Fill - Free fillable New Yorks 529 COLLEGE SAVINGS PROGRAM PDF form

Select from the links below to move quickly through this document.

Opening a Direct Plan account

•

Enrollment Application

•

What is a 529 plan?

•

Direct Plan at a glance

•

Your investment options

•

Age-based options

•

Individual portfolios

•

How to set up your account

•

Ways to boost your savings

•

Disclosure Booklet and Tuition Savings Agreement

New York’s

529 COLLEGE SAVINGS PROGRAM

ONLINE

New York’s 529 Direct Plan

Andrew M. Cuomo, Governor / Thomas P. DiNapoli, State Comptroller

DIRECT PLAN

NY529BW

IMPORTANT INFORMATION ABOUT OPENING A NEW ACCOUNT. We are required by federal law to obtain from each person who opens an account

certain personal information—including name, street address, and date of birth among other information—that will be used to verify identity. If you

do not provide us with this information, we will not be able to open the account. If we are unable to verify your identity, we reserve the right to close

your account or take other steps we deem reasonable.

Complete this form to establish an account, or open an account at www.nysaves.org.

Your initial investment, including contributions by check, transfer, or rollover, may be in any amount.

Print clearly, preferably in capital letters and black ink.

To order any form—or get assistance in filling out this one—call us toll-free at 877-NYSAVES (877-697-2837) on business days from

8 a.m. to 9 p.m., Eastern time. Return this form and any other required documents in the enclosed postage-paid envelope, or mail to: New York’s

529 College Savings Program Direct Plan, P.O. Box 55440, Boston, MA 02205-8323. For overnight delivery or registered mail, send to:

New York’s 529 College Savings Program Direct Plan, 95 Wells Avenue, Suite 155, Newton, MA 02459-3204.

1. Account Type

Select one of the account types below. If you do not select an account type, we will open an individual account for you.

Individual account.

UGMA/UTMA account. I am opening this account with assets liquidated from an UGMA/UTMA custodial account. I understand

that this may be a taxable event.

Indicate the state (please abbreviate) under the laws of which the UGMA/UTMA custodial account was opened.

Trust account. I am opening this account under an existing trust. (With this Enrollment Application, you must include copies of the first

and last pages of the trust agreement—sometimes called the “execution pages”—containing the name of the trust, the date of the trust,

and the names and signatures of the original and current trustees.)

Business entity/Other entity. I am opening this account as a corporation, partnership, association, nonprofit, or state/local government

scholarship. (With this Enrollment Application, you must include documents proving the entity was legally formed, and that you are

authorized to sign for the entity. We may request additional information from you if the documents you include are incomplete.)

New York’s 529 College Savings Program Direct Plan

Enrollment Application

REMEMBER TO SIGN IN SECTION 10.

00-66612-001

DO NOT STAPLE

Clear All

NY529BW-page 2 of 7

2. Account Owner Information (This person owns and controls the account.)

Only an account owner who is a New York State taxpayer can claim the New York State income tax deduction for his or her contributions.

If the account owner is a minor, also complete Section 5.

Legal Name of Individual or Custodian (first, middle initial, last), Trust, or Business/Entity

– – / /

Social Security Number or Other Taxpayer ID Number Birth Date/Trust Date (month, day, year)

Citizenship (If not a U.S. citizen, please indicate country of citizenship.) :

Permanent Street Address or APO/FPO (A P.O. box or rural route number is not acceptable.)

City State Zip

Account Mailing Address if Different From Above (This address will be used as the account’s address of record and for all account mailings.)

City State Zip

– – – –

Daytime Telephone Number Evening Telephone Number

E-mail Address

3. Beneficiary Information (This individual is the student you’re saving for.)

You may designate only one beneficiary per account.

Note: You can change your beneficiary at any time to another beneficiary who is an eligible “member of the family” of the original beneficiary

that you designate below. Refer to the Disclosure Booklet and Tuition Savings Agreement for more information.

Legal Name of Beneficiary (first, middle initial, last)

– – / /

Social Security Number or Individual Taxpayer ID Number Birth Date (month, day, year)

Citizenship (If not a U.S. citizen, please indicate country of citizenship.) :

4. Successor Account Owner Information (optional)

The successor account owner will take control of your account in the event of your death.

You may revoke or change the successor account owner at any time. Refer to the Disclosure Booklet and Tuition Savings Agreement

for more information.

You can have only one successor account owner per account, and he or she must be a U.S. citizen or resident alien.

Name (first, middle initial, last)

/ /

Birth Date (month, day, year)

NY529BW-page 3 of 7

5. Designated Parent/Guardian Information

Complete this section only if the person listed in Section 2 is a minor.

Name of Parent or Guardian (first, middle initial, last)

– – / /

Social Security Number or Individual Taxpayer ID Number Birth Date (month, day, year)

6. Investment Options

You can invest your contributions in the age-based options, individual portfolios, or a combination of these. Refer to the Disclosure Booklet

and Tuition Savings Agreement for more information.

You may choose up to five of the investments listed below.

You must allocate at least 5% of your contributions to each investment you choose, using whole percentages only.

Your investment percentages must total 100%.

Age-Based Options (Your investment mix automatically becomes more

conservative as the beneficiary nears college age.)

Conservative Age-Based Option

Moderate Age-Based Option

Aggressive Age-Based Option

Individual Portfolios (Your investment mix changes only on your instructions.)

Stock Portfolios:

Aggressive Growth Portfolio

Developed Markets Index Portfolio

Growth Stock Index Portfolio

Mid-Cap Stock Index Portfolio

Small-Cap Stock Index Portfolio

Value Stock Index Portfolio

Balanced Portfolios:

Conservative Growth Portfolio

Growth Portfolio

Moderate Growth Portfolio

Bond Portfolios:

Bond Market Index Portfolio

Income Portfolio

Inflation-Protected Securities Portfolio

Short-Term Investments Portfolio:

Interest Accumulation Portfolio

TOTAL

100

Please remember to:

Choose no more than

five investments.

Use whole numbers—

no fractions or decimals.

Allocate at least 5%

to each investment

you choose.

These Investment

Options are designed

to help you save for

post-secondary higher-

education expenses.

NY529BW-page 4 of 7

7. Initial Contribution

There is no minimum initial contribution amount.

If you send one check that combines contributions from more than one source (for example, a $5,000 check that includes $2,500 from your

bank account and $2,500 from an education savings account), mark each contribution source in the appropriate box below and indicate the

amount to be attributed to each.

Contributions and rollovers by check, recurring contributions (also known as automatic investment plan/AIP), or electronic bank transfer (EBT)

will not be available for withdrawal for seven business days.

Source of Funds (Check all that apply.)

A. Personal check. Make each check payable to New York’s 529 College Savings Program Direct Plan.

Amount

B. Electronic bank transfer (EBT). To set this up, you must provide bank information in Section 9.

This amount will be your initial EBT contribution to open your account.

Amount

C. Recurring contributions (also known as AIP). You can have a set amount automatically transferred from your bank account to

your Direct Plan account on a schedule you choose. To set this up, you must complete Section 8A and Section 9.

D. Direct rollover from another qualified 529 plan or education savings account (ESA). Complete and attach an Incoming

Rollover Form, which is available online at www.nysaves.org or by calling 877-NYSAVES (877-697-2837). Rollovers between 529

plans for the benefit of the same beneficiary can be made only once every 12 months.

Amount

E. Indirect rollover from an education savings account (ESA), qualified U.S. savings bond, or another qualified 529 plan.

Indirect rollover from another qualified 529 plan or an ESA. Enclose documentation from the distributing financial

institution detailing a breakdown of contributions and earnings.

Indirect rollover from a qualified U.S. savings bond. Attach a statement or IRS Form 1099-INT issued by the distributing

financial institution that shows the interest paid upon redemption.

Important: If you do not provide this documentation and you make a nonqualified withdrawal in the future, the entire amount will

be considered taxable earnings.

$ $

Contributions Earnings

F. Payroll deduction. Before selecting this option, be sure to contact your employer’s payroll office to verify that you can participate.

Payroll deduction contributions cannot be made to your Direct Plan account until you have received a payroll deduction confirmation

form from the Direct Plan, provided your signature and Social Security number (or individual taxpayer identification number) on the form,

and submitted the form to your payroll office. The amount you indicate below will be in addition to payroll deductions that you may have

previously established for other Direct Plan accounts.

Amount of Deduction Each Pay Period

Check here if you are an employee of the State of New York and would like to make contributions to your

account by payroll deduction.

NY529BW-page 5 of 7

8. Subsequent Contributions (optional)

Important: These options can be established only on accounts held by a U.S. bank, savings and loan association, or credit union that is

a member of the Automated Clearing House (ACH) network. Money market mutual funds and cash management accounts offered through

nonbank financial companies may not be used. If you don’t check the box in Section 9 to confirm that your bank is a U.S.-based bank,

your request may not be processed.

Contributions by recurring contribution (also known as automatic investment plan/AIP) or electronic bank transfer (EBT) will not be available for

withdrawal for seven business days.

A. Recurring contributions. Funds will be transferred electronically at regular intervals from a bank, savings and loan, or

credit union account to your Direct Plan account. You may change the investment amount and frequency at any time by logging on

to www.nysaves.org or by calling 877-NYSAVES (877-697-2837). You can start recurring contributions at any time.

Important: To set up this option, you must provide bank information in Section 9.

Amount of Bank Debit:

Frequency (Check one.) : Monthly Quarterly

Start Date:

/ /

Your bank account will be debited on the 10th of any month, unless you pick a different date.

Date (month, day, year) Your bank account will be debited (money will be withdrawn) on the date you select and your

investment will be credited (money will be added) to your account in New York’s 529 College

Savings Program Direct Plan on the previous business day. Note: Recurring contributions with a

debit date of January 1st, 2nd, 3rd, or 4th will be credited in the same year as the debit date.

Annual increase. You may increase your recurring contribution automatically on an annual basis. Your contribution will be adjusted each year

according to the information below.

Note: A plan of regular investment cannot ensure a profit or protect against a loss in a declining market.

Amount of Increase:

Month*:

*The month in which your AIP contribution will be increased. The first increase will occur at the first instance of the month selected.

B. Electronic bank transfer (EBT). Transfer funds from your bank account to your Direct Plan account at any time online

at www.nysaves.org or by calling 877-NYSAVES (877-697-2837). Your bank information will be kept on file for future

EBT contributions.

Important: To set up this option, you must provide bank information in Section 9.

C. Payroll deduction. Before selecting this option, be sure to contact your employer’s payroll office to verify that you can participate.

Payroll direct deposit contributions cannot be made to your account until you’ve received a payroll direct deposit confirmation from the

plan, provided your signature and Social Security number or individual taxpayer ID number on the form, and submitted the form to your

employer’s payroll office. The amount you indicate below will be in addition to any payroll deductions that you may have previously

established on other Direct Plan accounts.

Amount of Deduction Each Pay Period

NY529BW-page 6 of 7

9. Bank Information (required to fund an initial contribution by EBT and to establish the recurring contribution (AIP) or EBT option)

Please check this box to confirm that your electronic transfers won’t involve a bank or other financial services company, including any

branch or office, located outside the territorial jurisdiction of the United States. If you’re unable to confirm this, your request may not

be processed.

