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SMART529 SELECTCOLLEGE SAVINGS PLANOffering StatementDescriptions of The Underlying FundsParticipation AgreementOctober 21, 2019Series X
SMART529 SELECT COLLEGE SAVINGS PLANoffered by theWest Virginia College Prepaid Tuition and Savings Program Board of TrusteesSupplement Dated June 11, 2021to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreementdated October 21, 2019, as Supplemented March 13, 2020 and March 1, 2021Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.1. Updated Fees, Charges and Expensesa.The chart under the section entitled “Fees, Charges and Expenses - Overview of Account Owner Costs” on page 14 of theOffering Statement is deleted and replaced with the following below. Information is as of May 31, 2021.SMART529 Select Investment OptionsAge-Based Portfolios–Age-Based DFA Portfolio 0-3Age-Based DFA Portfolio 4-6Age-Based DFA Portfolio 7-8Age-Based DFA Portfolio 9-10Age-Based DFA Portfolio 11-12Age-Based DFA Portfolio 13-14Age-Based DFA Portfolio 15-16Age-Based DFA Portfolio 17-18Age-Based DFA Portfolio 19 ––(1)(2)Static PortfoliosAll Equity DFA PortfolioAggressive Growth DFAPortfolioModerately AggressiveGrowth DFA PortfolioGrowth DFA PortfolioModerate Growth DFAPortfolio–Balanced DFA PortfolioModerately ConservativeDFA Portfolio–Conservative DFA PortfolioFixed Income DFA PortfolioOne-Year Fixed Income %ProgramManagerFee0.35%State enanceFee(2) 25.000.23%0.35%0.05%0.63% 25.000.23%0.35%0.05%0.63% 25.000.23%0.35%0.05%0.63% 25.000.23%0.35%0.05%0.63% 25.000.22%0.20%0.35%0.35%0.05%0.05%0.62%0.60% 25.00 25.000.20%0.35%0.05%0.60% 0.60%0.60%0.62% 25.00 25.00 25.000.17%0.35%0.05%0.57% 25.00The Estimated Underlying Fund Expenses are based on the expense ratios of the Underlying Fund(s) in which an Investment Option invests. The amounts arecalculated using the expense ratio reported in each Underlying Fund’s most recent prospectus available prior to the date of this Supplement, weighted according tothe Investment Option’s target asset allocation among the Underlying Funds in which it invests.The Annual Maintenance Fee may be waived under certain circumstances as disclosed in the Offering Statement.b.The introduction and chart under the section entitled “Fees, Charges and Expenses - Approximate Costs Over Various TimePeriods” on pages 15 and 16 of the Offering Statement are deleted and replaced with the following below. Information is asof May 31, 2021.Approximate Costs Over Various Time PeriodsThe following table compares the approximate cost of investing in the different Investment Options within SMART529 Select overdifferent periods of time. Your actual cost may be higher or lower. The table is based on the following assumptions: A 10,000 investment invested for the time periods shown;A 5% annually compounded rate of return on the net amount invested throughout the period;All units are redeemed at the end of the period shown for a Qualified Distribution (the table does not consider the impact ofany potential state or federal taxes on the redemption);Total Annual Asset-Based Fees remain the same as those shown in the fee table under “Overview of Account Owner Costs”above; andExpenses for each Investment Option include the entire Annual Maintenance Fee of 25, which is not applicable if you meetone of the exceptions listed under the definition of “Annual Maintenance Fee” in the Offering Statement.Page 1 of 3209654956 3 LAW
SMART529 Select Investment OptionsAge-Based PortfoliosOne Year 89.12ThreeYears 275.90Five Years 474.90Ten Years 1,033.28–Static PortfoliosAll Equity DFA PortfolioAge-Based DFA Portfolio 0-3Aggressive Growth DFA Portfolio 89.12 275.90 474.90 1,033.28Age-Based DFA Portfolio 4-6Moderately Aggressive Growth DFA Portfolio 89.12 275.89 474.88 1,033.25Age-Based DFA Portfolio 7-8Growth DFA Portfolio 89.12 275.88 474.87 1,033.21Age-Based DFA Portfolio 9-10Moderate Growth DFA Portfolio 89.28 276.39 475.75 1,035.16Age-Based DFA Portfolio 11-12– 87.90 272.11 468.33 1,018.83Age-Based DFA Portfolio 13-14Balanced DFA Portfolio 86.76 268.54 462.16 1,005.24Age-Based DFA Portfolio 15-16Moderately Conservative DFA Portfolio 86.40 267.43 460.23 1,000.99Age-Based DFA Portfolio 17-18– 86.48 267.66 460.64 1,001.88Age-Based DFA Portfolio 19 Conservative DFA Portfolio 86.45 267.57 460.48 1,001.53–Fixed Income DFA Portfolio 88.16 272.90 469.72 1,021.88–One-Year Fixed Income DFA Portfolio 83.26 257.65 443.29 963.622. Updated Past Performancea.The charts and footnotes under the section entitled “Past Performance” on pages 16 and 17 of the Offering Statement are deletedin their entirety and replaced with the following below. Information is as of May 31, 2021.SMART529 Select Age-Based PortfoliosThe following performance history for the SMART529 Select Age-Based Portfolio includes the