| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Explorer Value Fund Investor Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 2500 Value Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated in
the Fees and Expenses section, Vanguard Explorer Value Fund’s expense
ratio would be 0.49%, or $4.90 per $1,000 of average net assets. The
average expense ratio for small-cap value funds in 2022 was 1.23%, or
$12.30 per $1,000 of average net assets (derived from data provided by
Lipper, a Thomson Reuters Company, which reports on the mutual
fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Plain Talk About Growth Funds and Value Funds |
Growth investing and value investing are two styles employed by stock-fund
managers. Growth funds generally invest in stocks of companies believed to
have above-average potential for growth in revenue, earnings, cash flow, or
other similar criteria. These stocks typically have low dividend yields, if any,
and above-average prices in relation to measures such as earnings and book
value. Value funds typically invest in stocks whose prices are below average
in relation to those measures; these stocks often have above-average
dividend yields. Value stocks also may remain undervalued by the market for
long periods of time. Growth and value stocks have historically produced
similar long-term returns, though each category has periods when it
outperforms the other. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements and foreign currency exchange forward contracts—tend to be
more specialized or complex and may be more difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
|
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$39.93 |
$46.26 |
$30.32 |
$33.49 |
$40.53 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.586 |
.461 |
.351 |
.400 |
.494 |
Net Realized and Unrealized Gain (Loss) on Investments |
2.308 |
(4.910) |
15.911 |
(3.032) |
(4.921) |
Total from Investment Operations |
2.894 |
(4.449) |
16.262 |
(2.632) |
(4.427) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.495) |
(.352) |
(.322) |
(.538) |
(.366) |
Distributions from Realized Capital Gains |
(.979) |
(1.529) |
— |
— |
(2.247) |
Total Distributions |
(1.474) |
(1.881) |
(.322) |
(.538) |
(2.613) |
Net Asset Value, End of Period |
$41.35 |
$39.93 |
$46.26 |
$30.32 |
$33.49 |
Total Return2 |
7.43% |
-10.05% |
53.90% |
-8.12% |
-10.10% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$959 |
$1,083 |
$1,164 |
$563 |
$655 |
Ratio of Total Expenses to Average Net Assets3 |
0.49%4 |
0.53%4 |
0.52% |
0.64% |
0.55% |
Ratio of Net Investment Income to Average Net Assets |
1.48% |
1.05% |
0.85% |
1.28% |
1.45% |
Portfolio Turnover Rate |
23% |
31% |
41% |
42% |
27% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
Includes performance-based investment advisory fee increases (decreases) of (0.04%),
0.02%, 0.01%, 0.09%, and 0.01%. |
4 |
The ratio of expenses to average net assets for the period net of reduction from broker
commission abatement arrangements was 0.49% and 0.53%, respectively. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Explorer Value Fund |
3/30/2010 |
ExpValFd |
1690 |
92206C748 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Treasury Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. Treasury 1-3 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 1-3 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Treasury Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Bloomberg U.S. Treasury 3-10 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 3-10 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Treasury Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
- |
Bloomberg U.S. Long Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Spliced Bloomberg U.S. Long Treasury Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Corporate Bond Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. 1-5 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
% |
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Corporate Bond Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. 5-10 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
% |
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Corporate Bond Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Bloomberg U.S. 10+ Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Mortgage-Backed Securities Index Fund
Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Bloomberg U.S. MBS Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. Mortgage-backed securities typically
have higher yields than comparable-quality corporate or government bonds
to make up for their higher prepayment risk. |
Plain Talk About Types of Bonds |
Bonds are issued (sold) by many sources: Corporations issue corporate
bonds; the federal government issues U.S. Treasury bonds; agencies of the
federal government issue agency bonds; financial institutions issue
asset-backed bonds; and mortgage holders issue “mortgage-backed”
pass-through certificates. Each issuer is responsible for paying back the
bond’s initial value as well as for making periodic interest payments. Many
bonds issued by government agencies and entities are neither guaranteed
nor insured by the U.S. government. |
Vanguard Fund |
Number of
Bonds in Fund |
Number of Bonds
in Target Index |
Vanguard Short-Term Treasury Index Fund |
97 |
157 |
Vanguard Intermediate-Term Treasury
Index Fund |
109 |
109 |
Vanguard Long-Term Treasury Index Fund |
78 |
78 |
Vanguard Short-Term Corporate Bond
Index Fund |
2,498 |
2,704 |
Vanguard Intermediate-Term Corporate
Bond Index Fund |
2,085 |
2,090 |
Vanguard Long-Term Corporate Bond
Index Fund |
2,794 |
2,885 |
Vanguard Mortgage-Backed Securities
Index Fund |
1,1691 |
932 |
|
Treasury Index
Funds |
Corporate Bond
Index Funds |
Mortgage-Backed
Securities
Index Fund |
Corporate Debt Obligations |
|
• |
|
U.S. Government and Agency
Bonds |
• |
• |
• |
Mortgage-Backed Securities |
|
|
• |
Mortgage Dollar Rolls |
|
|
• |
Cash Equivalent Investments,
Including Repurchase Agreements |
• |
• |
• |
Futures, Options, and Other
Derivatives |
• |
• |
• |
International Dollar-Denominated
Bonds |
|
• |
|
Plain Talk About U.S. Government-Sponsored Enterprises |
A variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue debt and mortgage-backed securities. Although GSEs may be chartered
or sponsored by acts of Congress, they are not funded by congressional
appropriations. In September of 2008, the U.S. Treasury placed FNMA and
FHLMC under conservatorship and appointed the Federal Housing Finance
Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with FNMA and FHLMC to provide them
with capital in exchange for senior preferred stock. Generally, a GSE’s
securities are neither issued nor guaranteed by the U.S. Treasury and are not
backed by the full faith and credit of the U.S. government. In most cases, these
securities are supported only by the credit of the GSE, standing alone. In some
cases, a GSE’s securities may be supported by the ability of the GSE to
borrow from the U.S. Treasury or may be supported by the U.S. government in
some other way. Securities issued by the Government National Mortgage
Association (GNMA), however, are backed by the full faith and credit of the
U.S. government. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$19.50 |
$20.51 |
$20.71 |
$20.35 |
$19.95 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.529 |
.114 |
.095 |
.312 |
.472 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.294) |
(.949) |
(.078) |
.375 |
.384 |
Total from Investment Operations |
.235 |
(.835) |
.017 |
.687 |
.856 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.515) |
(.112) |
(.093) |
(.327) |
(.456) |
Distributions from Realized Capital Gains |
— |
(.063) |
(.124) |
— |
— |
Total Distributions |
(.515) |
(.175) |
(.217) |
(.327) |
(.456) |
Net Asset Value, End of Period |
$19.22 |
$19.50 |
$20.51 |
$20.71 |
$20.35 |
Total Return2 |
1.22% |
-4.09% |
0.08% |
3.41% |
4.34% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,925 |
$2,506 |
$2,430 |
$2,748 |
$1,596 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
2.74% |
0.57% |
0.46% |
1.52% |
2.35% |
Portfolio Turnover Rate4 |
81% |
59% |
66% |
67% |
55% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$20.35 |
$23.04 |
$23.78 |
$22.68 |
$21.13 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.490 |
.283 |
.267 |
.416 |
.507 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.741) |
(2.575) |
(.577) |
1.101 |
1.540 |
Total from Investment Operations |
(.251) |
(2.292) |
(.310) |
1.517 |
2.047 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.479) |
(.274) |
(.265) |
(.417) |
(.497) |
Distributions from Realized Capital Gains |
— |
(.124) |
(.165) |
— |
— |
Total Distributions |
(.479) |
(.398) |
(.430) |
(.417) |
(.497) |
Net Asset Value, End of Period |
$19.62 |
$20.35 |
$23.04 |
$23.78 |
$22.68 |
Total Return2 |
-1.24% |
-10.05% |
-1.31% |
6.76% |
9.83% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,165 |
$2,886 |
$2,646 |
$2,740 |
$1,887 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
2.46% |
1.31% |
1.15% |
1.79% |
2.34% |
Portfolio Turnover Rate4 |
36% |
36% |
33% |
28% |
29% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$22.98 |
$30.35 |
$33.24 |
$30.28 |
$24.95 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.659 |
.565 |
.545 |
.637 |
.706 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.873) |
(7.380) |
(2.799) |
2.955 |
5.316 |
Total from Investment Operations |
(2.214) |
(6.815) |
(2.254) |
3.592 |
6.022 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.646) |
(.555) |
(.538) |
(.632) |
(.692) |
Distributions from Realized Capital Gains |
— |
— |
(.098) |
— |
— |
Total Distributions |
(.646) |
(.555) |
(.636) |
(.632) |
(.692) |
Net Asset Value, End of Period |
$20.12 |
$22.98 |
$30.35 |
$33.24 |
$30.28 |
Total Return2 |
-9.73% |
-22.69% |
-6.78% |
12.00% |
24.67% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,089 |
$1,369 |
$1,947 |
$1,800 |
$1,053 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
3.10% |
2.09% |
1.79% |
2.01% |
2.73% |
Portfolio Turnover Rate4 |
20% |
19% |
22% |
29% |
16% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$20.70 |
$22.49 |
$22.55 |
$22.06 |
$21.28 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.566 |
.351 |
.385 |
.578 |
.625 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.126) |
(1.741) |
(.063) |
.485 |
.777 |
Total from Investment Operations |
.440 |
(1.390) |
.322 |
1.063 |
1.402 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.570) |
(.350) |
(.382) |
(.573) |
(.622) |
Distributions from Realized Capital Gains |
— |
(.050) |
— |
— |
— |
Total Distributions |
(.570) |
(.400) |
(.382) |
(.573) |
(.622) |
Net Asset Value, End of Period |
$20.57 |
$20.70 |
$22.49 |
$22.55 |
$22.06 |
Total Return2 |
2.17% |
-6.24% |
1.44% |
4.90% |
6.70% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$4,060 |
$4,647 |
$5,435 |
$4,703 |
$4,312 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
2.75% |
1.63% |
1.71% |
2.61% |
2.90% |
Portfolio Turnover Rate4 |
63% |
50% |
42% |
56% |
51% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$21.49 |
$25.75 |
$25.86 |
$24.71 |
$22.61 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.752 |
.577 |
.578 |
.747 |
.839 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.429) |
(4.098) |
(.062) |
1.138 |
2.097 |
Total from Investment Operations |
.323 |
(3.521) |
.516 |
1.885 |
2.936 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.753) |
(.579) |
(.572) |
(.735) |
(.836) |
Distributions from Realized Capital Gains |
— |
(.160) |
(.054) |
— |
— |
Total Distributions |
(.753) |
(.739) |
(.626) |
(.735) |
(.836) |
Net Asset Value, End of Period |
$21.06 |
$21.49 |
$25.75 |
$25.86 |
$24.71 |
Total Return2 |
1.55% |
-13.90% |
2.03% |
7.79% |
13.30% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,156 |
$1,139 |
$1,587 |
$1,549 |
$1,381 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
3.56% |
2.44% |
2.25% |
3.01% |
3.63% |
Portfolio Turnover Rate4 |
76% |
58% |
53% |
72% |
59% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include transaction or account service fees that may have applied in the
periods shown. Fund prospectuses provide information about any applicable transaction and
account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$21.56 |
$29.03 |
$28.68 |
$27.55 |
$23.65 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.984 |
.875 |
.877 |
.988 |
1.053 |
Net Realized and Unrealized Gain (Loss) on Investments2 |
(1.260) |
(7.473) |
.345 |
1.125 |
3.895 |
Total from Investment Operations |
(.276) |
(6.598) |
1.222 |
2.113 |
4.948 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.964) |
(.872) |
(.872) |
(.983) |
(1.048) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.964) |
(.872) |
(.872) |
(.983) |
(1.048) |
Net Asset Value, End of Period |
$20.32 |
$21.56 |
$29.03 |
$28.68 |
$27.55 |
Total Return3 |
-1.25% |
-23.10% |
4.37% |
7.87% |
21.64% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$319 |
$272 |
$314 |
$320 |
$256 |
Ratio of Total Expenses to Average Net Assets |
0.07%4 |
0.07%4 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
4.75% |
3.44% |
3.08% |
3.58% |
4.34% |
Portfolio Turnover Rate5 |
33% |
31% |
36% |
62% |
47% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Includes increases from purchase fees of $.01, $.00, $.01, $.00, and $.00. |
3 |
Total returns do not include transaction or account service fees that may have applied in the
periods shown. Fund prospectuses provide information about any applicable transaction and
account service fees. |
4 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$18.98 |
$21.37 |
$21.72 |
$21.26 |
$20.51 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.563 |
.328 |
.211 |
.470 |
.622 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.934) |
(2.391) |
(.292) |
.463 |
.742 |
Total from Investment Operations |
(.371) |
(2.063) |
(.081) |
.933 |
1.364 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.559) |
(.327) |
(.225) |
(.473) |
(.614) |
Distributions from Realized Capital Gains |
— |
— |
(.044) |
— |
— |
Total Distributions |
(.559) |
(.327) |
(.269) |
(.473) |
(.614) |
Net Asset Value, End of Period |
$18.05 |
$18.98 |
$21.37 |
$21.72 |
$21.26 |
Total Return2 |
-1.96% |
-9.72% |
-0.38% |
4.43% |
6.77% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,242 |
$1,219 |
$1,419 |
$1,159 |
$841 |
Ratio of Total Expenses to Average Net Assets |
0.07%3 |
0.07%3 |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
3.07% |
1.62% |
0.98% |
2.18% |
2.99% |
Portfolio Turnover Rate4 |
101% |
170% |
316% |
218% |
190% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.07%. |
4 |
Includes 80%, 113%, 237%, 11%, and 34%, respectively, attributable to mortgage-dollar-
roll activity. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
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companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Short-Term Treasury Index Fund | ||||
Admiral Shares |
12/28/2009 |
STGovIxAdm |
1942 |
92206C300 |
Vanguard Intermediate-Term Treasury Index Fund | ||||
Admiral Shares |
8/4/2010 |
ITGovIxAdm |
1943 |
92206C888 |
Vanguard Long-Term Treasury Index Fund | ||||
Admiral Shares |
3/1/2010 |
LTGovIxAdm |
1944 |
92206C821 |
Vanguard Short-Term Corporate Bond Index Fund | ||||
Admiral Shares |
11/18/2010 |
STCorpIxAdm |
1945 |
92206C607 |
Vanguard Intermediate-Term Corporate Bond Index Fund | ||||
Admiral Shares |
3/2/2010 |
ITCorpIxAdm |
1946 |
92206C854 |
Vanguard Long-Term Corporate Bond Index Fund | ||||
Admiral Shares |
1/19/2010 |
LTCorpIxAdm |
1947 |
92206C789 |
Vanguard Mortgage-Backed Securities Index Fund | ||||
Admiral Shares |
12/3/2009 |
MrgBkdIxAdm |
1948 |
92206C755 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Treasury Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. Treasury 1-3 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 1-3 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Treasury Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Bloomberg U.S. Treasury 3-10 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 3-10 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Treasury Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
- |
Bloomberg U.S. Long Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Spliced Bloomberg U.S. Long Treasury Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Corporate Bond Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. 1-5 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
% |
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Corporate Bond Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. 5-10 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
% |
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Corporate Bond Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Bloomberg U.S. 10+ Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Mortgage-Backed Securities
Index Fund Institutional Shares |
|
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
|
Return After Taxes on Distributions |
- |
- |
- |
|
Return After Taxes on Distributions and Sale
of Fund Shares |
- |
- |
|
|
Bloomberg U.S. MBS Float Adjusted Index
(reflects no deduction for fees, expenses,
or taxes) |
-
% |
-
% |
% |
|
Bloomberg U.S. Aggregate Float Adjusted
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. Mortgage-backed securities typically
have higher yields than comparable-quality corporate or government bonds
to make up for their higher prepayment risk. |
Plain Talk About Types of Bonds |
Bonds are issued (sold) by many sources: Corporations issue corporate
bonds; the federal government issues U.S. Treasury bonds; agencies of the
federal government issue agency bonds; financial institutions issue
asset-backed bonds; and mortgage holders issue “mortgage-backed”
pass-through certificates. Each issuer is responsible for paying back the
bond’s initial value as well as for making periodic interest payments. Many
bonds issued by government agencies and entities are neither guaranteed
nor insured by the U.S. government. |
Vanguard Fund |
Number of
Bonds in Fund |
Number of Bonds
in Target Index |
Vanguard Short-Term Treasury Index Fund |
97 |
157 |
Vanguard Intermediate-Term Treasury
Index Fund |
109 |
109 |
Vanguard Long-Term Treasury Index Fund |
78 |
78 |
Vanguard Short-Term Corporate Bond
Index Fund |
2,498 |
2,704 |
Vanguard Intermediate-Term Corporate
Bond Index Fund |
2,085 |
2,090 |
Vanguard Long-Term Corporate Bond
Index Fund |
2,794 |
2,885 |
Vanguard Mortgage-Backed Securities
Index Fund |
1,1691 |
932 |
|
Treasury Index
Funds |
Corporate Bond
Index Funds |
Mortgage-Backed
Securities
Index Fund |
Corporate Debt Obligations |
|
• |
|
U.S. Government and Agency
Bonds |
• |
• |
• |
Mortgage-Backed Securities |
|
|
• |
Mortgage Dollar Rolls |
|
|
• |
Cash Equivalent Investments,
Including Repurchase Agreements |
• |
• |
• |
Futures, Options, and Other
Derivatives |
• |
• |
• |
International Dollar-Denominated
Bonds |
|
• |
|
Plain Talk About U.S. Government-Sponsored Enterprises |
A variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue debt and mortgage-backed securities. Although GSEs may be chartered
or sponsored by acts of Congress, they are not funded by congressional
appropriations. In September of 2008, the U.S. Treasury placed FNMA and
FHLMC under conservatorship and appointed the Federal Housing Finance
Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with FNMA and FHLMC to provide them
with capital in exchange for senior preferred stock. Generally, a GSE’s
securities are neither issued nor guaranteed by the U.S. Treasury and are not
backed by the full faith and credit of the U.S. government. In most cases, these
securities are supported only by the credit of the GSE, standing alone. In some
cases, a GSE’s securities may be supported by the ability of the GSE to
borrow from the U.S. Treasury or may be supported by the U.S. government in
some other way. Securities issued by the Government National Mortgage
Association (GNMA), however, are backed by the full faith and credit of the
U.S. government. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$24.50 |
$25.77 |
$26.02 |
$25.57 |
$25.06 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.680 |
.145 |
.120 |
.421 |
.598 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.389) |
(1.191) |
(.092) |
.445 |
.490 |
Total from Investment Operations |
.291 |
(1.046) |
.028 |
.866 |
1.088 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.651) |
(.145) |
(.122) |
(.416) |
(.578) |
Distributions from Realized Capital Gains |
— |
(.079) |
(.156) |
— |
— |
Total Distributions |
(.651) |
(.224) |
(.278) |
(.416) |
(.578) |
Net Asset Value, End of Period |
$24.14 |
$24.50 |
$25.77 |
$26.02 |
$25.57 |
Total Return |
1.21% |
-4.08% |
0.11% |
3.42% |
4.40% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,586 |
$1,092 |
$1,138 |
$1,104 |
$974 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05%2 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.80% |
0.58% |
0.47% |
1.63% |
2.37% |
Portfolio Turnover Rate3 |
81% |
59% |
66% |
67% |
55% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$25.26 |
$28.60 |
$29.51 |
$28.15 |
$26.23 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.615 |
.355 |
.337 |
.527 |
.634 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.935) |
(3.195) |
(.709) |
1.355 |
1.908 |
Total from Investment Operations |
(.320) |
(2.840) |
(.372) |
1.882 |
2.542 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.600) |
(.346) |
(.334) |
(.522) |
(.622) |
Distributions from Realized Capital Gains |
— |
(.154) |
(.204) |
— |
— |
Total Distributions |
(.600) |
(.500) |
(.538) |
(.522) |
(.622) |
Net Asset Value, End of Period |
$24.34 |
$25.26 |
$28.60 |
$29.51 |
$28.15 |
Total Return |
-1.27% |
-10.03% |
-1.26% |
6.76% |
9.83% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,203 |
$1,700 |
$1,725 |
$1,558 |
$1,183 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05%2 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.49% |
1.32% |
1.17% |
1.83% |
2.36% |
Portfolio Turnover Rate3 |
36% |
36% |
33% |
28% |
29% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$29.16 |
$38.52 |
$42.19 |
$38.43 |
$31.66 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.847 |
.727 |
.699 |
.822 |
.902 |
Net Realized and Unrealized Gain (Loss) on Investments |
(3.641) |
(9.376) |
(3.554) |
3.748 |
6.753 |
Total from Investment Operations |
(2.794) |
(8.649) |
(2.855) |
4.570 |
7.655 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.826) |
(.711) |
(.691) |
(.810) |
(.885) |
Distributions from Realized Capital Gains |
— |
— |
(.124) |
— |
— |
Total Distributions |
(.826) |
(.711) |
(.815) |
(.810) |
(.885) |
Net Asset Value, End of Period |
$25.54 |
$29.16 |
$38.52 |
$42.19 |
$38.43 |
Total Return |
-9.68% |
-22.69% |
-6.77% |
12.03% |
24.71% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,026 |
$2,586 |
$2,038 |
$1,234 |
$1,054 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05%2 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.14% |
2.15% |
1.82% |
2.06% |
2.75% |
Portfolio Turnover Rate3 |
20% |
19% |
22% |
29% |
16% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$25.34 |
$27.53 |
$27.61 |
$27.00 |
$26.06 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.702 |
.436 |
.473 |
.713 |
.768 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.149) |
(2.131) |
(.080) |
.604 |
.939 |
Total from Investment Operations |
.553 |
(1.695) |
.393 |
1.317 |
1.707 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.703) |
(.434) |
(.473) |
(.707) |
(.767) |
Distributions from Realized Capital Gains |
— |
(.061) |
— |
— |
— |
Total Distributions |
(.703) |
(.495) |
(.473) |
(.707) |
(.767) |
Net Asset Value, End of Period |
$25.19 |
$25.34 |
$27.53 |
$27.61 |
$27.00 |
Total Return |
2.22% |
-6.21% |
1.44% |
4.96% |
6.66% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,444 |
$2,239 |
$2,258 |
$1,661 |
$1,633 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05%2 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.79% |
1.65% |
1.72% |
2.63% |
2.92% |
Portfolio Turnover Rate3 |
63% |
50% |
42% |
56% |
51% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$26.56 |
$31.82 |
$31.95 |
$30.53 |
$27.94 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.934 |
.720 |
.720 |
.940 |
1.044 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.538) |
(5.061) |
(.070) |
1.394 |
2.584 |
Total from Investment Operations |
.396 |
(4.341) |
.650 |
2.334 |
3.628 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.936) |
(.721) |
(.714) |
(.914) |
(1.038) |
Distributions from Realized Capital Gains |
— |
(.198) |
(.066) |
— |
— |
Total Distributions |
(.936) |
(.919) |
(.780) |
(.914) |
(1.038) |
Net Asset Value, End of Period |
$26.02 |
$26.56 |
$31.82 |
$31.95 |
$30.53 |
Total Return2 |
1.54% |
-13.87% |
2.07% |
7.81% |
13.30% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$298 |
$338 |
$443 |
$357 |
$406 |
Ratio of Total Expenses to Average Net Assets |
0.05%3 |
0.05%3 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.57% |
2.46% |
2.27% |
3.07% |
3.65% |
Portfolio Turnover Rate4 |
76% |
58% |
53% |
72% |
59% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include transaction fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable transaction fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$26.76 |
$36.02 |
$35.59 |
$34.18 |
$29.36 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.227 |
1.092 |
1.095 |
1.250 |
1.314 |
Net Realized and Unrealized Gain (Loss) on Investments2 |
(1.575) |
(9.264) |
.425 |
1.387 |
4.812 |
Total from Investment Operations |
(.348) |
(8.172) |
1.520 |
2.637 |
6.126 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.202) |
(1.088) |
(1.090) |
(1.227) |
(1.306) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(1.202) |
(1.088) |
(1.090) |
(1.227) |
(1.306) |
Net Asset Value, End of Period |
$25.21 |
$26.76 |
$36.02 |
$35.59 |
$34.18 |
Total Return3 |
-1.28% |
-23.05% |
4.37% |
7.91% |
21.58% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$414 |
$264 |
$340 |
$268 |
$541 |
Ratio of Total Expenses to Average Net Assets |
0.05%4 |
0.05%4 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
4.78% |
3.46% |
3.09% |
3.68% |
4.36% |
Portfolio Turnover Rate5 |
33% |
31% |
36% |
62% |
47% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Includes increases from purchase fees of $.02, $.00, $.01, $.00, and $.00. |
3 |
Total returns do not include transaction fees that may have applied in the periods shown.
