|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Treasury Fund Investor Shares |
|
|
|
Return Before Taxes |
%3.96 |
%2.05 |
%1.42 |
Return After Taxes on Distributions |
3.07 |
1.30 |
0.89 |
Return After Taxes on Distributions and Sale of Fund Shares |
2.38 |
1.24 |
0.87 |
Vanguard Short-Term Treasury Fund Admiral Shares |
|
|
|
Return Before Taxes |
%4.06 |
%2.15 |
%1.52 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 1-5 Year Treasury Bond Index |
%4.38 |
%2.35 |
%1.79 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Federal Fund Investor Shares |
|
|
|
Return Before Taxes |
%4.35 |
%2.30 |
%1.72 |
Return After Taxes on Distributions |
3.63 |
1.57 |
1.13 |
Return After Taxes on Distributions and Sale of Fund Shares |
2.57 |
1.44 |
1.08 |
Vanguard Short-Term Federal Fund Admiral Shares |
|
|
|
Return Before Taxes |
%4.45 |
%2.40 |
%1.82 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 1-5 Year Government Bond Index |
%4.34 |
%2.35 |
%1.79 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
%- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Investment-Grade Fund
Investor Shares |
|
|
|
Return Before Taxes |
%5.14 |
%3.28 |
2.66% |
Return After Taxes on Distributions |
4.18 |
2.27 |
1.69 |
Return After Taxes on Distributions and Sale of Fund Shares |
3.03 |
2.07 |
1.63 |
Vanguard Short-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
%5.25 |
%3.38 |
2.76% |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 1-5 Year Credit Bond Index |
%5.19 |
%3.54 |
%3.04 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Treasury Fund
Investor Shares |
|
|
|
Return Before Taxes |
%8.21 |
%3.61 |
%3.28 |
Return After Taxes on Distributions |
6.30 |
2.48 |
2.22 |
Return After Taxes on Distributions and Sale of Fund Shares |
5.01 |
2.30 |
2.15 |
Vanguard Intermediate-Term Treasury Fund
Admiral Shares |
|
|
|
Return Before Taxes |
%8.32 |
%3.71 |
%3.39 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 5-10 Year Treasury Bond Index |
%9.09 |
%4.17 |
%4.05 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
% |
|
12b-1 Distribution Fee |
|
|
Other Expenses |
% |
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Intermediate-Term Investment-Grade Fund
Investor Shares |
|
|
|
Return Before Taxes |
%10.31 |
%5.54 |
%4.99 |
Return After Taxes on Distributions |
8.05 |
3.98 |
3.35 |
Return After Taxes on Distributions and Sale of Fund Shares |
6.34 |
3.60 |
3.22 |
Vanguard Intermediate-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
%10.42 |
%5.64 |
%5.10 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 5-10 Year Credit Bond Index |
%9.49 |
%6.40 |
%5.69 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard GNMA Fund Investor Shares |
|
|
|
Return Before Taxes |
%3.73 |
%2.81 |
%2.95 |
Return After Taxes on Distributions |
2.94 |
1.69 |
1.77 |
Return After Taxes on Distributions and Sale of Fund Shares |
2.20 |
1.65 |
1.77 |
Vanguard GNMA Fund Admiral Shares |
|
|
|
Return Before Taxes |
%3.83 |
%2.92 |
%3.06 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. GNMA Bond Index |
%3.68 |
%2.78 |
%2.92 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Treasury Fund Investor Shares |
|
|
|
Return Before Taxes |
%18.29 |
%7.79 |
%7.64 |
Return After Taxes on Distributions |
14.76 |
6.03 |
5.83 |
Return After Taxes on Distributions and Sale of Fund Shares |
11.89 |
5.40 |
5.38 |
Vanguard Long-Term Treasury Fund Admiral Shares |
|
|
|
Return Before Taxes |
%18.41 |
%7.90 |
%7.75 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. Long Treasury Bond Index |
%17.70 |
%7.85 |
%7.80 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
|
|
|
- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Long-Term Investment-Grade Fund
Investor Shares |
|
|
|
Return Before Taxes |
%15.36 |
%9.53 |
%8.42 |
Return After Taxes on Distributions |
12.72 |
7.25 |
6.14 |
Return After Taxes on Distributions and Sale of Fund Shares |
9.57 |
6.48 |
5.68 |
Vanguard Long-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
%15.48 |
%9.64 |
%8.53 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. Long Credit A or Better Bond Index |
%14.46 |
%9.28 |
%8.19 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
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 |
Primary Investments |
Expected
Dollar-Weighted
Average Maturity |
Short-Term Treasury |
U.S. Treasury bonds |
1–4 years |
Short-Term Federal |
U.S. government agency bonds |
1–4 years |
Short-Term Investment-Grade |
Investment-grade bonds |
1–4 years |
Intermediate-Term Treasury |
U.S. Treasury bonds |
5–10 years |
Intermediate-Term Investment-Grade |
Investment-grade bonds |
5–10 years |
GNMA |
GNMA pass-through certificates |
Generally 3–10 years |
Long-Term Treasury |
U.S. Treasury bonds |
15–30 years |
Long-Term Investment-Grade |
Investment-grade bonds |
Generally 15–30 years |
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 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 Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder must replace it with another
bond that may have a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
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. |
Vanguard Fund |
Issued or Backed
by U.S. Gov’t. or
its Agencies and
Instrumentalities |
High or
Highest
Quality
(Non-Gov’t.) |
Upper-
Medium
Quality |
Medium
Quality |
Non-
Investment-
Grade |
Short-Term Treasury |
100% |
0% |
0% |
0% |
0% |
Short-Term Federal |
100% |
0% |
0% |
0% |
0% |
Short-Term
Investment-Grade |
—————————At least 80%——————————— |
No more
than 5% | |||
Intermediate-Term
Treasury |
100% |
0% |
0% |
0% |
0% |
Intermediate-Term
Investment-Grade |
—————————At least 80%——————————— |
No more
than 5% | |||
GNMA |
100% |
0% |
0% |
0% |
0% |
Long-Term Treasury |
100% |
0% |
0% |
0% |
0% |
Long-Term
Investment-Grade |
—————————At least 65%—————— |
No more
than 30% |
No more
than 5% |
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. |
|
Short-,
Intermediate-,
and Long-Term
Treasury Funds |
Short-Term
Federal Fund |
Short-,
Intermediate-,
and Long-Term
Investment-
Grade Funds |
GNMA
Fund |
Corporate Debt Obligations |
|
|
• |
|
U.S. Government & Agency Bonds |
• |
• |
• |
• |
Municipal Bonds |
|
|
• |
|
Mortgage-Backed Securities |
• |
• |
• |
• |
Mortgage Dollar Rolls |
• |
• |
• |
• |
Cash Equivalent Investments Including
Repurchase Agreements |
•1 |
•1 |
• |
•1 |
Futures, Options, and Other Derivatives |
• |
• |
• |
• |
Asset-Backed Securities |
|
• |
• |
|
International Dollar-Denominated Bonds |
|
|
• |
|
Foreign Currency Bonds |
|
|
• |
|
Preferred Stocks |
|
|
• |
|
Convertible Securities |
|
|
• |
|
Collateralized Mortgage Obligations
(CMOs) |
• |
• |
• |
• |
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 |
The Vanguard Group 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. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.64 |
$10.48 |
$10.49 |
$10.65 |
$10.73 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.0701 |
0.2451 |
0.2271 |
0.1271 |
0.094 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.286 |
0.160 |
(0.009) |
(0.160) |
(0.048) |
Total from Investment Operations |
0.356 |
0.405 |
0.218 |
(0.033) |
0.046 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.070) |
(0.245) |
(0.228) |
(0.127) |
(0.094) |
Distributions from Realized Capital Gains |
(0.156) |
— |
— |
— |
(0.032) |
Total Distributions |
(0.226) |
(0.245) |
(0.228) |
(0.127) |
(0.126) |
Net Asset Value, End of Period |
$10.77 |
$10.64 |
$10.48 |
$10.49 |
$10.65 |
Total Return2 |
3.35% |
3.91% |
2.11% |
–0.31% |
0.43% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$701 |
$655 |
$671 |
$737 |
$900 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
0.64% |
2.30% |
2.18% |
1.20% |
0.87% |
Portfolio Turnover Rate3 |
357% |
340% |
282% |
280% |
249% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.64 |
$10.48 |
$10.49 |
$10.65 |
$10.73 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.0791 |
0.2541 |
0.2381 |
0.1381 |
0.105 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.288 |
0.162 |
(0.010) |
(0.160) |
(0.048) |
Total from Investment Operations |
0.367 |
0.416 |
0.228 |
(0.022) |
0.057 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.081) |
(0.256) |
(0.238) |
(0.138) |
(0.105) |
Distributions from Realized Capital Gains |
(0.156) |
— |
— |
— |
(0.032) |
Total Distributions |
