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Utah Educational Savings Plan

Fees & Expenses

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 rates 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 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 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:

Click here to compare the approximate cost of investing in UESP over different periods of time with UESP's Approximate Cost of a $10,000 Investment table.

Vanguard Operating Expenses

Vanguard applies fees against the assets invested in each of the Vanguard mutual funds for operating expenses. Vanguard expense ratios do not appear on UESP account statements because the fees are deducted from the performance of the applicable underlying fund. The performance and market values of your UESP account 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* Fund Name Ticker Symbol Operating Expense Ratio Prospectus Date
Total Stock Market Index Fund VITPX 0.02% March 28, 2013
Institutional Index Fund VIIIX 0.02% March 28, 2013
Mid-Cap Index Fund VMCPX 0.06% April 26, 2012
Small-Cap Index Fund VSCPX 0.06% April 26, 2012
Total International Stock Index Fund VTPSX 0.10% February 28, 2013
Developed Markets Index Fund VIDMX 0.07% February 28, 2013
International Value Fund† VTRIX 0.41% February 27, 2013
International Growth Fund† VWILX 0.36% December 27, 2012
Total Bond Market Index Fund VBMPX 0.05% April 25, 2012
Short-Term Investment-Grade Fund VFSIX 0.07% May 30, 2012

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

Important Legal Notice:

You should read the Program Description and consider all investment objectives, risks, charges, and expenses before investing. The Program Description is available for download on the web or a hard copy can be mailed to you by requesting it online here.

FDIC Insurance. Except for the underlying investment specified below, investments in UESP are not insured by the Federal Deposit Insurance Corporation (FDIC). FDIC insurance is provided for the FDIC-insured savings account held in trust by UESP at Zions First National Bank (Bank). Funds in the savings account are insured by the FDIC on a pass-through basis to each account owner up to the maximum amount set by federal law, which is $250,000. The amount of FDIC insurance provided to an account owner is based on the total of (1) the value of an account owner’s investment in the FDIC-insured savings account plus (2) the value of other accounts held (if any) at the Bank, as determined by the Bank and by FDIC regulations.

No Other Insurance and No Guarantees. Investments in UESP are neither insured nor guaranteed by the State of Utah, UESP, the Utah State Board of Regents, the Utah Higher Education Assistance Authority, other state agencies, federal government agencies (except to the extent noted above regarding FDIC insurance), or any employees or directors of any such entities. Units in UESP have not been registered with the United States Securities and Exchange Commission or with any state securities commission.

Account Value. The value of your UESP account may vary depending on market conditions and the performance of the investment option you select. It could be more or less than the amount you contribute; in short, your investment could lose value. However, subject to the application of Bank and FDIC rules and regulations to each account owner, funds in the FDIC-insured savings account will retain their value, whether in the FDIC-Insured Savings investment option or when allocated to portions of the Age-Based Aggressive Growth, Age-Based Growth, Age-Based Moderate, Age-Based Conservative, Customized Age-Based, or Customized Static investment options (if, in the customized investment options, the FDIC-insured savings account is selected as an underlying investment).

Non-Utah Taxpayers and Residents. You should determine whether the state in which you or your beneficiary pay taxes or live offers a 529 plan that provides state tax or other benefits not otherwise available to you by investing in UESP. You should consider such state tax treatment and benefits, if any, before investing in UESP.