Fund prospectuses provide information about any applicable transaction fees. |
4 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$25.72 |
$28.96 |
$29.44 |
$28.81 |
$27.79 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.771 |
.467 |
.393 |
.641 |
.846 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.278) |
(3.258) |
(.503) |
.636 |
1.011 |
Total from Investment Operations |
(.507) |
(2.791) |
(.110) |
1.277 |
1.857 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.763) |
(.449) |
(.311) |
(.647) |
(.837) |
Distributions from Realized Capital Gains |
— |
— |
(.059) |
— |
— |
Total Distributions |
(.763) |
(.449) |
(.370) |
(.647) |
(.837) |
Net Asset Value, End of Period |
$24.45 |
$25.72 |
$28.96 |
$29.44 |
$28.81 |
Total Return |
-1.98% |
-9.70% |
-0.38% |
4.48% |
6.80% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$237 |
$179 |
$122 |
$171 |
$119 |
Ratio of Total Expenses to Average Net Assets |
0.05%2 |
0.05%2 |
0.05% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.10% |
1.71% |
1.35% |
2.20% |
3.01% |
Portfolio Turnover Rate3 |
101% |
170% |
316% |
218% |
190% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.05%. |
3 |
Includes 80%, 113%, 237%, 11%, and 34%, respectively, attributable to mortgage-dollar-
roll activity. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
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Phone | |
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For account information and trading support for
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broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Short-Term Treasury Index Fund | ||||
Institutional Shares |
8/23/2010 |
STGovIxInst |
1642 |
92206C201 |
Vanguard Intermediate-Term Treasury Index Fund | ||||
Institutional Shares |
3/19/2010 |
ITGovIxInst |
1643 |
92206C805 |
Vanguard Long-Term Treasury Index Fund | ||||
Institutional Shares |
7/30/2010 |
LTGovIxInst |
1644 |
92206C839 |
Vanguard Short-Term Corporate Bond Index Fund | ||||
Institutional Shares |
11/19/2009 |
STCorpIxInst |
1645 |
92206C508 |
Vanguard Intermediate-Term Corporate Bond Index Fund | ||||
Institutional Shares |
11/19/2009 |
ITCorpIxInst |
1646 |
92206C862 |
Vanguard Long-Term Corporate Bond Index Fund | ||||
Institutional Shares |
11/19/2009 |
LTCorpIxInst |
1647 |
92206C797 |
Vanguard Mortgage-Backed Securities Index Fund | ||||
Institutional Shares |
10/31/2013 |
MrgBkdIxInst |
1648 |
92206C763 |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Treasury Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. Treasury 1-3 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 1-3 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Treasury Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. Treasury 3-10 Year Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Spliced Bloomberg U.S. Treasury 3-10 Year Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Treasury Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
- |
Based on Market Price |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. Long Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Spliced Bloomberg U.S. Long Treasury Index in USD
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Corporate Bond Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 1-5 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Corporate Bond Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 5-10 Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Corporate Bond Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. 10+ Year Corporate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Mortgage-Backed Securities Index Fund
ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
-
% |
% |
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. MBS Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Vanguard Fund |
Vanguard ETF Shares |
Short-Term Treasury Index Fund |
Short-Term Treasury ETF |
Intermediate-Term Treasury Index Fund |
Intermediate-Term Treasury ETF |
Long-Term Treasury Index Fund |
Long-Term Treasury ETF |
Short-Term Corporate Bond Index Fund |
Short-Term Corporate Bond ETF |
Intermediate-Term Corporate Bond Index
Fund |
Intermediate-Term Corporate Bond ETF |
Long-Term Corporate Bond Index Fund |
Long-Term Corporate Bond ETF |
Mortgage-Backed Securities Index Fund |
Mortgage-Backed Securities ETF |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities, including costs generated by shareholders of other share classes
offered by the fund. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. Mortgage-backed securities typically
have higher yields than comparable-quality corporate or government bonds
to make up for their higher prepayment risk. |
Plain Talk About Types of Bonds |
Bonds are issued (sold) by many sources: Corporations issue corporate
bonds; the federal government issues U.S. Treasury bonds; agencies of the
federal government issue agency bonds; financial institutions issue
asset-backed bonds; and mortgage holders issue “mortgage-backed”
pass-through certificates. Each issuer is responsible for paying back the
bond’s initial value as well as for making periodic interest payments. Many
bonds issued by government agencies and entities are neither guaranteed
nor insured by the U.S. government. |
Vanguard Fund |
Number of
Bonds in Fund |
Number of Bonds
in Target Index |
Vanguard Short-Term Treasury Index Fund |
97 |
157 |
Vanguard Intermediate-Term Treasury
Index Fund |
109 |
109 |
Vanguard Long-Term Treasury Index Fund |
78 |
78 |
Vanguard Short-Term Corporate Bond
Index Fund |
2,498 |
2,704 |
Vanguard Intermediate-Term Corporate
Bond Index Fund |
2,085 |
2,090 |
Vanguard Long-Term Corporate Bond
Index Fund |
2,794 |
2,885 |
Vanguard Mortgage-Backed Securities
Index Fund |
1,1691 |
932 |
|
Treasury Index
Funds |
Corporate Bond
Index Funds |
Mortgage-Backed
Securities
Index Fund |
Corporate Debt Obligations |
|
• |
|
U.S. Government and Agency
Bonds |
• |
• |
• |
Mortgage-Backed Securities |
|
|
• |
Mortgage Dollar Rolls |
|
|
• |
Cash Equivalent Investments,
Including Repurchase Agreements |
• |
• |
• |
Futures, Options, and Other
Derivatives |
• |
• |
• |
International Dollar-Denominated
Bonds |
|
• |
|
Plain Talk About U.S. Government-Sponsored Enterprises |
A variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue debt and mortgage-backed securities. Although GSEs may be chartered
or sponsored by acts of Congress, they are not funded by congressional
appropriations. In September of 2008, the U.S. Treasury placed FNMA and
FHLMC under conservatorship and appointed the Federal Housing Finance
Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with FNMA and FHLMC to provide them
with capital in exchange for senior preferred stock. Generally, a GSE’s
securities are neither issued nor guaranteed by the U.S. Treasury and are not
backed by the full faith and credit of the U.S. government. In most cases, these
securities are supported only by the credit of the GSE, standing alone. In some
cases, a GSE’s securities may be supported by the ability of the GSE to
borrow from the U.S. Treasury or may be supported by the U.S. government in
some other way. Securities issued by the Government National Mortgage
Association (GNMA), however, are backed by the full faith and credit of the
U.S. government. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
Vanguard Fund |
Inception Date |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Short-Term Treasury Index Fund |
|
|
|
ETF Shares |
11/19/2009 |
3142 |
92206C102 |
Vanguard Intermediate-Term Treasury Index
Fund |
|
|
|
ETF Shares |
11/19/2009 |
3143 |
92206C706 |
Vanguard Long-Term Treasury Index Fund |
|
|
|
ETF Shares |
11/19/2009 |
3144 |
92206C847 |
Vanguard Short-Term Corporate Bond Index
Fund |
|
|
|
ETF Shares |
11/19/2009 |
3145 |
92206C409 |
Vanguard Intermediate-Term Corporate Bond
Index Fund |
|
|
|
ETF Shares |
11/19/2009 |
3146 |
92206C870 |
Vanguard Long-Term Corporate Bond Index
Fund |
|
|
|
ETF Shares |
11/19/2009 |
3147 |
92206C813 |
Vanguard Mortgage-Backed Securities Index
Fund |
|
|
|
ETF Shares |
11/19/2009 |
3148 |
92206C771 |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$58.51 |
$61.50 |
$62.13 |
$61.12 |
$59.89 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.625 |
.368 |
.288 |
.956 |
1.430 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.919) |
(2.860) |
(.220) |
1.115 |
1.165 |
Total from Investment Operations |
.706 |
(2.492) |
.068 |
2.071 |
2.595 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.446) |
(.310) |
(.325) |
(1.061) |
(1.365) |
Distributions from Realized Capital Gains |
— |
(.188) |
(.373) |
— |
— |
Total Distributions |
(1.446) |
(.498) |
(.698) |
(1.061) |
(1.365) |
Net Asset Value, End of Period |
$57.77 |
$58.51 |
$61.50 |
$62.13 |
$61.12 |
Total Return |
1.23% |
-4.07% |
0.11% |
3.43% |
4.39% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$22,488 |
$15,565 |
$13,394 |
$9,140 |
$5,334 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.81% |
0.61% |
0.47% |
1.55% |
2.37% |
Portfolio Turnover Rate3 |
81% |
59% |
66% |
67% |
55% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$60.34 |
$68.27 |
$70.46 |
$67.26 |
$62.67 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.473 |
.858 |
.809 |
1.239 |
1.515 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.221) |
(7.617) |
(1.692) |
3.248 |
4.552 |
Total from Investment Operations |
(.748) |
(6.759) |
(.883) |
4.487 |
6.067 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.392) |
(.805) |
(.820) |
(1.287) |
(1.477) |
Distributions from Realized Capital Gains |
— |
(.366) |
(.487) |
— |
— |
Total Distributions |
(1.392) |
(1.171) |
(1.307) |
(1.287) |
(1.477) |
Net Asset Value, End of Period |
$58.20 |
$60.34 |
$68.27 |
$70.46 |
$67.26 |
Total Return |
-1.25% |
-10.01% |
-1.26% |
6.76% |
9.84% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$16,995 |
$11,726 |
$8,147 |
$6,547 |
$4,353 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.50% |
1.34% |
1.18% |
1.80% |
2.36% |
Portfolio Turnover Rate3 |
36% |
36% |
33% |
28% |
29% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$68.45 |
$90.37 |
$98.93 |
$90.17 |
$74.33 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.008 |
1.718 |
1.645 |
1.915 |
2.115 |
Net Realized and Unrealized Gain (Loss) on Investments |
(8.567) |
(21.974) |
(8.289) |
8.772 |
15.798 |
Total from Investment Operations |
(6.559) |
(20.256) |
(6.644) |
10.687 |
17.913 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.911) |
(1.664) |
(1.625) |
(1.927) |
(2.073) |
Distributions from Realized Capital Gains |
— |
— |
(.291) |
— |
— |
Total Distributions |
(1.911) |
(1.664) |
(1.916) |
(1.927) |
(2.073) |
Net Asset Value, End of Period |
$59.98 |
$68.45 |
$90.37 |
$98.93 |
$90.17 |
Total Return |
-9.70% |
-22.69% |
-6.73% |
12.02% |
24.69% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$7,322 |
$3,813 |
$2,366 |
$2,138 |
$1,282 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.19% |
2.19% |
1.81% |
2.03% |
2.75% |
Portfolio Turnover Rate3 |
20% |
19% |
22% |
29% |
16% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
Year Ended August 31, | |||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$76.14 |
$82.67 |
$82.95 |
$81.18 |
$78.32 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.094 |
1.319 |
1.433 |
2.127 |
2.311 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.441) |
(6.388) |
(.250) |
1.815 |
2.826 |
Total from Investment Operations |
1.653 |
(5.069) |
1.183 |
3.942 |
5.137 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.043) |
(1.279) |
(1.463) |
(2.172) |
(2.277) |
Distributions from Realized Capital Gains |
— |
(.182) |
— |
— |
— |
Total Distributions |
(2.043) |
(1.461) |
(1.463) |
(2.172) |
(2.277) |
Net Asset Value, End of Period |
$75.75 |
$76.14 |
$82.67 |
$82.95 |
$81.18 |
Total Return |
2.23% |
-6.19% |
1.44% |
4.95% |
6.68% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$36,793 |
$43,723 |
$41,569 |
$31,797 |
$24,537 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.78% |
1.67% |
1.73% |
2.62% |
2.92% |
Portfolio Turnover Rate3 |
63% |
50% |
42% |
56% |
51% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$79.83 |
$95.57 |
$95.98 |
$91.82 |
$84.02 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.808 |
2.171 |
2.163 |
2.761 |
3.132 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.605) |
(15.176) |
(.205) |
4.205 |
7.768 |
Total from Investment Operations |
1.203 |
(13.005) |
1.958 |
6.966 |
10.900 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.763) |
(2.141) |
(2.169) |
(2.806) |
(3.100) |
Distributions from Realized Capital Gains |
— |
(.594) |
(.199) |
— |
— |
Total Distributions |
(2.763) |
(2.735) |
(2.368) |
(2.806) |
(3.100) |
Net Asset Value, End of Period |
$78.27 |
$79.83 |
$95.57 |
$95.98 |
$91.82 |
Total Return |
1.55% |
-13.86% |
2.08% |
7.78% |
13.33% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$40,262 |
$41,058 |
$46,873 |
$38,944 |
$24,080 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.58% |
2.48% |
2.27% |
2.99% |
3.65% |
Portfolio Turnover Rate3 |
76% |
58% |
53% |
72% |
59% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$80.54 |
$108.31 |
$107.01 |
$102.86 |
$88.35 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
3.692 |
3.286 |
3.294 |
3.701 |
3.936 |
Net Realized and Unrealized Gain (Loss) on
Investments2 |
(4.727) |
(27.794) |
1.288 |
4.189 |
14.458 |
Total from Investment Operations |
(1.035) |
(24.508) |
4.582 |
7.890 |
18.394 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(3.595) |
(3.262) |
(3.282) |
(3.740) |
(3.884) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(3.595) |
(3.262) |
(3.282) |
(3.740) |
(3.884) |
Net Asset Value, End of Period |
$75.91 |
$80.54 |
$108.31 |
$107.01 |
$102.86 |
Total Return |
-1.27% |
-23.06% |
4.39% |
7.90% |
21.60% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,252 |
$4,545 |
$5,517 |
$5,214 |
$4,074 |
Ratio of Total Expenses to Average Net Assets |
0.04%3 |
0.04%3 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
4.79% |
3.47% |
3.10% |
3.60% |
4.36% |
Portfolio Turnover Rate4 |
33% |
31% |
36% |
62% |
47% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Includes increases from purchase fees of $.05, $.01, $.03, $.00, and $.00. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$47.53 |
$53.47 |
$54.36 |
$53.26 |
$51.38 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.424 |
.842 |
.581 |
1.197 |
1.564 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.344) |
(5.995) |
(.768) |
1.146 |
1.859 |
Total from Investment Operations |
(.920) |
(5.153) |
(.187) |
2.343 |
3.423 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.380) |
(.787) |
(.594) |
(1.243) |
(1.543) |
Distributions from Realized Capital Gains |
— |
— |
(.109) |
— |
— |
Total Distributions |
(1.380) |
(.787) |
(.703) |
(1.243) |
(1.543) |
Net Asset Value, End of Period |
$45.23 |
$47.53 |
$53.47 |
$54.36 |
$53.26 |
Total Return |
-1.94% |
-9.71% |
-0.35% |
4.45% |
6.80% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$16,343 |
$14,405 |
$15,055 |
$11,643 |
$10,316 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04%2 |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.10% |
1.67% |
1.08% |
2.22% |
3.01% |
Portfolio Turnover Rate3 |
101% |
170% |
316% |
218% |
190% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Includes 80%, 113%, 237%, 11%, and 34%, respectively, attributable to mortgage-dollar-
roll activity. |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Total Corporate Bond ETF Shares |
|
|
|
|
Based on NAV |
|
|
|
|
Return Before Taxes |
-
% |
% |
% |
|
Return After Taxes on Distributions |
- |
- |
- |
|
Return After Taxes on Distributions and Sale of
Fund Shares |
- |
- |
- |
|
Based on Market Price |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Bloomberg U.S. Corporate Bond Index
(reflects no deduction for fees, expenses,
or taxes) |
-
% |
% |
% |
|
Bloomberg U.S. Aggregate Float Adjusted
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Fund Expenses |
All funds have operating expenses. These expenses, which are deducted
from a fund’s gross income, are expressed as a percentage of the net assets
of the fund. Assuming that operating expenses remain as stated in the Fees
and Expenses section, Vanguard Total Corporate Bond ETF Shares’ expense
ratio would be 0.04%, or $0.40 per $1,000 of average net assets. The
average expense ratio for core bond funds in 2022 was 0.66%, or $6.60 per
$1,000 of average net assets (derived from data provided by Lipper, a
Thomson Reuters Company, which reports on the fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities. These costs can erode a substantial portion of the gross income
or the capital appreciation a fund achieves. Even seemingly small differences
in expenses can, over time, have a dramatic effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreementsand foreign currency exchange forward contracts—tend to be
more specialized or complex and may be more difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
Vanguard Fund |
Inception Date |
Vanguard Fund Number |
CUSIP Number |
Vanguard Total Corporate
Bond ETF |
11/7/2017 |
985 |
92206C573 |
|
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$76.60 |
$92.55 |
$92.62 |
$89.19 |
$81.59 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.644 |
2.141 |
2.229 |
2.638 |
2.825 |
Capital Gain Distributions Received1 |
— |
.237 |
.053 |
— |
— |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.806) |
(16.168) |
(.131) |
3.614 |
7.717 |
Total from Investment Operations |
.838 |
(13.790) |
2.151 |
6.252 |
10.542 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.698) |
(2.148) |
(2.221) |
(2.822) |
(2.942) |
Distributions from Realized Capital Gains |
— |
(.012) |
— |
— |
— |
Total Distributions |
