|
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 $1,000,000) |
$ |
$ |
|
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
Fund
Inception |
Fund
Inception
Date |
Vanguard Ultra-Short-Term Bond Fund
Investor Shares |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Return After Taxes on Distributions |
- |
|
|
|
Return After Taxes on Distributions and Sale of
Fund Shares |
- |
|
|
|
Vanguard Ultra-Short-Term Bond Fund
Admiral Shares |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Bloomberg U.S. Treasury Bellwethers: 1 Year
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated
in the Fees and Expenses section, Vanguard 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 2022 was 0.43%, or $4.30 per $1,000 of average net
assets (derived from data provided by Lipper, a Thomson Reuters Company,
which reports on the mutual fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer
must pay back the bond’s principal (face value). Bond maturities range from
less than 1 year to more than 30 years. Typically, the longer a bond’s maturity,
the more price risk you, as a bond investor, will face as interest rates
rise—but also the higher the potential yield you could receive. Longer-term
bonds are generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About 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 may have to replace it with
another bond with 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 |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.99 |
$10.08 |
$10.04 |
$9.98 |
$9.97 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.141 |
.047 |
.127 |
.252 |
.227 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.093) |
(.086) |
.053 |
.065 |
.003 |
Total from Investment Operations |
.048 |
(.039) |
.180 |
.317 |
.230 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.148) |
(.050) |
(.140) |
(.257) |
(.220) |
Distributions from Realized Capital Gains |
— |
(.001) |
— |
— |
— |
Total Distributions |
(.148) |
(.051) |
(.140) |
(.257) |
(.220) |
Net Asset Value, End of Period |
$9.89 |
$9.99 |
$10.08 |
$10.04 |
$9.98 |
Total Return2 |
0.49% |
-0.39% |
1.81% |
3.21% |
2.34% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$503 |
$677 |
$728 |
$471 |
$309 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.42% |
0.47% |
1.27% |
2.53% |
2.28% |
Portfolio Turnover Rate |
61% |
57%4 |
60%4 |
70% |
61% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 1% and 3% attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$19.99 |
$20.15 |
$20.08 |
$19.96 |
$19.94 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.294 |
.113 |
.263 |
.527 |
.473 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.188) |
(.152) |
.107 |
.126 |
.008 |
Total from Investment Operations |
.106 |
(.039) |
.370 |
.653 |
.481 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.316) |
(.119) |
(.300) |
(.533) |
(.461) |
Distributions from Realized Capital Gains |
— |
(.002) |
— |
— |
— |
Total Distributions |
(.316) |
(.121) |
(.300) |
(.533) |
(.461) |
Net Asset Value, End of Period |
$19.78 |
$19.99 |
$20.15 |
$20.08 |
$19.96 |
Total Return2 |
0.54% |
-0.20% |
1.86% |
3.31% |
2.44% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$13,489 |
$19,476 |
$16,060 |
$6,443 |
$5,244 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.49% |
0.56% |
1.31% |
2.63% |
2.38% |
Portfolio Turnover Rate |
61% |
57%4 |
60%4 |
70% |
61% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 1% and 3% attributable to mortgage-dollar-roll activity. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
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companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Ultra-Short-Term Bond Fund | ||||
Investor Shares |
2/24/2015 |
UltSTBdInv |
1492 |
922031729 |
Admiral Shares |
2/24/2015 |
UltSTBdAdm |
592 |
922031711 |
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
|
|
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Short-Term Treasury Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 1-5 Year Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
|
|
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Short-Term Federal Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 1-5 Year Government Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard Short-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 1-5 Year Credit Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
|
|
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Vanguard Intermediate-Term Treasury Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 5-10 Year Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
|
|
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Vanguard Intermediate-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
|
|
Bloomberg U.S. 5-10 Year Credit Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
- |
|
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Vanguard GNMA Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. GNMA Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
- |
|
Return After Taxes on Distributions |
- |
- |
- |
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
- |
Vanguard Long-Term Treasury Fund Admiral Shares |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. Long Treasury Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
|
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 $1,000,000) |
$ |
$ |
|
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 |
- |
- |
|
Return After Taxes on Distributions |
- |
- |
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
- |
|
Vanguard Long-Term Investment-Grade Fund
Admiral Shares |
|
|
|
Return Before Taxes |
- |
- |
|
Bloomberg U.S. Long Credit A or Better Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
- |
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Vanguard Fund |
Primary Investments |
Expected
Dollar-Weighted
Average Maturity |
Vanguard Short-Term Treasury |
U.S. Treasury bonds |
1–4 years |
Vanguard Short-Term Federal |
U.S. government agency bonds |
1–4 years |
Vanguard Short-Term Investment-Grade |
Investment-grade bonds |
1–4 years |
Vanguard Intermediate-Term Treasury |
U.S. Treasury bonds |
5–10 years |
Vanguard Intermediate-Term
Investment-Grade |
Investment-grade bonds |
5–10 years |
Vanguard GNMA |
GNMA pass-through certificates |
Generally 3–10 years |
Vanguard Long-Term Treasury |
U.S. Treasury bonds |
15–30 years |
Vanguard 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 generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About 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 may have to replace it with
another bond with 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 |
Vanguard Short-Term Treasury |
100% |
0% |
0% |
0% |
0% |
Vanguard Short-Term Federal |
100% |
0% |
0% |
0% |
0% |
Vanguard Short-Term
Investment-Grade |
—————————At least 80%——————————— |
No more
than 5% | |||
Vanguard Intermediate-Term
Treasury |
100% |
0% |
0% |
0% |
0% |
Vanguard Intermediate-Term
Investment-Grade |
—————————At least 80%——————————— |
No more
than 5% | |||
Vanguard GNMA |
100% |
0% |
0% |
0% |
0% |
Vanguard Long-Term Treasury |
100% |
0% |
0% |
0% |
0% |
Vanguard 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. |
|
Vanguard
Short-,
Intermediate-,
and Long-Term
Treasury Funds |
Vanguard
Short-Term
Federal Fund |
Vanguard
Short-,
Intermediate-,
and Long-Term
Investment-
Grade Funds |
Vanguard
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 |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.54 |
$10.77 |
$10.64 |
$10.48 |
