Fees & Expenses

The information below describes the fees and expenses that you would pay if you contributed to a particular Investment Option in the Michigan Education Savings Program (MESP). These fees are indirectly paid out of the assets of your account. Except for the fees listed below, there are currently no other fees, charges or penalties imposed by or payable to the Program in connection with opening or maintaining an account.

Investment Option Program Manager Fee(1)(2) State Administrative Fee(1)(3) Estimated Expenses of an Investment Option's Underlying Investments(4) Total Annual Asset-Based Fees(5)
2042/2043 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2040/2041 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2038/2039 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2036/2037 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2034/2035 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2032/2033 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2030/2031 Enrollment Option 0.01% 0.025% 0.05% 0.09%
2028/2029 Enrollment Option(6) 0.01% 0.025% 0.03% 0.07%
2026/2027 Enrollment Option(6) 0.01% 0.025% 0.02% 0.06%
In School Option(6) 0.01% 0.025% 0.02% 0.06%
  1. 1Although the Program Manager Fee and the State Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Program Manager Fee and the Administrative Fee as these fees reduce the Investment Option's return. The Program Manager and the State Administrative Fee, if any, may change from time to time. The Program's website at www.misaves.com may include updated fees before the Program Description is updated.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Program Manager a fee at an annual rate of 0.01% (1 basis point) of the average daily net assets of the Investment Option.↩
  3. 3Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the Michigan Department of Treasury a State Administrative Fee at an annual rate of 0.025% of the average daily net assets of the Investment Option. The State Administrative Fee is used to maintain or enhance Michigan's qualified tuition programs.↩
  4. 4The percentages set forth in this column are based on the expense ratios of the mutual funds or ETFs in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund's or ETF's most recent prospectus effective as of May 1, 2026, and are weighted according to the Investment Option's allocation among the mutual funds and ETFs in which it invests. The underlying mutual fund and ETF expense ratios may change from time to time. The Program's website at www.misaves.com may include updated mutual fund and ETF expense ratios before the Program Description is updated. Although these expenses are not deducted from an Investment Option's assets, each Investment Option (other than the Principal Plus Interest Option, which does not invest in (mutual funds or ETFs) indirectly bears its pro rata share of the expenses of the mutual funds and ETFs in which it invests as these expenses reduce each such mutual fund's or ETF's return.↩
  5. 5These figures represent the Estimated Expenses of an Investment Option's underlying investments plus the Program Manager Fee and the State Administrative Fee.↩
  6. 6These Options invest a portion of their assets in ETFs. Because ETFs are traded on a securities exchange, Options that invest in ETFs will pay transaction costs when buying and selling shares of an ETF. These transaction costs are not listed in the table.↩

Investment Option Program Manager Fee(1)(2) State Administrative Fee(1)(3) Estimated Expenses of an Investment Option's Underlying Investments(4) Total Annual Asset-Based Fees(5)
Aggressive Allocation Option(6) 0.01% 0.025% 0.05% 0.09%
Moderate Allocation Option(6) 0.01% 0.025% 0.05% 0.09%
Conservative Allocation Option(6) 0.01% 0.025% 0.03% 0.07%
International Equity Index Option 0.01% 0.025% 0.07% 0.11%
Global Equity Index Option 0.01% 0.025% 0.05% 0.09%
100% Fixed-Income Option(6) 0.01% 0.025% 0.03% 0.07%
  1. 1Although the Program Manager Fee and the State Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Program Manager Fee and the Administrative Fee as these fees reduce the Investment Option's return. The Program Manager and the State Administrative Fee, if any, may change from time to time. The Program's website at www.misaves.com may include updated fees before the Program Description is updated.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Program Manager a fee at an annual rate of 0.01% (1 basis point) of the average daily net assets of the Investment Option.↩
  3. 3Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the Michigan Department of Treasury a State Administrative Fee at an annual rate of 0.025% of the average daily net assets of the Investment Option. The State Administrative Fee is used to maintain or enhance Michigan's qualified tuition programs.↩
  4. 4The percentages set forth in this column are based on the expense ratios of the mutual funds or ETFs in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund's or ETF's most recent prospectus effective as of May 1, 2026, and are weighted according to the Investment Option's allocation among the mutual funds and ETFs in which it invests. The underlying mutual fund and ETF expense ratios may change from time to time. The Program's website at www.misaves.com may include updated mutual fund and ETF expense ratios before the Program Description is updated. Although these expenses are not deducted from an Investment Option's assets, each Investment Option (other than the Principal Plus Interest Option, which does not invest in (mutual funds or ETFs) indirectly bears its pro rata share of the expenses of the mutual funds and ETFs in which it invests as these expenses reduce each such mutual fund's or ETF's return.↩
  5. 5These figures represent the Estimated Expenses of an Investment Option's underlying investments plus the Program Manager Fee and the State Administrative Fee.↩
  6. 6These Options invest a portion of their assets in ETFs. Because ETFs are traded on a securities exchange, Options that invest in ETFs will pay transaction costs when buying and selling shares of an ETF. These transaction costs are not listed in the table.↩

