SMART529 SELECT COLLEGE SAVINGS PLAN

SMART529 SELECT COLLEGE SAVINGS PLAN

Offering Statement Descriptions of The Underlying Funds Participation Agreement

October 21, 2019 Series X

SMART529 SELECT COLLEGE SAVINGS PLAN

offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees

Supplement Dated June 11, 2021

to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreement dated October 21, 2019, as Supplemented March 13, 2020 and March 1, 2021

Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.

1. Updated Fees, Charges and Expenses

a. The chart under the section entitled "Fees, Charges and Expenses - Overview of Account Owner Costs" on page 14 of the Offering Statement is deleted and replaced with the following below. Information is as of May 31, 2021.

SMART529 Select Investment Options

Age-Based Portfolios ?

Static Portfolios All Equity DFA Portfolio

Estimated Underlying

Fund Expenses(1)

0.23%

Program Manager

Fee 0.35%

State Fee 0.05%

Total Annual Asset-Based

Fees

0.63%

Annual Maintenance

Fee(2)

$25.00

Age-Based DFA Portfolio 0-3 Age-Based DFA Portfolio 4-6

Aggressive Growth DFA Portfolio Moderately Aggressive Growth DFA Portfolio

0.23% 0.23%

0.35% 0.35%

0.05% 0.05%

0.63% 0.63%

$25.00 $25.00

Age-Based DFA Portfolio 7-8

Growth DFA Portfolio

0.23%

0.35%

0.05%

0.63%

$25.00

Age-Based DFA Portfolio 9-10

Moderate Growth DFA Portfolio

0.23%

0.35%

0.05%

0.63%

$25.00

Age-Based DFA Portfolio 11-12 ?

0.22%

0.35%

0.05%

0.62%

$25.00

Age-Based DFA Portfolio 13-14 Balanced DFA Portfolio

0.20%

0.35%

0.05%

0.60%

$25.00

Moderately Conservative Age-Based DFA Portfolio 15-16

DFA Portfolio

0.20%

0.35%

0.05%

0.60%

$25.00

Age-Based DFA Portfolio 17-18 ?

0.20%

0.35%

0.05%

0.60%

$25.00

Age-Based DFA Portfolio 19+ Conservative DFA Portfolio

0.20%

0.35%

0.05%

0.60%

$25.00

?

Fixed Income DFA Portfolio

0.22%

0.35%

0.05%

0.62%

$25.00

One-Year Fixed Income DFA

?

0.17%

0.35%

0.05%

0.57%

$25.00

Portfolio

(1) The Estimated Underlying Fund Expenses are based on the expense ratios of the Underlying Fund(s) in which an Investment Option invests. The amounts are

calculated using the expense ratio reported in each Underlying Fund's most recent prospectus available prior to the date of this Supplement, weighted according to

the Investment Option's target asset allocation among the Underlying Funds in which it invests.

(2) The Annual Maintenance Fee may be waived under certain circumstances as disclosed in the Offering Statement.

b. The introduction and chart under the section entitled "Fees, Charges and Expenses - Approximate Costs Over Various Time Periods" on pages 15 and 16 of the Offering Statement are deleted and replaced with the following below. Information is as of May 31, 2021.

Approximate Costs Over Various Time Periods The following table compares the approximate cost of investing in the different Investment Options within SMART529 Select over different periods of time. Your actual cost may be higher or lower. The table is based on the following assumptions:

A $10,000 investment invested for the time periods shown; A 5% annually compounded rate of return on the net amount invested throughout the period; All units are redeemed at the end of the period shown for a Qualified Distribution (the table does not consider the impact of

any potential state or federal taxes on the redemption); Total Annual Asset-Based Fees remain the same as those shown in the fee table under "Overview of Account Owner Costs"

above; and Expenses for each Investment Option include the entire Annual Maintenance Fee of $25, which is not applicable if you meet

one of the exceptions listed under the definition of "Annual Maintenance Fee" in the Offering Statement.

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SMART529 Select Investment Options

Age-Based Portfolios ?

Static Portfolios All Equity DFA Portfolio

Age-Based DFA Portfolio 0-3

Aggressive Growth DFA Portfolio

Age-Based DFA Portfolio 4-6

Moderately Aggressive Growth DFA Portfolio

Age-Based DFA Portfolio 7-8

Growth DFA Portfolio

Age-Based DFA Portfolio 9-10

Moderate Growth DFA Portfolio

Age-Based DFA Portfolio 11-12 ?

