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Fees and Expenses

The following table describes the fees and expenses that you pay if you open and contribute to an account in MESP. These fees are directly or 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 or payable in connection with opening or maintaining an account, other than any taxes and related penalties. The State reserves the right to change the current fees, or to impose new or additional fees, expenses, charges or penalties in the future.

Fee Table

Investment Option	Program Manager Fee⁽¹⁾⁽²⁾	Estimated Underlying Mutual Fund Expenses⁽³⁾	State Issuer Fee	Total Annual Asset-Based Fees⁽⁴⁾

Moderate Age-Based Allocation Option	--	--	--	--
Age Band 1 (0-3 Years)	0.26%	0.19%	None	0.45%
Age Band 2 (4-7 Years)	0.24%	0.21%	None	0.45%
Age Band 3 (8-11 Years)	0.21%	0.24%	None	0.45%
Age Band 4 (12-14 Years)	0.19%	0.26%	None	0.45%
Age Band 5 (15-17 Years)	0.21%	0.24%	None	0.45%
Age Band 6 (18 and over)	0.23%	0.22%	None	0.45%

Conservative Age-Based Allocation Option	--	--	--	--
Age Band 1 (0-3 Years)	0.24%	0.21%	None	0.45%
Age Band 2 (4-7 Years)	0.21%	0.24%	None	0.45%
Age Band 3 (8-11 Years)	0.19%	0.26%	None	0.45%
Age Band 4 (12-14 Years)	0.21%	0.24%	None	0.45%
Age Band 5 (15-17 Years)	0.23%	0.22%	None	0.45%
Age Band 6 (18 and over)	0.23%	0.22%	None	0.45%

Aggressive Age-Based Allocation Option	--	--	--	--
Age Band 1 (0-3 Years)	0.30%	0.15%	None	0.45%
Age Band 2 (4-7 Years)	0.26%	0.19%	None	0.45%
Age Band 3 (8-11 Years)	0.24%	0.21%	None	0.45%
Age Band 4 (12-14 Years)	0.21%	0.24%	None	0.45%
Age Band 5 (15-17 Years)	0.19%	0.26%	None	0.45%
Age Band 6 (18 and over)	0.21%	0.24%	None	0.45%

100% Equity Option	0.19%	0.26%	None	0.45%

Balanced Option	0.12%	0.33%	None	0.45%

100% Fixed Income Option	0.14%	0.31%	None	0.45%

Principal Plus Interest Option	None⁽⁵⁾	None	None	None

(1) The Program Manager Fee is the only fee deducted from MESP assets. This fee may change at any time. Although there are no fees that are deducted from your Account, when you invest in the Program, you bear a pro rata portion of the Program expenses because when fees are deducted from Program assets, the value of the Units is reduced.
(2) For its services as Program Manager, each Investment Option (with the exception of the Principal Plus Interest Option) pays TFI a Program Manager Fee equal to the stated percentage of the average daily net assets held by that Investment Option. However, the percentages listed in this column may fluctuate because, generally, if the underlying Mutual Fund expenses increase, then the Program Manager Fee decreases.
(3) For each Investment Option (with the exception of the Principal Plus Interest Option), the figures in this column are based on a weighted average of the expenses of each underlying Mutual Fund's expense ratio, in accordance with the Investment Option's asset allocation among its underlying Mutual Funds. Each Investment Option (other than the Principal Plus Interest Option) bears its pro rata portion of the underlying Mutual Funds' expenses because when fees are deducted from an underlying Mutual Fund's assets, the value of the underlying Mutual Fund's shares is reduced.
(4) The total annual asset-based fees ("Total Fees") equal the Estimated Underlying Mutual Fund Expenses plus the Program Manager Fee. The portion of Total Fees attributable to the Program Manager Fee is assessed over the course of the year against assets in each Investment Option (with the exception of the Principal Plus Interest Option). The portion of Total Fees attributable to Estimated Underlying Mutual Fund Expenses is borne by each Investment Option as discussed in footnote (3). You should refer to the Investment Cost Example below for the total assumed investment cost over 1-, 3-, 5-, and 10-year periods.
(5) The Principal Plus Interest Option does not pay a Program Manager Fee. TFI does, however, receive from TIAA-CREF Life, the issuer of the Funding Agreement, an annual asset-based fee to pay TFI for distribution, administration and other services that TFI provides for this Investment Option. TIAA-CREF Life may discontinue this fee at any time.

Investment Cost Example
The example in the following table is intended to help you compare the cost of investing in the different Investment Options over various periods of time. This hypothetical example assumes that:

You invest $10,000 in an account for the time periods shown below.
Your investment has a 5% compounded return each year, except for the Principal Plus Interest Option (formerly the Guaranteed Option), which is assumed to have a 3% compounded return each year. Actual performance will vary. The Principal Plus Interest Option provides a guarantee of principal and a minimum rate of interest to MESP, but not to account owners and beneficiaries.
You withdraw the assets from your account at the end of the specified periods to pay for Qualified Higher Education Expenses.
Total annual asset-based fees remain the same as shown in the Fee Table above.
The example does not consider the impact of any potential state or federal taxes on the redemption.

Although your actual costs may be higher or lower, based on the above assumptions your costs would be:

Investment Cost Example Chart

INVESTMENT OPTIONS	APPROXIMATE COST OF $10,000 INVESTMENT

	One Year	Three Years	Five Years	Ten Years

Managed Allocation Option	$46	$145	$253	$568

100% Equity Option	$46	$145	$253	$568

Principal Plus Interest Option	$0	$0	$0	$0

Additional Fees
The table below provides information concerning additional fees and expenses deducted from each account/paid directly by the Account Owner.



	Percent	Dollars

Application Fee	0%	$0

Cancellation Fee	0%	$0

Change in Beneficiary Fee	0%	$0

Other Charges as applicable	0%	$0

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The investment approaches described are not recommendations and do not take into consideration personal goals or preferences. After evaluating information you consider important in making an investment choice, the ultimate decision is up to you. It is a good idea to revisit your investment strategy periodically as your goals, personal financial situation, and market conditions change.

The tax information contained on the Michigan Education Savings Program (MESP) Web site is not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding tax penalties that may be imposed on the taxpayer. It was written to support the promotion of the products and services addressed in the Web site. Taxpayers should seek advice based on their own particular circumstances from an independent tax advisor.

Consider the investment objectives, risks, charges and expenses before investing in the Michigan Education Savings Program. Please call toll-free 1(877) 861-6377 for a Disclosure Booklet containing this information. Read it carefully.

Before investing in a 529 plan, you should consider whether the state you or your designated beneficiary reside in or have taxable income in has a 529 plan that offers favorable state income tax or other benefits that are only available if you invest in that state's 529 plan.

TIAA-CREF Individual & Institutional Services, LLC, distributes MESP. The State of Michigan, its agencies, TIAA-CREF Tuition Financing, Inc., Teachers Insurance and Annuity Association of America and its affiliates do not insure any account or guarantee its principal or investment return except for TIAA-CREF Life Insurance Company's guarantee to MESP under the funding agreement for the Principal Plus Interest Option. Account value will fluctuate based upon a number of factors, including general market conditions.

Investment management, program administration and distribution of The Michigan Education Trust (MET) program is provided solely by the Michigan Department of Treasury. MET is not managed by TIAA-CREF Tuition Financing, Inc. nor is it distributed by TIAA-CREF Individual & Institutional Services, LLC.

The MESP Web site contains links to other Web sites. Neither MESP nor TIAA-CREF Tuition Financing, Inc. and its affiliates are responsible for the content of those other Web sites. The accuracy of information on those sites cannot be confirmed.