BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority

Transcription

1 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED DECEMBER 6, 2017 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. Change in Contribution Limitation Effective January 1, 2018, the Contribution Limitation per Beneficiary referenced in the BlackRock CollegeAdvantage 529 Plan Program Description is $462,000, and all references in the Program Description (including the appendices thereto) to the Contribution Limitation are revised to reference a Contribution Limitation as of January 1, 2018 of $462,000. Target Date Investment Options The following is hereby added to the Program Description immediately after the discussion of the BlackRock CollegeAdvantage Target Date investment Options: Target Allocations for Target Date Investment Options The target asset allocations and target Underlying Fund allocations were designed by the Program Manager in consultation with OTTA. Since MAPS has the ability to change the Underlying Funds, and the allocations among Underlying Funds, to reflect the current market environment, the actual asset allocations, allocations among Underlying Funds, and the Underlying Funds, will vary. 1

2 BlackRock CollegeAdvantage Target Date Portfolio Glidepath Target Underlying Fund Allocations as of December 4, 2017 College Enrollment Option College 2020 Option College 2024 Option College 2027 Option College 2032 Option Domestic Equity BlackRock Advantage Large Cap Core Fund BlackRock Advantage Small Cap Core Fund BlackRock Capital Appreciation Fund, Inc. 8.75% 10.47% 10.01% 20.00% 20.10% 1.45% 1.74% 2.80% 4.50% 4.95% 5.00% 5.00% 5.00% BlackRock Equity Dividend Fund 4.99% 4.99% 4.99% ishares Russell 1000 ETF 8.74% 10.46% 13.53% 24.20% 28.86% International Equity BlackRock Advantage International Fund 4.71% 5.65% 5.65% 7.50% 7.50% ishares Core MSCI EAFE ETF 3.41% 7.14% 8.43% Mixed Domestic Equity/International Equity/Fixed Income BlackRock Tactical Opportunities Fund 1.67% 3.33% 3.33% 3.33% 3.33% BlackRock Total Factor Fund 1.68% 3.34% 3.34% 3.34% 3.34% Fixed Income 2

3 ishares Short Treasury Bond ETF 23.70% 1.26% ishares 1-3 Year Treasury Bond ETF 26.70% 7.80% 4.31% BlackRock Core Alpha Bond Fund 11.30% 23.15% 18.21% 8.00% 5.00% BlackRock Total Return Fund 11.30% 23.15% 18.21% 8.00% 5.00% ishares 20+ Year Treasury Bond ETF 3.65% 7.21% 4.00% 3.50% ishares Core U.S. Aggregate Bond ETF 6.00% 100% 100% 100% 100% 100% Fees and Expenses - Summary of Fees and Expenses The following information is hereby added to the beginning of 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 Annual Asset-Based Fees Additional Investor Expenses Investment Options* Estimated Underlying Fund Expense Ratio** Annual Sales Fee OTTA Fee Program Management Fee Total Annual Asset- Based Fees Annual Account Maintenance Fee Maximum Initial Sales Charge Maximum Deferred Sales Charge*** BlackRock College Enrollment Option 0.31% 0.25% 0.02% 0.19% 0.77% $ % None BlackRock College 2020 Option 0.42% 0.25% 0.02% 0.19% 0.88% $ % None BlackRock College 2024 Option 0.44% 0.25% 0.02% 0.19% 0.90% $ % None BlackRock College 2027 Option 0.41% 0.25% 0.02% 0.19% 0.87% $ % None BlackRock College 2032 Option 0.39% 0.25% 0.02% 0.19% 0.85% $ % None Class C Units Annual Asset-Based Fees Additional Investor Expenses Investment Options* Estimated Underlying Fund Expense Ratio** Annual Sales Fee OTTA Fee Program Management Fee Total Annual Asset- Based Fees Annual Account Maintenance Fee Maximum Initial Sales Charge Maximum Deferred Sales Charge*** BlackRock College Enrollment Option 0.31% 1.00% 0.02% 0.19% 1.52% $25.00 none 1.00% BlackRock College 2020 Option 0.42% 1.00% 0.02% 0.19% 1.63% $25.00 none 1.00% BlackRock College 2024 Option 0.44% 1.00% 0.02% 0.19% 1.65% $25.00 none 1.00% BlackRock College 2027 Option 0.41% 1.00% 0.02% 0.19% 1.62% $25.00 none 1.00% BlackRock College 2032 Option 0.39% 1.00% 0.02% 0.19% 1.60% $25.00 none 1.00% 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 Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years Target Date Option: Class A (with or without redemption) $625 $833 $1,055 $1.679 BlackRock College Enrollment Option Class C (redemption at end of period) $280 $555 $954 $2,063 Class C (no redemption) $180 $555 $954 $2,063 3

4 Investment Option Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years Target Date Option: Class A (with or without redemption) $635 $866 $1,112 $1,802 BlackRock College 2020 Option Class C (redemption at end of period) $291 $589 $1,012 $2,183 Class C (no redemption) $191 $589 $1,012 $2,183 Target Date Option: Class A (with or without redemption) $637 $872 $1,122 $1,825 BlackRock College 2024 Option Class C (redemption at end of period) $293 $595 $1,022 $2,205 Class C (no redemption) $193 $595 $1,022 $2,205 Target Date Option: Class A (with or without redemption) $634 $863 $1,107 $1,791 BlackRock College 2027 Option Class C (redemption at end of period) $290 $586 $1,006 $2,172 Class C (no redemption) $190 $586 $1,006 $2,172 Target Date Option: Class A (with or without redemption) $632 $857 $1,097 $1,769 BlackRock College 2032 Option Class C (redemption at end of period) $288 $580 $996 $2,150 Class C (no redemption) $188 $580 $996 $2,150 Tax Disclosures Effective January 1, 2018, the disclosure under Federal Gift and Generation-Skipping Transfer Tax on page vi of the Program Description is hereby replaced with the following: In 2018, an individual can make a gift of up to $75,000 (or spouses making a gift splitting election can make aggregate gifts of up to $150,000) to a 529 Plan in one year without triggering federal gift tax. To do this, the Contributor must elect to treat the entire gift as a series of five equal annual gifts. In addition, each Contributor has a lifetime exemption that may be applied to gifts in excess of the $15,000 annual exclusion amounts referred to above. The lifetime exemption for 2018 is $5,600,000 less adjusted prior taxable gifts. The applicable exclusion amount for estate and generation-skipping transfer taxes is $5,600,000 for Effective January 1, 2018, the Federal Gift Tax section on page 97 of the Program Description is hereby replaced with the following: Federal Gift Tax Contributions to the Plan are generally considered completed gifts for federal tax purposes and are, therefore, potentially subject to federal gift tax. As of 2018, generally, if a Contributor s Contributions to Accounts for a Beneficiary, together with all other gifts by the Contributor to the Beneficiary, do not exceed $15,000 per year, no federal gift tax will be imposed on the Contributor for gifts to the Beneficiary during that year. In such case, the filing of a federal gift tax return will not be required. A married individual may split gifts with his or her spouse on the applicable gift tax form, in which case no federal gift tax will be imposed if the spouses aggregate gifts to the Beneficiary for the year, including Contributions to Accounts for the Beneficiary, do not exceed $30,000. If a Contributor s Contributions to Accounts for a Beneficiary in a single year exceed $15,000, the Contributor may elect to treat up to $75,000 of the Contribution ($150,000 in the case of a married couple electing to split gifts or a community property gift) as having been made ratably over a five-year period. Such an election is made on a federal gift tax form. In addition, each Contributor has a lifetime exemption that may be applied to gifts in excess of the $15,000 annual exclusion amounts referred to above. The lifetime exemption for 2018 is $5,600,000 less prior adjusted taxable gifts. The applicable exclusion amount for estate taxes is $5,600,000 for Once the applicable exclusion amount is exhausted, the estate and gift tax rate is 40%. For gifts of community property (or for a married couple who elect to split gifts of separate property) the spouses combined applicable exclusion amount of $11,200,000 (for 2018) may be applied. Accordingly, while gift tax returns are required for gifts in excess of the annual exclusion described above, no actual gift tax will be due until the applicable exclusion amount 4

5 has been exhausted. A potential Contributor should consult with his or her own tax adviser regarding the current lifetime exemptions and the gift tax filing requirements. Effective January 1, 2018, the second paragraph under Federal Generation-Skipping Transfer Tax beginning on page 97 of the program description is hereby replaced with the following: Because Contributions to an Account and changes of the Beneficiary to a person of a younger generation are treated as completed gifts for federal transfer tax purposes, a Contributor or Account Owner may also need to evaluate the effect of the generation-skipping transfer tax on such transactions. The generation-skipping transfer tax may apply to Contributions in excess of the $15,000 annual exclusion from the generation-skipping transfer tax if the Beneficiary is more than one generation younger than the generation of the Contributor. The generation-skipping transfer tax may also apply if a new Beneficiary is more than one generation younger than the generation of the prior Beneficiary; however, the imputed gift may qualify for the gift tax annual exclusion and the generation-skipping transfer tax annual exclusion. In addition to the generation-skipping transfer tax annual exclusion, for 2018 each taxpayer has a $5,600,000 generation-skipping transfer tax exemption that can be allocated to transfers that are subject to the generation-skipping transfer tax (and in fact is automatically allocated to certain such transfers unless certain elections are made). Because of the generation-skipping transfer tax annual exclusion and the generation-skipping transfer tax exemption, no generation-skipping transfer tax may be imposed on many Contributors or Beneficiaries. However, when a generation-skipping transfer tax is imposed, it is imposed at the highest estate tax rate (see above). A potential Contributor or Account Owner concerned about application of the generation-skipping transfer tax should consult with his or her own tax adviser. The following descriptions of Underlying Funds are hereby added in alphabetical order under Underlying Funds Equity Funds BLACKROCK ADVANTAGE SMALL CAP CORE FUND Investment Objective The investment objective of BlackRock Advantage Small Cap Core Fund (also referred to as the fund in this subsection) and formerly known as BlackRock Disciplined Small Cap Core Fund), is to seek capital appreciation over the long term. Investment Strategy Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus any borrowings for investment purposes in equity securities or other financial instruments that are components of, or have market capitalizations similar to, the securities included in the Russell 2000 Index. The companies included in the Russell 2000 Index have market capitalizations that range from approximately $144 million to $4.366 billion as of May 12, The fund primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time the fund may invest in shares of companies through new issues or initial public offerings ( IPOs ). The fund may use derivatives, including options, futures, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the fund effectively, the fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index, including but not limited to the Russell 2000 Index. The use of options, futures, swaps and forward contracts can be effective in protecting or enhancing the value of the fund s assets. Investment Benchmark Russell 2000 Index Investment Risks 5

6 The main risks of investing in the BlackRock Advantage Small Cap Core Fund are: convertible securities risk; derivatives risks; equity securities risk; high portfolio turnover risk; investment style risk; leverage risk; liquidity risks; market risk and selection risk; new issues risk; preferred securities risk; and small cap securities risk. BLACKROCK CORE ALPHA BOND FUND Investment Objective BlackRock Core Alpha Bond Fund (also referred to as the fund in this subsection), seeks to provide a combination of income and capital growth. Investment Strategy The fund invests, under normal circumstances, at least 80% of its assets in bonds. For the purposes of this strategy, bonds include the following: obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; mortgage-backed securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities, including U.S. agency mortgage pass-through securities; commercial mortgage-backed securities risk; debt obligations of U.S. issuers; municipal securities; asset-backed securities; and U.S.-registered dollar-denominated debt obligations of foreign issuers. The fund may invest in bonds issued by companies located in countries other than the United States, including companies in emerging markets. These securities may have all types of interest rate payment and reset terms, including fixed rate, adjustable rate, floating rate, zero coupon, contingent, deferred, payment in kind and auction rate features. The fund seeks to invest a substantial portion of its assets in U.S.- registered, dollar-denominated bonds. The fund may invest up to 10% of its assets in securities rated below investment grade or which are deemed to be of comparable quality by BlackRock ( high yield or junk bonds) at the time of purchase. Investment grade bonds are bonds rated in the four highest categories by at least one of the major rating agencies or determined by fund management to be of similar quality. The fund may invest in bonds of any maturity or duration. The fund may invest a significant portion of its assets in U.S. agency mortgage pass-through securities, which are securities issued by entities such as the Government National Mortgage Association and the Federal National Mortgage Association that are backed by pools of mortgages. Most transactions in mortgage pass-through securities occur through standardized contracts for future delivery in which the exact mortgage-backed securities to be delivered are not specified until a few days prior to settlement. The fund expects to enter into such contracts on a regular basis. The fund may use derivatives, such as futures contracts, options and various other instruments. The fund may also invest in derivatives based on foreign currencies. In addition, the fund may use derivatives and short sales to enhance returns as part of an overall investment strategy or to offset a potential decline in the value of other holdings (commonly referred to as a hedge ), although the fund is not required to hedge and may choose not to do so. The fund is a feeder fund that invests all of its assets in the Master Portfolio, which has the same investment objective and strategies as the fund. All investments are made at the Master Portfolio level. This structure is sometimes called a master/feeder structure. The fund s investment results will correspond directly to the investment results of the Master Portfolio. For simplicity, the prospectus uses the name of the fund or the term fund (as applicable) to include the Master Portfolio. Investment Benchmark Bloomberg Barclays U.S. Aggregate Bond Index Investment Risks 6

7 The main risks of investing in the BlackRock Core Alpha Bond Fund are: debt securities risk; derivatives risks; emerging markets risk; foreign securities risk; high portfolio turnover risk; junk bonds risks; leverage risk; liquidity risks; market risk and selection risk; mortgage-and asset backed securities risks; municipal securities risks; short sales risk; and U.S. Government obligations risk. BLACKROCK TOTAL FACTOR FUND Investment Objective The investment objective of BlackRock Total Factor Fund (also referred to as the fund in this subsection) is to seek total return. Investment Strategy The fund seeks to achieve its investment objective by investing in a broad range of global asset classes, such as equity securities, fixed and floating rate debt instruments, derivatives, other investment companies, including exchange-traded funds ( ETFs ), real estate investment trusts ( REITs ) and commodity-related instruments. The fund will have flexibility with respect to the relative weighting of each asset class to produce total return and reduce risk. The fund applies a factor-based approach to portfolio construction to seek to more efficiently generate total return from a risk/return perspective than a traditional combination of equity and fixed-income securities. Through its research, BlackRock has identified macro and style factors that drive returns across and within asset classes. BlackRock uses this research to determine the ideal allocations of the portfolio with reference to these factors and translates those allocations into asset classes. Such allocation across a range of asset classes and factors is expected to result in greater diversification and lower risk than a portfolio consisting solely of global equity securities. In determining the appropriate allocation across asset classes, the fund will seek to manage exposure to macroeconomic factors, including, but not limited to, interest rates and economic growth and style factors, including, but not limited to, value, momentum, carry, and defensive factors. Allocations are computed not only in terms of capital but also in terms of risk in order to avoid any overconcentration in any particular factor and to broaden the sources of potential returns. The fund will normally invest in both U.S. and non-u.s. companies, including companies located in emerging markets and in securities denominated in both U.S. dollars and foreign currencies. Equity securities include common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts. The fund may invest in securities of issuers of any market capitalization. The fund s investment in debt securities may include fixed and floating rate government and corporate bonds and other fixed-income instruments, such as medium term notes. The fund may invest in debt securities of any credit quality, as determined by fund management, which may include high yield securities (commonly called junk bonds ). The fund may invest in derivatives, including but not limited to, total return and credit default swaps, interest rate swaps, contracts for difference, options, futures, options on futures and swaps, indexed and inverse securities and foreign exchange transactions, for hedging purposes, as well as to enhance the return on its portfolio investments. There is no limit to the fund s ability to invest in derivatives. The fund may engage in short sales of securities either to hedge against potential declines in the value of a security held in the portfolio or to realize appreciation when a security the fund does not own declines in value. The fund may invest in other investment companies, including ETFs, which may be affiliated with BlackRock. With respect to its cash investments, the fund may hold high quality U.S. and non-u.s. money market securities, including, among others, short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S. Government-sponsored enterprises and U.S. Government instrumentalities, short-term obligations of foreign issuers, bank obligations, commercial paper, including asset-backed commercial paper, corporate notes, repurchase agreements and obligations of supranational organizations. The fund may invest a significant portion of its assets in money market funds, including those advised by BlackRock or its affiliates. The fund may invest in U.S. and non-u.s. REITs and other real estate related securities. The fund may invest in commodity-related instruments. The fund may make such investments through investments in BlackRock Cayman Strategic Risk Allocation Fund, Ltd. (the Subsidiary ), a wholly-owned subsidiary of the fund formed in the Cayman 7

8 Islands, which invests primarily in commodity-related instruments and other derivatives. The fund will not invest more than 25% of its total assets (measured at the time of investment) in the Subsidiary. The fund is a non-diversified fund, which means that it can invest more of its assets in fewer companies than a diversified fund. Investment Benchmark MSCI World Index Hedged USD Net Bloomberg Barclays U.S. Aggregate Bond Index A customized weighted index comprised of 60% MSCI World Index Hedged USD Net and 40% Bloomberg Barclays U.S. Aggregate Bond Index Investment Risks The main risks of investing in the BlackRock Total Factor Fund are: commodities related investments risk; convertible securities risk; debt securities risk; depositary receipts risk; derivatives risks; emerging markets risk; equity securities risk; foreign securities risk; investment in other investment companies risk; junk bonds risk; leverage risk; market risk and selection risk; mid cap securities risk; money market securities risk; non-diversification risk; preferred securities risk; real estate related securities risk; REIT investment risk; repurchase agreement risk; short sales risk; small cap and emerging growth securities risk; sovereign debt risk; subsidiary risk; supranational entities risk; treasury obligations risk; U.S. Government obligations risk; variable and floating rate instrument risk; and volatility risk. ishares SHORT TREASURY BOND ETF Investment Objective The ishares Short Treasury Bond ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one month and one year. Investment Strategy The fund seeks to track the investment results of the ICE U.S. Treasury Short Bond Index (referred to as the underlying index in this subsection), which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than one month and less than or equal to one year. As of December 31, 2016, there were 74 issues in the underlying index. The underlying index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than one month and less than or equal to one year and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the Fed ). In addition, the securities in the underlying index must be fixed-rate and denominated in U.S. dollars. Excluded from the underlying index are inflation-linked securities, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The underlying index is weighted by market capitalization, and the securities in the underlying index are updated on the last business day of each month. Under normal circumstances, the fund will seek to maintain a weighted average maturity that is less than three years. Weighted average maturity is a U.S. dollar-weighted average of the remaining term to maturity of the underlying securities in the fund s portfolio. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. 8

