Michigan Education Savings Program (MESP)

Historical Performance

Fund Performance for the Period Ending June 30, 2018

The following tables show the returns of each Investment Option over the time period(s) indicated. For purposes of this discussion, each age band in the age-based Investment Option is considered a separate Investment Option. The tables below compare the average annual total return of an Investment Option (after deducting fees and expenses) to the returns of a benchmark. The benchmark included in the tables combines the benchmark(s) for the underlying investment(s) in which an Investment Option invests weighted according to the allocations to those underlying investment(s) and adjusted to reflect any changes in the allocations, benchmark(s) or both during the relevant time period. Benchmarks are not available for investment, are not managed and do not reflect the fees or expenses of investing. Past performance is not a guarantee of future results. Performance may be substantially affected over time by changes in the allocations and changes in the investments in which an Investment Option invests. Investment returns and the value of your Account will fluctuate, so that your Account, when redeemed, may be worth more or less than the amounts contributed to your Account.

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 0-4211/14/120.32%7.31%6.63%7.71%-8.55%
Benchmark0.37%7.43%6.85%7.83%-8.63%
Age Band 5-8211/14/120.00%6.15%6.00%6.94%-7.50%
Benchmark0.15%6.31%6.12%6.98%-7.49%
Age Band 9-10211/14/12-0.14%5.14%5.20%6.03%-6.31%
Benchmark-0.08%5.18%5.38%6.12%-6.35%
Age Band 11-12211/14/12-0.23%4.15%4.48%5.20%-5.20%
Benchmark-0.31%4.07%4.64%5.27%-5.22%
Age Band 13-14211/14/12-0.16%3.38%3.71%4.21%-4.12%
Benchmark-0.15%3.19%3.61%4.03%-3.91%
Age Band 15211/14/12-0.16%2.87%3.29%3.75%-3.60%
Benchmark-0.08%2.75%3.10%3.41%-3.25%
Age Band 16211/14/120.00%2.51%2.86%3.23%-3.05%
Benchmark-0.01%2.31%2.59%2.80%-2.60%
Age Band 17211/14/120.00%2.04%2.53%2.76%-2.48%
Benchmark-0.03%1.81%2.15%2.28%-1.99%
Age Band 18+211/14/12-0.09%1.46%2.07%2.21%-1.86%
Benchmark-0.05%1.32%1.70%1.75%-1.38%
Moderate Age-Based Allocation Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Age Band 0-4211/14/120.52%8.79%7.71%8.99%-10.26%
Benchmark0.69%9.13%7.94%9.10%-10.34%
Age Band 5-8211/14/120.31%7.60%6.89%8.07%-9.06%
Benchmark0.47%8.00%7.22%8.25%-9.20%
Age Band 9-10211/14/120.26%6.65%6.19%7.27%-7.98%
Benchmark0.26%6.87%6.49%7.40%-8.06%
Age Band 11-12211/14/12-0.07%5.50%5.68%6.52%-6.95%
Benchmark0.04%5.74%5.75%6.55%-6.92%
Age Band 13-14211/14/12-0.29%4.50%4.78%5.59%-5.74%
Benchmark-0.19%4.62%5.01%5.70%-5.79%
Age Band 15211/14/12-0.31%3.61%4.05%4.70%-4.65%
Benchmark-0.23%3.63%4.13%4.65%-4.56%
Age Band 16211/14/12-0.08%3.37%3.68%4.23%-4.14%
Benchmark-0.15%3.19%3.61%4.03%-3.91%
Age Band 17211/14/12-0.08%2.87%3.26%3.75%-3.60%
Benchmark-0.08%2.75%3.10%3.41%-3.25%
Age Band 18+211/14/120.00%2.51%2.89%3.23%-3.05%
Benchmark-0.01%2.31%2.59%2.80%-2.60%
Aggressive Age-Based Allocation Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Age Band 0-4211/14/120.93%10.96%9.26%10.84%-12.65%
Benchmark1.10%11.41%9.37%10.78%-12.62%
Age Band 5-8211/14/120.73%9.49%8.21%9.51%-10.89%
Benchmark0.79%9.70%8.30%9.52%-10.91%
Age Band 9-10211/14/120.48%8.37%7.39%8.58%-9.70%
Benchmark0.58%8.56%7.58%8.68%-9.77%
Age Band 11-12211/14/120.25%7.29%6.67%7.76%-8.59%
Benchmark0.37%7.43%6.85%7.83%-8.63%
Age Band 13-14211/14/120.07%6.10%5.86%6.85%-7.42%
Benchmark0.15%6.31%6.12%6.98%-7.49%
Age Band 15211/14/12-0.21%5.06%5.17%6.03%-6.31%
Benchmark-0.08%5.18%5.38%6.12%-6.35%
Age Band 16211/14/12-0.22%4.58%4.81%5.63%-5.76%
Benchmark-0.19%4.62%5.01%5.70%-5.79%
Age Band 17211/14/12-0.45%3.99%4.43%5.17%-5.17%
Benchmark-0.31%4.07%4.64%5.27%-5.22%
Age Band 18+211/14/12-0.16%3.37%3.71%4.23%-4.14%
Benchmark-0.15%3.19%3.61%4.03%-3.91%
Guaranteed Investment Option
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
Principal Plus Interest Portfolio311/28/000.93%1.81%1.64%1.51%2.04%2.83%
Multi-Fund Investment Options
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
International Equity Index Option11/15/12-3.37%6.58%5.00%6.16%-7.36%
Benchmark-3.52%7.16%5.13%6.23%-7.31%
Global Equity Index Option11/28/001.15%12.13%9.70%11.25%8.10%5.66%
Benchmark1.23%12.47%9.65%11.20%8.10%5.69%
Balanced Option06/13/060.14%6.65%6.26%7.28%6.45%6.36%
Benchmark0.26%6.87%6.49%7.40%6.55%6.49%
100% Fixed-Income Option06/14/06-1.20%0.00%1.77%2.00%3.27%3.77%
Benchmark-1.13%0.20%1.99%2.24%3.62%4.20%
Single-Fund Investment Options
Historical Fund Performance
Investment Portfolio1Inception DateYear to Date1
Year
3
Year
5
Year
10
Year
Since Inception
U.S. Equity Index11/14/123.17%14.67%11.50%13.17%-15.45%
Benchmark3.22%14.78%11.58%13.29%-15.59%

The performance data quoted represent past performance and are net of all fees and expenses. 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. Investors cannot invest directly in a benchmark.

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 Effective January 1, 2018, accumulations (including contributions and earnings) under the Funding Agreement for the Principal Plus Interest Option as of December 31, 2017 will be credited to MESP with an effective annual interest rate of 1.85%, and are guaranteed to earn this rate through December 31, 2018, subject to the claims-paying ability of TIAA- CREF Life Insurance Company.


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