INVESTMENT PLAN
[Pages:5]INVESTMENTPLAN
DISCLOSURESTATEMENT
JANUARY 2016
SUPPLEMENT DATED JANUARY 2022 TO THE PENNSYLVANIA INVESTMENT PLAN DISCLOSURE STATEMENT DATED JANUARY 2016.
THE FOLLOWING INFORMATION DESCRIBES IMPORTANT CHANGES AND IS SUPPLEMENTAL TO THE PA 529 IP DISCLOSURE STATEMENT DATED JANUARY
2016. PLEASE KEEP THIS SUPPLEMENT WITH YOUR PLAN DOCUMENTS. GENERAL INFORMATION The Pennsylvania Target Enrollment 2040/2041 Portfolio has been added to the Target Enrollment Portfolio Options. Effective for 2022, the IRS increased the annual exclusion from federal gift tax from $15,000 to $16,000 per individual. Accordingly, the following information in the IP Disclosure Statement takes effect beginning January 1, 2022: All references to the Pennsylvania state tax deduction are changed from $15,000 to $16,000 for an individual and from $30,000 to $32,000 for married couples filing jointly. All references to the gift tax annual exclusion are changed from $15,000 to $16,000 for an individual and from $30,000 to $32,000 for married couples that elect to split gifts. All references to the amount that may be gifted to a 529 account and prorated over a five-year period are changed from $75,000 to $80,000 for an individual and from $150,000 to $160,000 for married couples. All references to the daily dollar limit on Electronic Bank Transfers are changed from $150,000 to $160,000.
1
SPECIFIC CHANGES
The following replaces the chart in Part 2.C.1.c. on page 14 of the Disclosure Statement:
The following chart represents the asset allocations to each Underlying Fund for each Target Enrollment Date Portfolio as of January 1, 2022:
Target Enrollment Porfolio
Vanguard Institutional Total Stock Market Index Fund
Pennsylvania Target Enrollment 2040/2041
Pennsylvania Target Enrollment 2038/2039
Pennsylvania Target Enrollment 2036/2037
Pennsylvania Target Enrollment 2034/2035
Pennsylvania Target Enrollment 2032/2033
Pennsylvania Target Enrollment 2030/2031
Pennsylvania Target Enrollment 2028/2029
Pennsylvania Target Enrollment 2026/2027
Pennsylvania Target Enrollment 2024/2025
Pennsylvania Target Enrollment 2022/2023
Pennsylvania Target Enrollment 2020/2021
Pennsylvania Commencement Portfolio
57.00% 57.00% 52.80% 47.10% 39.90% 33.60% 28.80% 19.39% 13.41% 10.74% 8.41% 6.96%
Vanguard Total International Stock Index Fund
38.00% 38.00% 35.20% 31.40% 26.60% 22.40% 19.20% 12.93% 8.94% 7.15% 5.61% 4.64%
Vanguard Total Vanguard Total Vanguard Short-
Bond Market International Bond Term Reserves
II Index Fund Index Fund
Account
3.50%
1.50%
0.00%
3.50%
1.50%
0.00%
8.40%
3.60%
0.00%
15.05%
6.45%
0.00%
23.45%
10.05%
0.00%
30.80%
13.20%
0.00%
36.40%
15.60%
0.00%
39.18%
16.79%
11.71%
36.82%
15.78%
25.05%
30.64%
13.13%
38.34%