9 BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in an applicable underlying index. The fund generally invests at least 90% of its assets in the bonds of the Underlying Index and at least 95% of its assets in U.S. government bonds. The fund may invest up to 10% of its assets in U.S. government bonds not included in the underlying index, but which BFA believes will help the fund track the underlying index. The fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the Underlying Index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The underlying index is sponsored by Interactive Data Pricing and Reference Data LLC (the Index Provider or Interactive Data ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the underlying index and publishes information regarding the market value of the Underlying Index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Investment Benchmark ICE U.S. Treasury Short Bond Index Investment Risks The main risks of investing in ishares Short Treasury Bond ETF are: asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; cyber security risk; income risk; index-related risk; interest rate risk; issuer risk; management risk; market risk; market trading risk; operational risk; passive investment risk; risk of investing in the United States; securities lending risk; tracking error risk and treasury obligations risk. ishares 20+ YEAR TREASURY BOND ETF Investment Objective The ishares 20+ Year Treasury Bond ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years. Investment Strategy The fund seeks to track the investment results of the ICE U.S. Treasury 20+ Year Bond Index (referred to as the underlying index in this subsection), which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than twenty years. As of December 31, 2016, there were 36 issues in the Underlying Index. The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity greater than twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the Fed ). In addition, the securities in the underlying index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying 9

10 Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The underlying index is weighted by market capitalization, and the securities in the underlying index are updated on the last business day of each month. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in an applicable underlying index. The fund generally invests at least 90% of its assets in the bonds of the underlying index and at least 95% of its assets in U.S. government bonds. The fund may invest up to 10% of its assets in U.S. government bonds not included in the underlying index, but which BFA believes will help the fund track the underlying index. The fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the underlying index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The underlying index is sponsored by Interactive Data Pricing and Reference Data LLC (the Index Provider or Interactive Data ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the underlying index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Investment Benchmark ICE U.S. Treasury 20+ Year Bond Index Investment Risks The main risks of investing in ishares 20+ Year Treasury Bond ETF are asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; cyber security risk; income risk; index-related risk; interest rate risk; issuer risk; management risk; market risk; market trading risk; operational risk; passive investment risk; risk of investing in the United States; securities lending risk; tracking error risk; and treasury obligations risk. ishares 1-3 YEAR TREASURY BOND ETF Investment Objective 10

11 The ishares 1-3 Year Treasury Bond ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between one and three years. Investment Strategy The fund seeks to track the investment results of the ICE U.S. Treasury 1-3 Year Bond Index (the underlying index ), which measures the performance of public obligations of the U.S. Treasury that have a remaining maturity of greater than one year and less than or equal to three years. As of December 31, 2016, there were 93 issues in the Underlying Index. The Underlying Index consists of publicly-issued U.S. Treasury securities that have a remaining maturity of greater than one year and less than or equal to three years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve System (the Fed ). In addition, the securities in the underlying index must be fixed-rate and denominated in U.S. dollars. Excluded from the underlying index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The underlying index is weighted by market capitalization, and the securities in the underlying index are updated on the last business day of each month. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in an applicable underlying index. The fund generally invests at least 90% of its assets in the bonds of the underlying index and at least 95% of its assets in U.S. government bonds. The fund may invest up to 10% of its assets in U.S. government bonds not included in the underlying index, but which BFA believes will help the fund track the underlying index. The fund also may invest up to 5% of its assets in repurchase agreements collateralized by U.S. government obligations and in cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the underlying index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The Underlying Index is sponsored by Interactive Data Pricing and Reference Data LLC (the Index Provider or Interactive Data ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Investment Benchmark 11

12 ICE U.S. Treasury 1-3 Year Bond Index Investment Risks The main risks of investing in the ishares 1-3 Year Treasury Bond ETF are: asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; cyber security risk; income risk; index-related risk;; interest rate risk; issuer risk; management risk; market risk; market trading risk; operational risk; passive investment risk; risk of investing in the United States; securities lending risk; tracking error risk; and treasury obligations risk. ishares CORE U.S. AGGREGATE BOND ETF Investment Objective The ishares Core U.S. Aggregate Bond ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of the total U.S. investment-grade bond market. Investment Strategy The fund seeks to track the investment results of the Bloomberg Barclays U.S. Aggregate Bond Index (the underlying index ), which measures the performance of the total U.S. investment-grade bond market. As of December 31, 2016, there were 10,170 issues in the Underlying Index. The Underlying Index includes investment-grade U.S. Treasury bonds, government-related bonds, corporate bonds, mortgage-backed pass-through securities ( MBS ), commercial mortgage-backed securities ( CMBS ) and asset-backed securities ( ABS ) that are publicly offered for sale in the United States. As of December 31, 2016, a significant portion of the underlying index is represented by MBS and treasury securities, and securities of industrials companies. The components of the underlying index, and the degree to which these components represent certain industries, are likely to change over time. The securities in the underlying index must have $300 million or more of outstanding face value and must have at least one year remaining to maturity, with the exception of amortizing securities such as ABS and MBS, which have lower thresholds as defined by Bloomberg Index Services Limited (the Index Provider or Bloomberg ). In addition, the securities in the underlying index must be denominated in U.S. dollars and must be fixed-rate and nonconvertible. Certain types of securities, such as state and local government series bonds, structured notes with embedded swaps or other special features, private placements, floating-rate securities and bonds that have been issued in one country s currency but are traded outside of that country in a different monetary and regulatory system (Eurobonds), are excluded from the Underlying Index. The underlying index is market capitalization-weighted, and the securities in the underlying Index are updated on the last business day of each month. As of December 31, 2016, approximately 27.96% of the bonds represented in the underlying index were U.S. fixed-rate agency MBS. U.S. fixed-rate agency MBS are securities issued by entities such as the Government National Mortgage Association ( Ginnie Mae ), the Federal National Mortgage Association ( Fannie Mae ), and the Federal Home Loan Mortgage Corporation ( Freddie Mac ) and are backed by pools of mortgages. Most transactions in fixed-rate MBS occur through standardized contracts for future delivery in which the exact mortgage pools to be delivered are not specified until a few days prior to settlement (to-be-announced ( TBA ) transactions). The fund may enter into such contracts on a regular basis. The fund, pending settlement of such contracts, will invest its assets in high-quality, liquid short-term instruments, including shares of money market funds advised by BFA or its affiliates. The fund will assume its pro rata share of the fees and expenses of any money market fund that it may invest in, in addition to the fund s own fees and expenses. The fund may also acquire interests in mortgage pools through means other than such standardized contracts for future delivery. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. 12

13 BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability, duration, maturity, credit ratings and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in an applicable underlying index. The fund generally seeks to track the performance of the underlying index by investing approximately 90% of its assets in the bonds represented in the underlying index and in securities that provide substantially similar exposure to securities in the underlying index. The fund may invest the remainder of its assets in bonds not included in the Underlying Index, but which BFA believes will help the fund track the underlying index, as well as in cash and high-quality, liquid short-term instruments, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the underlying Index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The underlying index is sponsored by Bloomberg, which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the underlying index and publishes information regarding the market value of the underlying index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, and securities of state or municipal governments and their political subdivisions are not considered to be issued by members of any industry. Investment Benchmark Bloomberg Barclays U.S. Aggregate Bond Index Investment Risks The main risks of investing in the ishares Core U.S. Aggregate Bond ETF are: mortgage- and asset-backed securities risks; assetbacked securities risk; asset class risk; assets under management (AUM) risk; authorized participant concentration risk; call risk; commercial mortgage-backed securities risk; concentration risk; credit risk; cyber security risk; extension risk; geographic risk; high portfolio turnover risk; income risk; index-related risk; industrials sector risk; interest rate risk; issuer risk; liquidity risks; management risk; market risk; market trading risk; mortgage-backed securities risk; operational risk; passive investment risk; prepayment risk; risk of investing in the United States; securities lending risk; tracking error risk; and treasury obligations risk. Risk Factors For each risk factor named under Investment Risks in the above disclosures, the names of the applicable funds are added in the parenthetical in the descriptions of risk factors in the Program Description under Risk Factors) Principal Risks of the Underlying Funds. The following risk factors are hereby added, in alphabetical order, to the Program Description under Investment Options, Investment Risks and Performance Risk Factors Principal Risks of the Underlying Fund : Commercial Mortgage-Backed Securities Risk (ishares Core U.S. Aggregate Bond ETF; BlackRock Core Alpha Bond Fund ). CMBS are not backed by the full faith and credit of the U.S. government and are subject to risk of default on the underlying mortgages, particularly during periods of economic downturn. CMBS issued by nongovernment entities may offer higher yields than those issued by government entities, but also may be subject to greater volatility than government issues. CMBS are subject to a greater degree of prepayment and extension risk than many other forms of fixed-income securities and therefore react differently to changes in interest rates than other bonds, and the prices of CMBS may reflect adverse economic and market conditions. 13

14 Debt Securities Risk (BlackRock Core Alpha Bond Fund and BlackRock Total Factor Fund) Debt securities, such as bonds, involve interest rate risk, credit risk, extension risk, and prepayment risk, among other things. Interest Rate Risk The market value of bonds and other fixed-income securities changes in response to interest rate changes and other factors. Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. The fund may be subject to a greater risk of rising interest rates due to the current period of historically low rates. For example, if interest rates increase by 1%, assuming a current portfolio duration of ten years, and all other factors being equal, the value of the Fund s investments would be expected to decrease by 10%. The magnitude of these fluctuations in the market price of bonds and other fixed-income securities is generally greater for those securities with longer maturities. Fluctuations in the market price of the fund s investments will not affect interest income derived from instruments already owned by the Fund, but will be reflected in the fund s net asset value. The Fund may lose money if short-term or long-term interest rates rise sharply in a manner not anticipated by fund management. To the extent the fund invests in debt securities that may be prepaid at the option of the obligor (such as mortgage-backed securities), the sensitivity of such securities to changes in interest rates may increase (to the detriment of the fund) when interest rates rise. Moreover, because rates on certain floating rate debt securities typically reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause some fluctuations in the net asset value of the fund to the extent that it invests in floating rate debt securities. These basic principles of bond prices also apply to U.S. Government securities. A security backed by the full faith and credit of the U.S. Government is guaranteed only as to its stated interest rate and face value at maturity, not its current market price. Just like other fixed-income securities, government-guaranteed securities will fluctuate in value when interest rates change. A general rise in interest rates has the potential to cause investors to move out of fixed-income securities on a large scale, which may increase redemptions from funds that hold large amounts of fixed-income securities. Heavy redemptions could cause the fund to sell assets at inopportune times or at a loss or depressed value and could hurt the fund s performance. Credit Risk Credit risk refers to the possibility that the issuer of a debt security (i.e., the borrower) will not be able to make principal and interest payments when due. Changes in an issuer s credit rating or the market s perception of an issuer s creditworthiness may also affect the value of the fund s investment in that issuer. The degree of credit risk depends on the issuer s financial condition and on the terms of the securities. Extension Risk When interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these obligations to fall. Prepayment Risk When interest rates fall, certain obligations will be paid off by the obligor more quickly than originally anticipated, and the fund may have to invest the proceeds in securities with lower yields. Mortgage-Backed Securities Risk (ishares U.S. Aggregate Bond ETF) The fund invests in MBS, some of which may not be backed by the full faith and credit of the U.S. government. MBS are subject to prepayment or call risk and extension risk. Because of these risks, MBS react differently than other bonds to changes in interest rates. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain MBS. Default or bankruptcy of a counterparty to a TBA transaction would expose the fund to possible loss. Repurchase Agreement Risk (BlackRock Total Factor Fund and T-Fund) If the other party to a repurchase agreement defaults on its obligation under the agreement, the Fund may suffer delays and incur costs or lose money in exercising its rights under the agreement. If the seller fails to repurchase the security and the market value of the security declines, the Fund may lose money. Volatility Risk (BlackRock Total Factor Fund) Although the fund intends to implement strategies designed to limit volatility during times of market stress, the effectiveness of these strategies may depend on particular market conditions and other factors that are beyond the control of Fund management. There can be no assurance that the Fund s efforts to limit volatility will be successful or that any particular level of volatility will be achieved. 14

15 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED October 27, 2017 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. Changes in Investment Options New Target Date Investment Options; Closing of Age-Based Investment Options Effective on or about December 1, 2017, the Age-Based Investment Options will be closed and the Plan will open target date investment options. Contributions invested in Age-Based Investment Options that remain in an Account as of December 1, 2017 will be automatically moved to a Target Date Investment Option based on the applicable Beneficiary s age and assuming that the year of enrollment is the year the Beneficiary will reach the age of eighteen. Effective on or about December 1, 2017, the following changes to the Program Description are effective: All references to, and disclosure relating specifically to, the Age-Based Investment Options are deleted. References in the Program Description to 23 Investment Options are revised to reference 25 Investment Options. The reference in first bullet point under The BlackRock CollegeAdvantage 529 Plan Highlights Investment Options and Risk referencing 3 Age-Based Investment Options is replaced with a reference to 5 Target Date Investment Options A new first bullet point under Investment Options, Investment Risks and Performance Summary of Investment Options is added as follows: You can choose from 5 Target Date Investment Options that allow your assets to be invested based on the anticipated time to college enrollment of the Beneficiary. Generally, it is anticipated that investments will become more heavily weighted towards fixed-income and money market investments the closer the Beneficiary is to the expected college enrollment date, and will be more heavily weighted in equity securities for younger Beneficiaries who are further away from expected college enrollment. The first sentence of sixth paragraph on page 11 of the Program Description is hereby replaced with the following: OTTA and the Program Manager reserve the right to change, at any time, the Investment Options, the Underlying Funds in which the Investment Options invest, and the asset allocations among the Underlying Funds that make up the Target Date Investment Options and the Target-Risk Investment Options. The following is added as the last sentence of the first paragraph under Investment Options, Investment Risks and Performance Performance : No performance information is available for the Target Date Investment Options because they have recently been established. The section of the Program Description that was previously entitled Investment Options, Investment Risks and Performance BlackRock CollegeAdvantage Age-Based Investment Options is hereby replaced with the following: BLACKROCK COLLEGEADVANTAGE TARGET DATE INVESTMENT OPTIONS Each of the five Target Date Investment Options is designed to fit a particular investment time horizon for the expected college enrollment year of the Beneficiary. As the anticipated college enrollment date grows closer, the more conservative the asset allocations in that Target Date Investment Option become. Generally, for each of the Target Date Investment Options other than the BlackRock College Enrollment Option, the investment allocation is adjusted quarterly to a more conservative allocation. Each of the Target Date Investment Options invests all of its assets in Underlying Funds. You can choose from among the five BlackRock CollegeAdvantage Target Date Investment Options based on your Beneficiary s anticipated time of enrollment. The College Portfolio is designed for Beneficiaries who are about to enroll in 1

16 college, or are already enrolled, and its equity exposure is approximately 20%. There is no guarantee that with this or any other Investment Option that your principal will be preserved, and you may want to consider more conservative Investment Options. You may select a more aggressive or more conservative approach by choosing a Target Date Investment Option that differs from the one corresponding to your Beneficiary s anticipated college enrollment date. The actual asset allocations, allocations among Underlying Funds and the Underlying Funds, will vary. For the most recent target allocations, please call or visit For more information on each Underlying Fund, please see Investment Options, Investment Risks and Performance Underlying Funds beginning on page 22 of the Program Description and Additional Underlying Funds in Appendix D of the Program Description. BlackRock College Enrollment Option This portfolio is designed for a Beneficiary who is about to enroll in college or who is already enrolled in college. This Investment Option emphasizes investments in fixed-income investments and money-market investments, with a moderate allocation to equity investments. The allocation reflects a lower-risk approach in order to seek income and protect principal. This Investment Option has a target allocation of 20% equity investments and 80% fixed income investments. BlackRock College 2020 Option This Investment Option invests in a combination of money-market, equity and fixed income Underlying Funds, with a conservative allocation seeking conservative appreciation, income and protection of principal. This Investment Option has a target allocation of 29% equity investments and 71% fixed income investments. BlackRock College 2024 Option This Investment Option invests in both equity and fixed income investments, seeking capital appreciation and income. This Investment Option has a target allocation of 46% equity investments and 54% fixed income investments. BlackRock College 2027 Option This Investment Option invests in both equity and fixed income investments, seeking capital appreciation and income. This Investment Option has a target allocation of 75% equity investments and 25% fixed income investments. BlackRock College 2032 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. Fees and Expenses Sales Charge Breakpoints The reference to Age-Based Investment Options in the heading for the table under Fees and Expenses Sales Charges Breakpoints at the top of page 72 of the Program Description is hereby revised to reference Target Date Investment Options. Fees Paid by BlackRock to Broker-Dealers and their Financial Consultants for Distribution The references to Age-Based Investment Options under Fees and Expenses Sales Charges Fees Paid by BlackRock to Broker- Dealers and their Financial Consultants for Distribution beginning on page 83 of the Program Description is hereby revised to reference Target Date Investment Options. T-Fund The first paragraph under Investment Risks in the disclosure for T-Fund under Investment Options, Investment Risks and performance - Underlying Funds T-Fund is hereby modified as follows: 2

17 You could lose money by investing in the Money Market Investment Option. Although the money market fund in which the BlackRock Money Market Option invests, T-Fund (the underlying fund ), seeks to preserve the net asset value of its shares at $1.00 per share, the underlying fund cannot guarantee it will do so. An investment in the BlackRock Money Market Option is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The underlying fund s sponsor has no legal obligation to provide financial support to the underlying und, and you should not expect that the sponsor will provide financial support to the underlying fund at any time. State of Ohio Income Tax Deduction Effective January 1, 2018, the following replaces the first paragraph under State of Ohio Income Tax Deduction : Subject to the limits described below, Ohio taxpayers may deduct the amount of Contributions to an Account in the Plan or an account in the Direct Plan from their Ohio taxable income. Up to $4,000 per Contributor (or married couple) can be deducted per Beneficiary, per year, with unlimited carry forward in future years until the full amount of the Contribution has been deducted. For example, if an Account Owner contributed $4,000 to Accounts for each of his or her three children in the same year, he or she could deduct $12,000 from his or her taxable income for state of Ohio income taxes in the same year. Or, if an Account Owner contributed $12,000 to one or more CollegeAdvantage Program accounts for one child in one year, he or she could deduct $4,000 from his or her state of Ohio taxable income for that year and in each of the next two years. Participation Agreement The second sentence of paragraph 3 of the Participation Agreement in Appendix A to the Program Description is hereby modified to read as follows: The five Enrollment-Based Investment Options are (i) the BlackRock College Enrollment Option, (ii) the BlackRock College 2020 Option, (iii) the BlackRock College 2024 Option, (iv) the BlackRock College 2027 Option, and (v) the BlackRock College 2032 Option. Notice to Investors Clause (i) under Important Notice To Investors State Tax Treatment and Other Benefits for Non-Ohio Taxpayers on the second page of the Program Description (inside cover page) is hereby modified as follows: (i) Ohio residents and taxpayers may obtain certain State of Ohio tax benefits through the CollegeAdvantage Plan that are generally not available to taxpayers in other states. If you are not an Ohio resident or taxpayer, before you invest, consider whether your home state offers a 529 Plan that offers its taxpayers with state tax or other state benefits, such as financial aid, scholarship funds and protection from creditors, that are only available for investments in such state s 529 Plan. 3