Investment Option Program Manager Fee(1)(2) State Administrative Fee(1)(3) Estimated Expenses of an Investment Option's Underlying Investments(4) Total Annual Asset-Based Fees(5)
U.S. Equity Index Option 0.01% 0.025% 0.04% 0.08%
Large Cap Growth Equity Index Option 0.01% 0.025% 0.03% 0.07%
Large Cap Value Equity Index Option 0.01% 0.025% 0.03% 0.07%
Small/Mid Cap Equity Index Option 0.01% 0.025% 0.05% 0.09%
Emerging Markets Equity Index Option 0.01% 0.025% 0.06% 0.10%
  1. 1Although the Program Manager Fee and the State Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Program Manager Fee and the Administrative Fee as these fees reduce the Investment Option's return. The Program Manager and the State Administrative Fee, if any, may change from time to time. The Program's website at www.misaves.com may include updated fees before the Program Description is updated.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Program Manager a fee at an annual rate of 0.01% (1 basis point) of the average daily net assets of the Investment Option.↩
  3. 3Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the Michigan Department of Treasury a State Administrative Fee at an annual rate of 0.025% of the average daily net assets of the Investment Option. The State Administrative Fee is used to maintain or enhance Michigan's qualified tuition programs.↩
  4. 4The percentages set forth in this column are based on the expense ratios of the mutual funds or ETFs in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund's or ETF's most recent prospectus effective as of May 1, 2026, and are weighted according to the Investment Option's allocation among the mutual funds and ETFs in which it invests. The underlying mutual fund and ETF expense ratios may change from time to time. The Program's website at www.misaves.com may include updated mutual fund and ETF expense ratios before the Program Description is updated. Although these expenses are not deducted from an Investment Option's assets, each Investment Option (other than the Principal Plus Interest Option, which does not invest in (mutual funds or ETFs) indirectly bears its pro rata share of the expenses of the mutual funds and ETFs in which it invests as these expenses reduce each such mutual fund's or ETF's return.↩
  5. 5These figures represent the Estimated Expenses of an Investment Option's underlying investments plus the Program Manager Fee and the State Administrative Fee.↩

Investment Option Program Manager Fee State Administrative Fee Estimated Expenses of an Investment Option's Underlying Investments Total Annual Asset-Based Fees
Principal Plus Interest Option(1) N/A N/A N/A N/A
  1. 1The Principal Plus Interest Portfolio does not pay a Program Manager Fee or State Administrative Fee. TIAA is the parent company of TFI and, is the issuer of the funding agreement in which this Investment Option invests. TIAA makes payments to the Program Manager. The Michigan Department of Treasury receives a fee, equal to 0.025% of the average daily net assets held by the Principal Plus Interest Portfolio. These payments, among many other factors, are considered by the issuer when determining the interest rate(s) credited under the funding agreement.↩