$10.49 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.215 |
.036 |
.070 |
.245 |
.227 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.540) |
(.207) |
.286 |
.160 |
(.009) |
Total from Investment Operations |
(.325) |
(.171) |
.356 |
.405 |
.218 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.215) |
(.035) |
(.070) |
(.245) |
(.228) |
Distributions from Realized Capital Gains |
— |
(.024) |
(.156) |
— |
— |
Total Distributions |
(.215) |
(.059) |
(.226) |
(.245) |
(.228) |
Net Asset Value, End of Period |
$10.00 |
$10.54 |
$10.77 |
$10.64 |
$10.48 |
Total Return2 |
-3.08% |
-1.60% |
3.35% |
3.91% |
2.11% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$570 |
$582 |
$701 |
$655 |
$671 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.12% |
0.34% |
0.64% |
2.30% |
2.18% |
Portfolio Turnover Rate4 |
284% |
213% |
357% |
340% |
282% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 27%, 4%, 57%, 5%, and 37%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.54 |
$10.77 |
$10.64 |
$10.48 |
$10.49 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.224 |
.047 |
.079 |
.254 |
.238 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.539) |
(.207) |
.288 |
.162 |
(.010) |
Total from Investment Operations |
(.315) |
(.160) |
.367 |
.416 |
.228 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.225) |
(.046) |
(.081) |
(.256) |
(.238) |
Distributions from Realized Capital Gains |
— |
(.024) |
(.156) |
— |
— |
Total Distributions |
(.225) |
(.070) |
(.237) |
(.256) |
(.238) |
Net Asset Value, End of Period |
$10.00 |
$10.54 |
$10.77 |
$10.64 |
$10.48 |
Total Return2 |
-2.99% |
-1.50% |
3.46% |
4.01% |
2.21% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,175 |
$6,851 |
$7,818 |
$8,243 |
$7,385 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
2.20% |
0.44% |
0.73% |
2.40% |
2.28% |
Portfolio Turnover Rate4 |
284% |
213% |
357% |
340% |
282% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 27%, 4%, 57%, 5%, and 37%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.70 |
$11.02 |
$10.79 |
$10.57 |
$10.55 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.182 |
.054 |
.125 |
.246 |
.208 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.545) |
(.215) |
.274 |
.221 |
.021 |
Total from Investment Operations |
(.363) |
(.161) |
.399 |
.467 |
.229 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.187) |
(.053) |
(.127) |
(.247) |
(.209) |
Distributions from Realized Capital Gains |
— |
(.106) |
(.042) |
— |
— |
Total Distributions |
(.187) |
(.159) |
(.169) |
(.247) |
(.209) |
Net Asset Value, End of Period |
$10.15 |
$10.70 |
$11.02 |
$10.79 |
$10.57 |
Total Return2 |
-3.39% |
-1.48% |
3.71% |
4.46% |
2.20% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$479 |
$612 |
$767 |
$623 |
$622 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.76% |
0.50% |
1.14% |
2.30% |
1.98% |
Portfolio Turnover Rate4 |
442% |
424% |
663% |
499% |
327% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 86%, 87%, 180%, 32%, and 90%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.70 |
$11.02 |
$10.79 |
$10.57 |
$10.55 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.189 |
.065 |
.130 |
.257 |
.219 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.542) |
(.215) |
.280 |
.220 |
.020 |
Total from Investment Operations |
(.353) |
(.150) |
.410 |
.477 |
.239 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.197) |
(.064) |
(.138) |
(.257) |
(.219) |
Distributions from Realized Capital Gains |
— |
(.106) |
(.042) |
— |
— |
Total Distributions |
(.197) |
(.170) |
(.180) |
(.257) |
(.219) |
Net Asset Value, End of Period |
$10.15 |
$10.70 |
$11.02 |
$10.79 |
$10.57 |
Total Return2 |
-3.29% |
-1.38% |
3.81% |
4.56% |
2.30% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$5,053 |
$7,258 |
$7,280 |
$4,371 |
$3,963 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
1.84% |
0.59% |
1.19% |
2.40% |
2.08% |
Portfolio Turnover Rate4 |
442% |
424% |
663% |
499% |
327% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 86%, 87%, 180%, 32%, and 90%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.194 |
.161 |
.233 |
.297 |
.283 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.534) |
(.341) |
.225 |
.304 |
(.069) |
Total from Investment Operations |
(.340) |
(.180) |
.458 |
.601 |
.214 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.200) |
(.171) |
(.238) |
(.301) |
(.284) |
Distributions from Realized Capital Gains |
— |
(.039) |
— |
— |
— |
Total Distributions |
(.200) |
(.210) |
(.238) |
(.301) |
(.284) |
Net Asset Value, End of Period |
$10.09 |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
Total Return2 |
-3.18% |
-1.66% |
4.29% |
5.79% |
2.07% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$6,532 |
$8,400 |
$8,617 |
$8,179 |
$7,846 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
1.92% |
1.47% |
2.14% |
2.78% |
2.71% |
Portfolio Turnover Rate4 |
77% |
65% |
89% |
76% |
71% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.204 |
.171 |
.244 |
.308 |
.294 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.534) |
(.341) |
.225 |
.304 |
(.070) |
Total from Investment Operations |
(.330) |
(.170) |
.469 |
.612 |
.224 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.210) |
(.181) |
(.249) |
(.312) |
(.294) |
Distributions from Realized Capital Gains |
— |
(.039) |
— |
— |
— |
Total Distributions |
(.210) |
(.220) |
(.249) |
(.312) |
(.294) |
Net Asset Value, End of Period |
$10.09 |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
Total Return2 |
-3.09% |
-1.56% |
4.39% |
5.90% |
2.17% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$41,848 |
$54,200 |
$51,282 |
$44,211 |
$40,218 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
2.01% |
1.57% |
2.23% |
2.88% |
2.81% |
Portfolio Turnover Rate4 |
77% |
65% |
89% |
76% |
71% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$11.12 |
$11.65 |
$11.57 |
$10.96 |
$10.88 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.208 |
.107 |
.129 |
.255 |
.260 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.959) |
(.511) |
.507 |
.611 |
.081 |
Total from Investment Operations |
(.751) |
(.404) |
.636 |
.866 |
.341 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.209) |
(.107) |
(.127) |
(.256) |
(.261) |
Distributions from Realized Capital Gains |
— |
(.019) |
(.429) |
— |
— |
Total Distributions |
(.209) |
(.126) |
(.556) |
(.256) |
(.261) |
Net Asset Value, End of Period |
$10.16 |
$11.12 |
$11.65 |
$11.57 |
$10.96 |
Total Return2 |
-6.75% |
-3.49% |
5.50% |
7.98% |
3.20% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$605 |
$757 |
$953 |
$917 |
$837 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.00% |
0.93% |
1.07% |
2.27% |
2.42% |
Portfolio Turnover Rate4 |
175% |
181% |
309% |
214% |
231% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 12%, 3%, 37%, 5%, and 35%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$11.12 |
$11.65 |
$11.57 |
$10.96 |
$10.88 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.219 |
.118 |
.139 |
.267 |
.272 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.959) |
(.511) |
.509 |
.610 |
.080 |
Total from Investment Operations |
(.740) |
(.393) |
.648 |
.877 |
.352 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.220) |
(.118) |
(.139) |
(.267) |
(.272) |
Distributions from Realized Capital Gains |
— |
(.019) |
(.429) |
— |
— |
Total Distributions |
(.220) |
(.137) |
(.568) |
(.267) |
(.272) |
Net Asset Value, End of Period |
$10.16 |
$11.12 |
$11.65 |
$11.57 |
$10.96 |
Total Return2 |
-6.66% |
-3.39% |
5.60% |
