Fees and expenses

The information below describes the fees and expenses that you would pay if you contributed to a particular investment option in the Minnesota 529 College Savings 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.

Investment Option Plan Manager Fee(1)(2) Minnesota Administrative Fee(1)(4) Estimated Expenses of an Investment Option's Underlying Investments(3) Total Annual Asset-Based Fees(5)
2040/2041 Enrollment Option 0.07% 0.0075% 0.06% 0.1375%
2038/2039 Enrollment Option 0.07% 0.0075% 0.06% 0.1375%
2036/2037 Enrollment Option 0.07% 0.0075% 0.06% 0.1375%
2034/2035 Enrollment Option 0.07% 0.0075% 0.06% 0.1375%
2032/2033 Enrollment Option 0.07% 0.0075% 0.06% 0.1375%
2030/2031 Enrollment Option 0.07% 0.0075% 0.05% 0.1275%
2028/2029 Enrollment Option 0.07% 0.0075% 0.04% 0.1175%
2026/2027 Enrollment Option 0.07% 0.0075% 0.03% 0.1075%
2024/2025 Enrollment Option 0.07% 0.0075% 0.02% 0.0975%
In School Option 0.07% 0.0075% 0.02% 0.0975%
  1. 1Although the Plan Manager Fee and the Minnesota Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Plan Manager Fee and the Minnesota Administrative Fee as these fees reduce the Investment Option’s return.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Plan Manager a fee at an annual rate of 0.10% (10 basis points)0.07% (7 basis points) of the average daily net assets held by that Investment Option.↩
  3. 3The percentages set forth in this column are based on the expense ratios of the mutual funds in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund’s most recent prospectus available prior to the printing of this Supplement and are weighted according to the Investment Option’s allocation among the mutual funds in which it invests. Although these expenses are not deducted from an Investment Option’s assets, each Investment Option indirectly bears its pro rata share of the expenses of the mutual funds in which its invests as these expenses reduce such mutual funds’ returns.↩
  4. 4Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the State of Minnesota a fee equal to 0.0025%0.0075% of the average daily net assets held by that Investment Option to pay for expenses related to the administration of the Plan.↩
  5. 5These figures represent the estimated weighted annual expense ratios of the mutual funds in which the Investment Options invest plus the fees paid to the Plan Manager and to the State of Minnesota.↩

Investment Option Plan Manager Fee(1)(2) Minnesota Administrative Fee(1)(4) Estimated Expenses of an Investment Option's Underlying Investments(3) Total Annual Asset-Based Fees(5)
Aggressive Allocation Option 0.07% 0.0075% 0.06% 0.1375%
Moderate Allocation Option 0.07% 0.0075% 0.06% 0.1375%
Conservative Allocation Option 0.07% 0.0075% 0.04% 0.1175%
International Equity Index Option 0.07% 0.0075% 0.06% 0.1375%
U.S. and International Equity Option 0.07% 0.0075% 0.07% 0.1475%
Equity and Interest Accumulation Option 0.07% 0.0075% 0.03% 0.1075%
100% Fixed-Income Option 0.07% 0.0075% 0.04% 0.1175%
  1. 1Although the Plan Manager Fee and the Minnesota Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Plan Manager Fee and the Minnesota Administrative Fee as these fees reduce the Investment Option’s return.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Plan Manager a fee at an annual rate of 0.10% (10 basis points)0.07% (7 basis points) of the average daily net assets held by that Investment Option.↩
  3. 3The percentages set forth in this column are based on the expense ratios of the mutual funds in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund’s most recent prospectus available prior to the printing of this Supplement and are weighted according to the Investment Option’s allocation among the mutual funds in which it invests. Although these expenses are not deducted from an Investment Option’s assets, each Investment Option indirectly bears its pro rata share of the expenses of the mutual funds in which its invests as these expenses reduce such mutual funds’ returns.↩
  4. 4Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the State of Minnesota a fee equal to 0.0025%0.0075% of the average daily net assets held by that Investment Option to pay for expenses related to the administration of the Plan.↩
  5. 5These figures represent the estimated weighted annual expense ratios of the mutual funds in which the Investment Options invest plus the fees paid to the Plan Manager and to the State of Minnesota.↩

Investment Option Plan Manager Fee(1)(2) Minnesota Administrative Fee(1)(4) Estimated Expenses of an Investment Option's Underlying Investments(3) Total Annual Asset-Based Fees(5)
U.S. Large Cap Equity Option 0.07% 0.0075% 0.05% 0.1275%
Large Cap Responsible Equity Option 0.07% 0.0075% 0.18% 0.2575%
Money Market Option 0.07% 0.0075% 0.12% 0.1975%
  1. 1Although the Plan Manager Fee and the Minnesota Administrative Fee are deducted from an Investment Option (with the exception of the Principal Plus Interest Option), not from your Account, each Account in the Investment Option indirectly bears its pro rata share of the Plan Manager Fee and the Minnesota Administrative Fee as these fees reduce the Investment Option’s return.↩
  2. 2Each Investment Option (with the exception of the Principal Plus Interest Option) pays the Plan Manager a fee at an annual rate of 0.10% (10 basis points)0.07% (7 basis points) of the average daily net assets held by that Investment Option.↩
  3. 3The percentages set forth in this column are based on the expense ratios of the mutual funds in which an Investment Option invests. The amounts are calculated using the expense ratio reported in each mutual fund’s most recent prospectus available prior to the printing of this Supplement and are weighted according to the Investment Option’s allocation among the mutual funds in which it invests. Although these expenses are not deducted from an Investment Option’s assets, each Investment Option indirectly bears its pro rata share of the expenses of the mutual funds in which its invests as these expenses reduce such mutual funds’ returns.↩
  4. 4Each Investment Option (with the exception of the Principal Plus Interest Option) pays to the State of Minnesota a fee equal to 0.0025%0.0075% of the average daily net assets held by that Investment Option to pay for expenses related to the administration of the Plan.↩
  5. 5These figures represent the estimated weighted annual expense ratios of the mutual funds in which the Investment Options invest plus the fees paid to the Plan Manager and to the State of Minnesota.↩

Investment Option Plan Manager Fee Minnesota Administrative Fee Estimated Expenses of an Investment Option's Underlying Investments Total Annual Asset-Based Fees
Principal Plus Interest Option(6) N/A N/A N/A N/A
  1. 6The Principal Plus Interest Option does not pay a Plan Manager Fee. TIAA-CREF Life Insurance Company (“TIAA-CREF Life”), the issuer of the funding agreement in which this Investment Option invests and an affiliate of TFI, makes payments to TFI, as Plan Manager. This payment, among many other factors, is considered by the issuer when determining the interest rate(s) credited under the funding agreement.↩