Bank Name

Account Type:

Bank Routing Number Bank Account Number (Check one.) Checking Savings

Note: The routing number is usually located in the bottom left corner of your checks. You can also ask your bank for the

routing number.

10. Authorization—YOU MUST SIGN BELOW

By signing below, I hereby apply for an account in New York’s 529 College Savings Program Direct Plan. I certify that:

I have full authority and legal capacity to purchase portfolio units and to open an account in New York’s 529 College Savings Program

Direct Plan.

I have received and agree to the terms set forth in the Disclosure Booklet and Tuition Savings Agreement, and will retain a copy of these

documents for my records. I understand that the Program, from time to time, may amend the Disclosure Booklet and Tuition Savings

Agreement, and I understand and agree that I will be subject to the terms of those amendments.

If I have chosen an electronic money-transfer option (for example, recurring contribution or automatic investment plan/AIP), I authorize

the Direct Plan and Ascensus College Savings Recordkeeping Services, LLC, acting upon my instructions, to pay amounts representing

redemptions made by me or to secure payment of amounts invested by me by initiating credit or debit entries to my account at the

designated bank. I authorize the bank to accept any such credits or debits to my account without responsibility for their correctness. I

acknowledge that ACH transactions involving my account must comply with U.S. law. I understand that this authorization may be terminated

by me at any time by notifying the Direct Plan, Ascensus College Savings Recordkeeping Services, LLC, and its affiliates, and the bank, and

that the termination request will be effective as soon as the Direct Plan and Ascensus College Savings Recordkeeping Services, LLC, have

had a reasonable amount of time to act upon it. I understand and agree that all transaction requests placed for my account are my sole

responsibility and are at my sole risk. I agree that the Direct Plan, Ascensus College Savings Recordkeeping Services, LLC, and their

respective affiliates will not be liable for any loss, cost, or expense to me when they act upon instructions reasonably believed to be genuine.

I certify that I have authority to transact on the bank account identified by me in Section 9.

I understand that the Investment Options offered by the Direct Plan have been designed to save for post-secondary higher education

expenses.

Please note: Federal law allows distributions of up to $10,000 per beneficiary per year for tuition expenses in connection with

enrollment or attendance at an elementary or secondary public, private, or religious school (K–12 Tuition Expenses) with no resulting

federal taxes or penalties.

Under New York State law, distributions for K–12 Tuition Expenses will be considered nonqualified withdrawals and will require the

recapture of any New York State tax benefits that have accrued on contributions.

The information I have provided on this form—and all future information I will provide with respect to my account—is true, complete,

and correct.

/ /

Signature of Account Owner (Important: If the account owner is a minor, the designated parent Date (month, day, year)

or guardian must sign.)

NY529BW-page 7 of 7

Two ways to supplement your education savings—free!

Ugift

is a way to invite family and friends to celebrate a child’s milestones with the gift of education savings. This easy-to-use service lets the

special people in your life make gift contributions to your Direct Plan account.

Upromise

lets you add to your education savings simply by spending money on products you use every day—from gasoline to laundry

detergent. By participating in this free service, a percentage of every dollar you spend on thousands of products is returned to you in an account

that you establish with Upromise. You then have the option to roll these funds into your Direct Plan account. (If you’re already a member of

Upromise, you can arrange to have contributions transferred from your existing Upromise account to your Direct Plan account.) To learn more

about these free services, visit www.nysaves.org and follow the online instructions to join Upromise or use Ugift.

Additional Information (optional)

How did you hear about the Program? (Check one.)

Direct mail TV

Newspaper/magazine article Friend or relative

Print ad Advisor

Online ad Employer

E-mail Radio

Upromise website Vanguard

website

Events

Upromise is a registered service mark of Upromise, Inc. Ugift is a registered service mark of Ascensus Broker Dealer Services, LLC, Vanguard is a trademark of

The Vanguard Group, Inc.

NY529BW 102018

This page is intentionally left blank

New York’s 529 College Savings Program Direct Plan

Trusted Contact Person Form

TCFNY

By completing this form, you designate the person identified below as your Trusted Contact Person, and authorize New York’s College Savings

Program Direct Plan and its present and future direct and indirect subsidiaries, affiliates, successors, and assigns (Plan) to contact your Trusted

Contact Person and disclose information about your Plan account:

to address possible financial exploitation;

to confirm the specifics of your current contact information, health status, or the identity of any legal guardian, executor, trustee, or holder of a

power of attorney; or

as otherwise permitted by Financial Industry Regulatory Authority (FINRA) Rule 2165.

This form does not create or give your Trusted Contact Person a power of attorney. Completing this form alone does not enable

your Trusted Contact Person to access your Account or transfer assets to or from your Account.

Completion of this form is optional and you may withdraw it at any time by notifying the Plan in writing. A Trusted Contact Person must be at least

eighteen (18) years of age. You may add, change, or remove your Trusted Contact Person by using this form.

Print clearly, preferably in capital letters and black ink, or type in your information and print out the completed form. Mail the form to the address

below. Do not staple.

Forms can be downloaded from our website at www.nysaves.org, or you can call us to order any form—or request assistance in completing this

form—at 1-877-NYSAVES (1-877-697-2837) on business days from 8 a.m. to 9 p.m., Eastern time.

Return this form to:

New York’s 529 College Savings Program Direct Plan

P.O. Box 55440

Boston, MA 02205-8323

For overnight delivery or registered mail, send to:

New York’s 529 College Savings Program Direct Plan

95 Wells Avenue, Suite 155

Newton, MA 02459-3204

1. Current Account Owner Information

Account Number (first nine digits)

Name of Account Owner (first, middle initial, last)

– –

Telephone Number (in case we have a question about your account.)

2. Action for Trusted Contact Person

Add Remove Change

DO NOT STAPLE

TCFNY-page 2 of 2

3. Trusted Contact Person Information

Name of Trusted Contact Person (first, middle initial, last)

– – – –

Trusted Contact Person’s Daytime Telephone Number Trusted Contact Person’s Mobile Telephone Number

Trusted Contact Person’s Email Address

Trusted Contact Person’s Mailing Address

City State Zip

Relationship to Account Owner

Advisor Attorney Spouse Family Member Friend Other

4. Signature—YOU MUST SIGN BELOW

By signing below, I hereby certify that:

I authorize the Plan and its service providers to contact the Trusted Contact Person listed in Section 3 of this form and/or to take any action

indicated in Section 2 of this form. I authorize the Plan and its service providers to disclose information to the Trusted Contact Person about

my Plan account(s) in the following circumstances: to address possible financial exploitation; to confirm the specifics of my current contact

information, health status, or the identity of any legal guardian, executor, trustee, or holder of a power of attorney; or as otherwise permitted

by FINRA Rule 2165 (Financial Exploitation of Specified Adults). I certify that the Trusted Contact Person is at least eighteen (18) years of age.

I understand that by signing this form, I authorize Ascensus Broker Dealer Services, LLC, or its affiliates, and The Vanguard Group, Inc., to

provide my Trusted Contact Person with information regarding my Account. I agree to indemnify, defend, and hold harmless the Plan, the

State of New York, its agencies, or any other government or government agencies, Ascensus Broker Dealer Services, LLC, The Vanguard

Group, Inc., and their respective affiliates, agents, and employers, from any losses I incur as a result of the acts or omissions of my Trusted

Contact Person.

All the information that I provided on this form is true and accurate in all material respects. The Plan is entitled to rely on the information

provided herein and the instructions provided on this form. I am bound by any and all statutory, administrative, and operating procedures that

govern the Plan.

/ /

Signature of Account Owner (If the Account owner is a minor, the parent or guardian of record must sign.) Date (month, day, year)

TCFNY 112018

Print Forms

The TUTOR The FAMILY REFEREE The STORYTELLER The FAMILY I

NANCRITIC T

he SPOILER The FAMILY VIDEOGRAPHER The FAM

The FAMILY LIFEGUARD The FAMILY TASTE TESTERORIAN The

FAMILY JANITOR The FAMILY CHAUFFEUR The FAMILY CINEMA

STAER The F

AMILY SUPERFAN The FAMILY STAGE MANA

The FAMILY CHEERLEADER The FAMILY WEATHER The

M PLANNER T

he FAMILY VETERINARIAN The FAMILY The

FAMILY LIBRARIAN The FAMILY PHOTOGRAPHER The

The S

T The HOMEWORK CHECKER The FAMILY TRA The

The FAMILY HISTORIAN The FAMILY TRADITION KEEPER

DIETICIAN T

he FAMILY BANKER The FAMILY The FAMILY

ACCOUNTANT The FAMILY MUSIC CRITIC The FAMILY AMILY

YLIST The FAMILY MECHANIC The FAMILY TRA

he FAMILY DENTAL HYGIENIST The FAMILY

T The MUSIC TEACHER The FAMILY TOUR GUIDE

TUTOR The F

AMILY PRIVATE DETECTIVE The The

YLIST The FAMILY CHEF The FAMILY GIVER

FAMILY CROSSING GUARD The FAMILY ILY VINEGOTIATOR The

TOUR G The FAMILY NEGOTIATOR The FAMILY

FAMILY VETERINARIAN The FAMILY REFEREE

BAKER The FAMILY TRADITION KEEPER

The FAMILY PHOTOGRAPHER The FAMILY he FAMILY MENTOR

The FAMILY MEDIATOR The FAMILY CAMP COUNSELOR The FAMILY

ITUAL ADVISOR The FAMILY TIME The

The FAMILY BANKER The FAMILY Y JANITOR

LIST The FINANCIAL PLANNER The The FAMILY

COUNSELOR The FAMILY PSYCHIATR The FAMILY

INTERPRETER The FAMILY MATH TEACHER The FAMILY ILY NIGHT

ADVISOR The FAMILY FAMILY MENTOR The FAMILY The FAMILY

TASTE TESTER The FAMILY CARD SHARK

The FAMILY REFEREE The FAMILY

LY SWIM COACH The FAMILY

The FAMILY CALENDAR NO

TIFICATION T

he FAMILY C

is one of your most important jobs

New York’s 529 Direct Plan Highlights Booklet

Andrew M. Cuomo, Governor / Thomas P. DiNapoli, State Comptroller

START HERE

SAVING FOR

COLLEGE

Future college grad in your life?

WHAT IS A 529 PLAN?

A 529 college savings plan is an investment program that’s

typically run by a state. It offers tax advantages that can

benefit students and account owners. Parents, grandparents,

and other individuals can open an account on behalf of a

child. Your 529 savings can be used for qualified education

expenses, such as tuition, room and board, books, and

computer-related expenses.

Raising a future college grad?

COLLEGE

SAVER

IS ONE OF YOUR MOST

IMPORTANT JOBS

By deciding to save in New York’s 529 College

Savings Program Direct Plan, you’re going to help

make a difference in a child’s future. We’re here

to make it easy for you!

Simply start saving

You can set up your Direct Plan account in about 10 minutes!

•

It doesn’t ma

tter how old your child is—newborn, toddler,

or teenager.