one-, three-, five-, ten-year and sinceinception annualized returns for each Age-Based Portfolio as of May 31, 2021. Performance prior to October 18, 2019 reflects the priorage-bands and Underlying Fund allocations and may not be indicative of future performance. For the most current performanceinformation visit www.SMART529Select.com.Average annual total returnsas of May 31, 2021SMART529 Select Age-Based PortfoliosAge-Based DFA Portfolio 0-3Age-Based DFA Portfolio 4-61 Year49.17%43.41%3 Year12.18%11.60%5 Year13.49%12.51%10 te9/14/20049/14/2004Age-Based DFA Portfolio 7-8(1)Age-Based DFA Portfolio 76%7.82%6.85%9/14/20049/14/2004Age-Based DFA Portfolio 11-12Age-Based DFA Portfolio 5.85%10/18/20199/14/2004Age-Based DFA Portfolio 15-16(4)Age-Based DFA Portfolio 17-18Age-Based DFA Portfolio 19 1)(2)(3)(4)Performance prior to October 18, 2019 reflects the performance of predecessor age-band 7-9.Performance prior to October 18, 2019 reflects the performance of predecessor age-band 10-12.Performance prior to October 18, 2019 reflects the performance of predecessor age-band 13-15.Performance prior to October 18, 2019 reflects the performance of predecessor age-band 16-18.SMART529 Select Static PortfoliosThe following performance history for the SMART529 Select Static Portfolios includes the one-, three-, five-, ten-year and sinceinception annualized returns for each Static Portfolio as of May 31, 2021. For the most current performance information visitwww.Smart529Select.com.Average annual total returnsas of May 31, 2021SMART529 Select Static PortfoliosAll Equity DFA PortfolioAggressive Growth DFA Portfolio1 Year49.15%49.16%3 Year12.18%12.20%Page 2 of 3209654956 3 LAW5 Year13.50%13.49%10 ate9/14/20049/14/2004
Average annual total returnsas of May 31, 2021SMART529 Select Static PortfoliosModerately Aggressive Growth DFA PortfolioGrowth DFA PortfolioModerate Growth DFA PortfolioBalanced DFA PortfolioModerately Conservative DFA PortfolioConservative DFA PortfolioFixed Income DFA PortfolioOne-Year Fixed Income DFA Portfolio1 Year43.51%37.98%32.61%3 Year11.68%11.26%10.39%5 Year12.56%11.68%9.93%10 049/14/2004THE PERFORMANCE DATA SHOWN ABOVE REPRESENTS PAST PERFORMANCE. PASTPERFORMANCE IS NOT A GUARANTEE OF FUTURE RESULTS. INVESTMENT RETURNS ANDPRINCIPAL VALUE WILL FLUCTUATE SO THAT AN ACCOUNT OWNER’S UNITS WHEN SOLD, MAY BEWORTH MORE OR LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWEROR HIGHER THAN THE PERFORMANCE DATA SHOWN ABOVE.This supplement should be retained with the Offering Statement for future reference.Page 3 of 3209654956 3 LAW
SMART529 SELECT COLLEGE SAVINGS PLANoffered by theWest Virginia College Prepaid Tuition and Savings Program Board of TrusteesSupplement Dated March 1, 2021to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreementdated October 21, 2019, as Supplemented March 13, 2020Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.State Treasurer Update to page 43.Effective January 18, 2021, Riley Moore became State Treasurer of West Virginia. Accordingly, effectiveimmediately, the signature page to the Participation Agreement on page 43 of the Offering Statement is updatedto delete the former Treasurer’s name from the signature line and replace it with “Chairman of the Board”.The following is added as the third paragraph in the “Processing Contributions” section on page 7.When you purchase, redeem, or exchange Units of a Portfolio, you will do so at the Unit Value of the Portfolio’sUnits on the trade date. In the event of Force Majeure, we may experience processing delays, which may affectyour trade date. In those instances, your actual trade date may be after the trade date you would have received,which may negatively affect the value of your SMART529 Select Account. (See “Market Uncertainties and OtherEvents” in the Section entitled “Description of Risks of the Investment Options” for the definition of “ForceMajeure”).The following is added as the third and fourth paragraphs in the “Description of Risks of the InvestmentOptions” section on page 12.Market Uncertainties and Other Events. In addition to the risks associated with the holdings in the UnderlyingFunds, your SMART529 Select Account may also be subject to other risks. Due to market uncertainties, theoverall market value of your SMART529 Select Account may exhibit volatility and could be subject to widefluctuations in response to factors, including but not limited to: regulatory or legislative changes, worldwidepolitical uncertainties, and general economic conditions (including inflation and unemployment rates), acts ofGod, natural disasters or events, fires, floods, suspensions of trading, epidemics, pandemics, public health crises,quarantines, wars, acts of war (whether war is declared or not), terrorism, threats of terrorism, insurrections,cyber-attacks, disruptions of supply