(0.237) |
(0.256) |
(0.238) |
(0.138) |
(0.137) |
Net Asset Value, End of Period |
$10.77 |
$10.64 |
$10.48 |
$10.49 |
$10.65 |
Total Return2 |
3.46% |
4.01% |
2.21% |
–0.21% |
0.53% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$7,818 |
$8,243 |
$7,385 |
$7,044 |
$6,805 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
0.73% |
2.40% |
2.28% |
1.30% |
0.97% |
Portfolio Turnover Rate3 |
357% |
340% |
282% |
280% |
249% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.79 |
$10.57 |
$10.55 |
$10.70 |
$10.79 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1251 |
0.2461 |
0.2081 |
0.1421 |
0.116 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.274 |
0.221 |
0.021 |
(0.144) |
(0.063) |
Total from Investment Operations |
0.399 |
0.467 |
0.229 |
(0.002) |
0.053 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.127) |
(0.247) |
(0.209) |
(0.142) |
(0.116) |
Distributions from Realized Capital Gains |
(0.042) |
— |
— |
(0.006) |
(0.027) |
Total Distributions |
(0.169) |
(0.247) |
(0.209) |
(0.148) |
(0.143) |
Net Asset Value, End of Period |
$11.02 |
$10.79 |
$10.57 |
$10.55 |
$10.70 |
Total Return2 |
3.71% |
4.46% |
2.20% |
–0.02% |
0.49% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$767 |
$623 |
$622 |
$719 |
$827 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.14% |
2.30% |
1.98% |
1.33% |
1.07% |
Portfolio Turnover Rate3 |
663% |
499% |
327% |
211% |
304% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.79 |
$10.57 |
$10.55 |
$10.70 |
$10.79 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1301 |
0.2571 |
0.2191 |
0.1531 |
0.127 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.280 |
0.220 |
0.020 |
(0.144) |
(0.063) |
Total from Investment Operations |
0.410 |
0.477 |
0.239 |
0.009 |
0.064 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.138) |
(0.257) |
(0.219) |
(0.153) |
(0.127) |
Distributions from Realized Capital Gains |
(0.042) |
— |
— |
(0.006) |
(0.027) |
Total Distributions |
(0.180) |
(0.257) |
(0.219) |
(0.159) |
(0.154) |
Net Asset Value, End of Period |
$11.02 |
$10.79 |
$10.57 |
$10.55 |
$10.70 |
Total Return2 |
3.81% |
4.56% |
2.30% |
0.08% |
0.59% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$7,280 |
$4,371 |
$3,963 |
$4,239 |
$4,819 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.19% |
2.40% |
2.08% |
1.43% |
1.17% |
Portfolio Turnover Rate3 |
663% |
499% |
327% |
211% |
304% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
$10.60 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2331 |
0.2971 |
0.2831 |
0.2241 |
0.213 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.225 |
0.304 |
(0.069) |
(0.087) |
0.053 |
Total from Investment Operations |
0.458 |
0.601 |
0.214 |
0.137 |
0.266 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.238) |
(0.301) |
(0.284) |
(0.215) |
(0.205) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.002) |
(0.011) |
Total Distributions |
(0.238) |
(0.301) |
(0.284) |
(0.217) |
(0.216) |
Net Asset Value, End of Period |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
Total Return2 |
4.29% |
5.79% |
2.07% |
1.29% |
2.52% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$8,617 |
$8,179 |
$7,846 |
$9,333 |
$9,558 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.14% |
2.78% |
2.71% |
2.11% |
2.00% |
Portfolio Turnover Rate |
89%3 |
76%3 |
71%3 |
86% |
68% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
$10.60 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2441 |
0.3081 |
0.2941 |
0.2361 |
0.224 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.225 |
0.304 |
(0.070) |
(0.088) |
0.053 |
Total from Investment Operations |
0.469 |
0.612 |
0.224 |
0.148 |
0.277 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.249) |
(0.312) |
(0.294) |
(0.226) |
(0.216) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.002) |
(0.011) |
Total Distributions |
(0.249) |
(0.312) |
(0.294) |
(0.228) |
(0.227) |
Net Asset Value, End of Period |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
Total Return2 |
4.39% |
5.90% |
2.17% |
1.39% |
2.62% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$51,282 |
$44,211 |
$40,218 |
$42,156 |
$38,564 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net
Assets |
2.23% |
2.88% |
2.81% |
2.21% |
2.10% |
Portfolio Turnover Rate |
89%3 |
76%3 |
71%3 |
86% |
68% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.57 |
$10.96 |
$10.88 |
$11.11 |
$11.51 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1291 |
0.2551 |
0.2601 |
0.1981 |
0.177 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.507 |
0.611 |
0.081 |
(0.230) |
(0.271) |
Total from Investment Operations |
0.636 |
0.866 |
0.341 |
(0.032) |
(0.094) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.127) |
(0.256) |
(0.261) |
(0.198) |
(0.177) |
Distributions from Realized Capital Gains |
(0.429) |
— |
— |
— |
(0.129) |
Total Distributions |
(0.556) |
(0.256) |
(0.261) |
(0.198) |
(0.306) |
Net Asset Value, End of Period |
$11.65 |
$11.57 |
$10.96 |
$10.88 |
$11.11 |
Total Return2 |
5.50% |
7.98% |
3.20% |
–0.31% |
–0.84% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$953 |
$917 |
$837 |
$967 |
$1,185 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.07% |
2.27% |
2.42% |
1.78% |
1.53% |
Portfolio Turnover Rate3 |
309% |
214% |
231% |
181% |
152% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.57 |
$10.96 |
$10.88 |
$11.11 |
$11.51 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1391 |
0.2671 |
0.2721 |
0.2101 |
0.188 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.509 |
0.610 |
0.080 |
(0.230) |
(0.271) |
Total from Investment Operations |
0.648 |
0.877 |
0.352 |
(0.020) |
(0.083) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.139) |
(0.267) |
(0.272) |
(0.210) |
(0.188) |
Distributions from Realized Capital Gains |
(0.429) |
— |
— |
— |
(0.129) |
Total Distributions |
(0.568) |
(0.267) |
(0.272) |
(0.210) |
(0.317) |
Net Asset Value, End of Period |
$11.65 |
$11.57 |
$10.96 |
$10.88 |
$11.11 |
Total Return2 |
5.60% |
8.09% |
3.30% |
–0.21% |
–0.74% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,237 |
$5,452 |
$4,976 |
$5,100 |
$5,190 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.16% |
2.37% |
2.52% |
1.88% |
1.63% |
Portfolio Turnover Rate3 |
309% |
214% |
231% |
181% |
152% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.23 |
$9.52 |
$9.61 |
$9.66 |
$9.72 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2521 |
0.3001 |
0.3001 |
0.2771 |
0.278 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.500 |
0.711 |
(0.087) |
(0.034) |
0.030 |
Total from Investment Operations |
0.752 |
1.011 |
0.213 |
0.243 |
0.308 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.257) |
(0.301) |
(0.303) |
(0.274) |
(0.276) |
Distributions from Realized Capital Gains |
(0.335) |
— |
— |
(0.016) |
(0.092) |
Total Distributions |
(0.592) |
(0.301) |
(0.303) |
(0.290) |
(0.368) |
Net Asset Value, End of Period |
$10.39 |
$10.23 |
$9.52 |
$9.61 |
$9.66 |
Total Return2 |
7.49% |
10.76% |
2.31% |
2.47% |
3.16% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,305 |
$2,459 |
$2,115 |
$2,472 |
$2,671 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.41% |
3.03% |
3.20% |
2.84% |
2.80% |
Portfolio Turnover Rate |
113%3, 4 |
114%3 |
73%3 |
63% |
68% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.23 |
$9.52 |
$9.61 |
$9.66 |
$9.72 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2611 |
0.3091 |
0.3101 |
0.2881 |
0.288 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.501 |
0.712 |
(0.087) |
(0.039) |
0.030 |
Total from Investment Operations |
0.762 |
1.021 |
0.223 |
0.249 |
0.318 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.267) |
(0.311) |
(0.313) |
(0.283) |
(0.286) |
Distributions from Realized Capital Gains |
(0.335) |
— |
— |
(0.016) |
(0.092) |
Total Distributions |
(0.602) |
(0.311) |
(0.313) |
(0.299) |
(0.378) |
Net Asset Value, End of Period |
$10.39 |
$10.23 |
$9.52 |
$9.61 |
$9.66 |
Total Return2 |
7.59% |
10.87% |
2.41% |
2.58% |
3.27% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$35,093 |
$31,146 |
$27,011 |
$27,000 |
$25,145 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net
Assets |
2.50% |
3.13% |
3.30% |
2.94% |
2.90% |
Portfolio Turnover Rate |
113%3, 4 |
114%3 |
73%3 |
63% |
68% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
