25% None

Maximum Deferred

Sales Charge

None None None None None None None None None None None None None None None None None None None None None None None None None None None

Estimated Underlying

Fund Expense

Ratio 0.26% 0.38% 0.33% 0.34% 0.36% 0.37% 0.37% 0.40% 0.41% 0.40% 0.64% 0.70% 0.48% 0.04% 0.07% 1.04% 0.19% 0.64% 0.08% 0.82% 0.57% 0.67%

Annual Asset-Based Fees

Annual Sales Fee

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

OTTA Fee

0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%

Program Management

Fee

0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%

Total Annual Asset Based

Fees 1.40% 1.52% 1.47% 1.48% 1.50% 1.51% 1.51% 1.54% 1.55% 1.54% 1.78% 1.84% 1.62% 1.18% 1.21% 2.18% 1.33% 1.78% 1.22% 1.96% 1.71% 1.81%

Additional Investor Expenses

Annual Account Maintenance

Fee

$ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00

Maximum Initial Sales Charge

None None None None None None None None None None None None None None None None None None None None None None

Maximum Deferred

Sales Charge

1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%

3

BlackRock High Yield Bond Option BlackRock Inflation Protected Bond Option BlackRock Strategic Income Opportunities Option Wells Fargo Advantage Core Bond Option BlackRock Money Market Option

0.62% 0.44% 0.73% 0.70% 0.17%

1.00% 1.00% 1.00% 1.00% 1.00%

0.07% 0.07% 0.07% 0.07% 0.07%

0.07% 0.07% 0.07% 0.07% 0.07%

1.76% 1.58% 1.87% 1.84% 1.31%

$ 25.00 $ 25.00 $ 25.00 $ 25.00 $ 25.00

None None None None None

1.00% 1.00% 1.00% 1.00% None

Hypothetical Cost of a $10,000 Investment

The following is hereby added to the beginning of the table under "Fees and Expenses ? Hypothetical Cost of a $10,000 Investment" beginning on page 80 of the Program Description:

Investment Option BlackRock College Enrollment Option BlackRock College 2020 Option BlackRock College 2024 Option BlackRock College 2027 Option BlackRock College 2032 Option BlackRock College 2035 Option BlackRock College 2038 Option BlackRock Moderate Portfolio Option BlackRock Growth Portfolio Option BlackRock Aggressive Growth Portfolio Option BlackRock Capital Appreciation Option BlackRock Equity Dividend Option BlackRock Advantage Large Cap Core Option iShares Core S&P 500 ETF Option

Unit Class

Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period) Class C (no redemption) Class A (with or without redemption) Class C (redemption at end of period)

Number of Years You Own Your Units

1

3

5

10

Year

Years

Years

Years

$ 489 $ 675 $ 872 $ 1,421

$ 268 $ 517 $ 887 $ 1,913

$ 168 $ 517 $ 887 $ 1,913

$ 625 $ 834 $ 1,055 $ 1,673

$ 280 $ 555 $ 951 $ 2,047

$ 180 $ 555 $ 951 $ 2,047

$ 619 $ 816 $ 1,025 $ 1,608

$ 274 $ 537 $ 921 $ 1,983

$ 174 $ 537 $ 921 $ 1,983

$ 621 $ 820 $ 1,033 $ 1,624

$ 275 $ 541 $ 928 $ 1,999

$ 175 $ 541 $ 928 $ 1,999

$ 622 $ 825 $ 1,040 $ 1,640

$ 277 $ 546 $ 936 $ 2,014

$ 177 $ 546 $ 936 $ 2,014

$ 623 $ 829 $ 1,047 $ 1,656

$ 278 $ 550 $ 943 $ 2,030

$ 178 $ 550 $ 943 $ 2,030

$ 623 $ 829 $ 1,047 $ 1,656

$ 278 $ 550 $ 943 $ 2,030

$ 178 $ 550 $ 943 $ 2,030

$ 626 $ 839 $ 1,064 $ 1,692

$ 282 $ 560 $ 960 $ 2,065

$ 182 $ 560 $ 960 $ 2,065

$ 627 $ 840 $ 1,066 $ 1,697

$ 282 $ 561 $ 962 $ 2,069

$ 182 $ 561 $ 962 $ 2,069

$ 626 $ 838 $ 1,062 $ 1,688

$ 281 $ 559 $ 958 $ 2,061

$ 181 $ 559 $ 958 $ 2,061

$ 649 $ 909 $ 1,185 $ 1,954

$ 306 $ 633 $ 1,084 $ 2,320

$ 206 $ 633 $ 1,084 $ 2,320

$ 655 $ 927 $ 1,216 $ 2,019

$ 312 $ 652 $ 1,115 $ 2,383

$ 212 $ 652 $ 1,115 $ 2,383

$ 634 $ 862 $ 1,104 $ 1,779

$ 290 $ 584 $ 1,001 $ 2,150

$ 190 $ 584 $ 1,001 $ 2,150

$ 592 $ 730 $ 877 $ 1,283

$ 245 $ 448 $ 770 $ 1,665

4

Investment Option

Unit Class Class C (no redemption)