24.01% 19.88%
10.29% 8.52%
51.68% 60.00%
2
The following replaces the chart in Part 2.C.5 on page 22 of the Disclosure Statement:
Portfol i o
Aggressive Growth Portfolio Total International Stock Index Portfolio Total Stock Market Index Portfolio Social Index Portfolio Growth Portfolio Moderate Growth Portfolio Conservative Growth Portfolio Income Portfolio Conservative Income Portfolio Short Term Inflation-Protected Securities Portfolio Total Bond Market Index Portfolio Interest Accumulation Portfolio Total International Bond Index Portfolio Real Estate Index Portfolio Pennsylvania Target Enrollment Portfolio 2040/2041 Pennsylvania Target Enrollment Portfolio 2038/2039 Pennsylvania Target Enrollment Portfolio 2036/2037 Pennsylvania Target Enrollment Portfolio 2034/2035 Pennsylvania Target Enrollment Portfolio 2032/2033 Pennsylvania Target Enrollment Portfolio 2030/2031 Pennsylvania Target Enrollment Portfolio 2028/2029 Pennsylvania Target Enrollment Portfolio 2026/2027 Pennsylvania Target Enrollment Portfolio 2024/2025 Pennsylvania Target Enrollment Portfolio 2022/2023 Pennsylvania Target Enrollment Portfolio 2020/2021 Pennsylvania Commencement Portfolio
1-Year
28.77% 24.12% 31.86% 29.21% 20.73% 13.21% 5.94% 4.47% 1.05% 5.32% -1.11% 1.31% -1.23% 33.26%
-
Annualized Returns as of 9/30/2021
3-Year
5-Year
10-Year
12.76% 8.14% 15.85% 17.85% 11.00% 9.11% 6.96% 6.55% 3.94% 4.36% 5.21% 2.01% 3.80%
-
13.52% -
16.63% 18.41% 11.12% 8.70% 5.82% 4.73% 2.27%
1.66 -
13.40% -
16.30% 17.58% 11.16% 9.06% 6.30% 5.01% 1.95%
-
Since Inception
Inception Date
7.95% 11/17/2006
9.15% 10/14/2016
9.91% 11/17/2006
9.67% 11/17/2006
7.22% 11/17/2006
6.51% 11/17/2006
5.25% 11/17/2006
4.88% 11/17/2006
2.92% 11/17/2006
2.82% 10/14/2016
2.93% 10/14/2016
1.65% 9/16/2016
3.44% 4/27/2018
10.61% 4/25/2019
-
1/1/2022
2.30% 4/23/2021
2.20% 4/23/2021
2.10% 4/23/2021
1.90% 4/23/2021
1.60% 4/23/2021
1.50% 4/23/2021
1.20% 4/23/2021
1.00% 4/23/2021
0.90% 4/23/2021
0.80% 4/23/2021
0.60% 4/23/2021
3
The following replaces the chart in Part 2.C.6.a. on page 23 of the Disclosure Statement:
Aggressive Growth Portfolio Real Estate Index Portfolio Growth Portfolio Moderate Growth Portfolio Conservative Growth Portfolio Income Portfolio Conservative Income Portfolio Interest Accumulation Portfolio Total Stock Market Index Portfolio
Underlying
Fund
Operational
Expense State Fee Support Fee
0.0400% 0.0550% 0.1000% 0.0550% 0.0388% 0.0550% 0.0375% 0.0550% 0.0363% 0.0550% 0.0360% 0.0550% 0.0328% 0.0550% 0.0210% 0.0550% 0.0200% 0.0550%
0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300%
Total Annual
Asset-Based
Approximate cost of a $10,000
Fee
investment assuming a 5% return
1 year
3 years
5 years
10 years
0.2250% $ 23.04 $ 72.57 $ 127.06 $ 288.37