chains, civil unrest, revolutions, power or other mechanical failures, loss ormalfunction of utilities or communications services, delays or stoppage of postal or courier services, delays in orstoppages of transportation, and any other events or circumstances beyond our reasonable control whether similaror dissimilar to any of the foregoing (all enumerated and described events in this section individually andcollectively, “Force Majeure”). All of these factors may cause the value of your SMART529 Select Account todecrease (realized or unrealized losses).Cybersecurity Risk. The Plan relies significantly on the computer systems of its service providers. As a result,the Plan could be susceptible to operational and information security risks resulting from cyber threats and cyberattacks which may adversely affect your Account and cause it to lose value. For instance, cyber threats and cyberattacks may interfere with your ability to access your Account, make contributions or exchanges, request andreceive distributions; they may also impact the ability to calculate net asset values and/or impede trading.Cybersecurity risks include security or privacy incidents, such as human error, unauthorized release, theft, misuse,corruption, and destruction of account data maintained online or digitally by the Plan. Cybersecurity risks alsoPage 1 of 2209385609 4 LAW
include denial of service, viruses, malware, hacking, bugs, security vulnerabilities in software, attacks ontechnology operations, and other disruptions that could impede the Plan’s ability to maintain routine operations.Although the Plan’s service providers undertake efforts to protect its computer systems from cyber threats andcyber-attacks, including internal processes and technological defenses that are preventative in nature, and othercontrols designed to provide a multi-layered security posture, there are no guarantees that the Plan or yourAccount will avoid losses due to cyber-attacks or cyber threats.The following two paragraphs are added at the end of the “Tax Treatment - UGMA/UTMA Accounts”section on page 20.The custodian must notify the Plan when the custodianship terminates. Also, custodians or DesignatedBeneficiaries will be required to complete certain forms at that time to document the termination of thecustodianship; if the custodian fails to direct the Plan to transfer ownership of the Account when the DesignatedBeneficiary is legally entitled to take control of the Account assets, the Plan may freeze the Account and/or refuseto allow the custodian to transact on the Account. Some UGMA/UTMA laws allow for more than one age atwhich to terminate the custodianship terminates (“Age of Termination”). The Plan may freeze the Account basedon the youngest allowable Age of Termination of the custodianship according to the UGMA/UTMA laws wherethe custodianship account was established, based on the Plan’s records. The custodian may be required to providedocumentation to the Plan if the Age of Termination of the custodianship account is other than the youngestallowable age under the applicable UMGA/UTMA law or if the applicable UGMA/UTMA law differs from Planrecords. Any tax consequences of a distribution from an Account will be imposed on the Designated Beneficiary.An UGMA/UTMA custodian may be required by the Program Manager to provide documentation evidencingcompliance with the applicable UGMA/UTMA law.The following is added as paragraph 9.8 in Part Three “SMART529 Select College Savings PlanParticipation Agreement” on page 42 and all subsequent sections are renumbered accordingly.9.8 Extraordinary Events. The Board, the Trust, and the Program Manager shall not be liable for any loss,failure or delay in performance of each of their obligations related to your Account or any diminution in the valueof your Account arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control,including but not limited to: regulatory or legislative changes, worldwide political uncertainties, and generaleconomic conditions (such as including inflation and unemployment rates), acts of God, natural disasters orevents, fires, floods, suspensions of trading, epidemics, pandemics, public health crises, quarantines, wars, actsof war (whether war is declared or not), terrorism, threats of terrorism, insurrections, cyber-attacks, disruptionsof supply chains, civil unrest, revolutions, power or other mechanical failures, loss or malfunction of utilities orcommunications services, delays or stoppage of postal or courier services, delays in or stoppages of transportation,and any other events or circumstances beyond our reasonable control whether similar or dissimilar to any of theforegoing.This supplement should be retained with the Offering Statement for future reference.Page 2 of 2209385609 4 LAW
