| |
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 Inflation-Protected Securities
Index Fund Institutional Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Bloomberg U.S. 0-5 Year TIPS 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 Short-Term Inflation-Protected
Securities Index Fund Institutional Shares' expense ratio would be 0.04%, or
$0.40 per $1,000 of average net assets. The average expense ratio for
inflation-protected bond funds in 2022 was 0.62%, or $6.20 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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About Inflation-Indexed Securities |
Unlike a conventional bond, whose issuer makes regular fixed interest
payments and repays the face value of the bond at maturity, an
inflation-indexed security (IIS) provides principal and interest payments that
are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the
general price level for goods and services. This adjustment is a key feature of
an IIS. Even though historically the general price level for goods and services
has risen each year, there have been periods when the general price level for
goods and services has dropped (as measured by the Consumer Price Index
(CPI). Importantly, for shareholders of U.S. government issued
inflation-indexed securities, during such a period of deflation, the
U.S. Treasury has guaranteed that it will repay at least the face value of the
securities. However, if an IIS is purchased by a fund at a premium, a
deflationary period could cause the fund to experience a loss. |
Inflation measurement and adjustment for an IIS have two important
features. There is a two-month lag between the time that inflation occurs in
the economy and when it is factored into IIS valuations. This is due to the
time required to measure and calculate the CPI and for the U.S. Treasury to
adjust the inflation accrual schedules for an IIS. For example, inflation that
occurs in January is calculated and announced during February and affects
IIS valuations throughout the month of March. In addition, the inflation index
used is the nonseasonally adjusted index. It differs from the CPI that is
reported by most news organizations, which is statistically smoothed to
overcome highs and lows observed at different points each year. The use of
the nonseasonally adjusted index can cause a fund’s income level to
fluctuate. |
Plain Talk About Real Returns |
Inflation-indexed securities are designed to provide a “real rate of return”—a
return after adjusting for the impact of inflation. Inflation—a rise in the general
price level—erodes the purchasing power of an investor’s portfolio. For
example, if an investment provides a “nominal” total return of 5% in a given
year and inflation is 2% during that period, the inflation-adjusted, or real,
return is 3%. Investors should be conscious of both the nominal and the real
returns on their investments. Investors in inflation-indexed bond funds who
do not reinvest the portion of the income distribution that comes from inflation
adjustments will not maintain the purchasing power of the investment over
the long term. This is because interest earned depends on the amount of
principal invested, and that principal will not grow with inflation if the investor
does not reinvest the principal adjustment paid out as part of a fund’s
income distributions. |
Plain Talk About Inflation-Indexed Securities and Interest Rates |
Interest rates on conventional bonds have two primary components: a “real”
yield and an increment that reflects investor expectations of future inflation.
By contrast, interest rates on an IIS are adjusted for inflation and, therefore,
are not affected meaningfully by inflation expectations. This leaves only real
interest rates to influence the price of an IIS. A rise in real interest rates will
cause the price of an IIS to fall, while a decline in real interest rates will boost
the price of an IIS. |
Plain Talk About Inflation-Indexed Securities and Taxes |
Any increase in principal for an IIS resulting from inflation adjustments is
considered by the IRS to be taxable income in the year it occurs. For direct
holders of an IIS, this means that taxes must be paid on principal
adjustments, even though these amounts are not received until the bond
matures. By contrast, a mutual fund holding an IIS pays out (to shareholders)
both interest income and the income attributable to principal adjustments
each quarter in the form of cash or reinvested shares, and the shareholders
must pay taxes on the distributions. |
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. |
Plain Talk About Return of Capital |
Return of capital is the portion of a distribution representing the return of your
original investment in a fund. Return of capital reduces your cost basis in the
fund’s shares and is not taxable to you until your cost basis has been
reduced to zero. During periods of deflation, the fund’s inflation-indexed
bonds may experience a downward adjustment in their value. These
downward adjustments can partially or entirely offset, or more than offset, the
income earned on the bonds. Under certain circumstances, these downward
adjustments could require the fund to reclassify a portion of the income
dividends previously distributed to shareholders as return of capital. To
reduce the possibility of a reclassification, the fund may determine to pay
income dividends less frequently than quarterly in a year, and in some years,
the fund may not pay any income dividends. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$23.70 |
$25.95 |
$25.46 |
$24.62 |
$24.27 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.623 |
1.760 |
1.219 |
.306 |
.517 |
Net Realized and Unrealized Gain (Loss) on Investments |
.149 |
(2.487) |
.166 |
.853 |
.319 |
Total from Investment Operations |
.772 |
(.727) |
1.385 |
1.159 |
.836 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.922) |
(1.523) |
(.895) |
(.319) |
(.486) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.922) |
(1.523) |
(.895) |
(.319) |
(.486) |
Net Asset Value, End of Period |
$23.55 |
$23.70 |
$25.95 |
$25.46 |
$24.62 |
Total Return |
3.31% |
-2.94% |
5.49% |
4.73% |
3.48% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$18,850 |
$16,867 |
$16,238 |
$11,880 |
$9,967 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04% |
0.04% |
0.04% |
0.04% |
Ratio of Net Investment Income to Average Net Assets |
2.62% |
6.90% |
4.69% |
1.22% |
2.08% |
Portfolio Turnover Rate3 |
28% |
26% |
19% |
37% |
26% |
|
|
1 |
Calculated based on average shares outstanding. |
2 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
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 Inflation-Protected
Securities Index Fund | ||||
Institutional Shares |
10/17/2012 |
STIPSIxIns |
1867 |
922020607 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Inflation-Protected Securities
Index Fund Admiral Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Bloomberg U.S. 0-5 Year TIPS 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 Short-Term Inflation-Protected
Securities Index Fund Admiral Share's expense ratio would be 0.06%, or
$0.60 per $1,000 of average net assets. The average expense ratio for
inflation-protected bond funds in 2022 was 0.62%, or $6.20 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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About Inflation-Indexed Securities |
Unlike a conventional bond, whose issuer makes regular fixed interest
payments and repays the face value of the bond at maturity, an
inflation-indexed security (IIS) provides principal and interest payments that
are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the
general price level for goods and services. This adjustment is a key feature of
an IIS. Even though historically the general price level for goods and services
has risen each year, there have been periods when the general price level for
goods and services has dropped (as measured by the Consumer Price Index
(CPI). Importantly, for shareholders of U.S. government issued
inflation-indexed securities, during such a period of deflation, the
U.S. Treasury has guaranteed that it will repay at least the face value of the
securities. However, if an IIS is purchased by a fund at a premium, a
deflationary period could cause the fund to experience a loss. |
Inflation measurement and adjustment for an IIS have two important
features. There is a two-month lag between the time that inflation occurs in
the economy and when it is factored into IIS valuations. This is due to the
time required to measure and calculate the CPI and for the U.S. Treasury to
adjust the inflation accrual schedules for an IIS. For example, inflation that
occurs in January is calculated and announced during February and affects
IIS valuations throughout the month of March. In addition, the inflation index
used is the nonseasonally adjusted index. It differs from the CPI that is
reported by most news organizations, which is statistically smoothed to
overcome highs and lows observed at different points each year. The use of
the nonseasonally adjusted index can cause a fund’s income level to
fluctuate. |
Plain Talk About Real Returns |
Inflation-indexed securities are designed to provide a “real rate of return”—a
return after adjusting for the impact of inflation. Inflation—a rise in the general
price level—erodes the purchasing power of an investor’s portfolio. For
example, if an investment provides a “nominal” total return of 5% in a given
year and inflation is 2% during that period, the inflation-adjusted, or real,
return is 3%. Investors should be conscious of both the nominal and the real
returns on their investments. Investors in inflation-indexed bond funds who
do not reinvest the portion of the income distribution that comes from inflation
adjustments will not maintain the purchasing power of the investment over
the long term. This is because interest earned depends on the amount of
principal invested, and that principal will not grow with inflation if the investor
does not reinvest the principal adjustment paid out as part of a fund’s
income distributions. |
Plain Talk About Inflation-Indexed Securities and Interest Rates |
Interest rates on conventional bonds have two primary components: a “real”
yield and an increment that reflects investor expectations of future inflation.
