SUPPLEMENT DATED JANUARY 2020 TO THE DREAMAHEAD …

Please file this Supplement to the DreamAhead College Investment Plan Program Details Booklet with your records.

SUPPLEMENT DATED JUNE 2020

TO THE DREAMAHEAD COLLEGE INVESTMENT PLAN PROGRAM DETAILS BOOKLET DATED SEPTEMBER 2019

This Supplement describes important changes affecting The DreamAhead College Investment Plan. Unless otherwise indicated, defined terms used herein have the same meaning as those in the DreamAhead College Investment Plan Program Details Booklet.

DREAMAHEAD 2038 YEAR OF ENROLLMENT PORTFOLIOS

Every July 1 of even numbered years, we introduce three new Year of Enrollment Portfolios, each associated with the respective first steps of each of the Year of Enrollment "glide paths." These new Portfolios are named for the year that is 18 years beyond the then current year, which is the anticipated year of college enrollment for Beneficiaries born in the then current year. Accordingly, on May 6, 2020, the Committee on Advanced Tuition Payment and College Savings (Committee) voted to introduce the 2038 Year of Enrollment Portfolios, effective July 1, 2020.

DREAMAHEAD TERMINAL YEAR OF ENROLLMENT PORTFOLIOS

On May 6, 2020, the Committee voted to introduce three new terminal College Enrolled Portfolios, effective July 1, 2020. These new terminal Portfolios will have the same asset allocation as the current end point of each Year of Enrollment "glide path." By July 1, 2020, the 2018 Year of Enrollment Portfolios and 2020 Year of Enrollment Portfolios will be retired and participants in those Portfolios will be moved into the College Enrolled Portfolios. This move will not impact these participants' asset allocations, except for any asset allocation changes already scheduled for July 1, 2020. In 2022 and in even numbered years thereafter, we will retire that year's Year of Enrollment Portfolios and automatically move all assets into the College Enrolled Portfolios.

DREAMAHEAD UNDERLYING FUND FEE CHANGES

Two of DreamAhead's Underlying Funds have had changes to their asset-based fees, according to those Underlying Funds' most recent prospectuses as of the date of this Supplement No. 2.:

? Fidelity? Emerging Markets Index Fund (FPADX); and ? Vanguard Emerging Markets Government Bond Index Fund Institutional Shares (VGIVX)

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 1

REVISIONS TO PROGRAM DETAILS BOOKLET

This Supplement amends specific sections of the Program Details Booklet as follows:

1) The following replaces the entirety of page 22 of the Program Details Booklet:

