Glossary – Asset-Based Fee

The Asset-Based Fee is made up of two parts:

The Underlying Fund Expense was previously known as the Operating Expense Ratio. It is the fee charged by the investment manager – Vanguard, Dimensional or PIMCO — to pay its operating expenses. The fee is accrued daily in the applicable underlying funds’ net asset value. The expenses do not appear on my529 quarterly account statements.

The Administrative Asset Fee is charged against the account balance on the last business day of the month to fund my529 operations.