By contrast, interest rates on an IIS are adjusted for inflation and, therefore,
are not affected meaningfully by inflation expectations. This leaves only real
interest rates to influence the price of an IIS. A rise in real interest rates will
cause the price of an IIS to fall, while a decline in real interest rates will boost
the price of an IIS. |
Plain Talk About Inflation-Indexed Securities and Taxes |
Any increase in principal for an IIS resulting from inflation adjustments is
considered by the IRS to be taxable income in the year it occurs. For direct
holders of an IIS, this means that taxes must be paid on principal
adjustments, even though these amounts are not received until the bond
matures. By contrast, a mutual fund holding an IIS pays out (to shareholders)
both interest income and the income attributable to principal adjustments
each quarter in the form of cash or reinvested shares, and the shareholders
must pay taxes on the distributions. |
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. |
Plain Talk About Return of Capital |
Return of capital is the portion of a distribution representing the return of your
original investment in a fund. Return of capital reduces your cost basis in the
fund’s shares and is not taxable to you until your cost basis has been
reduced to zero. During periods of deflation, the fund’s inflation-indexed
bonds may experience a downward adjustment in their value. These
downward adjustments can partially or entirely offset, or more than offset, the
income earned on the bonds. Under certain circumstances, these downward
adjustments could require the fund to reclassify a portion of the income
dividends previously distributed to shareholders as return of capital. To
reduce the possibility of a reclassification, the fund may determine to pay
income dividends less frequently than quarterly in a year and in some years,
the fund may not pay any income dividends. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$23.69 |
$25.93 |
$25.44 |
$24.60 |
$24.25 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.606 |
1.843 |
1.257 |
.294 |
.500 |
Net Realized and Unrealized Gain (Loss) on Investments |
.161 |
(2.565) |
.123 |
.860 |
.332 |
Total from Investment Operations |
.767 |
(.722) |
1.380 |
1.154 |
.832 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.917) |
(1.518) |
(.890) |
(.314) |
(.482) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.917) |
(1.518) |
(.890) |
(.314) |
(.482) |
Net Asset Value, End of Period |
$23.54 |
$23.69 |
$25.93 |
$25.44 |
$24.60 |
Total Return2 |
3.29% |
-2.92% |
5.47% |
4.72% |
3.46% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$19,767 |
$20,803 |
$13,879 |
$8,541 |
$7,333 |
Ratio of Total Expenses to Average Net Assets |
0.06%3 |
0.06% |
0.06% |
0.06% |
0.06% |
Ratio of Net Investment Income to Average Net Assets |
2.55% |
7.25% |
4.84% |
1.18% |
2.06% |
Portfolio Turnover Rate4 |
28% |
26% |
19% |
37% |
26% |
|
|
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 0.06%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
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 Inflation-Protected
Securities Index Fund | ||||
Admiral Shares |
10/16/2012 |
STIPSIxAdm |
567 |
922020706 |
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
Account Service Fee Per Year
(for certain fund account balances below $5,000,000) |
$ |
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Inflation-Protected Securities
Index Fund Investor Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Bloomberg U.S. 0-5 Year TIPS 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 Short-Term Inflation-Protected
Securities Index Fund Investor Share's expense ratio would be 0.14%, or
$1.40 per $1,000 of average net assets. The average expense ratio for
inflation-protected bond funds in 2022 was 0.62%, or $6.20 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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Plain Talk About Inflation-Indexed Securities |
Unlike a conventional bond, whose issuer makes regular fixed interest
payments and repays the face value of the bond at maturity, an
inflation-indexed security (IIS) provides principal and interest payments that
are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the
general price level for goods and services. This adjustment is a key feature of
an IIS. Even though historically the general price level for goods and services
has risen each year, there have been periods when the general price level for
goods and services has dropped (as measured by the Consumer Price Index
(CPI). Importantly, for shareholders of U.S. government issued
inflation-indexed securities, during such a period of deflation, the
U.S. Treasury has guaranteed that it will repay at least the face value of the
securities. However, if an IIS is purchased by a fund at a premium, a
deflationary period could cause the fund to experience a loss. |
Inflation measurement and adjustment for an IIS have two important
features. There is a two-month lag between the time that inflation occurs in
the economy and when it is factored into IIS valuations. This is due to the
time required to measure and calculate the CPI and for the U.S. Treasury to
adjust the inflation accrual schedules for an IIS. For example, inflation that
occurs in January is calculated and announced during February and affects
IIS valuations throughout the month of March. In addition, the inflation index
used is the nonseasonally adjusted index. It differs from the CPI that is
reported by most news organizations, which is statistically smoothed to
overcome highs and lows observed at different points each year. The use of
the nonseasonally adjusted index can cause a fund’s income level to
fluctuate. |
Plain Talk About Real Returns |
Inflation-indexed securities are designed to provide a “real rate of return”—a
return after adjusting for the impact of inflation. Inflation—a rise in the general
price level—erodes the purchasing power of an investor’s portfolio. For
example, if an investment provides a “nominal” total return of 5% in a given
year and inflation is 2% during that period, the inflation-adjusted, or real,
return is 3%. Investors should be conscious of both the nominal and the real
returns on their investments. Investors in inflation-indexed bond funds who
do not reinvest the portion of the income distribution that comes from inflation
adjustments will not maintain the purchasing power of the investment over
the long term. This is because interest earned depends on the amount of
principal invested, and that principal will not grow with inflation if the investor
does not reinvest the principal adjustment paid out as part of a fund’s
income distributions. |
Plain Talk About Inflation-Indexed Securities and Interest Rates |
Interest rates on conventional bonds have two primary components: a “real”
yield and an increment that reflects investor expectations of future inflation.
By contrast, interest rates on an IIS are adjusted for inflation and, therefore,
are not affected meaningfully by inflation expectations. This leaves only real
interest rates to influence the price of an IIS. A rise in real interest rates will
cause the price of an IIS to fall, while a decline in real interest rates will boost
the price of an IIS. |
Plain Talk About Inflation-Indexed Securities and Taxes |
Any increase in principal for an IIS resulting from inflation adjustments is
considered by the IRS to be taxable income in the year it occurs. For direct
holders of an IIS, this means that taxes must be paid on principal
adjustments, even though these amounts are not received until the bond
matures. By contrast, a mutual fund holding an IIS pays out (to shareholders)
both interest income and the income attributable to principal adjustments
each quarter in the form of cash or reinvested shares, and the shareholders
must pay taxes on the distributions. |
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. |
Plain Talk About Return of Capital |
Return of capital is the portion of a distribution representing the return of your
original investment in a fund. Return of capital reduces your cost basis in the
fund’s shares and is not taxable to you until your cost basis has been
reduced to zero. During periods of deflation, the fund’s inflation-indexed
bonds may experience a downward adjustment in their value. These
downward adjustments can partially or entirely offset, or more than offset, the
income earned on the bonds. Under certain circumstances, these downward
adjustments could require the fund to reclassify a portion of the income
dividends previously distributed to shareholders as return of capital. To
reduce the possibility of a reclassification, the fund may determine to pay
income dividends less frequently than quarterly in a year, and in some years,
the fund may not pay any income dividends. |
Plain Talk About Buying a Dividend |
Unless you are a tax-exempt investor or investing through a tax-advantaged
account (such as an IRA or an employer-sponsored retirement or savings
plan), you should consider avoiding a purchase of fund shares shortly before
the fund makes a distribution, because doing so can cost you money in
taxes. This is known as “buying a dividend.” For example: On December 15,
you invest $5,000, buying 250 shares for $20 each. If the fund pays a
distribution of $1 per share on December 16, its share price will drop to $19
(not counting market change). You still have only $5,000 (250 shares x $19 =
$4,750 in share value, plus 250 shares x $1 = $250 in distributions), but you
owe tax on the $250 distribution you received—even if you reinvest it in more
shares. To avoid buying a dividend, check a fund’s distribution schedule
before you invest. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$23.66 |
$25.90 |
$25.41 |
$24.57 |
$24.23 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.561 |
.991 |
1.099 |
.272 |
.483 |
Net Realized and Unrealized Gain (Loss) on Investments |
.186 |
(1.734) |
.258 |
.862 |
.324 |
Total from Investment Operations |
.747 |
(.743) |
1.357 |
1.134 |
.807 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.897) |
(1.497) |
(.867) |
(.294) |
(.467) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(.897) |
(1.497) |
(.867) |
(.294) |
(.467) |
Net Asset Value, End of Period |
$23.51 |
$23.66 |
$25.90 |
$25.41 |
$24.57 |
Total Return2 |
3.20% |
-3.01% |
5.38% |
4.64% |
3.36% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$5 |
$9 |
$7,825 |
$8,063 |
$7,014 |
Ratio of Total Expenses to Average Net Assets |
0.14%3 |
0.14% |
0.14% |
0.14% |
0.14% |
Ratio of Net Investment Income to Average Net Assets |
2.36% |
3.83% |
4.25% |
1.09% |
1.98% |
Portfolio Turnover Rate4 |
28% |
26% |
19% |
37% |
26% |
|
|
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 0.14%. |
4 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
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 |
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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 Short-Term Inflation-Protected
Securities Index Fund | ||||
Investor Shares |
10/16/2012 |
STIPSIxInv |
1967 |
922020508 |
| |
Transaction Fee on Purchases and Sales |
|
Transaction Fee on Reinvested Dividends |
|
Transaction Fee on Conversion to ETF Shares |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Short-Term Inflation-Protected Securities
Index Fund ETF Shares |
|
|
|
Based on NAV |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Based on Market Price |
|
|
|
Return Before Taxes |
|
|
|
Bloomberg U.S. 0-5 Year TIPS 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 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 Short-Term Inflation-Protected Securities
Index Fund ETF Shares’ expense ratio would be 0.04%, or $0.40 per $1,000
of average net assets. The average expense ratio for inflation-protected bond
funds in 2022 was 0.62%, or $6.20 per $1,000 of average net assets (derived
from data provided by Lipper, a Thomson Reuters Company, which reports
on the fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing an ETF. That is because
you, as a shareholder, pay a proportionate share of the costs of operating a
fund and any transaction costs incurred when the fund buys or sells
securities, including costs generated by shareholders of other share classes
offered by the fund. These costs can erode a substantial portion of the gross
income or the capital appreciation a fund achieves. Even seemingly small
differences in expenses can, over time, have a dramatic effect on a
fund’s performance. |
Plain Talk About Inflation-Indexed Securities |
Unlike a conventional bond, whose issuer makes regular fixed interest
payments and repays the face value of the bond at maturity, an
inflation-indexed security (IIS) provides principal and interest payments that
are adjusted over time to reflect a rise (inflation) or a drop (deflation) in the
general price level for goods and services. This adjustment is a key feature of
an IIS. Even though historically the general price level for goods and services
has risen each year, there have been periods when the general price level for
goods and services has dropped (as measured by the Consumer Price Index
(CPI). Importantly, for shareholders of U.S. government issued
inflation-indexed securities, during such a period of deflation, the
U.S. Treasury has guaranteed that it will repay at least the face value of the
securities. However, if an IIS is purchased by a fund at a premium, a
deflationary period could cause the fund to experience a loss. |
Inflation measurement and adjustment for an IIS have two important
features. There is a two-month lag between the time that inflation occurs in
the economy and when it is factored into IIS valuations. This is due to the
time required to measure and calculate the CPI and for the U.S. Treasury to
adjust the inflation accrual schedules for an IIS. For example, inflation that
occurs in January is calculated and announced during February and affects
IIS valuations throughout the month of March. In addition, the inflation index
used is the nonseasonally adjusted index. It differs from the CPI that is
reported by most news organizations, which is statistically smoothed to
overcome highs and lows observed at different points each year. The use of
the nonseasonally adjusted index can cause a fund’s income level to
fluctuate. |
Plain Talk About Real Returns |
Inflation-indexed securities are designed to provide a “real rate of return”—a
return after adjusting for the impact of inflation. Inflation—a rise in the general
price level—erodes the purchasing power of an investor’s portfolio. For
example, if an investment provides a “nominal” total return of 5% in a given
year and inflation is 2% during that period, the inflation-adjusted, or real,
return is 3%. Investors should be conscious of both the nominal and the real
returns on their investments. Investors in inflation-indexed bond funds who
do not reinvest the portion of the income distribution that comes from inflation
adjustments will not maintain the purchasing power of the investment over
the long term. This is because interest earned depends on the amount of
principal invested, and that principal will not grow with inflation if the investor
does not reinvest the principal adjustment paid out as part of a fund’s
income distributions. |
Plain Talk About Inflation-Indexed Securities and Interest Rates |
Interest rates on conventional bonds have two primary components: a “real”
yield and an increment that reflects investor expectations of future inflation.