8.09% |
3.30% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$4,856 |
$5,353 |
$6,237 |
$5,452 |
$4,976 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
2.12% |
1.03% |
1.16% |
2.37% |
2.52% |
Portfolio Turnover Rate4 |
175% |
181% |
309% |
214% |
231% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 12%, 3%, 37%, 5%, and 35%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.67 |
$10.39 |
$10.23 |
$9.52 |
$9.61 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.253 |
.218 |
.252 |
.300 |
.300 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.039) |
(.550) |
.500 |
.711 |
(.087) |
Total from Investment Operations |
(.786) |
(.332) |
.752 |
1.011 |
.213 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.264) |
(.224) |
(.257) |
(.301) |
(.303) |
Distributions from Realized Capital Gains |
— |
(.164) |
(.335) |
— |
— |
Total Distributions |
(.264) |
(.388) |
(.592) |
(.301) |
(.303) |
Net Asset Value, End of Period |
$8.62 |
$9.67 |
$10.39 |
$10.23 |
$9.52 |
Total Return2 |
-8.09% |
-3.27% |
7.49% |
10.76% |
2.31% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$1,521 |
$1,895 |
$2,305 |
$2,459 |
$2,115 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.91% |
2.16% |
2.41% |
3.03% |
3.20% |
Portfolio Turnover Rate4 |
93% |
82% |
113%5 |
114% |
73% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 11%, 1%, 12%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$9.67 |
$10.39 |
$10.23 |
$9.52 |
$9.61 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.262 |
.228 |
.261 |
.309 |
.310 |
Net Realized and Unrealized Gain (Loss) on Investments |
(1.040) |
(.550) |
.501 |
.712 |
(.087) |
Total from Investment Operations |
(.778) |
(.322) |
.762 |
1.021 |
.223 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.272) |
(.234) |
(.267) |
(.311) |
(.313) |
Distributions from Realized Capital Gains |
— |
(.164) |
(.335) |
— |
— |
Total Distributions |
(.272) |
(.398) |
(.602) |
(.311) |
(.313) |
Net Asset Value, End of Period |
$8.62 |
$9.67 |
$10.39 |
$10.23 |
$9.52 |
Total Return2 |
-8.00% |
-3.17% |
7.59% |
10.87% |
2.41% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$29,569 |
$34,013 |
$35,093 |
$31,146 |
$27,011 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
3.02% |
2.25% |
2.50% |
3.13% |
3.30% |
Portfolio Turnover Rate4 |
93% |
82% |
113%5 |
114% |
73% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 11%, 1%, 12%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.41 |
$10.73 |
$10.58 |
$10.31 |
$10.32 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.230 |
.085 |
.178 |
.285 |
.298 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.969) |
(.321) |
.157 |
.272 |
(.011) |
Total from Investment Operations |
(.739) |
(.236) |
.335 |
.557 |
.287 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.231) |
(.084) |
(.176) |
(.287) |
(.297) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Return of Capital |
— |
— |
(.009) |
— |
— |
Total Distributions |
(.231) |
(.084) |
(.185) |
(.287) |
(.297) |
Net Asset Value, End of Period |
$9.44 |
$10.41 |
$10.73 |
$10.58 |
$10.31 |
Total Return2 |
-7.09% |
-2.21% |
3.17% |
5.46% |
2.85% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$5,270 |
$6,711 |
$7,719 |
$7,365 |
$6,715 |
Ratio of Total Expenses to Average Net Assets |
0.21%3 |
0.21% |
0.21% |
0.21% |
0.21% |
Ratio of Net Investment Income to Average Net Assets |
2.40% |
0.80% |
1.66% |
2.71% |
2.93% |
Portfolio Turnover Rate4 |
478% |
800% |
638% |
616% |
415% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.21%. |
4 |
Includes 206%, 298%, 182%, 198%, and 200%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.41 |
$10.73 |
$10.58 |
$10.31 |
$10.32 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.239 |
.098 |
.184 |
.295 |
.309 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.969) |
(.323) |
.161 |
.272 |
(.012) |
Total from Investment Operations |
(.730) |
(.225) |
.345 |
.567 |
.297 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.240) |
(.095) |
(.185) |
(.297) |
(.307) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Return of Capital |
— |
— |
(.010) |
— |
— |
Total Distributions |
(.240) |
(.095) |
(.195) |
(.297) |
(.307) |
Net Asset Value, End of Period |
$9.44 |
$10.41 |
$10.73 |
$10.58 |
$10.31 |
Total Return2 |
-7.00% |
-2.11% |
3.28% |
5.57% |
2.95% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$11,685 |
$15,587 |
$19,602 |
$17,356 |
$14,706 |
Ratio of Total Expenses to Average Net Assets |
0.11%3 |
0.11% |
0.11% |
0.11% |
0.11% |
Ratio of Net Investment Income to Average Net Assets |
2.49% |
0.92% |
1.72% |
2.81% |
3.03% |
Portfolio Turnover Rate4 |
478% |
800% |
638% |
616% |
415% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.11%. |
4 |
Includes 206%, 298%, 182%, 198%, and 200%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$12.29 |
$13.55 |
$14.05 |
$11.86 |
$11.96 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.261 |
.239 |
.273 |
.331 |
.334 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.931) |
(.923) |
.677 |
2.226 |
(.100) |
Total from Investment Operations |
(2.670) |
(.684) |
.950 |
2.557 |
.234 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.260) |
(.239) |
(.273) |
(.331) |
(.334) |
Distributions from Realized Capital Gains |
— |
(.337) |
(1.177) |
(.036) |
— |
Total Distributions |
(.260) |
(.576) |
(1.450) |
(.367) |
(.334) |
Net Asset Value, End of Period |
$9.36 |
$12.29 |
$13.55 |
$14.05 |
$11.86 |
Total Return2 |
-21.78% |
-4.92% |
6.41% |
21.84% |
2.05% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$574 |
$750 |
$931 |
$971 |
$794 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20% |
0.20% |
0.20% |
0.20% |
Ratio of Net Investment Income to Average Net Assets |
2.62% |
1.90% |
1.79% |
2.55% |
2.89% |
Portfolio Turnover Rate4 |
107% |
106% |
172% |
96%5 |
122% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.20%. |
4 |
Includes 17%, 2%, 26%, 4%, and 34%, respectively, attributable to mortgage-dollar-roll activity. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$12.29 |
$13.55 |
$14.05 |
$11.86 |
$11.96 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.271 |
.252 |
.288 |
.344 |
.346 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.931) |
(.923) |
.677 |
2.226 |
(.100) |
Total from Investment Operations |
(2.660) |
(.671) |
.965 |
2.570 |
.246 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.270) |
(.252) |
(.288) |
(.344) |
(.346) |
Distributions from Realized Capital Gains |
— |
(.337) |
(1.177) |
(.036) |
— |
Total Distributions |
(.270) |
(.589) |
(1.465) |
(.380) |
(.346) |
Net Asset Value, End of Period |
$9.36 |
$12.29 |
$13.55 |
$14.05 |
$11.86 |
Total Return2 |
-21.70% |
-4.82% |
6.51% |
21.96% |
2.16% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,464 |
$2,954 |
$3,292 |
$3,071 |
$2,532 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10% |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
2.73% |
2.00% |
1.89% |
2.65% |
2.99% |
Portfolio Turnover Rate4 |
107% |
106% |
172% |
96%5 |
122% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.10%. |
4 |
Includes 17%, 2%, 26%, 4%, and 34%, respectively, attributable to mortgage-dollar-roll activity. |
5 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.33 |
$11.42 |
$11.48 |
$9.79 |
$10.40 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.339 |
.323 |
.349 |
.381 |
.397 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.001) |
(.836) |
.399 |
1.854 |
(.560) |
Total from Investment Operations |
(1.662) |
(.513) |
.748 |
2.235 |