Year of Enrollment Portfolio Fee Structure

Year of Enrollment Portfolio

Estimated

Underlying Fund Fee1

ANNUAL ASSET-BASED FEES

State

Service Fee2

Administrative Fee3

CONSERVATIVE YEAR OF ENROLLMENT PORTFOLIOS

2038

0.053%

0.12%

0.10%

2036

0.053%

0.12%

0.10%

2034

0.053%

0.12%

0.10%

2032

0.053%

0.12%

0.10%

2030

0.053%

0.12%

0.10%

2028

0.080%

0.12%

0.10%

2026

0.087%

0.12%

0.10%

2024

0.124%

0.12%

0.10%

2022

0.124%

0.12%

0.10%

College Enrolled

0.124%

0.12%

0.10%

MODERATE YEAR OF ENROLLMENT PORTFOLIOS

2038

0.044%

0.12%

0.10%

2036

0.044%

0.12%

0.10%

2034

0.054%

0.12%

0.10%

2032

0.054%

0.12%

0.10%

2030

0.053%

0.12%

0.10%

2028

0.053%

0.12%

0.10%

2026

0.059%

0.12%

0.10%

2024

0.066%

0.12%

0.10%

2022

0.080%

0.12%

0.10%

College Enrolled

0.095%

0.12%

0.10%

GROWTH YEAR OF ENROLLMENT PORTFOLIOS

2038

0.044%

0.12%

0.10%

2036

0.044%

0.12%

0.10%

2034

0.044%

0.12%

0.10%

2032

0.044%

0.12%

0.10%

2030

0.054%

0.12%

0.10%

2028

0.054%

0.12%

0.10%

2026

0.054%

0.12%

0.10%

2024

0.053%

0.12%

0.10%

2022

0.052%

0.12%

0.10%

College Enrolled

0.095%

0.12%

0.10%

Total Annual Asset-Based

Fee4

0.273% 0.273% 0.273% 0.273% 0.273% 0.300% 0.307% 0.344% 0.344% 0.344%

0.264% 0.264% 0.274% 0.274% 0.273% 0.273% 0.279% 0.286% 0.300% 0.315%

0.264% 0.264% 0.264% 0.264% 0.274% 0.274% 0.274% 0.273% 0.272% 0.315%

ADDITIONAL EXPENSES

Annual Account Maintenance Fee5

$35 $35 $35 $35 $35 $35 $35 $35 $35 $35

$35 $35 $35 $35 $35 $35 $35 $35 $35 $35

$35 $35 $35 $35 $35 $35 $35 $35 $35 $35

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 2

1Estimated Underlying Fund Fees reflect each Underlying Fund's expense ratio disclosed in its most recent prospectus that was available as of June 1, 2020. Expenses for multiple-fund Portfolios represent a weighted average of the expenses of the Portfolio's Underlying Funds. The fees and expenses of the Underlying Funds may change. 2,5Sumday Administration, LLC receives the Service Fee and $30 of the Annual Account Maintenance Fee for the Program Management Services it provides to DreamAhead. 3,5The Committee receives the State Administrative Fee and $5 of the Annual Account Maintenance Fee to support the Committee's administrative costs and expenses of operating DreamAhead. 4This total is assessed against assets over the course of the year and includes the annualized Service Fee, the annualized Underlying Fund Fee, and the annualized State Administrative Fee, but does not include the Annual Account Maintenance Fee. Please refer to the tables beginning on page 24 that shows the total assumed investment cost over 1, 3, 5, and 10-year periods.

2) The following replaces the Static Portfolio Fee Structure Table and associated footnotes, on page 23 of the Program Details Booklet:

Static Portfolio Fee Structure Table

The following table shows total Fees charged to each Static Portfolio in DreamAhead. The Underlying Fund Fee, Service Fee and State Administrative Fee added together equal the Total Annual Asset-Based Fee.

Static Portfolio Fee Structure

Static Portfolio

Growth Portfolio

ANNUAL ASSET-BASED FEES

Estimated

Underlying Fund Fee1

Service Fee2

State

Administrative Fee3

Total Annual

Asset-Based Fee4

0.035%

0.12%

0.10%

0.255%

ADDITIONAL EXPENSES

Annual Account Maintenance

Fee5

$35

Moderate Growth Portfolio

0.054%

0.12%

0.10%

0.274%

$35

Conservative Growth Portfolio

0.053%

0.12%

0.10%

0.273%

$35

Balanced Portfolio

0.053%

0.12%

0.10%

0.273%

$35

Income & Growth Portfolio

0.053%

0.12%

0.10%

0.273%

$35

Income Portfolio

0.088%

0.12%

0.10%

0.308%

$35

Cash Preservation Portfolio

0.180%

0.12%

0.10%

0.400%

$35

1Estimated Underlying Fund Fees reflect each Underlying Fund's expense ratio disclosed in its most recent prospectus that was available as of June 1, 2020. Expenses for multiple-fund Portfolios represent a weighted average of the expenses of the Portfolio's Underlying Funds. The fees and expenses of the Underlying Funds may change. 2,5Sumday Administration, LLC receives the Service Fee and $30 of the Annual Account Maintenance Fee for the Program Management Services it provides to DreamAhead. 2,5 The Committee receives the State Administrative Fee and $5 of the Annual Account Maintenance Fee to help cover the Committee's administrative costs and expense of operating DreamAhead. 4This total is assessed against assets over the course of the year and includes the annualized Service Fee, the annualized Underlying Fund Fee, and the annualized State Administrative Fee, but does not include the Annual Account Maintenance Fee. Please refer to the table on page 25 that shows the total assumed investment cost over 1, 3, 5, and 10-year periods.

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 3

3) The following tables replace the four Approximate Cost for a $10,000 Investment tables on pages 24-25 of the Program Details Booklet:

Conservative Year of Enrollment Portfolios

APPROXIMATE COST OF A $10,000 INVESTMENT

Portfolio Option

1 Year

3 Years

5 Years

10 Years

2038

$63.10

$189.77

$321.68

$679.69

2036

$63.06

$189.74

$321.62

$687.70

2034

$63.10

$189.76

$321.63

$697.18

2032

$63.07

$189.72

$326.51

$716.77

2030

$63.08

$194.23

$333.56

$734.61

2028

$65.90

$199.39

$344.03

$749.54

2026

$66.64

$205.02

$353.94

$759.25

2024

$70.43

$212.74

$361.61

$766.75

2022

$70.44

$212.76

$361.63

$766.77

College Enrolled

$70.44

$212.76

$361.63

$766.77

Moderate Year of Enrollment Portfolios

APPROXIMATE COST OF A $10,000 INVESTMENT

Portfolio Option

1 Year

3 Years

5 Years

10 Years

2038

$62.18

$188.61

$320.47

$677.00

2036

$62.18

$188.83

$320.95

$677.17

2034

$63.16

$190.03

$322.06

$679.87

2032

$63.17

$189.97

$321.87

$683.54

2030

$63.10

$189.78

$322.38

$691.13

2028

$63.06

$190.37

$324.60

$702.56

2026

$63.68

$192.49

$329.33

$713.02

2024

$64.46

$195.67

$335.97

$721.40

2022

$65.92

$200.31

$342.30

$727.60

College Enrolled

$67.44

$203.40

$345.37

$730.61

Growth Year of Enrollment Portfolios

APPROXIMATE COST OF A $10,000 INVESTMENT

Portfolio Option

1 Year

3 Years

5 Years

10 Years

2038

$62.19

$188.64

$320.27

$676.33

2036

$62.19

$188.63

$320.25

$676.85

2034

$62.18

$188.61

$320.54

$677.23

2032

$62.18

$188.90

$321.07

$677.35

2030

$63.22

$190.15

$322.25

$678.13

2028

$63.16

$190.03

$321.94

$690.46

2026

$63.17

$189.86

$321.68

$701.77

2024

$63.06

$189.67

$326.65

$712.09

2022

$63.05

$194.38

$336.36

$721.62

College Enrolled

$67.42

$203.32

$345.24

$730.31

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 4

Static Portfolios

Portfolio Option Growth Portfolio Moderate Growth Portfolio Conservative Growth Portfolio Balanced Portfolio Income & Growth Portfolio Income Portfolio Cash Preservation Portfolio

APPROXIMATE COST OF A $10,000 INVESTMENT

1 Year

3 Years

5 Years

10 Years

$61.26

$187.36

$318.63

$672.91

$63.16

$190.03

$322.13

$678.80

$63.10

$189.83

$321.78

$678.03

$63.06

$189.70

$321.55

$677.51

$63.06

$189.71

$321.57

$677.56

$66.66

$200.94

$341.10

$721.10

$76.15

$233.87

$399.39

$852.42

4) The following replaces the table that aligns the Beneficiary age with the appropriate Year of Enrollment Portfolio at the bottom left of page 31 of the Program Details Booklet:

Age of Beneficiary 0-1 2-3 4-5 6-7 8-9

10-11 12-13 14-15 16-17 18+

Portfolio Name 2038 Year of Enrollment 2036 Year of Enrollment 2034 Year of Enrollment 2032 Year of Enrollment 2030 Year of Enrollment 2028 Year of Enrollment 2026 Year of Enrollment 2024 Year of Enrollment 2022 Year of Enrollment

College Enrolled

5) The following replaces the first sentence of the Here's How it Works subsection at the top right of page 31 of the Program Details Booklet:

With the exception of the College Enrolled Portfolios, Year of Enrollment Portfolios are designed to evolve over time--to transition from a heavier allocation to Underlying Funds that invest in equities (stocks) in earlier years to more conservative Underlying Funds that invest in fixed income (bonds) and money market instruments (cash preservation) as the Beneficiary approaches college age.

6) The following replaces the subsection College enrollment (18+) at the bottom right of page 31 of the Program Details Booklet:

? At College Age (18+) ? At college enrollment age, the assets in the Year of Enrollment Portfolios will automatically move into the corresponding College Enrolled Portfolios. The College Enrolled Portfolios seek to further reduce risk and are at the most conservative phase of the "glide path." The College Enrolled Portfolios are designed to maintain a static asset allocation when Beneficiaries are currently attending college. There is also a substantial cash component (Money Market Fund) to meet college-related distribution needs.

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 5

7) The following replaces the Conservative Year of Enrollment Asset Class Allocations chart and the Current Conservative Year of Enrollment Underlying Fund Allocations table on page 33 of the Program Details Booklet:

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

2038

Conservative Year of Enrollment Asset Class Allocations

2036

2034

2032

2030

2028

2026

Stock Bond Cash

2024

2022 College Enrolled

Current Conservative Year of Enrollment Underlying Fund Allocations (by percent)

Fund

Fidelity? Total Market Index Fund

Schwab Total Stock Market Index Fund?

