IAdvisor 529 Plan Imagine. Educate. Achieve. Program Description and Participation Agreement April 1, 2019 Michael L. Fitzgerald Iowa State Treasurer Dear College Saver, Effective Friday, March 29, 2019, IAdvisor’s investment options will be undergoing changes. These changes pertain both to the line- up of available investment options in the plan, as well as the underlying investments in the Age- and Risk-Based Options. The Plan will be merging assets invested in the IAdvisor 529 Ultra-Conservative Option into the IAdvisor 529 Age 18+ Option. Like the IAdvisor 529 Ultra-Conservative Option, the IAdvisor 529 Age 18+ Option is “static” and will not automatically migrate to a new investment based on the beneficiary’s age. These investments are merging due to similarities in investment objectives and risk profiles. Differences between these Options include a slight decrease in exposure to stocks in the IAdvisor Age 18+ Option as well as other changes to the underlying investments. The Plan will also be merging assets invested in the VY® Clarion Global Real Estate Option into the Voya Multi-Manager Mid Cap Value Option. This change is being made in conjunction with a removal of the same underlying VY® Clarion Global Real Estate investment from the Age- and Risk-Based Options. Exposure to the Global Real Estate asset class is still available in the Plan through certain Age- and Risk-Based Options that invest in the Brookfield Global Real Estate Fund. Along with the two investment option mergers mentioned above, certain underlying funds in the Age- and Risk-Based Options will be added or removed and allocations to the underlying funds will be adjusted. Additional detail on these changes can be found in the IAdvisor 529 Program Description dated April 1, 2019 as well as on the www.IAdvisor529.com website after the changes have gone into effect. Assets invested in the Options that are being eliminated as of the close of business on Friday, March 29 will be migrated to the new Options specified. This change will be reflected in accounts as of the next business day, Monday April 1, 2019. Initial investments into the Options being closed will be restricted prior to March 29, 2019. You do not need to take any action. These changes are automatic and will not count against your twice-per-calendar-year investment exchange restriction on existing account assets. If you are currently invested in either the IAdvisor 529 Ultra-Conservative Option or the VY® Clarion Global Real Estate Option and if you do not wish to be automatically migrated to the new investment options indicated, investment change requests must be received prior to the date of the merger. Please note, choosing to pro- actively change your investments will count against your twice-per-calendar-year investment change restriction. A revised Program Description reflecting these changes will be provided to all Account Owners in March 2019. If you have any questions, please call 800-774-5127 on business days between 7 a.m. to 5 p.m., Central time. Thank you for investing with IAdvisor. The IAdvisor 529 Plan is offered by the Iowa Educational Savings Plan Trust, a trust organized under Iowa law and administered by the Iowa State Treasurer’s Office. The Treasurer of the State of Iowa is responsible for overseeing the administration of the IAdvisor 529 Plan. An investor should consider the investment objectives, risks, charges and expenses associated with the IAdvisor 529 Plan before investing. More information about the IAdvisor 529 Plan is available in the Program Description. You may obtain a Program Description at www.IAdvisor529.com or by calling 800-774-5127. The Program Description should be read carefully before investing. Voya Investment Management Co. LLC provides investment management and administrative services for the Iowa Advisor 529 Plan. Shares in the program are distributed by Voya Investments Distributor, LLC, 230 Park Avenue, New York, NY 10169. i529-NEWPLANDOC0319 PROGRAM DESCRIPTION STATEMENT Please keep this Program Description with your other records about the IAdvisor 529 Plan. Investing is an important decision. Before making any contributions to the IAdvisor 529 Plan, please read and understand this Program Description, including any supplements hereto that may be issued from time to time. These documents contain important information about the IAdvisor 529 Plan, including information about investment risks, and should be retained for future reference. Definitions for capitalized terms may be found under “Key Terms” in this Program Description. This Program Description does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of a security in the IAdvisor 529 Plan by any person in any jurisdiction in which it is unlawful for such person to make such an offer, solicitation, or sale. The Trust, through the Trustee, has entered into a program management agreement with the Program Manager whereby the Program Manager and other parties will provide for the management, administration, distribution, recordkeeping, and certain administrative services to the IAdvisor 529 Plan. No dealer, broker, salesperson, or other person has been authorized by the State, the Trust, the Trustee, or the Program Manager to give any information or to make any representations other than those contained in this Program Description and, if given or made, such other information or representations must not be relied upon as having been authorized by the State, the Trust, the Trustee, or the Program Manager. Accounts in the IAdvisor 529 Plan may only be established, and contributions to Accounts may only be made, through financial intermediaries that have entered into a selling, service, or similar agreement with the Distributor. No security issued by the IAdvisor 529 Plan has been registered with or approved by the SEC or any state securities commission and the Trust is not registered with the SEC as an investment company. In addition, interests in the IAdvisor 529 Plan are units in the Trust that are exempt from the registration requirements of the federal securities laws, although they are subject to regulation as “municipal fund securities.” Neither the SEC nor any state securities commission has determined whether this Program Description is accurate or complete, nor have they made any determination as to whether anyone should purchase Trust units. Any representation to the contrary is a criminal offense. An Account in the IAdvisor 529 Plan should be used only to save for the Qualified Education Expenses of a Beneficiary. Such Accounts are not intended for use, and should not be used, by any taxpayer for the purpose of evading federal or state taxes or tax penalties. The tax information contained in this Program Description was written to support the promotion and marketing of the IAdvisor 529 Plan and was neither written nor intended to be used, and cannot be used, by any taxpayer for the purpose of evading federal or state taxes or avoiding tax penalties. Taxpayers should consult with a qualified advisor to seek tax advice based on their own particular circumstances. If you are not an Iowa taxpayer, consider before investing whether your home state or the Beneficiary’s home state offers a 529 plan that provides its taxpayers with favorable state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that may only be available through investment in the home state’s 529 plan, and which are not available through investment in the IAdvisor 529 Plan. This Program Description contains limited information about the state tax consequences of investing in the IAdvisor 529 Plan. Therefore, please consult your financial, tax, or other advisor to learn more about how state based benefits (or any limitations) would apply to your specific circumstances. Prospective Account Owners should consider many factors before deciding to contribute to a 529 plan such as the IAdvisor 529 Plan, including the 529 plan’s investment options and their performance histories, the 529 plan’s flexibility and features, the reputation and expertise of the 529 plan’s investment manager(s), the 529 plan’s maximum contribution limit, the 529 plan’s fees and expenses, and federal and state and/or local tax benefits associated with an investment in the 529 plan. Participation in the IAdvisor 529 Plan does not guarantee that contributions and the investment return on contributions, if any, will be adequate to cover future education expenses or that the Beneficiary will be admitted or permitted to continue to attend a particular educational institution. In addition to the IAdvisor 529 Plan, the Trust also offers the College Savings Iowa 529 Plan, a 529 plan sold directly to investors. The College Savings Iowa 529 Plan is not described in this Program Description. It offers different investment options, includes different Underlying Funds with different investment advisers or sub-advisers, offers different benefits, and is marketed differently than the IAdvisor 529 Plan. The College Savings Iowa 529 Plan may also assess different fees, withdrawal penalties, and sales commissions, if any, relative to those assessed by the IAdvisor 529 Plan. Offering materials for the College Savings Iowa 529 Plan are available online at www.collegesavingsiowa.com. The information contained in this Program Description is considered to be accurate as of the date on the front cover and is subject to change without notice. However, neither delivery of this