By contrast, interest rates on an IIS are adjusted for inflation and, therefore,
are not affected meaningfully by inflation expectations. This leaves only real
interest rates to influence the price of an IIS. A rise in real interest rates will
cause the price of an IIS to fall, while a decline in real interest rates will boost
the price of an IIS. |
Plain Talk About Inflation-Indexed Securities and Taxes |
Any increase in principal for an IIS resulting from inflation adjustments is
considered by the IRS to be taxable income in the year it occurs. For direct
holders of an IIS, this means that taxes must be paid on principal
adjustments, even though these amounts are not received until the bond
matures. By contrast, a mutual fund holding an IIS pays out (to shareholders)
both interest income and the income attributable to principal adjustments
each quarter in the form of cash or reinvested shares, and the shareholders
must pay taxes on the distributions. |
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. |
Plain Talk About Return of Capital |
Return of capital is the portion of a distribution representing the return of your
original investment in a fund. Return of capital reduces your cost basis in the
fund’s shares and is not taxable to you until your cost basis has been
reduced to zero. During periods of deflation, the fund’s inflation-indexed
bonds may experience a downward adjustment in their value. These
downward adjustments can partially or entirely offset, or more than offset, the
income earned on the bonds. Under certain circumstances, these downward
adjustments could require the fund to reclassify a portion of the income
dividends previously distributed to shareholders as return of capital. To
reduce the possibility of a reclassification, the fund may determine to pay
income dividends less frequently than quarterly in a year, and in some years,
the fund may not pay any income dividends. |
Vanguard Fund |
Inception
Date |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Short-Term Inflation-Protected
Securities Index Fund |
|
|
|
ETF Shares |
10/12/2012 |
3365 |
922020805 |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$48.12 |
$52.56 |
$50.99 |
$49.03 |
$48.34 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.165 |
3.544 |
2.562 |
.634 |
1.003 |
Net Realized and Unrealized Gain (Loss) on Investments |
.364 |
(4.980) |
.195 |
1.677 |
.652 |
Total from Investment Operations |
1.529 |
(1.436) |
2.757 |
2.311 |
1.655 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(2.399) |
(3.004) |
(1.187) |
(.351) |
(.965) |
Distributions from Realized Capital Gains |
— |
— |
— |
— |
— |
Total Distributions |
(2.399) |
(3.004) |
(1.187) |
(.351) |
(.965) |
Net Asset Value, End of Period |
$47.25 |
$48.12 |
$52.56 |
$50.99 |
$49.03 |
Total Return |
3.28% |
-2.92% |
5.48% |
4.74% |
3.46% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$13,783 |
$19,191 |
$17,203 |
$9,217 |
$6,884 |
Ratio of Total Expenses to Average Net Assets |
0.04%2 |
0.04% |
0.04% |
0.05% |
0.05% |
Ratio of Net Investment Income to Average Net Assets |
2.46% |
6.98% |
4.95% |
1.27% |
2.07% |
Portfolio Turnover Rate3 |
28% |
26% |
19% |
37% |
26% |
|
|
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 were 0.04%. |
3 |
Excludes the value of portfolio securities received or delivered as a result of in-kind purchases
or redemptions of the fund’s capital shares, including ETF Creation Units. |
| |
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 Institutional Short-Term Bond Fund
Institutional Plus Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Bloomberg U.S. 1-3 Years Government/Credit ex Baa
Index
(reflects no deduction for fees, expenses, or taxes) |
% |
% |
% |
Bloomberg U.S. Aggregate Float Adjusted Index
(reflects no deduction for fees, expenses, or taxes) |
|
|
|
| |
Sales Charge (Load) Imposed on Purchases |
|
Purchase Fee |
|
Sales Charge (Load) Imposed on Reinvested Dividends |
|
Redemption Fee |
|
| |
Management Fees |
% |
12b-1 Distribution Fee |
|
Other Expenses |
% |
Total Annual Fund Operating Expenses |
% |
1 Year |
3 Years |
5 Years |
10 Years |
$ |
$ |
$ |
$ |
|
Total Return |
Quarter |
|
% |
|
|
-
% |
|
|
1 Year |
5 Years |
10 Years |
Vanguard Institutional Intermediate-Term Bond Fund
Institutional Plus Shares |
|
|
|
Return Before Taxes |
% |
% |
% |
Return After Taxes on Distributions |
|
|
|
Return After Taxes on Distributions and Sale of Fund Shares |
|
|
|
Bloomberg U.S. Intermediate Aggregate ex Baa 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. |
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. |
For a Share Outstanding Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$13.00 |
$13.94 |
$14.06 |
$13.82 |
$13.55 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.442 |
.181 |
.165 |
.316 |
.373 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.074) |
(.855) |
(.070) |
.244 |
.271 |
Total from Investment Operations |
.368 |
(.674) |
.095 |
.560 |
.644 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.448) |
(.177) |
(.165) |
(.320) |
(.374) |
Distributions from Realized Capital Gains |
— |
(.089) |
(.050) |
— |
— |
Total Distributions |
(.448) |
(.266) |
(.215) |
(.320) |
(.374) |
Net Asset Value, End of Period |
$12.92 |
$13.00 |
$13.94 |
$14.06 |
$13.82 |
Total Return |
2.86% |
-4.89% |
0.68% |
4.10% |
4.81% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$8,154 |
$9,488 |
$9,649 |
$8,256 |
$7,781 |
Ratio of Total Expenses to Average Net Assets |
0.02%2 |
0.02%2 |
0.02% |
0.02% |
0.02% |
Ratio of Net Investment Income to Average Net Assets |
3.39% |
1.35% |
1.18% |
2.27% |
2.73% |
Portfolio Turnover Rate |
135%3 |
122%3 |
134%3 |
118% |
83% |
|
|
|
|
|
|
|
|
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 0.02%. |
3 |
Includes 0%, 5%, and 16%, respectively, attributable to mortgage-dollar-roll activity. |
For a Share Outstanding Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$20.89 |
$23.75 |
$24.31 |
$23.43 |
$22.39 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.704 |
.370 |
.304 |
.517 |
.656 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.306) |
(2.693) |
(.334) |
.880 |
1.034 |
Total from Investment Operations |
.398 |
(2.323) |
(.030) |
1.397 |
1.690 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.708) |
(.366) |
(.304) |
(.517) |
(.650) |
Distributions from Realized Capital Gains |
— |
(.171) |
(.226) |
— |
— |
Total Distributions |
(.708) |
(.537) |
(.530) |
(.517) |
(.650) |
Net Asset Value, End of Period |
$20.58 |
$20.89 |
$23.75 |
$24.31 |
$23.43 |
Total Return |
1.88% |
-9.93% |
-0.13% |
6.02% |
7.66% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$30,355 |
$30,318 |
$33,037 |
$30,049 |
$21,906 |
Ratio of Total Expenses to Average Net Assets |
0.02%2 |
0.02%2 |
0.02% |
0.02% |
0.02% |
Ratio of Net Investment Income to Average Net Assets |
3.34% |
1.64% |
1.27% |
2.16% |
2.86% |
Portfolio Turnover Rate3 |
395% |
426% |
414% |
347% |
323% |
|
|
|
|
|
|
|
|
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 0.02%. |
3 |
Includes 206%, 146%, 151%, 114%, and 46%, respectively, attributable to mortgage-dollar-
roll activity. |
Vanguard Fund |
Inception
Date |
Newspaper
Abbreviation |
Vanguard
Fund Number |
CUSIP
Number |
Vanguard Institutional
Short-Term Bond Fund |
12/7/2004 |
VanInsShrtTBF |
472 |
922020862 |
Vanguard Institutional
Intermediate-Term Bond Fund |
11/30/1997 |
VanInsIntTBF |
465 |
922020854 |
|
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 $5,000,000) |
$ |
$ |
|
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 Core Bond Fund
Investor Shares |
|
|
|
|
Return Before Taxes |
% |
% |
% |
|
Return After Taxes on Distributions |
|
|
|
|
Return After Taxes on Distributions and Sale
of Fund Shares |
|
|
|
|
Vanguard Core Bond Fund Admiral Shares |
|
|
|
|
Return Before Taxes |
% |
% |
% |
|
Bloomberg U.S. Aggregate 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 Core 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 core bond funds in 2022
was 0.66%, or $6.60 per $1,000 of average net assets (derived from data
provided by Lipper, a Thomson Reuters Company, which reports on the
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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About 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) | ||||
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 |
Core Bond Fund |
——————————At least 95%—————————— |
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. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$8.86 |
$10.67 |
$10.93 |
$10.24 |
$9.59 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.353 |
.221 |
.125 |
.209 |
.311 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.251) |
(1.810) |
(.126) |
.697 |
.645 |
Total from Investment Operations |
.102 |
(1.589) |
(.001) |
.906 |
.956 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.342) |
(.213) |
(.117) |
(.216) |
(.306) |
Distributions from Realized Capital Gains |
— |
(.008) |
(.142) |
— |
— |
Total Distributions |