• Open an account with any dollar amount.

• Contribute regularly or whenever it’s convenient.*

• Parents, grandparents, friends, relatives, etc., can open

an account!

See the ne

xt page for details.

A p

lan of regular investment can’t ensure a profit or protect against a loss.

SAVE FOR

COLLEGE

S hou easy  is to

Direct Plan AT A GLANCE

** Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal

penalty tax, as well as state and local income taxes. Tax and other benefits are contingent on

meeting other requirements and certain withdrawals are subject to federal, state, and local taxes.

eductions may be subject to recapture in certain circumstances such as rollovers to another

state’s 529 plan, a withdrawal used to pay elementary or secondary school tuition expenses, or

nonqualified withdrawals.

FLEXIBLE USE OF

SAVINGS

• Save for a child, grandchild,

friend—or even yourself.

•

Use a

t an eligible 2- or 4-

year college or university, a

vocational/technical school, or

a graduate school anywhere

in the United States or abroad.

• Pay for qualified expenses,

such as tuition; fees; books;

room and board; computers,

including hardware (e.g.,

printers), software, and internet

access or related services;

and required supplies.

LOW COSTS

• Your only expense charged

by the Direct Plan is a total

annual asset-based fee of

0.13% of account assets.

That means for every $1,000

you invest, you’ll pay $1.30

in fees per year. The Direct

Plan charges no advisor

fees or sales commissions.

These types of fees may be

charged by other plans.

TAX BENEFITS FOR

NEW YORK TAXPAYERS

New York taxpayers who are

account owners can deduct

up to $5,000 ($10,000 for a

married couple filing jointly)

of contributions to their

Direct Plan account per year.

If you also own another New

York’s 529 College Savings

Program account, your

maximum total deduction

on all contributions is still

$5,000 (or $10,000 if married

filing jointly) per year.**

Contributions must be

postmarked by December 31

to be eligible for the deduction

for the current year.

OTHERS CAN OPEN

AN ACCOUNT

Relatives and friends can

open an account for the

same child. Combined, these

accounts can total as much

as $520,000.***

FEDERAL TAX BENEFITS

• Earnings grow federally

tax-deferred.

•

ithdrawals used for

qualified higher education

expenses at eligible

institutions are free from

federal and New York State

income taxes.*

EXPERT MANAGEMENT

• Recordkeeping and related

services for the plan are

managed by Ascensus

Broker Dealer Services, LLC,

and its affiliates, recognized

leaders in administrative

services for 529 plans.

•

vestments are managed

by Vanguard, one of the

world’s largest investment

management companies.

Vanguard is committed to

outstanding performance

and low costs. To learn

more, visit vanguard.com.

*** This amount reflects the aggregate amount across all accounts in New York’s 529 College Savings

Program for the same beneficiary.

***†

n the event the donor doesn’t survive the 5-year period, a prorated amount will revert back to

the donor’s taxable estate.

GIFT TAX INCENTIVE

• You can contribute up to

$15,000 a year (or $30,000

if married filing jointly)

without incurring gift taxes.

•

ou can contribute up to

$75,000 in a single year

($150,000 for a married

couple filing jointly) for each

beneficiary without incurring

federal gift tax as long as

you don’t make any other

gifts to that beneficiary

for 5 years.† Gifts in excess

of these amounts may

be subject to federal gift

tax. For more information,

consult a qualified tax advisor.

RANGE OF INVESTMENT

OPTIONS

Choose from 16 investments

designed to help you save

for postsecondary higher-

education expenses:

•

3 age-based options tha

will automatically adjust

to more conservative

investments as your child

gets closer to college age.

• 13 individual portfolios that

let you create and manage

your own investment strategy.

CONVENIENT WAYS

TO CONTRIBUTE

Contribute by check,

recurring contributions (also

known as an automatic

investment plan, or AIP),

electronic bank transfer, or

payroll deduction.

OPTIONAL PROGRAM

TO HELP YOU SAVE MORE

Ugift®: Invite family and

friends to contribute to

your account through this

online service.

Open an account with any amount—

there is no minimum contribution. Visit

nysaves.org to enroll online.

It’s easy to

GET STARTED

READING TUTOR

JOB NO. 21

When you open a Direct Plan account, you’ll be asked to choose

investments. This requires some thought and a review of your options.

These steps should help you through the process:

1. Assess your comfort level with risk

Before you choose your investments, you’ll want to

consider your investment personality. Do you find it

easy to accept major market declines? If so, you may

be comfortable with a more aggressive investment

approach. On the other hand, if you’re someone who

gets concerned when your balance decreases by

even a small percentage, you might prefer a more

conservative approach. How long you have to save

before your beneficiary reaches college age is also

an important consideration.

2. Choose a strategy

Decide if you want a portfolio that adjusts

automatically as your child gets closer to college age

(age-based options) or if you want to create your

own mix of investments (individual portfolios) and

manage it yourself over time.

3. Select your investments

Take a closer look at the options listed on the

following pages. These investment options are

designed to help you save for qualified higher

education. You can also refer to the accompanying

Direct Plan Disclosure Booklet and Tuition Savings

Agreement to review the objective, strategy,

and risks of each portfolio. There are 3 age-based

options to choose from. There are also 13 individual

portfolios for you to choose from if you want to

put together your own mix.

Important: Investment returns are not guaranteed.

Investments in the Direct Plan are subject to risks,

and you could lose money by investing in the

Direct Plan. Participants assume all investment

risks, including the potential for loss of principal, as

well as responsibility for any federal and state tax

consequences. Prices of mid- and small-cap stocks

often fluctuate more than those of large-company

stocks. Foreign investing involves additional

risks, including currency fluctuations and political

uncertainty. Investments in bonds are subject to

interest rate, credit, and inflation risk.

STOCK

PORTFOLIOS

BOND AND SHORT-TERM

RESERVES PORTFOLIOS

MORE AGGRESSIVE

(More risk/reward)

MORE CONSERVATIVE

(Less risk/reward)

BALANCED

PORTFOLIOS

Age-based OPTIONS

With this approach, you choose the age-based option—Conservative,

Moderate, or Aggressive—that most closely matches your child’s

age and your comfort level with risk. We’ll automatically move your

savings through a series of portfolios that gradually become more

conservative as your child gets closer to college age.

The table on the right illustrates the 3 age-based

savings paths. You can see how the paths begin

at the more aggressive end of the spectrum with

portfolios that include higher percentages of stocks.

As time goes by, the portfolios move toward the

more conservative side, including higher percentages

of bonds and short-term reserves.

These investment options are designed to help you

save for qualified higher education expenses and

may not be appropriate for elementary or secondary

school time horizons.

PARTY PLANNER

JOB NO. 47

Stocks Bonds Short-term reserves

CONSERVATIVE OPTION

Blended

Growth Portfolio

62.5% stocks

37.5% bonds

Moderate

Growth Portfolio

50% stocks

50% bonds

Disciplined

Growth Portfolio

37.5% stocks

62.5% bonds

Conservative

Growth Portfolio

25% stocks

75% bonds

Conservative

Portfolio

12.5% stocks

87.5% bonds

Income Portfolio

75% bonds

25% short-term

reserves

Balanced

Income Portfolio

50% bonds

50% short-term

reserves

Conservative

Income Portfolio

25% bonds

75% short-term

reserves

Interest

Accumulation

Portfolio

100% short-term

reserves

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

MODERATE OPTION

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

AGGRESSIVE OPTION

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

Aggressive

Portfolio

87.5% stocks

12.5% bonds

Growth Portfolio

75% stocks

25% bonds

Blended Growth

Portfolio

62.5% stocks

37.5% bonds

Moderate

Growth Portfolio

50% stocks

50% bonds

Disciplined

Growth Portfolio

37.5% stocks

62.5% bonds

Conservative

Growth Portfolio

25% stocks

75% bonds

Conservative

Portfolio

12.5% stocks

87.5% bonds

Income Portfolio

75% bonds

25% short-term

reserves

Income Portfolio

75% bonds

25% short-term

reserves

Aggressive

Growth Portfolio

100% stocks

Aggressive

Portfolio

87.5% stocks

12.5% bonds

Aggressive

Portfolio

87.5% stocks

12.5% bonds

Growth Portfolio

75% stocks

25% bonds

Blended Growth

Portfolio

62.5% stocks

37.5% bonds

Moderate

Growth Portfolio

50% stocks

50% bonds

Disciplined

Growth Portfolio

37.5% stocks

62.5% bonds

Conservative

Growth Portfolio

25% stocks

75% bonds

Conservative

Portfolio

12.5% stocks

87.5% bonds

To learn more about each portfolio's underlying

investments, go to the Age-based options page

on nysaves.org.

Learn

The following table outlines each of the 13 individual

portfolios and groups them into investment types:

stocks, balanced, bonds, and short-term reserves.

You can choose from these portfolios and put

together your custom mix.

Low costs: For every $1,000 you invest

in the Direct Plan, you’ll only pay $1.30 in

fees per year.

This approach lets you design and manage your own investment strategy.

You choose from a variety of individual portfolios to create a mix of one

or more investments that reflect your time frame and comfort level with

risk. As college gets closer, you decide when and how to rebalance your

investments to a more conservative mix of portfolios. For more details,

refer to the Disclosure Booklet and Tuition Savings Agreement.

INVESTMENT OPTION INVESTMENT OBJECTIVE UNDERLYING VANGUARD INVESTMENTS

Aggressive Growth

Portfolio

Seeks to provide capital appreciation. Vanguard Total Stock Market Index Fund (60%)

Vanguard Total International Stock Index Fund (40%)

Developed Markets

Index Portfolio

Seeks to track the performance of a benchmark

index that measures the investment return of

stocks issued by companies located in Canada

and the major markets of Europe and the

Paciﬁc region.

Vanguard Developed Markets Index Fund (100%)

Growth Stock Index

Portfolio

Seeks to track the performance of a benchmark

index that measures the investment return of

large-capitalization growth stocks.

Vanguard Growth Index Fund (100%)

Mid-Cap Stock Index

Portfolio

Seeks to track the performance of a benchmark

index that measures the investment return of

mid-capitalization stocks.

Vanguard Mid-Cap Index Fund (100%)

Small-Cap Stock Index

Portfolio

Seeks to track the performance of a benchmark

index that measures the investment return of

small-capitalization stocks.

Vanguard Small-Cap Index Fund (100%)

Value Stock Index

Portfolio

Seeks to track the performance of a benchmark

index that measures the investment return of

large-capitalization value stocks.

Vanguard Value Index Fund (100%)

STOCKS

Individua l PORTFOLIOS

INVESTMENT OPTION INVESTMENT OBJECTIVE UNDERLYING VANGUARD INVESTMENTS

Bond Market Index

Portfolio

Seeks to track the performance of a broad,

market-weighted bond index.

Vanguard Total Bond Market Index Fund (100%)

Income Portfolio Seeks to provide current income. Vanguard Total Bond Market II Index Fund (34.5%)

Vanguard Total International Bond Index Fund (22.5%)

Vanguard Short-Term Inﬂation-Protected Securities

Index Fund (18%)

Vanguard Short-Term Reserves Account (25%)

Inﬂation-Protected

Securities Portfolio

Seeks to provide inﬂation protection and

income consistent with investment in

inﬂation-indexed securities.

