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Vanguard Income Portfolio

Overview

Unit Price as of 05/15/2024 $20.33
Change $0.14 0.69%
Expense Ratio as of 05/15/2024 0.19%
Inception Date 06/02/2006

Investment Objective

The Portfolio seeks to provide current income.

Investment Strategy

The Portfolio invests in two Vanguard® bond index funds and two Vanguard stock index funds, resulting in an allocation of 80% of its assets to investment-grade bonds and 20% of its assets to stocks. The percentages of the Portfolio's assets allocated to each underlying fund are:

Vanguard Total Bond Market II Index Fund (56%)
Vanguard Total International Bond Index Fund (24%)
Vanguard Institutional Total Stock Market Index Fund (12%)
Vanguard Total International Stock Index Fund (8%)

Through its investment in Vanguard Total Bond Market II Index Fund, the Portfolio indirectly invests in a broadly diversified collection of securities that, in the aggregate, approximates the Bloomberg Barclays U.S. Aggregate Float Adjusted Index in terms of key risk factors and other characteristics. The Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than 1 year. All of the Fund’s investments will be selected through the sampling process and at least 80% of the Fund’s assets will be invested in bonds held in the Index. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which generally ranges between 5 and 10 years.

Through its investment in Vanguard Total International Bond Index Fund, the Portfolio indirectly invests in government, government agency, corporate, and securitized non-U.S. investment-grade fixed income investments, all issued in currencies other than the U.S. dollar and with maturities of more than 1 year.The Fund employs an indexing investment approach designed to track the performance of the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged). This Index provides a broad-based measure of the global, investment-grade, fixed-rate debt markets. To minimize the currency risk associated with investment in bonds denominated in currencies other than the U.S. dollar, the Fund attempts to hedge its currency exposures.

Through its investment in Vanguard Institutional Total Stock Market Index Fund, the Portfolio indirectly invests in primarily large-capitalization U.S. stocks and, to a lesser extent, mid-, small-, and micro-capitalization U.S. stocks. The Fund's target index represents approximately 100% of the investable U.S. stock market. Through its investment in Vanguard Total International Stock Index Fund, the Portfolio indirectly invests in international stocks.

Investment Risks

Because it invests mainly in bond funds, the Portfolio primarily is subject to low to moderate levels of interest rate risk, credit risk, income risk, call risk, prepayment risk, and extension risk. Through its stock fund holdings, the Portfolio is subject to stock market risk. The Portfolio also has moderate levels of country/regional risk, currency hedging risk, and nondiversification risk, and low levels of currency risk, emerging markets risk, index sampling risk, investment style risk, and derivatives risk.

Average Annual Returns - Updated Monthly as of 04/30/2024

Name 1 year 3 year 5 year 10 year Since Inception 06/02/2006
Name Vanguard Income Portfolio 1 year 3.13% 3 year -1.74% 5 year 1.78% 10 year 2.82% Since Inception 06/02/2006 3.89%
Name MOST 529 Income Composite** 1 year 3.48% 3 year -1.44% 5 year 2.17% 10 year 3.19% Since Inception 06/02/2006 4.29%

** Consists of the Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index (56%), the Bloomberg Barclays Global Aggregate ex-USD Float Adjusted RIC Capped Index (USD Hedged (24%), the Spliced Institutional Total Stock Market Index (12%), and the Spliced Total International Stock Index (8%). The Spliced Bloomberg Barclays U.S. Aggregate Float Adjusted Index consists of the Barclays U.S. Aggregate Bond Index through December 31, 2009; and the Bloomberg Barclays U.S. Aggregate Float Adjusted Index thereafter. Effective September 29, 2016, Barclays indexes were rebranded to Bloomberg Barclays indexes. The Spliced Institutional Total Stock Market Index consists of the Dow Jones Wilshire 5000 Index through April 8, 2005; the MSCI US Broad Market Index through January 14, 2013; and the CRSP US Total Market Index thereafter. The Spliced Total International Stock Index consists of the Total International Composite Index through August 21, 2006; the MSCI EAFE + Emerging Markets Index through December 15, 2010; the MSCI ACWI ex USA IMI Index through June 2, 2013; and the FTSE Global All Cap ex US Index thereafter. Returns for the MSCI indexes are adjusted for withholding taxed applicable to Luxembourg holding companies.

Annual Investment Returns

Year Ended Vanguard Income Portfolio
Year Ended 2023 Vanguard Income Portfolio 9.37%
Year Ended 2022 Vanguard Income Portfolio -13.97%
Year Ended 2021 Vanguard Income Portfolio 1.91%
Year Ended 2020 Vanguard Income Portfolio 8.90%
Year Ended 2019 Vanguard Income Portfolio 11.87%

Historical Prices

05/15/2024 $20.33
05/14/2024 $20.19
05/13/2024 $20.14
05/10/2024 $20.13
05/09/2024 $20.15

Search for more historical price information

Index performance is provided as a benchmark but is not illustrative of any particular investment. You cannot invest directly in an index.

The performance data shown represents past performance. Past performance - especially short-term past performance - is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' units, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited. For performance data current to the most recent quarter-end, click here.

For more information about MOST—Missouri's 529 Education Plan, download a Program Description, Privacy Policy, and Participation Agreement or request one by calling 888-414-MOST. Investment objectives, risks, charges, expenses, and other important information are included in this document; read and consider it carefully before investing.

If you are not a Missouri taxpayer, consider before investing whether your or the designated beneficiary's home state offers any state tax or other benefits that are only available for investments in such state's qualified tuition program. Other state benefits may include financial aid, scholarship funds, and protection from creditors.

The Missouri Education Program (the "Program Trust") is a trust created by the State of Missouri. When you invest in MOST—Missouri's 529 Education Plan (the "Plan"), you are purchasing portfolio units issued by the Program Trust. Portfolio units are municipal securities. The Plan has been implemented and is administered by the Missouri Education Program Board (the "Board"). Ascensus College Savings Recordkeeping Services, LLC, serves as the Program Manager and Recordkeeping and Servicing Agent, and together with its affiliates, has overall responsibility for the day-to-day operations of the Plan, including administrative services and marketing. The Vanguard Group, Inc., serves as Investment Manager for the Plan. The Plan's portfolios, although they invest in mutual funds, are not mutual funds.

Investment returns are not guaranteed, and you could lose money by investing in the Plan. Participants assume all investment risks, including the potential for loss of principal, as well as responsibility for any federal and state tax consequences.

Upromise and the Upromise logo are registered service marks of Upromise, Inc. The Vanguard logo is a registered trademark of The Vanguard Group, Inc. Ugift® is a registered service mark. All other trademarks are the property of their respective owners.