(2.698) |
(2.160) |
(2.221) |
(2.822) |
(2.942) |
Net Asset Value, End of Period |
$74.74 |
$76.60 |
$92.55 |
$92.62 |
$89.19 |
Total Return |
1.13% |
-15.11% |
2.37% |
7.18% |
13.29% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,183 |
$579 |
$695 |
$619 |
$203 |
Ratio of Total Expenses to Average Net Assets |
— |
— |
— |
— |
— |
Acquired Fund Fees and Expenses |
0.04% |
0.04% |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
3.52% |
2.52% |
2.43% |
2.94% |
3.38% |
Portfolio Turnover Rate2 |
10% |
14% |
10% |
40% |
12% |
|
|
|
|
|
|
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Index Fund Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 1000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Value Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 1000 Value Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Growth Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 1000 Growth Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Vanguard Fund |
Asset-Weighted Median
Market Capitalization |
Vanguard Russell 1000 Index Fund |
$149 billion |
Vanguard Russell 1000 Value Index Fund |
75 |
Vanguard Russell 1000 Growth Index
Fund |
500 |
Plain Talk About Growth Funds and Value Funds |
Growth investing and value investing are two styles employed by stock-fund
managers. Growth funds generally invest in stocks of companies believed to
have above-average potential for growth in revenue, earnings, cash flow, or
other similar criteria. These stocks typically have low dividend yields, if any,
and above-average prices in relation to measures such as earnings and book
value. Value funds typically invest in stocks whose prices are below average
in relation to those measures; these stocks often have above-average
dividend yields. Value stocks also may remain undervalued by the market for
long periods of time. Growth and value stocks have historically produced
similar long-term returns, though each category has periods when it
outperforms the other. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$349.62 |
$407.44 |
$312.59 |
$260.26 |
$258.75 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
5.737 |
5.354 |
4.807 |
4.927 |
4.645 |
Net Realized and Unrealized Gain (Loss) on
Investments |
47.099 |
(57.922) |
94.766 |
52.362 |
1.483 |
Total from Investment Operations |
52.836 |
(52.568) |
99.573 |
57.289 |
6.128 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(5.576) |
(5.252) |
(4.723) |
(4.959) |
(4.618) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(5.576) |
(5.252) |
(4.723) |
(4.959) |
(4.618) |
Net Asset Value, End of Period |
$396.88 |
$349.62 |
$407.44 |
$312.59 |
$260.26 |
Total Return |
15.35% |
-13.01% |
32.16% |
22.45% |
2.45% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,029 |
$2,174 |
$2,822 |
$2,523 |
$2,323 |
Ratio of Total Expenses to Average Net Assets |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net
Assets |
1.60% |
1.39% |
1.36% |
1.81% |
1.86% |
Portfolio Turnover Rate2 |
8% |
10% |
6% |
9% |
6% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$256.61 |
$279.40 |
$209.00 |
$213.25 |
$217.14 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
5.952 |
5.555 |
5.002 |
5.594 |
5.294 |
Net Realized and Unrealized Gain (Loss) on
Investments |
15.489 |
(22.930) |
70.071 |
(4.226) |
(4.087) |
Total from Investment Operations |
21.441 |
(17.375) |
75.073 |
1.368 |
1.207 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(5.791) |
(5.415) |
(4.673) |
(5.618) |
(5.097) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(5.791) |
(5.415) |
(4.673) |
(5.618) |
(5.097) |
Net Asset Value, End of Period |
$272.26 |
$256.61 |
$279.40 |
$209.00 |
$213.25 |
Total Return |
8.55% |
-6.30% |
36.35% |
0.81% |
0.61% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,405 |
$1,608 |
$1,773 |
$1,207 |
$1,889 |
Ratio of Total Expenses to Average Net Assets |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net
Assets |
2.27% |
2.03% |
2.01% |
2.64% |
2.52% |
Portfolio Turnover Rate2 |
15% |
14% |
19% |
24% |
17% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$461.93 |
$575.10 |
$451.15 |
$316.39 |
$306.82 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
4.482 |
4.036 |
3.573 |
3.695 |
3.711 |
Net Realized and Unrealized Gain (Loss) on
Investments |
95.622 |
(113.399) |
123.861 |
134.792 |
9.061 |
Total from Investment Operations |
100.104 |
(109.363) |
127.434 |
138.487 |
12.772 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(4.304) |
(3.807) |
(3.484) |
(3.727) |
(3.202) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(4.304) |
(3.807) |
(3.484) |
(3.727) |
(3.202) |
Net Asset Value, End of Period |
$557.73 |
$461.93 |
$575.10 |
$451.15 |
$316.39 |
Total Return |
21.86% |
-19.09% |
28.42% |
44.24% |
4.21% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,713 |
$2,754 |
$3,573 |
$3,542 |
$3,076 |
Ratio of Total Expenses to Average Net Assets |
0.07% |
0.07% |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net
Assets |
0.94% |
0.77% |
0.74% |
1.06% |
1.26% |
Portfolio Turnover Rate2 |
14% |
13% |
14% |
14% |
17% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
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Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Russell 1000 Index Fund |
|
|
| |
Institutional Shares |
10/15/2010 |
Russ1000IdxInst |
1848 |
92206C722 |
Vanguard Russell 1000 Value Index Fund |
|
|
| |
Institutional Shares |
12/10/2010 |
Russ1000ValIdxInst |
1849 |
92206C698 |
Vanguard Russell 1000 Growth Index Fund |
|
|
| |
Institutional Shares |
12/6/2010 |
Russ1000GwthIdxInst |
1850 |
92206C672 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Index Fund Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 2000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Value Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 2000 Value Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Growth Index Fund
Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 2000 Growth Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Vanguard Fund |
Asset-Weighted Median
Market Capitalization |
Vanguard Russell 2000 Index Fund |
$2.7 billion |
Vanguard Russell 2000 Value Index Fund |
2.2 |
Vanguard Russell 2000 Growth Index
Fund |
3.1 |
Plain Talk About Growth Funds and Value Funds |
Growth investing and value investing are two styles employed by stock-fund
managers. Growth funds generally invest in stocks of companies believed to
have above-average potential for growth in revenue, earnings, cash flow, or
other similar criteria. These stocks typically have low dividend yields, if any,
and above-average prices in relation to measures such as earnings and book
value. Value funds typically invest in stocks whose prices are below average
in relation to those measures; these stocks often have above-average
dividend yields. Value stocks also may remain undervalued by the market for
long periods of time. Growth and value stocks have historically produced
similar long-term returns, though each category has periods when it
outperforms the other. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$283.22 |
$349.26 |
$239.84 |
$229.03 |
$266.12 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
4.671 |
4.063 |
3.360 |
3.208 |
3.078 |
Net Realized and Unrealized Gain (Loss) on
Investments |
8.434 |
(66.085) |
109.242 |
10.710 |
(37.106) |
Total from Investment Operations |
13.105 |
(62.022) |
112.602 |
13.918 |
(34.028) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(4.465) |
(4.018) |
(3.182) |
(3.108) |
(3.062) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(4.465) |
(4.018) |
(3.182) |
(3.108) |
(3.062) |
Net Asset Value, End of Period |
$291.86 |
$283.22 |
$349.26 |
$239.84 |
$229.03 |
Total Return |
4.76% |
-17.88% |
47.19% |
6.15% |
-12.83% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$474 |
$487 |
$619 |
$630 |
$859 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.08%2 |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
1.67% |
1.29% |
1.08% |
1.41% |
1.32% |
Portfolio Turnover Rate3 |
15% |
19% |
23% |
19% |
16% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.08%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$250.04 |
$283.82 |
$180.98 |
$196.24 |
$234.81 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
5.717 |
4.918 |
4.212 |
3.783 |
3.966 |
Net Realized and Unrealized Gain (Loss) on
Investments |
(.456) |
(33.609) |
102.428 |
(15.303) |
(38.670) |
Total from Investment Operations |
5.261 |
(28.691) |
106.640 |
(11.520) |
(34.704) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(5.471) |
(5.089) |
(3.800) |
(3.740) |
(3.866) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(5.471) |
(5.089) |
(3.800) |
(3.740) |
(3.866) |
Net Asset Value, End of Period |
$249.83 |
$250.04 |
$283.82 |
$180.98 |
$196.24 |
Total Return |
2.26% |
-10.23% |
59.46% |
-5.97% |
-14.88% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$177 |
$184 |
$202 |
$88 |
$140 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
2.34% |
1.82% |
1.67% |
2.04% |
1.90% |
Portfolio Turnover Rate3 |
27% |
28% |
45% |
38% |
27% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.08%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$315.20 |
$424.16 |
$314.01 |
$269.76 |
$305.04 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
3.090 |
2.706 |
1.912 |
2.275 |
2.021 |
Net Realized and Unrealized Gain (Loss) on
Investments |
18.463 |
(109.390) |
110.162 |
44.269 |
(35.267) |
Total from Investment Operations |
21.553 |
(106.684) |
112.074 |
46.544 |
(33.246) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(3.053) |
(2.276) |
(1.924) |
(2.294) |
(2.034) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(3.053) |
(2.276) |
(1.924) |
(2.294) |
(2.034) |
Net Asset Value, End of Period |
$333.70 |
$315.20 |
$424.16 |
$314.01 |
$269.76 |
Total Return |
6.94% |
-25.24% |
35.77% |
17.42% |
-10.91% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$235 |
$255 |
$752 |
$500 |
$472 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
0.98% |
0.72% |
0.48% |
0.82% |
0.75% |
Portfolio Turnover Rate3 |
32% |
33% |
47% |
38% |
28% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.08%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Russell 2000 Index Fund |
|
|
| |
Institutional Shares |
12/22/2010 |
Russ2000IdxInst |
1851 |
92206C656 |
Vanguard Russell 2000 Value Index Fund |
|
|
| |
Institutional Shares |
7/13/2012 |
Russ2000ValIdxInst |
1852 |
92206C631 |
Vanguard Russell 2000 Growth Index Fund |
|
|
| |
Institutional Shares |
5/25/2011 |
Russ2000GwthIdxInst |
1853 |
92206C615 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 3000 Index Fund Institutional Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Russell 3000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$344.48 |
$402.86 |
$307.19 |
$257.87 |
$259.33 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
5.690 |
5.323 |
4.689 |
4.739 |
4.499 |
Net Realized and Unrealized Gain (Loss) on
Investments |
44.177 |
(58.648) |
95.580 |
49.347 |
(1.394) |
Total from Investment Operations |
49.867 |
(53.325) |
100.269 |
54.086 |
3.105 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(5.717) |
(5.055) |
(4.599) |
(4.766) |
(4.565) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(5.717) |
(5.055) |
(4.599) |
(4.766) |
(4.565) |
Net Asset Value, End of Period |
$388.63 |
$344.48 |
$402.86 |
$307.19 |
$257.87 |
Total Return |
14.70% |
-13.34% |
32.94% |
21.38% |
1.27% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,061 |
$1,445 |
$1,154 |
$1,018 |
$871 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
1.62% |
1.40% |
1.34% |
1.76% |
1.81% |
Portfolio Turnover Rate3 |
11% |
8% |
10% |
8% |
10% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.08%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Russell 3000 Index
Fund |
|
|
|
|
Institutional Shares |
11/1/2010 |
Russ3000IdxInst |
1854 |
92206C581 |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 1000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Value Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 1000 Value Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 1000 Growth Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 1000 Growth Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 2000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Value Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 2000 Value Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 2000 Growth Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 2000 Growth Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Russell 3000 Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
|
|
Russell 3000 Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
Dow Jones U.S. Total Stock Market Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Vanguard Fund |
Vanguard ETF Shares |
Seeks to Track |
Vanguard Russell 1000 Index Fund |
Russell 1000 ETF |
Large-cap stocks |
Vanguard Russell 1000 Value Index Fund |
Russell 1000 Value ETF |
Large-cap value stocks |
Vanguard Russell 1000 Growth Index
Fund |
Russell 1000 Growth ETF |
Large-cap growth stocks |
Vanguard Russell 2000 Index Fund |
Russell 2000 ETF |
Small-cap stocks |
Vanguard Russell 2000 Value Index Fund |
Russell 2000 Value ETF |
Small-cap value stocks |
Vanguard Russell 2000 Growth Index
Fund |
Russell 2000 Growth ETF |
Small-cap growth stocks |
Vanguard Russell 3000 Index Fund |
Russell 3000 ETF |
The broad stock market |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities. These costs can erode a substantial portion of the gross income
or the capital appreciation a fund achieves. Even seemingly small differences
in expenses can, over time, have a dramatic effect on a fund’s performance. |
Vanguard Fund |
Asset-Weighted Median
Market Capitalization |
Vanguard Russell 1000 Index Fund |
$149 billion |
Vanguard Russell 1000 Value Index Fund |
75 |
Vanguard Russell 1000 Growth Index
Fund |
500 |
Vanguard Russell 2000 Index Fund |
2.7 |
Vanguard Russell 2000 Value Index Fund |
2.2 |
Vanguard Russell 2000 Growth Index
Fund |
3.1 |
Vanguard Russell 3000 Index Fund |
135 |
Plain Talk About Growth Funds and Value Funds |
Growth investing and value investing are two styles employed by stock-fund
managers. Growth funds generally invest in stocks of companies believed to
have above-average potential for growth in revenue, earnings, cash flow, or
other similar criteria. These stocks typically have low dividend yields, if any,
and above-average prices in relation to measures such as earnings and book
value. Value funds typically invest in stocks whose prices are below average
in relation to those measures; these stocks often have above-average
dividend yields. Value stocks also may remain undervalued by the market for
long periods of time. Growth and value stocks have historically produced
similar long-term returns, though each category has periods when it
outperforms the other. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
Vanguard Fund |
Inception
Date |
Vanguard
Fund
Number |
CUSIP
Number |
Vanguard Russell 1000 Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3348 |
92206C730 |
Vanguard Russell 1000 Value Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3349 |
92206C714 |
Vanguard Russell 1000 Growth Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3350 |
92206C680 |
Vanguard Russell 2000 Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3351 |
92206C664 |
Vanguard Russell 2000 Value Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3352 |
92206C649 |
Vanguard Russell 2000 Growth Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3353 |
92206C623 |
Vanguard Russell 3000 Index Fund |
|
|
|
ETF Shares |
9/20/2010 |
3354 |
92206C599 |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$180.47 |
$210.32 |
$161.36 |
$134.37 |
$133.57 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.956 |
2.757 |
2.459 |
2.525 |
2.395 |
Net Realized and Unrealized Gain (Loss) on
Investments |
24.306 |
(29.909) |
48.925 |
27.028 |
.759 |
Total from Investment Operations |
27.262 |
(27.152) |
51.384 |
29.553 |
3.154 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.862) |
(2.698) |
(2.424) |
(2.563) |
(2.354) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(2.862) |
(2.698) |
(2.424) |
(2.563) |
(2.354) |
Net Asset Value, End of Period |
$204.87 |
$180.47 |
$210.32 |
$161.36 |
$134.37 |
Total Return |
15.34% |
-13.02% |
32.14% |
22.39% |
2.45% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,785 |
$2,721 |
$2,682 |
$1,678 |
$1,196 |
Ratio of Total Expenses to Average Net Assets |
0.08% |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net
Assets |
1.59% |
1.39% |
1.34% |
1.79% |
1.85% |
Portfolio Turnover Rate2 |
8% |
10% |
6% |
9% |
6% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
20211 |
20201 |
20191 | |
Net Asset Value, Beginning of Period |
$65.70 |
$71.54 |
$53.52 |
$54.61 |
$55.60 |
Investment Operations |
|
|
|
|
|
Net Investment Income2 |
1.523 |
1.415 |
1.282 |
1.408 |
1.357 |
Net Realized and Unrealized Gain (Loss) on Investments |
3.964 |
(5.875) |
17.932 |
(1.056) |
(1.054) |
Total from Investment Operations |
5.487 |
(4.460) |
19.214 |
.352 |
.303 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.477) |
(1.380) |
(1.194) |
(1.442) |
(1.293) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(1.477) |
(1.380) |
(1.194) |
(1.442) |
(1.293) |
Net Asset Value, End of Period |
$69.71 |
$65.70 |
$71.54 |
$53.52 |
$54.61 |
Total Return |
8.55% |
-6.32% |
36.32% |
0.75% |
0.60% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,760 |
$5,980 |
$6,569 |
$2,646 |
$1,914 |
Ratio of Total Expenses to Average Net Assets |
0.08% |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net Assets |
2.27% |
2.02% |
1.99% |
2.65% |
2.51% |
Portfolio Turnover Rate3 |
15% |
14% |
19% |
24% |
17% |