Vanguard Inﬂation-Protected Securities Fund (100%)

BONDS

INVESTMENT OPTION INVESTMENT OBJECTIVE UNDERLYING VANGUARD INVESTMENT

Interest Accumulation

Portfolio

Seeks income consistent with the preservation

of principal.

Vanguard Short-Term Reserves Account (100%)

SHORT-TERM RESERVES

INVESTMENT OPTION INVESTMENT OBJECTIVE UNDERLYING VANGUARD INVESTMENTS

Conservative Growth

Portfolio

Seeks to provide current income and low to

moderate capital appreciation.

Vanguard Total Bond Market II Index Fund (52.5%)

Vanguard Total International Bond Index Fund (22.5%)

Vanguard Total Stock Market Index Fund (15%)

Vanguard Total International Stock Index Fund (10%)

Growth Portfolio Seeks to provide capital appreciation and low

to moderate current income.

Vanguard Total Stock Market Index Fund (45%)

Vanguard Total International Stock Index Fund (30%)

Vanguard Total Bond Market II Index Fund (17.5%)

Vanguard Total International Bond Index Fund (7.5%)

Moderate Growth

Portfolio

Seeks to provide capital appreciation and

current income.

Vanguard Total Bond Market II Index Fund (35%)

Vanguard Total International Bond Index Fund (15%)

Vanguard Total Stock Market Index Fund (30%)

Vanguard Total International Stock Index Fund (20%)

BALANCED

To learn more about each individual portfolio’s

underlying investments, go to the Individual

portfolios page on nysaves.org.

Learn

WISH GRANTER

JOB NO. 16

There’s no better time than the present to start planning for

your child’s future. We suggest you follow this process to set up

your account with New York’s 529 Direct Plan.

1. Gather your information

You’ll need:

• Your Social Security number or Individual Taxpayer

Identification number.

• Your beneficiary’s birth date and Social Security

number or Individual Taxpayer Identification

number.

• Your bank information.

2. Choose your investments

Review pages 5–9 of this brochure, as well as the

detailed information available in the Disclosure

Booklet and Tuition Savings Agreement.

3. Open an account

Go to nysaves.org to enroll. It only takes about

10 minutes. Or complete the enclosed Enrollment

Application and mail it to the address on the form.

Automatic investing makes saving easy

The most convenient way to make contributions

to your Direct Plan account is to set up recurring

contributions.* You can set a regular schedule of

automatic transfers in any whole dollar amount

from your bank account to your Direct Plan account.

If your employer offers payroll deduction, you can

also have contributions automatically deducted from

your paycheck.

You can also make a one time contribution at any

time through an electronic bank transfer, which

transfers money from your bank account directly to

your Direct Plan account.

Note: To make contributions to your account

by check, go to nysaves.org and download the

Additional Purchase Form. Complete the form and

mail it with your check to the Direct Plan.

* A plan of regular investment can’t ensure a profit or protect against a loss.

NYSAVES.ORG

Ready to GET STARTED?

Ugift® is a simple, secure way to invite family and friends to

help your children save for higher education by giving

them the gift that keeps on giving—contributions to their

Direct Plan account.*

Online contributions

You can invite family and friends to contribute

through Ugift, and the contributors will automatically

receive an electronic thank you note when they make

a contribution. You’ll also be able to track online

contributions as they’re deposited into your Direct

Plan account.

Mail-in contributions

Ugift also provides gift coupons that you can

print out to distribute in person or by mail. The

coupons are coded so that when your family

members and friends return the coupons with their

contributions, the money will be deposited into

your Direct Plan account.

How to join

To sign up, log on to your account at nysaves.org,

select the appropriate account, and click the Ugift

logo. You can then follow the instructions to share

your code with friends and family, which they can

use to contribute anytime at ugift529.com.

* The owner of the account is the only contributor eligible for the state income tax deduction.

Bst your savings WITH UGIFT

SON OF A

COLLEGE SAVER

JOB WELL DONE!

NY529CV 112019

The Income Portfolio, Balanced Income Portfolio,

Conservative Income Portfolio, and Interest

Accumulation Portfolio each invest in the Vanguard

Short-Term Reserves Account, which, in turn, invests

in Vanguard Federal Money Market Fund. The

Vanguard Short-Term Reserves Account could lose

money by investing in Vanguard Federal Money

Market Fund. Although the fund seeks to preserve

the value of your investment at $1 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.

Before you invest, consider whether your or the

beneficiary’s home state offers any state tax or other

benefits that are only available for investments in that

state's 529 plan. Other state benefits may include

financial aid, scholarship funds, and protection from

creditors.

The Comptroller of the State of New York and the New York

State Higher Education Services Corporation are the Program

Administrators and are responsible for implementing and

administering the Direct Plan.

Ascensus Broker Dealer Services, LLC, serves as Program

Manager and, in connection with its affiliates, provides

recordkeeping and administrative support services and is

responsible for day-to-day operations of the Direct Plan.

The Vanguard Group, Inc., serves as the Investment Manager.

Vanguard Marketing Corporation provides marketing and

distribution services to the Direct Plan.

No guarantee: None of the State of New York, its agencies, the

Federal Deposit Insurance Corporation (FDIC), The Vanguard

Group, Inc., Ascensus Broker Dealer Services, LLC, nor any

of their applicable affiliates insures accounts or guarantees the

principal deposited therein or any investment returns on any

account or investment portfolio.

New York’s 529 College Savings Program currently includes

two separate 529 plans. The Direct Plan is sold directly by the

Program. You may also participate in the Advisor Plan, which

is sold exclusively through financial advisors and has different

investment options and higher fees and expenses as well as

financial advisor compensation.

For more information about New York’s 529

College Savings Program Direct Plan, obtain a

Disclosure Booklet and Tuition Savings Agreement

at nysaves.org or by calling 877-NYSAVES (877-

697-2837). This includes investment objectives,

risks, charges, expenses, and other information.

You should read and consider them carefully

before investing.

Ugift is a registered service mark of Ascensus Broker Dealer

Services, LLC.

Vanguard and the ship logo are registered trademarks of

The Vanguard Group, Inc.

New York’s 529 College Savings Program Direct Plan

P.O. Box 55440

Boston, MA 02205-8323

ny529@nysaves.org

877-NYSAVES (877-697-2837)

nysaves.org

facebook.com/ny529direct

twitter.com/ny529direct

youtube.com/ny529direct

This page is intentionally left blank

SUPPLEMENT DATED APRIL 2020 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016 (Disclosure Booklet). You should read this Supplement in conjunction with

the Disclosure Booklet. Unless otherwise indicated, capitalized terms have the same meaning as those in the

Disclosure Booklet. Please keep this Supplement with your Direct Plan documents.

APPRENTICESHIP PROGRAMS AND QUALIFIED LOAN REPAYMENTS

On December 20, 2019, the Further Consolidated Appropriations Act of 2020 (including the Setting Every

Community Up for Retirement Enhancement [SECURE] Act of 2019) was signed into federal law. The SECURE Act

includes new provisions that allow 529 Plan account owners to withdraw assets to pay for:

• Fees, books, supplies, and equipment required for the participation of a Beneficiary in an apprenticeship program

registered and certified with the Secretary of Labor under Section 1 of the National Apprenticeship Act (29 U.S.C.

50) (Apprenticeship Program expenses); and

• Principal or interest on any qualified education loan as defined in section 221(d) of the Internal Revenue Code

(Qualified Loan repayment), of the Beneficiary or a sibling of the Beneficiary, up to a lifetime total of $10,000 per

individual. Please note that if you make a Qualified Loan repayment withdrawal from your Account, you may not

also take a federal income tax deduction for any interest included in that Qualified Loan repayment.

These changes are effective for distributions taken after December 31, 2018, and will have the same federal tax

benefit as Qualified Higher Education Expenses.

Under New York statute, however, the definition of Qualified Withdrawals requires that Direct Plan Account assets

be used to pay for higher education expenses. The New York State Department of Taxation and Finance (DTF) has

stated that distributions used for Apprenticeship Program expenses and Qualified Loan repayments are considered

non-qualified distributions under New York statute and will require the recapture of any New York State tax benefits

that had accrued on contributions. Account Owners in other states should seek guidance from the state in which

they pay taxes.

Throughout the Disclosure Booklet and Tuition Savings Agreement, there are numerous references to Qualified

Higher Education Expenses and Qualified Withdrawals. As noted above, however, these terms have different

meanings under federal and State law. For purposes of federal tax advantages, withdrawals used to pay for Qualified

Higher Education Expenses now include withdrawals used to pay for Apprenticeship Program expenses and

Qualified Loan repayments. Under New York State law, only withdrawals used to pay for Qualified Higher Education

Expenses at Eligible Educational Institutions are tax-advantaged. Please consult a qualified tax advisor about your

personal situation.

Accordingly, the following changes are made to the Disclosure Booklet:

1. The following replaces in its entirety the paragraph entitled “Direct Plan Investment Options Not Designed for

Elementary and Secondary School Tuition Expenses” on page 1 of the Supplement dated April 2018:

Direct Plan Investment Options Not Designed for Elementary and Secondary School Tuition Expenses or Student

Loan Repayments

The Investment Options we offer through the Direct Plan have been designed exclusively for you to save for post-

secondary higher education expenses. They have not been designed to assist you in reaching your K–12 tuition

expense savings or Qualified Loan repayment goals. Specifically, the Age-Based Options are designed for Account

Owners seeking to automatically invest in progressively more conservative Portfolios as their Beneficiary approaches

college age. The Age-Based Options time horizons and withdrawal periods may not match those needed to meet

your K–12 tuition expense savings or Qualified Loan repayment goals, which may be significantly shorter. In addition,

if you are saving for K–12 tuition expenses or to make Qualified Loan repayments and wish to invest in the Individual

Portfolios, please note that these Portfolios are comprised of fixed investments. This means that your assets will

remain invested in that Portfolio until you direct us to move them to a different Portfolio.

As noted above, the DTF has stated that distributions for K–12 tuition expenses, Apprenticeship Program expenses,

and Qualified Loan repayments would not be considered qualified distributions under New York statutes and

would require the recapture of any New York State tax benefits that had accrued on contributions. Please consult a

qualified tax or investment advisor about your personal circumstances.

2. The following replaces in its entirety the paragraph added by Supplement dated April 2018, to the end of the

first paragraph under “Section 5. Your Investment Options” on page 16:

When determining whether to save for K–12 tuition expenses or Qualified Loan repayments, note that the Age-Based

Options are designed for college savings time horizons and withdrawal periods and not for K–12 tuition expense or

Qualified Loan repayment time horizons, which may be shorter.

ADDITIONAL UPDATES

The following replaces in its entirety the first two paragraphs in the section entitled “Confirmations and

Statements” on page 38.

You will receive confirmations for any activity in your Account, except for Recurring Contribution transactions, payroll

deduction transactions, the automatic movement of Account assets to a more conservative Age-Based Option as

your Beneficiary ages, and transfers from a Upromise account to your Account, all of which will be confirmed on a

quarterly basis.