(.342) |
(.221) |
(.259) |
(.216) |
(.306) |
Net Asset Value, End of Period |
$8.62 |
$8.86 |
$10.67 |
$10.93 |
$10.24 |
Total Return2 |
1.07% |
-15.06% |
-0.03% |
8.95% |
10.15% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$220 |
$203 |
$246 |
$236 |
$117 |
Ratio of Total Expenses to Average Net Assets |
0.20%3 |
0.20%3 |
0.20% |
0.25% |
0.25% |
Ratio of Net Investment Income to Average Net Assets |
3.93% |
2.22% |
1.16% |
1.96% |
3.16% |
Portfolio Turnover Rate4 |
439% |
499% |
473% |
383% |
406% |
|
|
|
|
|
|
|
|
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 212%, 146%, 167%, 68%, and 32%, respectively, attributable to mortgage-dollar-
roll activity. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$17.72 |
$21.33 |
$21.86 |
$20.48 |
$19.18 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.726 |
.473 |
.266 |
.436 |
.651 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.514) |
(3.622) |
(.257) |
1.407 |
1.290 |
Total from Investment Operations |
.212 |
(3.149) |
.009 |
1.843 |
1.941 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.702) |
(.446) |
(.256) |
(.463) |
(.641) |
Distributions from Realized Capital Gains |
— |
(.015) |
(.283) |
— |
— |
Total Distributions |
(.702) |
(.461) |
(.539) |
(.463) |
(.641) |
Net Asset Value, End of Period |
$17.23 |
$17.72 |
$21.33 |
$21.86 |
$20.48 |
Total Return2 |
1.11% |
-14.93% |
0.03% |
9.11% |
10.31% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$8,373 |
$6,225 |
$5,558 |
$3,212 |
$1,114 |
Ratio of Total Expenses to Average Net Assets |
0.10%3 |
0.10%3 |
0.10% |
0.10% |
0.10% |
Ratio of Net Investment Income to Average Net Assets |
4.05% |
2.39% |
1.24% |
2.04% |
3.31% |
Portfolio Turnover Rate4 |
439% |
499% |
473% |
383% |
406% |
|
|
|
|
|
|
|
|
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 212%, 146%, 167%, 68%, and 32%, 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) |
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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 Core Bond Fund | ||||
Investor Shares |
3/28/2016 |
CoreBdInv |
1320 |
922020847 |
Admiral Shares |
3/28/2016 |
CoreBdAdm |
1520 |
922020839 |
|
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 $5,000,000) |
$ |
$ |
|
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 Emerging Markets Bond Fund
Investor Shares |
|
|
|
|
Return Before Taxes |
% |
% |
% |
|
Return After Taxes on Distributions |
|
|
|
|
Return After Taxes on Distributions and Sale
of Fund Shares |
|
|
|
|
JP Morgan EMBI Global Diversified
(reflects no deduction for fees, expenses,
or taxes) |
% |
% |
% |
|
Bloomberg Global Aggregate Index ex
USD
(reflects no deduction for fees, expenses,
or taxes) |
|
- |
|
|
|
1 Year |
5 Years |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Emerging Markets Bond Fund
Admiral Shares |
|
|
|
|
Return Before Taxes |
% |
% |
% |
|
JP Morgan EMBI Global Diversified
(reflects no deduction for fees, expenses,
or taxes) |
% |
% |
% |
|
Bloomberg Global Aggregate Index ex
USD
(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 Emerging Markets Bond Fund’s
expense ratios would be as follows: for Investor Shares, 0.55%, or $5.50 per
$1,000 of average net assets; for Admiral Shares, 0.40%, or $4.00 per
$1,000 of average net assets. The average expense ratio for emerging
markets hard currency debt funds in 2022 was 1.01%, or $10.10 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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About Credit Quality |
A bond’s credit quality rating is an assessment of the issuer’s ability to pay
interest on the bond and, ultimately, to repay the principal. The lower the
credit quality, the greater the perceived chance that the bond issuer will
default, or fail to meet its payment obligations. All things being equal, the
lower a bond’s credit quality, the higher its yield should be to compensate
investors for assuming additional risk. |
Plain Talk About International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to less government
supervision and regulation than their counterparts in the United States.
Further, the imposition of economic or other sanctions on the United States
by a foreign country, or on a foreign country or issuer by the United States,
could impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact in certain investment securities or obtain exposure to foreign
securities and assets. These factors, among others, could negatively affect
the returns U.S. investors receive from foreign investments. |
Plain Talk About 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. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$8.74 |
$11.88 |
$11.73 |
$11.19 |
$10.36 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
.594 |
.470 |
.386 |
.495 |
.524 |
Net Realized and Unrealized Gain (Loss) on Investments |
.644 |
(2.929) |
.304 |
.655 |
.826 |
Total from Investment Operations |
1.238 |
(2.459) |
.690 |
1.150 |
1.350 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(.638) |
(.488) |
(.391) |
(.400) |
(.520) |
Distributions from Realized Capital Gains |
— |
(.193) |
(.149) |
(.210) |
— |
Total Distributions |
(.638) |
(.681) |
(.540) |
(.610) |
(.520) |
Net Asset Value, End of Period |
$9.34 |
$8.74 |
$11.88 |
$11.73 |
$11.19 |
Total Return2
|
14.30% |
-21.51% |
5.91% |
10.67% |
13.40% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$193 |
$170 |
$348 |
$129 |
$64 |
Ratio of Total Expenses to Average Net Assets |
0.55%3
|
0.55%3
|
0.55% |
0.60% |
0.60% |
Ratio of Net Investment Income to Average Net Assets |
6.28% |
4.44% |
3.21% |
4.40% |
4.73% |
Portfolio Turnover Rate |
121% |
168% |
186% |
266% |
272% |
|
|
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 0.55%. |
For a Share Outstanding
Throughout Each Period |
Year Ended September 30, | ||||
2023 |
2022 |
2021 |
2020 |
2019 | |
Net Asset Value, Beginning of Period |
$20.33 |
$27.64 |
$27.30 |
$26.03 |
$24.11 |
Investment Operations |
|
|
|
|
|
Net Investment Income1 |
1.431 |
1.160 |
.942 |
1.192 |
1.228 |
Net Realized and Unrealized Gain (Loss) on Investments |
1.477 |
(6.844) |
.695 |
1.535 |
1.940 |
Total from Investment Operations |
2.908 |
(5.684) |
1.637 |
2.727 |
3.168 |
Distributions |
|
|
|
|
|
Dividends from Net Investment Income |
(1.518) |
(1.176) |
(.950) |
(.969) |
(1.248) |
Distributions from Realized Capital Gains |
— |
(.450) |
(.347) |
(.488) |
— |
Total Distributions |
(1.518) |
(1.626) |
(1.297) |
(1.457) |
(1.248) |
Net Asset Value, End of Period |
$21.72 |
$20.33 |
$27.64 |
$27.30 |
$26.03 |
Total Return2
|
14.45% |
-21.39% |
6.03% |
10.89% |
13.53% |
Ratios/Supplemental Data |
|
|
|
|
|
Net Assets, End of Period (Millions) |
$2,491 |
$1,890 |
$2,182 |
$854 |
$306 |
Ratio of Total Expenses to Average Net Assets |
0.40%3
|
0.40%3
|
0.40% |
0.45% |
0.45% |
Ratio of Net Investment Income to Average Net Assets |
6.49% |
4.81% |
3.37% |
4.54% |
4.88% |
Portfolio Turnover Rate |
121% |
168% |
186% |
266% |
272% |
|
|
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 0.40%. |
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 Emerging Markets Bond Fund | ||||
Investor Shares |
3/10/2016 |
EmMktBdInv |
1431 |
922020821 |
Admiral Shares |
12/6/2017 |
EmMktBdAdm |
1531 |
922020813 |
|
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 $5,000,000) |
$ |
$ |
|
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 |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Core-Plus Bond Fund Investor Shares |
|
|
|
Return Before Taxes |
% |
-
% |
|
Return After Taxes on Distributions |
|
- |
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
- |
|
Vanguard Core-Plus Bond Fund Admiral Shares |
|
|
|
Return Before Taxes |
% |
-
% |
|
Bloomberg U.S. Universal 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 Core-Plus Bond Fund’s expense
ratios would be as follows: for Investor Shares, 0.30%, or $3.00 per $1,000 of
average net assets; for Admiral Shares, 0.20%, or $2.00 per $1,000 of
average net assets. The average expense ratio for core-plus bond funds in
2022 was 0.74%, or $7.40 per $1,000 of average net assets (derived from
data provided by Lipper, a Thomson Reuters Company, which reports on the
fund industry). |
Plain Talk About Costs of Investing |
Costs are an important consideration in choosing a mutual fund. That is
because you, as a shareholder, pay a proportionate share of the costs of
operating a fund and any transaction costs incurred when the fund buys or
sells securities, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
How mortgage-backed securities are different: In general, declining interest
rates will not lift the prices of mortgage-backed securities—such as those
guaranteed by the Government National Mortgage Association—as much as
the prices of comparable bonds. Why? Because when interest rates fall, the
bond market tends to discount the prices of mortgage-backed securities for
prepayment risk—the possibility that homeowners will refinance their
mortgages at lower rates and cause the bonds to be paid off prior to maturity.
