This model first appeared in 1971's as a pen made specifically for the student market, and as one might expect in a pen aimed at youth, it has changed its looks substantially.  

The newer version of the Graduate is a quite low-end, popular-market pen, apparently made only for sale in Europe, as it doesn’t appear to have ever been marketed in North America (a situation which it shared with other, even lower-end pens offered by the company). 

 Almost all one ever sees of this model is the chrome version shown below, although there was also a Pro Graduate which might very easily be mistaken for the Apostrophe by dint of having a lacquer finish.  

The difference between Pro Graduate and Apostrophe lies in the former’s lack of trim, since like its unprofessional brother it has no derby nor cap band. 

 To add to the confusion, there is a sort of intermediate model called the Allure, which has the band of the Apostrophe but the chrome plating and extremely simple cap jewel of the Graduate. Update:  Stumbling upon a 2007 European price list, I find that the Allure was actually a lower priced pen than the Graduate; live and learn.

Perfomance is about what one expects in a low-priced pen, which is to say rather sub-par for almost any self-respecting Waterman.  There are some fine examples, but if one comes your way it would be right to expect flow issues and a certain amount of scratchy discomfort from waving the point around one the page.

Production Run: First sort c.1970's to c.1980's; this is very approximate, and based upon looks and logos rather than firm sources.  

The second ran from c. 1995's to c. 2010's, and may still be covertly in production for sale only in France, as they seem to be available there.