You will receive quarterly Account statements to reflect financial transactions only if you have made any of the

following financial transactions within the quarter:

1. Contributions made to your Account;

2. Withdrawals made from your Account;

3. Investment Exchanges;

4. Changes to contribution percentages among selected Investment Options in your Account; and

5. Automatic transfers of Account assets to more conservative Age-Based Options.

The total value of your Account at the end of the quarter will also be included in your quarterly Account Statement.

You can view your quarterly statements online at nysaves.org. You will receive an annual Account statement even if

you have made no financial transactions within the year.

NYSUP2Q 042020

SUPPLEMENT DATED OCTOBER 2019 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016. You should read this Supplement in conjunction with the Disclosure

Booklet and Tuition Savings Agreement. Please keep this Supplement with your Direct Plan documents.

1. Change in Underlying Fund Allocations

Effective November 6, 2019, the percentages of each Underlying Fund that Portfolios invest in are updated as

presented in the following table. These percentages replace the percentages listed for each Underlying Fund on

pages 4–9 of the Supplement dated August 2017 and on pages 20–23 of the Disclosure Booklet.

Portfolio Existing Allocation Allocation Effective November 6, 2019

Aggressive

Growth Portfolio

• 70% Vanguard Total Stock Market Index Fund

• 30% Vanguard Total International Stock Index Fund

• 60% Vanguard Total Stock Market Index Fund

• 40% Vanguard Total International Stock Index Fund

Aggressive

Portfolio*

• 61.25% Vanguard Total Stock Market Index Fund

• 26.25% Vanguard Total International Stock Index Fund

• 10% Vanguard Total Bond Market II Index Fund

• 2.5% Vanguard Total International Bond Index Fund

• 52.5% Vanguard Total Stock Market Index Fund

• 35% Vanguard Total International Stock Index Fund

• 8.75% Vanguard Total Bond Market II Index Fund

• 3.75% Vanguard Total International Bond Index Fund

Growth Portfolio

• 52.5% Vanguard Total Stock Market Index Fund

• 22.5% Vanguard Total International Stock Index Fund

• 20% Vanguard Total Bond Market II Index Fund

• 5% Vanguard Total International Bond Index Fund

• 45% Vanguard Total Stock Market Index Fund

• 30% Vanguard Total International Stock Index Fund

• 17.5% Vanguard Total Bond Market II Index Fund

• 7.5% Vanguard Total International Bond Index Fund

Blended Growth

Portfolio*

• 43.75% Vanguard Total Stock Market Index Fund

• 30% Vanguard Total Bond Market II Index Fund

• 18.75% Vanguard Total International Stock Index Fund

• 7.5% Vanguard Total International Bond Index Fund

• 37.5% Vanguard Total Stock Market Index Fund

• 26.25% Vanguard Total Bond Market II Index Fund

• 25% Vanguard Total International Stock Index Fund

• 11.25% Vanguard Total International Bond Index Fund

Moderate Growth

Portfolio

• 40% Vanguard Total Bond Market II Index Fund

• 35% Vanguard Total Stock Market Index Fund

• 15% Vanguard Total International Stock Index Fund

• 10% Vanguard Total International Bond Index Fund

• 35% Vanguard Total Bond Market II Index Fund

• 30% Vanguard Total Stock Market Index Fund

• 20% Vanguard Total International Stock Index Fund

• 15% Vanguard Total International Bond Index Fund

Disciplined

Growth Portfolio*

• 50% Vanguard Total Bond Market II Index Fund

• 26.25% Vanguard Total Stock Market Index Fund

• 12.5% Vanguard Total International Bond Index Fund

• 11.25% Vanguard Total International Stock Index Fund

• 43.75% Vanguard Total Bond Market II Index Fund

• 22.5% Vanguard Total Stock Market Index Fund

• 18.75% Vanguard Total International Bond Index Fund

• 15% Vanguard Total International Stock Index Fund

Conservative

Growth Portfolio

• 60% Vanguard Total Bond Market II Index Fund

• 17.5% Vanguard Total Stock Market Index Fund

• 15% Vanguard Total International Bond Index Fund

• 7.5% Vanguard Total International Stock Index Fund

• 52.5% Vanguard Total Bond Market II Index Fund

• 22.5% Vanguard Total International Bond Index Fund

• 15% Vanguard Total Stock Market Index Fund

• 10% Vanguard Total International Stock Index Fund

Conservative

Portfolio*

• 70% Vanguard Total Bond Market II Index Fund

• 17.5% Vanguard Total International Bond Index Fund

• 8.75% Vanguard Total Stock Market Index Fund

• 3.75% Vanguard Total International Stock Index Fund

• 61.25% Vanguard Total Bond Market II Index Fund

• 26.25% Vanguard Total International Bond Index Fund

• 7.5% Vanguard Total Stock Market Index Fund

• 5% Vanguard Total International Stock Index Fund

Income Portfolio

• 42% Vanguard Total Bond Market II Index Fund

• 25% Vanguard Short-Term Reserves Account

• 18% Vanguard Short-Term Inflation-Protected

Securities Index Fund

• 15% Vanguard Total International Bond Index Fund

• 34.5% Vanguard Total Bond Market II Index Fund

• 25% Vanguard Short-Term Reserves Account

• 22.5% Vanguard Total International Bond Index Fund

• 18% Vanguard Short-Term Inflation-Protected

Securities Index Fund

*Not available as an Individual Portfolio.

Portfolio Existing Allocation Allocation Effective November 6, 2019

Balanced Income

Portfolio*

• 50% Vanguard Short-Term Reserves Account

• 28% Vanguard Total Bond Market II Index Fund

• 12% Vanguard Short-Term Inflation-Protected

Securities Index Fund

• 10% Vanguard Total International Bond Index Fund

• 50% Vanguard Short-Term Reserves Account

• 23% Vanguard Total Bond Market II Index Fund

• 15% Vanguard Total International Bond Index Fund

• 12% Vanguard Short-Term Inflation-Protected

Securities Index Fund

Conservative

Income Portfolio*

• 75% Vanguard Short-Term Reserves Account

• 14% Vanguard Total Bond Market II Index Fund

• 6% Vanguard Short-Term Inflation-Protected

Securities Index Fund

• 5% Vanguard Total International Bond Index Fund

• 75% Vanguard Short-Term Reserves Account

• 11.5% Vanguard Total Bond Market II Index Fund

• 7.5% Vanguard Total International Bond Index Fund

• 6% Vanguard Short-Term Inflation-Protected

Securities Index Fund

*Not available as an Individual Portfolio.

2. Extension of Management Agreement

The term of the Management Agreement has been extended to May 6, 2021. Therefore:

• The date of scheduled termination of the Management Agreement referenced on page 8 under the heading

“Section 3. Your Risks – Potential Changes to the Program, Program Manager, and Investment Manager” is

changed to May 6, 2021;

• The date of the Program Manager’s term under the Management Agreement referenced on page 45 under the

heading “Section 11. Plan Governance and Administration – The Program Manager” is changed to May 6, 2021;

• The date of the Investment Manager’s term referenced on page 46 under the Management Agreement

and related subcontracts below the heading “Section 11. Plan Governance and Administration – Direct Plan

Investment Manager” is changed to May 6, 2021; and

• The date of termination referenced on page 49 in the definition of Management Agreement under the heading

“Section 12: Glossary” is changed to May 6, 2021.

NYSUPQ3 092019

SUPPLEMENT DATED MAY 2019 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016. You should read this Supplement in conjunction with the Disclosure

Booklet and Tuition Savings Agreement. Please keep this supplement with your Direct Plan documents.

1. On the inside front cover page, the third paragraph is replaced in its entirety with the following:

If you would like to open an Account, request an Enrollment Application or other forms, or have other questions

about the Direct Plan, visit us at nysaves.org or call us toll–free at 877–NYSAVES (877–697–2837). Spanish–

speaking investor services are also available. In addition, you may address questions and requests in writing to:

New York’s 529 College Savings Program Direct Plan, P.O. Box 55440, Boston, MA 02205–8323.

A Spanish–translated version of this Disclosure Booklet will be made available by contacting the number or

address provided above, or by visiting nysaves.org/espanol.

2. On page 5, the following replaces footnote 1:

Terms and conditions apply to Upromise. Participating companies, contribution levels, and terms and conditions

are subject to change at any time without notice. Transfers from Upromise to a New York’s 529 Direct Plan

Account are subject to a minimum transfer amount. Go to upromise.com for information on transfer minimums

and for more information about Upromise.

3. On page 14, the following replaces the first paragraph under “Upromise”:

We make saving for college easier with Upromise, a rewards service that gives back a percentage of your

eligible spending with hundreds of America’s leading companies as college savings. Once you enroll in the

Direct Plan, your Account can be linked to your Upromise account so that rewards savings accumulated in your

Upromise account are automatically transferred to your Account on a periodic basis, subject to a minimum

transfer amount. Go to upromise.com for more information on transfer minimums. You may be eligible to deduct

all or a portion of your rewards savings transferred to your Account from your New York State adjusted gross

income. See Section 7. Federal and New York State Tax Considerations—New York State Tax Consequences.

4. On page 16, the following statement is inserted after the first paragraph of the “Summary of Investment

Options” section:

Prospectuses and statements of additional information for Underlying Funds are each available only in English,

and may be obtained through vanguard.com.

5. On page 19, the following is inserted at the end of the “Requesting Additional Information About the

Underlying Funds” section:

Prospectuses and statements of additional information for Underlying Funds are each available only

in English.

6. The information under “Average Annual Total Returns” on page 32 is replaced with the following:

The performance data shown represent past performance, which is not a guarantee of future results. Investment

returns and principal value will fluctuate, so that units, when sold, may be worth more or less than their original

cost. Current performance may be higher or lower than the performance data cited. For performance data

current to the most recent month–end, call 877-NYSAVES (877-697-2837) or visit nysaves.org.