In part to compensate for this prepayment possibility, mortgage-backed
securities tend to offer higher yields than other bonds of comparable credit
quality and maturity. In contrast, when interest rates rise, prepayments tend
to slow down, subjecting mortgage-backed securities to extension risk—the
possibility that homeowners will repay their mortgages at slower rates. This
will lengthen the duration or average life of mortgage-backed securities held
by a fund and delay the fund’s ability to reinvest proceeds at higher interest
rates, making the fund more sensitive to changes in interest rates. |
Plain Talk About Bond Maturities |
A bond is issued with a specific maturity date—the date when the issuer must
pay back the bond’s principal (face value). Bond maturities range from less
than 1 year to more than 30 years. Typically, the longer a bond’s maturity, the
more price risk you, as a bond investor, will face as interest rates rise—but
also the higher the potential yield you could receive. Longer-term bonds are
generally more suitable for investors willing to take a greater risk of price
fluctuations to get higher and more stable interest income. Shorter-term bond
investors should be willing to accept lower yields and greater income
variability in return for less fluctuation in the value of their investment. The
stated maturity of a bond may differ from the effective maturity of a bond,
which takes into consideration that an action such as a call or refunding may
cause bonds to be repaid before their stated maturity dates. |
Plain Talk About 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) | ||||
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 |
Core-Plus Bond Fund |
——————————At least 65%—————————— |
No more
than 35% |
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. |
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 International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to less government
supervision and regulation than their counterparts in the United States.
Further, the imposition of economic or other sanctions on the United States
by a foreign country, or on a foreign country or issuer by the United States,
could impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact in certain investment securities or obtain exposure to foreign
securities and assets. These factors, among others, could negatively affect
the returns U.S. investors receive from foreign investments. |
Plain Talk About U.S. Government-Sponsored Enterprises |
A variety of U.S. government-sponsored enterprises (GSEs), such as the
Federal Home Loan Mortgage Corporation (FHLMC), the Federal National
Mortgage Association (FNMA), and the Federal Home Loan Banks (FHLBs),
issue debt and mortgage-backed securities. Although GSEs may be chartered
or sponsored by acts of Congress, they are not funded by congressional
appropriations. In September of 2008, the U.S. Treasury placed FNMA and
FHLMC under conservatorship and appointed the Federal Housing Finance
Agency (FHFA) to manage their daily operations. In addition, the U.S. Treasury
entered into purchase agreements with FNMA and FHLMC to provide them
with capital in exchange for senior preferred stock. Generally, a GSE’s
securities are neither issued nor guaranteed by the U.S. Treasury and are not
backed by the full faith and credit of the U.S. government. In most cases, these
securities are supported only by the credit of the GSE, standing alone. In some
cases, a GSE’s securities may be supported by the ability of the GSE to
borrow from the U.S. Treasury or may be supported by the U.S. government in
some other way. Securities issued by the Government National Mortgage
Association (GNMA), however, are backed by the full faith and credit of the
U.S. government. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
For a Share Outstanding
Throughout Each Period |
Year Ended
September 30,
2023 |
October 12,
20211 to
September 30,
2022 |
Net Asset Value, Beginning of Period |
$16.70 |
$20.00 |
Investment Operations |
|
|
Net Investment Income2 |
.745 |
.451 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.350) |
(3.318) |
Total from Investment Operations |
.395 |
(2.867) |
Distributions |
|
|
Dividends from Net Investment Income |
(.735) |
(.433) |
Distributions from Realized Capital Gains |
— |
— |
Total Distributions |
(.735) |
(.433) |
Net Asset Value, End of Period |
$16.36 |
$16.70 |
Total Return3 |
2.29% |
-14.49% |
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) |
$416 |
$405 |
Ratio of Total Expenses to Average Net Assets4 |
0.20% |
0.20%5 |
Ratio of Net Investment Income to Average Net Assets |
4.38% |
2.61%5 |
Portfolio Turnover Rate6 |
488% |
542% |
|
|
|
|
|
1 |
Subscription period for the fund was October 12, 2021, to October 22, 2021, during which time
all assets were held in cash. Performance measurement began October 25, 2021, the first
business day after the subscription period, at a net asset value of $20.00. |
2 |
Calculated based on average shares outstanding. |
3 |
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. |
4 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.20%. |
5 |
Annualized. |
6 |
Includes 235%, and 150%, respectively, attributable to mortgage-dollar-roll activity. |
For a Share Outstanding
Throughout Each Period |
Year Ended
September 30,
2023 |
October 12,
20211 to
September 30,
2022 |
Net Asset Value, Beginning of Period |
$8.35 |
$10.00 |
Investment Operations |
|
|
Net Investment Income2 |
.365 |
.213 |
Net Realized and Unrealized Gain (Loss) on Investments |
(.176) |
(1.655) |
Total from Investment Operations |
.189 |
(1.442) |
Distributions |
|
|
Dividends from Net Investment Income |
(.359) |
(.208) |
Distributions from Realized Capital Gains |
— |
— |
Total Distributions |
(.359) |
(.208) |
Net Asset Value, End of Period |
$8.18 |
$8.35 |
Total Return3 |
2.19% |
-14.57% |
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) |
$43 |
$38 |
Ratio of Total Expenses to Average Net Assets4 |
0.30% |
0.30%5 |
Ratio of Net Investment Income to Average Net Assets |
4.29% |
2.46%5 |
Portfolio Turnover Rate6 |
488% |
542% |
|
|
|
|
|
1 |
Subscription period for the fund was October 12, 2021, to October 22, 2021, during which time
all assets were held in cash. Performance measurement began October 25, 2021, the first
business day after the subscription period, at a net asset value of $10.00. |
2 |
Calculated based on average shares outstanding. |
3 |
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. |
4 |
The ratio of expenses to average net assets for the period net of reduction from custody fee
offset arrangements was 0.30%. |
5 |
Annualized. |
6 |
Includes 235%, and 150%, 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 Core-Plus Bond Fund | ||||
Investor Shares |
10/25/2021 |
VanCorePlusInv |
V001 |
922020797 |
Admiral Shares |
10/25/2021 |
VanCorePlusAdm |
V003 |
922020789 |
|
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 $5,000,000) |
$ |
$ |
|
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 |
Since
Fund
Inception |
Fund
Inception
Date |
Vanguard Multi-Sector Income Bond Fund
Investor Shares |
|
|
|
Return Before Taxes |
% |
-
% |
|
Return After Taxes on Distributions |
|
- |
|
Return After Taxes on Distributions and Sale of Fund
Shares |
|
- |
|
Vanguard Multi-Sector Income Bond Fund
Admiral Shares |
|
|
|
Return Before Taxes |
% |
-
% |
|
Bloomberg Multi-Sector Income Bond Composite
Index
(reflects no deduction for fees, expenses, or taxes) |
% |
-
% |
|
Bloomberg U.S. Universal 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 Multi-Sector Income Bond Fund’s
expense ratios would be as follows: for Investor Shares, 0.40%, or $4.00 per
$1,000 of average net assets; for Admiral Shares, 0.30%, or $3.00 per
$1,000 of average net assets. The average expense ratio for multi-sector
income bond funds in 2022 was 0.40%, or $4.00 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, including costs generated by shareholders of other share
classes offered by the fund. These costs can erode a substantial portion of
the gross income or the capital appreciation a fund achieves. Even
seemingly small differences in expenses can, over time, have a dramatic
effect on a fund’s performance. |
Type of Bond (Maturity) |
After a 1%
Increase |
After a 1%
Decrease |
After a 2%
Increase |
After a 2%
Decrease |
Short-Term (2.5 years) |
$977 |
$1,024 |
$954 |
$1,049 |
Intermediate-Term (10 years) |
922 |
1,086 |
851 |
1,180 |
Long-Term (20 years) |
874 |
1,150 |
769 |
1,328 |
Plain Talk About Bonds and Interest Rates |
As a rule, when interest rates rise, bond prices fall. The opposite is also true:
bond prices go up when interest rates fall. Why do bond prices and interest
rates move in opposite directions? Let’s assume that you hold a bond
offering a 4% yield. A year later, interest rates are on the rise and bonds of
comparable quality and maturity are offered with a 5% yield. With
higher-yielding bonds available, you would have trouble selling your 4% bond
for the price you paid—you would probably have to lower your asking price.
On the other hand, if interest rates were falling and 3% bonds were being
offered, you should be able to sell your 4% bond for more than you paid. |
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) | ||||
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 |
Multi-Sector Income
Bond |
——————————At least 35%—————————— |
No more
than 65% |
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. |
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 International Investing |
U.S. investors who invest in foreign securities will encounter risks not
typically associated with U.S. companies because foreign stock and bond
markets operate differently from the U.S. markets. For instance, foreign
companies and governments may not be subject to the same or similar
auditing, legal, tax, regulatory, financial reporting, accounting, and
recordkeeping standards and practices as U.S. companies and the U.S.
government, and their stocks and bonds may not be as liquid as those of
similar U.S. entities. In addition, foreign stock exchanges, brokers,
companies, bond markets, and dealers may be subject to less government
supervision and regulation than their counterparts in the United States.
