The Enrollment Year Investment Portfolios are a set of portfolios whose asset allocation or mix of equities, bonds, and cash adjusts automatically as the student’s enrollment year approaches. Each portfolio is named to indicate the date your future student may need their college savings (i.e., their enrollment year).
NAV as of 06/24/2022
|Daily NAV||52 week high||52 week low|
Year to Date Returns (%) as of 05/31/22
|With Sales Charge||Without Sales Charge|
The information below describes the fees and expenses that you would pay if you contribute to a particular investment portfolio in the MI 529 Advisor Plan. 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 Plan in connection with opening or maintaining an account.
|Annual Asset-Based Fees and Expenses||Sales Charges|
|Investment Portfolio||Estimated Underlying Fund Expenses(1)||Program Management Fee(2)(3)||Service Fee||Distribution Fee||State Admin Fee(3)||Total Annual Asset-Based Fees(5)||Maximum Initial Sales Charge(4)|
|2038 / 2039 Enrollment Portfolio||0.46%||0.32%||0.25%||0.75%||0.05%||1.83%||0.65%|
|Investment Portfolio Class C||Inception Date||Three Months||Year to Date||One Year||Three Year||Since Inception|
2038 / 2039 Enrollment Portfolio
Portfolio Number: 8317 | CUSIP: 59319K297
Total Annual Asset-Based Fees: 1.83%
|With Max Sales Charge||06/25/21||-7.05-6.90||-13.44-6.90||-10.00-3.20|
Returns quoted represent past performance which is no guarantee of future results. Investment returns and principal value will fluctuate so that when shares are redeemed, they may be worth more or less than their original cost. Current performance may be higher or lower than the performance shown. Total returns for a period of less than one year are cumulative. Returns without sales charges would be lower if the sales charges were included. Returns assume reinvestment of dividends and capital gains.
Average annual total returns shown "with sales charges" are net of the following: (1) the current annual program management fee of 0.32% of plan portfolio assets; (2) the current annual service fees of 0.25% (not applicable for Class I) and distribution fees (Class C only) of 0.75% for enrollment year and target risk portfolios or 0.40% for individual and multi-fund portfolios; (3) initial sales charges up to 4.25% (Class A) or 1.00% CDSC for periods one year or less (Class C); and (4) annual expenses of the share classes of the underlying mutual funds in which Plan portfolios invest, currently up to 0.81% of assets, which may vary. The Principal Plus Interest Portfolio does not charge an initial sales charge nor does it assess an annual sales fee; the program management fee is currently waived for the portfolio. Plan fees, expenses and sales charges are subject to change. Underlying fund expenses will vary and in some cases have been reduced by fee and expense waivers or reimbursements, which may be ended at any time reducing future performance.
Historic Daily NAV
The following table, from the Plan Description, lists the investments in which the Enrollment Year Investment Portfolio invests and the percentage of the investment portfolio's assets allocated to each of its investments. Please keep in mind that if you invest in the Enrollment Year Investment Portfolio, you will own interests in the Enrollment Year Investment Portfolio; you will not own shares in any of the following mutual funds.
