Supplement to Ivy InvestEd 529 Plan Program Overview Dated September 2021

Plan Conversion:

On March 8, 2022, the Arizona State Treasurer’s Office, and the Arizona State Board of Investment, issued a press release notifying interested parties that it had approved Ascensus College Savings Recordkeeping Services, LLC (“Ascensus”) to serve as the new Program Manager and Recordkeeper for the AZ 529 Advisor Sold Plan (the “Plan”), Goldman Sachs Asset Management, L.P. (“GSAM”) to serve as the Investment Manager and Goldman Sachs & Co. LLC (“GSCO”) to serve as Distributor of the Plan. This conversion (the “Conversion”) is scheduled to occur beginning on or about June 10, 2022 (the “Conversion Date”). On or immediately following the Conversion Date, the Ivy InvestEd 529 Plan (“Ivy 529 Plan”) will cease operations and Ivy Distributors, Inc. (“IDI”), the current Program Manager of the Ivy 529 Plan, will cease to serve in that capacity and will transfer all Ivy 529 Plan records and assets to Ascensus. At this time the Plan will be rebranded as The Goldman Sachs 529 Plan.

As a result of the anticipated Conversion, the investment options described in your Account Owner Agreement (the InvestEd Portfolios Age-Based Options, the InvestEd Portfolios Static Options, and the Individual Portfolios, together the “Portfolios”), will be closed to new investors at the close of business on June 6, 2022, and all sales efforts will cease. In addition, the final monthly exchange for account holders participating in the Age-Based Options will also occur on June 6, 2022.

Blackout Period:

In order to facilitate an orderly transfer of assets, records and management responsibilities to Ascensus, on Wednesday, June 8, 2022, after the close of the New York Stock Exchange (“NYSE”), the Plan will experience a “blackout period” during which time no transactions will take place. During this time, you will be unable to open or close a Plan account, change your investment options, deposit money into a Plan account (including any recurring contributions), request or receive a withdrawal, update your account information, or effectuate any other Plan transaction. Any transaction requests that the Plan receives in good order after the close of the NYSE on June 8, 2022, will be processed as soon as administratively reasonable on or after June 13, 2022.

Out-of-Market Period:

The Age-Based and Static Option Portfolios will be fully converted to cash after the close of business on June 1, 2022, in advance of the Conversion. As a result, these assets will be out of the market, and you will not receive the benefit of any potential market appreciation, from June 2, 2022, through the Conversion Date. Following the successful completion of the Conversion, these assets will be re-invested in the new investment options offered within The Goldman Sachs 529 Plan and back in the market on June 13, 2022.

Additional information about these changes, including information about the fees and expenses, and the investment selections available through the Plan, will be sent to Plan participants by GSCO closer to the time of the Conversion. GSCO will also provide you with additional information regarding the limitations or restrictions on transactions and other-related activity under the Plan in advance of the Conversion.

You should contact The Goldman Sachs 529 Plan (; 888-462-6209) for additional details and/or questions regarding the Plan following the Conversion.

This Supplement is dated May 2, 2022.

IVY INVESTED Frequently Asked Questions

The Ivy InvestEd℠ 529 Plan is a tax-advantaged 529 education savings plan designed to help prepare for future education goals.

Q. How can account funds be used for education needs?
Q. What if the designated beneficiary receives a scholarship?
Q. What if the designated beneficiary decides against using account funds for education needs?
Q. Does the Ivy INVESTED 529 Plan offer estate-planning benefits?
Q. If a person is invested in another 529 plan, can he/she transfer the account to an Ivy INVESTED 529 Plan?
Q. Are the Ivy INVESTED 529 Plan investments guaranteed?
Q. Can the account owner still contribute to a designated beneficiary’s Coverdell Education Savings Account?
Q. Does the account owner have to select a college, university, technical school, etc. now?
Q. Can account owner borrow money against the Ivy INVESTED 529 Plan account?
Q. Can the account owner and his/her spouse set up a joint account?
Q. Can organizations establish Ivy INVESTED 529 Plan scholarship programs?
Q. Who manages the Ivy INVESTED 529 Plan?
Q. Is there a minimum amount the account owner must invest to open an Ivy INVESTED 529 Plan account?
Q. How does the account owner make a withdrawal from an Ivy INVESTED 529 Plan account?