$10.77 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1781 |
0.2851 |
0.2981 |
0.2841 |
0.236 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.157 |
0.272 |
(0.011) |
(0.193) |
(0.183) |
Total from Investment Operations |
0.335 |
0.557 |
0.287 |
0.091 |
0.053 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.176) |
(0.287) |
(0.297) |
(0.281) |
(0.237) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
(0.076) |
Return of Capital |
(0.009) |
— |
— |
— |
— |
Total Distributions |
(0.185) |
(0.287) |
(0.297) |
(0.281) |
(0.313) |
Net Asset Value, End of Period |
$10.73 |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
Total Return2 |
3.17% |
5.46% |
2.85% |
0.85% |
0.49% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$7,719 |
$7,365 |
$6,715 |
$7,598 |
$7,993 |
Ratio of Total Expenses to Average Net Assets |
0.21% |
0.21% |
0.21% |
0.21% |
0.21% |
Ratio of Net Investment Income to Average Net Assets |
1.66% |
2.71% |
2.93% |
2.70% |
2.19% |
Portfolio Turnover Rate3 |
638% |
616% |
415% |
620% |
926% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
$10.77 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1841 |
0.2951 |
0.3091 |
0.2941 |
0.247 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.161 |
0.272 |
(0.012) |
(0.192) |
(0.183) |
Total from Investment Operations |
0.345 |
0.567 |
0.297 |
0.102 |
0.064 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.185) |
(0.297) |
(0.307) |
(0.292) |
(0.248) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
(0.076) |
Return of Capital |
(0.010) |
— |
— |
— |
— |
Total Distributions |
(0.195) |
(0.297) |
(0.307) |
(0.292) |
(0.324) |
Net Asset Value, End of Period |
$10.73 |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
Total Return2 |
3.28% |
5.57% |
2.95% |
0.95% |
0.59% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$19,602 |
$17,356 |
$14,706 |
$16,491 |
$17,613 |
Ratio of Total Expenses to Average Net Assets |
0.11% |
0.11% |
0.11% |
0.11% |
0.11% |
Ratio of Net Investment Income to Average Net
Assets |
1.72% |
2.81% |
3.03% |
2.80% |
2.29% |
Portfolio Turnover Rate3 |
638% |
616% |
415% |
620% |
926% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$14.05 |
$11.86 |
$11.96 |
$11.79 |
$12.80 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2731 |
0.3311 |
0.3341 |
0.3281 |
0.332 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.677 |
2.226 |
(0.100) |
0.170 |
(0.725) |
Total from Investment Operations |
0.950 |
2.557 |
0.234 |
0.498 |
(0.393) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.273) |
(0.331) |
(0.334) |
(0.328) |
(0.332) |
Distributions from Realized Capital Gains |
(1.177) |
(0.036) |
— |
— |
(0.285) |
Total Distributions |
(1.450) |
(0.367) |
(0.334) |
(0.328) |
(0.617) |
Net Asset Value, End of Period |
$13.55 |
$14.05 |
$11.86 |
$11.96 |
$11.79 |
Total Return2 |
6.41% |
21.84% |
2.05% |
4.21% |
–3.21% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$931 |
$971 |
$794 |
$882 |
$995 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.79% |
2.55% |
2.89% |
2.70% |
2.53% |
Portfolio Turnover Rate3 |
172% |
96%4 |
122% |
103%4 |
94% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$14.05 |
$11.86 |
$11.96 |
$11.79 |
$12.80 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2881 |
0.3441 |
0.3461 |
0.3401 |
0.345 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.677 |
2.226 |
(0.100) |
0.170 |
(0.725) |
Total from Investment Operations |
0.965 |
2.570 |
0.246 |
0.510 |
(0.380) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.288) |
(0.344) |
(0.346) |
(0.340) |
(0.345) |
Distributions from Realized Capital Gains |
(1.177) |
(0.036) |
— |
— |
(0.285) |
Total Distributions |
(1.465) |
(0.380) |
(0.346) |
(0.340) |
(0.630) |
Net Asset Value, End of Period |
$13.55 |
$14.05 |
$11.86 |
$11.96 |
$11.79 |
Total Return2 |
6.51% |
21.96% |
2.16% |
4.32% |
–3.12% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,292 |
$3,071 |
$2,532 |
$2,588 |
$2,509 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.89% |
2.65% |
2.99% |
2.80% |
2.63% |
Portfolio Turnover Rate3 |
172% |
96%4 |
122% |
103%4 |
94% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.48 |
$9.79 |
$10.40 |
$10.06 |
$10.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.3491 |
0.3811 |
0.3971 |
0.4051 |
0.416 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.399 |
1.854 |
(0.560) |
0.520 |
0.260 |
Total from Investment Operations |
0.748 |
2.235 |
(0.163) |
0.925 |
0.676 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.368) |
(0.399) |
(0.413) |
(0.421) |
(0.435) |
Distributions from Realized Capital Gains |
(0.440) |
(0.146) |
(0.034) |
(0.164) |
(0.181) |
Total Distributions |
(0.808) |
(0.545) |
(0.447) |
(0.585) |
(0.616) |
Net Asset Value, End of Period |
$11.42 |
$11.48 |
$9.79 |
$10.40 |
$10.06 |
Total Return2 |
6.54% |
23.31% |
–1.45% |
9.28% |
6.71% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$5,070 |
$4,942 |
$4,098 |
$4,570 |
$4,069 |
Ratio of Total Expenses to Average Net Assets |
0.22% |
0.22% |
0.22% |
0.22% |
0.22% |
Ratio of Net Investment Income to Average Net Assets |
2.97% |
3.57% |
4.08% |
3.87% |
3.92% |
Portfolio Turnover Rate |
30% |
34%3 |
32%3 |
27% |
24% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$11.48 |
$9.79 |
$10.40 |
$10.06 |
$10.00 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.3611 |
0.3921 |
0.4071 |
0.4151 |
0.426 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.399 |
1.853 |
(0.560) |
0.520 |
0.260 |
Total from Investment Operations |
0.760 |
2.245 |
(0.153) |
0.935 |
0.686 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.380) |
(0.409) |
(0.423) |
(0.431) |
(0.445) |
Distributions from Realized Capital Gains |
(0.440) |
(0.146) |
(0.034) |
(0.164) |
(0.181) |
Total Distributions |
(0.820) |
(0.555) |
(0.457) |
(0.595) |
(0.626) |
Net Asset Value, End of Period |
$11.42 |
$11.48 |
$9.79 |
$10.40 |
$10.06 |
Total Return2 |
6.64% |
23.43% |
–1.35% |
9.39% |
6.82% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$15,455 |
$15,335 |
$12,820 |
$11,925 |
$10,336 |
Ratio of Total Expenses to Average Net Assets |
0.12% |
0.12% |
0.12% |
0.12% |
0.11% |
Ratio of Net Investment Income to Average Net
Assets |
3.07% |
3.67% |
4.18% |
3.97% |
4.03% |
Portfolio Turnover Rate |
30% |
34%3 |
32%3 |
27% |
24% |
Web |
|
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|
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Short-Term Treasury Fund | ||||
Investor Shares |
10/28/1991 |
STTsry |
32 |
922031703 |
Admiral Shares |
2/13/2001 |
STsryAdml |
532 |
922031851 |
Short-Term Federal Fund | ||||
Investor Shares |
12/31/1987 |
STFed |
49 |
922031604 |
Admiral Shares |
2/12/2001 |
STFedAdml |
549 |
922031844 |
Short-Term Investment-Grade Fund | ||||
Investor Shares |
10/29/1982 |
STIGrade |
39 |
922031406 |
Admiral Shares |
2/12/2001 |
STIGradeAdml |
539 |
922031836 |
Intermediate-Term Treasury Fund | ||||
Investor Shares |
10/28/1991 |
ITTsry |
35 |
922031802 |
Admiral Shares |
2/12/2001 |
ITsryAdml |
535 |
922031828 |
Intermediate-Term Investment-Grade Fund | ||||
Investor Shares |
11/1/1993 |
ITIGrade |
71 |
922031885 |
Admiral Shares |
2/12/2001 |
ITIGradeAdml |
571 |
922031810 |
GNMA Fund | ||||
Investor Shares |
6/27/1980 |
GNMA |
36 |
922031307 |
Admiral Shares |
2/12/2001 |
GNMAAdml |
536 |
922031794 |
Long-Term Treasury Fund | ||||
Investor Shares |
5/19/1986 |
LTTsry |
83 |
922031505 |
Admiral Shares |
2/12/2001 |
LTsryAdml |
583 |
922031786 |
Long-Term Investment-Grade Fund | ||||
Investor Shares |
7/9/1973 |
LTIGrade |
28 |
922031109 |
Admiral Shares |
2/12/2001 |
LTIGradeAdml |
568 |
922031778 |
| |
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 |
Since
Inception
(Sept. 26,
2017) |
Vanguard Real Estate II Index Fund Institutional
Plus Shares |
|
|
Return Before Taxes |
%4.60– |
%5.01 |
Return After Taxes on Distributions |
5.50– |
3.74 |
Return After Taxes on Distributions and Sale of Fund Shares |
2.74– |
3.29 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
Real Estate Spliced Index |
–4.55% |
5.07% |
MSCI US Investable Market Real Estate 25/50 Index |
4.55– |
5.92 |
Dow Jones U.S. Total Stock Market Float Adjusted Index |
20.79 |
15.69 |
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 Real Estate II Index Fund’s
expense ratio would be 0.08%, or $8.00 per $1,000 of average net assets.