For the period ended December 31, 2018

Individual Portfolio/Benchmark 1 Year 3 Years 5 Years 10 Years

Since

Portfolio

Inception

Date

Inception

Date

Aggressive Growth Portfolio

–8.02% 7.61% 6.70% 12.49% 7.70%

11/14/2003

Benchmark: Aggressive Growth Composite Index

–7.85 7.81 6.88 12.72 8.03

Aggressive Portfolio

–6.91 — — — –1.26

9/22/2017

Benchmark: Aggressive Composite Index

–6.73 — — — –1.03

Growth Portfolio

–5.82 6.39 5.82 10.46 7.17

11/14/2003

Benchmark: Growth Composite Index

–5.63 6.58 5.99 10.74 7.51

Blended Growth Portfolio

–4.71 — — — –0.63

9/22/2017

Benchmark: Blended Growth Composite Index

–4.54 — — — –0.37

Moderate Growth Portfolio

–3.60 5.07 4.83 8.15 5.98

11/14/2003

Benchmark: Moderate Growth Composite Index

–3.48 5.26 5.00 8.38 6.27

Disciplined Growth Portfolio

–2.44 — — — 0.08

9/22/2017

Benchmark: Disciplined Growth Composite Index

–2.44 — — — 0.18

Conservative Growth Portfolio

–1.48 3.69 3.74 5.73 4.66

11/14/2003

Benchmark: Conservative Growth Composite Index

–1.41 3.86 3.90 5.92 4.94

Conservative Portfolio

–0.49 — — — 0.47

9/22/2017

Benchmark: Conservative Composite Index

–0.41 — — — 0.62

Income Portfolio

1.02 1.91 1.97 2.74 3.06

11/14/2003

Benchmark: Income Composite Index

1.00 1.91 1.98 2.86 3.36

Balanced Income Portfolio

1.29 — — — 1.33

9/22/2017

Benchmark: Balanced Income Composite Index

1.28 — — — 1.30

Conservative Income Portfolio

1.69 — — — 1.64

9/22/2017

Benchmark: Conservative Income Composite Index

1.55 — — — 1.46

Developed Markets Index Portfolio

–14.58 3.39 0.77 — 8.13

3/26/2009

Benchmark: Spliced Developed Markets Index

–14.22 3.40 0.96 — 7.86

Small–Cap Stock Index Portfolio

–9.42 7.52 5.15 13.41 8.70

11/19/2003

Benchmark: Spliced Small Cap Index

–9.33 7.62 5.24 13.53 8.93

Mid–Cap Stock Index Portfolio

–9.33 6.26 6.10 13.69 8.78

11/20/2003

Benchmark: Spliced Mid Cap Index

–9.22 6.40 6.24 13.91 9.22

Growth Stock Index Portfolio

–3.43 9.33 8.90 14.35 8.33

11/20/2003

Benchmark: Spliced Growth Index

–3.34 9.47 9.05 14.59 8.73

Value Stock Index Portfolio

–5.53 8.87 7.65 11.76 7.79

11/20/2003

Benchmark: Spliced Value Index

–5.40 9.02 7.80 11.96 8.22

Bond Market Index Portfolio

–0.06 1.93 2.36 3.26 3.53

11/20/2003

Benchmark: Spliced Bloomberg Barclays U.S. Aggregate Float

Adjusted Index

–0.08 2.09 2.50 3.49 3.88

Inflation–Protected Securities Portfolio

–1.48 1.96 1.60 3.39 3.42

11/20/2003

Benchmark: Bloomberg Barclays U.S. Treasury Inflation

Protected Securities Index

–1.26 2.11 1.69 3.64 3.79

Interest Accumulation Portfolio

2.01 1.44 0.98 0.83 1.57

11/14/2003

Benchmark: Institutional Money Market Funds Average

1.81 0.97 0.59 0.34 1.28

Performance for the Portfolio and its benchmark is calculated since the Portfolio inception date. “Since Inception” returns for less than

one year are not annualized.

Weighted 70% Spliced Institutional Total Stock Market Index and 30% FTSE Global All Cap ex US Index. The Spliced Institutional Total

Stock Market Index consists of the Dow Jones Wilshire 5000 Index through April 8, 2005; the MSCI U.S. Broad Market Index through

January 14, 2013; and the CRSP US Total Market Index thereafter.

Weighted 52.5% Spliced Institutional Total Stock Market Index, 22.5% FTSE Global All Cap ex US Index, 20% Spliced Bloomberg

Barclays U.S. Aggregate Float Adjusted Index, and 5% Bloomberg Barclays Global Aggregate ex–USD Float Adjusted RIC Capped Index

(USD Hedged).

Weighted 35% Spliced Institutional Total Stock Market Index, 15% FTSE Global All Cap ex US Index, 40% Spliced Bloomberg Barclays

U.S. Aggregate Float Adjusted Index, and 10% Bloomberg Barclays Global Aggregate ex–USD Float Adjusted RIC Capped Index (USD

Hedged).

Weighted 17.5% Spliced Institutional Total Stock Market Index, 7.5% FTSE Global All Cap ex US Index, 60% Spliced Bloomberg Barclays

U.S. Aggregate Float Adjusted Index, and 15% Bloomberg Barclays Global Aggregate ex–USD Float Adjusted RIC Capped Index (USD

Hedged).

Weighted 42% Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index, 15% Bloomberg Barclays Global Aggregate ex–USD

Float Adjusted RIC Capped Index (USD Hedged), 18% Bloomberg Barclays U.S. 0–5 Year TIPS Index, and 25% Institutional Money Market

Funds Average.

Consists of the MSCI EAFE Index through May 28, 2013; the FTSE Developed ex North America Index through December 20, 2015; the

FTSE Developed All Cap ex US Transition Index through May 31, 2016; and the FTSE Developed All Cap ex US Index thereafter.

Consists of the MSCI U.S. Small Cap 1750 Index through January 30, 2013, and the CRSP US Small Cap Index thereafter.

Consists of the MSCI U.S. Mid Cap 450 Index through January 30, 2013, and the CRSP US Mid Cap Index thereafter.

Consists of the MSCI U.S. Prime Market Growth Index through April 16, 2013, and the CRSP US Large Cap Growth Index thereafter.

Consists of the MSCI U.S. Prime Market Value Index through April 16, 2013, and the CRSP US Large Cap Value Index thereafter.

Consists of the Barclays U.S. Aggregate Bond Index through December 31, 2009, and the Bloomberg Barclays U.S. Aggregate Float

Adjusted Index thereafter. Effective September 29, 2016, Barclays indexes were rebranded to Bloomberg Barclays indexes.

Derived from data provided by Lipper Inc.

7. The first paragraph on the back cover is replaced with the following:

The Comptroller of the State of New York and the New York State Higher Education Services Corporation are the

Program Administrators and are responsible for implementing and administering the Direct Plan.

Ascensus Broker Dealer Services, LLC, serves as Program Manager and, in connection with its affiliates, provides

recordkeeping and administrative support services and is responsible for day–to–day operations of the Direct

Plan. The Vanguard Group, Inc., serves as the Investment Manager. Vanguard Marketing Corporation provides

marketing and distribution services to the Direct Plan.

NYSUP2Q 052019

SUPPLEMENT DATED SEPTEMBER 2018 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016. You should read this Supplement in conjunction with the Disclosure Booklet

and Tuition Savings Agreement. Please keep this Supplement with your Direct Plan documents.

REDUCTION IN TOTAL ANNUAL ASSET-BASED FEE

Effective September 27, 2018, the Total Annual Asset-Based Fee (the expense ratio) for each Portfolio will decrease

from 0.15% to 0.13%. Accordingly, all references in the Disclosure Booklet to the Total Annual Asset-Based Fee are

changed from 0.15% to 0.13% beginning September 27, 2018.

1. Effective September 27, 2018, the following replaces the information under the heading “Fee Structure” in

“Section 2. Your Investment Costs” on page 6 of the Disclosure Booklet and in the Supplement dated August 2017:

Fee Structure

The following table shows total fees charged to each Portfolio in the Direct Plan. The annualized Underlying Fund

Fee and Program Management Fee added together equal the Total Annual Asset-Based Fee.

Annual Asset Based Fee

Additional

Investor

Expenses

Portfolio

Estimated

Underlying

Fund Fee

State Fee

Program

Management

Fee

Total Annual

Asset-Based

Fee

Annual Account

Maintenance

Fee

Aggressive Growth Portfolio 0.03% None 0.10% 0.13% None

Developed Markets Index Portfolio 0.05 None 0.08 0.13 None

Growth Stock Index Portfolio 0.04 None 0.09 0.13 None

Value Stock Index Portfolio 0.04 None 0.09 0.13 None

Mid-Cap Stock Index Portfolio 0.03 None 0.10 0.13 None

Small-Cap Stock Index Portfolio 0.03 None 0.10 0.13 None

Growth Portfolio 0.03 None 0.10 0.13 None

Moderate Growth Portfolio 0.03 None 0.10 0.13 None

Conservative Growth Portfolio 0.03 None 0.10 0.13 None

Income Portfolio 0.05 None 0.08 0.13 None

Bond Market Index Portfolio 0.03 None 0.10 0.13 None

Inflation-Protected Securities Portfolio 0.07 None 0.06 0.13 None

Interest Accumulation Portfolio 0.03 None 0.10 0.13 None

Aggressive Portfolio 0.03 None 0.10 0.13 None

Blended Growth Portfolio 0.03 None 0.10 0.13 None

Disciplined Growth Portfolio 0.03 None 0.10 0.13 None

Conservative Portfolio 0.03 None 0.10 0.13 None

Balanced Income Portfolio 0.06 None 0.07 0.13 None

Conservative Income Portfolio 0.07 None 0.06 0.13 None

1. Estimated Underlying Fund Fee reflects each Underlying Fund’s expense ratio disclosed in its most recent prospectus as of April 26, 2018.

Expenses for multiple-fund Portfolios represent a weighted average of the expenses of the Portfolio’s Underlying Funds. The fees and expenses

of the Underlying Funds may change. Estimated Underlying Fund Fees for the Income Portfolio and the Interest Accumulation Portfolio may

include a stable value wrap fee of between 0.20% and 0.30%, which could reduce the returns of the Portfolios.

2. No separate fee is charged to Accounts by the Program Administrators. The Program Manager and Investment Manager pay a monthly fee to

the Program Administrators to help pay the costs of administering the Program. This payment is not deducted from any Accounts.

3. Vanguard and Ascensus College Savings have agreed to a specific formula for the allocation of the Program Management Fee.

4. Total Annual Asset-Based Fee as of September 27, 2018.

2. Effective September 27, 2018, the following replaces the section entitled “Investment Cost Example” in “Section 2.

Your Investment Costs” on page 7 of the Disclosure Booklet and in the Supplement dated August 2017:

The following example is intended to help you compare the cost of investing in the Direct Plan over different time

periods. The costs are the same for each Portfolio. It illustrates the hypothetical expenses that you would incur over

various periods if you were to invest $10,000 in a Portfolio. This example assumes that a Portfolio provides a return

of 5% each year and that the Portfolio’s Total Annual Asset-Based Fee (currently 0.13%) remains the same. The

results apply whether or not the investment is redeemed at the end of the period, but they do not take into account

any redemption that is considered a Nonqualified Withdrawal or otherwise subject to state or federal income taxes,

or any penalties. See Section 9. Withdrawing From Your Account- Withdrawals: Qualified and Nonqualified.

Approximate Cost of a $10,000 Investment in Each Investment Option (assuming a return of 5% per year)

1 Year 3 Years 5 Years 10 Years

$13 $42 $73 $166

This example does not represent actual expenses or performance from the past or in the future. Actual future

expenses may be higher or lower than those shown.

REPLACEMENT OF VANGUARD INSTITUTIONAL TOTAL STOCK MARKET INDEX FUND WITH VANGUARD TOTAL

STOCK MARKET INDEX FUND

Effective September 13, 2018, Vanguard Total Stock Market Index Fund will replace Vanguard Institutional Total

Stock Market Index Fund as an Underlying Fund of the Direct Plan. Accordingly, as of the effective date, references

in the Disclosure Booklet and Tuition Savings Agreement to Vanguard Institutional Total Stock Market Index Fund

are replaced with Vanguard Total Stock Market Index Fund.