Number of Years You Own Your Units

1

3

5

10

Year

Years

Years

Years

$ 145 $ 448 $ 770 $ 1,665

iShares Core S&P Mid-Cap ETF Option

Class A (with or without redemption)

$ 595 $ 739 $ 893 $ 1,317

Class C (redemption at end of period)

$ 248 $ 458 $ 786 $ 1,699

Class C (no redemption)

$ 148 $ 458 $ 786 $ 1,699

Voya Small Company Option

Class A (with or without redemption)

$ 688 $ 1,027 $ 1,386 $ 2,378

Class C (redemption at end of period)

$ 346 $ 755 $ 1,287 $ 2,734

Class C (no redemption)

$ 246 $ 755 $ 1,287 $ 2,734

iShares Russell 2000 ETF Option

Class A (with or without redemption)

$ 606 $ 775 $ 955 $ 1,454

Class C (redemption at end of period)

$ 260 $ 495 $ 849 $ 1,833

Class C (no redemption)

$ 160 $ 495 $ 849 $ 1,833

BlackRock Advantage International Option

Class A (with or without redemption)

$ 649 $ 909 $ 1,185 $ 1,954

Class C (redemption at end of period)

$ 306 $ 633 $ 1,084 $ 2,320

Class C (no redemption)

$ 206 $ 633 $ 1,084 $ 2,320

iShares Core MSCI EAFE ETF Option

Class A (with or without redemption)

$ 595 $ 742 $ 898 $ 1,329

Class C (redemption at end of period)

$ 249 $ 461 $ 791 $ 1,710

Class C (no redemption)

$ 149 $ 461 $ 791 $ 1,710

BlackRock Global Allocation Option

Class A (with or without redemption)

$ 667 $ 963 $ 1,276 $ 2,147

Class C (redemption at end of period)

$ 324 $ 688 $ 1,176 $ 2,508

Class C (no redemption)

$ 224 $ 688 $ 1,176 $ 2,508

BlackRock Multi-Asset Income Option

Class A (with or without redemption)

$ 643 $ 889 $ 1,150 $ 1,878

Class C (redemption at end of period)

$ 299 $ 612 $ 1,048 $ 2,246

Class C (no redemption)

$ 199 $ 612 $ 1,048 $ 2,246

BlackRock GNMA Option

Class A (with or without redemption)

$ 652 $ 918 $ 1,201 $ 1,986

Class C (redemption at end of period)

$ 309 $ 642 $ 1,099 $ 2,352

Class C (no redemption)

$ 209 $ 642 $ 1,099 $ 2,352

BlackRock High Yield Bond Option

Class A (with or without redemption)

$ 648 $ 904 $ 1,175 $ 1,933

Class C (redemption at end of period)

$ 304 $ 627 $ 1,074 $ 2,299

Class C (no redemption)

$ 204 $ 627 $ 1,074 $ 2,299

BlackRock Inflation Protected Option

Class A (with or without redemption)

$ 630 $ 850 $ 1,083 $ 1,734

Class C (redemption at end of period)

$ 285 $ 572 $ 980 $ 2,106

Class C (no redemption)

$ 185 $ 572 $ 980 $ 2,106

BlackRock Strategic Income Opportunities Option

Class A (with or without redemption)

$ 658 $ 936 $ 1,231 $ 2,051

Class C (redemption at end of period)

$ 315 $ 661 $ 1,130 $ 2,415

Class C (no redemption)

$ 215 $ 661 $ 1,130 $ 2,415

Wells Fargo Advantage Core Bond Option

Class A (with or without redemption)

$ 655 $ 927 $ 1,216 $ 2,019

Class C (redemption at end of period)

$ 312 $ 652 $ 1,115 $ 2,383

Class C (no redemption)

$ 212 $ 652 $ 1,115 $ 2,383

BlackRock Money Market Option

Class A (with or without redemption)

$

82 $ 254 $ 436 $ 943

Class C (redemption at end of period)* $ 158 $ 489 $ 839 $ 1,811

Class C (no redemption)*

$ 158 $ 489 $ 839 $ 1,811

* Class C Units of the BlackRock Money Market Option are available only in connection with a reallocation by an Account Owner of amounts invested in

Class C Units of another Investment Option. No new contributions may be directly allocated to the Class C Units of the BlackRock Money Market Option. If you transfer assets from other Investment Options to the BlackRock Money Market Option and then withdraw from the BlackRock Money Market Option, the applicable contingent deferred sales charge that applied to the original Investment Option will apply.

5

Availability of Class C Units of the BlackRock Money Market Option

Effective as of November 30, 2018, Class C Units of the BlackRock Money Market Option will be available only in connection with a reallocation by an Account Owner of amounts invested in Class C Units of another Investment Option. No new contributions may be directly allocated to the Class C Units of the BlackRock Money Market Option. If you transfer assets from other Investment Options to the BlackRock Money Market Option and then withdraw from the BlackRock Money Market Option, the applicable contingent deferred sales charge that applied to the original Investment Option will apply.