|
|
1 |
Adjusted to reflect a 2-for-1 share split effective at the beginning of trading on April 20, 2021. |
2 |
Calculated based on average shares outstanding. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
20211 |
20201 |
20191 | |
Net Asset Value, Beginning of Period |
$60.05 |
$74.77 |
$58.66 |
$41.14 |
$39.89 |
Investment Operations |
|
|
|
|
|
Net Investment Income2 |
.578 |
.523 |
.460 |
.475 |
.481 |
Net Realized and Unrealized Gain (Loss) on Investments |
12.437 |
(14.754) |
16.099 |
17.530 |
1.177 |
Total from Investment Operations |
13.015 |
(14.231) |
16.559 |
18.005 |
1.658 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.555) |
(.489) |
(.449) |
(.485) |
(.408) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.555) |
(.489) |
(.449) |
(.485) |
(.408) |
Net Asset Value, End of Period |
$72.51 |
$60.05 |
$74.77 |
$58.66 |
$41.14 |
Total Return |
21.87% |
-19.11% |
28.40% |
44.18% |
4.20% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$13,652 |
$7,311 |
$7,455 |
$4,951 |
$2,872 |
Ratio of Total Expenses to Average Net Assets |
0.08% |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net Assets |
0.92% |
0.77% |
0.72% |
1.04% |
1.25% |
Portfolio Turnover Rate3 |
14% |
13% |
14% |
14% |
17% |
|
|
1 |
Adjusted to reflect a 4-for-1 share split effective at the beginning of trading on April 20, 2021. |
2 |
Calculated based on average shares outstanding. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
20211 |
20201 |
20191 | |
Net Asset Value, Beginning of Period |
$74.02 |
$91.28 |
$62.69 |
$59.88 |
$69.56 |
Investment Operations |
|
|
|
|
|
Net Investment Income2 |
1.207 |
1.030 |
.865 |
.810 |
.797 |
Net Realized and Unrealized Gain (Loss) on Investments |
2.207 |
(17.254) |
28.550 |
2.815 |
(9.704) |
Total from Investment Operations |
3.414 |
(16.224) |
29.415 |
3.625 |
(8.907) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.154) |
(1.036) |
(.825) |
(.815) |
(.773) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(1.154) |
(1.036) |
(.825) |
(.815) |
(.773) |
Net Asset Value, End of Period |
$76.28 |
$74.02 |
$91.28 |
$62.69 |
$59.88 |
Total Return |
4.75% |
-17.88% |
47.15% |
6.12% |
-12.83% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,455 |
$5,255 |
$6,223 |
$1,802 |
$1,464 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10%3 |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.64% |
1.26% |
1.02% |
1.37% |
1.30% |
Portfolio Turnover Rate4 |
15% |
19% |
23% |
19% |
16% |
|
|
1 |
Adjusted to reflect a 2-for-1 share split effective at the beginning of trading on April 20, 2021. |
2 |
Calculated based on average shares outstanding. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.10%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$126.77 |
$143.88 |
$91.76 |
$99.51 |
$119.05 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.816 |
2.353 |
1.998 |
1.868 |
1.912 |
Net Realized and Unrealized Gain (Loss) on
Investments |
(.234) |
(16.986) |
51.982 |
(7.771) |
(19.589) |
Total from Investment Operations |
2.582 |
(14.633) |
53.980 |
(5.903) |
(17.677) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.692) |
(2.477) |
(1.860) |
(1.847) |
(1.863) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(2.692) |
(2.477) |
(1.860) |
(1.847) |
(1.863) |
Net Asset Value, End of Period |
$126.66 |
$126.77 |
$143.88 |
$91.76 |
$99.51 |
Total Return |
2.19% |
-10.28% |
59.34% |
-6.05% |
-14.93% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$788 |
$837 |
$1,036 |
$303 |
$251 |
Ratio of Total Expenses to Average Net Assets |
0.15%2 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of Net Investment Income to Average Net Assets |
2.27% |
1.71% |
1.52% |
1.99% |
1.83% |
Portfolio Turnover Rate3 |
27% |
28% |
45% |
38% |
27% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.15%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$165.45 |
$222.64 |
$164.83 |
$141.63 |
$160.12 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.499 |
1.137 |
.839 |
1.097 |
.971 |
Net Realized and Unrealized Gain (Loss) on
Investments |
9.702 |
(57.266) |
57.852 |
23.237 |
(18.527) |
Total from Investment Operations |
11.201 |
(56.129) |
58.691 |
24.334 |
(17.556) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.501) |
(1.061) |
(.881) |
(1.134) |
(.934) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(1.501) |
(1.061) |
(.881) |
(1.134) |
(.934) |
Net Asset Value, End of Period |
$175.15 |
$165.45 |
$222.64 |
$164.83 |
$141.63 |
Total Return |
6.87% |
-25.28% |
35.67% |
17.32% |
-10.97% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$784 |
$658 |
$735 |
$371 |
$301 |
Ratio of Total Expenses to Average Net Assets |
0.15%2 |
0.15% |
0.15% |
0.15% |
0.15% |
Ratio of Net Investment Income to Average Net
Assets |
0.90% |
0.61% |
0.40% |
0.75% |
0.68% |
Portfolio Turnover Rate3 |
32% |
33% |
47% |
38% |
28% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.15%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
For a Share Outstanding
Throughout Each Period |
Year Ended August 31, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$177.97 |
$208.13 |
$158.71 |
$133.26 |
$133.98 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
2.897 |
2.662 |
2.385 |
2.416 |
2.312 |
Net Realized and Unrealized Gain (Loss) on
Investments |
22.832 |
(30.247) |
49.386 |
25.494 |
(.730) |
Total from Investment Operations |
25.729 |
(27.585) |
51.771 |
27.910 |
1.582 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.929) |
(2.575) |
(2.351) |
(2.460) |
(2.302) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(2.929) |
(2.575) |
(2.351) |
(2.460) |
(2.302) |
Net Asset Value, End of Period |
$200.77 |
$177.97 |
$208.13 |
$158.71 |
$133.26 |
Total Return |
14.68% |
-13.36% |
32.90% |
21.31% |
1.25% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,802 |
$1,219 |
$1,124 |
$710 |
$463 |
Ratio of Total Expenses to Average Net Assets |
0.10%2 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net
Assets |
1.58% |
1.36% |
1.31% |
1.74% |
1.79% |
Portfolio Turnover Rate3 |
11% |
8% |
10% |
8% |
10% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.10%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Acquired Fund Fees and Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Total World Bond ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
-
% |
-
% |
|
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund
Shares |
- |
- |
|
Based on Market Price |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg Global Aggregate Float Adjusted
Composite Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
-
% |
|
Bloomberg Global Aggregate Float Adjusted Index in
USD
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Plain Talk About Fund Expenses |
All funds have operating expenses. These expenses, which are deducted
from a fund’s gross income, are expressed as a percentage of the net assets
of the fund. Assuming that operating expenses remain as stated in the Fees
and Expenses section, Vanguard Total World Bond ETF Shares’ expense
ratio would be 0.05%, or $0.50 per $1,000 of average net assets. The
average expense ratio for global income funds in 2022 was 0.88%, or $8.80
per $1,000 of average net assets (derived from data provided by Lipper, a
Thomson Reuters Company, which reports on the fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities. These costs can erode a substantial portion of the gross income
or the capital appreciation a fund achieves. Even seemingly small differences
in expenses can, over time, have a dramatic effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to less government
supervision and regulation than their counterparts in the United States.
Further, the imposition of economic or other sanctions on the United States
by a foreign country, or on a foreign country or issuer by the United States,
could impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact in certain investment securities or obtain exposure to foreign
securities and assets. These factors, among others, could negatively affect
the returns U.S. investors receive from foreign investments. |
Plain Talk About U.S. Government-Sponsored Enterprises |
A variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue debt and mortgage-backed securities. Although GSEs may be chartered
or sponsored by acts of Congress, they are not funded by congressional
appropriations. In September of 2008, the U.S. Treasury placed FNMA and
FHLMC under conservatorship and appointed the Federal Housing Finance
Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with FNMA and FHLMC to provide them
with capital in exchange for senior preferred stock. Generally, a GSE’s
securities are neither issued nor guaranteed by the U.S. Treasury and are not
backed by the full faith and credit of the U.S. government. In most cases, these
securities are supported only by the credit of the GSE, standing alone. In some
cases, a GSE’s securities may be supported by the ability of the GSE to
borrow from the U.S. Treasury or may be supported by the U.S. government in
some other way. Securities issued by the Government National Mortgage
Association (GNMA), however, are backed by the full faith and credit of the
U.S. government. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements and foreign currency exchange forward contracts—tend to be
more specialized or complex and may be more difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
Vanguard Fund |
Inception Date |
Vanguard Fund Number |
CUSIP Number |
Vanguard Total World Bond
ETF |
9/4/2018 |
3061 |
92206C565 |
|
Year Ended August 31, |
September 4,
20181 to
August 31,
2019 | |||
2023 |
2022 |
2021 |
2020 | ||
Net Asset Value, Beginning of Period |
$69.58 |
$80.76 |
$81.56 |
$80.97 |
$75.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income2 |
1.623 |
1.912 |
1.108 |
2.125 |
2.004 |
Capital Gain Distributions Received2 |
— |
.327 |
.146 |
— |
— |
Net Realized and Unrealized Gain (Loss) on
Investments |
(1.668) |
(11.356) |
(.929) |
.782 |
6.071 |
Total from Investment Operations |
(.045) |
(9.117) |
.325 |
2.907 |
8.075 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.635) |
(1.984) |
(1.125) |
(2.317) |
(2.105) |
Distributions from Realized Capital Gains |
— |
(.079) |
— |
— |
— |
Total Distributions |
(1.635) |
(2.063) |
(1.125) |
(2.317) |
(2.105) |
Net Asset Value, End of Period |
$67.90 |
$69.58 |
$80.76 |
$81.56 |
$80.97 |
Total Return |
-0.03% |
-11.51% |
0.40% |
3.69% |
11.00% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$678 |
$570 |
$581 |
$448 |
$160 |
Ratio of Total Expenses to Average Net Assets |
— |
— |
— |
— |
—3 |
Acquired Fund Fees and Expenses |
0.05% |
0.05% |
0.06% |
0.06% |
0.06%3 |
Ratio of Net Investment Income to Average Net
Assets |
2.38% |
2.55% |
1.37% |
2.64% |
2.62%3 |
Portfolio Turnover Rate4 |
14% |
13% |
10% |
19% |
8% |
|
|
|
|
|
|
|
|
1 |
Inception. |
2 |
Calculated based on average shares outstanding. |
3 |
Annualized. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
B-1 | |
B-4 | |
B-5 | |
B-34 | |
B-35 | |
B-36 | |
B-62 | |
B-72 | |
B-74 | |
B-75 | |
B-97 | |
B-98 | |
B-100 | |
B-104 |
|
Share Classes1
| |||
Vanguard Fund2
|
Investor |
Admiral |
Institutional |
ETF |
Vanguard Explorer ValueTM Fund |
VEVFX |
— |
— |
— |
Vanguard Short-Term Treasury Index Fund |
— |
VSBSX |
VSBIX |
VGSH |
Vanguard Intermediate-Term Treasury Index Fund |
— |
VSIGX |
VIIGX |
VGIT |
Vanguard Long-Term Treasury Index Fund |
— |
VLGSX |
VLGIX |
VGLT |
Vanguard Short-Term Corporate Bond Index Fund |
— |
VSCSX |
VSTBX |
VCSH |
Vanguard Intermediate-Term Corporate Bond Index Fund |
— |
VICSX |
VICBX |
VCIT |
Vanguard Long-Term Corporate Bond Index Fund |
— |
VLTCX |
VLCIX |
VCLT |
Vanguard Mortgage-Backed Securities Index Fund |
— |
VMBSX |
VMBIX |
VMBS |
Vanguard Total Corporate Bond ETF |
— |
— |
— |
VTC |
Vanguard Russell 1000 Index Fund |
— |
— |
VRNIX |
VONE |
Vanguard Russell 1000 Value Index Fund |
— |
— |
VRVIX |
VONV |
Vanguard Russell 1000 Growth Index Fund |
— |
— |
VRGWX |
VONG |
Vanguard Russell 2000 Index Fund |
— |
— |
VRTIX |
VTWO |
Vanguard Russell 2000 Value Index Fund |
— |
— |
VRTVX |
VTWV |
Vanguard Russell 2000 Growth Index Fund |
— |
— |
VRTGX |
VTWG |
Vanguard Russell 3000 Index Fund |
— |
— |
VRTTX |
VTHR |
Vanguard Total World Bond ETF |
— |
— |
— |
BNDW |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Explorer Value Fund |
$16,125.03 |
$21,500.04 |
$21,500.04 |
Vanguard Intermediate-Term Corporate Bond Index Fund |
14,166.61 |
16,999.93 |
16,999.93 |
Vanguard Intermediate-Term Treasury Index Fund |
14,166.65 |
16,999.93 |
16,999.92 |
Vanguard Long-Term Corporate Bond Index Fund |
14,166.59 |
16,999.92 |
16,999.89 |
Vanguard Long-Term Treasury Index Fund |
14,166.60 |
16,999.91 |
16,999.90 |
Vanguard Mortgage-Backed Securities Index Fund |
14,166.61 |
16,999.95 |
16,999.99 |
Vanguard Russell 1000 Growth Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 1000 Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 1000 Value Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 2000 Growth Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 2000 Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 2000 Value Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Russell 3000 Index Fund |
16,125.03 |
21,500.04 |
21,500.04 |
Vanguard Short-Term Corporate Bond Index Fund |
14,166.56 |
16,999.92 |
16,999.92 |
Vanguard Short-Term Treasury Index Fund |
14,166.62 |
16,999.92 |
16,999.92 |
Vanguard Total Corporate Bond ETF |
14,166.60 |
16,999.92 |
16,999.92 |
Vanguard Total World Bond ETF |
14,166.60 |
16,999.92 |
16,999.92 |
Vanguard Fund |
Capital
Contribution to
Vanguard |
Percentage of
Fund’s
Average
Net Assets |
Percent of
Vanguard Funds’
Contribution |
Vanguard Explorer Value Fund |
$33,000 |
Less than 0.01% |
0.01% |
Vanguard Short-Term Treasury Index Fund |
890,000 |
Less than 0.01 |
0.36 |
Vanguard Intermediate-Term Treasury Index Fund |
694,000 |
Less than 0.01 |
0.28 |
Vanguard Long-Term Treasury Index Fund |
382,000 |
Less than 0.01 |
0.15 |
Vanguard Short-Term Corporate Bond Index Fund |
1,417,000 |
Less than 0.01 |
0.57 |
Vanguard Intermediate-Term Corporate Bond Index Fund |
1,366,000 |
Less than 0.01 |
0.55 |
Vanguard Long-Term Corporate Bond Index Fund |
227,000 |
Less than 0.01 |
0.09 |
Vanguard Mortgage-Backed Securities Index Fund |
581,000 |
Less than 0.01 |
0.23 |
Vanguard Russell 1000 Index Fund |
195,000 |
Less than 0.01 |
0.08 |
Vanguard Russell 1000 Value Index Fund |
272,000 |
Less than 0.01 |
0.11 |
Vanguard Russell 1000 Growth Index Fund |
569,000 |
Less than 0.01 |
0.23 |
Vanguard Russell 2000 Index Fund |
236,000 |
Less than 0.01 |
0.09 |
Vanguard Russell 2000 Value Index Fund |
33,000 |
Less than 0.01 |
0.01 |
Vanguard Russell 2000 Growth Index Fund |
35,000 |
Less than 0.01 |
0.01 |
Vanguard Russell 3000 Index Fund |
94,000 |
Less than 0.01 |
0.04 |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Explorer Value Fund |
|
|
|
Management and Administrative Expenses |
0.21% |
0.20% |
0.20% |
Marketing and Distribution Expenses |
0.02 |
0.01 |
0.01 |
Vanguard Intermediate-Term Corporate Bond Index Fund |
|
|
|
Management and Administrative Expenses |
0.04% |
0.03% |
0.03% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Intermediate-Term Treasury Index Fund |
|
|
|
Management and Administrative Expenses |
0.04% |
0.04% |
0.04% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Long-Term Corporate Bond Index Fund |
|
|
|
Management and Administrative Expenses |
0.03% |
0.03% |
0.03% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Long-Term Treasury Index Fund |
|
|
|
Management and Administrative Expenses |
0.05% |
0.04% |
0.04% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Mortgage-Backed Securities Index Fund |
|
|
|
Management and Administrative Expenses |
0.03% |
0.03% |
0.03% |
Marketing and Distribution Expenses |
0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Russell 1000 Growth Index Fund |
|
|
|
Management and Administrative Expenses |
0.07% |
0.06% |
0.07% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Russell 1000 Index Fund |
|
|
|
Management and Administrative Expenses |
0.06% |
0.05% |
0.06% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Russell 1000 Value Index Fund |
|
|
|
Management and Administrative Expenses |
0.06% |
0.05% |
0.06% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
0.01 |
Vanguard Russell 2000 Growth Index Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
0.01 |
Vanguard Russell 2000 Index Fund |
|
|
|
Management and Administrative Expenses |
0.07% |
0.06% |
0.07% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
0.01 |
Vanguard Russell 2000 Value Index Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.10% |
0.11% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
0.01 |
Vanguard Russell 3000 Index Fund |
|
|
|
Management and Administrative Expenses |
0.08% |
0.06% |
0.05% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Short-Term Corporate Bond Index Fund |
|
|
|
Management and Administrative Expenses |
0.04% |
0.03% |
0.03% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Short-Term Treasury Index Fund |
|
|
|
Management and Administrative Expenses |
0.04% |
0.04% |
0.03% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Interested Trustee1
|
|
|
|
|
Mortimer J. Buckley
(1969) |
Chairman of the
Board, Chief
Executive
Officer, and
President |
January 2018 |
Chairman of the board (2019–present) of Vanguard
and of each of the investment companies served by
Vanguard; chief executive officer (2018–present) of
Vanguard; chief executive officer, president, and
trustee (2018–present) of each of the investment
companies served by Vanguard; president and
director (2017–present) of Vanguard; and president
(2018–present) of Vanguard Marketing Corporation.