The average expense ratio for real estate funds in 2021 was 1.17%, or
$11.70 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 REITs |
Rather than directly owning properties—which can be costly and difficult to
convert into cash when needed—some investors buy shares in a company
that owns and manages real estate. Such a company is known as a real
estate investment trust, or REIT. Unlike corporations, REITs do not have to
pay income taxes if they meet certain Internal Revenue Code requirements.
To qualify, a REIT must distribute at least 90% of its taxable income to its
shareholders and receive at least 75% of that income from rents,
mortgages, and sales of property. REITs offer investors greater liquidity and
diversification than direct ownership of a handful of properties. REITs also
offer the potential for higher income than an investment in common stocks
would provide. As with any investment in real estate, however, a REIT’s
performance depends on specific factors, such as the company’s ability to
find tenants for its properties, to renew leases, and to finance property
purchases and renovations. That said, returns from REITs may not
correspond to returns from direct property ownership. |
Plain Talk About Types of REITs |
An equity REIT generally owns properties directly. Equity REITs typically
generate income from rental and lease payments, and they offer the
potential for growth from property appreciation as well as occasional capital
gains from the sale of property. A mortgage REIT makes loans to commercial
real estate developers. Mortgage REITs earn interest income and are subject
to credit risk (i.e., the chance that a developer will fail to repay a loan). A
hybrid REIT holds both properties and mortgages. The Fund invests in equity
REITs and other real estate-related investments. |
Fund Allocation by REIT Type |
Percentage of Fund |
Specialized |
%38.8 |
Residential |
13.5 |
Industrial |
11.0 |
Retail |
9.3 |
Health Care |
8.8 |
Office |
7.5 |
Diversified |
3.6 |
Real Estate Services |
3.6 |
Hotel & Resort |
3.1 |
Real Estate Development |
0.3 |
Real Estate Operating Companies |
0.2 |
Diversified Real Estate Activities |
0.2 |
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 |
The Vanguard Group 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. |
Plain Talk About Return of Capital |
The Internal Revenue Code requires a REIT to distribute at least 90% of its
taxable income to investors. In many cases, however, because of “noncash”
expenses such as property depreciation, an equity REIT’s cash flow will
exceed its taxable income. The REIT may distribute this excess cash to
investors. Such a distribution is classified as a return of capital. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account, 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 January 31, |
Sept. 26,
20171 to
Jan. 31,
2018 | ||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$22.64 |
$20.10 |
$19.17 |
$20.00 |
Investment Operations |
|
|
|
|
Net Investment Income2 |
0.471 |
0.571 |
0.611 |
0.268 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.808) |
2.752 |
1.176 |
(0.834) |
Total from Investment Operations |
(1.337) |
3.323 |
1.787 |
(0.566) |
Distributions |
|
|
|
|
Dividends from Net Investment Income |
(0.465) |
(0.590) |
(0.626) |
(0.225) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.030) |
Return of Capital |
(0.338) |
(0.193) |
(0.231) |
(0.009) |
Total Distributions |
(0.803) |
(0.783) |
(0.857) |
(0.264) |
Net Asset Value, End of Period |
$20.50 |
$22.64 |
$20.10 |
$19.17 |
Total Return |
–5.70% |
16.78% |
9.68% |
–2.89% |
Ratios/Supplemental Data |
|
|
|
|
Net Assets, End of Period (Millions) |
$7,400 |
$7,848 |
$6,719 |
$6,126 |
Ratio of Total Expenses to Average Net Assets |
0.08% |
0.08% |
0.08% |
0.08%3 |
Ratio of Net Investment Income to Average Net Assets |
2.41% |
2.63% |
3.22% |
3.84%3 |
Portfolio Turnover Rate |
4% |
3% |
23% |
1% |
|
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Real Estate II Index Fund |
9/26/2017 |
REIIIxInsP |
2023 |
922031695 |
| |
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 GNMA Fund Investor Shares |
%3.73 |
%2.81 |
%2.95 |
Comparative Indexes
(reflect no deduction for fees or expenses) |
|
|
|
Bloomberg Barclays U.S. GNMA Bond Index |
%3.68 |
%2.78 |
%2.92 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a contract owner, 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 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 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 |
The Vanguard Group 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. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
$10.77 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1781 |
0.2851 |
0.2981 |
0.2841 |
0.236 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.157 |
0.272 |
(0.011) |
(0.193) |
(0.183) |
Total from Investment Operations |
0.335 |
0.557 |
0.287 |
0.091 |
0.053 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.176) |
(0.287) |
(0.297) |
(0.281) |
(0.237) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
(0.076) |
Return of Capital |
(0.009) |
— |
— |
— |
— |
Total Distributions |
(0.185) |
(0.287) |
(0.297) |
(0.281) |
(0.313) |
Net Asset Value, End of Period |
$10.73 |
$10.58 |
$10.31 |
$10.32 |
$10.51 |
Total Return2 |
3.17% |
5.46% |
2.85% |
0.85% |
0.49% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$7,719 |
$7,365 |
$6,715 |
$7,598 |
$7,993 |
Ratio of Total Expenses to Average Net Assets |
0.21% |
0.21% |
0.21% |
0.21% |
0.21% |
Ratio of Net Investment Income to Average Net Assets |
1.66% |
2.71% |
2.93% |
2.70% |
2.19% |
Portfolio Turnover Rate3 |
638% |
616% |
415% |
620% |
926% |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
%- |
|
|
1 Year |
5 Years |
10 Years |
Vanguard High-Yield Corporate Fund Investor Shares |
|
|
|
Return Before Taxes |
%5.28 |
%7.08 |
%6.40 |
Return After Taxes on Distributions |
3.24 |
4.73 |
3.96 |
Return After Taxes on Distributions and Sale of Fund Shares |
3.05 |
4.38 |
3.86 |
Vanguard High-Yield Corporate Fund Admiral Shares |
|
|
|
Return Before Taxes |
%5.39 |
%7.18 |
%6.50 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. Corporate High Yield Bond Index |
%7.11 |
%8.59 |
%6.80 |
High-Yield Corporate Composite Index |
7.53 |
7.93 |
6.57 |
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 High-Yield Corporate Fund’s
expense ratios would be as follows: for Investor Shares, 0.23%, or $2.30 per
$1,000 of average net assets; for Admiral Shares, 0.13%, or $1.30 per
$1,000 of average net assets. The average expense ratio for high yield funds
in 2020 was 0.99%, or $9.90 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 High-Yield Bonds |
High-yield bonds, or “junk bonds,” are issued by companies or other entities
whose ability to pay interest and principal on the debt in a timely manner is
considered questionable. Such bonds are rated “below investment-grade” by
independent rating agencies. Because they are riskier than investment-grade
bonds, high-yield bonds typically must pay more interest to attract investors.
Some high-yield bonds are issued by smaller, less-seasoned companies,
while others are issued as part of a corporate restructuring, such as an
acquisition, a merger, or a leveraged buyout. Some high-yield bonds were
once rated as investment-grade but have been downgraded to junk bond
status because of financial difficulties experienced by their issuers.