NYSUP3Q 092018

SUPPLEMENT DATED APRIL 2018 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016. You should read this Supplement in conjunction with the Disclosure

Booklet and Tuition Savings Agreement. Specific language replacements have been underlined for the

convenience of the reader. Please keep this Supplement with your Direct Plan documents.

Federal Tax Reform

1. K–12 Tuition Expenses

On December 22, 2017, new federal tax reform legislation, (H.R. 1 of the 115th Congress, the “Act”) was signed

into law. This Act amends the federal definition of Qualified Higher Education Expenses for the purpose of

withdrawals from 529 Plan accounts to allow 529 Plan account owners to withdraw Plan assets to pay for

expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private,

or religious school (K–12 tuition expenses) up to $10,000 per year in the aggregate per beneficiary beginning in

2018. As a result of this Act, 529 Plan account owners are authorized to withdraw up to $10,000 per year, per

beneficiary for K–12 tuition expenses without paying federal taxes on account earnings or a federal penalty tax.

Under New York statute, however, the definition of Qualified Withdrawals requires that Direct Plan account

assets are used to pay for higher education expenses. The New York State Department of Taxation and Finance

(DTF) issued a Preliminary Report on the Federal Tax Cuts and Jobs Act (Preliminary Report), indicating that

it appears that distributions for K–12 tuition expenses would not be considered qualified distributions under

New York statutes and would require the recapture of any New York State tax benefits that had accrued on

contributions. Direct Plan Account Owners in other states should seek guidance from the state in which they

pay taxes.

Throughout the Disclosure Booklet and Tuition Savings Agreement, there are numerous references to Qualified

Higher Education Expenses and Qualified Withdrawals. As noted above, however, following the adoption of the

Act, these terms have different meanings under federal and State law. For purposes of federal tax advantages,

withdrawals used to pay for Qualified Higher Education Expenses now include withdrawals used to pay for

K–12 tuition expenses. Under New York State law, only withdrawals used to pay for Qualified Higher Education

Expenses at eligible educational institutions are tax-advantaged.

a. The following is added to the end of “Section 3. Your Risks” on page 8:

Direct Plan Investment Options Not Designed for Elementary and Secondary School Tuition Expenses

The Investment Options we offer through the Direct Plan have been designed exclusively for you to save

for post-secondary higher education expenses. They have not been designed to assist you in reaching

your K–12 tuition expense savings goals. Specifically, the Age-Based Options are designed for Account

Owners seeking to automatically invest in progressively more conservative Portfolios as their Beneficiary

approaches college age. The Age-Based Options time horizons and withdrawal periods may not match

those needed to meet your K–12 tuition expense savings goals, which may be significantly shorter. In

addition, if you are saving for K–12 tuition expenses and wish to invest in the Individual Portfolios, please

note that these Portfolios are comprised of fixed investments. This means that your assets will remain

invested in that Portfolio until you direct us to move them to a different Portfolio. As noted above, the

DTF Preliminary Report indicates that it appears that distributions for K–12 tuition expenses would not be

considered qualified distributions under New York statutes and would require the recapture of any New

York State tax benefits that had accrued on contributions. Please consult a qualified tax or investment

advisor about your personal circumstances.

b. The following is added to the end of the first paragraph under “Section 5. Your Investment Options” on

page 16:

When determining whether to save for K–12 tuition expenses, note that the Age-Based Options are

designed for college savings time horizons and withdrawal periods and not for K–12 time horizons, which

may be shorter.

2. Rollovers to Qualified ABLE Programs

The Act also allows 529 Plan account owners to roll over 529 Plan assets into ABLE Plan accounts with no

federal tax on contributions or earnings, subject to the annual contribution limit, between January 1, 2018,

and December 31, 2025. The DTF Preliminary Report indicates that it is possible that such rollovers would not

be taxable events for purposes of New York State taxes, since New York statute currently allows a qualified

withdrawal from a New York 529 Plan account for the death or disability of a beneficiary without the recapture

of contribution deductions. While the tax treatment is yet to be confirmed, please consult with a qualified tax

advisor about your circumstances.

a. The following is added to the end of New York State Tax Consequences on page 36:

New York State Tax Treatment of ABLE Rollover Distributions. In its Preliminary Report, the DTF stated

that it is possible that an ABLE Rollover Distribution would not be a New York State taxable event. While

the tax treatment is yet to be confirmed, please consult a qualified tax or investment advisor about your

personal circumstances.

b. The following is added to the end of “Section. 9. Withdrawing From Your Account” on page 43:

ABLE Rollover Distribution

You may roll over all or part of the balance of your Direct Plan Account to a Qualified ABLE Program

account within 60 days of withdrawal without incurring any federal income tax or the Federal Penalty if:

1. The rollover is to an account for the same Beneficiary; or

2. The rollover is for a new beneficiary who is a Member of the Family of the prior Beneficiary.

An ABLE Rollover Distribution may be subject to state taxes and/or penalties. For a discussion of the New

York State tax impact on an ABLE Rollover Distribution, see Section 7. Federal and New York State Tax

Considerations—New York State Tax Consequences.

c. The following definitions are added to the Glossary beginning on page 48:

Qualified ABLE Program: A program designed to allow individuals with disabilities to save for qualified

disability expenses. Qualified ABLE Programs are sponsored by states or state agencies and are authorized

by Section 529A of the Code.

ABLE Rollover Distribution: A distribution to an account in a Qualified ABLE Program for the same

Beneficiary or a Member of the Family of the Beneficiary. Any distribution must be made before

January 1, 2026, and cannot exceed the annual contribution limit prescribed by Section 529A (b)(2)(B)(i) of

the Code.

We are continuing to evaluate this new legislation and its tax impact in New York, and we encourage Account

Owners to consult a qualified tax advisor about their personal situation.

Federal Gift Tax Exemption

Effective January 1, 2018, Federal Gift Tax Exemption limitation changes were implemented. The new changes

permit contributions up to $15,000 a year ($30,000 if married and making the split-gift election) without

incurring federal gift taxes. Additionally, the maximum contribution to which the five-year exclusion may apply

is $75,000 (or $150,000 for a married couple electing to split gifts).

1. The following replaces the callout at the bottom of page 34:

As of 2018, you can contribute up to $15,000 a year ($30,000 if married and making the split-gift election)

to the Direct Plan without incurring federal gift taxes. This amount is periodically adjusted for inflation.

2. The following replaces the first two paragraphs under Federal Gift and Estate Taxes on page 34:

Contributions (including certain Rollover contributions) to your Account generally are considered completed

gifts to your Beneficiary for federal gift, estate, and generation-skipping transfer tax purposes and are

potentially subject to the federal gift tax. Generally, contributions to your Account will not be subject to the

federal gift tax or generation-skipping tax if the contribution and all other gifts to your Beneficiary (including

all 529 plan accounts) together don’t exceed the federal exclusion amount in 2018 of $15,000 a year

($30,000 if you are married and split gifts with your spouse). (The annual exclusion amount is periodically

adjusted for inflation.) Except in the situations described below, if you were to die while assets remained in

your Account, the value of your Account would not be included in your estate.

Where your contributions to your Account, any other 529 plan accounts, and any other gifts to your

Beneficiary exceed the applicable annual exclusion amount for a single Beneficiary, the contributions may be

subject to federal gift tax and generation-skipping transfer tax in the year of the contribution. If, however,

your contributions to your Account and any other 529 account for your Beneficiary exceed the annual

exclusion amount, you may elect to treat your contributions as if they were made pro rata over five years,

thus allowing you to use the annual exclusions for the current year and the following four years. To make

this election, you must file a gift tax return for the year in which the gift was made and make the election on

the return. For 2018, the maximum contribution to which the five-year exclusion may apply is $75,000 (or

$150,000 for a married couple electing to split gifts). Once you make this election, if you make any additional

gifts to the same Beneficiary in the same year or the next four years, the additional gifts may be subject

to gift tax or generation-skipping transfer tax in the calendar year of each additional gift. If you choose to

use the five-year forward election but you die before the end of the five-year period, the portion of the

contribution allocable to the years remaining in the five-year period (beginning with the year after your

death) would be included in your estate for federal estate tax purposes.

Additional Updates

1. The following replaces the State Tax and Other Benefits section on the page preceding the Table of Contents:

If you are not a New York State taxpayer, before investing, consider whether your or the designated Beneficiary’s

home state offers a 529 plan that provides its taxpayers with favorable state tax or other state benefits that may

only be available through investment in such state’s 529 plan, and which are not available through investment in

New York’s 529 College Savings Program Direct Plan. Other state benefits may include financial aid, scholarship

funds, and protection from creditors. Since different states have different tax provisions, this Disclosure Booklet

contains limited information about the state tax consequences of investing in New York’s 529 College Savings

Program Direct 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. You also may wish to contact

your home state’s 529 plan(s), or any other 529 plan, to learn more about those plans’ features, benefits, and

limitations. Keep in mind that state-based benefits should be one of many appropriately weighted factors to be

considered when making an investment decision.

2. Program Manager Organizational Change

Effective January 1, 2018, all references throughout the Disclosure Booklet and Tuition Savings Agreement to

“Ascensus Broker Dealer Services, Inc.” are hereby replaced with “Ascensus Broker Dealer Services, LLC.”

3. Impermissible Methods of Contributing

We will not accept contributions made by cash, money order, credit card, traveler’s check, starter check, check

contributions drawn on banks located outside the U.S. or check contributions not in U.S. dollars, third-party

personal check in an amount greater than $10,000, check dated earlier than 180 days before the date of receipt,

postdated check, check with unclear instructions, or any other check the Direct Plan deems unacceptable. We

also will not accept contributions made with stocks, securities, or other noncash assets.

NY529PDS 042018

SUPPLEMENT DATED AUGUST 2017 TO NEW YORK’S 529

COLLEGE SAVINGS PROGRAM DIRECT PLAN DISCLOSURE BOOKLET

AND TUITION SAVINGS AGREEMENT DATED AUGUST 31, 2016

This Supplement describes important changes and amends the Disclosure Booklet and Tuition Savings

Agreement dated August 31, 2016. You should read this Supplement in conjunction with the Disclosure

Booklet and Tuition Savings Agreement. Please keep this Supplement with your Direct Plan documents.

Reduction in Total Annual Asset-Based Fee

Effective September 22, 2017, the Total Annual Asset-Based Fee (the expense ratio) for each Portfolio will

decrease from 0.16% to 0.15%. Accordingly, all references in the Disclosure Booklet to the Total Annual Asset-

Based Fee are changed from 0.16% to 0.15% beginning September 22, 2017.

1. Effective September 22, 2017, the following replaces the “Fee Structure” chart on page 6:

Fee Structure

The following table shows total fees charged to each Portfolio in the Direct Plan. The annualized Underlying

Fund Fee and Program Management Fee added together equal the Total Annual Asset-Based Fee.