Age-Based DFA Portfolio 13-14 Balanced DFA Portfolio

Age-Based DFA Portfolio 15-16 Moderately Conservative DFA Portfolio

Age-Based DFA Portfolio 17-18 ?

Age-Based DFA Portfolio 19+

Conservative DFA Portfolio

?

Fixed Income DFA Portfolio

?

One-Year Fixed Income DFA Portfolio

One Year $89.12 $89.12 $89.12 $89.12 $89.28 $87.90 $86.76 $86.40 $86.48 $86.45 $88.16 $83.26

Three Years $275.90 $275.90 $275.89 $275.88 $276.39 $272.11 $268.54 $267.43 $267.66 $267.57 $272.90 $257.65

Five Years $474.90 $474.90 $474.88 $474.87 $475.75 $468.33 $462.16 $460.23 $460.64 $460.48 $469.72 $443.29

Ten Years $1,033.28 $1,033.28 $1,033.25 $1,033.21 $1,035.16 $1,018.83 $1,005.24 $1,000.99 $1,001.88 $1,001.53 $1,021.88 $963.62

2. Updated Past Performance

a. The charts and footnotes under the section entitled "Past Performance" on pages 16 and 17 of the Offering Statement are deleted in their entirety and replaced with the following below. Information is as of May 31, 2021.

SMART529 Select Age-Based Portfolios The following performance history for the SMART529 Select Age-Based Portfolio includes the one-, three-, five-, ten-year and since inception annualized returns for each Age-Based Portfolio as of May 31, 2021. Performance prior to October 18, 2019 reflects the prior age-bands and Underlying Fund allocations and may not be indicative of future performance. For the most current performance information visit .

Average annual total returns as of May 31, 2021

SMART529 Select Age-Based Portfolios

1 Year

3 Year

5 Year

10 Year

Since

Inception

Inception

Date

Age-Based DFA Portfolio 0-3

49.17%

12.18%

13.49%

10.12%

8.61% 9/14/2004

Age-Based DFA Portfolio 4-6

43.41%

11.60%

12.51%

9.56%

8.25% 9/14/2004

Age-Based DFA Portfolio 7-8(1)

38.01%

11.08%

11.57%

8.90%

7.82% 9/14/2004

Age-Based DFA Portfolio 9-10(2)

32.68%

10.53%

10.02%

7.76%

6.85% 9/14/2004

Age-Based DFA Portfolio 11-12

28.61%

N/A

N/A

N/A

16.02% 10/18/2019

Age-Based DFA Portfolio 13-14(3)

24.70%

8.98%

8.21%

6.32%

5.85% 9/14/2004

Age-Based DFA Portfolio 15-16(4)

20.11%

7.55%

6.79%

5.15%

5.11% 9/14/2004

Age-Based DFA Portfolio 17-18

14.50%

N/A

N/A

N/A

8.72% 10/18/2019

Age-Based DFA Portfolio 19+

9.37%

4.02%

3.81%

3.07%

3.65% 9/14/2004

(1) Performance prior to October 18, 2019 reflects the performance of predecessor age-band 7-9. (2) Performance prior to October 18, 2019 reflects the performance of predecessor age-band 10-12. (3) Performance prior to October 18, 2019 reflects the performance of predecessor age-band 13-15. (4) Performance prior to October 18, 2019 reflects the performance of predecessor age-band 16-18.

SMART529 Select Static Portfolios

The following performance history for the SMART529 Select Static Portfolios includes the one-, three-, five-, ten-year and since

inception annualized returns for each Static Portfolio as of May 31, 2021. For the most current performance information visit

.

Average annual total returns

as of May 31, 2021

Since

Inception

SMART529 Select Static Portfolios

1 Year

3 Year

5 Year

10 Year Inception

Date

All Equity DFA Portfolio

49.15%

12.18%

13.50%

10.03%

8.81%

9/14/2004

Aggressive Growth DFA Portfolio

49.16%

12.20%

13.49%

10.13%

8.61%

9/14/2004

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SMART529 Select Static Portfolios Moderately Aggressive Growth DFA Portfolio Growth DFA Portfolio Moderate Growth DFA Portfolio Balanced DFA Portfolio Moderately Conservative DFA Portfolio Conservative DFA Portfolio Fixed Income DFA Portfolio One-Year Fixed Income DFA Portfolio