SMART529 SELECT COLLEGE SAVINGS PLANoffered by theWest Virginia College Prepaid Tuition and Savings Program Board of TrusteesSupplement Dated March 13, 2020to the Series X Offering Statement, Descriptions of The Underlying Funds and Participation Agreementdated October 21, 2019Terms used and not defined in this Supplement have the same meaning as in the Offering Statement.SECURE ACT – New Federal Law Expands Uses for 529 College Savings AccountOn December 20, 2019, the Setting Every Community Up for Retirement (SECURE) Act, expands the expenses treated as QualifiedHigher Education Expenses to include certain student loan payments and costs of apprenticeship programs. Effective fordistributions taken beginning January 1, 2019, the earnings portion of a distribution from an account in a 529 plan used for thefollowing expenses will not be subject to federal income tax:Student Loans – up to 10,000 from a 529 account can be used to repay principal or interest of qualified education loansof either the Designated Beneficiary or a sibling of the Beneficiary. The 10,000 limit is a lifetime limit that applies toeach individual. Distributions for the repayment of loans of a sibling will count towards the lifetime limit of the sibling,not the Beneficiary. Any student loan interest deduction is generally reduced by qualified education loan amounts paidfor with 529 account assets. Please consult with a tax advisor for more information.Apprenticeship Programs –expenses for fees, books, supplies and equipment required for the participation of theDesignated Beneficiary in an apprenticeship program registered and certified with the Secretary of Labor under Section 1of the National Apprenticeship Act will be treated as Qualified Higher Education Expenses.West Virginia State Law - For purposes of West Virginia state income taxes, West Virginia follows the SECURE Act as it relatesto up to the 10,000 lifetime limit of a 529 plan distribution used to pay principal or interest on a qualified student loan of theDesignated Beneficiary or a Sibling of the Beneficiary. Currently, the West Virginia state code does not provide for the inclusionof Apprenticeship Programs as a Qualified Higher Education Expense. This means under current law, earnings associated withdistributions for these programs would be subject to West Virginia tax but exempt from Federal tax. Consult a tax advisor forfurther information.State law determines whether earnings on distributions taken for Student Loans and/or Apprenticeship Programs are taxable, or ifstate tax deductions for certain contributions are subject to recapture. Residents and taxpayers of other states should consider thetax treatment of their jurisdiction.The taxpayer has the responsibility to maintain records to document the use of funds associated with these new provisions, and anyreporting that may be required.This supplement is not intended to provide tax, accounting or legal advice. Please consult with your own tax advisor.This supplement should be retained with the Offering Statement for future reference.Page 1 of 1208178356 4 LAW
Table of ContentsPart OneOffering Statement1Important Points for Your Consideration1Summary of Key Features2Program Administration4Opening an Account4Account Owner4Designated Beneficiary5Making Contributions and Other Account InformationProcessing Contributions67Account Statements and Confirmations8Systematic Exchange Program8Uncashed Checks of Withdrawals8The SMART529 Bright Babies Program8Eligibility Requirements8Incentive Amount8How to ApplyAdditional Information about the SMART529 Bright BabiesProgram8Investment OptionsAge-Based Portfolios899Static Portfolios10Description of Risks of the Investment Options12Investment Advisor to Underlying Funds13Fees, Charges and Expenses14Overview of Account Owner Costs14Definitions of Fees and Charges14Other Fees and Charges15Approximate Costs Over Various Time Periods15Past Performance16SMART529 Select Age-Based Portfolios16SMART529 Select Static Portfolios17Withdrawing Money From Your SMART529 Select Account17Qualified Distributions17Non-Qualified Distribution18Rollovers18Tax and Planning Considerations19Tax Treatment19Estate Planning Advantages20Financial Aid21Tax Reporting21Important Information21Frequently Asked Questions22
Part TwoDescription of the Underlying Funds26DFA US Core Equity 2 Portfolio26DFA International Core Equity Portfolio26DFA Emerging Markets Core Equity Portfolio27DFA Global Real Estate Strategies Portfolio28DFA One-Year Fixed Income Portfolio29DFA Short-Term Extended Quality Portfolio29DFA Short-Duration Real Return Portfoli
distributions taken beginning January 1, 2019, the earning portion of a distribution from an account in a 529 plan used for the s following expenses will not be subject to federal income tax: Student Loans – up to 10,000 from a 529 account can be used to