(.163) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.348) |
(.340) |
(.368) |
(.399) |
(.413) |
Distributions from Realized Capital Gains |
— |
(.237) |
(.440) |
(.146) |
(.034) |
Total Distributions |
(.348) |
(.577) |
(.808) |
(.545) |
(.447) |
Net Asset Value, End of Period |
$8.32 |
$10.33 |
$11.42 |
$11.48 |
$9.79 |
Total Return2 |
-16.05% |
-4.64% |
6.54% |
23.31% |
-1.45% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,884 |
$4,840 |
$5,070 |
$4,942 |
$4,098 |
Ratio of Total Expenses to Average Net Assets |
0.21% |
0.22% |
0.22% |
0.22% |
0.22% |
Ratio of Net Investment Income to Average Net Assets |
3.98% |
2.94% |
2.97% |
3.57% |
4.08% |
Portfolio Turnover Rate |
26% |
24% |
30% |
34%3 |
32%3 |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
Includes 1% and 0%, respectively, attributable to mortgage-dollar-roll activity. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.33 |
$11.42 |
$11.48 |
$9.79 |
$10.40 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.348 |
.334 |
.361 |
.392 |
.407 |
Net Realized and Unrealized Gain (Loss) on Investments |
(2.001) |
(.836) |
.399 |
1.853 |
(.560) |
Total from Investment Operations |
(1.653) |
(.502) |
.760 |
2.245 |
(.153) |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.357) |
(.351) |
(.380) |
(.409) |
(.423) |
Distributions from Realized Capital Gains |
— |
(.237) |
(.440) |
(.146) |
(.034) |
Total Distributions |
(.357) |
(.588) |
(.820) |
(.555) |
(.457) |
Net Asset Value, End of Period |
$8.32 |
$10.33 |
$11.42 |
$11.48 |
$9.79 |
Total Return2 |
-15.97% |
-4.54% |
6.64% |
23.43% |
-1.35% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$12,475 |
$14,769 |
$15,455 |
$15,335 |
$12,820 |
Ratio of Total Expenses to Average Net Assets |
0.12% |
0.12% |
0.12% |
0.12% |
0.12% |
Ratio of Net Investment Income to Average Net Assets |
4.08% |
3.04% |
3.07% |
3.67% |
4.18% |
Portfolio Turnover Rate |
26% |
24% |
30% |
34%3 |
32%3 |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
Includes 1% and 0%, respectively, attributable to mortgage-dollar-roll activity. |
Web |
|
Vanguard.com |
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Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Funds |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Short-Term Treasury Fund | ||||
Investor Shares |
10/28/1991 |
STTsry |
32 |
922031703 |
Admiral Shares |
2/13/2001 |
STsryAdml |
532 |
922031851 |
Vanguard Short-Term Federal Fund | ||||
Investor Shares |
12/31/1987 |
STFed |
49 |
922031604 |
Admiral Shares |
2/12/2001 |
STFedAdml |
549 |
922031844 |
Vanguard Short-Term Investment-Grade Fund | ||||
Investor Shares |
10/29/1982 |
STIGrade |
39 |
922031406 |
Admiral Shares |
2/12/2001 |
STIGradeAdml |
539 |
922031836 |
Vanguard Intermediate-Term Treasury Fund | ||||
Investor Shares |
10/28/1991 |
ITTsry |
35 |
922031802 |
Admiral Shares |
2/12/2001 |
ITsryAdml |
535 |
922031828 |
Vanguard Intermediate-Term Investment-Grade Fund | ||||
Investor Shares |
11/1/1993 |
ITIGrade |
71 |
922031885 |
Admiral Shares |
2/12/2001 |
ITIGradeAdml |
571 |
922031810 |
Vanguard GNMA Fund | ||||
Investor Shares |
6/27/1980 |
GNMA |
36 |
922031307 |
Admiral Shares |
2/12/2001 |
GNMAAdml |
536 |
922031794 |
Vanguard Long-Term Treasury Fund | ||||
Investor Shares |
5/19/1986 |
LTTsry |
83 |
922031505 |
Admiral Shares |
2/12/2001 |
LTsryAdml |
583 |
922031786 |
Vanguard 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 |
5 Years |
10 Years |
Vanguard Short-Term Investment-Grade Fund
Institutional Shares |
|
|
|
Return Before Taxes |
- |
|
|
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Bloomberg U.S. 1-5 Year Credit Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Bloomberg U.S. Aggregate Bond Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
Bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to
maturity. In part to compensate for this prepayment possibility,
mortgage-backed securities tend to offer higher yields than other bonds of
comparable credit quality and maturity. In contrast, when interest rates rise,
prepayments tend to slow down, subjecting mortgage-backed securities to
extension risk—the possibility that homeowners will repay their mortgages
at slower rates. This will lengthen the duration or average life of
mortgage-backed securities held by a fund and delay the fund’s ability to
reinvest proceeds at higher interest rates, making the fund more sensitive to
changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer
must pay back the bond’s principal (face value). Bond maturities range from
less than 1 year to more than 30 years. Typically, the longer a bond’s maturity,
the more price risk you, as a bond investor, will face as interest rates
rise—but also the higher the potential yield you could receive. Longer-term
bonds are generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About 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 may have to replace it with
another bond with 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 |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
$10.57 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.207 |
.175 |
.246 |
.311 |
.297 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.534) |
(.341) |
.226 |
.304 |
(.070) |
Total from Investment Operations |
(.327) |
(.166) |
.472 |
.615 |
.227 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.213) |
(.185) |
(.252) |
(.315) |
(.297) |
Distributions from Realized Capital Gains |
— |
(.039) |
— |
— |
— |
Total Distributions |
(.213) |
(.224) |
(.252) |
(.315) |
(.297) |
Net Asset Value, End of Period |
$10.09 |
$10.63 |
$11.02 |
$10.80 |
$10.50 |
Total Return |
-3.06% |
-1.53% |
4.42% |
5.93% |
2.20% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$11,531 |
$14,101 |
$14,267 |
$10,830 |
$10,100 |
Ratio of Total Expenses to Average Net Assets |
0.07%2 |
0.07% |
0.07% |
0.07% |
0.07% |
Ratio of Net Investment Income to Average Net Assets |
2.05% |
1.60% |
2.25% |
2.91% |
2.84% |
Portfolio Turnover Rate3 |
77% |
65% |
89% |
76% |
71% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.07%. |
3 |
Includes 11%, 3%, 13%, 1%, and 1%, respectively, attributable to mortgage-dollar-roll activity. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
Participant Services 800-523-1188
(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
Financial Advisor and Intermediary
Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard 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 $1,000,000) |
$ |
$ |
|
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 |
-
% |
% |
% |
Return After Taxes on Distributions |
- |
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
- |
|
|
Vanguard High-Yield Corporate Fund Admiral Shares |
|
|
|
Return Before Taxes |
-
% |
% |
% |
Bloomberg U.S. Corporate High Yield Bond Index
(reflects no deduction for fees, expenses, or taxes) |
-
% |
% |
% |
High-Yield Corporate Composite Index
(reflects no deduction for fees, expenses, or taxes) |
- |
|
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated
in the Fees and Expenses section, Vanguard 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 2022 was 0.95%, or $9.50 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. |
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 and are considered speculative. Because they
have greater credit risk than investment-grade bonds, similar maturity
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 generally more suitable for investors willing to take a greater risk
of price fluctuations to get higher and more stable interest income.