Chief investment officer (2013–2017), managing
director (2002–2017), head of the Retail Investor
Group (2006–2012), and chief information officer
(2001–2006) of Vanguard. Member of the board of
governors of the Investment Company Institute and of
FINRA. |
208 |
1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of the Trust. | ||||
Independent Trustees |
|
|
|
|
Tara Bunch
(1962) |
Trustee |
November 2021 |
Head of Global Operations at Airbnb (2020–present).
Vice President of AppleCare (2012–2020). Member of
the board of Out & Equal, the University of California,
Berkeley School of Engineering, and Santa Clara
University’s School of Business. |
208 |
Emerson U. Fullwood
(1948) |
Trustee |
January 2008 |
Executive chief staff and marketing officer for North
America and corporate vice president (retired 2008) of
Xerox Corporation (document management products
and services). Former president of the Worldwide
Channels Group, Latin America, and Worldwide
Customer Service and executive chief staff officer of
Developing Markets of Xerox. Executive in residence
and 2009–2010 Distinguished Minett Professor at the
Rochester Institute of Technology. Member of the
board of directors of the University of Rochester
Medical Center, the Monroe Community College
Foundation, the United Way of Rochester, North
Carolina A&T University, Roberts Wesleyan College,
and the Rochester Philharmonic Orchestra. Trustee of
the University of Rochester. |
208 |
F. Joseph Loughrey
(1949) |
Trustee |
October 2009 |
President and chief operating officer (retired 2009)
and vice chairman of the board (2008–2009) of
Cummins Inc. (industrial machinery). Director of the V
Foundation. Member of the advisory council for the
College of Arts and Letters at the University of Notre
Dame. Chairman of the board of Saint Anselm
College. |
208 |
Mark Loughridge
(1953) |
Lead
Independent
Trustee |
March 2012 |
Senior vice president and chief financial officer (retired
2013) of IBM (information technology services).
Fiduciary member of IBM’s Retirement Plan
Committee (2004–2013), senior vice president and
general manager (2002–2004) of IBM Global
Financing, vice president and controller (1998–2002)
of IBM, and a variety of other prior management roles
at IBM. Member of the Council on Chicago Booth. |
208 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Scott C. Malpass
(1962) |
Trustee |
March 2012 |
Co-founder and managing partner (2022-present) of
Grafton Street Partners (investment advisory firm).
Chief investment officer and vice president of the
University of Notre Dame (retired 2020). Chair of the
board of Catholic Investment Services, Inc.
(investment advisors). Member of the board of
superintendence of the Institute for the Works of
Religion. Member of the Notre Dame 403(b)
Investment Committee and the board of directors of
Paxos Trust Company (finance). |
208 |
Deanna Mulligan
(1963) |
Trustee |
January 2018 |
Chief executive officer of Purposeful (2021–present).
Board chair (2020), chief executive officer
(2011–2020), and president (2010–2019) of The
Guardian Life Insurance Company of America. Chief
operating officer (2010–2011) and executive vice
president (2008–2010) of Individual Life and Disability
of The Guardian Life Insurance Company of America.
Director of DuPont. Member of the board of the
Economic Club of New York. Trustee of the
Partnership for New York City (business leadership),
the Chief Executives for Corporate Purpose, and the
New York-Presbyterian Hospital. |
208 |
André F. Perold
(1952) |
Trustee |
December 2004 |
George Gund Professor of Finance and Banking,
Emeritus at the Harvard Business School (retired
2011). Chief investment officer and partner of
HighVista Strategies LLC (private investment firm).
Board member of RIT Capital Partners (investment
firm). |
208 |
Sarah Bloom Raskin
(1961) |
Trustee |
January 2018 |
Deputy secretary (2014–2017) of the United States
Department of the Treasury. Governor (2010–2014) of
the Federal Reserve Board. Commissioner
(2007–2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice, Duke Law School (2021–present);
Rubenstein Fellow, Duke University (2017–2020);
Distinguished Fellow of the Global Financial Markets
Center, Duke Law School (2020–2022); and Senior
Fellow, Duke Center on Risk (2020–present). Partner
of Kaya Partners (climate policy advisory services).
Member of the board of directors of Arcadia (energy
solution technology). |
208 |
Grant Reid
(1959) |
Trustee |
July 2023 |
Chief executive officer and president (2014–2022) and
member of the board of directors (2015–2022) of
Mars, Incorporated (multinational manufacturer).
Member of the board of directors of Marriott
International, Inc. Chair of Agribusiness Task Force,
Sustainable Markets Initiative. |
208 |
David Thomas
(1956) |
Trustee |
July 2021 |
President of Morehouse College (2018–present).
Professor of Business Administration Emeritus at
Harvard University (2017–2018) and Dean
(2011–2016) and Professor of Management at
Georgetown University, McDonough School of
Business (2016–2017). Director of DTE Energy
Company. Trustee of Common Fund. |
208 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Peter F. Volanakis
(1955) |
Trustee |
July 2009 |
President and chief operating officer (retired 2010) of
Corning Incorporated (communications equipment)
and director of Corning Incorporated (2000–2010) and
Dow Corning (2001–2010). Director (2012) of SPX
Corporation (multi-industry manufacturing). Overseer
of the Amos Tuck School of Business Administration,
Dartmouth College (2001–2013). Member of the BMW
Group Mobility Council. |
208 |
Executive Officers |
|
|
|
|
Jacqueline Angell
(1974) |
Chief
Compliance
Officer |
November 2022 |
Principal of Vanguard. Chief compliance officer
(2022–present) of Vanguard and of each of the
investment companies served by Vanguard. Chief
compliance officer (2018–2022) and deputy chief
compliance officer (2017–2019) of State Street. |
208 |
Christine Buchanan
(1970) |
Chief Financial
Officer |
November 2017 |
Principal of Vanguard. Chief financial officer
(2021–present) and treasurer (2017–2021) of each of
the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and
advisory services). |
208 |
John Galloway
(1973) |
Investment
Stewardship
Officer |
September 2020 |
Principal of Vanguard. Investment stewardship officer
(2020–present) of each of the investment companies
served by Vanguard. Head of Investor Advocacy
(2020–present) and head of Marketing Strategy and
Planning (2017–2020) at Vanguard. Special Assistant
to the President of the United States (2015). |
208 |
Ashley Grim
(1984) |
Treasurer |
February 2022 |
Treasurer (2022–present) of each of the investment
companies served by Vanguard. Fund transfer agent
controller (2019–2022) and director of Audit Services
(2017–2019) at Vanguard. Senior manager
(2015–2017) at PriceWaterhouseCoopers (audit and
assurance, consulting, and tax services). |
208 |
Jodi Miller
(1980) |
Finance Director |
September
2022 |
Principal of Vanguard. Finance director
(2022–present) of each of the investment companies
served by Vanguard. Head of Enterprise Investment
Services (2020–present), Head of Retail Client
Services & Operations (2020–2022), and Head of
Retail Strategic Support (2018–2020) at Vanguard. |
208 |
Anne E. Robinson
(1970) |
Secretary |
September 2016 |
General counsel (2016–present) of Vanguard.
Secretary (2016–present) of Vanguard and of each of
the investment companies served by Vanguard.
Managing director (2016–present) of Vanguard.
Managing director and general counsel of Global
Cards and Consumer Services (2014–2016) at
Citigroup. Counsel (2003–2014) at American Express.
Non-executive director of the board of National Grid
(energy). |
208 |
Michael Rollings
(1963) |
Finance Director |
February 2017 |
Finance director (2017–present) and treasurer (2017)
of each of the investment companies served by
Vanguard. Managing director (2016–present) of
Vanguard. Chief financial officer (2016–present) of
Vanguard. Director (2016–present) of Vanguard
Marketing Corporation. Executive vice president and
chief financial officer (2006–2016) of MassMutual
Financial Group. |
208 |
Trustee |
Aggregate
Compensation From
the Funds1 |
Total Compensation
From All Vanguard
Funds Paid to Trustees2 |
Mortimer J. Buckley |
— |
— |
Tara Bunch |
$10,566 |
$330,000 |
Emerson U. Fullwood |
10,566 |
330,000 |
F. Joseph Loughrey |
11,207 |
350,000 |
Mark Loughridge |
12,810 |
400,000 |
Scott C. Malpass |
10,566 |
330,000 |
Deanna Mulligan |
10,566 |
330,000 |
André F. Perold |
10,566 |
330,000 |
Sarah Bloom Raskin |
11,207 |
350,000 |
Grant Reid3 |
1,006 |
188,571 |
David Thomas |
10,566 |
330,000 |
Peter F. Volanakis |
11,207 |
350,000 |
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Explorer Value Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Intermediate-Term Corporate Bond Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Intermediate-Term Treasury Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Long-Term Corporate Bond Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Long-Term Treasury Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
$1,000 – $10,000 |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Mortgage-Backed Securities Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 1000 Growth Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 1000 Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 1000 Value Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
$1 – $10,000 |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Russell 2000 Growth Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 2000 Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 2000 Value Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Russell 3000 Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Short-Term Corporate Bond Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Short-Term Treasury Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Total Corporate Bond ETF |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Total World Bond ETF |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Explorer Value Fund |
Investor Shares |
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO
COVINGTON, KY |
29.89% |
|
|
GREAT WEST LIFE TEST ACCOUNT
EMPOWER TRUST FBO FBO
SKADDEN ARPS SLATE MEAGHER &
FLOM GREENWOOD VLG, CO |
5.97% |
Vanguard Intermediate-Term Corporate Bond Index
Fund |
Institutional Shares |
ASHLAND ASBESTOS DEFENSE
TRUST NEW YORK, NY |
20.89% |
|
|
ASHLAND EVIRONMENTAL ACCOUNT
NEW YORK, NY |
6.31% |
|
|
MUNICH REINSURANCE AMERICA,
INC. PENSION PLAN PRINCETON, NJ |
7.74% |
|
|
MUNICH REINSURANCE AMERICA,
INC. PENSION PLAN PRINCETON, NJ |
7.72% |
|
|
PACIFIC LIFE FOUNDATION
NEWPORT BEACH, CA |
8.82% |
|
|
SEI PRIVATE TRUST COMPANY C/O
PRINCIPAL FINANCIAL OAKS, PA |
22.86% |
|
|
US BANK NA MILWAUKEE, WI |
6.08% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
9.24% |
Vanguard Intermediate-Term Treasury Index Fund |
Institutional Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
13.26% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
27.80% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
37.74% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.79% |
Vanguard Long-Term Corporate Bond Index Fund |
Institutional Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
20.28% |
|
|
MAC & CO PITTSBURGH, PA |
10.38% |
|
|
NEW YORK UNIVERSITY STAFF
PENSION PLAN
(NON-CONTRIBUTORY) NEW YORK,
NY |
37.27% |
|
|
NEW YORK UNIVERSITY STAFF
PENSION PLAN
(NON-CONTRIBUTORY) NEW YORK,
NY |
37.42% |
|
|
THE NORTHERN TRUST COMPANY
FBO NEW YORK TIMES COMPANY -
GUILD FUND CHICAGO, IL |
17.89% |
|
|
THE NORTHERN TRUST COMPANY
FBO PPA - CASH 4492957 CHICAGO,
IL |
7.33% |
|
|
US BANK NA MILWAUKEE, WI |
5.46% |
|
Admiral Shares |
FIRST NATIONAL BANK OF
NEBRASKA MARIL & CO FBO NG
MILWAUKEE, WI |
15.94% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Long-Term Treasury Index Fund |
Institutional Shares |
BBH-CREDIT SUISSE & LOMBARD
ODIER ACCOUNTS NEW YORK, NY |
5.13% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
44.82% |
|
|
THE NORTHERN TRUST FBO WILLIS
TOWERS WATSON SAVINGS PLAN
CHICAGO, IL |
5.52% |
|
Admiral Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
7.28% |
Vanguard Mortgage-Backed Securities Index Fund |
Institutional Shares |
GOVERNMENT EMPLOYEES HEALTH
ASSOCIATION INC LEES SUMMIT, MO |
9.63% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
33.39% |
|
|
PERSHING LLC JERSEY CITY, NJ |
10.18% |
|
|
PERSHING LLC JERSEY CITY, NJ |
31.84% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
23.54% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
39.79% |
|
|
SEI PRIVATE TRUST COMPANY C/O
TRUIST OAKS, PA |
10.51% |
Vanguard Russell 1000 Growth Index Fund |
Institutional Shares |
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO
COVINGTON, KY |
5.43% |
|
|
MAC & CO PITTSBURGH, PA |
8.48% |
|
|
MG TRUST LEGACY WTRISC FBO
PHX-ONEAMERICA (WI OFFICE)
PHOENIX, AZ |
9.38% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
7.57% |
|
|
SEI PRIVATE TRUST COMPANY C/O
PRINCIPAL FINANCIAL OAKS, PA |
6.18% |
Vanguard Russell 1000 Index Fund |
Institutional Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
29.35% |
|
|
SEI PRIVATE TRUST COMPANY C/O
PRINCIPAL FINANCIAL OAKS, PA |
14.57% |
|
|
THE NORTHERN TRUST COMPANY
FBO THE CONFEDERATE TRIBES OF
THE GRAND RONDE COMMUNITY OF
OREGON CHICAGO, IL |
6.40% |
|
|
US BANK, N.A. MILWAUKEE, WI |
6.75% |
Vanguard Russell 1000 Value Index Fund |
Institutional Shares |
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO
COVINGTON, KY |
6.80% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
13.91% |
|
|
SAXON & CO CLEVELAND, OH |
5.27% |
|
|
SEI PRIVATE TRUST COMPANY C/O
PRINCIPAL FINANCIAL OAKS, PA |
13.23% |
|
|
SEI PRIVATE TRUST COMPANY C/O
TRUIST OAKS, PA |
6.32% |
|
|
TRANSAMERICA RETIREMENT
SOLUTIONS OMNIBUS ACCOUNT
HARRISON, NY |
5.26% |
|
|
US BANK, N.A. MILWAUKEE, WI |
5.03% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Russell 2000 Growth Index Fund |
Institutional Shares |
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO
COVINGTON, KY |
16.57% |
|
|
FIRST CITIZENS BANK MITRA & CO
FBO FCB MILWAUKEE, WI |
6.86% |
|
|
JOHN HANCOCK TRUST COMPANY
LLC BOSTON, MA |
17.26% |
|
|
SEI PRIVATE TRUST COMPANY C/O
M & T OAKS, PA |
14.44% |
|
|
SEI PRIVATE TRUST COMPANY C/O
REGIONS BANK OAKS, PA |
6.73% |
|
|
TRANSAMERICA RETIREMENT
SOLUTIONS OMNIBUS ACCOUNT
HARRISON, NY |
5.77% |
|
|
UBATCO & CO FBO NEBRASKA
EDUCATIONAL SAVINGS LINCOLN,
NE |
19.35% |
Vanguard Russell 2000 Index Fund |
Institutional Shares |
CROWE LLP RETIREMENT PLAN
SOUTH BEND, IN |
6.17% |
|
|
KEY TRUST COMPANY CLEVELAND,
OH |
6.40% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
11.67% |
|
|
TRANSAMERICA RETIREMENT
SOLUTIONS OMNIBUS ACCOUNT
HARRISON, NY |
8.80% |
|
|
US BANK, N.A. MILWAUKEE, WI |
8.64% |
|
|
VOYA INSTITUTIONAL TRUST
COMPANY TTEE FOR CORE MARKET
BRAINTREE, MA |
6.92% |
Vanguard Russell 2000 Value Index Fund |
Institutional Shares |
BMO HARRIS BANK, N.A. MITRA & CO
FBO 98 DC MILWAUKEE, WI |
9.86% |
|
|
JOHN HANCOCK TRUST COMPANY
LLC WESTWOOD, MA |
17.33% |
|
|
KEY TRUST COMPANY CLEVELAND,
OH |
7.31% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
32.75% |
|
|
TRANSAMERICA RETIREMENT
SOLUTIONS OMNIBUS ACCOUNT
HARRISON, NY |
6.84% |
|
|
US BANK, N.A. MILWAUKEE, WI |
22.95% |
Vanguard Russell 3000 Index Fund |
Institutional Shares |
COMMERCE BANK MORI & CO
KANSAS CITY, MO |
8.32% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
38.46% |
|
|
SUTTER INSURANCE SERVICES
CORPORATION HONOLULU, HI |
7.91% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Short-Term Corporate Bond Index Fund |
Institutional Shares |
MAC & CO PITTSBURGH, PA |
5.73% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
28.11% |
|
|
PERSHING LLC JERSEY CITY, NJ |
9.32% |
|
|
SEI PRIVATE TRUST COMPANY C/O
PRINCIPAL FINANCIAL OAKS, PA |
5.56% |
|
|
THE UNIVERSITY OF SOUTH
FLORIDA BOARD OF TRUSTEES
TAMPA, FL |
18.49% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
17.56% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.22% |
Vanguard Short-Term Treasury Index Fund |
Institutional Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.04% |
|
|
US BANK, N.A. MILWAUKEE, WI |
23.06% |
|
Admiral Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.57% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Intermediate-Term Corporate Bond ETF |
Charles Schwab & Co., Inc. |
20.14% |
|
JPMorgan Chase Bank, N.A. |
11.53% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
12.81% |
|
National Financial Services, LLC |
10.51% |
Vanguard Intermediate-Term Treasury ETF |
Charles Schwab & Co., Inc. |
20.29% |
|
JPMorgan Chase Bank, N.A. |
5.12% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
12.62% |
|
National Financial Services, LLC |
21.06% |
|
Pershing, LLC |
5.47% |
|
UBS Financial Services, LLC |
5.61% |
Vanguard Long-Term Corporate Bond ETF |
Charles Schwab & Co., Inc. |
10.54% |
|
Citibank, N.A. |
5.07% |
|
JPMorgan Chase Bank, N.A. |
7.89% |
|
National Financial Services, LLC |
6.61% |
|
State Street Bank and Trust Company |
6.38% |
|
The Bank of New York Mellon |
8.26% |
|
The Northern Trust Company |
11.42% |
|
Vanguard Marketing Corporation |
8.19% |
Vanguard Long-Term Treasury ETF |
Ameriprise Advisor Services, Inc. |
14.71% |
|
Charles Schwab & Co., Inc. |
16.74% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
14.69% |
|
Morgan Stanley DW Inc. |
5.56% |
|
National Financial Services, LLC |
9.47% |
|
Pershing, LLC |
8.13% |
Vanguard Mortgage-Backed Securities ETF |
