Commencement Portfolio

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Unit Price as of close 04/28/2026: $9.99

Investment Objective

The Commencement Portfolio is utilized at the time of the Beneficiary's actual enrollment when the Portfolio reaches its target year. As such, this Portfolio seeks to minimize risk. The Commencement Portfolio will remain at a static allocation for the duration because it's already at its most conservative phase. The Commencement Portfolio's allocation to stock and bonds is the allocation that all the Enrollment Portfolios are expected to assume within four years after their designated enrollment year.

Recent Performance as of 04/28/2026

Last Month Last Quarter Year to Date
N/A N/A N/A

Avg. Annualized Performance as of 03/31/2026

1 Year 3 Year 5 Year 10 Year
N/A N/A N/A N/A

Portfolio Composition

icon-portfolio-comp
60.00% Vanguard Short-Term Reserves Account
19.88% Vanguard Total Bond Market II Index Fund
8.52% Vanguard Total International Bond Index Fund
6.96% Vanguard Institutional Total Stock Market Index Fund
4.64% Vanguard Total International Stock Index Fund

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Unit Price as of close 04/28/2026: $9.99

Fees and Expenses

Portfolio Expenses Administrative Fees
0.045% 0.25%
Administrative Fee (“Program Administrator Fee”) of no more than 0.25% annually.

Risk Potential

1
2
3
4
5

Less Risk
Less Reward

More Risk
More Reward

Bond Style

Treasury/
Agency
Quality
Investment-Grade
Corporate
Below Investment-
Grade
Short
Medium
Long

Stock Style

Large
Market Capitalization
Medium
Small
Growth
Blend
Value