Low Fees

UESP's fee structure has three components:

1. Vanguard Operating Expenses
2. UESP Administrative Asset Fee
3. UESP Administrative Maintenance Fee

Vanguard charges an expense ratio for each underlying Vanguard mutual fund. UESP’s Administrative Asset Fee and Administrative Maintenance Fee cover UESP’s operating expenses and are calculated based on an account’s balance on the last business day of each month.

The earnings paid on behalf of the FDIC-insured savings account and the Public Treasurers’ Investment Fund (PTIF) are net of expenses of Zions First National Bank and the Utah State Treasurer, respectively.

For the age-based and static investment options, the total asset-based fees range from 0.18% to 0.26%, including the Administrative Asset Fee and the underlying fund expense ratios. For the customized investment options, total asset fees range between 0.20% to 0.61%, including the Administrative Asset Fee, and depend on the underlying investments the account owner/agent selects. For Utah residents, the Public Treasurers' Investment Fund investment option does not have administrative fees.

You can determine the total fees on each of your accounts by accessing the following:

• UESP Asset Fee Structure Table
• Customized Age-Based Allocation Asset-Based Fee Calculator (available online only)
• Customized Static Allocation Asset-Based Fee Calculator

Compare the approximate cost of investing in UESP over different periods of time using the UESP Approximate Cost of a $10,000 Investment.

Vanguard Operating Expenses

Vanguard applies fees against the assets invested in each of the Vanguard mutual funds for its operating and management expenses. Vanguard expense ratios do not appear on UESP account statements because the fees are deducted from the performance of the applicable underlying fund. Thus the performance and market value of UESP accounts are net of any Vanguard expense ratios. The structure and combination of Vanguard funds used in the UESP investment options sets the weighted underlying expense ratio of any UESP investment option (except the FDIC-Insured Savings and the Public Treasurers' Investment Fund, which do not utilize Vanguard funds).

The Vanguard operating expense ratios apply to the Vanguard funds included as underlying investments in UESP and are net of any “Acquired Fund Fees and Expenses” otherwise applicable to each Vanguard fund.

*Vanguard is a trademark of Vanguard, Inc.
†Closed to new investments beginning on July 25, 2011