18 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED AUGUST 9, 2017 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. Reinstatement Privilege The following disclosure hereby replaces the section Fees and Expenses Reducing or Eliminating Your Initial Sales Charge Reinstatement Privilege on page 73 of the Program Description: Reinstatement Privilege If you redeem Investor A or Institutional Shares of a BlackRock Mutual Fund or make a withdrawal of amounts invested in Class A Units of an Investment Option and buy Class A shares of the same or another BlackRock Mutual Fund or Class A Units of the same or another Investment Option (equal to all or a portion of the redemption amount) within 90 days of such redemption, you will not pay a sales charge on the new purchase/amount. This right may be exercised within 90 days of the redemption, provided that the Class A shares of that fund or Class A Units of that Investment Option, as applicable, is currently open to new investors or to shareholders that have a current account in a closed fund or Investment Option. To exercise this privilege, the Program Manager must receive written notification from the Account Owner or the Financial Intermediary of record at the time of the purchase. While a reinvestment in Class A Units in the Plan within 90 days of a redemption or withdrawal will not be subject to a sales charge, it may be subject to a U.S. federal income tax unless certain requirements are satisfied, including that reinvestments must be made within 60 days of a redemption or withdrawal and generally can only occur once every 12 months. Such U.S. federal income tax requirements and consequences of a reinvestment are more fully described below under Tax Information Rollover Distributions as though the reinstatement were the same as a rollover distribution. Account Owners should consult a tax advisor for additional guidance. BLACKROCK COLLEGEADVANTAGE AGE-BASED INVESTMENT OPTIONS - TARGET UNDERLYING FUND ALLOCATIONS Date Change: The reference to July 15, 2014 on page 13 of the Program Description in the sentence The tables following the glidepath schedules show the target Underlying Fund allocations of the Age-Based Investment Options as of July 15, 2014 is hereby replaced with a reference to June 30,

19 The Underlying Fund allocations and related disclosure set forth set forth on pages of the Program Description are hereby replaced with the following: Target Underlying Fund Allocations as of June 30, 2017* BlackRock CollegeAdvantage Conservative Allocation Age-Based Option Ages Ages Ages Ages Domestic Equity BlackRock Basic Value Fund, Inc. 7.57% 3.70% 1.39% 0.82% 0.47% BlackRock Capital Appreciation Fund, Inc. 4.29% 1.90% 0.85% 0.65% 0.49% BlackRock Equity Dividend Fund 4.40% 1.82% 1.03% 0.63% 0.46% BlackRock Large Cap Focus Growth Fund 8.42% 3.98% 1.85% 0.88% 0.49% BlackRock Advantage Small Cap Growth Fund 5.17% 2.51% 1.34% 1.02% 0.86% ishares Core S&P 500 ETF 23.22% 6.49% 1.88% 0.07% ishares U.S. Consumer Goods ETF 0.30% 0.66% ishares U.S. Financials ETF 1.50% 0.82% ishares U.S. Healthcare ETF 0.49% ishares U.S. Industrials ETF 0.53% 0.87% 0.16% 0.06% International Equity BlackRock EuroFund 2.77% 0.79% 0.29% ishares Core MSCI EAFE ETF 8.07% 3.04% 1.51% 0.99% 0.42% ishares Currency Hedged MSCI Japan ETF 6.04% 6.03% 6.02% 5.96% 6.03% ishares MSCI Eurozone ETF 3.85% 4.16% 3.26% 3.22% 3.31% ishares MSCI Japan ETF 2.11% 1.01% 0.56% 0.46% 0.47% ishares MSCI United Kingdom ETF 0.96% 0.62% 0.46% 0.41% 0.47% Mixed Domestic Equity/International Equity BlackRock Global Long/Short Equity Fund 1.00% 2.02% 1.60% 1.12% 2.11% Mixed Domestic Equity/International Equity/Fixed-Income BlackRock Global Long/Short Credit Fund 2.99% 6.40% 4.96% 4.20% 4.20% BlackRock Tactical Opportunities Fund 1.82% 2.37% 2.47% 1.97% 2.61% Fixed Income BlackRock Strategic Income Opportunities Portfolio Ages % 6.61% 5.09% 4.29% 4.38% BlackRock Total Return Fund 4.58% 15.22% 11.24% 7.73% 0.99% ishares iboxx $ Investment Grade Corporate Bond 2.41% 20.37% 5.48% 3.69% 7.42% ETF Money Market 2

20 BlackRock Money Market Portfolio 4.92% 8.61% 48.56% 61.34% 64.82% BlackRock CollegeAdvantage Moderate Allocation Age-Based Option % % % % % Ages 0-5 Ages 6-9 Ages Ages Domestic Equity BlackRock Basic Value Fund, Inc. 7.00% 9.69% 6.08% 3.68% 3.66% BlackRock Capital Appreciation Fund, Inc. 3.83% 4.51% 3.27% 1.46% 0.83% BlackRock Equity Dividend Fund 3.97% 4.45% 3.22% 1.65% 1.02% BlackRock Large Cap Focus Growth Fund 7.92% 11.10% 6.93% 4.81% 3.44% BlackRock Advantage Small Cap Growth Fund 5.13% 4.88% 2.94% 1.87% 1.47% ishares Core S&P 500 ETF 22.73% 12.38% 4.18% 1.05% ishares U.S. Consumer Goods ETF 0.97% 1.53% 0.78% ishares U.S. Energy ETF 0.22% ishares U.S. Financials ETF 1.65% 1.55% 0.71% 0.53% ishares U.S. Healthcare ETF 0.40% ishares U.S. Industrials ETF 1.13% 1.65% International Equity BlackRock EuroFund 2.12% 2.73% 1.24% 0.45% 0.66% ishares Core MSCI EAFE ETF 7.59% 6.04% 3.82% 1.49% 0.92% ishares Currency Hedged MSCI Japan ETF 6.00% 6.03% 6.03% 6.03% 6.04% ishares MSCI Eurozone ETF 4.97% 4.87% 3.93% 4.17% 3.48% ishares MSCI Japan ETF 1.92% 2.19% 1.26% 0.95% 0.93% ishares MSCI United Kingdom ETF 1.00% 0.99% 0.71% 0.64% 0.58% Mixed Domestic Equity/International Equity BlackRock Global Long/Short Equity Fund 1.04% 1.28% 1.67% 1.54% 2.53% Mixed Domestic Equity/International Equity/Fixed-Income BlackRock Global Long/Short Credit Fund 2.56% 3.48% 6.74% 5.49% 5.75% BlackRock Tactical Opportunities Fund 1.47% 1.53% 2.56% 3.62% 3.79% Fixed Income BlackRock Strategic Income Opportunities Portfolio Ages % 3.60% 6.92% 5.66% 5.79% BlackRock Total Return Fund 4.31% 4.44% 5.55% 14.78% 6.65% ishares iboxx $ Investment Grade Corporate Bond 2.84% 5.95% 24.70% 11.67% 14.10% ETF Money Market 3

21 BlackRock Money Market Portfolio 6.60% 5.13% 6.76% 28.46% 38.36% BlackRock CollegeAdvantage Aggressive Allocation Age-Based Option Ages Ages % % % % % Ages Ages Domestic Equity BlackRock Basic Value Fund, Inc. 6.23% 8.84% 5.67% 5.78% 6.07% BlackRock Capital Appreciation Fund, Inc. 3.87% 5.24% 3.18% 3.49% 3.79% BlackRock Equity Dividend Fund 3.87% 5.36% 3.24% 3.54% 3.92% BlackRock Large Cap Focus Growth Fund 6.88% 9.66% 6.20% 7.02% 5.97% BlackRock Advantage Small Cap Growth Fund 5.15% 5.15% 4.24% 3.11% 2.54% ishares Core S&P 500 ETF 27.32% 17.71% 15.33% 5.55% ishares U.S. Consumer Goods ETF 1.09% 1.79% 0.71% ishares U.S. Financials ETF 1.14% 1.35% 2.39% 0.67% 0.89% ishares U.S. Healthcare ETF 0.26% 0.64% ishares U.S. Industrials ETF 0.40% 0.87% 1.36% 0.28% International Equity BlackRock EuroFund 0.78% 2.00% 2.31% 1.41% 2.67% ishares Core MSCI EAFE ETF 8.41% 6.84% 5.63% 4.79% 2.77% ishares Currency Hedged MSCI Japan ETF 6.02% 6.02% 6.03% 6.03% 6.05% ishares MSCI Eurozone ETF 5.42% 5.45% 4.41% 3.60% 2.60% ishares MSCI Japan ETF 2.11% 2.20% 1.82% 1.17% 1.37% ishares MSCI United Kingdom ETF 0.96% 1.20% 0.74% 0.49% 0.32% Mixed Domestic Equity/International Equity BlackRock Global Long/Short Equity Fund 0.78% 1.28% 1.14% 1.81% 1.97% Mixed Domestic Equity/International Equity/Fixed-Income BlackRock Global Long/Short Credit Fund 2.64% 3.18% 4.76% 6.74% 6.02% BlackRock Tactical Opportunities Fund 1.80% 1.91% 2.68% 2.35% 3.91% Fixed Income BlackRock Strategic Income Opportunities Portfolio Ages % 3.27% 4.90% 6.51% 6.06% BlackRock Total Return Fund 4.19% 2.02% 4.63% 3.33% 24.20% ishares iboxx $ Investment Grade Corporate Bond 2.33% 4.34% 11.09% 24.80% 16.16% ETF Money Market BlackRock Money Market Portfolio 6.73% 5.02% 5.82% 6.82% 2.72% 4

22 100.00% % % % % * The Underlying Fund allocations shown above are subject to change at any time. Domestic Equity: The Underlying Funds in this asset class invest primarily in companies included in the Russell 3000 Index. International Equity: The Underlying Funds in this asset class invest primarily in companies included in the Morgan Stanley Capital International ( MSCI ) EAFE Index. Fixed Income: The Underlying Funds in this asset class invest primarily in Fixed Income Securities included in the Bloomberg Barclays U.S. Aggregate Bond Index. Money Market: The Underlying Fund will generally be the BlackRock Money Market Portfolio. Date change: The reference to July 15, 2014 in the sentence The charts above show target asset allocations and target Underlying Fund allocations as of July 15, in the first paragraph on page 18 is hereby replaced with a reference to June 30, BlackRock CollegeAdvantage Target-Risk Investment Options- Target Underlying Fund Allocations Date Change: The reference to July 15, 2014 on page 19 of the Program Description in the sentence The Tables below show the target asset allocations and target Underlying Fund allocations for the Target-Risk Investment Options as of July 15, is hereby replaced with a reference to June 30, Target Underlying Fund Allocations The table setting forth the target underlying fund allocations of the Target-Risk Investment Options are hereby replaced with the following: Target Underlying Fund Allocations as of June 30, 2017* BlackRock CollegeAdvantage Target-Risk Investment Options Moderate Growth Aggressive Growth Domestic Equity BlackRock Basic Value Fund, Inc. 7.43% 9.84% 10.91% BlackRock Capital Appreciation Fund, Inc. 4.51% 5.96% 6.27% BlackRock Energy & Resources Fund 0.59% 0.73% 0.64% BlackRock Equity Dividend Fund 4.33% 5.72% 6.02% BlackRock Large Cap Focus Growth Fund 7.91% 11.08% 12.40% BlackRock Advantage Small Cap Growth Fund 3.92% 5.23% 6.52% ishares Core S&P 500 ETF 5.40% 5.65% 5.99% ishares U.S. Consumer Goods ETF 1.99% 2.78% ishares U.S. Energy ETF 3.38% ishares U.S. Financials ETF 2.84% 4.38% 8.24% ishares U.S. Healthcare ETF 1.86% 3.27% ishares U.S. Industrials ETF 1.38% 2.96% 5.20% ishares U.S. Technology ETF 2.86% 5

23 International Equity BlackRock EuroFund 3.71% 3.90% 5.24% ishares Core MSCI EAFE ETF 3.51% 4.96% 8.06% ishares Currency Hedged MSCI Japan ETF 6.04% 6.03% 6.03% ishares MSCI Eurozone ETF 3.81% 5.23% 2.15% ishares MSCI Germany ETF 3.21% ishares MSCI Japan ETF 2.32% 2.88% 2.24% ishares MSCI United Kingdom ETF 0.62% 0.93% 0.91% Mixed Domestic Equity/International Equity BlackRock Global Long/Short Equity Fund 1.02% 0.57% Mixed Domestic Equity/International Equity/Fixed-Income BlackRock Global Long/Short Credit Fund 6.13% 3.20% BlackRock Tactical Opportunities Fund 2.81% 2.75% Fixed Income BlackRock Strategic Income Opportunities Portfolio 6.38% 3.29% BlackRock Total Return Fund 4.62% 5.13% ishares iboxx $ Investment Grade Corporate 15.95% 2.55% Bond ETF Money Market BlackRock Money Market Portfolio 2.78% 2.39% 0.46% % % % * The Underlying Fund allocations shown above are subject to change at any time. PERFORMANCE The disclosure under the heading Performance beginning on page 66 of the Program Description is hereby replaced with the following: Performance The tables below show the historical performance of each Class of Unit of each Investment Option currently available. To obtain upto-date performance information for any Investment Option, and to obtain performance information for Class C1 Units which are not generally available for new Contributions, please call , visit the Plan s website at or contact your Financial Advisor. The performance information set forth in the tables below (i) reflect the fees and expenses for each Underlying Fund, (ii) reflect the imposition of the annual asset based fees; provided that the annual account maintenance fee payable by non-ohio residents is not reflected and (iii) where indicated, reflect the imposition of the maximum applicable initial sales charge or deferred sales charge (assuming redemption at the end of the period) under each Class of Units. If the annual account fee had been included, the investment performance set forth below would have been lower. 6

24 The performance of the Investment Options will differ from the performance of the Underlying Funds. Because the Investment Options have higher expense ratios than the Underlying Funds, over comparable periods of time, all other things being equal, an Investment Option would have lower performance than its comparable Underlying Fund. (However, the Underlying Funds do not offer the same tax advantages as the Investment Options.) Performance differences also are caused by differences in the trade dates of Portfolio purchases. When you invest money in an Investment Option, you will receive Program Units as of the trade date. The trade date for the applicable Portfolio s purchase of Underlying Fund shares typically will be one business day after the trade date for your investment. Past performance is not an indication of future results. BlackRock CollegeAdvantage Performance as of June 30, 2017* Without a Sales Charge Annualized Total Returns With a Sales Charge Investment Option Inception Date 1 Year Return 3 Year Return 5 Year Return Since Inception 1 Year Return 3 Year Return 5 Year Return Since Inception Age-Based Investment Options+ BlackRock Conservative 0-5 Age-Based Option 9/29/ % 4.87% 9.57% 8.71% 9.74% 3.00% 8.40% 7.96% Class A BlackRock Conservative 0-5 Age-Based Option 9/29/ % 4.06% 8.74% 7.92% 14.04% 4.06% 8.74% 7.92% Class C CollegeAdvantage Conservative 0-5 Index** 14.66% 6.55% 11.08% 10.37% BlackRock Conservative 6-9 Age-Based Option Class A 9/29/ % 3.70% 6.38% 5.98% 3.24% 1.85% 5.24% 5.24% BlackRock Conservative 6-9 Age-Based Option Class C 9/29/ % 2.91% 5.58% 5.20% 7.10% 2.91% 5.58% 5.20% CollegeAdvantage Conservative 6-9 Index** 6.76% 4.43% 6.42% 6.82% BlackRock Conservative Age-Based Option Class A BlackRock Conservative Age-Based Option Class C 9/29/ % 1.84% 3.31% 3.00% 0.00% 0.03% 2.20% 2.28% 9/29/ % 1.06% 2.54% 2.23% 3.68% 1.06% 2.54% 2.23% CollegeAdvantage Conservative Index** 3.81% 2.48% 3.49% 3.70% BlackRock Conservative Age-Based Option Class A BlackRock Conservative Age-Based Option Class C 9/29/ % 1.14% 2.29% 2.02% -1.19% -0.66% 1.19% 1.32% 9/29/ % 0.37% 1.50% 1.26% 2.47% 0.37% 1.50% 1.26% CollegeAdvantage Conservative Index** 3.02% 1.95% 2.71% 2.86% BlackRock Conservative 17+ Age-Based Option Class A BlackRock Conservative 17+ Age-Based Option Class C 9/29/ % 1.31% 2.17% 1.81% -1.21% -0.49% 1.08% 1.10% 9/29/ % 0.56% 1.40% 1.05% 2.44% 0.56% 1.40% 1.05% CollegeAdvantage Conservative 17+ Index** 2.65% 1.70% 2.33% 2.46% BlackRock Moderate 0-5 Age-Based Option Class A BlackRock Moderate 0-5 Age-Based Option Class C 9/29/ % 5.04% 9.67% 8.66% 9.67% 3.17% 8.50% 7.91% 9/29/ % 4.27% 8.88% 7.86% 13.96% 4.27% 8.88% 7.86% CollegeAdvantage Moderate 0-5 Index** 14.66% 6.55% 11.08% 10.37% BlackRock Moderate 6-9 Age-Based Option Class A BlackRock Moderate 6-9 Age-Based Option Class C 9/29/ % 4.98% 9.46% 8.96% 9.24% 3.11% 8.28% 8.21% 9/29/ % 4.19% 8.63% 8.17% 13.45% 4.19% 8.63% 8.17% CollegeAdvantage Moderate 6-9 Index** 13.76% 6.33% 10.58% 10.01% 7

25 Without a Sales Charge Annualized Total Returns With a Sales Charge Investment Option BlackRock Moderate Age-Based Option Class A BlackRock Moderate Age-Based Option Class C Inception 1 Year 3 Year 5 Year Since 1 Year 3 Year 5 Year Since Date Return Return Return Inception Return Return Return Inception 9/29/ % 3.96% 6.98% 6.57% 4.37% 2.10% 5.83% 5.84% 9/29/ % 3.17% 6.18% 5.76% 8.27% 3.17% 6.18% 5.76% CollegeAdvantage Moderate Index** 7.99% 4.87% 7.25% 7.55% BlackRock Moderate Age-Based Option Class A BlackRock Moderate Age-Based Option Class C 9/29/ % 2.79% 4.73% 4.45% 1.64% 0.96% 3.61% 3.72% 9/29/ % 2.02% 3.93% 3.67% 5.44% 2.02% 3.93% 3.67% CollegeAdvantage Moderate Index** 5.15% 3.37% 4.82% 5.12% BlackRock Moderate 17+ Age-Based Option Class A BlackRock Moderate 17+ Age-Based Option Class C 9/29/ % 2.07% 3.72% 3.33% 0.52% 0.26% 2.60% 2.61% 9/29/ % 1.32% 2.94% 2.57% 4.28% 1.32% 2.94% 2.57% CollegeAdvantage Moderate 17+ Index** 4.20% 2.74% 3.88% 4.12% BlackRock Aggressive 0-5 Age-Based Option Class A BlackRock Aggressive 0-5 Age-Based Option Class C 10/8/ % 5.12% 9.71% 8.65% 9.99% 3.25% 8.54% 7.78% 10/8/ % 4.35% 8.90% 7.83% 14.20% 4.35% 8.90% 7.83% CollegeAdvantage Aggressive 0-5 Index** 14.66% 6.55% 11.08% 10.23% BlackRock Aggressive 6-9 Age-Based Option Class A BlackRock Aggressive 6-9 Age-Based Option Class C 10/8/ % 5.20% 9.82% 8.62% 10.02% 3.32% 8.64% 7.75% 10/8/ % 4.40% 8.98% 7.80% 14.23% 4.40% 8.98% 7.80% CollegeAdvantage Aggressive 6-9 Index** 14.66% 6.55% 11.08% 10.23% BlackRock Aggressive Age-Based Option Class A BlackRock Aggressive Age-Based Option Class C 10/8/ % 4.63% 8.59% 7.69% 7.48% 2.77% 7.43% 6.83% 10/8/ % 3.84% 7.77% 6.88% 11.52% 3.84% 7.77% 6.88% CollegeAdvantage Aggressive Index** 11.87% 5.87% 9.51% 8.96% BlackRock Aggressive Age-Based Option Class A BlackRock Aggressive Age-Based Option Class C 10/8/ % 4.35% 7.45% 6.73% 4.90% 2.49% 6.30% 5.88% 10/8/ % 3.59% 6.66% 5.94% 8.84% 3.59% 6.66% 5.94% CollegeAdvantage Aggressive Index** 8.48% 5.00% 7.54% 7.35% BlackRock Aggressive 17+ Age-Based Option Class A BlackRock Aggressive 17+ Age-Based Option Class C 10/8/ % 3.77% 6.53% 5.95% 3.37% 1.92% 5.39% 5.10% 10/8/ % 3.00% 5.75% 5.16% 7.26% 3.00% 5.75% 5.16% CollegeAdvantage Aggressive 17+ Index** 6.83% 4.47% 6.48% 6.44% Target-Risk Investment Options BlackRock Moderate Portfolio Option Class A 10/8/ % 4.53% 8.34% 7.48% 6.64% 2.67% 7.18% 6.62% BlackRock Moderate Portfolio Option Class C 10/8/ % 3.74% 7.53% 6.67% 10.72% 3.74% 7.53% 6.67% CollegeAdvantage Moderate Index** 10.90% 5.63% 8.95% 8.51% BlackRock Aggressive Growth Portfolio Option Class A 10/8/ % 6.03% 11.60% 10.00% 12.32% 4.14% 10.40% 9.13% 8