Conversely, an issuer’s improving financial condition may result in an
upgrading of its junk bonds to investment-grade status. |
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 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 Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder must replace it with another
bond that may have a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
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. |
Credit Quality |
Percentage of Fund’s Net Assets1 |
U.S. Government |
4.4% |
Baa |
4.4 |
Ba |
53.1 |
B |
29.5 |
Caa |
6.9 |
Ca |
0.1 |
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 |
The Vanguard Group 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. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$5.94 |
$5.67 |
$5.91 |
$5.86 |
$5.46 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2591 |
0.3021 |
0.3171 |
0.3091 |
0.315 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.034 |
0.278 |
(0.230) |
0.048 |
0.404 |
Total from Investment Operations |
0.293 |
0.580 |
0.087 |
0.357 |
0.719 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.273) |
(0.310) |
(0.327) |
(0.307) |
(0.317) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
(0.002) |
Total Distributions |
(0.273) |
(0.310) |
(0.327) |
(0.307) |
(0.319) |
Net Asset Value, End of Period |
$5.96 |
$5.94 |
$5.67 |
$5.91 |
$5.86 |
Total Return2 |
5.22% |
10.45% |
1.61% |
6.19% |
13.43% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,877 |
$4,102 |
$3,557 |
$4,146 |
$4,064 |
Ratio of Total Expenses to Average Net Assets |
0.23% |
0.23% |
0.23% |
0.23% |
0.23% |
Ratio of Net Investment Income to Average Net Assets |
4.51% |
5.16% |
5.55% |
5.20% |
5.48% |
Portfolio Turnover Rate |
38% |
28% |
21% |
27% |
26% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$5.94 |
$5.67 |
$5.91 |
$5.86 |
$5.46 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2651 |
0.3081 |
0.3231 |
0.3141 |
0.320 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.033 |
0.278 |
(0.230) |
0.049 |
0.404 |
Total from Investment Operations |
0.298 |
0.586 |
0.093 |
0.363 |
0.724 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.278) |
(0.316) |
(0.333) |
(0.313) |
(0.322) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
(0.002) |
Total Distributions |
(0.278) |
(0.316) |
(0.333) |
(0.313) |
(0.324) |
Net Asset Value, End of Period |
$5.96 |
$5.94 |
$5.67 |
$5.91 |
$5.86 |
Total Return2 |
5.32% |
10.55% |
1.71% |
6.29% |
13.54% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$24,798 |
$22,701 |
$19,285 |
$20,721 |
$17,718 |
Ratio of Total Expenses to Average Net Assets |
0.13% |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of Net Investment Income to Average Net
Assets |
4.60% |
5.26% |
5.65% |
5.30% |
5.58% |
Portfolio Turnover Rate |
38% |
28% |
21% |
27% |
26% |
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 | |
Vanguard Tele-Account®
800-662-6273 |
For automated fund and account information
Toll-free, 24 hours a day, 7 days a week |
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
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888-809-8102 |
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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 |
|
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
High-Yield Corporate Fund | ||||
Investor Shares |
12/27/1978 |
HYCor |
29 |
922031208 |
Admiral Shares |
11/12/2001 |
HYCorpAdml |
529 |
922031760 |
| |
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 Investment-Grade Fund
Institutional Shares |
|
|
|
Return Before Taxes |
%5.28 |
%3.41 |
%2.79 |
Return After Taxes on Distributions |
4.26 |
2.35 |
1.77 |
Return After Taxes on Distributions and Sale of Fund Shares |
3.11 |
2.14 |
1.71 |
Comparative Indexes
(reflect no deduction for fees, expenses, or taxes) |
|
|
|
Bloomberg Barclays U.S. 1-5 Year Credit Bond Index |
%5.19 |
%3.54 |
%3.04 |
Bloomberg Barclays U.S. Aggregate Bond Index |
7.51 |
4.44 |
3.84 |
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. |
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 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 Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder must replace it with another
bond that may have a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
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. |
Credit Ratings of the Fund’s Investments (Percentage of Fund Assets Under Normal Circumstances) | ||||
Issued or Backed
by U.S. Gov’t. or its
Agencies and
Instrumentalities |
High or
Highest
Quality
(Non-Gov’t.) |
Upper
Medium Quality |
Medium Quality |
Non-
Investment-
Grade |
————————————At least 80%————————————— |
No more
than 5% |
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. |
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 |
The Vanguard Group 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. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
$10.60 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2461 |
0.3111 |
0.2971 |
0.2401 |
0.227 |
Net Realized and Unrealized Gain (Loss) on
Investments |
0.226 |
0.304 |
(0.070) |
(0.089) |
0.053 |
Total from Investment Operations |
0.472 |
0.615 |
0.227 |
0.151 |
0.280 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.252) |
(0.315) |
(0.297) |
(0.229) |
(0.219) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.002) |
(0.011) |
Total Distributions |
(0.252) |
(0.315) |
(0.297) |
(0.231) |
(0.230) |
Net Asset Value, End of Period |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
$10.65 |
Total Return |
4.42% |
5.93% |
2.20% |
1.42% |
2.65% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$14,267 |
$10,830 |
$10,100 |
$11,566 |
$9,949 |
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 |
2.25% |
2.91% |
2.84% |
2.24% |
2.13% |
Portfolio Turnover Rate |
89%2 |
76%2 |
71%2 |
86% |
68% |
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 | |
Vanguard Tele-Account®
800-662-6273 |
For automated fund and account information
Toll-free, 24 hours a day, 7 days a week |
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 |
|
Inception Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Short-Term
Investment-Grade Fund |
|
|
|
|
Institutional Shares |
9/30/1997
(Investor Shares
10/29/1982) |
STIGradeInst |
858 |
922031877 |
|
Investor Shares |
Admiral Shares |
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 $10,000) |
$ |
$ |
|
Investor Shares |
Admiral Shares |
Management Fees |
|
|
12b-1 Distribution Fee |
|
|
Other Expenses |
|
|
Total Annual Fund Operating Expenses |
|
|
|
1 Year |
3 Years |
5 Years |
10 Years |
Investor Shares |
$ |
$ |
$ |
$ |
Admiral Shares |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
%- |
|
|
1 Year |
5 Years |
Since
Inception
(Feb. 24,
2015) |
Vanguard Ultra-Short-Term Bond Fund Investor Shares |
|
|
|
Return Before Taxes |
%1.95 |
%1.95 |
1.70% |
Return After Taxes on Distributions |
1.31 |
1.22 |
1.04 |
Return After Taxes on Distributions and Sale of Fund Shares |
1.15 |
1.17 |
1.01 |
Vanguard Ultra-Short-Term Bond Fund Admiral Shares |
|
|
|
Return Before Taxes |
%2.10 |
%2.05 |
1.80% |
Comparative Benchmarks |
|
|
|
Bloomberg Barclays U.S. Treasury Bellwethers: 1 Year Index
(reflects no deduction for fees, expenses, or taxes) |
%1.77 |
%1.64 |
1.44% |
Bloomberg Barclays U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
7.51 |
4.44 |
3.67 |
Ultra-Short Obligations Funds Average
(reflects no deduction for taxes) |
1.43 |
1.67 |
1.42 |
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 Ultra-Short-Term Bond Fund’s
expense ratios would be as follows: for Investor Shares, 0.20%, or $2.00 per
$1,000 of average net assets; for Admiral Shares, 0.10%, or $1.00 per
$1,000 of average net assets. The average expense ratio for ultra-short
obligations funds in 2020 was 0.45%, or $4.50 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. |
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 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 Callable Bonds |
Although bonds are issued with clearly defined maturities, in some cases the
bond issuer has a right to call in (redeem) the bond earlier than its maturity