Further, the imposition of economic or other sanctions on the United States
by a foreign country, or on a foreign country or issuer by the United States,
could impair a fund's ability to buy, sell, hold, receive, deliver, or otherwise
transact in certain investment securities or obtain exposure to foreign
securities and assets. These factors, among others, could negatively affect
the returns U.S. investors receive from foreign investments. |
Plain Talk About Derivatives |
Derivatives can take many forms. Some forms of derivatives—such as
exchange-traded futures and options on securities, commodities, or
indexes—have been trading on regulated exchanges for decades. These
types of derivatives are standardized contracts that can easily be bought and
sold and whose market values are determined and published daily. On the
other hand, non-exchange-traded derivatives—such as certain swap
agreements—tend to be more specialized or complex and may be more
difficult to accurately value. |
Plain Talk About Vanguard’s Unique Corporate Structure |
Vanguard is owned jointly by the funds it oversees and thus indirectly by the
shareholders in those funds. Most other mutual funds are operated by
management companies that are owned by third parties—either public or
private stockholders—and not by the funds they serve. |
Plain Talk About Distributions |
As a shareholder, you are entitled to your portion of a fund’s income from
interest as well as capital gains from the fund’s sale of investments. Income
consists of interest the fund earns from its money market and bond
investments. Capital gains are realized whenever the fund sells securities for
higher prices than it paid for them. These capital gains are either short-term
or long-term, depending on whether the fund held the securities for one year
or less or for more than one year. |
For a Share Outstanding
Throughout Each Period |
Year Ended
September 30,
2023 |
October 12,
20211 to
September 30,
2022 |
Net Asset Value, Beginning of Period |
$8.32 |
$10.00 |
Investment Operations |
|
|
Net Investment Income2 |
.490 |
.296 |
Net Realized and Unrealized Gain (Loss) on Investments |
.157 |
(1.665) |
Total from Investment Operations |
.647 |
(1.369) |
Distributions |
|
|
Dividends from Net Investment Income |
(.457) |
(.294) |
Distributions from Realized Capital Gains |
— |
(.017) |
Total Distributions |
(.457) |
(.311) |
Net Asset Value, End of Period |
$8.51 |
$8.32 |
Total Return3 |
7.80% |
-13.94% |
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) |
$15 |
$1 |
Ratio of Total Expenses to Average Net Assets |
0.40% |
0.40%4 |
Ratio of Net Investment Income to Average Net Assets |
5.62% |
3.30%4 |
Portfolio Turnover Rate |
94% |
118% |
|
|
|
|
|
1 |
Inception. |
2 |
Calculated based on average shares outstanding. |
3 |
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. |
4 |
Annualized. |
For a Share Outstanding
Throughout Each Period |
Year Ended
September 30,
2023 |
October 12,
20211 to
September 30,
2022 |
Net Asset Value, Beginning of Period |
$16.63 |
$20.00 |
Investment Operations |
|
|
Net Investment Income2 |
.979 |
.611 |
Net Realized and Unrealized Gain (Loss) on Investments |
.342 |
(3.341) |
Total from Investment Operations |
1.321 |
(2.730) |
Distributions |
|
|
Dividends from Net Investment Income |
(.931) |
(.606) |
Distributions from Realized Capital Gains |
— |
(.034) |
Total Distributions |
(.931) |
(.640) |
Net Asset Value, End of Period |
$17.02 |
$16.63 |
Total Return3 |
7.97% |
-13.91% |
Ratios/Supplemental Data |
|
|
Net Assets, End of Period (Millions) |
$84 |
$21 |
Ratio of Total Expenses to Average Net Assets |
0.30% |
0.30%4 |
Ratio of Net Investment Income to Average Net Assets |
5.62% |
3.40%4 |
Portfolio Turnover Rate |
94% |
118% |
|
|
|
|
|
1 |
Inception. |
2 |
Calculated based on average shares outstanding. |
3 |
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. |
4 |
Annualized. |
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 Multi-Sector
Income Bond Fund | ||||
Investor Shares |
10/12/2021 |
VanMultiSectInv |
4181 |
922020771 |
Admiral Shares |
10/12/2021 |
VanMultiSectAdm |
5181 |
922020763 |
B-1 | |
B-4 | |
B-5 | |
B-36 | |
B-36 | |
B-37 | |
B-38 | |
B-57 | |
B-59 | |
B-62 | |
B-62 | |
B-69 | |
B-69 | |
B-71 |
|
|
Share Classes1
| |||
Vanguard Fund2
|
Investor |
Admiral |
Institutional |
Institutional Plus |
ETF |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
VTIPX |
VTAPX |
VTSPX |
— |
VTIP3
|
Vanguard Institutional Short-Term Bond Fund |
— |
— |
— |
VISTX |
— |
Vanguard Institutional Intermediate-Term Bond Fund |
— |
— |
— |
VIITX |
— |
Vanguard Core Bond Fund |
VCORX |
VCOBX |
— |
— |
— |
Vanguard Emerging Markets Bond Fund |
VEMBX |
VEGBX |
— |
— |
— |
Vanguard Core-Plus Bond Fund |
VCPIX |
VCPAX |
— |
— |
— |
Vanguard Multi-Sector Income Bond Fund |
VMSIX |
VMSAX |
— |
— |
— |
Vanguard Core Bond ETF |
— |
— |
— |
— |
VCRB3 |
Vanguard Core-Plus Bond ETF |
— |
— |
— |
— |
VPLS3
|
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Core Bond Fund |
$11,333.28 |
$16,999.92 |
$16,999.92 |
Vanguard Core-Plus Bond Fund |
— |
— |
— |
Vanguard Emerging Markets Bond Fund |
10,750.02 |
21,500.04 |
21,500.04 |
Vanguard Institutional Intermediate-Term Bond Fund |
11,333.28 |
16,999.92 |
16,999.92 |
Vanguard Institutional Short-Term Bond Fund |
11,333.28 |
16,999.92 |
16,999.92 |
Vanguard Multi-Sector Income Fund |
— |
— |
— |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
10,750.04 |
21,500.01 |
21,500.01 |
Vanguard Fund |
Capital
Contribution
to Vanguard |
Percentage of
Fund’s Average
Net Assets |
Percent of
Vanguard Fund’s
Contribution |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
$1,772,000 |
Less than 0.01% |
0.71 |
Vanguard Institutional Short-Term Bond Fund |
$277,000 |
Less than 0.01% |
0.11 |
Vanguard Institutional Intermediate-Term Bond Fund |
$1,035,000 |
Less than 0.01% |
0.41 |
Vanguard Core Bond Fund |
$290,000 |
Less than 0.01% |
0.12 |
Vanguard Emerging Markets Bond Fund |
$90,000 |
Less than 0.01% |
0.04 |
Vanguard Core-Plus Bond Fund |
$16,000 |
Less than 0.01% |
0.01 |
Vanguard Multi-Sector Income Bond Fund |
$3,000 |
Less than 0.01% |
Less than 0.01% |
Annual Shared Fund Operating Expenses
(Shared Expenses Deducted From Fund Assets) | |||
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Core Bond Fund |
|
|
|
Management and Administrative Expenses |
0.10% |
0.09% |
0.08% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
0.01 |
Vanguard Core-Plus Bond Fund |
|
|
|
Management and Administrative Expenses |
— |
0.16% |
0.17% |
Marketing and Distribution Expenses |
— |
0.01 |
0.01 |
Vanguard Emerging Markets Bond Fund |
|
|
|
Management and Administrative Expenses |
0.41% |
0.39% |
0.39% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
0.01 |
Vanguard Institutional Intermediate-Term Bond Fund |
|
|
|
Management and Administrative Expenses |
0.02% |
0.01% |
0.01% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Institutional Short-Term Bond Fund |
|
|
|
Management and Administrative Expenses |
0.02% |
0.01% |
0.02% |
Marketing and Distribution Expenses |
Less than 0.01 |
Less than 0.01 |
Less than 0.01 |
Vanguard Multi-Sector Income Bond Fund |
|
|
|
Management and Administrative Expenses |
— |
0.01% |
0.19% |
Marketing and Distribution Expenses |
— |
Less than 0.01 |
Less than 0.01 |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
|
|
|
Management and Administrative Expenses |
0.06% |
0.04% |
0.04% |
Marketing and Distribution Expenses |
Less than 0.01 |
0.01 |
Less than 0.01 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Interested Trustee1
|
|
|
|
|
Mortimer J. Buckley
(1969) |
Chairman of the
Board, Chief
Executive
Officer, and
President |
January 2018 |
Chairman of the board (2019–present) of Vanguard
and of each of the investment companies served by
Vanguard; chief executive officer (2018–present) of
Vanguard; chief executive officer, president, and
trustee (2018–present) of each of the investment
companies served by Vanguard; president and
director (2017–present) of Vanguard; and president
(2018–present) of Vanguard Marketing Corporation.
Chief investment officer (2013–2017), managing
director (2002–2017), head of the Retail Investor
Group (2006–2012), and chief information officer
(2001–2006) of Vanguard. Member of the board of
governors of the Investment Company Institute and of
FINRA. |
210 |
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. |
210 |
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. |
210 |
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. |
210 |
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. |
210 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
Scott C. Malpass
(1962) |
Trustee |
March 2012 |
Co-founder and managing partner (2022-present) of
Grafton Street Partners (investment advisory firm).
