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IMPORTANT PERFORMANCE INFORMATION: The performance shown represents past performance. Past performance is no guarantee of future results and current performance may be higher or lower than the performance shown. Principal value and investment returns will fluctuate, and investors’ units, when redeemed, may be worth more or less than the original cost.

For performance data including the effects of sales charges, Class A units reflect the maximum front-end sales charge of 3.50%. Class C units have no initial or deferred sales charge, but are subject to a distribution fee of 0.75%. The purchase of Class O units is restricted, as disclosed in the PDS. The unaudited performance data shown is net of all fees and expenses, but does not reflect the annual $20 account maintenance fee which is applicable to certain accounts. Class B Units of the Portfolios are no longer available for purchase by new or existing Account Owners. All outstanding Class B Units were converted to Class A Units on or about April 15, 2019. Estimated Expense Ratio includes, as applicable, estimated underlying fund expenses, the Manager’s service fee, CollegeInvest’s administration fee and an annual distribution fee. Actual underlying fund expenses borne by a Portfolio may be higher or lower than the estimate of such expenses used in calculating a Portfolio’s Estimated Expense Ratio. Please read the PDS for more information concerning fees and expenses.

On November 30, 2018, any Class C units of a portfolio that had been held in a Scholars Choice account for a period of at least 6 years were automatically converted to Class A units of the same portfolio. After November 30, 2018, Class C units held in an account automatically convert to Class A units in the calendar month in which the sixth anniversary of the purchase of such Class C units occurs. With the exception of the Cash Reserve Portfolio, Class A units of all Scholars Choice portfolios have an annual distribution fee of 0.25%, which is lower than the 0.75% annual distribution fee applicable to Class C units. For performance periods of greater than six years, Class C returns reflect annual distribution fees based on the portfolio’s automatic conversion to Class A units. For investors who held Class C units for greater than six years prior to the conversion to Class A Units on November 30, 2018, returns would have been lower than those shown. No sales load, fee or other charge will apply to Class C unit conversions, and such conversions will not count against the twice per calendar year limitation on investment option changes.

Current 7-day yield represents net interest income generated by the investments for the past seven days and assumes that the same income is generated each week over a 365-day period. The 7-day yield more closely reflects current portfolio earnings than does total returns. The “with waiver” 7-day yield shown for the Cash Reserve Portfolio reflects the Program Manager’s voluntary waiver of all or a portion of its service fee and Collegelnvest’s waiver of all or a portion of its administration fee, as described above. Such waivers may be reduced or terminated at any time. Returns for the Cash Reserve Option would have been lower in the absence of such waivers.

Collegelnvest currently is electing to waive 0.04% of its 0.10% administration fee commencing September 1, 2011. While such waiver continues in effect, Collegelnvest will receive an administration fee at an annual rate of 0.06% of the average daily net assets in each Portfolio. Such waiver may be reduced or terminated at any time. Portfolio returns would have been lower in the absence of such waiver.

Net Asset Value (NAV): An investment option’s net asset value (“NAV”) per unit or unit price is calculated by dividing the value of its net assets by the total number of units outstanding. NAV per unit or unit price is based on the value of the Investment Option’s investments, including its holdings in underlying mutual funds. The NAV per share of each underlying mutual fund in which the Investment Options are invested normally is determined as of the close of regular trading on the NYSE.


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IMPORTANT INFORMATION: An investor should consider the Program’s investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement, which contains more information, should be read carefully before investing. If an investor and/or an investor’s beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits such as financial aid, scholarship funds, and protection from creditors that are only available to state taxpayers investing in such plans.

Blended Benchmark performance is shown for illustrative purposes only. The benchmark for each Investment Option is a hypothetical blend of unmanaged indices for the underlying asset classes corresponding to the Investment Option's target allocations within each asset class.  Investors cannot invest directly in an index, and unmanaged index returns do not reflect any fees, expenses or sales charges.  An Investment Option's benchmark may change over time to reflect changes in an asset class benchmark, the Investment Option's underlying funds and/or the Investment Option's target allocations to such funds. When an Investment Option's benchmark changes, the benchmark’s new composition is utilized to calculate benchmark performance for periods from and after such change.  Benchmark performance for periods prior to the change is not recalculated or restated based on the benchmark’s new composition.

Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado, CollegeInvest, QS Investors, LLC, Legg Mason Investor Services, LLC, or Franklin Resources, Inc. or its specialized investment managers and are subject to investment risks, including loss of principal amount invested.

Franklin Resources, Inc., its specialized investment managers and its employees are not in the business of providing tax or legal advice to taxpayers. These materials and any tax-related statements are not intended or written to be used, and cannot be used or relied upon by any such taxpayer for the purpose of avoiding tax penalties or complying with any applicable tax laws or regulations. Tax-related statements, if any, may have been written in connection with the "promotion or marketing" of the transaction(s) or matter(s) addressed by these materials to the extent allowed by applicable law. Any such taxpayer should seek advice based on the taxpayer's particular circumstances from an independent tax advisor.

Scholars Choice® is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. QS Investors, LLC is the Investment Manager and Legg Mason Investor Services, LLC is the primary distributor of interests in the Program; together they serve as Manager of the Program. QS Investors, LLC, ClearBridge Investments, LLC, Brandywine Global Investment Management, LLC, Western Asset Management Company, and Legg Mason Investor Services, LLC are subsidiaries of Franklin Resources, Inc.  Such entities became subsidiaries of Franklin Resources, Inc. in connection with Franklin Resources, Inc.'s acquisition of Legg Mason, Inc. in a transaction that closed on July 31, 2020.  Templeton Global Advisors Limited, which is part of Franklin Templeton Investments, is also an affiliate of Franklin Resource, Inc. Thornburg Investment Management, Inc. is not affiliated with Franklin Resources, Inc.

Audited financial statements for the Scholars Choice® College Savings Program, including balance sheets, income statements, cash flow statements, and the Management's Discussion and Analysis (MDA), may be viewed at https://www.collegeinvest.org/about-us/financial-statements