date. When a bond is called, the bondholder must replace it with another
bond that may have a lower yield than the original bond. One way for bond
investors to protect themselves against call risk is to purchase a bond early
in its lifetime, long before its call date. Another way is to buy bonds with
lower coupon rates or interest rates, which make them less likely to
be called. |
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 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. |
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 |
The Vanguard Group 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. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$10.04 |
$9.98 |
$9.97 |
$10.00 |
$9.99 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.1271 |
0.2521 |
0.2271 |
0.1541 |
0.106 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.053 |
0.065 |
0.003 |
(0.037) |
0.006 |
Total from Investment Operations |
0.180 |
0.317 |
0.230 |
0.117 |
0.112 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.140) |
(0.257) |
(0.220) |
(0.145) |
(0.102) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.002) |
— |
Total Distributions |
(0.140) |
(0.257) |
(0.220) |
(0.147) |
(0.102) |
Net Asset Value, End of Period |
$10.08 |
$10.04 |
$9.98 |
$9.97 |
$10.00 |
Total Return2 |
1.81% |
3.21% |
2.34% |
1.17% |
1.13% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$728 |
$471 |
$309 |
$179 |
$131 |
Ratio of Total Expenses to Average Net Assets |
0.20% |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.27% |
2.53% |
2.28% |
1.54% |
1.11% |
Portfolio Turnover Rate |
60%3 |
70% |
61% |
70% |
81% |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2021 |
2020 |
2019 |
2018 |
2017 |
Net Asset Value, Beginning of Period |
$20.08 |
$19.96 |
$19.94 |
$20.00 |
$19.98 |
Investment Operations |
|
|
|
|
|
Net Investment Income |
0.2631 |
0.5271 |
0.4731 |
0.3281 |
0.228 |
Net Realized and Unrealized Gain (Loss) on Investments |
0.107 |
0.126 |
0.008 |
(0.077) |
0.015 |
Total from Investment Operations |
0.370 |
0.653 |
0.481 |
0.251 |
0.243 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(0.300) |
(0.533) |
(0.461) |
(0.307) |
(0.223) |
Distributions from Realized Capital Gains |
— |
— |
— |
(0.004) |
— |
Total Distributions |
(0.300) |
(0.533) |
(0.461) |
(0.311) |
(0.223) |
Net Asset Value, End of Period |
$20.15 |
$20.08 |
$19.96 |
$19.94 |
$20.00 |
Total Return2 |
1.86% |
3.31% |
2.44% |
1.26% |
1.22% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$16,060 |
$6,443 |
$5,244 |
$3,474 |
$2,024 |
Ratio of Total Expenses to Average Net Assets |
0.10% |
0.10% |
0.10% |
0.10% |
0.12% |
Ratio of Net Investment Income to Average Net Assets |
1.31% |
2.63% |
2.38% |
1.64% |
1.19% |
Portfolio Turnover Rate |
60%3 |
70% |
61% |
70% |
81% |
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 | |
Vanguard Tele-Account®
800-662-6273 |
For automated fund and account information
Toll-free, 24 hours a day, 7 days a week |
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 |
|
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Ultra-Short-Term Bond Fund | ||||
Investor Shares |
2/24/2015 |
UltSTBdInv |
1492 |
922031729 |
Admiral Shares |
2/24/2015 |
UltSTBdAdm |
592 |
922031711 |
B-1 | |
B-4 | |
B-5 | |
B-34 | |
B-35 | |
B-36 | |
B-54 | |
B-61 | |
B-64 | |
B-65 | |
B-65 | |
B-67 | |
B-70 |
|
Share Classes1 | |||
Fund2 |
Investor |
Admiral |
Institutional |
|
Vanguard Ultra-Short-Term Bond Fund |
VUBFX |
VUSFX |
— |
|
Vanguard Short-Term Treasury Fund |
VFISX |
VFIRX |
— |
|
Vanguard Short-Term Federal Fund |
VSGBX |
VSGDX |
— |
|
Vanguard Short-Term Investment-Grade Fund |
VFSTX |
VFSUX |
VFSIX |
|
Vanguard Intermediate-Term Treasury Fund |
VFITX |
VFIUX |
— |
|
Vanguard Intermediate-Term Investment-Grade Fund |
VFICX |
VFIDX |
— |
|
Vanguard GNMA Fund |
VFIIX |
VFIJX |
— |
|
Vanguard Long-Term Treasury Fund |
VUSTX |
VUSUX |
— |
|
Vanguard Long-Term Investment-Grade Fund |
VWESX |
VWETX |
— |
|
Vanguard High-Yield Corporate Fund |
VWEHX |
VWEAX |
— |
|
Vanguard Real Estate II Index Fund3 |
— |
— |
— |
Vanguard Fund |
Capital
Contribution
to Vanguard |
Percentage of
Fund’s Average
Net Assets |
Percent of
Vanguard Funds’
Contribution |
Vanguard Ultra-Short-Term Bond Fund |
$ 608,000 |
Less than 0.01% |
%0.24 |
Vanguard Short-Term Treasury Fund |
327,000 |
Less than 0.01 |
0.13 |
Vanguard Short-Term Federal Fund |
307,000 |
Less than 0.01 |
0.12 |
Vanguard Short-Term Investment-Grade Fund |
2,760,000 |
Less than 0.01 |
1.10 |
Vanguard Intermediate-Term Treasury Fund |
277,000 |
Less than 0.01 |
0.11 |
Vanguard Intermediate-Term Investment-Grade Fund |
1,431,000 |
Less than 0.01 |
0.57 |
Vanguard GNMA Fund |
1,040,000 |
Less than 0.01 |
0.42 |
Vanguard Long-Term Treasury Fund |
169,000 |
Less than 0.01 |
0.07 |
Vanguard Long-Term Investment-Grade Fund |
812,000 |
Less than 0.01 |
0.32 |
Vanguard High-Yield Corporate Fund |
1,086,000 |
Less than 0.01 |
0.43 |
Vanguard Real Estate II Index Fund |
282,000 |
Less than 0.01 |
0.11 |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2019 |
2020 |
2021 |
Vanguard GNMA Fund |
|
|
|
Management and Administrative Expenses |
0.12% |
0.12% |
0.12% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard High-Yield Corporate Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.11% |
0.11% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Intermediate-Term Investment-Grade Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Intermediate-Term Treasury Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Long-Term Investment-Grade Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.12% |
0.12% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Long-Term Treasury Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.11% |
0.11% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Real Estate II Index Fund |
|
|
|
Management and Administrative Expenses |
0.07% |
0.08% |
0.08% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Short-Term Federal Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Short-Term Investment-Grade Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2019 |
2020 |
2021 |
Vanguard Short-Term Treasury Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Ultra-Short-Term Bond Fund |
|
|
|
Management and Administrative Expenses |
0.09% |
0.10% |
0.10% |
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. Chairman of the board (2011–2017) and
trustee (2009–2017) of the Children’s Hospital of
Philadelphia; and trustee (2018–present) and vice chair
(2019–present) of The Shipley School. |
212 |
1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of the Trust. | ||||
Independent Trustees |
|
|
|
|
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. Director of SPX
FLOW, Inc. (multi-industry manufacturing). Director of
the University of Rochester Medical Center, the
Monroe Community College Foundation, the United
Way of Rochester, North Carolina A&T University, and
Roberts Wesleyan College. Trustee of the University of
Rochester. |
212 |
Amy Gutmann
(1949) |
Trustee |
June 2006 |
President (2004–present) of the University of
Pennsylvania. Christopher H. Browne Distinguished
Professor of Political Science, School of Arts and
Sciences, and professor of communication, Annenberg
School for Communication, with secondary faculty
appointments in the Department of Philosophy, School
of Arts and Sciences, and at the Graduate School of
Education, University of Pennsylvania. |
212 |
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). Chairman of the board of
Hillenbrand, Inc. (specialized consumer services).
Director of the V Foundation. Member of the advisory
council for the College of Arts and Letters and chair of
the advisory board to the Kellogg Institute for
International Studies, both at the University of Notre
Dame. Chairman of the board of Saint Anselm College. |
212 |
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. |
212 |
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 |
Chief investment officer and vice president of the
University of Notre Dame (retired June 2020).