1 Year 43.51% 37.98% 32.61% 24.52% 19.79% 9.37% 1.22% -0.41%

Average annual total returns as of May 31, 2021

3 Year 11.68% 11.26% 10.39% 9.02% 7.57% 4.29% 4.46% 1.06%

5 Year 12.56% 11.68% 9.93% 8.22% 6.79% 3.97% 2.71% 0.84%

10 Year 9.60% 8.97% 7.72% 6.32% 5.15% 3.15% 2.49% 0.41%

Since Inception

8.29% 7.87% 6.81% 5.84% 5.09% 3.69% 2.75% 1.23%

Inception Date

9/14/2004 9/14/2004 9/14/2004 9/14/2004 9/14/2004 9/14/2004 9/14/2004 9/14/2004

THE PERFORMANCE DATA SHOWN ABOVE REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURNS AND PRINCIPAL VALUE WILL FLUCTUATE SO THAT AN ACCOUNT OWNER'S UNITS WHEN SOLD, MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA SHOWN ABOVE.

This supplement should be retained with the Offering Statement for future reference.

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SMART529 SELECT COLLEGE SAVINGS PLAN

offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees

Supplement Dated March 1, 2021

to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreement dated October 21, 2019, as Supplemented March 13, 2020

Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.

State Treasurer Update to page 43.

Effective January 18, 2021, Riley Moore became State Treasurer of West Virginia. Accordingly, effective immediately, the signature page to the Participation Agreement on page 43 of the Offering Statement is updated to delete the former Treasurer's name from the signature line and replace it with "Chairman of the Board".

The following is added as the third paragraph in the "Processing Contributions" section on page 7.

When you purchase, redeem, or exchange Units of a Portfolio, you will do so at the Unit Value of the Portfolio's Units on the trade date. In the event of Force Majeure, we may experience processing delays, which may affect your trade date. In those instances, your actual trade date may be after the trade date you would have received, which may negatively affect the value of your SMART529 Select Account. (See "Market Uncertainties and Other Events" in the Section entitled "Description of Risks of the Investment Options" for the definition of "Force Majeure").

The following is added as the third and fourth paragraphs in the "Description of Risks of the Investment Options" section on page 12.

Market Uncertainties and Other Events. In addition to the risks associated with the holdings in the Underlying Funds, your SMART529 Select Account may also be subject to other risks. Due to market uncertainties, the overall market value of your SMART529 Select Account may exhibit volatility and could be subject to wide fluctuations in response to factors, including but not limited to: regulatory or legislative changes, worldwide political uncertainties, and general economic conditions (including inflation and unemployment rates), acts of God, natural disasters or events, fires, floods, suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, acts of war (whether war is declared or not), terrorism, threats of terrorism, insurrections, cyber-attacks, 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 (all enumerated and described events in this section individually and collectively, "Force Majeure"). All of these factors may cause the value of your SMART529 Select Account to decrease (realized or unrealized losses).

Cybersecurity Risk. The Plan relies significantly on the computer systems of its service providers. As a result, the Plan could be susceptible to operational and information security risks resulting from cyber threats and cyberattacks which may adversely affect your Account and cause it to lose value. For instance, cyber threats and cyberattacks may interfere with your ability to access your Account, make contributions or exchanges, request and receive distributions; they may also impact the ability to calculate net asset values and/or impede trading. Cybersecurity risks include security or privacy incidents, such as human error, unauthorized release, theft, misuse, corruption, and destruction of account data maintained online or digitally by the Plan. Cybersecurity risks also

209385609_4 LAW

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include denial of service, viruses, malware, hacking, bugs, security vulnerabilities in software, attacks on technology operations, and other disruptions that could impede the Plan's ability to maintain routine operations. Although the Plan's service providers undertake efforts to protect its computer systems from cyber threats and cyber-attacks, including internal processes and technological defenses that are preventative in nature, and other controls designed to provide a multi-layered security posture, there are no guarantees that the Plan or your Account will avoid losses due to cyber-attacks or cyber threats.

The following two paragraphs are added at the end of the "Tax Treatment - UGMA/UTMA Accounts" section on page 20.

The custodian must notify the Plan when the custodianship terminates. Also, custodians or Designated Beneficiaries will be required to complete certain forms at that time to document the termination of the custodianship; if the custodian fails to direct the Plan to transfer ownership of the Account when the Designated Beneficiary is legally entitled to take control of the Account assets, the Plan may freeze the Account and/or refuse to allow the custodian to transact on the Account. Some UGMA/UTMA laws allow for more than one age at which to terminate the custodianship terminates ("Age of Termination"). The Plan 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 the Plan's records. The custodian may be required to provide documentation to the Plan 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 Plan records. Any tax consequences of a distribution from an Account will be imposed on the Designated Beneficiary.

