Daily price and performance
The following tables show the returns of each Investment Option over the time period(s) indicated. For purposes of this discussion, each Enrollment Option in the Enrollment Year Investment Options table 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.
For more detailed information, including standardized returns as of the most recent calendar quarter end, click on the name of an Investment Option.
For more information on Investment Options, fees and expenses, including cost examples, please read the Program Description.
| Daily as of October 29, 2025 | Performance as of September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Option1 | Unit Value | Change $ | Change % | Year to Date | 1 year | 3 year | 5 year | 10 year | Since Inception | Inception Date |
| 2042/2043 Enrollment Option | $11.72 | -0.06 | -0.51% | N/A | N/A | N/A | N/A | N/A | 15.20% | 4/25/2025 |
| Benchmark | N/A | N/A | N/A | N/A | N/A | 15.42% | ||||
| 2040/2041 Enrollment Option | $14.25 | -0.07 | -0.49% | 14.93% | 12.80% | N/A | N/A | N/A | 15.73% | 6/9/2023 |
| Benchmark | 14.75% | 12.71% | N/A | N/A | N/A | 15.78% | ||||
| 2038/2039 Enrollment Option | $13.62 | -0.07 | -0.51% | 14.53% | 12.42% | 18.32% | N/A | N/A | 7.10% | 6/25/2021 |
| Benchmark | 14.29% | 12.24% | 18.29% | N/A | N/A | 7.05% | ||||
| 2036/2037 Enrollment Option | $17.91 | -0.08 | -0.44% | 14.18% | 12.01% | 17.71% | 10.40% | N/A | 11.29% | 6/12/2020 |
| Benchmark | 13.86% | 11.79% | 17.69% | 10.44% | N/A | 11.33% | ||||
| 2034/2035 Enrollment Option | $17.52 | -0.08 | -0.45% | 13.79% | 11.58% | 17.07% | 9.94% | N/A | 10.84% | 6/12/2020 |
| Benchmark | 13.44% | 11.34% | 17.04% | 9.99% | N/A | 10.89% | ||||
| 2032/2033 Enrollment Option | $16.94 | -0.08 | -0.47% | 12.91% | 10.67% | 16.18% | 9.29% | N/A | 10.16% | 6/12/2020 |
| Benchmark | 12.55% | 10.42% | 16.14% | 9.34% | N/A | 10.22% | ||||
| 2030/2031 Enrollment Option | $16.15 | -0.07 | -0.43% | 11.55% | 9.25% | 14.64% | 8.34% | N/A | 9.20% | 6/12/2020 |
| Benchmark | 11.25% | 9.06% | 14.65% | 8.39% | N/A | 9.27% | ||||
| 2028/2029 Enrollment Option | $15.07 | -0.04 | -0.26% | 9.73% | 7.82% | 12.49% | 6.93% | N/A | 7.80% | 6/12/2020 |
| Benchmark | 9.54% | 7.74% | 12.58% | 7.03% | N/A | 7.92% | ||||
| 2026/2027 Enrollment Option | $13.89 | -0.04 | -0.29% | 7.58% | 6.41% | 10.13% | 5.39% | N/A | 6.22% | 6/12/2020 |
| Benchmark | 7.81% | 6.77% | 10.59% | 5.70% | N/A | 6.54% | ||||
| In School Option | $12.18 | -0.02 | -0.16% | 5.77% | 5.22% | 6.50% | 3.42% | N/A | 3.65% | 6/12/2020 |
| Benchmark | 6.35% | 6.06% | 7.74% | 3.99% | N/A | 4.14% | ||||
Footnotes
- 1All performance figures in the table represent the average annual compound rate of total return.↩
| Daily as of October 29, 2025 | Performance as of September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Option1 | Unit Value | Change $ | Change % | Year to Date | 1 year | 3 year | 5 year | 10 year | Since Inception | Inception Date |
| Aggressive Allocation Option | $18.25 | -0.10 | -0.54% | 14.99% | 12.75% | 18.49% | 10.80% | N/A | 11.67% | 6/12/2020 |
| Benchmark | 14.77% | 12.65% | 18.50% | 10.85% | N/A | 11.72% | ||||
| Moderate Allocation Option | $37.18 | -0.19 | -0.51% | 12.80% | 10.42% | 15.09% | 8.16% | 8.13% | 6.96% | 6/13/2006 |
| Benchmark | 12.65% | 10.35% | 15.19% | 8.27% | 8.22% | 7.04% | ||||