Fidelity? International Index Fund

Fidelity? Emerging Markets Index Fund

TOTAL STOCKS

Fidelity? U.S. Bond Index Fund

Vanguard Total Bond Market Index Fund Institutional Plus Shares

Vanguard Long-Term Treasury Index Fund Institutional Shares

Schwab? Treasury Inflation Protected Securities Index Fund Vanguard Emerging Markets Government Bond Index Fund Institutional Shares TOTAL BONDS JPMorgan U.S. Government Money Market Fund Capital Shares TOTAL CASH PRESERVATION

2038 2036 2034 2032 2030

15

13

12

9

7

14

13

11

9

6

19

18

16

12

8

7

6

6

5

4

55% 50% 45% 35% 25%

17

20

21

26

29

18

20

22

26

30

3

3

4

4

5

4

4

5

6

8

2

2

2

2

2

44% 49% 54% 64% 74%

1

1

1

1

1

1% 1% 1% 1% 1%

2028 2026 2024 2022

4

3

2

0

4

2

1

0

5

4

2

0

2

1

0

0

15% 10% 5% 0%

26

26

18

20

27

27

18

21

4

4

3

3

6

6

4

4

2

2

2

2

65% 65% 45% 50%

20

25

50

50

20% 25% 50% 50%

College Enrolled

0 0 0 0 0% 20 21 3 4

2 50% 50 50%

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 6

8) The following replaces the Moderate Year of Enrollment Asset Class Allocations chart and the Current Moderate Year of Enrollment Underlying Fund Allocations table on page 34 of the Program Details Booklet:

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

2038

Moderate Year of Enrollment Asset Class Allocations

2036

2034

2032

2030

2028

2026

Stock Bond Cash

2024

2022 College Enrolled

Current Moderate Year of Enrollment Underlying Fund Allocations (by percent)

Fund

Fidelity? Total Market Index Fund

Schwab Total Stock Market Index Fund?

Fidelity? International Index Fund

Fidelity? Emerging Markets Index Fund

TOTAL STOCKS

Fidelity? U.S. Bond Index Fund

Vanguard Total Bond Market Index Fund Institutional Plus Shares

Vanguard Long-Term Treasury Index Fund Institutional Shares

Schwab? Treasury Inflation Protected Securities Index Fund Vanguard Emerging Markets Government Bond Index Fund Institutional Shares TOTAL BONDS

JPMorgan U.S. Government Money Market Fund Capital Shares

TOTAL CASH PRESERVATION

2038 2036 2034 2032 2030 2028 2026 2024 2022

24 24 21 18 16 13 9

5

3

23 23 21 18 16 13 9

5

2

33 33 29 26 21 18 12 7

4

10 10 9

8

7

6

5

3

1

90% 90% 80% 70% 60% 50% 35% 20% 10%

3

3

6 10 15 20 24 27 27

2

2

6 10 15 20 25 28 28

1

1

2

3

3

3

4

5

5

2

2

3

4

4

4

5

8

8

1

1

2

2

2

2

2

2

2

9% 9% 19% 29% 39% 49% 60% 70% 70%

1

1

1

1

1

1

5 10 20

1% 1% 1% 1% 1% 1% 5% 10% 20%

College Enrolled

0 0 0 0 0% 27 28 5 8

2 70% 30 30%

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 7

9) The following replaces the Growth Year of Enrollment Asset Class Allocations chart and the Current Growth Year of Enrollment Underlying Fund Allocations table on page 35 of the Program Details Booklet:

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0%

2038

Growth Year of Enrollment Asset Class Allocations

2036

2034

2032

2030

2028

2026

Stock Bond Cash

2024

2022 College Enrolled

Current Growth Year of Enrollment Underlying Fund Allocations (by percent)

Fund

Fidelity? Total Market Index Fund

Schwab Total Stock Market Index Fund?

Fidelity? International Index Fund

Fidelity? Emerging Markets Index Fund

TOTAL STOCKS

Fidelity? U.S. Bond Index Fund

Vanguard Total Bond Market Index Fund Institutional Plus Shares

Vanguard Long-Term Treasury Index Fund Institutional Shares

Schwab? Treasury Inflation Protected Securities Index Fund Vanguard Emerging Markets Government Bond Index Fund Institutional Shares TOTAL BONDS

JPMorgan U.S. Government Money Market Fund Capital Shares

TOTAL CASH PRESERVATION

2038 2036 2034 2032

25 25 24 24

24 24 23 23

35 35 33 33

11 11 10 10

95% 95% 90% 90%

1

1

3

3

1

1

2

2

1

1

1

1

0

0

2

2

1

1

1

1

4% 4% 9% 9%

1

1

1

1

1% 1% 1% 1%

2030 22 22 31 10 85% 3 4 2 3

2 14%

1 1%

2028 2026 2024 2022

21 18 13 8

21 18 13 7

29 26 18 11

9

8

6

4

80% 70% 50% 30%

6 10 20 28

6 10 20 28

2

3

3

4

3

4

4

7

2

2

2

2

19% 29% 49% 69%

1

1

1

1

1% 1% 1% 1%

College Enrolled

3 2 4 1 10% 24 24 4 6

2 60% 30 30%

Supplement No. 2 to the DreamAhead Program Details Booklet Dated September 2019 Page 8

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