0.2850% $ 29.18 $ 91.84 $ 160.69 $ 364.09
0.2238% $ 22.92 $ 72.18 $ 126.38 $ 286.85
0.2225% $ 22.79 $ 71.77 $ 125.65 $ 285.21
0.2213% $ 22.67 $ 71.38 $ 124.98 $ 283.69
0.2210% $ 22.64 $ 71.28 $ 124.81 $ 283.31
0.2178% $ 22.31 $ 70.25 $ 123.01 $ 279.25
0.2060% $ 21.10 $ 66.46 $ 116.38 $ 264.29
0.2050% $ 21.00 $ 66.14 $ 115.82 $ 263.02
Short-Term Inflation-Protected Securities Portfolio Social Index Portfolio Total International Stock Index Portfolio Total Bond Market Index Portfolio Total International Bond Index Portfolio Pennsylvania Target Enrollment 2040/2041 Pennsylvania Target Enrollment 2038/2039 Pennsylvania Target Enrollment 2036/2037 Pennsylvania Target Enrollment 2034/2035 Pennsylvania Target Enrollment 2032/2033 Pennsylvania Target Enrollment 2030/2031 Pennsylvania Target Enrollment 2028/2029 Pennsylvania Target Enrollment 2026/2027 Pennsylvania Target Enrollment 2024/2025 Pennsylvania Target Enrollment 2022/2023 Pennsylvania Target Enrollment 2020/2021 Pennsylvania Commencement Portfolio
0.0400% 0.0550% 0.1200% 0.0550% 0.0700% 0.0550% 0.0350% 0.0550% 0.0700% 0.0550% 0.0398% 0.0550% 0.0398% 0.0550% 0.0394% 0.0550% 0.0389% 0.0550% 0.0383% 0.0550% 0.0378% 0.0550% 0.0374% 0.0550% 0.0349% 0.0550% 0.0325% 0.0550% 0.0304% 0.0550% 0.0283% 0.0550% 0.0269% 0.0550%
0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300%
0.2250% $ 23.04 $ 0.3050% $ 31.23 $ 0.2550% $ 26.11 $ 0.2200% $ 22.53 $ 0.2550% $ 26.11 $ 0.2248% $ 23.02 $ 0.2248% $ 23.02 $ 0.2244% $ 22.98 $ 0.2239% $ 22.93 $ 0.2233% $ 22.87 $ 0.2228% $ 22.82 $ 0.2224% $ 22.78 $ 0.2199% $ 22.52 $ 0.2175% $ 22.28 $ 0.2154% $ 22.06 $ 0.2133% $ 21.85 $ 0.2119% $ 21.70 $
72.57 $ 98.25 $ 82.21 $ 70.96 $ 82.21 $ 72.50 $ 72.50 $ 72.38 $ 72.22 $ 72.02 $ 71.86 $ 71.73 $ 70.93 $ 70.16 $ 69.48 $ 68.81 $ 68.36 $
127.06 $ 171.87 $ 143.88 $ 124.25 $ 143.88 $ 126.94 $ 126.94 $ 126.72 $ 126.44 $ 126.10 $ 125.82 $ 125.60 $ 124.19 $ 122.84 $ 121.67 $ 120.49 $ 119.70 $
288.37 389.22 326.29 282.04 326.29 288.12 288.12 287.61 286.98 286.22 285.59 285.08 281.91 278.87 276.21 273.55 271.77
4
SUPPLEMENT DATED OCTOBER 2021 TO THE PENNSYLVANIA INVESTMENT PLAN DISCLOSURE STATEMENT DATED JANUARY 2016.
THE FOLLOWING INFORMATION DESCRIBES IMPORTANT CHANGES AND IS SUPPLEMENTAL TO THE PA 529 IP DISCLOSURE STATEMENT DATED JANUARY
2016. PLEASE KEEP THIS SUPPLEMENT WITH YOUR PLAN DOCUMENTS.
GENERAL INFORMATION
As explained in Part 2.C.1.c. on page 13, the asset allocation of the money invested in the Target Enrollment Portfolios is automatically adjusted quarterly to become more conservative over time as the Beneficiary's year of enrollment in school draws nearer. For information about current allocations, please visit us at or call our customer service center at 800-440-4000.