26 Without a Sales Charge Annualized Total Returns With a Sales Charge Investment Option BlackRock Aggressive Growth Portfolio Option Class C Inception 1 Year 3 Year 5 Year Since 1 Year 3 Year 5 Year Since Date Return Return Return Inception Return Return Return Inception 10/8/ % 5.21% 10.76% 9.17% 16.60% 5.21% 10.76% 9.17% CollegeAdvantage Aggressive Growth Index** 18.92% 7.52% 13.43% 12.10% BlackRock Growth Portfolio Option Class A 10/8/ % 5.18% 9.96% 8.74% 10.03% 3.31% 8.78% 7.87% BlackRock Growth Portfolio Option Class C 10/8/ % 4.39% 9.14% 7.93% 14.24% 4.39% 9.14% 7.93% CollegeAdvantage Growth Index** 14.86% 6.59% 11.19% 10.32% Single Strategy Investment Options BlackRock Capital Appreciation Option - Class A 9/29/ % 10.33% 13.90% 11.72% 15.92% 8.37% 12.68% 10.94% BlackRock Capital Appreciation Option - Class C 9/29/ % 9.50% 13.05% 10.88% 20.43% 9.50% 13.05% 10.88% Russell 1000 Growth Index*** 20.42% 11.11% 15.30% 14.72% BlackRock Equity Dividend Option - Class A 9/29/ % 8.34% 11.53% 11.79% 11.36% 6.41% 10.34% 11.02% BlackRock Equity Dividend Option - Class C 9/29/ % 7.53% 10.69% 10.95% 15.62% 7.53% 10.69% 10.95% Russell 1000 Value Index*** 15.53% 7.36% 13.94% 12.58% BlackRock Global Allocation Option - Class A 9/29/ % 2.58% 6.23% 5.46% 5.43% 0.75% 5.09% 4.73% BlackRock Global Allocation Option - Class C 9/29/ % 1.82% 5.43% 4.68% 9.38% 1.82% 5.43% 4.68% 36% S&P 500 Index, 24% FTSE World Index ex- US, 24% BofA Merrill Lynch Current 5-Year U.S. Treasury Index, 16% Citigroup Non-US Dollar World Government Bond Index*** 9.61% 3.90% 7.33% 7.10% BlackRock GNMA Option - Class A 9/29/ % 1.16% 1.19% 2.78% -4.77% -0.21% 0.37% 2.24% BlackRock GNMA Option - Class C 9/29/ % 0.37% 0.43% 2.00% -2.59% 0.37% 0.43% 2.00% Bloomberg Barclays GNMA MBS Index*** -0.20% 1.87% 1.66% 3.17% BlackRock High Yield Bond Option - Class A 9/29/ % 3.35% 6.53% 8.65% 7.72% 1.95% 5.67% 8.08% BlackRock High Yield Bond Option - Class C 9/29/ % 2.56% 5.73% 7.82% 10.37% 2.56% 5.73% 7.82% Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index*** BlackRock Inflation Protected Bond Option Class A BlackRock Inflation Protected Bond Option Class C Bloomberg Barclays Global Real: US TIPS Index*** 12.69% 4.50% 6.90% 8.74% 9/29/ % -0.52% -0.51% 2.47% -4.79% -1.86% -1.31% 1.93% 9/29/ % -1.31% -1.27% 1.68% -2.63% -1.31% -1.27% 1.68% -0.63% 0.63% 0.27% 3.43% BlackRock Advantage International Option - Class 9/29/ % -0.36% 6.27% 4.06% 9.01% -2.14% 5.13% 3.34% A 1 BlackRock Advantage International Option - Class 9/29/ % -1.12% 5.49% 3.28% 13.24% -1.12% 5.49% 3.28% C 1 MSCI EAFE Index*** 20.27% 1.15% 8.69% 5.53% MSCI All-Country World Index Ex-U.S.*** 20.45% 0.80% 7.22% 4.96% BlackRock Advantage Large Cap Core Option - 9/29/ % 8.28% 13.65% 11.59% 16.32% 6.35% 12.43% 10.82% Class A 2 BlackRock Advantage Large Cap Core Option - 9/29/ % 7.48% 12.79% 10.77% 20.84% 7.48% 12.79% 10.77% Class C 2 Russell 1000 Index*** 18.03% 9.26% 14.67% 13.68% BlackRock Money Market Option - Class A 9/29/ % 0.06% 0.04% 0.02% 9

27 Without a Sales Charge Annualized Total Returns With a Sales Charge Inception 1 Year 3 Year 5 Year Since Investment Option Date Return Return Return Inception BlackRock Money Market Option - Class C 9/29/ % 0.05% 0.03% 0.02% 'BofA ML 3-Month T-Bill Index 0.49% 0.23% 0.17% 0.15% 1 Year Return 3 Year Return 5 Year Return Since Inception BlackRock Multi-Asset Income Option Class A 7/15/ % 2.83% 3.00% 0.97% BlackRock Multi-Asset Income Option Class C 7/15/ % 2.05% 6.93% 2.05% 50% MSCI World Index and 50% Bloomberg Barclays US Aggregate Bond Index*** BlackRock Strategic Income Opportunities Option Class A BlackRock Strategic Income Opportunities Option Class C 8.61% 4.05% 7/15/ % 1.56% 0.61% 0.17% 7/15/ % 0.77% 3.07% 0.77% Bloomberg Barclays U.S. Universal Index*** 0.91% 2.86% BofA Merrill Lynch 3-Month Treasury Bill Index*** ishares Core MSCI EAFE ETF Option - Class A 3 9/30/ % 0.72% 8.08% 5.16% 12.93% -1.07% 6.92% 4.32% ishares Core MSCI EAFE ETF Option - Class C 3 9/30/ % -0.08% 7.24% 4.34% 17.19% -0.08% 7.24% 4.34% MSCI EAFE IMI*** 20.67% 1.73% 9.23% 6.23% MSCI EAFE Index*** 20.27% 1.15% 8.69% 5.80% ishares Russell 2000 ETF Option - Class A 9/30/ % 6.86% 13.17% 12.43% 17.31% 4.96% 11.95% 11.54% ishares Russell 2000 ETF Option - Class C 9/30/ % 6.11% 12.32% 11.60% 21.85% 6.11% 12.32% 11.60% Russell 2000 Index*** 24.60% 7.36% 13.70% 13.12% ishares Core S&P 500 ETF Option Class A 4 9/30/ % 9.07% 14.01% 13.41% 11.10% 7.12% 12.78% 12.51% ishares Core S&P 500 ETF Option- Class C 4 9/30/ % 8.28% 13.15% 12.58% 15.44% 8.28% 13.15% 12.58% S&P 500 Index*** 17.90% 9.61% 14.63% 14.20% ishares Core S&P Mid-Cap ETF Option- Class A 5 9/29/ % 2.90% 10.30% 11.18% 6.19% 1.07% 9.11% 10.41% ishares Core S&P Mid-Cap ETF Option- Class C 5 9/29/ % 2.11% 9.45% 10.34% 10.26% 2.11% 9.45% 10.34% S&P MidCap 400 Index*** 18.57% 8.53% 14.92% 14.33% Russell MidCap Index*** 16.48% 7.69% 14.72% 14.18% Wells Fargo Advantage Core Bond Option - Class A 9/29/ % 1.78% 1.77% 3.27% -4.74% 0.40% 0.95% 2.72% Wells Fargo Advantage Core Bond Option - Class C 9/29/ % 1.01% 1.02% 2.50% -2.53% 1.01% 1.02% 2.50% Bloomberg Barclays U.S. Aggregate Bond Index*** -0.31% 2.48% 2.21% 3.59% Voya Small Company Option - Class A 9/29/ % 8.42% 13.55% 12.68% 14.44% 6.49% 12.33% 11.90% Voya Small Company Option - Class C 9/29/ % 7.62% 12.70% 11.85% 18.88% 7.62% 12.70% 11.85% Russell 2000 Index*** 24.60% 7.36% 13.70% 12.99% * Prior to September 28, 2010, the BlackRock Conservative Age-Based Investment Option and the BlackRock Moderate Age-Based Investment Option invested solely in two or more of three specified funds of funds. Effective September 28, 2010, such Age-Based Investment Options began investing in different BlackRock Underlying Funds. As a result, such Age-Based Investment Options performance for the periods prior to September 28, 2010 may not reflect what its performance would have been had the Investment Options been invested in the current Underlying Funds and been subject to the current target asset allocations. The Underlying Funds in which the Age-Based Investment Options invest, as well as the allocations among Underlying Funds, change from time to time. + Assets invested in applicable portfolios on behalf of particular beneficiaries are automatically transferred to another portfolio of the same investment option when beneficiaries reach a specified age, and may not remain invested in the reference portfolio for a portion of the period reported in the performance chart. 10

28 ** The blended Benchmark for each portfolio of each Age-Based Investment Option is a blended customized index constructed by BlackRock comprised of indices that represent the asset classes that the Investment Option invests in through its investment weighting in Underlying Funds. The indices are weighted in accordance with the target asset allocation of the Portfolio as of the date of this Program Description: the CollegeAdvantage Conservative 0-5 Index is comprised of the Russell 3000 Index (63.22%), the MSCI EAFE Index (15.81%) and the Bloomberg Barclays U.S. Aggregate Bond Index (20.97%); the CollegeAdvantage Conservative 6-9 Index is comprised of the Russell 3000 Index (30.62%), the MSCI EAFE Index (7.65%), the Bloomberg Barclays U.S. Aggregate Bond Index (57.41%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (4.32%); the CollegeAdvantage Conservative Index is comprised of the Russell 3000 Index (16.37%), the MSCI EAFE Index (4.09%), the Bloomberg Barclays U.S. Aggregate Bond Index (30.69%), and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (48.85%); the CollegeAdvantage Conservative Index is comprised of the Russell 3000 Index (12.53%), the MSCI EAFE Index (3.13%), the Bloomberg Barclays U.S. Aggregate Bond Index (23.49%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (60.85%); the CollegeAdvantage Conservative 17+ Index is comprised of the Russell 3000 Index (10.68%), the MSCI EAFE Index (2.67%), the Bloomberg Barclays U.S. Aggregate Bond Index (20.03%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (66.62%); the CollegeAdvantage Moderate 0-5 Index is comprised of the Russell 3000 Index (63.22%), the MSCI EAFE Index (15.81%) and the Bloomberg Barclays U.S. Aggregate Bond Index (20.97%); the CollegeAdvantage Moderate 6-9 Index is comprised of the Russell 3000 Index (59.63%), the MSCI EAFE Index (14.91%) and the Bloomberg Barclays U.S. Aggregate Bond Index (25.46%); the CollegeAdvantage Moderate Index is comprised of the Russell 3000 Index (35.92%), the MSCI EAFE Index (8.98%),and the Bloomberg Barclays U.S. Aggregate Bond Index (55.10%); the CollegeAdvantage Moderate Index is comprised of the Russell 3000 Index (22.88%), the MSCI EAFE Index (5.72%), the Bloomberg Barclays U.S. Aggregate Bond Index (42.90%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (28.50%); the CollegeAdvantage Moderate 17+ Index is comprised of the Russell 3000 Index (18.28%), the MSCI EAFE Index (4.57%), the Bloomberg Barclays U.S. Aggregate Bond Index (34.27%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (42.89%); the CollegeAdvantage Aggressive 0-5 Index is comprised of the Russell 3000 Index (63.22%), the MSCI EAFE Index (15.81%) and the Bloomberg Barclays U.S. Aggregate Bond Index (20.97%); the CollegeAdvantage Aggressive 6-9 Index is comprised of the Russell 3000 Index (63.22%), the MSCI EAFE Index (15.81%) and the Bloomberg Barclays U.S. Aggregate Bond Index (20.97%); the CollegeAdvantage Aggressive Index is comprised of the Russell 3000 Index (51.96%), the MSCI EAFE Index (12.99%) and the Bloomberg Barclays U.S. Aggregate Bond Index (35.05%); the CollegeAdvantage Aggressive Index is comprised of the Russell 3000 Index (37.98%), the MSCI EAFE Index (9.49%) and the Bloomberg Barclays U.S. Aggregate Bond Index (52.53%); the CollegeAdvantage Aggressive 17+ Index is comprised of the Russell 3000 Index (30.95%), the MSCI EAFE Index (7.73%), the Bloomberg Barclays U.S. Aggregate Bond Index (58.02%) and the BofA Merrill Lynch 3-Month U.S. Treasury Bill Index (3.30%); the CollegeAdvantage Moderate Portfolio Index is comprised of the Russell 3000 Index (48%), the MSCI EAFE Index (12%) and the Bloomberg Barclays U.S. Aggregate Bond Index (40%); the CollegeAdvantage Aggressive Growth Portfolio is comprised of the Russell 3000 Index (80%) and the MSCI EAFE Index (20%); and the CollegeAdvantage Growth Index is comprised of the Russell 3000 Index (64%), the MSCI EAFE Index (16%) and the Bloomberg Barclays U.S. Aggregate Bond Index (20%). Indexes assume reinvestment of distributions and interest payments and do not include fees. Securities held by the Underlying Funds do not match those in the indexes, and performance of the Investment Options will differ. It is not possible to invest directly in an index. *** The individual benchmark for each Single Strategy Investment Option is an unmanaged index (or blend of indices) used to measure the market in which the Underlying Fund invests. Indexes assume reinvestment of distributions and interest payments and do not include fees. Securities held by the Underlying Funds do not match those in the indexes, and performance of the Investment Options will differ. It is not possible to invest directly in an index. 1 Effective June 12, 2017, the BlackRock International Opportunities Option was renamed the BlackRock Advantage International Option and the Underlying Fund changed to the BlackRock Advantage International Fund. As a result, such Investment Option s performance for the periods prior to June 12, 2017 do not reflect what its performance would have been had the Investment Option been invested in the current Underlying Fund. Effective as of June 12, 2017, the Investment Option added the MSCI EAFE Index as the performance benchmark against which the Fund measures its performance and removed the MSCI All Country World Index Ex-U.S. as the performance benchmark against which the Fund measures its performance. The table compares the Investment Option s performance to that of the MSCI EAFE Index and the MSCI All Country World Index Ex-U.S. 2 Effective June 12, 2017, the BlackRock Large Cap Core Option was renamed the BlackRock Advantage Large Cap Core Option, and the Underlying Fund changed its investment strategies, and changed its name to the BlackRock Advantage Large Cap Core Fund. As a result, such Investment Option s performance for the periods prior to June 12, 2017 do not reflect what its performance would have been had the Investment Option been invested in the current Underlying Fund. 3 Effective June 12, 2017, the ishares MSCI EAFE Option was renamed the ishares Core MSCI EAFE ETF Option, and the Underlying Fund changed to the ishares Core MSCI EAFE ETF. As a result, such Investment Option s performance for the periods prior to June 12, 2017 do not reflect what its performance would have been had the Investment Option been invested in the current Underlying Fund. Effective as of June 12, 2017, the Investment Option added the MSCI EAFE IMI as the performance benchmark against which the Fund measures its performance and removed the MSCI EAFE Index as the performance benchmark against which the Fund measures its performance. The table compares the Investment Option s performance to that of the EAFE IMI and the MSCI EAFE Index. 4 Effective July 1, 2013, the ishares S&P 500 Index Option was renamed the ishares Core S&P 500 ETF Option. 5 Effective June 12, 2017, the Rainer Mid Cap Option was renamed the ishares Core S&P Mid-Cap ETF Option, and the Underlying Fund changed to the ishares Core S&P Mid-Cap ETF. As a result, such Investment Option s performance for the periods prior to June 12, 2017 do not reflect what its performance would have been had the Investment Option been invested in the current Underlying Fund. Effective as of June 12, 2017, the Investment Option added the S&P MidCap 400 Index as the performance benchmark against which the Fund measures its performance and removed the Russell MidCap Index as the performance benchmark against which the Fund measures its performance. The table compares the Investment Option s performance to that of the S&P MidCap 400 Index and the Russell MidCap Index. Summary of Fees and Expenses The following tables replace the tables set forth on pages 76 and 77 of the Program Description relating to Class A Units and Class C Units set forth under the heading Summary of Fees and Expenses. 11