Assistant professor of finance at the Mendoza College
of Business, University of Notre Dame (retired June
2020), and member of the Notre Dame 403(b)
Investment Committee. Member of the board of
Catholic Investment Services, Inc. (investment
advisors) and the board of superintendence of the
Institute for the Works of Religion. |
212 |
Deanna Mulligan
(1963) |
Trustee |
January 2018 |
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. 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, the New
York-Presbyterian Hospital, and the Bruce Museum
(arts and science). Member of the Advisory Council for
the Stanford Graduate School of Business. |
212 |
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 co-managing
partner of HighVista Strategies LLC (private
investment firm). Board member (2018–present) of RIT
Capital Partners (investment firm); investment
committee member of Partners Health Care System. |
212 |
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. Director (2017–present) of i(x) Investments,
LLC. Rubenstein Fellow (2017–2020) of Duke
University; trustee (2017–present) of Amherst College;
and member of Amherst College Investment
Committee (2019–present). |
212 |
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). Chairman of the
board of trustees of Colby-Sawyer College. Member of
the BMW Group Mobility Council. |
212 |
Executive Officers |
|
|
|
|
John Bendl
(1970) |
Chief Financial
Officer |
October 2019 |
Principal of Vanguard. Chief financial officer
(2019–present) of each of the investment companies
served by Vanguard. Chief accounting officer, treasurer,
and controller of Vanguard (2017–present). Partner
(2003–2016) at KPMG (audit, tax, and advisory
services). |
212 |
Christine M. Buchanan
(1970) |
Treasurer |
November 2017 |
Principal of Vanguard. Treasurer (2017–present) of each
of the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and advisory
services). |
212 |
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 |
David Cermak
(1960) |
Finance Director |
October 2019 |
Principal of Vanguard. Finance director (2019–present)
of each of the investment companies served by
Vanguard. Managing director and head (2017–present)
of Vanguard Investments Singapore. Managing director
and head (2017–2019) of Vanguard Investments Hong
Kong. Representative director and head (2014–2017)
of Vanguard Investments Japan. |
212 |
John Galloway
(1973) |
Investment
Stewardship
Officer |
September 2020 |
Principal of Vanguard. Investment stewardship officer
(September 2020–present) of each of the investment
companies served by Vanguard. Head of Investor
Advocacy (February 2020–present) and head of
Marketing Strategy and Planning (2017–2020) at
Vanguard. Deputy Assistant to the President of the
United States (2015). |
212 |
Peter Mahoney
(1974) |
Controller |
May 2015 |
Principal of Vanguard. Controller (2015–present) of
each of the investment companies served by
Vanguard. Head of International Fund Services (2008–
2014) at Vanguard. |
212 |
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. |
212 |
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. |
212 |
John E. Schadl
(1972) |
Chief
Compliance
Officer |
March 2019 |
Principal of Vanguard. Chief compliance officer
(2019–present) of Vanguard and of each of the
investment companies served by Vanguard. Assistant
vice president (2019–present) of Vanguard Marketing
Corporation. |
212 |
Trustee |
Aggregate
Compensation From
the Funds1 |
Pension or Retirement
Benefits Accrued as Part of
the Funds’ Expenses1 |
Accrued Annual
Retirement Benefit at
January 1, 20212 |
Total Compensation
From All Vanguard
Funds Paid to Trustees3 |
Mortimer J. Buckley |
— |
— |
— |
— |
Emerson U. Fullwood |
$ 16,749 |
— |
— |
$ 287,500 |
Amy Gutmann |
16,749 |
— |
— |
287,500 |
F. Joseph Loughrey |
17,900 |
— |
— |
307,500 |
Mark Loughridge |
20,780 |
— |
— |
357,500 |
Scott C. Malpass |
16,749 |
— |
— |
287,500 |
Deanna Mulligan |
16,749 |
— |
— |
287,500 |
André F. Perold |
16,749 |
— |
— |
287,500 |
Sarah Bloom Raskin |
17,900 |
— |
— |
307,500 |
Peter F. Volanakis |
17,900 |
— |
— |
307,500 |
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard GNMA Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
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 High-Yield Corporate Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
Over $100,000 |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Intermediate-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
Over $100,000 |
|
F. Joseph Loughrey |
Over $100,000 |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Intermediate-Term Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Long-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
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 Long-Term Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Real Estate II Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Short-Term Federal Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Short-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
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 |
|
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 Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Ultra-Short-Term Bond Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
Amy Gutmann |
— |
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 |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard GNMA Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
12.83% |
|
|
VANGUARD STAR FUND VALLEY
FORGE, PA |
45.26% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.89% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
6.72% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.09% |
Vanguard High-Yield Corporate Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
18.25% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.99% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
14.32% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.47% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Intermediate-Term Investment-Grade
Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
16.13% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.79% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
7.78% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
5.69% |
Vanguard Intermediate-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
9.83% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.02% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.33% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.31% |
Vanguard Long-Term Investment-Grade Fund |
Investor Shares |
VANGUARD STAR FUND VALLEY
FORGE, PA |
69.15% |
|
Admiral Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.83% |
Vanguard Long-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.01% |
|
|
VARIABLE ANNUITY LIFE INSURANCE
COMPANY HOUSTON, TX |
26.84% |
|
Admiral Shares |
AFLAC INCORPORATED PENSION
PLAN COLUMBUS, GA |
5.66% |
|
|
FIDELITY INVESTMENTS
INSTITUTIONAL OPERATIONS CO
COVINGTON, KY |
5.99% |
Vanguard Real Estate II Index Fund |
Institutional Plus Shares |
VANGUARD REAL ESTATE INDEX
FUND VALLEY FORGE, PA |
99.98% |
Vanguard Short-Term Federal Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
23.24% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
11.04% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
10.23% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
13.23% |
Vanguard Short-Term Investment-Grade Fund |
Institutional Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
6.37% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
13.72% |
|
|
STATE OF UTAH EDUCATIONAL
SAVINGS PLAN SALT LAKE, UT |
6.84% |
|
|
VANGUARD GROUP INC VALLEY
FORGE, PA |
9.08% |
|
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
14.22% |
|
|
VANGUARD STAR FUND VALLEY
FORGE, PA |
40.51% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.41% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
15.73% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.43% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Short-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
21.16% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.22% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
10.8% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.29% |
Vanguard Ultra-Short-Term Bond Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
31.89% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
17.02% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
11.24% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.83% |
|
|
UBS FINANCIAL SERVICES
WEEHAWKEN, NJ |
7.72% |
Vanguard Fund |
2019 |
2020 |
2021 |
Vanguard GNMA Fund |
$ 2,208,000 |
$ 2,265,000 |
$ 2,524,000 |
Vanguard High-Yield Corporate Fund |
6,965,000 |
$7,379,000 |
$ 7,663,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Joseph F. Marvan |
Registered investment companies1 |
20 |
$41B |
1 |
$27.3B |
|
Other pooled investment vehicles |
27 |
$8.4B |
0 |
$0 |
|
Other accounts |
73 |
$35B |
1 |
$208M |
Brian Conroy |
Registered investment companies1 |
10 |
$30B |
1 |
$27.3B |
|
Other pooled investment vehicles |
15 |
$5.6B |
2 |
$6.8M |
|
Other accounts |
30 |
$10.8B |
6 |
$4.2B |
Michael L. Hong |
Registered investment companies2 |
11 |
$29.6B |
1 |
$28.7B |
|
Other pooled investment vehicles |
6 |
$3.3B |
0 |
$0 |
|
Other accounts |
32 |
$8.5B |
0 |
$ 0 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Scott I. St. John |
Registered investment companies1 |
18 |
$ 29.9B |
1 |
$ 20.5B |
|
Other pooled investment vehicles |
14 |
$ 6.5B |
0 |
$ 0 |
|
Other accounts |
100 |
$ 52B |
5 |
$ 1.8B |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Samuel C. Martinez |
Registered investment companies1 |
9 |
$ 198B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Daniel Shaykevich |
Registered investment companies1 |
10 |