Chief investment officer and vice president of the
University of Notre Dame (retired 2020). Chair of the
board of Catholic Investment Services, Inc.
(investment advisors). Member of the board of
superintendence of the Institute for the Works of
Religion. Member of the Notre Dame 403(b)
Investment Committee and the board of directors of
Paxos Trust Company (finance). |
210 |
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. |
210 |
Lubos Pastor
(1974) |
Trustee |
January 2024 |
Charles P. McQuaid Distinguished Service Professor
of Finance (2023-present) at the University of Chicago
Booth School of Business; Charles P. McQuaid
Professor of Finance at the University of Chicago
Booth School of Business (2009-2023). Vice
President at European Finance Association. Member
of the board of the Fama-Miller Center for Research in
Finance. Research Associate at the National Bureau
of Economic Research, and Research Fellow at the
Centre for Economic Policy and Research. Member of
Center for Research in Security Prices (CRSP) Index
Advisory Council and Advisory Board. |
210 |
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). |
210 |
Sarah Bloom Raskin
(1961) |
Trustee |
January 2018 |
Deputy secretary (2014–2017) of the United States
Department of the Treasury. Governor (2010–2014) of
the Federal Reserve Board. Commissioner
(2007–2010) of financial regulation for the State of
Maryland. Colin W. Brown Distinguished Professor of
the Practice, Duke Law School (2021–present);
Rubenstein Fellow, Duke University (2017–2020);
Distinguished Fellow of the Global Financial Markets
Center, Duke Law School (2020–2022); and Senior
Fellow, Duke Center on Risk (2020–present). Partner
of Kaya Partners (climate policy advisory services).
Member of the board of directors of Arcadia (energy
solution technology). |
210 |
Grant Reid
(1959) |
Trustee |
July 2023 |
Chief executive officer and president (2014–2022) and
member of the board of directors (2015–2022) of
Mars, Incorporated (multinational manufacturer).
Member of the board of directors of Marriott
International, Inc. Chair of Agribusiness Task Force,
Sustainable Markets Initiative. |
210 |
Name, Year of Birth |
Position(s)
Held With
Funds |
Vanguard
Funds’ Trustee/
Officer Since |
Principal Occupation(s)
During the Past Five Years,
Outside Directorships,
and Other Experience |
Number of
Vanguard Funds
Overseen by
Trustee/Officer |
David 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. |
210 |
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. |
210 |
Executive Officers |
|
|
|
|
Jacqueline Angell
(1974) |
Chief
Compliance
Officer |
November 2022 |
Principal of Vanguard. Chief compliance officer
(2022–present) of Vanguard and of each of the
investment companies served by Vanguard. Chief
compliance officer (2018–2022) and deputy chief
compliance officer (2017–2019) of State Street. |
210 |
Christine Buchanan
(1970) |
Chief Financial
Officer |
November 2017 |
Principal of Vanguard. Chief financial officer
(2021–present) and treasurer (2017–2021) of each of
the investment companies served by Vanguard.
Partner (2005–2017) at KPMG (audit, tax, and
advisory services). |
210 |
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). |
210 |
Ashley Grim
(1984) |
Treasurer |
February 2022 |
Treasurer (2022–present) of each of the investment
companies served by Vanguard. Fund transfer agent
controller (2019–2022) and director of Audit Services
(2017–2019) at Vanguard. Senior manager
(2015–2017) at PriceWaterhouseCoopers (audit and
assurance, consulting, and tax services). |
210 |
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. |
210 |
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). |
210 |
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 |
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. |
210 |
Trustee |
Aggregate
Compensation From
the Funds1
|
Total Compensation
From All Vanguard
Funds Paid to Trustees2
|
Mortimer J. Buckley |
— |
— |
Tara Bunch |
$5,532 |
$330,000 |
Emerson U. Fullwood |
5,532 |
330,000 |
F. Joseph Loughrey |
5,868 |
350,000 |
Mark Loughridge |
6,708 |
400,000 |
Scott C. Malpass |
5,532 |
330,000 |
Deanna Mulligan |
5,532 |
330,000 |
Lubos Pastor3 |
— |
— |
André F. Perold |
5,532 |
330,000 |
Sarah Bloom Raskin |
5,868 |
350,000 |
Grant Reid4 |
790 |
188,572 |
David Thomas |
5,532 |
330,000 |
Peter F. Volanakis |
5,868 |
350,000 |
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Core Bond Fund |
Mortimer J. Buckley |
$50,001 – $100,000 |
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 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Core-Plus 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 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Emerging Markets 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 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Institutional Intermediate-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 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Institutional 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 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Multi-Sector Income 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 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
|
|
|
|
Vanguard Fund |
Trustee |
Dollar Range of
Fund Shares
Owned by Trustee |
Aggregate Dollar Range
of Vanguard Fund Shares
Owned by Trustee |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
Mortimer J. Buckley |
— |
Over $100,000 |
|
Tara Bunch |
— |
Over $100,000 |
|
Emerson U. Fullwood |
— |
Over $100,000 |
|
F. Joseph Loughrey |
— |
Over $100,000 |
|
Mark Loughridge |
— |
Over $100,000 |
|
Scott C. Malpass |
— |
Over $100,000 |
|
Deanna Mulligan |
— |
Over $100,000 |
|
Lubos Pastor |
— |
Over $100,000 |
|
André F. Perold |
— |
Over $100,000 |
|
Sarah Bloom Raskin |
— |
Over $100,000 |
|
Grant Reid |
— |
Over $100,000 |
|
David Thomas |
— |
Over $100,000 |
|
Peter F. Volanakis |
— |
Over $100,000 |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Core Bond Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
22.31% |
|
|
NATIONAL FINANCIAL SERV CORP
JERSEY CITY, NJ |
9.17% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
25.80% |
|
|
NATIONAL FINANCIAL SERV CORP
JERSEY CITY, NJ |
15.98% |
Vanguard Core-Plus Bond Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
8.20% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
14.08% |
Vanguard Emerging Markets Bond Fund |
Investor Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
16.33% |
|
|
NATIONAL FINANCIAL SERV CORP
JERSEY CITY, NJ |
13.46% |
|
Admiral Shares |
CHARLES SCHWAB & CO INC SAN
FRANCISCO, CA |
41.20% |
|
|
NATIONAL FINANCIAL SERV CORP
JERSEY CITY, NJ |
16.13% |
|
|
UBS FINANCIAL SERVICES
WEEHAWKEN, NJ |
7.77% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Institutional Intermediate-Term Bond
Fund |
Institutional Plus Shares |
VANGUARD FIDUCIARY TRUST CO
CONTRACT #NYGA29700 VALLEY
FORGE, PA |
5.63% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #MGT9615A VALLEY
FORGE, PA |
5.72% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #NWLRST VALLEY
FORGE, PA |
5.77% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #PRU62313 VALLEY
FORGE, PA |
5.56% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #MM30051 VALLEY
FORGE, PA |
5.87% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #PAC027822 VALLEY
FORGE, PA |
5.16% |
Vanguard Institutional Short-Term Bond Fund |
Institutional Plus Shares |
VANGUARD FIDUCIARY TRUST CO
CONTRACT #NYGA29700 VALLEY
FORGE, PA |
5.16% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #MGT9615A VALLEY
FORGE, PA |
5.16% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #NWLRST VALLEY
FORGE, PA |
5.42% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #MM30051 VALLEY
FORGE, PA |
5.39% |
|
|
VANGUARD FIDUCIARY TRUST CO
CONTRACT #PRU62313 VALLEY
FORGE, PA |
5.30% |
Vanguard Fund |
Share Class |
Owner and Address |
Percentage
of Ownership |
Vanguard Short-Term Inflation-Protected
Securities Index Fund |
Admiral Shares |
VANGUARD INSTITUTIONAL TARGET
RETIREMENT 2020 FUND VALLEY
FORGE, PA |
22.99% |
|
|
VANGUARD INSTITUTIONAL TARGET
RETIREMENT 2025 FUND VALLEY
FORGE, PA |
19.44% |
|
|
VANGUARD INSTITUTIONAL TARGET
RETIREMENT INCOME FUND VALLEY
FORGE, PA |
29.88% |
|
Institutional Shares |
NATIONAL FINANCIAL SERV CORP
JERSEY CITY, NJ |
5.49% |
|
|
VANGUARD TARGET RETIREMENT
2025 FUND VALLEY FORGE, PA |
19.12% |
|
|
VANGUARD TARGET RETIREMENT
INCOME TRUST VALLEY FORGE, PA |