Shorter-term bond investors should be willing to accept lower yields and
greater income variability in return for less fluctuation in the value of their
investment. The stated maturity of a bond may differ from the effective
maturity of a bond, which takes into consideration that an action such as a
call or refunding may cause bonds to be repaid before their stated
maturity dates. |
Plain Talk About 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 may have to replace it with
another bond with 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
|
Aaa |
7.9% |
Aa |
0.0 |
A |
0.1 |
Baa |
5.8 |
Ba |
43.9 |
B |
36.7 |
Caa |
3.6 |
Ca |
0.0 |
C |
0.0 |
NR |
2.0 |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements and foreign currency exchange forward contracts—tend to be
more specialized or complex and may be more difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest and dividends as well as capital gains from the fund’s sale of
investments. Income consists of both the dividends that the fund earns from
any stock holdings and the interest it receives from any money market and
bond investments. Capital gains are realized whenever the fund sells
securities for higher prices than it paid for them. These capital gains are
either short-term or long-term, depending on whether the fund held the
securities for one year or less or for more than one year. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$5.77 |
$5.96 |
$5.94 |
$5.67 |
$5.91 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.261 |
.238 |
.259 |
.302 |
.317 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.462) |
(.185) |
.034 |
.278 |
(.230) |
Total from Investment Operations |
(.201) |
.053 |
.293 |
.580 |
.087 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.269) |
(.243) |
(.273) |
(.310) |
(.327) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.269) |
(.243) |
(.273) |
(.310) |
(.327) |
Net Asset Value, End of Period |
$5.30 |
$5.77 |
$5.96 |
$5.94 |
$5.67 |
Total Return2 |
-3.37% |
0.84% |
5.22% |
10.45% |
1.61% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$3,041 |
$3,612 |
$3,877 |
$4,102 |
$3,557 |
Ratio of Total Expenses to Average Net Assets |
0.23%3 |
0.23% |
0.23% |
0.23% |
0.23% |
Ratio of Net Investment Income to Average Net Assets |
4.90% |
4.00% |
4.51% |
5.16% |
5.55% |
Portfolio Turnover Rate |
36% |
31% |
38% |
28% |
21% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.23%. |
|
Year Ended January 31, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$5.77 |
$5.96 |
$5.94 |
$5.67 |
$5.91 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.266 |
.244 |
.265 |
.308 |
.323 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.462) |
(.185) |
.033 |
.278 |
(.230) |
Total from Investment Operations |
(.196) |
.059 |
.298 |
.586 |
.093 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.274) |
(.249) |
(.278) |
(.316) |
(.333) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.274) |
(.249) |
(.278) |
(.316) |
(.333) |
Net Asset Value, End of Period |
$5.30 |
$5.77 |
$5.96 |
$5.94 |
$5.67 |
Total Return2 |
-3.27% |
0.94% |
5.32% |
10.55% |
1.71% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$20,573 |
$25,011 |
$24,798 |
$22,701 |
$19,285 |
Ratio of Total Expenses to Average Net Assets |
0.13%3 |
0.13% |
0.13% |
0.13% |
0.13% |
Ratio of Net Investment Income to Average Net Assets |
5.00% |
4.10% |
4.60% |
5.26% |
5.65% |
Portfolio Turnover Rate |
36% |
31% |
38% |
28% |
21% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
Total returns do not include account service fees that may have applied in the periods shown. Fund prospectuses
provide information about any applicable account service fees. |
3 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.13%. |
Web |
|
Vanguard.com |
For the most complete source of Vanguard news
For fund, account, and service information
For most account transactions
For literature requests
24 hours a day, 7 days a week |
Phone | |
Investor Information 800-662-7447
(Text telephone for people with
hearing impairment at 800-749-7273) |
For fund and service information
For literature requests |
Client Services 800-662-2739
(Text telephone for people with
hearing impairment at 800-749-7273) |
For account information
For most account transactions |
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(Text telephone for people with
hearing impairment at 800-749-7273) |
For information and services for participants in
employer-sponsored plans |
Institutional Division
888-809-8102 |
For information and services for large institutional
investors |
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Sales Support 800-997-2798 |
For information and services for financial intermediaries
including financial advisors, broker-dealers, trust
institutions, and insurance companies |
Financial Advisory and Intermediary
Trading Support 800-669-0498 |
For account information and trading support for
financial intermediaries including financial advisors,
broker-dealers, trust institutions, and insurance
companies |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard 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 |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Real Estate II Index Fund
Institutional Plus Shares |
|
|
|
|
Return Before Taxes |
- |
|
|
|
Return After Taxes on Distributions |
- |
|
|
|
Return After Taxes on Distributions and Sale of
Fund Shares |
- |
|
|
|
Real Estate Spliced Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
MSCI US Investable Market Real Estate 25/50
Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Dow Jones U.S. Total Stock Market Float
Adjusted Index
(reflects no deduction for fees, expenses,
or taxes) |
- |
|
|
|
Plain Talk About Fund Expenses |
All mutual funds have operating expenses. These expenses, which are
deducted from a fund’s gross income, are expressed as a percentage of the
net assets of the fund. Assuming that operating expenses remain as stated
in the Fees and Expenses section, Vanguard Real Estate II Index Fund’s
expense ratio would be 0.08%, or $0.80 per $1,000 of average net assets.
The average expense ratio for real estate funds in 2022 was 1.16%, or
$11.60 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 Company Type |
Percentage of Fund1 |
Specialized |
37.28% |
Residential |
13.62 |
Industrial |
12.41 |
Retail |
12.64 |
Health Care |
7.94 |
Office |
5.50 |
Real Estate Services |
4.07 |
Diversified |
2.94 |
Hotel & Resort |
2.77 |
Real Estate Development |
0.26 |
Real Estate Operating Companies |
0.42 |
Diversified Real Estate Activities |
0.15 |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest 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, | ||||
For a Share Outstanding Throughout Each Period |
2023 |
2022 |
2021 |
2020 |
2019 |
Net Asset Value, Beginning of Period |
$25.69 |
$20.50 |
$22.64 |
$20.10 |
$19.17 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.558 |
.484 |
.471 |
.571 |
.611 |
Net Realized and Unrealized Gain (Loss) on Investments |
(3.493) |
5.427 |
(1.808) |
2.752 |
1.176 |
Total from Investment Operations |
(2.935) |
5.911 |
(1.337) |
3.323 |
1.787 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.528) |
(.477) |
(.465) |
(.590) |
(.626) |
Distributions from Realized Capital Gains |
(.238) |
(.034) |
— |
— |
— |
Return of Capital |
(.129) |
(.210) |
(.338) |
(.193) |
(.231) |
Total Distributions |
(.895) |
(.721) |
(.803) |
(.783) |
(.857) |
Net Asset Value, End of Period |
$21.86 |
$25.69 |
$20.50 |
$22.64 |
$20.10 |
Total Return |
-11.23% |
28.96% |
-5.70% |
16.78% |
9.68% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$8,690 |
$9,542 |
$7,400 |
$7,848 |
$6,719 |
Ratio of Total Expenses to Average Net Assets |
0.08%2 |
0.08% |
0.08% |
0.08% |
0.08% |
Ratio of Net Investment Income to Average Net Assets |
2.47% |
1.95% |
2.41% |
2.63% |
3.22% |
Portfolio Turnover Rate |
5%3 |
6% |
4% |
3% |
23% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee offset arrangements
was 0.08%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases or redemptions of
the fund’s capital shares. |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Real Estate II Index
Fund |
9/26/2017 |
REIIIxInsP |
2023 |
922031695 |
B-1 | |
B-4 | |
B-5 | |
B-36 | |
B-37 | |
B-38 | |
B-56 | |
B-64 | |
B-66 | |
B-66 | |
B-67 | |
B-68 | |
B-72 |
|
Share Classes1
| |||
Vanguard Fund2 |
Investor |
Admiral |
Institutional |
Institutional Plus |
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
|
— |
— |
— |
VRTPX |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard GNMA Fund |
$2,833.32 |
$16,999.92 |
$16,999.92 |
Vanguard High-Yield Corporate Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Intermediate-Term Investment-Grade Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Intermediate-Term Treasury Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Long-Term Investment-Grade Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Long-Term Treasury Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Real Estate II Index Fund |
14,166.60 |
16,999.92 |
16,999.92 |
Vanguard Short-Term Federal Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Short-Term Investment-Grade Fund |
6,000.00 |
22,958.43 |
21,500.09 |
Vanguard Short-Term Treasury Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Ultra-Short-Term Bond Fund |
6,000.00 |
22,958.39 |
21,500.04 |
Vanguard Fund |
Capital
Contribution
to Vanguard |
Percentage of
Fund’s Average
Net Assets |
Percent of
Vanguard Funds’
Contribution |
Vanguard GNMA Fund |
$624,000 |
Less than 0.01% |
0.25% |
Vanguard High-Yield Corporate Fund |
$859,000 |
Less than 0.01% |
0.34% |
Vanguard Intermediate-Term Investment-Grade Fund |
$1,122,000 |
Less than 0.01% |
0.45% |
Vanguard Intermediate-Term Treasury Fund |
$198,000 |
Less than 0.01% |
0.08% |
Vanguard Long-Term Investment-Grade Fund |
$569,000 |
Less than 0.01% |
0.23% |
Vanguard Long-Term Treasury Fund |
$107,000 |
Less than 0.01% |
0.04% |
Vanguard Real Estate II Index Fund |
$269,000 |
Less than 0.01% |
0.12% |
Vanguard Short-Term Federal Fund |
$209,000 |
Less than 0.01% |
0.08% |
Vanguard Short-Term Investment-Grade Fund |
$2,243,000 |
Less than 0.01% |
0.90% |
Vanguard Short-Term Treasury Fund |
$251,000 |
Less than 0.01% |
0.10% |
Vanguard Ultra-Short-Term Bond Fund |
$547,000 |
Less than 0.01% |
0.22% |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard GNMA Fund |
|
|
|
Management and Administrative Expenses |
0.12% |
0.12% |
0.12% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
Less than 0.01 |
Vanguard High-Yield Corporate Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.11% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Intermediate-Term Investment-Grade Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.09% |
0.09% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
Less than 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 |
0.12% |
0.12% |
0.12% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Long-Term Treasury Fund |
|
|
|
Management and Administrative Expenses |
0.11% |
0.10% |
0.10% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Real Estate II Index Fund |
|
|
|
Management and Administrative Expenses |
0.08% |
0.07% |
0.07% |
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% |
0.09% |
0.09% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Short-Term Investment-Grade Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.09% |
0.09% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
Less than 0.01 |
Vanguard Short-Term Treasury Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.09% |
0.09% |
Marketing and Distribution Expenses |
0.01 |
0.01 |
0.01 |
Vanguard Ultra-Short-Term Bond Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.09% |
0.09% |
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. Trustee and vice chair of The Shipley
School. Member of the board of governors of the
Investment Company Institute and of FINRA. |
205 |
1 Mr. Buckley is considered an “interested person” as defined in the 1940 Act because he is an officer of the Trust. | ||||
Independent Trustees |
|
|
|
|
Tara Bunch
(1962) |
Trustee |
November 2021 |
Head of Global Operations at Airbnb (2020–present).