Effective November 30, 2018, the Program Description is modified as follows:

? The sentence relating to Class C Units under "The BlackRock CollegeAdvantage 529 Plan Highlights ? Fees and Expenses ? Contingent Deferred Sales Charge" on page iii of the Program Description is replaced with the following:

"Class C Units -- Generally 1.00% on Withdrawals if you withdraw your investment within 1 year. There is no deferred sales charge relating to Class C Units of the BlackRock Money Market Option; however, Class C Units of the BlackRock Money Market Options are available only through reallocation of amounts invested in Class C Units of other Investment Options. Contributions may not be allocated directly to Class C Units of the BlackRock Money Market Option. If you transfer assets from other Investment Options to the BlackRock Money Market Option and then withdraw from the BlackRock Money Market Option, the applicable contingent deferred sales charge that applied to the original Investment Option will apply."

? The following is added as a new paragraph immediately after the fourth paragraph under "Investment Options, Investment Risks and Performance-BlackRock CollegeAdvantage Single Strategy Investment Options" on page 21 of the Program Description:

"Class C Units of the BlackRock Money Market Option are available only through reallocations from other Investment Options. Contributions may not be allocated directly to Class C Units of the BlackRock Money Market Option."

? The following replaces the text in the fourth bullet point on page 70 under "Fees and Expenses- Choosing a Class of Units ? Class C Units:

"Contingent Deferred Sales Charge of 1.00% if you withdraw your investment within 1 year, other than Withdrawals that meet a waiver requirement. There is no deferred sales charge for the BlackRock Money Market Option; however, Class C Units of the BlackRock Money Market Options are available only through reallocations of amounts invested in Class C Units of other Investment Option. Contributions may not be allocated directly to Class C Units of the BlackRock Money Market Option. If you transfer assets from other Investment Options to the BlackRock Money Market Option and then withdraw from the BlackRock Money Market Option, the applicable contingent deferred sales charge that applied to the original Investment Option will apply"

? The following replaces (i) the first sentence of the footnote designated with "*" under "Fees and Expenses - Sales Charges" on page 71 of the Program Description and (ii) the second sentence of the first paragraph under "Fees and Expenses ? Contingent Deferred Sales Charge/Waivers" on page 73 of the Program Description:

"There is no contingent deferred sales charge for the BlackRock Money Market Option; however, Class C Units of the BlackRock Money Market Option are available only through reallocations from other Investment Options. Contributions may not be allocated directly to Class C Units of the BlackRock Money Market Option. If you transfer assets from other Investment Options to the BlackRock Money Market Option and then withdraw from the BlackRock Money Market Option, the applicable contingent deferred sales charge that applied to the original Investment Option will apply."

6

BLACKROCK COLLEGEADVANTAGE? 529 PLAN Sponsor: Ohio Tuition Trust Authority

SUPPLEMENT DATED May 4, 2018 TO THE BLACKROCK COLLEGEADVANTAGE? 529 PLAN PROGRAM DESCRIPTION AND

PARTICIPATION AGREEMENT DATED JULY 16, 2014, AS SUPPLEMENTED

PLEASE READ CAREFULLY

This Supplement updates the BlackRock CollegeAdvantage? 529 Plan Program Description and Participation Agreement, dated July 16, 2014, as supplemented (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.

Tax Reform

The following changes relate to recent amendments to Section 529 of the Internal Revenue Code that expand the permitted uses of distributions from 529 programs such as the Plan.

The first two paragraphs under "Qualified Expenses" on page iv of the Program Description are replaced with the following:

"Qualified higher education expenses (or Qualified Expenses) are:

(A) In the case of Eligible Educational Institutions: (i) tuition, fees, and the costs of books, supplies and equipment required for the enrollment or attendance of a Beneficiary at an Eligible Educational Institution. Some room and board costs for a Beneficiary attending an Eligible Educational Institution may also be considered Qualified Expenses; and certain expenses for the purchase of a computer, computer software or Internet access for a Beneficiary attending an Eligible Educational Institution are also Qualified Expenses; and (ii) expenses for a special needs student that are necessary in connection with enrollment or attendance at an Eligible Educational Institution (you should consult your tax advisor or the Internal Revenue Service to determine how this might apply to your situation); and

(B) In the case of elementary and secondary education (kindergarten through grade 12): expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school; provided, however, that the amount of cash distributions from all Qualified Tuition Programs with respect to a Beneficiary during any taxable year shall, in the aggregate, include not more than $10,000 in expenses described in this subsection (B) incurred during the taxable year."

See "Distributions and Closing an Account -- Qualified Expenses," page 91."

The following is added as a new last paragraph under "Distributions and Closing an Account -- Qualified Expenses," on page 91 of the Program Description:

"Elementary and Secondary Education (kindergarten through grade 12)

Effective January 1, 2018, the definition of "qualified higher education expenses" under Section 529 of the Code includes expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school; provided however, that the amount of cash distributions from all Qualified Tuition Programs with respect to a Beneficiary to pay expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school shall not, in the aggregate, include more than $10,000 in expenses incurred during the taxable year."

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