29 Class A Units Annual Asset-Based Fees Additional Investor Expenses Investment Options* Estimated Underlying Fund Expense Ratio** Annual Sales Fee OTTA Fee Program Management Fee Total Annual Asset- Based Fees Annual Account Maintenance Fee Maximum Initial Sales Charge Maximum Deferred Sales Charge*** Conservative Age-Based: Newborn through 0.44% 0.25% 0.02% 0.19% 0.90% $ % None 5 Conservative Age-Based: Ages 6 through % 0.25% 0.02% 0.19% 0.92% $ % None Conservative Age-Based: Ages 10 through 12 Conservative Age-Based: Ages 13 through % 0.25% 0.02% 0.19% 0.85% $ % None 0.35% 0.25% 0.02% 0.19% 0.81% $ % None Conservative Age-Based: Ages % 0.25% 0.02% 0.19% 0.80% $ % None Moderate Age-Based: Newborn through % 0.25% 0.02% 0.19% 0.88% $ % None Moderate Age-Based: Ages 6 through % 0.25% 0.02% 0.19% 0.96% $ % None Moderate Age-Based: Ages 10 through % 0.25% 0.02% 0.19% 0.94% $ % None Moderate Age-Based: Ages 13 through % 0.25% 0.02% 0.19% 0.91% $ % None Moderate Age-Based: Ages % 0.25% 0.02% 0.19% 0.89% $ % None Aggressive Age-Based: Newborn through % 0.25% 0.02% 0.19% 0.85% $ % None Aggressive Age-Based: Ages 6 through % 0.25% 0.02% 0.19% 0.93% $ % None Aggressive Age-Based: Ages 10 through % 0.25% 0.02% 0.19% 0.91% $ % None Aggressive Age-Based: Ages 13 through % 0.25% 0.02% 0.19% 0.93% $ % None Aggressive Age-Based: Ages % 0.25% 0.02% 0.19% 1.00% $ % None BlackRock Moderate Portfolio Option 0.53% 0.25% 0.02% 0.19% 0.99% $ % None BlackRock Growth Portfolio Option 0.56% 0.25% 0.02% 0.19% 1.02% $ % None BlackRock Aggressive Growth Portfolio Option 0.53% 0.25% 0.02% 0.19% 0.99% $ % None BlackRock Capital Appreciation Option 0.67% 0.25% 0.02% 0.19% 1.13% $ % None BlackRock Equity Dividend Option 0.71% 0.25% 0.02% 0.19% 1.17% $ % None BlackRock Advantage Large Cap Core Option 0.48% 0.25% 0.02% 0.19% 0.94% $ % None ishares Core S&P 500 ETF Option 0.04% 0.25% 0.02% 0.19% 0.50% $ % None ishares Core S&P Mid Cap ETF Option**** 0.07% 0.25% 0.02% 0.19% 0.53% $ % None Voya Small Company Option 0.88% 0.25% 0.02% 0.19% 1.34% $ % None ishares Russell 2000 ETF Option 0.20% 0.25% 0.02% 0.19% 0.66% $ % None BlackRock Advantage International Option 0.64% 0.25% 0.02% 0.19% 1.10% $ % None ishares Core MSCI EAFE ETF Option 0.08% 0.25% 0.02% 0.19% 0.54% $ % None BlackRock Global Allocation Option 0.79% 0.25% 0.02% 0.19% 1.25% $ % None BlackRock Multi-Asset Income Option 0.55% 0.25% 0.02% 0.19% 1.01% $ % None BlackRock GNMA Option 0.42% 0.25% 0.02% 0.19% 0.88% $ % None BlackRock High Yield Bond Option 0.60% 0.25% 0.02% 0.19% 1.06% $ % None BlackRock Inflation Protected Bond Option 0.35% 0.25% 0.02% 0.19% 0.81% $ % None BlackRock Strategic Income Opportunities Option 0.61% 0.25% 0.02% 0.19% 1.07% $ % None Wells Fargo Advantage Core Bond Option 0.42% 0.25% 0.02% 0.19% 0.88% $ % None BlackRock Money Market Option 0.20% 0.25% 0.02% 0.19% 0.66% $ % None 12

30 * As of December 3, 2012, the Wells Fargo Advantage Total Return Bond Option was renamed the Wells Fargo Advantage Core Bond Option; as of March 1, 2013, the ishares S&P 500 Index Option was renamed the ishares Core S&P 500 ETF Option; as of May 1, 2014, the ING Small Company Option was renamed the Voya Small Company Option; as of July 15, 2014, the ishares MSCI EAFE Index Option was renamed the ishares MSCI EAFE ETF Option and the ishares Russell 2000 Index Option was renamed the ishares Russell 2000 ETF Option; and as of June 12, 2017, the BlackRock International Opportunities Option was renamed the BlackRock Advantage International Option, the BlackRock Large Cap Core Option was renamed the BlackRock Advantage Large Cap Core Option, the ishares MSCI EAFE Option was renamed the ishares Core MSCI EAFE ETF Option and the Rainer Mid Cap Option was renamed the ishares Core S&P Mid-Cap ETF Option. ** Reflects applicable fee waivers and expense reimbursements by the underlying funds investment advisors. *** Generally 1.00% for first year only (excluding 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. 13

31 Class C Units Annual Asset-Based Fees Additional Investor Expenses Investment Options* Estimated Underlying Fund Expense Ratio** Annual Sales Fee OTTA Fee Program Management Fee Total Annual Asset- Based Fees Annual Account Maintenance Fee Maximum Initial Sales Charge Maximum Deferred Sales Charge*** Conservative Age-Based: Newborn through 0.44% 1.00% 0.02% 0.19% 1.65% $25.00 none 1.00% 5 Conservative Age-Based: Ages 6 through % 1.00% 0.02% 0.19% 1.67% $25.00 none 1.00% Conservative Age-Based: Ages 10 through 12 Conservative Age-Based: Ages 13 through % 1.00% 0.02% 0.19% 1.60% $25.00 none 1.00% 0.35% 1.00% 0.02% 0.19% 1.56% $25.00 none 1.00% Conservative Age-Based: Ages % 1.00% 0.02% 0.19% 1.55% $25.00 none 1.00% Moderate Age-Based: Newborn through % 1.00% 0.02% 0.19% 1.63% $25.00 none 1.00% Moderate Age-Based: Ages 6 through % 1.00% 0.02% 0.19% 1.71% $25.00 none 1.00% Moderate Age-Based: Ages 10 through % 1.00% 0.02% 0.19% 1.69% $25.00 none 1.00% Moderate Age-Based: Ages 13 through % 1.00% 0.02% 0.19% 1.66% $25.00 none 1.00% Moderate Age-Based: Ages % 1.00% 0.02% 0.19% 1.64% $25.00 none 1.00% Aggressive Age-Based: Newborn through % 1.00% 0.02% 0.19% 1.60% $25.00 none 1.00% Aggressive Age-Based: Ages 6 through % 1.00% 0.02% 0.19% 1.68% $25.00 none 1.00% Aggressive Age-Based: Ages 10 through % 1.00% 0.02% 0.19% 1.66% $25.00 none 1.00% Aggressive Age-Based: Ages 13 through % 1.00% 0.02% 0.19% 1.68% $25.00 none 1.00% Aggressive Age-Based: Ages % 1.00% 0.02% 0.19% 1.75% $25.00 none 1.00% BlackRock Moderate Portfolio Option 0.53% 1.00% 0.02% 0.19% 1.74% $25.00 none 1.00% BlackRock Growth Portfolio Option 0.56% 1.00% 0.02% 0.19% 1.77% $25.00 none 1.00% BlackRock Aggressive Growth Portfolio Option 0.53% 1.00% 0.02% 0.19% 1.74% $25.00 none 1.00% BlackRock Capital Appreciation Option 0.67% 1.00% 0.02% 0.19% 1.88% $26.00 none 1.00% BlackRock Equity Dividend Option 0.71% 1.00% 0.02% 0.19% 1.92% $25.00 none 1.00% BlackRock Advantage Large Cap Core Option 0.48% 1.00% 0.02% 0.19% 1.69% $25.00 none 1.00% ishares Core S&P 500 ETF Option 0.04% 1.00% 0.02% 0.19% 1.25% $25.00 none 1.00% ishares Core S&P Mid-Cap ETF Option 0.07% 1.00% 0.02% 0.19% 1.28% $25.00 none 1.00% Voya Small Company Option 0.88% 1.00% 0.02% 0.19% 2.09% $25.00 none 1.00% ishares Russell 2000 ETF Option 0.20% 1.00% 0.02% 0.19% 1.41% $25.00 none 1.00% BlackRock Advantage International Option 0.64% 1.00% 0.02% 0.19% 1.85% $25.00 none 1.00% ishares MSCI EAFE Core ETF Option 0.08% 1.00% 0.02% 0.19% 1.29% $25.00 none 1.00% BlackRock Global Allocation Option 0.79% 1.00% 0.02% 0.19% 2.00% $25.00 none 1.00% BlackRock Multi-Asset Income Option 0.55% 1.00% 0.02% 0.19% 1.76% $25.00 none 1.00% BlackRock GNMA Option 0.42% 1.00% 0.02% 0.19% 1.63% $25.00 none 1.00% BlackRock High Yield Bond Option 0.60% 1.00% 0.02% 0.19% 1.81% $25.00 none 1.00% BlackRock Inflation Protected Bond Option 0.35% 1.00% 0.02% 0.19% 1.56% $25.00 none 1.00% BlackRock Strategic Income Opportunities Option 0.61% 1.00% 0.02% 0.19% 1.82% $25.00 none 1.00% Wells Fargo Advantage Core Bond Option 0.42% 1.00% 0.02% 0.19% 1.63% $25.00 none 1.00% BlackRock Money Market Option 0.20% 1.00% 0.02% 0.19% 1.41% $25.00 none none 14

32 * As of December 3, 2012, the Wells Fargo Advantage Total Return Bond Option was renamed the Wells Fargo Advantage Core Bond Option; as of March 1, 2013, the ishares S&P 500 Index Option was renamed the ishares Core S&P 500 ETF Option; as of May 1, 2014, the ING Small Company Option was renamed the Voya Small Company Option; as of July 15, 2014, the ishares MSCI EAFE Index Option was renamed the ishares MSCI EAFE ETF Option and the ishares Russell 2000 Index Option was renamed the ishares Russell 2000 ETF Option; and as of June 12, 2017, the BlackRock International Opportunities Option was renamed the BlackRock Advantage International Option, the BlackRock Large Cap Core Option was renamed the BlackRock Advantage Large Cap Core Option, the ishares MSCI EAFE Option was renamed the ishares Core MSCI EAFE ETF Option and the Rainer Mid Cap Option was renamed the ishares Core S&P Mid-Cap ETF Option. ** Reflects applicable fee waivers by the underlying funds investment advisors. *** Generally 1.00% for first year only (excluding 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. 15

33 Hypothetical Cost of a $10,000 Investment The table beginning on page 80 of the Program Description is hereby replaced with the following: Investment Option Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years Conservative Age-Based Option: Class A (with or without redemption) $662 $871 $1,120 $1,820 Newborn through 5 Class C (redemption at end of period) $292 $594 $1,020 $2,200 Class C (no redemption) $192 $594 $1,020 $2,200 Conservative Age-Based Option: Class A (with or without redemption) $638 $876 $1,130 $1,842 Ages 6 through 9 Class C (redemption at end of period) $294 $600 $1,030 $2,221 Class C (no redemption) $194 $600 $1,030 $2,221 Conservative Age-Based Option: Class A (with or without redemption) $632 $857 $1,096 $1,768 Ages 10 through 12 Class C (redemption at end of period) $288 $580 $995 $2,149 Class C (no redemption) $188 $580 $995 $2,149 Conservative Age-Based Option: Class A (with or without redemption) $628 $845 $1,076 $1,724 Ages 13 through 16 Class C (redemption at end of period) $284 $567 $975 $2,106 Class C (no redemption) $184 $567 $975 $2,106 Conservative Age-Based Option: Class A (with or without redemption) $628 $843 $1,073 $1,718 Ages 17+ Class C (redemption at end of period) $283 $566 $972 $2,101 Class C (no redemption) $183 $566 $972 $2,101 Moderate Age-Based Option: Class A (with or without redemption) $635 $866 $1,112 $1,803 Newborn through 5 Class C (redemption at end of period) $291 $589 $1,012 $2,183 Class C (no redemption) $191 $589 $1,012 $2,183 Moderate Age-Based Option: Class A (with or without redemption) $642 $888 $1,151 $1,886 Ages 6 through 9 Class C (redemption at end of period) $298 $612 $1,051 $2,264 Class C (no redemption) $198 $612 $1,051 $2,264 Moderate Age-Based Option: Class A (with or without redemption) $641 $883 $1,141 $1,865 Ages 10 through 12 Class C (redemption at end of period) $296 $606 $1,041 $2,244 Class C (no redemption) $196 $606 $1,041 $2,244 Moderate Age-Based Option: Class A (with or without redemption) $638 $875 $1,128 $1,837 Ages 13 through 16 Class C (redemption at end of period) $294 $599 $1,028 $2,217 Class C (no redemption) $194 $599 $1,028 $2,217 Moderate Age-Based Option: Class A (with or without redemption) $636 $870 $1,119 $1,817 Ages 17+ Class C (redemption at end of period) $292 $593 $1,018 $2,197 Class C (no redemption) $192 $593 $1,018 $2,197 Aggressive Age-Based Option: Class A (with or without redemption) $632 $856 $1,094 $1,764 Newborn through 5 Class C (redemption at end of period) $287 $579 $994 $2,146 Class C (no redemption) $187 $579 $994 $2,146 Aggressive Age-Based Option: Class A (with or without redemption) $640 $880 $1,137 $1,856 Ages 6 through 9 Class C (redemption at end of period) $296 $604 $1,037 $2,235 Class C (no redemption) $196 $604 $1,037 $2,235 Aggressive Age-Based Option: Class A (with or without redemption) $638 $875 $1,127 $1,834 Ages 10 through 12 Class C (redemption at end of period) $294 $598 $1,026 $2,214 Class C (no redemption) $194 $598 $1,026 $2,214 Aggressive Age-Based Option: Class A (with or without redemption) $640 $881 $1,137 $1,857 Ages 13 through 16 Class C (redemption at end of period) $296 $604 $1,037 $2,236 Class C (no redemption) $196 $604 $1,037 $2,236 Aggressive Age-Based Option: Class A (with or without redemption) $647 $903 $1,176 $1,940 Ages 17+ Class C (redemption at end of period) $303 $627 $1,076 $2,317 Class C (no redemption) $203 $627 $1,076 $2,317 BlackRock Moderate Portfolio Class A (with or without redemption) $645 $898 $1,167 $1,921 Option Class C (redemption at end of period) $301 $622 $1,067 $2,298 Class C (no redemption) $201 $622 $1,067 $2,298 BlackRock Growth Portfolio Class A (with or without redemption) $648 $906 $1,182 $1,953 16

34 Investment Option Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years Option Class C (redemption at end of period) $304 $631 $1,082 $2,330 Class C (no redemption) $204 $631 $1,082 $2,330 BlackRock Aggressive Growth Class A (with or without redemption) $648 $906 $1,182 $1,953 Portfolio Option Class C (redemption at end of period) $304 $631 $1,082 $2,330 Class C (no redemption) $204 $631 $1,082 $2,330 BlackRock Capital Appreciation Class A (with or without redemption) $659 $940 $1,240 $2,077 Option Class C (redemption at end of period) $316 $666 $1,141 $2,451 Class C (no redemption) $216 $666 $1,141 $2,451 BlackRock Equity Dividend Class A (with or without redemption) $663 $952 $1,260 $2,121 Option Class C (redemption at end of period) $320 $678 $1,162 $2,493 Class C (no redemption) $220 $678 $1,162 $2,493 BlackRock Advantage Large Cap Core Class A (with or without redemption) $641 $884 $1,143 $1,869 Option Class C (redemption at end of period) $297 $608 $1,043 $2,248 Class C (no redemption) $197 $608 $1,043 $2,248 ishares Core S&P 500 ETF Option Class A (with or without redemption) $598 $752 $915 $1,370 Class C (redemption at end of period) $252 $472 $811 $1,761 Class C (no redemption) $152 $472 $811 $1,761 ishares Core S&P Mid-Cap ETF Class A (with or without redemption) $601 $761 $931 $1,405 Option Class C (redemption at end of period) $255 $481 $827 $1,795 Class C (no redemption) $155 $481 $827 $1,795 Voya Small Company Option Class A (with or without redemption) $679 $1,002 $1,346 $2,303 Class C (redemption at end of period) $337 $730 $1,249 $2,671 Class C (no redemption) $237 $730 $1,249 $2,671 ishares Russell 2000 ETF Class A (with or without redemption) $614 $800 $998 $1,554 Option Class C (redemption at end of period) $269 $521 $896 $1,941 Class C (no redemption) $169 $521 $896 $1,941 BlackRock Advantage International Class A (with or without redemption) $656 $931 $1,224 $2,045 Option Class C (redemption at end of period) $313 $657 $1,126 $2,419 Class C (no redemption) $213 $657 $1,126 $2,419 ishares MSCI EAFE ETF Class A (with or without redemption) $602 $764 $936 $1,417 Option Class C (redemption at end of period) $256 $484 $833 $1,806 Class C (no redemption) $156 $484 $833 $1,806 BlackRock Global Allocation Class A (with or without redemption) $671 $976 $1,300 $2,207 Option Class C (redemption at end of period) $328 $702 $1,203 $2,577 Class C (no redemption) $228 $702 $1,203 $2,577 BlackRock Multi-Asset Income Class A (with or without redemption) $648 $905 $1,179 $1,946 Option Class C (redemption at end of period) $304 $629 $1,079 $2,323 Class C (no redemption) $204 $629 $1,079 $2,323 BlackRock GNMA Option Class A (with or without redemption) $511 $744 $993 $1,691 Class C (redemption at end of period) $291 $589 $1,012 $2,183 Class C (no redemption) $191 $589 $1,012 $2,183 BlackRock High Yield Bond Class A (with or without redemption) $529 $799 $1,086 $1,892 Option Class C (redemption at end of period) $309 $644 $1,105 $2,377 Class C (no redemption) $209 $644 $1,105 $2,377 BlackRock Inflation Protected Class A (with or without redemption) $504 $723 $957 $1,612 Bond Option Class C (redemption at end of period) $284 $568 $975 $2,106 Class C (no redemption) $184 $568 $975 $2,106 BlackRock Strategic Income Class A (with or without redemption) $530 $802 $1,092 $1,903 Opportunities Option Class C (redemption at end of period) $310 $648 $1,110 $2,387 Class C (no redemption) $210 $648 $1,110 $2,387 Wells Fargo Advantage Core Class A (with or without redemption) $511 $744 $993 $1,691 Bond Option Class C (redemption at end of period) $291 $589 $1,012 $2,183 Class C (no redemption) $191 $589 $1,012 $2,183 17

35 Investment Option Unit Class Number of Years You Own Your Units 1 Year 3 Years 5 Years 10 Years BlackRock Money Market Option Class A (with or without redemption) $92 $286 $493 $1,072 Class C (redemption at end of period) $169 $521 $896 $1,941 Class C (no redemption) $169 $521 $896 $1,941 The following descriptions of Underlying Funds are added in alphabetical order under Underlying Funds Equity Funds BLACKROCK ADVANTAGE SMALL CAP GROWTH FUND Investment Objective The investment objective of BlackRock Advantage Small Cap Growth Fund (formerly known as BlackRock Small Cap Growth Equity Portfolio) (also referred to as the fund in this subsection) is to seek long-term capital growth. Investment Strategy Under normal circumstances, the fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small cap companies and at least 80% of its net assets (plus any borrowings for investment purposes) in securities or instruments of issuers located in the United States. Equity securities consist primarily of common stock, preferred stock, securities convertible into common stock and securities or other instruments whose price is linked to the value of common stock, such as derivatives. The fund seeks to buy primarily common stock but also can invest in preferred stock, convertible securities and other equity securities. The fund management team focuses on small capitalization companies that fund management believes have above average prospects for earnings growth. Although a universal definition of small-capitalization companies does not exist, the fund generally defines these companies as those with market capitalizations, at the time of the fund s investment, comparable in size to the companies in the Russell 2000 Index (between approximately $133 million and $3.86 billion as of May 27, 2016). In the future, the fund may define small-capitalization companies using a different index or classification system. From time to time the fund may invest in shares of companies through new issues or initial public offerings ( IPOs ). The fund may use derivatives, including options, warrants, futures, indexed securities, inverse securities, swaps and forward contracts both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the fund effectively, the fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a commodity (such as oil or gas), a currency or an index, including but not limited to the Russell 2000 Index. The use of options, futures, indexed securities, inverse securities, swaps and forward contracts can be effective in protecting or enhancing the value of the fund s assets. Investment Benchmark Russell 2000 Growth Index Investment Risks The main risks of investing in the BlackRock Advantage Small Cap Growth Fund are: convertible securities risk; derivatives risks; equity securities risk; high portfolio turnover risk; investment style risk (growth); leverage risk; market risk and selection risk; new issues risk; preferred securities risk; small cap and emerging growth securities risk; and warrants risk. For a description of these risks, see Risk Factors. 18