Target Asset Allocations
|Underlying Fund / Funding Agreement||Ticker||2038 / 2039 Enrollment||2036 / 2037 Enrollment||2034 / 2035 Enrollment||2032 / 2033 Enrollment||2030 / 2031 Enrollment||2028 / 2029 Enrollment||2026 / 2027 Enrollment||2024 / 2025 Enrollment||2022 / 2023 Enrollment||In School Portfolio|
|T. Rowe Price Large-Cap Growth Fund||TRLGX||18.30%||17.85%||16.55%||15.10%||13.90%||11.75%||9.20%||7.10%||4.80%||3.60%|
|Nuveen Dividend Value Fund||FFEFX||18.30%||17.80%||16.45%||15.00%||13.80%||11.65%||9.15%||7.10%||4.80%||3.60%|
|Nuveen Dividend Growth Fund||NSBFX||4.60%||4.45%||4.10%||3.75%||3.45%||2.90%||2.25%||1.75%||1.20%||0.90%|
|TIAA-CREF Quant Small-Cap Equity Fund||TISEX||4.60%||4.45%||4.10%||3.75%||3.45%||2.90%||2.25%||1.75%||1.20%||0.90%|
|TIAA-CREF International Equity Index Fund||TCIEX||19.60%||19.10%||17.70%||16.15%||14.85%||12.50%||9.80%||7.65%||5.20%||3.90%|
|TIAA-CREF Emerging Markets Equity Index Fund||TEQLX||4.90%||4.80%||4.45%||4.05%||3.75%||3.15%||2.45%||1.90%||1.30%||1.00%|
|Nuveen Real Asset Income Fund||NRIFX||5.20%||5.65%||5.50%||5.25%||4.95%||4.00%||3.05%||1.85%||1.15%||1.00%|
|Nuveen Real Estate Securities Fund||FREGX||5.70%||5.55%||5.15%||4.70%||4.30%||3.65%||2.90%||2.25%||1.50%||1.10%|
|TIAA-CREF Core Bond Fund||TIBDX||11.30%||12.20%||15.60%||19.35%||22.55%||24.95%||24.30%||20.25%||15.85%||14.40%|
|Nuveen Strategic Income Fund||FSFRX||3.80%||4.10%||5.20%||6.45%||7.50%||8.30%||7.35%||4.25%||1.15%||0.00%|
|TIAA-CREF Inflation Linked Bond Fund||TIILX||2.80%||3.05%||3.90%||4.85%||5.65%||6.20%||6.05%||5.05%||3.95%||3.60%|
|TIAA-CREF Emerging Markets Debt Fund||TEDNX||0.90%||1.00%||1.30%||1.60%||1.85%||2.05%||2.00%||1.65%||1.30%||1.20%|
|TIAA-CREF High Yield Fund||TIHYX||0.00%||0.00%||0.00%||0.00%||0.00%||0.00%||0.40%||1.25%||2.05%||2.40%|
|Nuveen High Yield Income Fund||NCSRX||0.00%||0.00%||0.00%||0.00%||0.00%||0.00%||0.35%||1.20%||2.05%||2.40%|
|TIAA-CREF Life Funding Agreement||0.00%||0.00%||0.00%||0.00%||0.00%||6.00%||18.50%||35.00%||52.50%||60.00%|
Tuition Financing, Inc. (TFI) has an experienced, dedicated 529 College Savings team of investment and actuarial professionals who design the age-based glide path and asset allocation recommendations. In addition, our dedicated 529 College Savings team leverages information and knowledge from other areas within the larger TIAA organization that house proven asset allocation expertise. Within TFI, however, our investment team focuses solely on 529 College Savings plans to which TFI provides program management services and has an average tenure of over 12 years of 529 investment experience, and an average of 20 years of industry experience.
Jeremy joined TIAA-CREF Tuition Financing, Inc. as the head of the Investment Strategies Team in 2014. He leads the creation and delivery of all asset allocation and portfolio design recommendations. He also conducts in-depth investment reviews and presentations to internal and external audiences and is a voting member of TIAA’s Asset Allocation and Portfolio Construction Committee. Prior to this role, Jeremy was a Managing Director at Pension Consulting Alliance, Inc. where he independently built and led their defined contribution practice, and provided consulting services to ten state 529 college savings plans. Jeremy received his Bachelor degree from Fresno Pacific College and his MBA from California State University Long Beach. He also holds the FINRA Series 50 license.
Glenn Friedman, CFA
Glenn joined TIAA-CREF Tuition Financing, Inc. in 2013 as a Manager of Asset Allocation and Investments. He creates investment designs for state clients, conducts manager due diligence, evaluates portfolio risk and return characteristics, and delivers presentations to clients covering market updates and plan performance. Prior to this role, Glenn was an Associate Portfolio Manager at AllianceBernstein. There, he managed over $10 billion in active equity products and implemented daily trading decisions for stocks, futures, and currency overlays. Glenn is an honors graduate of Tufts University, a CFA charterholder, and a member of CFA Society New York. He also holds the licenses for FINRA Series 7 and 50.
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