Michigan Education Savings Program (MESP)

Age-Based Investment Options

This is the simple, all-in-one investment option, which changes from a growth strategy when your child is young to hold strategy as their college years approach.

You don’t need to be a savvy investor to participate in the Michigan Education Savings Program (MESP). It’s not about choosing ‘the right’ investment, it’s about choosing the investment that’s right for you. For many people, an Age-Based Investment Option can be that choice. Because it automatically shifts from aggressive-to-conservative investments as your child ages, you maximize the opportunities of your investment horizon without needing to manually rebalance your investment options each year.

Changing Your Investments

Once you invest in a particular investment option, you can transfer contributions and any earnings to another investment option only twice per calendar year or upon a transfer of funds to a MESP account for a different beneficiary.

Periodically Review Your Investments

It’s a good idea to periodically re-evaluate your investment strategy as your goals, investment horizon, and personal situation change — for example, annually at tax time, on a yearly basis if your income changes, or upon the birth of another child.


How Age-Based Investment Options Work

The Age-Based Investment Option seeks to match the investment objective and level of risk to the investment horizon by factoring in the child’s current age and the number of years before they turn 18. Depending on this age, contributions to these Investment Options will be placed in various age bands, each of which has a different investment objective and investment strategy.

As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

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Conservative Age-Based Allocation Option

(Risk level shifts from aggressive to conservative)

Age-Based Investment Options
BENEFICIARY'S AGE ALLOCATION INVESTMENT OPTION OBJECTIVE
0‑4 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  58.50%Equities
    6.50%Real Estate
  28.00%Bonds
    7.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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5‑8 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  49.50%Equities
    5.50%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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9‑10 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  40.50%Equities
    4.50%Real Estate
  44.00%Bonds
  11.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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11‑12 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  31.50%Equities
    3.50%Real Estate
  52.00%Bonds
  13.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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13‑14 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  22.50%Equities
    2.50%Real Estate
  44.00%Bonds
  11.00%Inflation-Linked Bonds
  20.00%Funding Agreement
Read More X

View Underlying Mutual Funds

15 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  18.00%Equities
    2.00%Real Estate
  40.00%Bonds
  10.00%Inflation-Linked Bonds
  30.00%Funding Agreement
Read More X

View Underlying Mutual Funds

16 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

  13.50%Equities
    1.50%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
  40.00%Funding Agreement
Read More X

View Underlying Mutual Funds

17 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

    9.00%Equities
    1.00%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
  45.00%Funding Agreement
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18+ YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Conservative Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Moderate or Aggressive Age-Based Allocation Options.

    4.50%Equities
    0.50%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
  50.00%Funding Agreement
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Moderate Age-Based Allocation Option

(Risk level shifts from aggressive to conservative)

Age-Based Investment Options
BENEFICIARY'S AGE ALLOCATION INVESTMENT OPTION OBJECTIVE
0‑4 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  72.00%Equities
    8.00%Real Estate
  16.00%Bonds
    4.00%Inflation-Linked Bonds
    0.00%Funding Agreement
Read More X

View Underlying Mutual Funds

5‑8 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  63.00%Equities
    7.00%Real Estate
  24.00%Bonds
    6.00%Inflation-Linked Bonds
    0.00%Funding Agreement
Read More X

View Underlying Mutual Funds

9‑10 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  54.00%Equities
    6.00%Real Estate
  32.00%Bonds
    8.00%Inflation-Linked Bonds
    0.00%Funding Agreement
Read More X

View Underlying Mutual Funds

11‑12 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  45.00%Equities
    5.00%Real Estate
  40.00%Bonds
  10.00%Inflation-Linked Bonds
    0.00%Funding Agreement
Read More X

View Underlying Mutual Funds

13‑14 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  36.00%Equities
    4.00%Real Estate
  48.00%Bonds
  12.00%Inflation-Linked Bonds
    0.00%Funding Agreement
Read More X

View Underlying Mutual Funds

15 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  27.00%Equities
    3.00%Real Estate
  48.00%Bonds
  12.00%Inflation-Linked Bonds
  10.00%Funding Agreement
Read More X

View Underlying Mutual Funds

16 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  22.50%Equities
    2.50%Real Estate
  44.00%Bonds
  11.00%Inflation-Linked Bonds
  20.00%Funding Agreement
Read More X

View Underlying Mutual Funds

17 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  18.00%Equities
    2.00%Real Estate
  40.00%Bonds
  10.00%Inflation-Linked Bonds
  30.00%Funding Agreement
Read More X

View Underlying Mutual Funds

18+ YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Moderate Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative Age-Based Allocation Option, but less heavily in such mutual funds than the Aggressive Age-Based Allocation Option. Furthermore, each age band in the Moderate Age-Based Allocation Option will invest more heavily in conservative investments than the corresponding age band within the Aggressive Age-Based Allocation Option, but less heavily than the Conservative Age-Based Allocation Option.

  13.50%Equities
    1.50%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
  40.00%Funding Agreement
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View Underlying Mutual Funds

Aggressive Age-Based Allocation Option

(Risk level shifts from aggressive to conservative)

Age-Based Investment Options
BENEFICIARY'S AGE ALLOCATION INVESTMENT OPTION OBJECTIVE
0‑4 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  90.00%Equities
  10.00%Real Estate
    0.00%Bonds
    0.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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5‑8 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  76.50%Equities
    8.50%Real Estate
  12.00%Bonds
    3.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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9‑10 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  67.50%Equities
    7.50%Real Estate
  20.00%Bonds
    5.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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11‑12 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  58.50%Equities
    6.50%Real Estate
  28.00%Bonds
    7.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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13‑14 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  49.50%Equities
    5.50%Real Estate
  36.00%Bonds
    9.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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15 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  40.50%Equities
    4.50%Real Estate
  44.00%Bonds
  11.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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16 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  36.00%Equities
    4.00%Real Estate
  48.00%Bonds
  12.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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17 YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  31.50%Equities
    3.50%Real Estate
  52.00%Bonds
  13.00%Inflation-Linked Bonds
    0.00%Funding Agreement
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18+ YEARS
Investment Objective. The age-based Allocation Options seek to match the investment objective and level of risk to the investment horizon by taking into account the Beneficiary’s current age and the number of years before the Beneficiary turns 18.

Investment Strategy. Depending on the Beneficiary’s age, contributions to these Investment Options will be placed in one of nine age bands, each of which has a different investment objective and investment strategy. As discussed in more detail below, the age bands for younger Beneficiaries seek a favorable long-term return by primarily investing in mutual funds that primarily invest in equity and real estate securities, which may have greater potential for returns than debt securities, but which also have greater risk than debt securities. As a Beneficiary nears college age, the age bands invest less in mutual funds that invest in equity and real estate securities and more in mutual funds that invest in debt securities and in other investments that seek to preserve principal.

Each age band in the Aggressive Age-Based Allocation Option will invest more heavily in mutual funds that invest in equity and real estate securities than the corresponding age band within the Conservative or Moderate Age-Based Allocation Options.

  22.50%Equities
    2.50%Real Estate
  44.00%Bonds
  11.00%Inflation-Linked Bonds
  20.00%Funding Agreement
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