Charles Schwab & Co., Inc. |
44.13% |
|
JPMorgan Chase Bank, N.A. |
5.00% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
19.68% |
|
National Financial Services, LLC |
8.85% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Russell 1000 ETF |
Charles Schwab & Co., Inc. |
24.97% |
|
National Financial Services, LLC |
8.87% |
|
State Street Bank and Trust Company |
6.36% |
|
UBS Financial Services, LLC |
6.45% |
|
Vanguard Marketing Corporation |
14.94% |
Vanguard Russell 1000 Growth ETF |
Charles Schwab & Co., Inc. |
14.86% |
|
JPMorgan Chase Bank, N.A. |
5.95% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
14.16% |
|
National Financial Services, LLC |
14.87% |
|
UBS Financial Services, LLC |
9.35% |
|
Vanguard Marketing Corporation |
5.64% |
Vanguard Russell 1000 Value ETF |
Charles Schwab & Co., Inc. |
11.45% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
21.41% |
|
Morgan Stanley DW Inc. |
6.23% |
|
National Financial Services, LLC |
10.20% |
|
UBS Financial Services, LLC |
18.47% |
Vanguard Russell 2000 ETF |
BROWN/ETF |
6.96% |
|
Charles Schwab & Co., Inc. |
11.93% |
|
Edward D. Jones & Co. |
6.46% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
18.75% |
|
National Financial Services, LLC |
10.32% |
|
UBS Financial Services, LLC |
10.71% |
|
Vanguard Marketing Corporation |
5.40% |
Vanguard Russell 2000 Growth ETF |
Charles Schwab & Co., Inc. |
21.14% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
7.70% |
|
Morgan Stanley DW Inc. |
5.69% |
|
National Financial Services, LLC |
12.37% |
|
Pershing, LLC |
9.10% |
|
The Bank of New York Mellon |
6.90% |
|
Vanguard Marketing Corporation |
13.61% |
Vanguard Russell 2000 Value ETF |
Ameriprise Advisor Services, Inc. |
6.17% |
|
Charles Schwab & Co., Inc. |
23.92% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
8.76% |
|
Morgan Stanley DW Inc. |
7.60% |
|
National Financial Services, LLC |
14.38% |
|
Pershing, LLC |
5.16% |
|
Vanguard Marketing Corporation |
12.17% |
Vanguard Russell 3000 ETF |
Charles Schwab & Co., Inc. |
16.96% |
|
National Financial Services, LLC |
8.62% |
|
The Bank of New York Mellon |
17.19% |
|
The Northern Trust Company |
10.19% |
|
Vanguard Marketing Corporation |
5.80% |
Vanguard Short-Term Corporate Bond ETF |
Charles Schwab & Co., Inc. |
21.07% |
|
JPMorgan Chase Bank, N.A. |
10.77% |
|
Merrill Lynch, Pierce, Fenner & Smith Incorporated |
11.02% |
|
Morgan Stanley DW Inc. |
5.64% |
|
National Financial Services, LLC |
7.68% |
|
The Bank of New York Mellon |
7.99% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Short-Term Treasury ETF |
Charles Schwab & Co., Inc. |
22.67% |
|
JPMorgan Chase Bank, N.A. |
5.39% |
|
JPMorgan Chase Bank, N.A. |
10.73% |
|
Morgan Stanley DW Inc. |
7.31% |
|
National Financial Services, LLC |
12.16% |
|
Pershing, LLC |
5.43% |
|
The Northern Trust Company |
7.19% |
Vanguard Total Corporate Bond ETF |
Charles Schwab & Co., Inc. |
19.91% |
|
LPL Financial Corporation |
6.54% |
|
National Financial Services, LLC |
12.60% |
|
The Northern Trust Company |
9.05% |
|
UBS Financial Services, LLC |
8.91% |
|
Vanguard Marketing Corporation |
14.69% |
Vanguard Total World Bond ETF |
Charles Schwab & Co., Inc. |
27.26% |
|
CITI/DECV |
6.49% |
|
JPMorgan Chase Bank, N.A. |
10.07% |
|
National Financial Services, LLC |
10.53% |
|
Vanguard Marketing Corporation |
13.50% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Explorer Value Fund |
Fidelity Investments Institutional Operations Co |
29.89% |
Vanguard Mortgage-Backed Securities Index Fund |
Charles Schwab & Co., Inc. |
40.73% |
Vanguard Total World Bond ETF |
Charles Schwab & Co., Inc. |
27.26% |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Eugene Fox III |
Registered investment companies1 |
5 |
$1.7B |
1 |
$959.4M |
|
Other pooled investment vehicles |
3 |
$313B |
0 |
$0 |
|
Other accounts |
34 |
$1.5T |
0 |
$0 |
Robert B. Kirkpatrick |
Registered investment companies1 |
5 |
$1.7B |
1 |
$959.4M |
|
Other pooled investment vehicles |
3 |
$313B |
0 |
$0 |
|
Other accounts |
34 |
$1.5T |
0 |
$0 |
Rachel D. Matthews |
Registered investment companies1 |
5 |
$1.7B |
1 |
$959.4M |
|
Other pooled investment vehicles |
3 |
$313B |
0 |
$0 |
|
Other accounts |
34 |
$1.5T |
0 |
$0 |
Robert F. Fields |
Registered investment companies1 |
5 |
$1.7B |
1 |
$959.4M |
|
Other pooled investment vehicles |
3 |
$313B |
0 |
$0 |
|
Other accounts |
34 |
$1.5T |
0 |
$0 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
William A. Teichner |
Registered investment companies1 |
1 |
$959.4M |
1 |
$959.4M |
|
Other pooled investment vehicles |
1 |
$170.8M |
0 |
$0 |
|
Other accounts |
23 |
$1.8B |
0 |
$0 |
Rushan Jiang |
Registered investment companies1 |
1 |
$959.4M |
1 |
$959.4M |
|
Other pooled investment vehicles |
1 |
$170.8M |
0 |
$0 |
|
Other accounts |
23 |
$1.8B |
0 |
$0 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
John W. Rogers, Jr. |
Registered investment companies1 |
5 |
$4.9B |
1 |
$959.4M |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
134 |
$4.3B |
1 |
$100M |
Kenneth E. Kuhrt |
Registered investment companies1 |
3 |
$3.7B |
1 |
$959.4M |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
54 |
$2.2B |
0 |
$0 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Short-Term Treasury Index Fund |
$345,000 |
$331,000 |
$527,000 |
Vanguard Intermediate-Term Treasury Index Fund |
269,000 |
258,000 |
409,000 |
Vanguard Long-Term Treasury Index Fund |
136,000 |
140,000 |
194,000 |
Vanguard Short-Term Corporate Bond Index Fund |
1,035,000 |
925,000 |
1,006,000 |
Vanguard Intermediate-Term Corporate Bond Index Fund |
1,054,000 |
976,000 |
909,000 |
Vanguard Long-Term Corporate Bond Index Fund |
144,000 |
104,000 |
139,000 |
Vanguard Mortgage-Backed Securities Index Fund |
353,000 |
308,000 |
363,000 |
Vanguard Russell 1000 Index Fund |
693,000 |
636,000 |
125,000 |
Vanguard Russell 1000 Value Index Fund |
860,000 |
1,051,000 |
188,000 |
Vanguard Russell 1000 Growth Index Fund |
1,374,000 |
1,235,000 |
321,000 |
Vanguard Russell 2000 Index Fund |
711,000 |
828,000 |
148,000 |
Vanguard Russell 2000 Value Index Fund |
128,000 |
108,000 |
23,000 |
Vanguard Russell 2000 Growth Index Fund |
199,000 |
93,000 |
22,000 |
Vanguard Russell 3000 Index Fund |
301,000 |
223,000 |
67,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Joshua C. Barrickman |
Registered investment companies1 |
23 |
$1.1T |
0 |
$0 |
|
Other pooled investment vehicles |
1 |
$822.8M |
0 |
$0 |
|
Other accounts |
7 |
$6.0B |
0 |
$0 |
Nick Birkett |
Registered investment companies2 |
22 |
$1.6T |
0 |
$0 |
|
Other pooled investment vehicles |
4 |
$10.0B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Aurélie Denis3 |
Registered investment companies4 |
31 |
$970B |
0 |
$0 |
|
Other pooled investment vehicles |
14 |
$626B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Kenny Narzikul5
|
Registered investment companies6
|
15 |
$179B |
0 |
$0 |
|
Other pooled investment vehicles |
2 |
$2.5B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Walter Nejman |
Registered investment companies7 |
40 |
$2.7T |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$619B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
Securities Lending Activities |
Vanguard Explorer Value Fund |
|
Gross income from securities lending activities |
$42,256 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$399 |
Administrative fees not included in revenue split |
$605 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$0 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$1,004 |
Net income from securities lending activities |
$41,252 |
Vanguard Russell 1000 Growth Index Fund |
|
Gross income from securities lending activities |
$567,788 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$574 |
Administrative fees not included in revenue split |
$8,162 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$2,651 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$11,387 |
Net income from securities lending activities |
$556,401 |
Vanguard Russell 1000 Index Fund |
|
Gross income from securities lending activities |
$665,151 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$457 |
Administrative fees not included in revenue split |
$9,797 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$5,172 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$15,426 |
Net income from securities lending activities |
$649,725 |
Vanguard Russell 1000 Value Index Fund |
|
Gross income from securities lending activities |
$1,769,054 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$1,027 |
Administrative fees not included in revenue split |
$26,530 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$9,850 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$37,407 |
Net income from securities lending activities |
$1,731,647 |
Vanguard Fund |
Securities Lending Activities |
Vanguard Russell 2000 Growth Index Fund |
|
Gross income from securities lending activities |
$2,057,474 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$1,365 |
Administrative fees not included in revenue split |
$30,343 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$6,198 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$37,906 |
Net income from securities lending activities |
$2,019,568 |
Vanguard Russell 2000 Index Fund |
|
Gross income from securities lending activities |
$10,816,007 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$8,267 |
Administrative fees not included in revenue split |
$159,124 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$93,749 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$261,140 |
Net income from securities lending activities |
$10,554,867 |
Vanguard Russell 2000 Value Index Fund |
|
Gross income from securities lending activities |
$1,286,175 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$1,177 |
Administrative fees not included in revenue split |
$18,980 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$4,536 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$24,693 |
Net income from securities lending activities |
$1,261,482 |
Vanguard Russell 3000 Index Fund |
|
Gross income from securities lending activities |
$579,353 |
Fees paid to securities lending agent from a revenue split |
$0 |
Fees paid for any cash collateral management service (including fees deducted from a pooled cash
collateral reinvestment vehicle) that are not included in the revenue split |
$405 |
Administrative fees not included in revenue split |
$8,607 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$898 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$9,910 |
Net income from securities lending activities |
$569,443 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Explorer Value Fund1 |
$767,000 |
$466,000 |
$672,000 |
Vanguard Intermediate-Term Corporate Bond Index Fund2 |
78,000 |
128,000 |
183,000 |
Vanguard Intermediate-Term Treasury Index Fund |
— |
Less than 1,000 |
— |
Vanguard Long-Term Corporate Bond Index Fund2 |
9,000 |
4,000 |
8,000 |
Vanguard Long-Term Treasury Index Fund |
Less than 1,000 |
— |
— |
Vanguard Mortgage-Backed Securities Index Fund |
— |
1,000 |
3,000 |
Vanguard Russell 1000 Growth Index Fund |
32,000 |
33,000 |
93,000 |
Vanguard Russell 1000 Index Fund |
21,000 |
37,000 |
39,000 |
Vanguard Russell 1000 Value Index Fund |
54,000 |
59,000 |
110,000 |
Vanguard Russell 2000 Growth Index Fund |
63,000 |
70,000 |
57,000 |
Vanguard Russell 2000 Index Fund |
157,000 |
426,000 |
350,000 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Russell 2000 Value Index Fund |
52,000 |
73,000 |
71,000 |
Vanguard Russell 3000 Index Fund |
17,000 |
26,000 |
33,000 |
Vanguard Short-Term Corporate Bond Index Fund2 |
75,000 |
77,000 |
120,000 |
Vanguard Short-Term Treasury Index Fund |
— |
— |
— |
Vanguard Total Corporate Bond ETF |
— |
— |
— |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Explorer Value Fund |
— |
— |
Vanguard Intermediate-Term Corporate Bond Index Fund |
— |
— |
Vanguard Intermediate-Term Treasury Index Fund |
— |
— |
Vanguard Long-Term Corporate Bond Index Fund |
— |
— |
Vanguard Long-Term Treasury Index Fund |
— |
— |
Vanguard Mortgage-Backed Securities Index Fund |
BofA Securities, Inc. |
$27,786,000 |
|
Citigroup Global Markets Inc. |
11,177,000 |
|
Goldman Sachs & Co. LLC |
14,724,000 |
|
J.P. Morgan Securities LLC |
59,524,000 |
|
Morgan Stanley & Co. LLC |
14,245,000 |
|
Wells Fargo Securities, LLC |
21,713,000 |
Vanguard Russell 1000 Growth Index Fund |
— |
— |
Vanguard Russell 1000 Index Fund |
BofA Securities, Inc. |
27,786,000 |
|
Citigroup Global Markets Inc. |
11,177,000 |
|
Goldman Sachs & Co. LLC |
14,724,000 |
|
J.P. Morgan Securities LLC |
59,524,000 |
|
Morgan Stanley & Co. LLC |
14,245,000 |
|
Wells Fargo Securities, LLC |
21,713,000 |
Vanguard Russell 1000 Value Index Fund |
BofA Securities, Inc. |
83,477,000 |
|
Citigroup Global Markets Inc. |
33,560,000 |
|
Goldman Sachs & Co. LLC |
44,203,000 |
|
J.P. Morgan Securities LLC |
178,937,000 |
|
Morgan Stanley & Co. LLC |
42,760,000 |
|
Wells Fargo Securities, LLC |
65,241,000 |
Vanguard Russell 2000 Growth Index Fund |
— |
— |
Vanguard Russell 2000 Index Fund |
— |
— |
Vanguard Russell 2000 Value Index Fund |
— |
— |
Vanguard Russell 3000 Index Fund |
BofA Securities, Inc. |
12,949,000 |
|
Citigroup Global Markets Inc. |
5,204,000 |
|
Goldman Sachs & Co. LLC |
6,868,000 |
|
J.P. Morgan Securities LLC |
27,756,000 |
|
Morgan Stanley & Co. LLC |
6,646,000 |
|
Virtu Americas LLC |
106,000 |
|
Wells Fargo Securities, LLC |
10,123,000 |
Vanguard Short-Term Corporate Bond Index Fund |
— |
— |
Vanguard Short-Term Treasury Index Fund |
— |
— |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Total Corporate Bond ETF |
— |
— |
Vanguard Total World Bond ETF |
— |
— |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Albania |
2 |
|
14, 22 |
10, 17,
21 |
1 |
28 |
|
|
5 |
|
28, 29 |
8, 25 |
Argentina |
|
20, 21 |
24 |
6, 7 |
1, 25,
26 |
19, 20 |
|
21 |
|
13, 16 |
20 |
8, 25 |
Australia |
2, 26 |
|
6, 13 |
7, 10,
11, 25 |
1, 29 |
5, 12 |
|
7, 16 |
25 |
2 |
7 |
25, 26 |
Austria |
|
|
|
7, 10 |
1, 29 |
|
|
|
|
26 |
|
25, 26 |
Bahrain** |
1 |
|
|
23 |
1 |
28, 29 |
19, 27 |
|
27 |
|
|
17 |
Bangladesh** |
|
21 |
8, 26 |
19, 23 |
1, 4 |
28, 29 |
|
15 |
6, 28 |
24 |
|
25, 31 |
Belgium |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Benin |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Bermuda |
2 |
|
|
7 |
26 |
19 |
|
3, 4 |
4 |
|
13 |
25, 26 |
Bosnia and
Herzegovina, Fed. of |
2, 3 |
|
1 |
10, 21 |
1, 2 |
28 |
|
|
|
|
|
25 |
Botswana |
2, 3 |
|
|
7, 10 |
1, 18 |
|
17, 18 |
|
|
2 |
|
25, 26 |
Brazil |
|
20-22 |
|
7, 21 |
|
8 |
|
|
7 |
12 |
2, 15 |
29 |
Bulgaria |
2 |
|
3 |
7, 10,
14, 17 |
1, 8,
24 |
|
|
|
6, 22 |
|
|
25-27 |
Burkina Faso |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Canada |
2, 3 |
20 |
|
7 |
22 |
26 |
3 |
7 |
4 |
2, 9 |
13 |
25, 26 |
Chile |
2 |
|
|
7 |
1 |
21, 26 |
|
15 |
18, 19 |
9, 27 |
1 |
8, 25 |
China |
2,
23-27 |
|
|
5 |
1-3 |
22, 23 |
|
|
29 |
2-6 |
|
|
China Connect - Bond
Connect |
2,
23-27 |
|
|
5-7, 10 |
1-3,
25, 26 |
22, 23 |
|
|
29 |
2-6,
20, 23 |
|
22, 25,
26 |
China Connect - Stock
Connect |
2,
23-27 |
|
|
5-7, 10 |
1-3,
25, 26 |
22, 23 |
|
|
29 |
2-6,
20, 23 |
|
22, 25,
26 |
Colombia |
9 |
|
20 |
6, 7 |
1, 22 |
12, 19 |
3, 20 |
7, 21 |
|
16 |
6, 13 |
8 |
Costa Rica |
|
|
|
6, 7,
10 |
1 |
|
24 |
2, 14 |
15 |
|
|
1, 25 |
Croatia |
6 |
|
|
7, 10 |
1, 30 |
8, 22 |
|
15 |
|
|
1 |
25, 26 |
CyprusT |
6 |
27 |
|
7, 10,
14, 17,
18 |
1 |
5 |
|
15 |
|
|
|
25, 26 |
Cyprus |
6 |
27 |
|
7, 10,
14, 17,
18 |
1 |
5 |
|
15 |
|
|
|
25, 26 |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Czech Republic |
2, 16 |
20 |
|
7, 10 |
1, 8,
29 |
19 |
4, 5, 6 |
28 |
4, 28 |
9 |
17, 23 |
25, 26 |
Denmark |
|
|
|
6, 7,
10 |
5, 18,
19, 29 |
5 |
|
|
|
|
|
25, 26 |
Egypt** |
1, 8,
26 |
|
|
16, 17,
21, 22,
25 |
1 |
27-29 |
19, 23 |
|
27 |
|
|
|
Estonia |
|
24 |
|
7, 10 |
1, 18 |
23 |
|
|
|
|
|
25, 26 |
Finland |
6 |
|
|
7, 10 |
1, 18 |
23 |
|
|
|
|
|
6, 25,
26 |
France |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Georgia, Republic of |
2, 19 |
|
3, 8 |
14, 17 |
9, 12,
26 |
|
|
28 |
|
|
23 |
|
Germany |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Ghana |
2, 9 |
|
6 |
7, 10 |
1, 3 |
|
7 |
4 |
21 |
|
|
1, 25,
26 |
Greece |
6 |
27 |
|
7, 10,
14, 17 |
1 |
5 |
|
15 |
|
|
|
25, 26 |
Guinea-Bissau |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Hong Kong |
2,
23-25 |
|
|
5, 7,
10 |
1, 26 |
22 |
|
|
|
2, 23 |
|
25, 26 |
Hungary |
|
|
15 |
7, 10 |
1, 29 |
|
|
|
|
23 |
1 |
25, 26 |
Iceland |
|
|
|
6, 7,
10, 20 |
1, 18,
29 |
|
|
7 |
|
|
|
25, 26 |
India |
26 |
|
7, 22,
30 |
4, 7,
14 |
1, 5 |
28 |
|
15, 16 |
19, 28 |
2, 24 |
14, 27 |
25 |
Indonesia |
23 |
|
22, 23 |
7, 21,
24-26 |
1, 18 |
1, 2,
29 |
19 |
17 |
28 |
|
|
25, 26 |
Ireland |
2 |
|
|
7, 10 |
1 |
|
|
|
|
|
|
22, 25,
26, 29 |
Israel** |
|
|
7 |
5, 6,
9-12,
25, 26 |
25 |
|
27 |
|
17, 24,
25 |
1-5, 31 |
|
|
Italy |
|
|
|
7, 10 |
1 |
|
|
15 |
|
|
|
25, 26 |
Ivory Coast |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Japan |
2, 3, 9 |
23 |
21 |
|
3-5 |
|
17 |
11 |
18 |
9 |
3, 23 |
|
Jordan** |
1 |
|
|
23, 24 |
1, 25 |
27, 28,
29 |
19 |
|
27 |
|
|
25 |
Kazakhstan |
3 |
|
8,
21-23 |
|
1, 8, 9 |
28 |
6 |
30 |
|
25 |
|
18 |
Kenya |
2 |
|
|
7, 10,
21 |
1 |
1, 28,
29 |
|
|
|
10, 20 |
|
12, 25,
26 |
Korea, Republic of |
2, 23,
24 |
|
1 |
|
1, 5 |
6 |
|
15 |
28, 29 |
3, 9 |
|
25 |
Kuwait** |
1 |
19, 26,
27 |
|
23 |
|
28, 29 |
19 |
|
28 |
|
|
|
Latvia |
|
|
|
7, 10 |
1, 4, 5,
18 |
23 |
10 |
|
|
|
20 |
25, 26 |
