Prepared for Utah Higher Education Assistance Authority

Prepared for: Utah Higher Education Assistance Authority Industry trends Morningstar adjustments to ratings Progressive glide paths • • Vanguard investment management clients are now considering the target enrollment option TIAA converts all clients from steps to target enrollment Plans in transition • Michigan lowers fees and extends contract • Connecticut converting to Fidelity . Georgia decision pending • Nebraska converting five plans to Union Bank and Trust • Oklahoma converts Advisor plan to Fidelity Overall trend: lower fees and progressive glide paths For institutional use only. Not for distribution to retail investors. 13

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