SPECIFIC CHANGES
The following replaces the chart in Part 2.C.1.c. on page 14 of the Disclosure Statement:
The following chart represents the asset allocations to each Underlying Fund for each Target Enrollment Date Portfolio as of July 1, 2021:
Target Enrollment Porfolio
Pennsylvania Target Enrollment 2038/2039
Pennsylvania Target Enrollment 2036/2037
Pennsylvania Target Enrollment 2034/2035
Pennsylvania Target Enrollment 2032/2033
Pennsylvania Target Enrollment 2030/2031
Pennsylvania Target Enrollment 2028/2029
Pennsylvania Target Enrollment 2026/2027
Pennsylvania Target Enrollment 2024/2025
Pennsylvania Target Enrollment 2022/2023
Pennsylvania Target Enrollment 2020/2021
Pennsylvania Commencement Portfolio
Vanguard Institutional Total Stock Market Index Fund 57.00% 54.00% 48.90% 41.70% 34.80% 30.00% 21.77% 14.71% 11.30% 8.99% 6.96%
Vanguard Total International Stock
Index Fund 38.00% 36.00% 32.60% 27.80% 23.20% 20.00% 14.51% 9.81% 7.54% 5.99% 4.64%
Vanguard Total Bond Market II
Index Fund
3.50%
Vanguard Total Vanguard Short-
International Bond Term Reserves
Index Fund
Account
1.50%
0.00%
7.00%
3.00%
0.00%
12.95%
5.55%
0.00%
21.35%
9.15%
0.00%
29.40%
12.60%
0.00%
35.00%
15.00%
0.00%
38.73%
16.60%
8.39%
37.66%
16.14%
21.68%
32.29%
13.84%
35.03%
25.69% 19.88%
11.01% 8.52%
48.32% 60.00%
1
The following replaces the chart in Part 2.C.5 on page 22 of the Disclosure Statement:
Portfol i o
Aggressive Growth Portfolio Total International Stock Index Portfolio Total Stock Market Index Portfolio Social Index Portfolio Growth Portfolio Moderate Growth Portfolio Conservative Growth Portfolio Income Portfolio Conservative Income Portfolio Short Term Inflation-Protected Securities Portfolio Total Bond Market Index Portfolio Interest Accumulation Portfolio Total International Bond Index Portfolio Real Estate Index Portfolio Pennsylvania Target Enrollment Portfolio 2038/2039 Pennsylvania Target Enrollment Portfolio 2036/2037 Pennsylvania Target Enrollment Portfolio 2034/2035 Pennsylvania Target Enrollment Portfolio 2032/2033 Pennsylvania Target Enrollment Portfolio 2030/2031 Pennsylvania Target Enrollment Portfolio 2028/2029 Pennsylvania Target Enrollment Portfolio 2026/2027 Pennsylvania Target Enrollment Portfolio 2024/2025 Pennsylvania Target Enrollment Portfolio 2022/2023 Pennsylvania Target Enrollment Portfolio 2020/2021 Pennsylvania Commencement Portfolio
1-Year
40.95% 36.18% 44.05% 41.70% 29.54% 18.94% 8.88% 6.93% 1.60% 5.69% -0.60% 1.69% -0.09% 34.25%
-
Annualized Returns as of 6/30/2021
3-Year
5-Year
10-Year
14.88% 9.43% 18.56% 20.47% 12.55% 10.10% 7.43% 6.91% 3.86% 3.94% 5.18% 2.12% 3.70%
-
14.93% -
17.66% 19.53% 12.24% 9.49% 6.31% 5.02% 2.28%
-
11.55% -
14.39% 15.85% 9.81% 8.19% 5.89% 5.02% 2.23%
-
Since Inception Inception Date
8.19% 11/17/2006 10.38% 10/14/2016 10.10% 11/17/2006 9.79% 11/17/2006 7.42% 11/17/2006 6.67% 11/17/2006 5.36% 11/17/2006 4.98% 11/17/2006 2.94% 11/17/2006 2.69% 10/14/2016 3.07% 10/14/2016 1.70% 9/16/2016 3.72% 4/27/2018 11.58% 4/25/2019 2.30% 4/23/2021 2.20% 4/23/2021 2.10% 4/23/2021 1.90% 4/23/2021 1.60% 4/23/2021 1.50% 4/23/2021 1.20% 4/23/2021 1.00% 4/23/2021 0.90% 4/23/2021 0.80% 4/23/2021 0.60% 4/23/2021