36 BLACKROCK LARGE CAP FOCUS GROWTH FUND Investment Objective The investment objective of BlackRock Large Cap Focus Growth Fund (formerly known as BlackRock Large Cap Growth Fund) (also referred to as the fund in this subsection) is to seek long-term capital growth. Investment Strategy Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that have similar economic characteristics to such securities. For purposes of the fund s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000 Growth Index (the Russell 1000 Growth Index ). The fund primarily intends to invest in equity securities, which include common stock, preferred stock and convertible securities, or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Growth Index. The Russell 1000 Growth Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The fund is a growth fund that invests primarily in common stock. The fund may invest without limitation in the securities of foreign companies in the form of American Depositary Receipts ( ADRs ). In addition to ADRs, the fund may also invest up to 20% of its total assets in other forms of securities of foreign companies, including European Depositary Receipts, which are receipts typically issued in Europe evidencing an ownership arrangement with the foreign company or other securities of foreign companies. The fund may seek to provide exposure to the investment returns of real assets that trade in the commodity markets through investment in commodity-linked derivative instruments and investment vehicles such as exchange-traded funds that invest exclusively in commodities and are designed to provide this exposure without direct investment in physical commodities. The fund may engage in active and frequent trading of portfolio securities to achieve its primary investment strategies. Investment Benchmark Russell 1000 Growth Index Investment Risks The main risks of investing in the BlackRock Large Cap Focus Growth Fund are: commodities related investment risks; convertible securities risk; depositary receipts risk; derivatives risks; equity securities risk; foreign securities risk; high portfolio turnover risk; investment style risk (growth); leverage risk; market risk and selection risk; new issues risk; and preferred securities risk. For a description of these risks, see Risk Factors. BLACKROCK TACTICAL OPPORTUNITIES FUND Investment Objective The investment objective of BlackRock Tactical Opportunities Fund (formerly known as BlackRock Managed Volatility Portfolio) (also referred to as the fund in this subsection, is to seek total return. Investment Strategy The fund uses an asset allocation strategy, investing varying percentages of its portfolio in three major categories: stocks, bonds and money market instruments. The fund has wide flexibility in the relative weightings given to each category. The fund management team will tactically allocate to asset classes around the world that are deemed to offer attractive risk-adjusted returns. In selecting investments, the fund management team will identify global macro opportunities and position the fund using a combination of individual securities and derivatives. 19

37 With respect to its equity investments, the fund may invest in individual equity securities to an unlimited extent. The fund may invest in common stock, preferred stock, securities convertible into common stock, non-convertible preferred stock and depositary receipts. The fund may invest in securities of both U.S. and non-u.s. issuers without limit, which can be U.S. dollar-based or non-u.s. dollarbased and may be currency hedged or unhedged. The fund may invest in securities of companies of any market capitalization. With respect to its fixed-income investments, the fund may invest in individual fixed-income securities to an unlimited extent. The fund may invest in a portfolio of fixed-income securities such as corporate bonds and notes, commercial and residential mortgagebacked securities (bonds that are backed by a mortgage loan or pools of loans secured either by commercial property or residential mortgages, as applicable), collateralized mortgage obligations (bonds that are backed by cash flows from pools of mortgages and may have multiple classes with different payment rights and protections), collateralized debt obligations ( CDOs ), asset-backed securities, convertible securities, debt obligations of governments and their sub-divisions (including those of non-u.s. governments), other floating or variable rate obligations, municipal obligations and zero coupon debt securities. The fund may also invest a significant portion of its assets in non-investment grade bonds ( junk bonds or distressed securities), non-investment grade bank loans, foreign bonds (both U.S. dollar- and non-u.s. dollar-denominated) and bonds of emerging market issuers. The fund may invest in non-u.s. dollar-denominated bonds on a currency hedged or unhedged basis. With respect to its cash investments, the fund may hold high quality money market securities, including short term U.S. Government securities, U.S. Government agency securities, securities issued by U.S. Government-sponsored enterprises and U.S. Government instrumentalities, bank obligations, commercial paper, including asset-backed commercial paper, corporate notes and repurchase agreements. The fund may invest a significant portion of its assets in money market funds, including those advised by BlackRock or its affiliates. The fund may invest in derivatives, including, but not limited to, interest rate, total return and credit default swaps, indexed and inverse floating rate securities, options, futures, options on futures and swaps and foreign currency transactions (including swaps), for hedging purposes, as well as to increase the return on its portfolio investments. The fund may seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as reverse repurchase agreements or dollar rolls). The fund may also use forward foreign currency exchange contracts (obligations to buy or sell a currency at a set rate in the future) to hedge against movement in the value of non-u.s. currencies. The fund may invest in U.S. and non-u.s. real estate investment trusts ( REITs ), structured products (including, but not limited to, structured notes, credit linked notes and participation notes, or other instruments evidencing interests in special purpose vehicles, trusts, or other entities that hold or represent interests in fixed-income securities) and floating rate securities (such as bank loans). Investment Benchmarks MSCI All Country World Index Bloomberg Barclays U.S. 1-3 Year Treasury Bond Index BofA Merrill Lynch 3-Month U.S. Treasury Bill Index A customized weighted index comprised of 25% MSCI ACWI Index and 75% Bloomberg Barclays 1-3 Year T-Bond Index Investment Risks The main risks of investing in the BlackRock Tactical Opportunities Fund are: allocation risk; collateralized debt obligations risk; convertible securities risk; corporate loans risk; counterparty risk; credit risk; derivatives risks; distressed securities risk; dollar rolls risk; emerging markets risk; equity securities risk; extension risk; foreign securities risk; high portfolio turnover risk; inflation indexed bonds risk; interest rate risk; investment style risk; junk bonds risks; leverage risk; liquidity risks; market risk and selection risk; mid cap securities risk; money market securities risk; mortgage and asset-backed securities risks; municipal securities risks; preferred securities risk; prepayment risk; real estate related securities risk; REIT investment risk; repurchase agreements, purchase and sale contracts risks; reverse repurchase agreements risk; risks of loan assignments and participations; second lien loans risk; senior loans risk; small cap and emerging growth securities risk; sovereign debt risk; structured notes risk; structured products risk; supranational entities risk; tender option bonds and related securities risk; U.S. Government mortgage related securities risk; U.S. Government obligations risk; variable and floating rate instrument risk; warrants risk; and zero coupon securities risk. For a description of these risks, see Risk Factors. 20

38 ishares CURRENCY HEDGED MSCI JAPAN ETF Investment Objective The ishares Currency Hedged MSCI Japan ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of large- and mid-capitalization Japanese equities while mitigating exposure to fluctuations between the value of the Japanese yen and the U.S. dollar. Investment Strategy The fund seeks to track the investment results of the MSCI Japan 100% Hedged to USD Index (also referred to as the underlying index in this subsection), which consists of stocks traded primarily on the Tokyo Stock Exchange with the currency risk inherent in the securities included in the underlying index hedged to the U.S. dollar on a monthly basis. The underlying index may include largeand mid-capitalization companies. Components of the underlying index primarily include consumer discretionary, financials and industrials companies. The components of the underlying Index, and the degree to which these components represent certain industries, are likely to change over time. Currently, the fund achieves its investment objective by investing a substantial portion of its assets in the ishares MSCI Japan ETF (referred to as the underlying fund in this subsection). BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund and the underlying fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities or other instruments comprising an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The fund and the underlying fund may or may not hold all of the securities and other components of an applicable underlying index. The fund generally will invest at least 90% of its assets in the component securities (including indirect investments through the underlying fund) and other instruments of the underlying index and in investments that have economic characteristics that are substantially identical to the component securities of the underlying index (i.e., depositary receipts representing securities of the underlying index) and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the underlying index, but which BFA believes will help the fund track the underlying index. Components of the underlying index include equity securities and foreign currency forward contracts (both deliverable and non-deliverable) designed to hedge non-u.s. currency fluctuations against the U.S. dollar. The notional exposure to foreign currency forward contracts (both deliverable and non-deliverable) generally will be a short position that hedges the currency risk of the equity portfolio. The fund seeks to track the investment results of the underlying index before fees and expenses of the fund. The underlying index sells forward the total value of the non-u.s. dollar denominated securities included in the underlying index to effectively create a hedge against fluctuations in the relative value of the Japanese yen in relation to the U.S. dollar. The hedge is reset on a monthly basis. The underlying index is designed to have higher returns than an equivalent unhedged investment when the Japanese yen is weakening relative to the U.S. dollar. Conversely, the underlying index is designed to have lower returns than an equivalent unhedged investment when the Japanese yen is rising relative to the U.S. dollar. In order to replicate the hedging component of the underlying index, the fund intends to enter into foreign currency forward contracts designed to offset the fund s exposure to the Japanese yen. A foreign currency forward contract is a contract between two parties to buy or sell a specified amount of a specific currency in the future at an agreed-upon exchange rate. The fund s exposure to foreign currency forward contracts is based on the aggregate exposure of the fund to the Japanese yen. While this approach is designed to minimize the impact of currency fluctuations on fund returns, it does not necessarily eliminate the fund s exposure to the Japanese yen. The return of the foreign currency forward contracts may not perfectly offset the actual fluctuations between the Japanese yen and the U.S. dollar. 21

39 The fund may also use non-deliverable forward ( NDF ) contracts to execute its hedging transactions. An NDF is a contract where there is no physical settlement of two currencies at maturity. Rather, based on the movement of the currencies and the contractually agreed-upon exchange rate, a net cash settlement will be made by one party to the other in U.S. dollars. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The underlying index is sponsored by MSCI Inc. (the Index Provider or MSCI ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities and currency forwards in the underlying index and publishes information regarding the market value of the underlying index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Investment Benchmark MSCI Japan 100% Hedged to USD Index Investment Risks The main risks of investing in the ishares Currency Hedged MSCI Japan ETF are: asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; consumer discretionary sector risk; currency hedging risk; currency risk; cyber security risk; derivatives risk; equity securities risk; financials sector risk; geographic risk; index-related risk; industrials sector risk; investment in underlying fund risk; issuer risk; lack of natural resources risk; large-capitalization companies risk; management risk; market risk; market trading risk; mid-capitalization companies risk; national closed market trading risk; nondiversification risk; non-u.s. securities risk; operational risk; passive investment risk; reliance on trading partners risk; risk of investing in developed countries ;risk of investing in Japan; securities lending risk; security risk; tax risk; tracking error risk; and valuation risk. For a description of these risks, see Risk Factors. ishares MSCI EUROZONE ETF Investment Objective The ishares MSCI Eurozone ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of large- and mid-capitalization equities from developed market countries that use the euro as their official currency. Investment Strategy The fund seeks to track the investment results of the MSCI EMU Index (also referred to as the underlying index in this subsection), which consists of stocks from the following 10 developed market countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, the Netherlands, Portugal and Spain. The underlying index may include large- or mid-capitalization companies. Components of the Underlying Index primarily include consumer discretionary, financials and industrials companies. The components of the underlying index, and the degree to which these components represent certain industries, are likely to change over time. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the underlying index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund and the underlying fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities or other instruments comprising an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as 22

40 market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The fund and the underlying fund may or may not hold all of the securities and other components of an applicable underlying index. The fund generally invests at least 95% of its assets in the securities of its underlying index and in depositary receipts representing securities in its underlying index. The fund will at all times invest at least 80% of its assets in the securities of the underlying index or in depositary receipts representing securities in its underlying index. The fund may invest the remainder of its assets in other securities, including securities not in the underlying index, but which BFA believes will help the fund track the underlying index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its underlying index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the underlying index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the Fund s total assets (including the value of any collateral received). The underlying index is sponsored by MSCI Inc. (the Index Provider or MSCI ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the underlying index and publishes information regarding the market value of the underlying index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Investment Benchmark MSCI EMU Index Investment Risks The main risks of investing in the ishares MSCI Eurozone ETF are: asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; consumer discretionary sector risk; currency risk; cyber security risk; equity securities risk; financials sector risk; foreign securities risk; geographic risk; index-related risk; industrials sector risk; issuer risk; large-capitalization companies risk; management risk; market risk; market trading risk; national closed market trading risk; operational risk; passive investment risk; reliance on trading partners risk; risk of investing in developed countries; risk of investing in Europe; risk of investing in France; risk of investing in Germany; securities lending risk; security risk; tracking error risk; and valuation risk. For a description of these risks, see Risk Factors. ishares MSCI UNITED KINGDOM ETF Investment Objective The ishares MSCI United Kingdom ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of U.K. equities. Investment Strategy The fund seeks to track the investment results of the MSCI United Kingdom Index (the underlying index ), which consists of stocks traded primarily on the London Stock Exchange. The underlying index may include large-, mid- or small-capitalization companies. Components of the Underlying Index primarily include consumer staples, energy and financials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, are likely to change over time. BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. 23

41 Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in an applicable underlying index. The fund will at all times invest at least 90% of its assets in the securities of its underlying index and in depositary receipts representing securities in its underlying index. The fund may invest the remainder of its assets in other securities, including securities not in the underlying index, but which BFA believes will help the fund track the underlying index, and in other investments, including futures contracts, options on futures contracts, other types of options and swaps related to its underlying index, as well as cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates. The fund seeks to track the investment results of the underlying index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The underlying index is sponsored by MSCI Inc. (the Index Provider or MSCI ), which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the underlying index. Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the underlying index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Investment Benchmark MSCI United Kingdom Index Investment Risks The main risks of investing in the ishares MSCI United Kingdom ETF are: asset class risk; assets under management (AUM) risk; authorized participant concentration risk; concentration risk; consumer staples sector risk; currency risk; cyber security risk; energy sector risk; equity securities risk; financials sector risk; geographic risk; index-related risk; issuer risk; large-capitalization companies risk; management risk; market risk; market trading risk; mid-capitalization companies risk; national closed market trading risk; nondiversification risk; non-u.s. securities risk; operational risk; passive investment risk; reliance on trading partners risk; risk of investing in developed countries; risk of investing in the United Kingdom; securities lending risk; security risk; structural risk; tracking error risk; and valuation risk. For a description of these risks, see Risk Factors. Risk Factors For each risk factor named under Investment Risks in the above disclosure, the names of the applicable funds are added in the parenthetical in the descriptions of risk factors in the Program Description under Risk Factors Principal Risks of the Underlying Funds. The following risk factors are hereby added, in alphabetical order, to the Program Description under Investment Options, Investment Risks and Performance - Risk Factors Principal Risks of the Underlying Funds : Currency Hedging Risk (ishares Currency Hedged MSCI Japan ETF) When a derivative is used as a hedge against a position that the fund holds, any loss generated by the derivative generally should be substantially offset by gains on the hedged investment, and vice versa. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and its reference asset, and there can be no assurance that the fund s hedging transactions will be effective. 24

42 In seeking to track the performance of the underlying index, the fund will attempt to hedge the currency exposure of non-u.s. dollar denominated securities held in its portfolio (held directly or indirectly through its investment in the underlying Fund) by investing in foreign currency forward contracts, which may include both physically-settled forward contracts and NDFs. NDFs may be less liquid than deliverable forward currency contracts. A lack of liquidity in NDFs of the hedged currency could result in the Fund being unable to structure its hedging transactions as intended. In addition, BFA may seek to limit the size of the Fund in order to attempt to reduce the likelihood of a situation where the fund is unable to obtain sufficient liquidity in an underlying currency hedge to implement its investment objective. Foreign currency forward contracts, including NDFs, do not eliminate movements in the value of non-u.s. currencies and securities but rather allow the Fund to establish a fixed rate of exchange for a future point in time. Exchange rates may be volatile and may change quickly and unpredictably in response to both global economic developments and economic conditions in a geographic region in which the fund or the underlying fund invests. In addition, in order to minimize transaction costs, or for other reasons, the fund s exposure to the Japanese yen may not be fully hedged at all times. In addition, because the fund s currency hedge is reset on a monthly basis, currency risk can develop or increase intra-month. Furthermore, while the fund is designed to hedge against currency fluctuations, it is possible that a degree of currency exposure may remain even at the time a hedging transaction is implemented. As a result, the fund may not be able to structure its hedging transactions as anticipated or its hedging transactions may not successfully reduce the currency risk included in the fund s portfolio. The effectiveness of the fund s currency hedging strategy will in general be affected by the volatility of both the Underlying Index and the volatility of the U.S. dollar relative to the Japanese yen, measured on an aggregate basis. Increased volatility in either or both the underlying index and the U.S. dollar relative to the Japanese yen will generally reduce the effectiveness of the fund s currency hedging strategy. The effectiveness of the fund s currency hedging strategy may also in general be affected by interest rates. Significant differences between U.S. dollar interest rates and foreign currency interest rates applicable to the Japanese yen may impact the effectiveness of the fund s currency hedging strategy. Currency hedging activity exposes the fund to credit risk due to counterparty exposure. This risk will be higher to the extent that the fund trades with a single counterparty or small number of counterparties. Investment in Underlying Fund Risk (ishares Currency Hedged MSCI Japan ETF) The fund expects to invest a substantial portion of its assets in the underlying fund, so the fund s investment performance is likely to be directly related to the performance of the underlying fund. The fund s NAV will change with changes in the value of the underlying fund and other instruments in which the fund invests based on their market valuations. An investment in the fund will entail more costs and expenses than a direct investment in the underlying fund, including as a result of the currency hedging activity conducted by the fund. As the fund s allocation to the underlying fund changes from time to time, or to the extent that the expense ratio of the underlying fund changes, the weighted average operating expenses borne by the fund may increase or decrease. Investment Style Risk (BlackRock Tactical Opportunities Fund) Under certain market conditions, growth investments have performed better during the later stages of economic expansion and value investments have performed better during periods of economic recovery. Therefore, these investment styles may over time go in and out of favor. At times when the investment style used by the Fund is out of favor, the Fund may underperform other funds that use different investment styles. Risk of Investing in Europe (ishares MSCI Eurozone ETF) The fund is more exposed to the economic and political risks of Europe and of the European countries in which it invests than funds whose investments are more geographically diversified. Adverse economic and political events in Europe may cause the Fund s investments to decline in value. The economies and markets of European countries are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. The fund makes investments in securities of issuers that are domiciled in, or have significant operations in, member countries of the European Union (the EU ) that are subject to economic and monetary controls that can adversely affect the fund s investments. The European financial markets have experienced volatility and adverse trends in recent years and these events have adversely affected the exchange rate of the euro and may continue to significantly affect other European countries. In a referendum held on June 23, 2016, the United Kingdom, which is a significant global economy, resolved to leave the EU. The referendum may introduce significant uncertainties and instability in the financial markets as the United Kingdom negotiates its exit from the EU. Risk of Investing in France (ishares MSCI Eurozone ETF) The fund s investment in French issuers subjects the fund to legal, regulatory, political, currency, security, and economic risks specific to France. Recently, new concerns emerged with respect to the economic outlook for certain EU countries, including France. As a result, the French economy has experienced significant volatility and adverse trends due to concerns about a prolonged economic downturn and rising government debt levels. The French economy is dependent on agricultural exports, and as a result, is susceptible to fluctuations in demand for agricultural products. Risk of Investing in Germany (ishares MSCI Eurozone ETF) The fund s investment in German issuers subjects the fund to legal, regulatory, political, currency, security, and economic risks specific to Germany. Recently, new concerns have emerged in 25