| Conservative Allocation Option | $13.25 | -0.05 | -0.38% | 8.69% | 7.01% | 9.72% | 4.85% | N/A | 5.27% | 6/12/2020 |
| Benchmark | 8.80% | 7.28% | 10.27% | 5.11% | N/A | 5.50% | ||||
| International Equity Index Option | $25.50 | -0.16 | -0.62% | 26.58% | 16.28% | 21.38% | 10.39% | 8.15% | 7.38% | 11/15/2012 |
| Benchmark | 25.70% | 15.54% | 21.12% | 10.43% | 8.22% | 7.34% | ||||
| Global Equity Index Option | $62.49 | -0.17 | -0.27% | 17.91% | 17.14% | 23.40% | 14.21% | 12.79% | 7.55% | 11/28/2000 |
| Benchmark | 17.76% | 17.03% | 23.38% | 14.27% | 12.81% | 7.60% | ||||
| 100% Fixed-Income Option | $18.84 | -0.08 | -0.42% | 6.24% | 3.65% | 5.48% | 0.63% | 2.34% | 3.30% | 6/14/2006 |
| Benchmark | 6.43% | 3.76% | 5.57% | 0.74% | 2.52% | 3.64% | ||||
Footnotes
- 1All performance figures in the table represent the average annual compound rate of total return.↩
| Daily as of October 29, 2025 | Performance as of September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Option1 | Unit Value | Change $ | Change % | Year to Date | 1 year | 3 year | 5 year | 10 year | Since Inception | Inception Date |
| U.S. Equity Index Option | $60.34 | -0.07 | -0.12% | 14.31% | 17.26% | 23.99% | 15.65% | 14.61% | 14.73% | 11/14/2012 |
| Benchmark | 14.40% | 17.41% | 24.12% | 15.74% | 14.71% | 14.88% | ||||
| Large Cap Growth Equity Index Option | $18.91 | +0.08 | 0.42% | 17.33% | 25.51% | 31.61% | N/A | N/A | 17.35% | 1/27/2022 |
| Benchmark | 17.39% | 25.59% | 31.71% | N/A | N/A | 17.44% | ||||
| Large Cap Value Equity Index Option | $14.27 | -0.12 | -0.83% | 11.97% | 9.07% | 17.55% | N/A | N/A | 10.24% | 1/27/2022 |
| Benchmark | 12.00% | 9.19% | 17.61% | N/A | N/A | 10.30% | ||||
| Small/Mid Cap Equity Index Option | $14.33 | -0.10 | -0.69% | 11.24% | 16.37% | 19.65% | N/A | N/A | 9.90% | 1/27/2022 |
| Benchmark | 11.18% | 16.43% | 19.50% | N/A | N/A | 9.81% | ||||
| Emerging Markets Equity Index Option | $12.93 | +0.05 | 0.39% | 23.04% | 16.53% | 17.23% | N/A | N/A | 6.37% | 1/27/2022 |
| Benchmark | 22.50% | 14.70% | 17.46% | N/A | N/A | 6.54% | ||||
Footnotes
- 1All performance figures in the table represent the average annual compound rate of total return.↩
| Daily as of October 29, 2025 | Performance as of September 30, 2025 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment Option1 | Unit Value | Change $ | Change % | Year to Date | 1 year | 3 year | 5 year | 10 year | Since Inception | Inception Date |
| Principal Plus Interest Option* | $19.08 | 0.00 | 0.00% | 2.20% | 2.98% | 2.77% | 2.17% | 2.01% | 2.62% | 11/28/2000 |
| Benchmark | 3.34% | 4.61% | 4.98% | 3.10% | 2.12% | 1.81% | ||||
Footnotes
- *The Principal Plus Interest Option seeks to preserve capital and provide stable return. The assets in the portfolio are allocated to a funding agreement issued by TIAA-CREF life to the Board as the policyholder on behalf of the Plan under the agreement. This funding agreement provides for a return of principal plus a guaranteed rate of interest and allows for the possibility that additional interest may be credited as declared periodically by TIAA-CREF Life. The interest rate guarantee is made to the State of Michigan only, and not to account owners or beneficiaries.↩
- 1All performance figures in the table represent the average annual compound rate of total return.↩
The performance data quoted represents 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 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.
