The Analyst Rating seeks to evaluate each plan's investment options within the context of its objectives, appropriate benchmarks, and peer groups. The top three ratings (Gold, Silver, and Bronze) indicate that Morningstar's analysts think highly of a 529 plan the differences correspond to the level of analyst conviction in the ability a plan's investment options have to collectively outperform their respective benchmarks and peers through time, within the context of the level of risk taken. Analyst Ratings are assigned on a five-tier scale running from Gold to Negative. The rating is the subjective summary expression of the firm's forward-looking quantitative and qualitative analysis of a 529 college savings plan. The Morningstar Analyst RatingВ® for 529 College-Savings Plans is not a credit or risk rating. вЂ Rated 'Silver' by Morningstar, Inc., in 2021. Such deductions are subject to recapture in subsequent years in which non-qualified withdrawals are made. вЂ вЂ Contributions to the Plan(s) are deductible from Colorado state income tax in the tax year of the contribution, up to your Colorado taxable income for that year.

Sources: Vanguard and Strategic Insights, as of March 31, 2020. Industry average 529 expense ratio: 0.40%. вЂ Vanguard average 529 expense ratio: 0.15%. If you are not a Nevada taxpayer, please consult with a tax advisor. State tax treatment of withdrawals used for i) expenses for tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school, ii) expenses related to apprenticeship programs, or iii) student loan repayments is determined by the state(s) where the taxpayer files state income tax.

The availability of tax or other benefits may be contingent on meeting other requirements. **Earnings on nonqualified withdrawals may be subject to federal income tax and a 10% federal penalty tax, as well as state and local income taxes. **Vanguard managed approximately $98.7 billion in 529 plan assets as of March 31, 2020. *Vanguard average 529 expense ratio: 0.15%. The Vanguard 529 College Savings Plan is a Nevada Trust administered by the office of the Nevada State Treasurer.

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