2
The following replaces the chart in Part 2.C.6.a. on page 23 of the Disclosure Statement:
Aggressive Growth Portfolio Real Estate Index Portfolio Growth Portfolio Moderate Growth Portfolio Conservative Growth Portfolio Income Portfolio Conservative Income Portfolio Interest Accumulation Portfolio Total Stock Market Index Portfolio
Underlying
Fund
Operational
Expense State Fee Support Fee
0.0400% 0.0550% 0.1000% 0.0550% 0.0388% 0.0550% 0.0375% 0.0550% 0.0363% 0.0550% 0.0360% 0.0550% 0.0328% 0.0550% 0.0210% 0.0550% 0.0200% 0.0550%
0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300%
Total Annual
Asset-Based
Approximate cost of a $10,000
Fee
investment assuming a 5% return
1 year
3 years
5 years 10 years
0.2250% $ 23.04 $ 72.57 $ 127.06 $ 288.37
0.2850% $ 29.18 $ 91.84 $ 160.69 $ 364.09
0.2238% $ 22.92 $ 72.18 $ 126.38 $ 286.85
0.2225% $ 22.79 $ 71.77 $ 125.65 $ 285.21
0.2213% $ 22.67 $ 71.38 $ 126.38 $ 283.69
0.2210% $ 22.64 $ 71.28 $ 124.81 $ 283.31
0.2178% $ 22.31 $ 70.25 $ 123.01 $ 279.25
0.2060% $ 21.10 $ 66.46 $ 116.38 $ 264.29
0.2050% $ 21.00 $ 66.14 $ 115.82 $ 263.02
Short-Term Inflation-Protected Securities Portfolio Social Index Portfolio Total International Stock Index Portfolio Total Bond Market Index Portfolio Total International Bond Index Portfolio Pennsylvania Target Enrollment 2038/2039 Pennsylvania Target Enrollment 2036/2037 Pennsylvania Target Enrollment 2034/2035 Pennsylvania Target Enrollment 2032/2033 Pennsylvania Target Enrollment 2030/2031 Pennsylvania Target Enrollment 2028/2029 Pennsylvania Target Enrollment 2026/2027 Pennsylvania Target Enrollment 2024/2025 Pennsylvania Target Enrollment 2022/2023 Pennsylvania Target Enrollment 2020/2021 Pennsylvania Commencement Portfolio
0.0400% 0.0550% 0.1200% 0.0550% 0.0700% 0.0550% 0.0350% 0.0550% 0.0700% 0.0550% 0.0398% 0.0550% 0.0395% 0.0550% 0.0391% 0.0550% 0.0385% 0.0550% 0.0379% 0.0550% 0.0375% 0.0550% 0.0356% 0.0550% 0.0331% 0.0550% 0.0309% 0.0550% 0.0288% 0.0550% 0.0269% 0.0550%
0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300% 0.1300%
0.2250% $ 23.04 $ 0.3050% $ 31.23 $ 0.2550% $ 26.11 $ 0.2200% $ 22.53 $ 0.2550% $ 26.11 $ 0.2248% $ 23.02 $ 0.2245% $ 22.99 $ 0.2241% $ 22.95 $ 0.2235% $ 22.89 $ 0.2229% $ 22.83 $ 0.2225% $ 22.79 $ 0.2206% $ 22.59 $ 0.2181% $ 22.34 $ 0.2159% $ 22.11 $ 0.2138% $ 21.90 $ 0.2119% $ 21.70 $
72.57 $ 98.25 $ 82.21 $ 70.96 $ 82.21 $ 72.50 $ 72.41 $ 72.28 $ 72.09 $ 71.89 $ 71.77 $ 71.15 $ 70.35 $ 69.64 $ 68.97 $ 68.36 $
127.06 $ 171.87 $ 143.88 $ 124.25 $ 143.88 $ 126.94 $ 126.78 $ 126.55 $ 126.21 $ 125.88 $ 125.65 $ 124.59 $ 123.18 $ 121.95 $ 120.77 $ 119.70 $
288.37 389.22 326.29 282.04 326.29 288.12 287.74 287.23 286.47 285.71 285.21 282.80 279.63 276.84 274.18 271.77
3
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