Overview

Investment Objective

The Enrollment Portfolios seek to achieve capital appreciation, income, and preservation of capital as appropriate for proximity to its applicable target date. The target date, included in the name of the option, is the year which corresponds to the potential enrollment year of the Beneficiary. The objective of this option becomes more focused on capital preservation and income as it approaches its target date.

Investment Strategy

The option allocates its assets to underlying funds consisting of Mutual Funds, ETFs and a cash equivalent component. The cash equivalent component consists of a funding agreement managed by New York Life Insurance Company. The option seeks to provide a diversified allocation to broad asset classes, including domestic and international stocks and bonds, real estate, and capital preservation. The underlying funds represent different investment objectives and strategies. The allocations to the asset classes and the underlying funds are expected to change, reducing exposure to stocks and increasing exposure to fixed income and cash equivalents, until the Beneficiaries’ enrollment year. The underlying funds in this option will rebalance on an ongoing basis if they drift from their target allocations. The options will de-risk the asset class allocations on a semi-annual basis, until reaching the Enrollment Portfolio, which will retain a static allocation unless otherwise indicated.

Investment Risks

An investment in the portfolio could lose money over short or long periods of time. The Fund is subject to the following risks, which could affect the Fund’s performance:

Asset Class Risk (B),Authorization Participant Concentration Risk (B), Call Risk (B)(V), Cash Transactions Risk (B), China A-Shares Risk (V), Concentration Risk (B)(S), Consumer Discretionary Sector Risk (B), Country/regional risk (V), Credit Risk (B)(D)(V), Currency Hedging Risk (B), Currency Risk (B)(V), Cyber Security Risk (B)(D), Default Risk (N), Derivatives Risk (B)(S)(D), Early Withdrawal Risk (N), Emerging Markets Risk (V), Equity Risk (S), Equity Wash Risk (N), Exchange Traded Fund Risk (S), Extension Risk (B)(V), Financial Sector Risk (B), Foreign Government Debt Risk (D), Foreign Securities and Currencies Risk (D), Geographic Risk (B), Illiquid Investments Risk (B), Income Fluctuations Risk (V), Income Risk (B)(D)(V), Index Fund Risk (B), Index-Related Risk (B), Index-Sampling Risk (V), Interest Rate Risk (B)(D)(V), Investment Style Risk (S)(V), Issuer Risk(B), Large-Cap Company Risk (S), Liquidity Risk (D)(S)(V), Management Risk (B), Manager Risk (V), Market Risk (B)(D)(S), Market Capitalization Risk (S), Market Risk and Selection Risk (B), Market Trading Risk (B)(S), Mid-Cap Company Risk (S), Non-U.S. Issuers Risk (B), Operational Risk (B), Passive Investment Risk (B), Prepayment Risk (V), Privately-Issued Securities Risk (B), Real Estate Investment Risk (S), Real Interest Rate Risk (V), REITs Risk (S), Reliance on Trading Partners Risk (B), Risk of Investing in Developed Countries (B), Risk of Investing in Russia (B), Securities Lending Risk (B)(D)(S), Small and Mid-Capitalization Company Risk (B), Small-Cap Company Risk (S), Sovereign and Quasi-Sovereign Obligations Risk (B), Stock market risk (V), Structural Risk (B), Tax Risk (B), Technology Sector Risk (B), Termination Risk (N), Tracking Error Risk (B)(S), Valuation Risk (B).

Average Annual Returns

Annual Investment Returns

Historical Prices

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Fund ID: 1028028

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