Michigan Education Savings Program (MESP)

Historical Performance

Fund Performance for the Period Ending March 31, 2017

Age-Based Investment Options
Conservative Age-Based Allocation Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Age Band 0-411/14/124.21%10.03%5.46%--8.64%
Blended Index3-4.19%10.32%5.68%--8.71%
Age Band 5-811/14/123.77%8.85%5.13%--7.60%
Blended Index3-3.70%8.99%5.24%--7.57%
Age Band 9-1011/14/123.23%7.45%4.58%--6.40%
Blended Index3-3.21%7.68%4.80%--6.43%
Age Band 11-1211/14/122.71%6.11%4.13%--5.25%
Blended Index3-2.72%6.38%4.34%--5.30%
Age Band 13-1411/14/122.23%4.92%3.47%--4.14%
Blended Index3-2.05%4.77%3.36%--3.92%
Age Band 1511/14/121.83%4.29%3.13%--3.61%
Blended Index3-1.72%3.97%2.87%--3.23%
Age Band 1611/14/121.51%3.54%2.78%--3.06%
Blended Index3-1.38%3.18%2.38%--2.54%
Age Band 1711/14/121.27%3.06%2.52%--2.48%
Blended Index3-1.09%2.47%2.02%--1.92%
Age Band 18+11/14/120.93%2.27%2.15%--1.84%
Blended Index3-0.81%1.76%1.65%--1.29%
Moderate Age-Based Allocation Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Age Band 0-411/14/124.89%11.97%6.23%--10.42%
Blended Index3-4.94%12.32%6.33%--10.42%
Age Band 5-811/14/124.33%10.52%5.69%--9.22%
Blended Index3-4.44%10.98%5.90%--9.28%
Age Band 9-1011/14/123.84%9.16%5.25%--8.10%
Blended Index3-3.95%9.65%5.46%--8.14%
Age Band 11-1211/14/123.61%8.44%4.95%--7.08%
Blended Index3-3.45%8.34%5.02%--7.00%
Age Band 13-1411/14/122.89%6.66%4.36%--5.84%
Blended Index3-2.96%7.03%4.57%--5.86%
Age Band 1511/14/122.43%5.43%3.79%--4.71%
Blended Index3-2.38%5.58%3.85%--4.61%
Age Band 1611/14/122.05%4.73%3.46%--4.16%
Blended Index3-2.05%4.77%3.36%--3.92%
Age Band 1711/14/121.83%4.19%3.15%--3.63%
Blended Index3-1.72%3.97%2.87%--3.23%
Age Band 18+11/14/121.51%3.54%2.81%--3.06%
Blended Index3-1.38%3.18%2.38%--2.54%
Aggressive Age-Based Allocation Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Age Band 0-411/14/125.94%14.99%7.33%--12.82%
Blended Index3-5.93%15.03%7.15%--12.70%
Age Band 5-811/14/125.26%12.94%6.50%--11.02%
Blended Index3-5.18%12.99%6.54%--10.99%
Age Band 9-1011/14/124.66%11.39%5.96%--9.81%
Blended Index3-4.69%11.65%6.11%--9.85%
Age Band 11-1211/14/124.20%10.09%5.54%--8.69%
Blended Index3-4.19%10.32%5.68%--8.71%
Age Band 13-1411/14/123.70%8.45%5.06%--7.53%
Blended Index3-3.70%8.99%5.24%--7.57%
Age Band 1511/14/123.23%7.36%4.58%--6.40%
Blended Index3-3.21%7.68%4.80%--6.43%
Age Band 1611/14/122.97%6.74%4.39%--5.84%
Blended Index3-2.96%7.03%4.57%--5.86%
Age Band 1711/14/122.71%6.11%4.13%--5.25%
Blended Index3-2.72%6.38%4.34%--5.30%
Age Band 18+11/14/122.14%4.92%3.46%--4.16%
Blended Index3-2.05%4.77%3.36%--3.92%
Guaranteed Investment Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Principal Plus Interest Portfolio4,611/28/000.38%1.59%1.42%1.46%2.30%2.91%
Multi-Fund Investment Options
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
International Equity Index Option11/15/128.60%13.08%0.67%--6.44%
Blended Index3-8.08%12.86%0.72%--6.32%
Global Equity Index Option11/28/006.56%16.69%7.20%11.00%5.55%5.11%
Blended Index3-6.41%16.52%7.02%10.78%5.59%5.12%
Balanced Option06/13/063.90%9.35%5.29%7.13%5.20%6.22%
Blended Index3-3.95%9.65%5.46%7.24%5.37%6.34%
100% Fixed-Income Option06/14/060.98%1.71%2.47%1.80%3.88%4.11%
Blended Index3-1.01%1.92%2.67%2.09%4.33%4.57%
Single-Fund Investment Options
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
U.S. Equity Index11/14/125.73%17.94%9.63%--15.80%
Blended Index3-5.74%18.07%9.76%--15.95%

The performance data quoted represent past performance and are net of all fees and expenses, including the estimated expense ratio of the underlying mutual funds and the Program Manager Fee. Past performance is not a guarantee of future results. Your returns and the principal value of your Account will fluctuate so your investment may be worth more or less than the original value when you withdraw your money. Current performance may be lower or higher than the performance quoted above.

1 All performance figures in the table, with the exception of the performance figures in the Year-to-Date column, represent the average annual compound rate of total return. All figures in the Year-to-Date column represent cumulative, non-annualized returns.

2 These Age Bands have limited operating histories, so the returns cited above may not be a good indication of how they may perform over a longer time period. Beneficiaries are moved from one Age Band to the next Age Band on the first "rolling date" following their fourth, eighth, twelfth, fifteenth and eighteenth birthdays. The "rolling dates" are March 20, June 20, September 20 and December 20 (or the first business day thereafter).

3 The Blended Indexes are customized benchmarks that combine the fund benchmarks of each underlying mutual fund held in an Age Band according to the Age Band s asset allocation during the relevant time period. The Blended Indexes are used to compare the performance of the corresponding Age Band. They are unmanaged and do not reflect the deduction of any fees or expenses.

4 The Blended Indexes are customized benchmarks that combine the fund benchmarks of each underlying mutual fund held in an Investment Option (other than the Principal Plus Interest Option) according to the Investment Option's asset allocation during the relevant time period. The Blended Indexes are used to compare the performance of the corresponding Investment Option. They are unmanaged and do not reflect the deduction of any fees or expenses.

5 Effective January 1, 2017, accumulations (including contributions and earnings) under the Funding Agreement for the Principal Plus Interest Option as of December 31, 2016 will be credited to MESP with an effective annual interest rate of 1.75%, and are guaranteed to earn this rate through December 31, 2017, subject to the claims-paying ability of TIAA- CREF Life Insurance Company.