Vice President of AppleCare (2012–2020). Member of
the board of Out & Equal, the University of California,
Berkeley School of Engineering, and Santa Clara
University’s School of Business. |
205 |
Emerson U. Fullwood
(1948) |
Trustee |
January 2008 |
Executive chief staff and marketing officer for North
America and corporate vice president (retired 2008) of
Xerox Corporation (document management products
and services). Former president of the Worldwide
Channels Group, Latin America, and Worldwide
Customer Service and executive chief staff officer of
Developing Markets of Xerox. Executive in residence
and 2009–2010 Distinguished Minett Professor at the
Rochester Institute of Technology. Member of the
board of directors of the University of Rochester
Medical Center, the Monroe Community College
Foundation, the United Way of Rochester, North
Carolina A&T University, Roberts Wesleyan College,
and the Rochester Philharmonic Orchestra. Trustee of
the University of Rochester. |
205 |
F. Joseph Loughrey
(1949) |
Trustee |
October 2009 |
President and chief operating officer (retired 2009) and
vice chairman of the board (2008–2009) of Cummins
Inc. (industrial machinery). Director of the V
Foundation. Member of the advisory council for the
College of Arts and Letters at the University of Notre
Dame. Chairman of the board of Saint Anselm College. |
205 |
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 |
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. |
205 |
Scott C. Malpass
(1962) |
Trustee |
March 2012 |
Chief investment officer and vice president of the
University of Notre Dame (retired 2020). Chair of the
board of Catholic Investment Services, Inc.
(investment advisors). Member of the board of
superintendence of the Institute for the Works of
Religion. Member of the Notre Dame 403(b)
Investment Committee and the board of directors of
Paxos Trust Company (finance). |
205 |
Deanna Mulligan
(1963) |
Trustee |
January 2018 |
Chief executive officer of Purposeful (2021–present).
Board chair (2020), chief executive officer (2011–2020),
and president (2010–2019) of The Guardian Life
Insurance Company of America. Chief operating officer
(2010–2011) and executive vice president (2008–2010)
of Individual Life and Disability of The Guardian Life
Insurance Company of America. Director of DuPont.
Member of the board of the Economic Club of New
York. Trustee of the Partnership for New York City
(business leadership), the Chief Executives for
Corporate Purpose, and the New York-Presbyterian
Hospital. |
205 |
André F. Perold
(1952) |
Trustee |
December 2004 |
George Gund Professor of Finance and Banking,
Emeritus at the Harvard Business School (retired
2011). Chief investment officer and partner of
HighVista Strategies LLC (private investment firm).
Board member of RIT Capital Partners (investment
firm). |
205 |
Sarah Bloom Raskin
(1961) |
Trustee |
January 2018 |
Deputy secretary (2014–2017) of the United States
Department of the Treasury. Governor (2010–2014) of
the Federal Reserve Board. Commissioner
(2007–2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice, Duke Law School (2021–present);
Rubenstein Fellow, Duke University (2017–2020);
Distinguished Fellow of the Global Financial Markets
Center, Duke Law School (2020–2022); and Senior
Fellow, Duke Center on Risk (2020–present). Partner of
Kaya Corporation Ltd. (climate policy advisory
services). Member of the board of directors of Arcadia
Corporation (energy solution technology). |
205 |
David Thomas
(1956) |
Trustee |
July 2021 |
President of Morehouse College (2018–present).
Professor of Business Administration Emeritus at
Harvard University (2017–2018) and Dean (2011–2016)
and Professor of Management at Georgetown
University, McDonough School of Business
(2016–2017). Director of DTE Energy Company.
Trustee of Common Fund. |
205 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Peter F. Volanakis
(1955) |
Trustee |
July 2009 |
President and chief operating officer (retired 2010) of
Corning Incorporated (communications equipment)
and director of Corning Incorporated (2000–2010) and
Dow Corning (2001–2010). Director (2012) of SPX
Corporation (multi-industry manufacturing). Overseer
of the Amos Tuck School of Business Administration,
Dartmouth College (2001–2013). Member of the BMW
Group Mobility Council. |
205 |
Executive Officers |
|
|
|
|
Jacqueline Angell
(1974) |
Chief
Compliance
Officer |
November 2022 |
Principal of Vanguard. Chief compliance officer
(November 2022–present) of Vanguard and of each of
the investment companies served by Vanguard. Chief
compliance officer (2018–2022) and deputy chief
compliance officer (2017–2019) of State Street. |
205 |
Christine M. Buchanan
(1970) |
Chief Financial
Officer |
November 2017 |
Principal of Vanguard. Chief financial officer
(2021–present) and treasurer (2017–2021) of each of
the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and advisory
services). |
205 |
John Galloway
(1973) |
Investment
Stewardship
Officer |
September 2020 |
Principal of Vanguard. Investment stewardship officer
(2020–present) of each of the investment companies
served by Vanguard. Head of Investor Advocacy
(2020–present) and head of Marketing Strategy and
Planning (2017–2020) at Vanguard. Special Assistant to
the President of the United States (2015). |
205 |
Ashley Grim
(1984) |
Treasurer |
February 2022 |
Treasurer (February 2022–present) of each of the
investment companies served by Vanguard. Fund
transfer agent controller (2019–2022) and director of
Audit Services (2017–2019) at Vanguard. Senior
manager (2015–2017) at PriceWaterhouseCoopers
(audit and assurance, consulting, and tax services). |
205 |
Jodi Miller
(1980) |
Finance Director |
September
2022 |
Principal of Vanguard. Finance director (2022–present)
of each of the investment companies served by
Vanguard. Head of Enterprise Investment Services
(2020–present), Head of Retail Client Services &
Operations (2020–2022), and Head of Retail Strategic
Support (2018–2020) at Vanguard. |
205 |
Anne E. Robinson
(1970) |
Secretary |
September 2016 |
General counsel (2016–present) of Vanguard.
Secretary (2016–present) of Vanguard and of each of
the investment companies served by Vanguard.
Managing director (2016–present) of Vanguard.
Managing director and general counsel of Global Cards
and Consumer Services (2014–2016) at Citigroup.
Counsel (2003–2014) at American Express.