43 relation to the economic health of the EU, which have led to tremendous downward pressure on the earnings of certain financial institutions, including German financial services companies. Germany has an export dependent economy and therefore relies heavily on trade with key trading partners, including the Netherlands, China, the United States, France, Italy and other European countries. Germany is dependent on the economies of these other countries, and any change in the price or demand for German exports may have an adverse impact on its economy. Tax Risk (ishares Currency Hedged MSCI Japan ETF) Because the fund is expected to invest in the underlying fund, the fund s realized losses on sales of shares of the underlying fund may be indefinitely or permanently deferred as wash sales. Distributions of short-term capital gains by the underlying fund will be recognized as ordinary income by the fund and would not be offset by the fund s capital loss carryforwards, if any. Capital loss carryforwards of the underlying fund, if any, would not offset net capital gains of the fund. Each of these effects is caused by the fund s investment in the underlying fund and may result in distributions to fund shareholders being of higher magnitude and less likely to qualify for lower capital gain tax rates than if the fund were to invest directly in the securities and other instruments comprising the underlying index. The fund invests in derivatives. The federal income tax treatment of a derivative may not be as favorable as a direct investment in an underlying asset. Derivatives may produce taxable income and taxable realized gain. Derivatives may adversely affect the timing, character and amount of income the fund realizes from its investments. As a result, a larger portion of the fund s distributions may be treated as ordinary income rather than as capital gains. In addition, certain derivatives are subject to mark-to-market or straddle provisions of the Internal Revenue Code of 1986, as amended (the Internal Revenue Code ). If such provisions are applicable, there could be an increase (or decrease) in the amount of taxable dividends paid by the fund. Income from swaps is generally taxable. In addition, the tax treatment of certain derivatives, such as swaps, is unsettled and may be subject to future legislation, regulation or administrative pronouncements issued by the U.S. Internal Revenue Service ( IRS ). 26

44 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED May 30, 2017 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. Change in Contribution Limitation Effective January 1, 2017, the Contribution Limitation per Beneficiary referenced in the BlackRock CollegeAdvantage 529 Plan Program Description is $445,000, and all references in the Program Description (including the appendices thereto) to the Contribution Limitation are revised to reference a Contribution Limitation as of January 1, 2017 of $445,000. The following disclosure is hereby added as the new fourth paragraph under Fees and Expenses Choosing a Class of Units : Notwithstanding the foregoing, as further discussed under Reducing or Eliminating Your Initial Sales Charge below, Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with a Financial Intermediary s policies and procedures, exchange one class of Units for Class A Units of the same Investment Option. Change in Reducing or Eliminating Your Initial Sales Charge Financial Intermediaries may, in connection with a change in account type or otherwise in accordance with a Financial Intermediary s policies and procedures, exchange one class of Units for Class A Units of the same Investment Option. In such cases, such an exchange would not be subject to a Class A Units sales charge. The availability of Class A Units sales charge waiver may depend on the policies, procedures and trading platforms of your Financial Intermediary; consult your Financial Advisor. Changes in Single Strategy Investment Options Rainier Mid Cap Equity Option Effective on or about June 12, 2017, the ishares Core S&P Mid-Cap ETF will replace the Rainier Mid Cap Equity Fund as the Underlying Fund of the Rainier Mid Cap Equity Option, and the name of the Investment Option will be changed to the ishares Mid- Cap ETF Option. In connection with such changes, effective as of June 12, 2017, the following modifications to the Program Description will be effective: all references to the Rainier Mid Cap Equity Option are replaced by references to the ishares Core S&P Mid-Cap ETF Option and all references to the Rainier Mid Cap Equity Fund will be replaced with references to the ishares Core S&P Mid-Cap ETF ; the description of the Rainier Mid Cap Equity Fund is deleted from the Program Description; and The following description of the ishares Core S&P Mid-Cap ETF is added in alphabetical order under Underlying Funds Equity Funds. ISHARES CORE S&P MID-CAP ETF Investment Objective 1

45 The ishares Core S&P Mid-Cap ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of mid-capitalization U.S. equities. Investment Strategy The fund seeks to track the investment results of the S&P MidCap 400 (the Underlying Index ), which measures the performance of the mid-capitalization sector of the U.S. equity market. As of March 31, 2016, the Underlying Index included approximately 6.59% of the market capitalization of all U.S. equity securities. The stocks in the Underlying Index have a market capitalization between $1.4 billion and $5.9 billion at time of entry, which may fluctuate depending on the overall level of the equity markets, and are selected for liquidity and industry group representation. The Underlying Index consists of stocks from a broad range of industries. Components primarily include financials, industrials and information technology companies. The components of the Underlying Index, and the degree to which these components represent certain industries, are likely to change over time. The funds adviser, BlackRock Fund Advisors ( BFA ) uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Underlying Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Underlying Index. The fund may or may not hold all of the securities in the Underlying Index. The fund generally invests at least 90% of its assets in securities of the Underlying Index and in depositary receipts representing securities of the Underlying Index. The fund may invest the remainder of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the fund track the Underlying Index. The fund seeks to track the investment results of the Underlying Index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets. Investment Benchmark S&P MidCap 400 Investment Risks The main risks of investing in the ishares Core S&P Mid-Cap ETF are: asset class risk; authorized participant concentration risk; concentration risk; cyber security risk; equity securities risk; financial sector risk; index-related risk; industrials sector risk; information technology sector risk; issuer risk; management risk; market risk; market trading risk; mid-capitalization companies risk; operational risk; passive investment risk; risk of investing in developed countries; risk of investing in the United States; securities lending risk; and tracking error risk. For a description of these risks, see Risk Factors. ishares MSCI EAFE ETF Option Effective on or about June 12, 2017, the ishares Core MSCI EAFE ETF will replace the ishares MSCI EAFE ETF as the Underlying Fund of the ishares MSCI EAFE ETF Option, and the name of the Investment Option will be changed to the ishares Core MSCI EAFE ETF Option. In connection with such changes, effective as of June 12, 2017, the following modifications to the Program Description will be effective: 2

46 all references to the ishares MSCI EAFE ETF Option are replaced by references to the ishares Core MSCI EAFE ETF Option and all references to the ishares MSCI EAFE ETF are replaced with references to the ishares Core MSCI EAFE ETF ; the description of the ishares MSCI EAFE ETF is deleted from the Program Description; and The following description of the ishares Core MSCI EAFE ETF is added in alphabetical order under Underlying Funds Equity Funds. ISHARES CORE MSCI EAFE ETF Investment Objective The ishares MSCI Core EAFE ETF (also referred to as the fund in this subsection) seeks to track the investment results of an index composed of large-, mid- and small-capitalization developed market equities, excluding the U.S. and Canada. Investment Strategy The fund seeks to track the investment results of the MSCI EAFE IMI (the Underlying Index ), which has been developed by MSCI Inc. (the Index Provider or MSCI ) as an equity benchmark for international stock performance. The Underlying Index is designed to measure large-, mid- and small-capitalization equity market performance and includes stocks from Europe, Australasia and the Far East and, as of June 30, 2016, consisted of securities from the following 21 developed market countries or regions: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Components of the Underlying Index primarily include consumer discretionary, consumer staples, financials and industrials companies. The components of the Underlying Index, and the degree to which these components represent certain industries, are likely to change over time. The fund s adviser, BFA uses a passive or indexing approach to try to achieve the fund s investment objective. Unlike many investment companies, the fund does not try to beat the index it tracks and does not seek temporary defensive positions when markets decline or appear overvalued. Indexing may eliminate the chance that the fund will substantially outperform the Underlying Index but also may reduce some of the risks of active management, such as poor security selection. Indexing seeks to achieve lower costs and better after-tax performance by keeping portfolio turnover low in comparison to actively managed investment companies. BFA uses a representative sampling indexing strategy to manage the fund. Representative sampling is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of an applicable underlying index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of an applicable underlying index. The fund may or may not hold all of the securities in the Underlying Index. The fund generally will invest at least 90% of its assets in the component securities of the Underlying Index and in investments that have economic characteristics that are substantially identical to the component securities of the Underlying Index (i.e., depositary receipts representing securities of the Underlying Index) and may invest up to 10% of its assets in certain futures, options and swap contracts, cash and cash equivalents, including shares of money market funds advised by BFA or its affiliates, as well as in securities not included in the Underlying Index, but which BFA believes will help the fund track the Underlying Index. The fund seeks to track the investment results of the Underlying Index before fees and expenses of the fund. The fund seeks to track the investment results of the Underlying Index before fees and expenses of the fund. The fund may lend securities representing up to one-third of the value of the fund s total assets (including the value of any collateral received). The Underlying Index is sponsored by MSCI, which is independent of the fund and BFA. The Index Provider determines the composition and relative weightings of the securities in the Underlying Index and publishes information regarding the market value of the Underlying Index. 3

47 Industry Concentration Policy. The fund will concentrate its investments (i.e., hold 25% or more of its total assets) in a particular industry or group of industries to approximately the same extent that the Underlying Index is concentrated. For purposes of this limitation, securities of the U.S. government (including its agencies and instrumentalities) and repurchase agreements collateralized by U.S. government securities are not considered to be issued by members of any industry. Investment Benchmark MSCI EAFE IMI Investment Risks The main risks of investing in the ishares Core MSCI EAFE ETF are: asset class risk; assets under management risk; authorized participant concentration risk; concentration risk; consumer discretionary sector risk; consumer staples sector risk; currency risks; cyber security risk; equity securities risk; financial sector risk; geographic risk; index-related risk; industrials sector risk; issuer risk; large-capitalization companies risk; management risk; market risk; market trading risk; national closed market trading risk; foreign securities risk; operational risk; passive investment risk; privatization risk; reliance on trading partners risk; risk of investing in developed countries; risk of investing in Japan; securities lending risk; security risk; tracking error risk; and valuation risk. For a description of these risks, see Risk Factors. BlackRock Large Cap Core Option Effective on or about June 12, 2017, the BlackRock Large Cap Core Fund, the sole Underlying Fund for the BlackRock Large Cap Core Option, will be changing its investment strategy, and will change its name to the BlackRock Advantage Large Cap Core Fund. In connection with such changes, effective on or about June 12, 2017, the BlackRock Large Cap Core Option will be re-named the BlackRock Advantage Large Cap Core Option. In connection with such changes, effective as of June 12, 2017, the following modifications to the Program Description will be effective: all references to the BlackRock Large Cap Core Option are replaced by references to the BlackRock Advantage Large Cap Core Option and all references to the BlackRock Large Cap Core Fund are replaced with references to the BlackRock Advantage Large Cap Core Fund ; the description of the BlackRock Large Cap Core Fund is deleted from the Program Description; and The following description of the BlackRock Advantage Large Cap Core Fund is added in alphabetical order under Underlying Funds Equity Funds. BLACKROCK ADVANTAGE LARGE CAP CORE FUND Investment Objective The investment objective of BlackRock Advantage Large Cap Core Fund (formerly known as BlackRock Large Cap Core Fund) also referred to as the fund in this subsection), a series of BlackRock Large Cap Series Funds, Inc. (the Corporation ), is to seek long-term capital growth. In other words, the fund tries to choose investments that will increase in value. Investment Strategy Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in large cap equity securities and derivatives that have similar economic characteristics to such securities. For purposes of the fund s 80% policy, large cap equity securities are equity securities that at the time of purchase have a market capitalization within the range of companies included in the Russell 1000 Index (the Russell 1000 Index ). The fund primarily intends to invest in equity securities or other financial instruments that are components of, or have characteristics similar to, the securities included in the Russell 1000 Index. The Russell 1000 Index is a capitalizationweighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The fund primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time, the fund may invest in shares of companies through new issues or initial public offerings ( IPOs ). The fund may use derivatives, including options, futures, swaps, forward contracts and contracts for difference, both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, 4

48 interest rates and movements in the securities markets. In order to manage cash flows into or out of the fund effectively, the fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the Russell 1000 Index. The use of options, futures, swaps, forward contracts and contracts for difference can be effective in protecting or enhancing the value of the fund s assets. Investment Benchmark Russell 1000 Index Investment Risks The main risks of investing in the BlackRock Advantage Large Cap Core Fund are commodities related investment risk; convertible securities risk; derivatives risk; equity securities risk; high portfolio turnover risk; investment style risk; leverage risk; market risk and selection risk; new issues risk; and preferred securities risk. For a description of these risks, see Risk Factors. BlackRock International Opportunities Option Effective on or about June 12, 2017, the BlackRock Advantage International Fund will replace the BlackRock International Opportunities Fund as the Underlying Fund for the BlackRock International Opportunities Option, and the name of the BlackRock International Opportunities Option will be changed to the BlackRock Advantage International Option. In connection with such changes, effective as of June 12, 2017, the following modifications to the Program Description will be effective: all references to the BlackRock International Opportunities Option are replaced by references to the BlackRock Advantage International Option and all references to the BlackRock International Opportunities Fund are replaced with references to the BlackRock Advantage International Fund ; the description of the BlackRock International Opportunities Fund is deleted from the Program Description; and The following description of the BlackRock Advantage International Fund is added in alphabetical order under Underlying Funds Equity Funds. BLACKROCK ADVANTAGE INTERNATIONAL FUND Investment Objective The investment objective of BlackRock Advantage International Fund (formerly known as BlackRock Global Opportunities Portfolio) (also referred to as the fund in this subsection), a series of BlackRock Funds SM (the Trust ), is to provide long-term capital appreciation. Investment Strategy Under normal circumstances, the fund seeks to invest at least 80% of its net assets plus the amount of any borrowings for investment purposes in non-u.s. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (the MSCI EAFE Index ) and derivatives that are tied economically to securities of the MSCI EAFE Index. The MSCI EAFE Index is a capitalization-weighted index from a broad range of industries chosen for market size, liquidity and industry group representation. The fund primarily seeks to buy common stock and may also invest in preferred stock and convertible securities. From time to time, the fund may invest in shares of companies through new issues or initial public offerings ( IPOs ). The fund will invest in securities of non-u.s. issuers that can be U.S. dollar based or non-u.s. dollar based on a hedged or unhedged basis. The fund may enter into currency transactions on a hedged or unhedged basis in order to seek total return. 5

49 The fund may use derivatives, including options, futures, swaps, forward contracts and contracts for difference, both to seek to increase the return of the fund and to hedge (or protect) the value of its assets against adverse movements in currency exchange rates, interest rates and movements in the securities markets. In order to manage cash flows into or out of the fund effectively, the fund may buy and sell financial futures contracts or options on such contracts. Derivatives are financial instruments whose value is derived from another security, a currency or an index, including but not limited to the MSCI EAFE Index. The use of options, futures, swaps, forward contracts and contracts for difference can be effective in protecting or enhancing the value of the fund s assets. Investment Benchmark MSCI EAFE Index Investment Risks The main risks of investing in the BlackRock Advantage International Fund are commodities related investment risk; convertible securities risk; derivatives risk; equity securities risk; foreign securities risk; high portfolio turnover risk; leverage risk; market risk and selection risk; mid-cap securities risk; new issues risk; and preferred securities risk. For a description of these risks, see Risk Factors. Rick Factors For each risk factor named under Investment Risks in the above disclosure, the names of the applicable funds are added in the parenthetical in the descriptions of risk factors in the Program Description under Risk Factors Principal Risks of the Underlying Funds. The following risk factors are hereby added, in alphabetical order, to the Program Description under Investment Options, Investment Risks and Performance - Risk Factors Principal Risks of the Underlying Funds : Assets Under Management (AUM) Risk. From time to time an authorized participant, a third party investor, the fund s adviser or another affiliate of the fund s adviser or the fund may invest in the fund and hold its investment for a specific period of time in order to facilitate commencement of the fund s operations or for the fund to achieve size or scale. There can be no assurance that any such entity would not redeem its investment or that the size of the fund would be maintained at such levels which could negatively impact the fund. Authorized Participant Concentration Risk. Only an Authorized Participant (as defined in the Creations and Redemptions section of the fund s prospectus) may engage in creation or redemption transactions directly with the fund. The fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation and/or redemption orders with respect to the fund and no other Authorized Participant is able to step forward to create or redeem Creation Units (as defined in the Purchase and Sale of Fund Shares section of the fund s prospectus), fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts and/or delisting. Cyber Security Risk. Failures or breaches of the electronic systems of the fund, the fund s adviser, and the fund s other service providers, market makers, Authorized Participants or the issuers of securities in which the fund invests have the ability to cause disruptions and negatively impact the fund s business operations, potentially resulting in financial losses to the fund and its shareholders. While the fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the fund cannot control the cyber security plans and systems of the fund s service providers, the Index Provider, market makers, Authorized Participants or issuers of securities in which the fund invests. Large-Capitalization Companies Risk. Large-capitalization companies may be less able than smaller capitalization companies to adapt to changing market conditions. Large-capitalization companies may be more mature and subject to more limited growth potential compared with smaller capitalization companies. Over certain periods, the performance of large-capitalization companies has trailed the overall performance of the broader securities markets. National Closed Market Trading Risk. To the extent that the underlying securities held by the fund trade on foreign exchanges that may be closed when the securities exchange on which the fund s shares trade is open, there are likely to be deviations between the 6

50 current price of such an underlying security and the last quoted price for the underlying security (i.e., the fund s quote from the closed foreign market). These deviations could result in premiums or discounts to the fund s NAV that may be greater than those experienced by other ETFs. Operational Risk. The fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the fund s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The fund and BFA seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks. Risk of Investing in Developed Countries. The fund s investment in a developed country issuer may subject the fund to regulatory, political, currency, security, economic and other risks associated with developed countries. Developed countries tend to represent a significant portion of the global economy and have generally experienced slower economic growth than some less developed countries. In addition, developed countries may be impacted by changes to the economic conditions of certain key trading partners, regulatory burdens, debt burdens and the price or availability of certain commodities. 7

51 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED OCTOBER 4, 2016 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. Change in Underlying Fund for the BlackRock Money Market Option Effective on October 4, 2016, the Underlying Fund for the BlackRock Money Market Option will be changed from the BlackRock Money Market Portfolio to the T-Fund, a series of BlackRock Liquidity Funds. Effective on such date, the Program Description is modified to replace references to the BlackRock Money Market Portfolio under BlackRock CollegeAdvantage Single Strategy Investment Options Money Market Option on pages 21 with references to the T-Fund. The following description of T-Fund is hereby added after the description of the BlackRock Money Market Portfolio on page 45 of the Program Description under the heading Money Market Fund : T-FUND Investment Objective The investment objective of T-Fund (also referred to as the fund in this subsection) is to seek current income as is consistent with liquidity and stability of principal. Investment Strategy T-Fund invests at least 99.5% of its total assets in cash, U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash. The fund invests in securities maturing in 397 days or less (with certain exceptions) and the portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery or forward commitment basis.