Lithuania |
|
16 |
|
10 |
1, 18 |
|
6 |
15 |
|
|
1, 2 |
25, 26 |
Luxembourg |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Malawi |
2, 16 |
|
3 |
7, 10,
21 |
1, 15 |
|
6 |
|
|
16 |
|
25, 26 |
Malaysia |
23, 24 |
1 |
|
|
1, 4 |
6, 29 |
19 |
31 |
28 |
|
|
25 |
Mali |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Mauritius |
2, 3 |
1 |
22 |
|
1 |
|
|
|
20 |
|
1, 2 |
25 |
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Mexico |
|
6 |
20 |
6, 7 |
1 |
|
|
|
|
|
2, 20 |
12, 25 |
Morocco |
11 |
|
|
21 |
1 |
28, 29 |
19 |
14, 21 |
28, 29 |
|
6 |
|
Namibia |
2 |
|
21 |
7, 10 |
1, 4,
18, 25 |
|
|
|
|
|
|
11, 25,
26 |
Netherlands |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
New Zealand |
2, 3 |
6 |
|
7, 10,
25 |
|
5 |
14 |
|
|
23 |
|
25, 26 |
Niger |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Nigeria |
2 |
|
|
7, 10,
21 |
1, 29 |
12, 28,
29 |
|
|
28 |
2 |
|
25, 26 |
Norway |
|
|
|
5, 6, 7,
10 |
1, 17,
18, 29 |
|
|
|
|
|
|
25, 26 |
Oman** |
1, 12 |
18 |
22 |
21 |
|
27 |
19 |
|
27 |
|
|
|
Pakistan |
2 |
|
23, 24 |
24, 25 |
1 |
29, 30 |
3, 27,
28 |
14 |
27 |
|
9 |
25 |
Panama |
9 |
20-22 |
|
6, 7 |
1 |
|
|
|
|
|
3, 6,
10, 27 |
8, 25 |
Peru |
|
|
|
6, 7 |
1 |
29 |
28 |
30 |
|
|
1 |
8, 25 |
Philippines |
2 |
|
|
6, 7,
10 |
1 |
12 |
|
21, 28 |
|
|
1, 2,
27 |
8, 25 |
Poland |
6 |
|
|
7, 10 |
1, 3 |
8 |
|
15 |
|
|
1 |
25, 26,
29 |
Portugal |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Qatar** |
1 |
14 |
5 |
23, 24 |
|
28, 29 |
|
|
|
|
|
18 |
Romania |
2, 24 |
|
|
14, 17 |
1 |
1, 5 |
|
15 |
|
|
30 |
1, 25,
26 |
Russia |
2-6 |
23, 24 |
8 |
|
1, 8, 9 |
12 |
|
|
|
|
6 |
|
Saudi Arabia** |
|
22 |
|
23-25 |
|
27-29 |
|
|
|
|
|
|
Senegal |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Serbia |
2, 3 |
15, 16 |
|
14, 17 |
1, 2 |
|
|
|
|
|
|
|
Singapore |
2, 23,
24 |
|
|
7 |
1 |
29 |
|
9 |
|
|
13 |
25 |
Slovak Republic |
6 |
|
|
7, 10 |
1, 8 |
|
5 |
29 |
1, 15 |
|
1, 17 |
25, 26 |
Slovenia |
2 |
8 |
|
7, 10,
27 |
1, 2 |
|
|
15 |
|
31 |
1 |
25, 26 |
South Africa |
2 |
|
21 |
7, 10,
27 |
1 |
16 |
|
9 |
25 |
|
|
25, 26 |
Spain |
|
|
|
7, 10 |
1 |
|
|
|
|
|
|
25, 26 |
Sri Lanka |
6, 16 |
3 |
6 |
5, 7,
13, 14 |
1, 4, 5 |
29 |
3 |
1, 30 |
28, 29 |
|
|
25, 26 |
Srpska, Republic of |
2, 3, 6,
9 |
|
|
14, 17 |
1, 2, 9 |
|
|
|
|
|
21 |
|
Sweden |
5, 6 |
|
|
6, 7,
10 |
1, 17,
18 |
6, 23 |
|
|
|
|
3 |
25, 26 |
Switzerland |
2 |
|
|
7, 10 |
1, 18,
29 |
|
|
1 |
|
|
|
25, 26 |
Taiwan |
2,
18-20,
23-27 |
27, 28 |
|
3-5 |
1 |
22, 23 |
|
|
29 |
9, 10 |
|
|
Tanzania |
12 |
|
|
7, 10,
21, 26 |
1 |
28 |
7 |
8 |
27 |
|
|
25, 26 |
Thailand |
2 |
|
6 |
6, 13,
14 |
1, 4, 5 |
5 |
28 |
1, 14 |
|
13, 23 |
|
5, 11 |
Togo |
|
|
|
10, 19,
21 |
1, 18,
29 |
29 |
|
7, 15 |
27 |
|
1, 15 |
25 |
Tunisia |
|
|
20 |
21 |
1 |
28, 29 |
19, 25 |
|
27 |
|
|
|
Country |
JAN |
FEB |
MAR |
APR |
MAY |
JUN |
JUL |
AUG |
SEP |
OCT |
NOV |
DEC |
Turkey |
|
|
|
20, 21 |
1, 19 |
27-30 |
30 |
|
|
|
|
|
Uganda |
26 |
16 |
8 |
7, 10,
21 |
1 |
9, 28 |
|
|
|
9 |
|
25, 26 |
Ukraine |
|
|
8 |
|
1, 9 |
5, 28 |
|
24 |
|
|
|
25 |
United Arab Emirates -
ADX** |
|
|
|
20, 21 |
|
27-29 |
19 |
|
27 |
|
|
1 |
United Arab Emirates -
DFM** |
|
|
|
20, 21 |
|
27-29 |
19 |
|
27 |
|
|
1 |
United Arab Emirates -
DIFC** |
|
|
|
20, 21 |
|
27-29 |
19 |
|
27 |
|
|
1 |
United Kingdom |
2 |
|
|
7, 10 |
1, 8,
29 |
|
|
28 |
|
|
|
22, 25,
26, 29 |
United States |
2, 16 |
20 |
|
7 |
29 |
19 |
3, 4 |
|
4 |
9 |
23, 24 |
25 |
Uruguay |
6 |
20, 21 |
|
6, 7,
17 |
1, 22 |
19 |
18 |
25 |
|
16 |
2 |
25 |
Vietnam |
2, 20,
23-26 |
|
|
|
1, 2, 3 |
|
|
|
1, 4 |
|
|
|
Zambia |
2 |
|
8, 13 |
7, 10,
28 |
1, 25 |
|
3, 4 |
7 |
|
18, 24 |
|
25 |
Zimbabwe |
2 |
21 |
|
7, 10,
18 |
1, 25 |
|
|
14, 15 |
|
|
|
22, 25,
26 |
Argentina |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Australia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Austria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Bahrain |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Bangladesh |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Belgium |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Bermuda |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Botswana |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/28/2022 |
01/04/2023 |
T+7 |
12/29/2022 |
01/05/2023 |
T+7 |
12/30/2022 |
01/06/2023 |
T+7 |
Botswana |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
07/12/2023 |
07/19/2023 |
T+7 |
07/13/2023 |
07/20/2023 |
T+7 |
07/14/2023 |
07/21/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Brazil |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Bulgaria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Canada |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Chile |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
China A-Share |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
China B-Share |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
01/18/2023 |
01/30/2023 |
T+12 |
01/19/2023 |
01/31/2023 |
T+12 |
01/20/2023 |
02/01/2023 |
T+12 |
04/26/2023 |
05/04/2023 |
T+8 |
04/27/2023 |
05/05/2023 |
T+8 |
04/28/2023 |
05/08/2023 |
T+10 |
06/19/2023 |
06/26/2023 |
T+7 |
06/20/2023 |
06/27/2023 |
T+7 |
06/21/2023 |
06/28/2023 |
T+7 |
09/26/2023 |
10/10/2023 |
T+14 |
09/26/2023 |
10/09/2023 |
T+13 |
09/27/2023 |
10/11/2023 |
T+14 |
09/27/2023 |
10/10/2023 |
T+13 |
09/28/2023 |
10/12/2023 |
T+14 |
09/28/2023 |
10/11/2023 |
T+13 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
China Connect |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Colombia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Costa Rica |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
Croatia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
Cyprus |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/12/2023 |
04/19/2023 |
T+7 |
04/13/2023 |
04/20/2023 |
T+7 |
Czech Republic |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Denmark |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
Egypt |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
Estonia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Finland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
France |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Germany |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Ghana |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Greece |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Hong Kong |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
01/19/2023 |
01/26/2023 |
T+7 |
01/20/2023 |
01/27/2023 |
T+7 |
Hungary |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Iceland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
India |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Indonesia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/19/2023 |
04/27/2023 |
T+8 |
04/20/2023 |
04/28/2023 |
T+8 |
Ireland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Israel |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/06/2023 |
04/13/2023 |
T+7 |
04/07/2023 |
04/14/2023 |
T+7 |
09/28/2023 |
10/06/2023 |
T+8 |
09/29/2023 |
10/09/2023 |
T+10 |
Italy |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Japan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
05/01/2023 |
05/08/2023 |
T+7 |
05/02/2023 |
05/09/2022 |
T+7 |
Jordan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
Kazakhstan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/28/2022 |
01/04/2023 |
T+7 |
12/29/2022 |
01/05/2023 |
T+7 |
12/30/2022 |
01/06/2023 |
T+7 |
03/16/2023 |
03/24/2023 |
T+8 |
03/17/2023 |
03/27/2023 |
T+10 |
03/20/2023 |
03/28/2023 |
T+8 |
Kazakhstan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
05/03/2023 |
05/10/2023 |
T+7 |
05/04/2023 |
05/11/2023 |
T+7 |
05/05/2023 |
05/12/2023 |
T+7 |
Kenya |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Kuwait |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/22/2023 |
06/30/2023 |
T+8 |
06/23/2023 |
07/03/2023 |
T+8 |
06/26/2023 |
07/04/2023 |
T+8 |
Latvia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Lithuania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Luxembourg |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Malawi |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Malaysia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Mauritius |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/28/2022 |
01/04/2023 |
T+7 |
12/29/2022 |
01/05/2023 |
T+7 |
12/30/2022 |
01/06/2023 |
T+7 |
Mexico |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Morocco |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
06/28/2023 |
07/05/2023 |
T+7 |
09/25/2023 |
10/02/2023 |
T+7 |
09/26/2023 |
10/03/2023 |
T+7 |
09/27/2023 |
10/04/2023 |
T+7 |
Namibia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/26/2022 |
01/03/2023 |
T+8 |
12/27/2022 |
01/04/2023 |
T+8 |
12/28/2022 |
01/05/2023 |
T+8 |
12/29/2022 |
01/06/2023 |
T+8 |
12/30/2022 |
01/09/2023 |
T+10 |
03/14/2023 |
03/22/2023 |
T+8 |
03/15/2023 |
03/23/2023 |
T+8 |
03/16/2023 |
03/24/2023 |
T+8 |
03/17/2023 |
03/27/2023 |
T+10 |
03/20/2023 |
03/28/2023 |
T+8 |
03/31/2023 |
04/11/2023 |
T+11 |
04/03/2023 |
04/12/2023 |
T+9 |
04/04/2023 |
04/13/2023 |
T+9 |
04/05/2023 |
04/14/2023 |
T+9 |
04/06/2023 |
04/17/2023 |
T+11 |
04/20/2023 |
04/28/2023 |
T+8 |
04/21/2023 |
05/02/2023 |
T+11 |
04/24/2023 |
05/03/2023 |
T+9 |
04/25/2023 |
05/05/2023 |
T+10 |
04/26/2023 |
05/08/2022 |
T+12 |
04/28/2023 |
05/09/2023 |
T+11 |
05/02/2023 |
05/10/2023 |
T+8 |
05/03/2023 |
05/11/2023 |
T+8 |
05/11/2023 |
05/19/2023 |
T+8 |
05/12/2023 |
05/22/2023 |
T+10 |
05/15/2023 |
05/23/2023 |
T+8 |
05/16/2023 |
05/24/2023 |
T+8 |
05/17/2023 |
05/26/2023 |
T+9 |
05/19/2023 |
05/29/2023 |
T+10 |
05/22/2023 |
05/30/2023 |
T+8 |
05/23/2023 |
05/31/2023 |
T+8 |
05/24/2023 |
06/01/2023 |
T+8 |
06/09/2023 |
06/19/2023 |
T+10 |
06/12/2023 |
06/20/2023 |
T+8 |
06/13/2023 |
06/21/2023 |
T+8 |
06/14/2023 |
06/22/2023 |
T+8 |
06/15/2023 |
06/23/2023 |
T+8 |
08/02/2023 |
08/10/2023 |
T+8 |
08/03/2023 |
08/11/2023 |
T+8 |
08/04/2023 |
08/14/2023 |
T+10 |
08/07/2023 |
08/15/2023 |
T+8 |
08/08/2023 |
08/16/2023 |
T+8 |
09/18/2023 |
09/26/2023 |
T+8 |
09/19/2023 |
09/27/2023 |
T+8 |
Namibia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
09/20/2023 |
09/28/2023 |
T+8 |
09/21/2023 |
09/29/2023 |
T+8 |
09/22/2023 |
10/02/2023 |
T+10 |
12/04/2023 |
12/12/2023 |
T+8 |
12/05/2023 |
12/13/2023 |
T+8 |
12/06/2023 |
12/14/2023 |
T+8 |
12/07/2023 |
12/15/2023 |
T+8 |
12/08/2023 |
12/18/2023 |
T+10 |
12/18/2023 |
12/27/2023 |
T+9 |
12/19/2023 |
12/28/2023 |
T+9 |
12/20/2023 |
12/29/2023 |
T+9 |
12/21/2023 |
01/02/2024 |
T+12 |
12/22/2023 |
01/03/2024 |
T+12 |
Netherlands |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
New Zealand |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Nigeria |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Norway |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/03/2023 |
04/11/2023 |
T+8 |
04/04/2023 |
04/12/2023 |
T+8 |
Oman |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/19/2023 |
04/27/2023 |
T+8 |
04/20/2023 |
04/28/2023 |
T+8 |
04/21/2023 |
05/01/2023 |
T+10 |
Pakistan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/20/2023 |
04/27/2023 |
T+7 |
04/21/2023 |
04/28/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
Panama |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Peru |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Philippines |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/03/2023 |
04/11/2023 |
T+8 |
04/04/2023 |
04/12/2023 |
T+8 |
04/05/2023 |
04/13/2023 |
T+8 |
10/27/2023 |
11/03/2023 |
T+7 |
10/30/2023 |
11/06/2023 |
T+7 |
10/31/2023 |
11/07/2023 |
T+7 |
Poland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Portugal |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Qatar |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
Romania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Russia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
12/28/2022 |
01/09/2023 |
T+12 |
12/29/2022 |
01/10/2023 |
T+12 |
12/30/2022 |
01/11/2023 |
T+12 |
02/20/2023 |
02/27/2023 |
T+7 |
02/21/2023 |
02/28/2023 |
T+7 |
02/22/2023 |
03/01/2023 |
T+7 |
05/03/2023 |
05/10/2023 |
T+7 |
05/04/2023 |
05/11/2023 |
T+7 |
05/05/2023 |
05/12/2023 |
T+7 |
Saudi Arabia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/20/2023 |
04/27/2023 |
T+7 |
04/21/2023 |
04/28/2023 |
T+7 |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
Serbia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Singapore |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Slovak Republic |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Slovenia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
South Africa |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
South Korea |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Spain |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Sri Lanka |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/10/2023 |
04/17/2023 |
T+7 |
04/11/2023 |
04/18/2023 |
T+7 |
04/12/2023 |
04/19/2023 |
T+7 |
05/01/2023 |
05/08/2023 |
T+7 |
05/02/2023 |
05/09/2023 |
T+7 |
05/03/2023 |
05/10/2023 |
T+7 |
09/25/2023 |
10/02/2023 |
T+7 |
09/26/2023 |
10/03/2023 |
T+7 |
09/27/2023 |
10/04/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Sweden |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/03/2023 |
04/11/2023 |
T+8 |
04/04/2023 |
04/12/2023 |
T+8 |
Switzerland |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Taiwan |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
01/18/2023 |
01/30/2023 |
T+12 |
01/19/2023 |
01/31/2023 |
T+12 |
03/30/2023 |
04/06/2023 |
T+7 |
03/31/2023 |
04/07/2023 |
T+7 |
Tanzania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
Tanzania |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Thailand |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Tunisia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/23/2023 |
06/30/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
07/13/2023 |
07/20/2023 |
T+7 |
07/14/2023 |
07/21/2023 |
T+7 |
07/17/2023 |
07/24/2023 |
T+7 |
Turkey |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
06/23/2023 |
07/03/2023 |
T+10 |
06/26/2023 |
07/04/2023 |
T+8 |
Uganda |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
12/20/2023 |
12/27/2023 |
T+7 |
12/21/2023 |
12/28/2023 |
T+7 |
12/22/2023 |
12/29/2023 |
T+7 |
Ukraine |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
United Arab Emirates |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/18/2023 |
04/25/2023 |
T+7 |
04/19/2023 |
04/26/2023 |
T+7 |
06/26/2023 |
07/03/2023 |
T+7 |
06/27/2023 |
07/04/2023 |
T+7 |
United Kingdom |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
United States |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Uruguay |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Vietnam |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
01/18/2023 |
01/27/2023 |
T+9 |
01/19/2023 |
01/30/2023 |
T+11 |
04/27/2023 |
05/04/2023 |
T+7 |
04/28/2023 |
05/05/2023 |
T+7 |
WAEMU |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
No settlement cycles (˃=): T+7 |
Zambia |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
06/28/2023 |
07/05/2023 |
T+7 |
06/29/2023 |
07/06/2023 |
T+7 |
06/30/2023 |
07/07/2023 |
T+7 |
Zimbabwe |
|
|
Redemption Date |
Redemption Settlement Date |
Settlement Period |
04/04/2023 |
04/11/2023 |
T+7 |
04/05/2023 |
04/12/2023 |
T+7 |
04/06/2023 |
04/13/2023 |
T+7 |
08/09/2023 |
08/16/2023 |
T+7 |
08/10/2023 |
08/17/2023 |
T+7 |
08/11/2023 |
08/18/2023 |
T+7 |
12/19/2023 |
12/27/2023 |
T+8 |
12/20/2023 |
12/28/2023 |
T+8 |
12/21/2023 |
12/29/2023 |
T+8 |
(a) |
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, filed with Post-Effective
Amendment No. 56 dated September 4, 2018, is hereby incorporated by reference. |
(b) |
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 63 dated December 17, 2021,
is hereby incorporated by reference. |
(c) |
Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrant’s Amended
and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above. |
(d) |
Investment Advisory Contracts, for Frontier Capital Management Co., LLC (with respect to Vanguard Explorer Value
Fund), filed with Post-Effective Amendment No. 26 on August 18, 2010, is hereby incorporated by reference. For
Ariel Investments, LLC, (with respect to Vanguard Explorer Value Fund), filed with Post-Effective Amendment No. 65
on December 21, 2022, is hereby incorporated by reference. For Cardinal Capital Management, L.L.C., (with
respect to Vanguard Explorer Value Fund), is filed herewith. Amendment to the Investment Advisory Agreement for
Frontier Capital Management Co., LLC, is filed herewith. The Vanguard Group, Inc., provides investment advisory
services to Vanguard Sector Bond Index Funds, Vanguard Russell Index Funds, Vanguard Total Corporate Bond
ETF, and Vanguard Total World Bond ETF pursuant to the Fifth Amended and Restated Funds’ Service Agreement,
refer to Exhibit (h) below. |
(e) |
Underwriting Contracts, not applicable. |
(f) |
Bonus or Profit Sharing Contracts, reference is made to the section entitled “Management of the Funds” in Part B of
this Registration Statement. |
(g) |
Custodian Agreements, for The Bank of New York Mellon, JPMorgan Chase Bank, and State Street Bank and Trust
Company, are filed herewith. |
(h) |
Other Material Contracts, Fifth Amended and Restated Funds’ Service Agreement, filed with Post-Effective
Amendment No. 62 on December 22, 2020, is hereby incorporated by reference. Form of Authorized Participant
Agreement, filed with Post-Effective Amendment No. 26 on August 18, 2010, is hereby incorporated by reference.