$ 200B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Arvind Narayanan |
Registered investment companies1 |
9 |
$ 198B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Vanguard Fund |
2019 |
2020 |
2021 |
Vanguard Ultra-Short-Term Bond Fund |
$ 561,000 |
$ 852,000 |
$ 1,058,000 |
Vanguard Short-Term Treasury Fund |
881,000 |
$1,173,000 |
$ 880,000 |
Vanguard Short-Term Federal Fund |
556,000 |
$646,000 |
$ 671,000 |
Vanguard Short-Term Investment-Grade Fund |
6,976,000 |
$8,269,000 |
$ 6,339,000 |
Vanguard Intermediate-Term Treasury Fund |
686,000 |
$825,000 |
$ 705,000 |
Vanguard Intermediate-Term Investment-Grade Fund |
3,413,000 |
$4,225,000 |
$ 3,406,000 |
Vanguard Long-Term Treasury Fund |
385,000 |
$507,000 |
$ 449,000 |
Vanguard Real Estate II Index Fund |
1,077,000 |
$1,100,000 |
$ 1,037,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Gemma
Wright-Casparius |
Registered investment companies1 |
5 |
$ 88B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Samuel C. Martinez |
Registered investment companies2 |
9 |
$ 198B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Daniel Shaykevich |
Registered investment companies2 |
10 |
$ 200B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Arvind Narayanan |
Registered investment companies2 |
9 |
$ 198B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0 |
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Brian W. Quigley |
Registered investment companies3 |
4
|
$ 54B |
0 |
$ 0 |
|
Other pooled investment vehicles |
0
|
$ 0 |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Walter Nejman |
Registered investment companies4 |
50
|
$ 2.2T |
0 |
$ 0 |
|
Other pooled investment vehicles |
2
|
$ 3B |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Gerard C. O’Reilly |
Registered investment companies4 |
18
|
$ 1.8T |
0 |
$ 0 |
|
Other pooled investment vehicles |
1
|
$ 410M |
0 |
$ 0 |
|
Other accounts |
0 |
$ 0 |
0 |
$ 0 |
Vanguard Fund |
Securities Lending Activities |
Vanguard Real Estate II Index Fund |
|
Gross income from securities lending activities |
$1,030,861 |
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 |
$903 |
Administrative fees not included in revenue split |
$15,516 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$45,086 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$61,505 |
Net income from securities lending activities |
$969,356 |
Vanguard Fund |
2019 |
2020 |
2021 |
Vanguard GNMA Fund |
$ 845,000 |
$ 808,000 |
$ 588,000 |
Vanguard High-Yield Corporate Fund1 |
— |
— |
2,000 |
Vanguard Intermediate-Term Investment-Grade Fund2 |
1,177,000 |
1,151,000 |
728,000 |
Vanguard Intermediate-Term Treasury Fund |
356,000 |
329,000 |
304,000 |
Vanguard Long-Term Investment-Grade Fund |
279,000 |
218,000 |
333,000 |
Vanguard Long-Term Treasury Fund |
173,000 |
167,000 |
172,000 |
Vanguard Real Estate II Index Fund3 |
230,000 |
93,000 |
78,000 |
Vanguard Short-Term Federal Fund4 |
327,000 |
396,000 |
611,000 |
Vanguard Short-Term Investment-Grade Fund5 |
2,302,000 |
1,562,000 |
765,000 |
Vanguard Short-Term Treasury Fund |
490,000 |
426,000 |
526,000 |
Vanguard Ultra-Short-Term Bond Fund6 |
50,000 |
97,000 |
158,000 |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard GNMA Fund |
Banc of America Securities LLC |
$ 53,700,000 |
|
Barclays Capital Inc. |
84,600,000 |
|
Citigroup Global Markets Inc. |
149,100,000 |
|
HSBC Securities (USA) Inc. |
59,600,000 |
|
Natixis Securities Americas LLC |
275,200,000 |
|
SG Americas Securities Corp |
260,800,000 |
|
TD Securities |
127,000,000 |
|
Wells Fargo Securities, LLC |
67,700,000 |
Vanguard High-Yield Corporate Fund |
Banc of America Securities LLC |
64,100,000 |
|
Barclays Capital Inc. |
— |
|
Credit Suisse Securities (USA) LLC |
202,738,000 |
|
J.P. Morgan Securities Inc. |
416,200,000 |
|
TORONTO DOMINION SECURITIES INC |
156,300,000 |
Vanguard Intermediate-Term Investment-Grade Fund |
Barclays Capital Inc. |
179,403,000 |
|
Citigroup Global Markets Inc. |
754,996,000 |
|
Goldman, Sachs & Co. |
415,975,000 |
|
HSBC Securities (USA) Inc. |
507,588,000 |
|
J.P. Morgan Securities Inc. |
930,223,000 |
|
Merrill Lynch, Pierce, Fenner & Smith Inc. |
648,758,000 |
|
Morgan Stanley |
878,421,000 |
|
RBC Capital Markets |
31,714,000 |
|
Wells Fargo Securities, LLC |
667,163,000 |
Vanguard Intermediate-Term Treasury Fund |
— |
— |
Vanguard Long-Term Investment-Grade Fund |
Barclays Capital Inc. |
231,900,000 |
|
Citigroup Global Markets Inc. |
208,505,000 |
|
Goldman, Sachs & Co. |
234,700,000 |
|
HSBC Securities (USA) Inc. |
134,872,000 |
|
J.P. Morgan Securities Inc. |
459,563,000 |
|
Merrill Lynch, Pierce, Fenner & Smith Inc. |
528,598,000 |
|
MORGAN STANLEY |
302,547,000 |
|
RBC Capital Markets |
100,200,000 |
|
Wells Fargo Securities, LLC |
605,113,000 |
Vanguard Long-Term Treasury Fund |
— |
— |
Vanguard Real Estate II Index Fund |
— |
— |
Vanguard Short-Term Federal Fund |
— |
— |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Short-Term Investment-Grade Fund |
Barclays Capital Inc. |
364,133,000 |
|
BNP Paribas Securities Corp. |
1,964,969,000 |
|
Citigroup Global Markets Inc. |
1,076,725,000 |
|
Goldman, Sachs & Co. |
1,054,405,000 |
|
HSBC Securities (USA) Inc. |
798,906,000 |
|
J.P. Morgan Securities Inc. |
1,810,918,000 |
|
Merrill Lynch, Pierce, Fenner & Smith Inc. |
1,237,707,000 |
|
Morgan Stanley |
1,873,711,000 |
|
RBC Capital Markets |
468,268,000 |
|
Wells Fargo Securities, LLC |
1,722,787,000 |
Vanguard Short-Term Treasury Fund |
— |
— |
Vanguard Ultra-Short-Term Bond Fund |
Barclays Capital Inc. |
86,513,000 |
|
BNP Paribas Securities Corp. |
26,459,000 |
|
Citigroup Global Markets Inc. |
195,890,000 |
|
Goldman, Sachs & Co. |
201,251,000 |
|
HSBC Securities (USA) Inc. |
136,631,000 |
|
J.P. Morgan Securities Inc. |
134,363,000 |
|
Merrill Lynch, Pierce, Fenner & Smith Inc. |
151,481,000 |
|
Mitsubishi UFJ Securities |
141,889,000 |
|
Morgan Stanley |
174,035,000 |
|
RBC Capital Markets |
83,412,000 |
|
Wells Fargo Securities, LLC |
206,798,000 |
(a) |
Articles of Incorporation,
Amended and Restated Agreement and Declaration of Trust, filed with Post-Effective
Amendment No. 123, dated May 28, 2019, is hereby incorporated by reference. |
(b) |
|
(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 Wellington Management Company LLP (with respect to
Vanguard GNMA Fund,
Vanguard Long-Term Investment-Grade Fund, and
Vanguard High-Yield Corporate Fund), filed with Post-Effective
Amendment No. 94 dated May 30, 2012, is hereby incorporated by reference. The Vanguard Group, Inc., provides
investment advisory services to Vanguard Ultra-Short-Term Bond Fund, Vanguard Short-Term Treasury Fund,
Vanguard Short-Term Federal Fund, Vanguard Short-Term Investment-Grade Fund, Vanguard Intermediate-Term
Treasury Fund, Vanguard Intermediate-Term Investment-Grade Fund, Vanguard Long-Term Treasury Fund, Vanguard
Long-Term Investment-Grade Fund, and Vanguard Real Estate II Index Fund 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 Bank of New York Mellon, filed with Post-Effective Amendment No. 123, dated May 28,
2019, is hereby incorporated by reference; for
JPMorgan Chase filed with Post-Effective Amendment No. 125,
dated May 29, 2020, is hereby incorporated by reference; and for State Street Bank and Trust Company, is filed
herewith. |
(h) |
Other Material Contracts, Fifth Amended and Restated Funds’ Service Agreement, filed with Post-Effective
Amendment No. 125, dated May 29, 2020, 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, for The Vanguard Group, Inc., and for Wellington Management Company LLP, are 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 Benchener |
Chairman, Director, Principal, and Chief
Executive Officer Designee |
None |
Karin A. Risi |
Director and Principal |
None |
Scott A. Conking |
Director and Principal |
None |
Thomas M. Rampulla |
Director and Principal |
None |
Michael Rollings |
Director and Principal |
Finance Director |
Caroline Cosby |
Director, Principal, General Counsel, and
Assistant Secretary |
None |
Matthew C. Brancato |
Director and Principal |
None |
Mortimer J. Buckley |
President |
Chairman of the Board of Trustees, Chief
Executive Officer, and President |
John E. Schadl |
Assistant Vice President |
Chief Compliance Officer |
Beth Morales Singh |
Secretary |
None |
Erica Green |
Chief Compliance Officer |
None |
John T. Marcante |
Chief Information Officer |
None |
Alonzo Ellis |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Financial and Operations Principal and
Treasurer |
None |
Celeste Hagerty |
Financial and Operations Principal |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
John Bendl |
Principal |
Chief Financial Officer |
Barbara Bock |
Principal |
None |
Saundra K. Cusumano |
Principal |
None |
James M. Delaplane Jr. |
Principal |
None |
Andrew Kadjeski |
Principal |
None |
Michael V. Lucci |
Principal |
None |
Brian P. McCarthy |
Principal |
None |
Matthew P. McCarthy |
Principal |
None |
Douglas R. Mento |
Principal |
None |
Jim O’Rourke |
Principal |
None |
David Petty |
Principal |
None |
Monica Verma |
Principal |
None |
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
May 27, 2021 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
May 27, 2021 |
/s/ Amy Gutmann*
Amy Gutmann |
Trustee |
May 27, 2021 |
/s/ Joseph Loughrey*
Joseph Loughrey |
Trustee |
May 27, 2021 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
May 27, 2021 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
May 27, 2021 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
May 27, 2021 |
/s/ André F. Perold*
André F. Perold |
Trustee |
May 27, 2021 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
May 27, 2021 |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
May 27, 2021 |
/s/ John Bendl*
John Bendl |
Chief Financial Officer |
May 27, 2021 |