18.96% |
|
|
VANGUARD TARGET RETIREMENT
2020 TRUST VALLEY FORGE, PA |
19.21% |
|
Investor Shares |
AEROSPACE VOLUNTARY
ANNUITY/ACCOUNT PROGRAM LOS
ANGELES, CA |
10.70% |
|
|
ASCENSUS TRUST COMPANY FBO
FBO VANGUARD DIRECT FRONTIER
TRUST COMPANY FARGO, ND |
51.76% |
|
|
THE NATIONAL MUTUAL INSURANCE
COMPANY 401(K) SAVINGS PLAN
AND MPP PLAN CELINA, OH |
30.01% |
|
|
UNIVERSITY OF MINNESOTA
OPTIONAL RETIREMENT PLAN
MINNEAPOLIS, MN |
10.23% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Short-Term Inflation-Protected Securities ETF |
Charles Schwab & Co., Inc. |
29.51% |
|
National Financial Services, LLC |
17.71% |
|
Vanguard Marketing Corporation |
7.76% |
Vanguard Fund |
Owner |
Percentage
of Ownership |
Vanguard Core Bond Fund |
CHARLES SCHWAB & CO INC SAN FRANCISCO, CA |
25.17% |
Vanguard Emerging Markets Bond Fund |
CHARLES SCHWAB & CO INC SAN FRANCISCO, CA |
38.30% |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
1,062,000 |
1,889,000 |
1,462,000 |
Vanguard Institutional Short-Term Bond Fund |
214,000 |
626,000 |
188,000 |
Vanguard Institutional Intermediate-Term Bond Fund |
758,000 |
2,303,000 |
3,040,000 |
Vanguard Core Bond Fund |
449,000 |
441,000 |
753,000 |
Vanguard Emerging Markets Bond Fund |
183,000 |
182,000 |
237,000 |
Vanguard Core-Plus Bond Fund |
- |
25,000 |
48,000 |
Vanguard Multi-Sector Bond Fund |
- |
- |
- |
Portfolio Manager |
|
No. of
accounts |
Total assets |
No. of accounts with
performance-based
fees |
Total assets in
accounts with
performance-based
fees |
Joshua C. Barrickman |
Registered investment companies1 |
23 |
$1.1T |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
7 |
$6.0B |
0 |
$0 |
Brian W. Quigley |
Registered investment companies2 |
7 |
$59B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
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 |
Arvind Narayanan |
Registered investment companies3 |
13 |
$221B |
0 |
$0 |
|
Other pooled investment vehicles |
1 |
$780.8M |
0 |
$0 |
|
Other accounts |
1 |
$29.3M |
0 |
$0 |
Daniel Shaykevich |
Registered investment companies4 |
14 |
$224B |
0 |
$0 |
|
Other pooled investment vehicles |
1 |
$780.8M |
0 |
$0 |
|
Other accounts |
1 |
$29.3M |
0 |
$0 |
Mauro Favini |
Registered investment companies5 |
1 |
$2.7B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
David Van Ommeren |
Registered investment companies6 |
2 |
$39B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Michael Chang |
Registered investment companies7 |
4 |
$23.8B |
0 |
$0 |
|
Other pooled investment vehicles |
0 |
$0 |
0 |
$0 |
|
Other accounts |
0 |
$0 |
0 |
$0 |
Vanguard Fund |
2021 |
2022 |
2023 |
Vanguard Core Bond Fund |
$239,000 |
$339,000 |
$478,000 |
Vanguard Core-Plus Bond Fund1 |
$— |
$— |
32,000 |
Vanguard Emerging Markets Bond Fund |
20,000 |
57,000 |
128,000 |
Vanguard Institutional Intermediate-Term Bond Fund |
652,000 |
857,000 |
801,000 |
Vanguard Institutional Short-Term Bond Fund |
139,000 |
214,000 |
154,000 |
Vanguard Multi-Sector Income Bond Fund1 |
$— |
$— |
2,000 |
Vanguard Short-Term Inflation-Protected Securities Index Fund |
89,000 |
49,000 |
110,000 |
Vanguard Fund |
Regular Broker or Dealer (or Parent) |
Aggregate Holdings |
Vanguard Core Bond Fund |
Barclays Capital Inc. |
$2,121,000 |
|
BNP Paribas Securities Corp. |
3,506,000 |
|
Goldman Sachs & Co. LLC |
1,315,000 |
|
Morgan Stanley & Co. LLC |
3,106,000 |
|
Wells Fargo Securities, LLC |
716,000 |
Vanguard Core-Plus Bond Fund |
Credit Suisse Securities (USA) LLC |
96,000 |
|
Goldman Sachs & Co. LLC |
127,000 |
|
Morgan Stanley & Co. LLC |
93,000 |
Vanguard Emerging Markets Bond Fund |
— |
— |
Vanguard Institutional Intermediate-Term Bond Fund |
Barclays Capital, Inc. |
11,106,000 |
|
BofA Securities, Inc. |
651,270,000 |
|
Citigroup, Inc. |
102,354,000 |
|
Goldman Sachs & Co. LLC |
28,868,000 |
|
J.P. Morgan Securities LLC |
765,161,000 |
|
Mizuho Securities USA LLC |
90,875,000 |
|
Morgan Stanley & Co. LLC |
495,609,000 |
|
Wells Fargo Securities, LLC |
277,570,000 |
Vanguard Institutional Short-Term Bond Fund |
BofA Securities, Inc. |
205,100,000 |
|
Goldman Sachs & Co. LLC |
65,890,000 |
|
HSBC Securities (USA) Inc. |
117,691,000 |
|
J.P. Morgan Securities LLC |
217,525,000 |
|
Morgan Stanley & Co. LLC |
196,733,000 |
|
Wells Fargo Securities, LLC |
83,658,000 |
Vanguard Multi-Sector Income Bond Fund |
Barclays Capital, Inc. |
222,000 |
|
BofA Securities, Inc. |
1,398,000 |
|
Citigroup, Inc. |
629,000 |
|
Deutsche Bank Securities Inc. |
537,000 |
|
Goldman Sachs & Co. LLC |
553,000 |
|
HSBC Securities (USA) Inc. |
666,000 |
|
J.P. Morgan Securities LLC |
644,000 |
|
Morgan Stanley & Co. LLC |
995,000 |
Vanguard Short-Term Inflation-Protected Securities Index
Fund |
— |
— |
(a) |
Articles of Incorporation, Amended and Restated Agreement and Declaration of Trust, filed with Post-Effective
Amendment No. 92, dated December 6, 2023, is hereby incorporated by reference. |
(b) |
By-Laws, Amended and Restated By-Laws, filed with Post-Effective Amendment No. 86, dated January 31, 2021,
are 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. The Vanguard Group, Inc., provides investment advisory services to the Funds
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 JPMorgan Chase Bank, filed with Post-Effective Amendment No. 92, dated December 6,
2023, is hereby incorporated by reference. For State Street Bank and Trust Company, is filed herewith. |
(h) |
Other Material Contracts, Fifth Amended and Restated Funds’ Service Agreement, filed with Post-Effective
Amendment No. 86, dated January 31, 2021, is hereby incorporated by reference. Form of Fund of Funds
Investment Agreement, filed with Post-Effective Amendment No. 89, dated January 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) |
|
(o) |
Reserved. |
(p) |
|
(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 |
Michael Rollings |
Vice President |
Finance Director |
John E. Bisordi |
General Counsel and Vice President |
None |
Tara Buckley |
Vice President and Assistant Secretary |
None |
Matthew C. Brancato |
Vice President |
None |
Mortimer J. Buckley |
President |
Chief Executive Officer and President |
Beth Morales Singh |
Secretary |
None |
Erica Green |
Chief Compliance Officer |
None |
Sarah Green |
Anti-Money Laundering Officer |
None |
Nitin Tandon |
Chief Information Officer |
None |
Manish Nagar |
Chief Information Security Officer |
None |
Salvatore L. Pantalone |
Principal Financial Officer and Treasurer |
None |
Matthew Tretter |
Principal Operations Officer |
None |
Danielle Corey |
Annuity and Insurance Officer |
None |
Jeff Seglem |
Annuity and Insurance Officer |
None |
Barbara Bock |
Controller |
None |
Jason Botzler |
Vice President |
None |
Jon Cleborne |
Vice President |
None |
Kaitlyn Holmes |
Vice President |
None |
Andrew Kadjeski |
Vice President |
None |
Amy M. Laursen |
Vice President |
None |
Paul M. Jakubowski |
Vice President |
None |
John James |
Vice President |
None |
James D. Martielli |
Vice President |
None |
Armond E. Mosley |
Vice President |
None |
David Petty |
Vice President |
None |
David MacBride |
Vice President |
None |
Name |
Positions and Office with Underwriter |
Positions and Office with Funds |
Massy Williams |
Vice President |
None |
Jacob Buttery |
Assistant Secretary |
None |
Janelle McDonald |
Vice President |
None |
Parks Strobridge |
Vice President |
None |
|
|
|
(c) |
Not applicable. |
Signature |
Title |
Date |
/s/ Mortimer J. Buckley*
Mortimer J. Buckley |
Chairman and Chief Executive Officer |
January 30, 2024 |
/s/ Tara Bunch*
Tara Bunch |
Trustee |
January 30, 2024 |
/s/ Emerson U. Fullwood*
Emerson U. Fullwood |
Trustee |
January 30, 2024 |
/s/ F. Joseph Loughrey*
F. Joseph Loughrey |
Trustee |
January 30, 2024 |
/s/ Mark Loughridge*
Mark Loughridge |
Trustee |
January 30, 2024 |
/s/ Scott C. Malpass*
Scott C. Malpass |
Trustee |
January 30, 2024 |
/s/ Deanna Mulligan*
Deanna Mulligan |
Trustee |
January 30, 2024 |
/s/ Lubos Pastor*
Lubos Pastor |
Trustee |
January 30, 2024 |
/s/ André F. Perold*
André F. Perold |
Trustee |
January 30, 2024 |
/s/ Sarah Bloom Raskin*
Sarah Bloom Raskin |
Trustee |
January 30, 2024 |
/s/ Grant Reid*
Grant Reid |
Trustee |
January 30, 2024 |
/s/ David Thomas*
David Thomas |
Trustee |
January 30, 2024 |
Signature |
Title |
Date |
/s/ Peter F. Volanakis*
Peter F. Volanakis |
Trustee |
January 30, 2024 |
/s/ Christine Buchanan*
Christine Buchanan |
Chief Financial Officer |
January 30, 2024 |