Form of Fund of Funds Investment Agreement, filed with Post-Effective Amendment No. 65 on December 21, 2022,
is hereby incorporated by reference. |
(i) |
Legal Opinion, not applicable. |
(j) |
|
(k) |
Omitted Financial Statements, not applicable. |
(l) |
Initial Capital Agreements, not applicable. |
(m) |
Rule 12b-1 Plan, not applicable. |
(n) |
|
(o) |
Reserved. |
(p) |
Codes of Ethics, Frontier Capital Management Co., LLC, and The Vanguard Group, Inc., filed with Post-Effective
Amendment No. 65 on December 21, 2022, are hereby incorporated by reference. For Ariel Investments, LLC, and
Cardinal Capital Management, L.L.C., is filed herewith. |
(a) |
Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal
underwriter of each fund within the Vanguard group of investment companies, a family of over 200 funds. |
(b) |
The principal business address of each named director and officer of Vanguard Marketing Corporation is 100
Vanguard Boulevard, Malvern, PA 19355. |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Matthew J. Benchener |
Vice President and Chief Executive Officer
Designee |
None |
Karin A. Risi |
Vice President |
None |
Thomas M. Rampulla |
Vice President |
None |
Michael Rollings |
Vice President |
Finance Director |
John E. Bisordi |
General Counsel and Vice President |
None |
Tara Buckley |
Vice President and Assistant Secretary |
None |
Matthew C. Brancato |
Vice President |
None |
Mortimer J. Buckley |
President |
Chief Executive Officer and President |
Beth Morales Singh |
Secretary |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Erica Green |
Chief Compliance Officer |
None |
Sarah Green |
Anti-Money Laundering Officer |
None |
Nitin Tandon |
Chief Information Officer |
None |
Manish Nagar |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Principal Financial Officer and Treasurer |
None |
Matthew Tretter |
Principal Operations Officer |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Barbara Bock |
Controller |
None |
Jason Botzler |
Vice President |
None |
Jon Cleborne |
Vice President |
None |
Kaitlyn Holmes |
Vice President |
None |
Andrew Kadjeski |
Vice President |
None |
Amy M. Laursen |
Vice President |
None |
Paul M. Jakubowski |
Vice President |
None |
John James |
Vice President |
None |
James D. Martielli |
Vice President |
None |
Armond E. Mosley |
Vice President |
None |
David Petty |
Vice President |
None |
David MacBride |
Vice President |
None |
Massy Williams |
Vice President |
None |
Jacob Buttery |
Assistant Secretary |
None |
Janelle McDonald |
Vice President |
None |
Parks Strobridge |
Vice President |
None |
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
December 21, 2023 |
/s/ Tara Bunch*
Tara Bunch |
Trustee |
December 21, 2023 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
December 21, 2023 |
/s/ F. Joseph Loughrey*
F. Joseph Loughrey |
Trustee |
December 21, 2023 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
December 21, 2023 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
December 21, 2023 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
December 21, 2023 |
/s/ André F. Perold*
André F. Perold |
Trustee |
December 21, 2023 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
December 21, 2023 |
/s/ Grant Reid*
Grant Reid |
Trustee |
December 21, 2023 |
/s/ David Thomas*
David Thomas |
Trustee |
December 21, 2023 |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
December 21, 2023 |
Signature |
Title |
Date |
/s/ Christine Buchanan*
Christine Buchanan |
Chief Financial Officer |
December 21, 2023 |
INVESTMENT ADVISORY AGREEMENT
THIS AGREEMENT is made as of this 23rd day of June, 2022 (reformed July 6, 2023), between Vanguard Scottsdale Funds, a Delaware statutory trust (the “Trust”), and Cardinal Capital Management L.L.C. (the “Advisor”), a Delaware limited liability company.
W I T N E S S E T H
WHEREAS, the Trust is an open-end, diversified management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”); and
WHEREAS, the Trust offers a series of shares known as Vanguard Explorer Value Fund (the “Fund”); and
WHEREAS, the Trust retained the Advisor to render investment advisory services to the Fund under an Investment Advisory Agreement dated as of March 1, 2010, which was amended March 1, 2014 and further amended on March 1, 2015 (collectively, the “Prior Agreement”); and
WHEREAS, the Trust desires to amend and restate the Prior Agreement in its entirety, and the Advisor is willing to render investment advisory services to the Fund in accordance with such amendments.
NOW THEREFORE, in consideration of the mutual promises and undertakings set forth in this Agreement, the Trust and the Advisor hereby agree as follows:
1.Appointment of Advisor. The Trust hereby employs the Advisor as investment advisor, on the terms and conditions set forth herein, for the portion of the assets of the Fund that the Trust’s Board of Trustees (the “Board of Trustees”) determines in its sole discretion to assign to the Advisor from time to time (referred to in this Agreement as the “Cardinal Portfolio”), as communicated to the Advisor on behalf of the Board of Trustees by The Vanguard Group, Inc. (“Vanguard”). The Board of Trustees may, from time to time, make additions to, and withdrawals from, the assets of the Fund assigned to the Advisor. The Advisor accepts such employment and agrees to render the services herein set forth, for the compensation herein provided.
2.Duties of Advisor. The Trust employs the Advisor to manage the investment and reinvestment of the assets of the Cardinal Portfolio; to continuously review, supervise, and administer an investment program for the Cardinal Portfolio; to determine in its discretion the securities to be purchased or sold and the portion of such assets to be held uninvested; to provide the Fund with all records concerning the activities of the Advisor that the Fund is required to maintain; and to render regular reports to the Trust’s officers and the Board of Trustees concerning the discharge of the foregoing responsibilities. The Advisor will discharge the foregoing responsibilities subject to the supervision and oversight of the Trust’s officers and the Board of Trustees, and in compliance with the objective, policies, and limitations set forth in the Fund’s prospectus and Statement of Additional Information, any additional operating policies or procedures that the Fund communicates to the Advisor in writing, and applicable laws and regulations. The Advisor agrees to provide, at its own expense, the office space, furnishings and equipment, and personnel required by it to perform the services on the terms and for the compensation provided herein.
3.Securities Transactions.
The Advisor is authorized to select the brokers or dealers that will execute purchases and sales of securities for the Cardinal Portfolio, and is directed to seek to obtain best execution for such transactions, consistent with Section 28(e) of the Securities Exchange Act of 1934. In selecting brokers or dealers to execute trades for the Cardinal Portfolio, the Advisor will comply with all applicable statutes, rules, interpretations by the U.S. Securities and Exchange Commission or its staff, other applicable law, and the written policies and procedures established by the Board of Trustees and communicated to the Advisor in writing.4.Compensation of Advisor. For services to be provided by the Advisor pursuant to this Agreement, the Fund will pay to the Advisor, and the Advisor agrees to accept as full compensation therefor, an investment advisory fee consisting of a base fee plus a performance adjustment at the rates specified in Schedule A to this Agreement, payable quarterly in arrears.
5. |
Reports. The Fund and the Advisor agree to furnish to each other current prospectuses, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request, including, but not limited to, information about changes in investment officers of the Advisor who are responsible for managing the Cardinal Portfolio. |
6.Compliance. The Advisor agrees to comply with all Applicable Law and all policies, procedures or reporting requirements that the Board of Trustees reasonably adopts and communicates to the Advisor in writing, including, without limitation, any such policies, procedures, or reporting requirements relating to soft dollar or other brokerage arrangements. “Applicable Law” means (i) the “federal securities laws” as defined in Rule 38a-1(e)(1) under the 1940 Act, as amended from time to time, and (ii) any and all other laws, rules, and regulations, whether foreign or domestic, in each case applicable at any time and from time to time to the investment management operations of the Advisor in relation to the Cardinal Portfolio.
7.Status of Advisor. The services of the Advisor to the Fund are not to be deemed exclusive, and the Advisor will be free to render similar services to others so long as its services to the Fund are not impaired thereby. The Advisor will be deemed to be an independent contractor and will, unless otherwise expressly provided or authorized, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent of the Fund or the Trust.
8.Liability of Advisor. No provision of this Agreement will be deemed to protect the Advisor against any liability to the Fund or its shareholders to which it might otherwise be subject by reason of any willful misfeasance, bad faith, or negligence in the performance of its duties or the reckless disregard of its obligations under this Agreement.
9.Limitations on Consultations. The Advisor is prohibited from consulting with other advisors of the Fund, except Vanguard, concerning transactions for the Fund in securities or other assets.
10.Duration; Termination; Notices; Amendment. This Agreement will become effective on the date hereof and will continue in effect for successive twelve-month periods thereafter, only so long as each such continuance specifically is approved at least annually by the Board of Trustees, including a majority of those Trustees who are not parties to such Agreement or interested persons of any such party, cast at a meeting called for the purpose of voting on such approval such meeting shall be in person as required under Section 15(c) of the 1940 Act unless the Board of Trustees otherwise complies with the terms of an order or other guidance issued by the Securities and Exchange Commission granting an exemption from the in-person meeting requirement (“In-Person Exemptive Order”). In addition, the question of continuance of the Agreement may be presented to the shareholders of the Fund; in such event, such continuance will be effected only if approved by the affirmative vote of a majority of the outstanding voting securities of the Fund.
Notwithstanding the foregoing, however, (i) this Agreement may at any time be terminated without payment of any penalty either by vote of the Board of Trustees or by vote of a majority of the outstanding voting securities of the Fund, on thirty days’ written notice to the Advisor, (ii) this Agreement will automatically terminate in the event of its assignment, and (iii) this Agreement may be terminated by the Advisor on ninety days’ written notice to the Fund. Any notice under this Agreement will be given in writing, emailed, addressed and delivered, or mailed postpaid, to the other party as follows:
If to the Fund, at:
Vanguard Explorer Value Fund
400 Devon Park Drive
Wayne, PA 19087
Attention: Daniel Reyes, V11
Telephone: 610-503-6123
Facsimile: 610-503-5855
Email: daniel.reyes@vanguard.com
If to the Advisor, at:
Cardinal Capital Management L.L.C.
Four Greenwich Office Park
Greenwich, CT 06831
Attention: Ross Weissman, CPA
Telephone: 203-485-7181
Email: rweissman@cardcap.com
This Agreement may be amended by mutual consent, but the consent of the Trust must be approved (i) by a majority of those members of the Board of Trustees who are not parties to this Agreement or interested persons of any such party, cast in person (or as otherwise permitted under the terms of an In-Person Exemptive Order) at a meeting called for the purpose of voting on such amendment (or as otherwise permitted under the terms of an In-Person Exemptive Order), and (ii) to the extent required by the 1940 Act, by a vote of a majority of the outstanding voting securities of the Fund.
As used in this Section 10, the terms “assignment,” “interested persons,” and “vote of a majority of the outstanding voting securities” will have the respective meanings set forth in Section 2(a)(4), Section 2(a)(19) and Section 2(a)(42) of the 1940 Act.
11.Severability. If any provision of this Agreement will be held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement will not be affected thereby.
12.Confidentiality. The Advisor shall keep confidential any and all information obtained in connection with the services rendered hereunder and relating directly or indirectly to the Fund, the Trust, or Vanguard and shall not disclose any such information to any person other than the Trust, the Board of Trustees, Vanguard, and any director, officer, or employee of the Trust or Vanguard, except (i) with the prior written consent of the Trust, (ii) as required by law, regulation, court order or the rules or regulations of any self-regulatory organization, governmental body, or official having jurisdiction over the Advisor, or (iii) for information that is publicly available other than due to disclosure by the Advisor or its affiliates or becomes known to the Advisor from a source other than the Trust, the Board of Trustees, or Vanguard.
13.Proxy Policy. The Advisor shall vote proxies solicited by or with respect to the issuers of securities in which the Cardinal Capital Portfolio may be invested in accordance with the Advisor’s proxy voting policies and procedures in a manner that complies with applicable law and regulations, and any additional operating policies or procedures that the Fund communicates to the Advisor in writing.
14.Governing Law. All questions concerning the validity, meaning, and effect of this Agreement shall be determined in accordance with the laws (without giving effect to the conflict-of-law principles thereof) of the State of Delaware applicable to contracts made and to be performed in that state.
15.Electronic Signatures. The parties agree that this Agreement and any documents related hereto may be electronically signed. The parties agree that any electronic signatures appearing on this Agreement and any related documents are the same as handwritten signatures for the purposes of validity, enforceability, and admissibility.
IN WITNESS WHEREOF, the parties hereto have caused this Investment Advisory Agreement to be executed as of the date first set forth herein.
Cardinal Capital Management L.L.C. |
Vanguard Scottsdale Funds |
/s/ Robert Kirkpatrick _______________________________ Signature
Robert Kirkpatrick ____________________________ Print Name
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/s/ Mortimer J. Buckley _______________________________ Signature
Mortimer J. Buckley ____________________________ Print Name
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0217488, v0.6
AMENDMENT NO. 1 TO INVESTMENT ADVISORY AGREEMENTS
This AMENDMENT NO. 1, effective as of October 1, 2019, (this “Amendment”) to each Investment Advisory Agreement by and between each investment company (each, a “Trust”) listed on Schedule A hereto (“Schedule A”), on behalf of its respective series listed on Schedule A (each, a “Fund”), and Frontier Capital Management Co., LLC (the “Advisor”).
WITNESSETH:
WHEREAS, the parties hereto have entered into each Investment Advisory Agreement listed on Schedule A, dated as of the respective date listed on Schedule A (each, an “Agreement”), pursuant to which the Advisor has agreed to render investment advisory services to the respective Fund; and
WHEREAS, each Agreement may be amended by mutual consent; and
WHEREAS, the parties desire to modify each Agreement’s Proxy Policy section listed on Schedule A (each, a “Proxy Policy Section”);
NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties hereto, intending to be legally bound, hereby agree as follows:
1.Defined Terms. Unless otherwise defined herein, capitalized terms in this Amendment shall have the meanings assigned in the respective Agreement.
2.Amendment of Agreement. As of the date of this Amendment, or such later date as may be determined by a Fund, the language following “Proxy Policy.” in each Proxy Policy Section of each Agreement is hereby deleted and replaced with the following:
The Advisor shall vote proxies solicited by or with respect to the issuers of securities in which the Frontier Capital Portfolio may be invested in accordance with the Advisor’s proxy voting policies and procedures in a manner that complies with applicable law and regulations, and any additional operating policies or procedures that the Fund communicates to the Advisor in writing.
3.No Other Modifications. Except as specifically modified hereby, each Agreement remains in full force and effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the date first set forth herein.
FRONTIER CAPITAL MANAGEMENT CO., LLC
By: _/s/Robert Phay_______
Name: Robert Phay
Title: Chief Compliance Officer
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Vanguard SCOTTSDALE FundS
Vanguard Whitehall Funds
Each On behalf of Its series
Set forth on Exhibit A attached hereto
By: _/s/Mortimer J. Buckley_________
Name: Mortimer J. Buckley
Title: Chairman and Chief Executive Officer
Schedule A-- Investment Advisory Agreements
Dated |
Trust |
Fund |
Proxy Policy Section |
3/30/2010 |
Vanguard Scottsdale Funds |
Vanguard Explorer Value Fund |
13
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12/17/2018 |
Vanguard Whitehall Funds |
Vanguard Mid-Cap Growth Fund |
13
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CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of Vanguard Scottsdale Funds of our reports dated October 18, 2023, relating to the financial statements and financial highlights, which appear in Vanguard Total Corporate Bond ETF, Vanguard Russell 1000 Index Fund, Vanguard Russell 1000 Value Index Fund, and Vanguard Russell 1000 Growth Index Fund’s Annual Reports on Form N-CSR for the year ended August 31, 2023, and of our reports dated October 19, 2023, relating to the financial statements and financial highlights, which appear in Vanguard Explorer Value Fund, Vanguard Short-Term Treasury Index Fund, Vanguard Intermediate-Term Treasury Index Fund, Vanguard Long-Term Treasury Index Fund, Vanguard Short-Term Corporate Bond Index Fund, Vanguard Intermediate-Term Corporate Bond Index Fund, Vanguard Long-Term Corporate Bond Index Fund, Vanguard Mortgage-Backed Securities Index Fund, Vanguard Russell 2000 Index Fund, Vanguard Russell 2000 Value Index Fund, Vanguard Russell 2000 Growth Index Fund, Vanguard Russell 3000 Index Fund and Vanguard Total World Bond ETF’s Annual Reports on Form N-CSR for the year ended August 31, 2023. We also consent to the references to us under the headings “Financial Statements”, “Service Providers—Independent Registered Public Accounting Firm” and “Financial Highlights” in such Registration Statement.
/s/PricewaterhouseCoopers LLP
Philadelphia, Pennsylvania
December 20, 2023
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