An UGMA/UTMA custodian may be required by the Program Manager to provide documentation evidencing compliance with the applicable UGMA/UTMA law.

The following is added as paragraph 9.8 in Part Three "SMART529 Select College Savings Plan Participation Agreement" on page 42 and all subsequent sections are renumbered accordingly.

9.8 Extraordinary Events. The Board, the Trust, and the Program Manager shall not be liable for any loss, failure or delay in performance of each of their obligations related to your Account or any diminution in the value of your Account arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including but not limited to: regulatory or legislative changes, worldwide political uncertainties, and general economic conditions (such as including inflation and unemployment rates), acts of God, natural disasters or events, fires, floods, suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, acts of war (whether war is declared or not), terrorism, threats of terrorism, insurrections, cyber-attacks, 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.

This supplement should be retained with the Offering Statement for future reference.

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SMART529 SELECT COLLEGE SAVINGS PLAN

offered by the West Virginia College Prepaid Tuition and Savings Program Board of Trustees

Supplement Dated March 13, 2020

to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreement dated October 21, 2019

Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.

SECURE ACT ? New Federal Law Expands Uses for 529 College Savings Account

On December 20, 2019, the Setting Every Community Up for Retirement (SECURE) Act, expands the expenses treated as Qualified Higher Education Expenses to include certain student loan payments and costs of apprenticeship programs. Effective for distributions taken beginning January 1, 2019, the earnings portion of a distribution from an account in a 529 plan used for the following expenses will not be subject to federal income tax:

Student Loans ? up to $10,000 from a 529 account can be used to repay principal or interest of qualified education loans of either the Designated Beneficiary or a sibling of the Beneficiary. The $10,000 limit is a lifetime limit that applies to each individual. Distributions for the repayment of loans of a sibling will count towards the lifetime limit of the sibling, not the Beneficiary. Any student loan interest deduction is generally reduced by qualified education loan amounts paid for with 529 account assets. Please consult with a tax advisor for more information.

Apprenticeship Programs ?expenses for fees, books, supplies and equipment required for the participation of the Designated Beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act will be treated as Qualified Higher Education Expenses.

West Virginia State Law - For purposes of West Virginia state income taxes, West Virginia follows the SECURE Act as it relates to up to the $10,000 lifetime limit of a 529 plan distribution used to pay principal or interest on a qualified student loan of the Designated Beneficiary or a Sibling of the Beneficiary. Currently, the West Virginia state code does not provide for the inclusion of Apprenticeship Programs as a Qualified Higher Education Expense. This means under current law, earnings associated with distributions for these programs would be subject to West Virginia tax but exempt from Federal tax. Consult a tax advisor for further information.

State law determines whether earnings on distributions taken for Student Loans and/or Apprenticeship Programs are taxable, or if state tax deductions for certain contributions are subject to recapture. Residents and taxpayers of other states should consider the tax treatment of their jurisdiction.

The taxpayer has the responsibility to maintain records to document the use of funds associated with these new provisions, and any reporting that may be required.

This supplement is not intended to provide tax, accounting or legal advice. Please consult with your own tax advisor.

This supplement should be retained with the Offering Statement for future reference.

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Table of Contents

Part One

Offering Statement

1

Important Points for Your Consideration

1

Summary of Key Features

2

Program Administration

4

Opening an Account

4

Account Owner

4

Designated Beneficiary

5

Making Contributions and Other Account Information

6

Processing Contributions

7

Account Statements and Confirmations

8

Systematic Exchange Program

8

Uncashed Checks of Withdrawals

8

The SMART529 Bright Babies Program

8

Eligibility Requirements

8

Incentive Amount

8

How to Apply

8

Additional Information about the SMART529 Bright Babies

Program

8

Investment Options

9

Age-Based Portfolios

9

Static Portfolios

10

Description of Risks of the Investment Options

12

Investment Advisor to Underlying Funds

13

Fees, Charges and Expenses

14

Overview of Account Owner Costs

14

Definitions of Fees and Charges

14

Other Fees and Charges

15

Approximate Costs Over Various Time Periods

15

Past Performance

16

SMART529 Select Age-Based Portfolios

16

SMART529 Select Static Portfolios

17

Withdrawing Money From Your SMART529 Select Account

17

Qualified Distributions

17

Non-Qualified Distribution

18

Rollovers

18

Tax and Planning Considerations

19

Tax Treatment

19

Estate Planning Advantages

20

Financial Aid

21

Tax Reporting

21

Important Information

21

Frequently Asked Questions

22

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