Non-executive director of the board of National Grid
(energy). |
205 |
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. |
205 |
Trustee |
Aggregate
Compensation From
the Funds1 |
Total Compensation
From All Vanguard
Funds Paid to Trustees2 |
Mortimer J. Buckley |
— |
— |
Tara Bunch |
$7,117 |
$330,000 |
Emerson U. Fullwood |
7,117 |
330,000 |
F. Joseph Loughrey |
7,548 |
350,000 |
Mark Loughridge |
8,629 |
400,000 |
Scott C. Malpass |
7,117 |
330,000 |
Deanna Mulligan |
7,117 |
330,000 |
André F. Perold |
7,117 |
330,000 |
Sarah Bloom Raskin |
7,548 |
350,000 |
David Thomas |
7,117 |
330,000 |
Peter F. Volanakis |
7,548 |
350,000 |
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 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard High-Yield Corporate Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Intermediate-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
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 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Intermediate-Term Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Long-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Long-Term Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Real Estate II Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Short-Term Federal Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Short-Term Investment-Grade Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
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 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Short-Term Treasury Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Ultra-Short-Term Bond Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
Over $100,000 |
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 |
|
David Thomas |
— |
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 |
9.06% |
|
|
VANGUARD STAR FUND VALLEY
FORGE, PA |
52.72% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
7.80% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
5.44% |
Vanguard High-Yield Corporate Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
17.34% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.57% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
10.65% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.82% |
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 |
14.55% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.98% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
8.35% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.03% |
Vanguard Intermediate-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
10.28% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.22% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
8.58% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.89% |
Vanguard Long-Term Investment-Grade Fund |
Investor Shares |
VANGUARD STAR FUND VALLEY
FORGE, PA |
71.47% |
|
Admiral Shares |
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.91% |
Vanguard Long-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
5.48% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
5.14% |
|
|
VARIABLE ANNUITY LIFE INSURANCE
COMPANY HOUSTON, TX |
23.36% |
|
Admiral Shares |
AFLAC INCORPORATED PENSION
PLAN COLUMBUS, GA |
9.40% |
Vanguard Real Estate II Index Fund |
Institutional Plus Shares |
VANGUARD REAL ESTATE INDEX
FUND VALLEY FORGE, PA |
96.94% |
Vanguard Short-Term Federal Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
18.05% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
12.11% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
16.23% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.83% |
Vanguard Short-Term Investment-Grade Fund |
Institutional Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
11.08% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
11.14% |
|
|
VANGUARD GROUP INC MALVERN, PA |
11.36% |
|
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
13.36% |
|
|
VANGUARD STAR FUND VALLEY
FORGE, PA |
42.40% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.31% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
16.00% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
8.19% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Short-Term Treasury Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
19.54% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
9.53% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
9.78% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
6.50% |
Vanguard Ultra-Short-Term Bond Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
19.00% |
|
|
VANGUARD MANAGED ALLOCATION
FUND VALLEY FORGE, PA |
20.68% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
11.77% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
15.37% |
|
|
NATIONAL FINANCIAL SERVICES
CORPORATION JERSEY CITY, NJ |
10.13% |
|
|
UBS FINANCIAL SERVICES
WEEHAWKEN, NJ |
5.47% |
|
|
VANGUARD GROUP INC MALVERN, PA |
5.66% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Real Estate II Index Fund |
VANGUARD REAL ESTATE INDEX FUND VALLEY FORGE,
PA |
96.94% |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard GNMA Fund |
$2,524,000 |
$2,464,000 |
$1,940,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Brian Conroy |
Registered investment companies1 |
9 |
19.9B |
1 |
17B |
|
Other pooled investment vehicles |
12 |
2.9B |
0 |
0 |
|
Other accounts |
44 |
15.4B |
6 |
5.1B |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard High-Yield Corporate Fund |
$7,663,000 |
$8,434,000 |
$7,070,000 |
Vanguard Long-Term Investment-Grade Fund |
$3,250,000 |
$3,196,000 |
$2,665,000 |
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 |
$26.2B |
1 |
$16.4B |
|
Other pooled investment vehicles |
13 |
$6.6B |
0 |
$0 |
|
Other accounts |
100 |
$42.2B |
5 |
$1.1B |
Michael L. Hong |
Registered investment companies2 |
11 |
$24B |
1 |
$23.6B |
|
Other pooled investment vehicles |
8 |
$3.9B |
0 |
$0 |
|
Other accounts |
35 |
$8.5B |
0 |
$0 |
Elizabeth Shortsleeve3
|
Registered investment companies2
|
2 |
$24B |
1 |
$23.6B |
|
Other pooled investment vehicles |
1 |
$15M |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Daniel Shaykevich |
Registered investment companies1 |
13 |
$178B |
0 |
$0 |
|
Other pooled investment vehicles |
3 |
$2B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Arvind Narayanan |
Registered investment companies1 |
12 |
$176B |
0 |
$0 |
|
Other pooled investment vehicles |
2 |
$865M |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Michael Chang3 |
Registered investment companies2 |
4 |
$25B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Intermediate-Term Investment-Grade Fund |
$3,406,000 |
$3,285,000 |
$2,372,000 |
Vanguard Intermediate-Term Treasury Fund |
$705,000 |
$588,000 |
$366,000 |
Vanguard Long-Term Treasury Fund |
$449,000 |
$344,000 |
$197,000 |
Vanguard Real Estate II Index Fund |
$1,037,000 |
$1,072,000 |
$704,000 |
Vanguard Short-Term Federal Fund |
$671,000 |
$741,000 |
$443,000 |
Vanguard Short-Term Investment-Grade Fund |
$6,339,000 |
$6,938,000 |
$5,079,000 |
Vanguard Short-Term Treasury Fund |
$880,000 |
$696,000 |
$459,000 |
Vanguard Ultra-Short-Term Bond Fund |
$1,058,000 |
$1,779,000 |
$1,262,000 |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Daniel Shaykevich |
Registered investment companies1 |
13 |
$178B |
0 |
$0 |
|
Other pooled investment vehicles |
3 |
$2B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Arvind Narayanan |
Registered investment companies1 |
12 |
$176B |
0 |
$0 |
|
Other pooled investment vehicles |
2 |
$865M |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Brian W. Quigley |
Registered investment companies2 |
8 |
$69B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Walter Nejman |
Registered investment companies3 |
40 |
$2.5T |
0 |
$0 |
|
Other pooled investment vehicles |
12 |
$121B |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Gerard C. O’Reilly |
Registered investment companies3 |
18 |
$2.1T |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
John Madziyire |
Registered investment companies4 |
4 |
$48B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
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 |