52 The fund will invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in U.S. Treasury bills, notes and other obligations issued or guaranteed as to principal and interest by the U.S. Treasury, and repurchase agreements secured by such obligations or cash. This policy is a nonfundamental policy of the fund and the fund will not change the policy without providing shareholders with at least 60 days prior notice of any change in the policy. The securities purchased by the fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act, and other rules of the Securities and Exchange Commission. The fund will only purchase securities that present minimal credit risk as determined by BlackRock Advisors, the fund s investment manager, pursuant to guidelines approved by the Board of Trustees of BlackRock Liquidity Funds. Investment Risks Although the fund seeks to maintain a net asset value of $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The main risks of investing in the T-Fund are: credit risk; income risk; interest rate risk; market risk and selection risk; regulatory risk; repurchase agreements risk, U.S. government obligations risk, variable and floating rate instrument risk, when-issued and delayed settlement transactions risk. For a description of these risks, see Risk Factors. A reference to the T-Fund is hereby added to the parenthetical after the name of each of the risks listed above under Investment Risks. The following risk factors are hereby added to Risk Factors Principal Risks of the Underlying Funds, in alphabetical order: Regulatory Risk (BlackRock Money Market Portfolio and T-Fund) On July 23, 2014, the SEC adopted amendments to money market fund regulations, which structurally change the way that certain money market funds will be required to operate. The compliance periods for the amendments range between July 2015 and October When implemented, the changes may affect the fund s investment strategies, fees and expenses, portfolio and share liquidity and return potential. Variable and Floating Rate Instrument Risk (BlackRock Money Market Portfolio and T-Fund) The absence of an active market for these securities could make it difficult for the fund to dispose of them if the issuer defaults. When-Issued and Delayed Settlement Transactions Risk (BlackRock Money Market Portfolio and T-Fund) When-issued and delayed delivery securities involve the risk that the security the fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet 2

53 its obligation. If this occurs, the fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security s price. The following footnote is added to the reference to the BlackRock Money Market Portfolio on page 68 in the table under Investment Options, Investment Risks and Performance Performance # On October 4, 2016, the Underlying Fund for the BlackRock CollegeAdvantage Money Market Option changed from the BlackRock Money Market Portfolio to the T-Fund, a series of BlackRock Liquidity Funds. BlackRock Money Market Portfolio The U.S. Securities and Exchange Commission has adopted amendments to the rules that govern registered money market funds. The BlackRock Money Market Portfolio, a series of BlackRock Funds, has been designated by the board of trustees of BlackRock Funds as a retail money market fund, which is a money market fund that has policies and procedures reasonably designed to limit all beneficial owners of the fund to natural persons. Pursuant to the amended rules, the board of trustees of a retail money market fund is permitted to impose a liquidity fee on redemptions from the fund up to 2% or temporarily restrict redemptions from the fund for up to 10 business days during a 90 day period under certain circumstances. Although the BlackRock Money Market Portfolio will be replaced by the T-Fund as the Underlying Fund of the Money Market Option, it may be an Underlying Fund held by the Age- Based Investment Options and the Target-Risk Investment Options. The description of the BlackRock Money Market Portfolio set forth under Investment Options, Investment Risks and Performance Underlying Funds is hereby replaced with the following: BLACKROCK MONEY MARKET PORTFOLIO Investment Objective The investment objective of BlackRock Money Market Portfolio (also referred to as the fund in this subsection), is to seek as high a level of current income as is consistent with maintaining liquidity and stability of principal. Investment Strategy The fund seeks to achieve its investment objective by investing in a broad range of shortterm, high quality U.S. dollar-denominated money market instruments, including government, U.S. and foreign bank, commercial and other obligations. The fund invests in securities maturing in 397 days or less (with certain exceptions), and the portfolio will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. Under normal market conditions, at least 25% of the fund s total assets will be invested in obligations of issuers in the financial services industry or in obligations, such as repurchase agreements, secured by such obligations. 3

54 The fund may purchase variable and floating rate notes, which are instruments that provide for adjustments in the interest rate on certain reset dates or whenever a specified interest rate index changes, respectively. The fund may transact in securities on a whenissued, delayed delivery or forward commitment basis. The fund seeks to maintain a net asset value of $1.00 per share. The securities purchased by the fund are subject to the quality, diversification and other requirements of Rule 2a-7 under the Investment Company Act, and other rules of the Securities and Exchange Commission. The fund will only purchase securities that present minimal credit risk as determined by the fund s investment manager, pursuant to guidelines approved by the Board of Trustees of BlackRock Funds. Investment Risks Although the fund seeks to maintain a net asset value of $1.00 per share, it cannot guarantee it will do so. The fund may impose a fee upon the sale of shares of the fund or may temporarily suspend the ability to sell shares of the fund if the fund s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time. The main risks of investing in the BlackRock Money Market Portfolio are: asset-backed securities risk; credit risk; extension risk; financial services industry risk; foreign securities risk; income risk; interest rate risk; liquidity fee and redemption gates risk; market risk and selection risk; prepayment risk; regulatory risk; repurchase agreements and purchase and sale contracts risk; stable net asset value risk; U.S. government obligations risk; variable and floating rate instrument risk and when issued and delayed delivery securities and forward commitments risk. For a description of these risks, see Risk Factors. The following risk factor is hereby added to Risk Factors Principal Risks of the Underlying Funds, in alphabetical order: Liquidity Fee and Redemption Gates Risk (BlackRock Money Market Portfolio) The Board of the fund has discretion to impose a fee of up to 2% upon sale of a shareholder s shares or may temporarily suspend the ability to sell shares if the fund s liquidity falls below required minimums because of market conditions or other factors. Accordingly, a shareholder may not be able to sell shares of the fund or redemptions may be subject to a liquidity fee when a shareholder sells shares of the fund at certain times. The heading Money Market Fund on page 44 of the Program Description is hereby changed to Money Market Funds Change in Money Market Fund for Temporary Investments 4

55 The money market fund in which Contributions may be temporarily invested has been changed from the TempFund of BlackRock Liquidity Funds, to the T-Fund of BlackRock Liquidity Funds. Effective on October 4, 2016, the first sentence of the fifth paragraph under Investment Options, Investment Risks and Performance Summary of Investment Options is hereby replaced with the following: Prior to the investment of Contributions in shares of Underlying Funds, such Contributions may be temporarily invested by the Program Manager on behalf of the applicable Portfolio in a BNY Mellon Cash Reserve account, or in T-Fund of BlackRock Liquidity Fund, a money market fund operating in compliance with Rule 2a-7 under the Investment Company Act of 1940, as amended (the Investment Company Act ). Changes related to the Protecting Americans from Tax Hikes (PATH) Act The Path Act, which was signed into law in December 2015, provided for certain modifications to 529 plans, retroactive to the beginning of 2015, including: Including computers and other related equipment as a qualified higher education expense; Permitted re-contribution of Qualified Distributions refunded by a school within 60 days of the refund without tax penalty; and Elimination of distribution aggregation across multiple accounts in a 529 program with the same owner and beneficiary for purposes of computing the earnings portion of a distribution. The following updates to the Program Description relate to the impact of the Path Act: Change in Qualified Expenses The following is hereby added on page (iv) of the Program Description under The BlackRock CollegeAdvantage 529 Plan Highlights Tax Information Qualified Expenses as the new second sentence of the first paragraph: Certain expenses for the purchase of a computer, computer software or Internet access for the Beneficiary are also Qualified Expenses. The following is hereby added after the third paragraph under Distributions and Closing an Account - Qualified Expenses on page 91 of the Program Description: For taxable years beginning after December 31, 2014, Qualified Expenses includes expenses for the purchase of computer or peripheral equipment, computer software, or Internet access, if such equipment, software, or services are to be used primarily by the Beneficiary during any of the years the Beneficiary is enrolled at an Eligible Educational Institution. Expenses for software designed for sports, games or hobbies are excluded unless the software is primarily educational in nature. 5

56 The following is hereby added on page C-3 of the Program Description under the definition of Qualified Expenses immediately after the last sentence of the first paragraph: Certain expenses for the purchase of a computer, computer software or Internet access for the Beneficiary are also Qualified Expenses. Refunds Redeposited in Account The following is hereby added on page 93 of the Program Description after the subsection entitled Distributions and Closing an Account - Rollovers to Other Qualified Tuition Programs : Refunds Redeposited in Account If a Distribution is used to pay Qualified Expenses for a Beneficiary, and the Beneficiary then receives a refund of Qualified Expenses from the Eligible Educational Institution, the refunded portion of the Distribution will still be treated as a Qualified Distribution not subject to federal income tax or the 10% Penalty if the refund is recontributed to a Qualified Tuition Program of which the Beneficiary is a beneficiary not later than 60 days after the date of the refund. Aggregation of Accounts for the Calculation of Earnings The following hereby replaces the last paragraph under the subsection Taxation of All Distributions on page 98 of the Program Description: The Plan s calculation of the earnings portions of Distributions is based on IRS guidance as of the date of this supplement to the Program Description. Recent amendments to Section 529 of the Code impact the aggregation requirements applicable to Accounts for the same Account Owner and Beneficiary for purposes of calculating the earnings portion of Distributions. Beginning in the 2016 tax year, Accounts for the same Account Owner and Beneficiary will no longer be aggregated, and the earnings portion of a distribution will be computed separately for each Account. To determine principal and earnings portions for federal tax purposes, a formula is used that calculates the proportion of all the Contributions in relation to the Account s market value. Annual Account Maintenance Fee Waiver The following is added as the new item under the second bullet point under The BlackRock CollegeAdvantage 529 Plan Highlights - Annual Account Maintenance Fee Waiver on page iii of the Program Description If an Account Owner invests in the Plan through a Financial Intermediary and that Financial Intermediary maintains such Accounts in an omnibus account with the Plan, 6

57 The Following is added as a new items under the second bullet point under Ongoing Fees and Expenses - Annual Account Maintenance Fee on page 74 of the Program Description: invests in the Plan through a Financial Intermediary and that Financial Intermediary maintains such Accounts in an omnibus account with the Plan, State Agency Name Change Pursuant to a change in Ohio law, the name of the state agency, the Ohio Board of Regents, has changed to the Ohio Department of Higher Education. The third sentence of the first paragraph under Introduction Overview of the BlackRock CollegeAdvantage 529 Plan is hereby deleted and replaced with The Plan has been established and is maintained by the Ohio Tuition Trust Authority ( OTTA ), an office within the Ohio Department of Higher Education. Change in Contribution Limitation Effective January 1, 2016, the Contribution Limitation per Beneficiary referenced in the Program Description is $426,000. All references in the Program Description (including the appendices thereto) to the Contribution Limitation of $414,000 as of January 1, 2015 are revised to reference a Contribution Limitation as of January 1, 2016 of $426,000. Changes to Letter of Intent The Letter of Intent policy has been modified to, among other things, include the current market value of any existing holdings in BlackRock funds toward an account owner s Letter of Intent amount. The section of the Program Description under Fees and Expenses Sales Charges Reducing or Eliminating Your Initial Sales Charge Letter of Intent is hereby replaced with the following: Account Owners may qualify for a reduced front-end sales charge immediately by signing a Letter of Intent stating the Account Owner s intention to make an investment through the and/or to buy a specified amount of Investor A, Investor C and/or Institutional shares of BlackRock Mutual Funds within the next 13 months that would, if bought all at once, qualify the investor for a reduced sales charge. The initial investment must meet the minimum initial purchase requirement. The 13-month Letter of Intent period commences on the day that the Letter of Intent is received by the Program Manager. The market value of the Account Owner s current holdings in BlackRock Mutual Funds (including Investor A, Investor B, Investor C and Institutional Shares) and in the BlackRock CollegeAdvantage 529 Program Class A and Class C Units as of the date of commencement that are eligible under the Right of Accumulation may be counted towards the sales charge reduction. The Account Owner must notify the Program Manager of (i) any current holdings in the BlackRock Mutual Funds and/or the Plan that should be counted towards the sales charge 7

58 reduction and (ii) any subsequent purchases or Contributions that should be counted towards the Letter of Intent. During the term of the Letter of Intent, the Plan will hold Class A Units representing up to 5% of the indicated amount in an escrow account for payment of a higher sales load if the full amount indicated in the Letter of Intent is not purchased. If the full amount indicated is not purchased within the 13-month period, and the Account Owner does not pay the higher sales load within 20 days, the Plan will redeem enough of the Class A Units to pay the difference. Account Owners Must have a Permanent U.S. Address The first sentence on page i of the Program Description under The BlackRock CollegeAdvantage 529 Plan Highlights General Information Who Can Open an Account is hereby amended to read as follows: Any U.S. citizen or Resident Alien with a permanent U.S. address that is not a post office box, who has a Social Security number or Tax I.D., and has either reached the age of majority or is an Emancipated Minor, or any corporation, trust or other entity organized in the United States. The first sentence under Opening and Contributing to an Account - Who May Open an Account on page 3 of the Program Description is hereby replaced with the following: Any U.S. citizen or Resident Alien with a permanent U.S. address that is not a post office box, who has a Social Security number or Tax I.D., and has either reached the age of majority or is an Emancipated Minor, or any corporation, trust or other entity organized in the United States is eligible to establish an Account. Designating a Successor Owner The last sentence of the second paragraph under Death of Account Owner/Appointing a Successor on page 4 of the Program Description is hereby replaced with the following: Except for Accounts subject to UTMA/UGMA, if you do not properly designate a Successor Owner, or if the designated person is not alive at the time ownership of your Account transfers, or is unable or unwilling to serve as Successor Owner, the Participation Agreement provides that ownership of your Account, will pass to: the person designated in your will as Successor Owner, or if none, the Beneficiary if of legal age, or if not of legal age, the spouse of the Account Owner if such surviving spouse is a lineal ancestor of the Beneficiary, or if none, a surviving parent of the Beneficiary, provided that if both parents are living and able and willing to serve as the Account Owner, the ownership of the Account 8

59 shall pass to (a) the parent who is related (other than by marriage) to the prior Account Owner, or if not applicable, (b) the parent with the earlier birthday, or if none, the court-appointed guardian or conservator of the estate of the Beneficiary, or if none, the court-appointed custodial guardian or conservator of the Beneficiary, as custodian for the Beneficiary under an applicable UTMA/UGMA. References to a parent or an ancestor include natural and adoptive relationships. The first sentence of the third paragraph under Maintaining and Modifying Your Account Designating a Successor Owner on page 86 of the Program Description is hereby replaced with the following: Except for Accounts subject to UTMA/UGMA, if the Account Owner does not properly designate a Successor Owner, or if the designated person is not alive at the time ownership of the Account transfers, or is unable or unwilling to serve as Successor Owner, the Participation Agreement provides that ownership of the Account will pass to (1) the person designated in the Account Owner s will as Successor Owner, or if none, (2) the Beneficiary if of legal age, or if not of legal age, (3) the surviving spouse of the Account Owner if the surviving spouse is a lineal ancestor of the Beneficiary, or if none, (4) a surviving parent of the Beneficiary, provided that if both parents are living and able and willing to serve as the Account Owner, the ownership of the Account shall pass to (a) the parent who is related to the prior Account Owner, or if not applicable, (b) the parent with the earlier birthday, or if none, (5) the legal guardian of the estate of the Beneficiary, or if none, (6) the custodial guardian of the Beneficiary, as custodian for the Beneficiary under an applicable UTMA/UGMA. References to a parent or an ancestor include natural and adoptive relationships. Paragraph 8 (Successor Account Owner) of the Participation Agreement included in Appendix A to the Program Description is hereby modified to replace the fourth sentence thereof with the following: Except for Accounts subject to UTMA/UGMA, if a Successor Owner has not been properly designated, or if the Successor Owner does not survive the Account Owner, or is unable or unwilling to serve as Successor Owner, ownership of the Account will pass to (1) the person designated in the Account Owner s will as Successor Owner, or if none, (2) the Beneficiary if of legal age, or if not of legal age, (3) the surviving spouse of the Account Owner, if the surviving spouse in a lineal ancestor of the Beneficiary, or if none, (4) a surviving parent of the Beneficiary, provided that if both parents are living and able and willing to serve as the Account Owner, the ownership of the Account shall pass to (a) the parent who is related to the prior Account Owner, or if not applicable, (b) the parent with the earlier birthday, or if none, (5) the legal guardian of the estate of the Beneficiary, or if none, (6) the custodial guardian of the Beneficiary, as custodian for the Beneficiary 9

60 under an applicable UTMA/UGMA. References to a parent or an ancestor include natural and adoptive relationships. Underlying Fund Expenses The last sentence of the first paragraph under Fees and Expenses Ongoing Fees and Expenses Underlying Fund Expenses is hereby replaced by the following: The Plan purchases Underlying Fund shares that are not subject to any sales charge or distribution fees, but such share class of the Underlying Fund may not be the class of the Underlying Fund with the lowest expense ratio. 10

61 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED JULY 1, 2015 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. Change in OTTA Fee Effective July 1, 2015, the Ohio Tuition Trust Authority ( OTTA ) is reducing the OTTA Fee from an annualized rate of 0.04% per annum of the fair market value of the assets in your Account to an annualized rate of 0.02% per annum of the fair market value of the assets in your Account. Effective July 1, 2015, the Program Description is amended to change all references therein to an OTTA Fee of 0.04% to reference an OTTA Fee of 0.02%.

62 BLACKROCK COLLEGEADVANTAGE 529 PLAN Sponsor: Ohio Tuition Trust Authority SUPPLEMENT DATED DECEMBER 30, 2014 TO THE BLACKROCK COLLEGEADVANTAGE 529 PLAN PROGRAM DESCRIPTION AND PARTICIPATION AGREEMENT DATED JULY 16, 2014 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. Change in Contribution Limitation Effective January 1, 2015, the Contribution Limitation per Beneficiary referenced in the Program Description is $414,000, and all references in the Program Description (including the appendices thereto) to the Contribution Limitation of $394,000 as of the date of this Program Description are revised to reference a Contribution Limitation as of January 1, 2015 of $414,000. Change to Reallocation Limit Recent changes to Section 529 of the Internal Revenue Code of 1986, as amended, now allow an exchange of assets from one Investment Option to another twice per calendar year for the same beneficiary, effective January 1, Accordingly, effective January 1, 2015, references in the Program Description to a Reallocation Limit of once per calendar year are revised to reference a Reallocation Limit of twice per calendar year.

63 BlackRock CollegeAdvantage 529 Plan Sponsor: Ohio Tuition Trust Authority Program Description and Participation Agreement July 16, 2014