1 The earnings portion of any non-qualified withdrawals (i.e., generally those not used for qualified higher education expenses) is subject to a federal tax and possibly state tax. In addition, the earnings portion of a non-qualified withdrawal is subject to an additional federal penalty in the form of an additional 10% tax on the earnings portion of the withdrawal. The 10% penalty does not generally apply to certain distributions made after the death or disability of the designated beneficiary or after the receipt of certain scholarships.

2 There may be federal gift or generation skipping transfer tax consequences if the new designated beneficiary is a member of a younger generation than the prior designated beneficiary.

3 Although the U.S. Department of Education has advised several 529 plans regarding the treatment of accounts in 529 plans for financial aid purposes, the treatment is subject to change by regulations, legislation or otherwise. Specific educational institutions may also treat 529 plan investments in a different manner. Accounts for which the designated beneficiary is also the account owner may be treated as if it were an asset of the parent for financial aid purposes.

4 The tax treatment and state law probate treatment of the designation of a successor account owner and the transfer of ownership to such successor is not certain and may vary depending on the particular facts and state law involved.

Significant EventOn December 2, 2020, Waddell & Reed Financial, Inc., the parent company of Ivy Investment Management Company, the investment adviser of the Ivy Funds, and Macquarie Management Holdings, Inc., the US holding company for Macquarie Group Limited’s US asset management business (“Macquarie”), announced that they had entered into an agreement whereby Macquarie would acquire the investment management business of Waddell & Reed Financial, Inc. (the “Transaction”). The Transaction closed on April 30, 2021. The InvestEd Portfolios and the Ivy Funds, as part of Delaware Funds by Macquarie, are now managed by Delaware Management Company, and Delaware Distributors, L.P. is now the distributor of the Ivy Funds and the InvestEd Portfolios. Ivy Distributors, Inc. remains the program manager and distributor to the Ivy InvestEdSM 529 Plan, which is part of AZ529, Arizona’s Education Savings Plan. Ivy Distributors, Inc. is one of multiple financial institutions eligible to offer investments under AZ529.

Risk factors: Past performance is not a guarantee of future results. An investment in the Ivy InvestEd 529 Plan is subject to risk. Your investment return and principal value will fluctuate, and your investment, when redeemed, may be worth more or less than your original cost.

The Ivy InvestEd 529 Plan is offered by Ivy Distributors, Inc. as part of AZ529, Arizona’s Education Savings Plan. Ivy Distributors, Inc. is one of multiple financial institutions eligible to offer investments under AZ529.

Before investing, investors should carefully consider the investment objectives, risks, charges and expenses of the Ivy InvestEd 529 Plan. This and other information is found in the InvestEd Portfolios prospectus, and the Ivy Funds prospectus, the Ivy InvestEd 529 Plan Program Overview, and the InvestEd 529 Plan Account Application. All of these items are available from these links or from a financial professional. Please read the prospectus carefully before investing.

Before investing, non-residents or taxpayers of states other than Arizona should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors than those offered under the Ivy InvestEdSM 529 Plan. Please consult your tax professional regarding your personal tax situation.

Accounts are not insured by the State of Arizona, AZ529, Arizona’s Education Savings Plan, the Arizona State Treasurer’s Office or any other governmental entity, Ivy Distributors, Inc., or any affiliated or related party, and neither the principal deposited nor any investment return is guaranteed by any of the above referenced parties. The Arizona State Treasurer’s Office is the Administrator of AZ529, Arizona’s Education Savings Plan.

The information provided may include references to concepts that have legal, accounting and tax implications. It is not to be construed as legal, accounting or tax advice, and is provided as general information to assist in the understanding the issues discussed. Ivy Distributors, Inc., nor their associates offer tax, legal, or accounting advice. You may want to consult with your accountant or tax professional to discuss your personal situation. Investment decisions should always be made based on an investor's specific financial needs, objectives, goals, time horizon and risk tolerance.