$278,337 |
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 |
$357 |
Administrative fees not included in revenue split |
$3,516 |
Indemnification fee not included in revenue split |
$0 |
Rebate (paid to borrower) |
$39,241 |
Other fees not included in revenue split (specify) |
$0 |
Aggregate fees/compensation for securities lending activities |
$43,114 |
Net income from securities lending activities |
$235,223 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard GNMA Fund |
$588,000 |
$421,000 |
$360,000 |
Vanguard High-Yield Corporate Fund |
2,000 |
31,000 |
108,000 |
Vanguard Intermediate-Term Investment-Grade Fund |
728,000 |
829,000 |
784,000 |
Vanguard Intermediate-Term Treasury Fund |
304,000 |
263,000 |
248,000 |
Vanguard Long-Term Investment-Grade Fund |
333,000 |
292,000 |
225,000 |
Vanguard Long-Term Treasury Fund |
172,000 |
156,000 |
138,000 |
Vanguard Real Estate II Index Fund |
78,000 |
93,000 |
110,000 |
Vanguard Short-Term Federal Fund |
611,000 |
453,000 |
472,000 |
Vanguard Short-Term Investment-Grade Fund |
765,000 |
778,000 |
1,148,000 |
Vanguard Short-Term Treasury Fund |
526,000 |
299,000 |
266,000 |
Vanguard Ultra-Short-Term Bond Fund |
158,000 |
150,000 |
220,000 |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard GNMA Fund |
Barclays Capital, Inc. |
$18,300,000 |
|
BofA Securities, Inc. |
75,900,000 |
|
Citigroup Global Markets Inc. |
30,300,000 |
|
HSBC Securities (USA) Inc. |
35,900,000 |
|
Natixis Securities Americas LLC |
32,200,000 |
|
SG Americas Securities, LLC |
3,500,000 |
Vanguard High-Yield Corporate Fund |
BofA Securities, Inc. |
110,200,000 |
|
Credit Agricole Securities (USA) Inc. |
82,500,000 |
|
J.P. Morgan Securities LLC |
14,600,000 |
|
RBC Capital Markets, LLC |
120,900,000 |
|
TD Securities |
179,600,000 |
Vanguard Intermediate-Term Investment-Grade Fund |
Barclays Capital, Inc. |
203,538,000 |
|
BNP Paribas Securities Corp. |
35,270,000 |
|
BofA Securities, Inc. |
917,236,000 |
|
Citigroup Global Markets Inc. |
598,821,000 |
|
Credit Suisse Securities (USA) LLC |
5,102,000 |
|
Goldman Sachs & Co. LLC |
393,222,000 |
|
J.P. Morgan Securities LLC |
740,420,000 |
|
Morgan Stanley & Co. LLC |
630,732,000 |
|
State Street Global Markets, LLC |
80,327,000 |
|
Wells Fargo Securities, LLC |
337,486,000 |
Vanguard Intermediate-Term Treasury Fund |
— |
— |
Vanguard Long-Term Investment-Grade Fund |
Barclays Capital, Inc. |
2,800,000 |
|
BofA Securities, Inc. |
421,635,000 |
|
Citigroup Global Markets Inc. |
101,071,000 |
|
Goldman Sachs & Co. LLC |
238,198,000 |
|
J.P. Morgan Securities LLC |
401,595,000 |
|
Morgan Stanley & Co. LLC |
260,683,000 |
|
RBC Capital Markets, LLC |
200,000 |
|
Wells Fargo Securities, LLC |
396,123,000 |
Vanguard Long-Term Treasury Fund |
— |
— |
Vanguard Real Estate II Index Fund |
— |
— |
Vanguard Short-Term Federal Fund |
— |
— |
Vanguard Short-Term Investment-Grade Fund |
Barclays Capital, Inc. |
406,069,000 |
|
BofA Securities, Inc. |
1,621,089,000 |
|
Citigroup Global Markets Inc. |
847,953,000 |
|
Credit Suisse Securities (USA) LLC |
163,554,000 |
|
Goldman Sachs & Co. LLC |
1,139,032,000 |
|
J.P. Morgan Securities LLC |
1,465,979,000 |
|
Morgan Stanley & Co. LLC |
1,488,183,000 |
|
State Street Global Markets, LLC |
26,061,000 |
|
TD Securities |
417,519,000 |
|
Wells Fargo Securities, LLC |
1,094,724,000 |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Short-Term Treasury Fund |
— |
— |
Vanguard Ultra-Short-Term Bond Fund |
BofA Securities, Inc. |
135,448,000 |
|
Citigroup Global Markets Inc. |
140,334,000 |
|
Goldman Sachs & Co. LLC |
161,922,000 |
|
J.P. Morgan Securities LLC |
161,566,000 |
|
Morgan Stanley & Co. LLC |
93,667,000 |
|
State Street Global Markets, LLC |
37,902,000 |
|
Wells Fargo Securities, LLC |
182,036,000 |
(a) |
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, filed with Post-Effective
Amendment No. 123, dated May 29, 2019, is hereby incorporated by reference. |
(b) |
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 127, dated May 28, 2021, is
hereby incorporated by reference. |
(c) |
Instruments Defining Rights of Security Holders, reference is made to Articles III and V of the Registrant’s
Amended and Restated Agreement and Declaration of Trust, refer to Exhibit (a) above. |
(d) |
Investment Advisory Contracts, for 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, are hereby incorporated by reference. Amendment to the Investment
Advisory Agreement for Wellington Management Company, LLP, is filed herewith. 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, Vanguard Real Estate II Index Fund, and Vanguard High-Yield Corporate 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. 128, dated May 31,
2022; and for JPMorgan Chase and State Street Bank, filed with Post-Effective Amendment No. 129, on March 10,
2023 are hereby incorporated by reference. |
(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. Form of Fund of Funds Investment
Agreement, filed with Post-Effective Amendment No. 128, dated May 31, 2022, is hereby incorporated by
reference. |
(i) |
Legal Opinion, not applicable. |
(j) |
|
(k) |
Omitted Financial Statements, not applicable. |
(l) |
Initial Capital Agreements, not applicable. |
(m) |
Rule 12b-1 Plan, not applicable. |
(n) |
Rule 18f-3 Plan, is filed herewith. |
(o) |
Reserved. |
(p) |
Codes of Ethics, for The Vanguard Group, Inc. filed with Post-Effective Amendment No. 128 dated May 31, 2022, is
|
(a) |
Vanguard Marketing Corporation, a wholly owned subsidiary of The Vanguard Group, Inc., is the principal underwriter
of each fund within the Vanguard group of investment companies, a family of over 200 funds. |
(b) |
The principal business address of each named director and officer of Vanguard Marketing Corporation is 100
Vanguard Boulevard, Malvern, PA 19355. |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Matthew J. Benchener |
Vice President and Chief Executive Officer
Designee |
None |
Karin A. Risi |
Vice President |
None |
Thomas M. Rampulla |
Vice President |
None |
Michael Rollings |
Vice President |
Finance Director |
John Bisordi |
General Counsel and Vice President |
None |
Tara Buckley |
Vice President and Assistant Secretary |
None |
Matthew C. Brancato |
Vice President |
None |
Mortimer J. Buckley |
President |
Chief Executive Officer and President |
Beth Morales Singh |
Secretary |
None |
Erica Green |
Chief Compliance Officer |
None |
Sarah Green |
Anti-Money Laundering Officer |
None |
Nitin Tandon |
Chief Information Officer |
None |
Manish Nagar |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Principal Financial Officer and Treasurer |
None |
Matthew Tretter |
Principal Operations Officer |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Barbara Bock |
Controller |
None |
Jason Botzler |
Vice President |
None |
Jon Cleborne |
Vice President |
None |
Kaitlyn Holmes |
Vice President |
None |
Andrew Kadjeski |
Vice President |
None |
Amy M. Laursen |
Vice President |
None |
Paul M. Jakubowski |
Vice President |
None |
John James |
Vice President |
None |
James D. Martielli |
Vice President |
None |
Armond E. Mosley |
Vice President |
None |
David Petty |
Vice President |
None |
David MacBride |
Vice President |
None |
Massy Williams |
Vice President |
None |
Jacob Buttery |
Assistant Secretary |
None |
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
May 24, 2023 |
/s/ Tara Bunch*
Tara Bunch |
Trustee |
May 24, 2023 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
May 24, 2023 |
/s/ F. Joseph Loughrey*
F. Joseph Loughrey |
Trustee |
May 24, 2023 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
May 24, 2023 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
May 24, 2023 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
May 24, 2023 |
/s/ André F. Perold*
André F. Perold |
Trustee |
May 24, 2023 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
May 24, 2023 |
/s/ David Thomas*
David Thomas |
Trustee |
May 24, 2023 |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
May 24, 2023 |
/s/ Christine Buchanan*
Christine Buchanan |
Chief Financial Officer |
May 24, 2023 |