From the liner notes

The Troma Team is proud to present the suspenseful, heart-stopping shocks and mystery of Graduation Day. It’s just weeks before high school graduation and members of the track team are being mysteriously and gruesomely murdered, one at a time. When the team’s star runner, Laura Ramstead, falls dead at the end of a championship meet, her sister Anne (Patch MacKenzie) comes to town and a series of grisly murders begins. Is Anne responsible? Or is it coach Michaels (Christopher George) who has been fired because of Laura’s death? Perhaps it’s the campus policeman who is disliked because of his over-zealous drug investigations. Or is it Laura’s boyfriend, Kevin (E. Danny Murphy), who can’t reconcile himself to Laura’s death? You won’t want to see Graduation Day alone!