Annual Asset-Based Fee

Additional

Investor

Expenses

Portfolio

Estimated

Underlying

Fund Fee

State Fee

Program

Management

Fee

Total Annual

Asset-Based

Fee

Annual

Account

Maintenance

Fee

Aggressive Growth Portfolio 0.04% None 0.11% 0.15% None

Developed Markets Index Portfolio 0.05 None 0.10 0.15 None

Growth Stock Index Portfolio 0.07 None 0.08 0.15 None

Value Stock Index Portfolio 0.07 None 0.08 0.15 None

Mid-Cap Stock Index Portfolio 0.04 None 0.11 0.15 None

Small-Cap Stock Index Portfolio 0.04 None 0.11 0.15 None

Growth Portfolio 0.03 None 0.12 0.15 None

Moderate Growth Portfolio 0.03 None 0.12 0.15 None

Conservative Growth Portfolio 0.03 None 0.12 0.15 None

Income Portfolio 0.05 None 0.10 0.15 None

Bond Market Index Portfolio 0.03 None 0.12 0.15 None

Inflation-Protected Securities Portfolio 0.07 None 0.08 0.15 None

Interest Accumulation Portfolio 0.08 None 0.07 0.15 None

Aggressive Portfolio 0.04 None 0.11 0.15 None

Blended Growth Portfolio 0.03 None 0.12 0.15 None

Disciplined Growth Portfolio 0.03 None 0.12 0.15 None

Conservative Portfolio 0.03 None 0.12 0.15 None

Balanced Income Portfolio 0.06 None 0.09 0.15 None

Conservative Income Portfolio 0.07 None 0.08 0.15 None

1 Estimated Underlying Fund Expenses reflect each Underlying Fund’s expense ratio disclosed in its most recent prospectus as of

April 27, 2017. Expenses for multiple-fund Portfolios represent a weighted average of the expenses of the Portfolio’s Underlying

Funds. The fees and expenses of the Underlying Funds may change. Estimated Underlying Fund Fees for the Income Portfolio and

the Interest Accumulation Portfolio may include a stable value wrap fee of between 0.20% and 0.30%, which could reduce the

returns of the Portfolios.

2 No separate fee is charged to Accounts by the Program Administrators. The Program Manager and Investment Manager pay a

monthly fee to the Program Administrators to help pay the costs of administering the Program. This payment is not deducted from

any Accounts.

3 Vanguard and Ascensus College Savings have agreed to a specific formula for the allocation of the Program Management Fee.

4 Total Annual Asset-Based Fee as of September 22, 2017.

2. Effective September 22, 2017, the following replaces the section entitled “Investment Cost Example” on page 7:

The following example is intended to help you compare the cost of investing in the Direct Plan over different time

periods. The costs are the same for each Portfolio. It illustrates the hypothetical expenses that you would incur

over various periods if you were to invest $10,000 in a Portfolio. This example assumes that a Portfolio provides a

return of 5% each year and that the Portfolio’s Total Annual Asset-Based Fee (currently 0.15%) remains the same.

The results apply whether or not the investment is redeemed at the end of the period, but they do not take into

account any redemption that is considered a Nonqualified Withdrawal or otherwise subject to state or federal

income taxes, or any penalties. See Section 9. Withdrawing From Your Account—Withdrawals: Qualified and

Nonqualified.

Approximate Cost of a $10,000 Investment in Each Investment Option (assuming a return of 5% per year)

1 Year 3 Years 5 Years 10 Years

$15 $48 $85 $192

This example does not represent actual expenses or performance from the past or in the future. Actual future expenses may be higher

or lower than those shown.

Redesign of the Age-Based Options

Effective September 22, 2017, six new Portfolios will be added to the Age-Based Options. This change will provide

for a smoother transition from more aggressive allocations to more conservative allocations as a Beneficiary

approaches college age. These six new Portfolios will only be available as Age-Based Options. They will not

be available as Individual Portfolios. The new Portfolios are: Aggressive Portfolio, Blended Growth Portfolio,

Disciplined Growth Portfolio, Conservative Portfolio, Balanced Income Portfolio, and Conservative Income

Portfolio.

Depending on the age of your Beneficiary, the addition of these new Portfolios may result in some or all of your

assets moving from an existing Portfolio into one of the new Portfolios. Your future contributions will then be

invested in accordance with the new Portfolio allocations in your Account. These changes will occur automatically

and will not count as one of your two annual Investment Exchanges.

In order to facilitate a smooth transition into the new Portfolios, you will not be able to initiate or request any

transactions online or by phone, including withdrawals or Investment Option changes, between 4 p.m., Eastern time,

on Thursday, September 21, 2017, and 8 a.m., Eastern time, on Monday, September 25, 2017. You will also be unable

to initiate or request any other Account changes online or by phone during this period. Recurring Contributions

(automatic investments) scheduled for Friday, September 22, 2017, and transactions or other Account change

requests received by mail after 4 p.m., Eastern time, on Thursday, September 21, 2017, and until 4 p.m., Eastern time,

on Friday, September 22, 2017, will be processed under the new allocations using Portfolio Unit prices as of Monday,

September 25, 2017.

3. Effective September 22, 2017, the following replaces the information provided on page 18:

With the Age-Based Options, we automatically exchange assets from one Portfolio to another as your

Beneficiary ages. The exchange takes place annually during the month following the month of your

Beneficiary’s birth date, according to the following schedule:

Stocks Bonds Short-term reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Conservative Option

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–5 years

Moderate Option

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

6–10 years 11–15 years 16–18 years 19 years or older

Stocks Bonds Short-term reserves New portfolio

Note: The new Portfolios are only available as part of the Age-Based Option. They will not be available as Individual Portfolios.

Conservative Option

Blended

Growth Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Balanced

Income Portfolio

50% Bonds

50% Short-term

reserves

Conservative

Income Portfolio

25% Bonds

75% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

Moderate Option

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

4. Effective September 22, 2017, the following new section is added beginning on page 28:

Additional Multi-Fund Portfolios

Aggressive Portfolio

Investment Objective

The Portfolio seeks to provide capital appreciation and low to moderate current income.

Investment Strategy

The Portfolio invests in two Vanguard stock index funds and two Vanguard bond index funds, resulting in

an allocation of 61.25% of its assets to U.S. stocks, 26.25% of its assets to non-U.S. stocks, 10% of its assets to

investment-grade U.S. bonds, and 2.5% of its assets to investment-grade non-U.S. bonds. The percentages of the

Portfolio’s assets allocated to each Underlying Fund are:

Stocks Bonds Short-term reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Conservative Option

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–5 years

Moderate Option

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

6–10 years 11–15 years 16–18 years 19 years or older

Stocks Bonds Short-term reserves New portfolio

Note: The new Portfolios are only available as part of the Age-Based Option. They will not be available as Individual Portfolios.

Conservative Option

Blended

Growth Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Balanced

Income Portfolio

50% Bonds

50% Short-term

reserves

Conservative

Income Portfolio

25% Bonds

75% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

Moderate Option

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

61.25% Vanguard Institutional Total Stock Market Index Fund

26.25% Vanguard Total International Stock Index Fund

10% Vanguard Total Bond Market II Index Fund

2.5% Vanguard Total International Bond Index Fund

Through its investment in Vanguard Institutional Total Stock Market Index Fund, the Portfolio indirectly invests in

primarily large-capitalization U.S. stocks and, to a lesser extent, mid-, small-, and micro-capitalization U.S. stocks.

The Fund’s target index represents approximately 100% of the investable U.S. stock market.

Through its investment in Vanguard Total International Stock Index Fund, the Portfolio indirectly invests in

international stocks. The Fund is designed to track the performance of the FTSE Global All Cap ex US Index,

a float-adjusted market-capitalization-weighted index designed to measure equity market performance of

companies located in developed and emerging markets, excluding the United States. The index includes more

than 5,800 stocks of companies located in over 45 countries.

Through its investment in Vanguard Total Bond Market II Index Fund, the Portfolio indirectly invests in a broadly

diversified collection of securities that, in the aggregate, approximates the Bloomberg Barclays U.S. Aggregate

Float Adjusted Index in terms of key risk factors and other characteristics. The index represents a wide spectrum

of public, investment-grade, taxable, fixed income securities in the United States—including government,

corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—

all with maturities of more than 1 year. The Fund maintains a dollar-weighted average maturity consistent with

that of the index, which generally ranges between 5 and 10 years.

Through its investment in Vanguard Total International Bond Index Fund, the Portfolio indirectly invests

in government, government agency, corporate, and securitized non-U.S. investment-grade fixed income

investments, all issued in currencies other than the U.S. dollar and with maturities of more than 1 year. To minimize

the currency risk associated with investments in bonds denominated in currencies other than the U.S. dollar, the

Fund will attempt to hedge its currency exposures.

Investment Risks

Because it invests mainly in stock funds, the Portfolio primarily is subject to stock market risk. Through its bond

fund holdings, the Portfolio has moderate levels of interest rate risk, income risk, call risk, prepayment risk, and

extension risk. The Portfolio also has low to moderate levels of country/regional risk, currency risk, and emerging

markets risk, and low levels of credit risk, index sampling risk, currency hedging risk, nondiversification risk,

liquidity risk, and derivatives risk.

Blended Growth Portfolio

Investment Objective

The Portfolio seeks to provide capital appreciation and low to moderate current income.

Investment Strategy

The Portfolio invests in two Vanguard stock index funds and two Vanguard bond index funds, resulting in an

allocation of 43.75% of its assets to U.S. stocks, 18.75% of its assets to non-U.S. stocks, 30% of its assets to

investment-grade U.S. bonds, and 7.5% of its assets to investment-grade non-U.S. bonds. The percentages of the

Portfolio’s assets allocated to each Underlying Fund are:

Stocks Bonds Short-term reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Conservative Option

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–5 years

Moderate Option

Growth Portfolio

75% Stocks

25% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

6–10 years 11–15 years 16–18 years 19 years or older

Stocks Bonds Short-term reserves New portfolio

Note: The new Portfolios are only available as part of the Age-Based Option. They will not be available as Individual Portfolios.

Conservative Option

Blended

Growth Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Balanced

Income Portfolio

50% Bonds

50% Short-term

reserves

Conservative

Income Portfolio

25% Bonds

75% Short-term

reserves

Interest

Accumulation

Portfolio

100% Short-term

reserves

AGE OF BENEFICIARY

0–4 years 5–6 years 7–8 years 9–10 years 11–12 years 13–14 years 15–16 years 17–18 years 19 years or older

Moderate Option

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

Income Portfolio

75% Bonds

25% Short-term

reserves

Income Portfolio

75% Bonds

25% Short-term

reserves

Aggressive Option

Aggressive

Growth Portfolio

100% Stocks

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Aggressive

Portfolio

87.5% Stocks

12.5% Bonds

Growth Portfolio

75% Stocks

25% Bonds

Blended Growth

Portfolio

62.5% Stocks

37.5% Bonds

Moderate

Growth Portfolio

50% Stocks

50% Bonds

Disciplined

Growth Portfolio

37.5% Stocks

62.5% Bonds

Conservative

Growth Portfolio

25% Stocks

75% Bonds

Conservative

Portfolio

12.5% Stocks

87.5% Bonds

43.75% Vanguard Institutional Total Stock Market Index Fund

30% Vanguard Total Bond Market II Index Fund

18.75% Vanguard Total International Stock Index Fund

7.5% Vanguard Total International Bond Index Fund