For people who invest directly in individual accounts (including IRAs and rollovers); in joint, brokerage, college savings, or small-business accounts; or in annuities.
For people who invest through their employer in a Vanguard 401(k), 403(b), or other retirement plan.
For retirement plan sponsors, consultants, and nonprofit representatives.
For broker-dealers, registered investment advisors, and trust or bank brokerage professionals.
Fact sheet (12/31/2013)
A brief product description that includes information on performance, cost, industry weightings, top holdings, investment approach, and portfolio attributes. Updated quarterly.
Investment profile (12/31/2013)
A detailed product overview including style view, returns, holdings, characteristics, quarterly commentary on investment performance, and detailed discussion on the management team and investment process. Updated quarterly.
Includes detailed discussions of investment objectives and policies, risks, costs, and past performance. By law, a prospectus must be provided to a potential investor before he or she can invest. Updated annually.
Annual report (12/31/2012)
A financial statement that lists assets (such as securities holdings), liabilities, and earnings, as well as certain historical information. Updated annually.
Semiannual report (06/30/2013)
A financial statement that lists assets (such as securities holdings), liabilities, and earnings, as well as certain historical information. Updated semiannually.
Statement of additional information
A document provided as a supplement to a mutual fund prospectus. It contains more detailed information about fund policies, operations, and risks. Updated annually.
Portfolio holdings information:
The following additional terms and conditions apply to the publication on this Site of any Vanguard fund's portfolio holdings as described above:
The stylebox view considers a fund's potential holdings, including frequently owned categories of securities.
Note: The stylebox view for bond funds uses duration rather than average weighted maturity. Duration is a more accurate measure of interest rate sensitivity because it takes into consideration all mortgage prepayments, puts, and adjustable coupons.
Different share classes of funds are typically distinguished by varying expense ratios that reflect the differing costs of providing services to the holders of each share class. While shareholders in different share classes incur different costs, the fund's objective, management, and underlying investments are identical in each class. This multiclass structure allows shareholders to enjoy economies of scale.
Vanguard offers a variety of fund share classes (depending on the fund):
Traditional shares for individual investors that typically feature low minimum initial investments.
A separate share class offered exclusively to institutional clients. Offered for certain index funds, Signal Shares have lower expense ratios than Investor Shares.
A separate class of low-expense shares available to Vanguard investors whose accounts meet certain minimum-balance or account-balance and tenure requirements. Created to recognize and encourage the cost savings stemming from large, long-standing investment accounts and to pass these savings on to the shareholders who generate them. For institutional investors, these are available only for funds that do not offer Signal Shares.
Shares generally available to companies and organizations with fund account balances of $5 million or more.
Shares generally available to companies and organizations with fund account balances of $100 million or more.
An exchange-traded share class of certain Vanguard® index funds. ETF Shares combine the benefits of indexing, such as low costs and broad market diversification, with the trading and pricing flexibility of individual stocks.
Vanguard ETF Shares are not redeemable with the issuing Fund other than in Creation Unit aggregations. Instead, investors must buy or sell Vanguard ETF Shares in the secondary market with the assistance of a stockbroker. In doing so, the investor may incur brokerage commissions and may pay more than net asset value when buying and receive less than net asset value when selling.
Organized as qualified plan trusts available only to qualified retirement plans and certain governmental plans.
The collective trusts are managed by Vanguard Fiduciary Trust Company, a subsidiary of The Vanguard Group, Inc.
Notes: All investments are subject to market risk.
Available only as an underlying investment in Vanguard funds of funds or similar products.
About our options
A fee charged by some mutual funds when an investor buys shares. This fee is not a sales charge or load because it is paid directly to the fund to offset the costs of trading certain securities.
A fee charged by some mutual funds when an investor sells shares. A redemption fee differs from a back-end load because the money is paid back into the fund. Many funds charge redemption fees only when shares are bought and then sold within a specific period of time, generally in an effort to discourage market-timing and short-term trading. Some brokers also charge their clients redemption fees for the sale of securities.
This represents the total net assets for all share classes of Vanguard's U.S. funds, as well as any collective trust that shares the same investment strategy, management and holdings.
BondInvests in U.S. Treasury, investment-grade corporate, mortgage-backed, and asset-backed securities.
About our styleboxes
as of 12/31/2013
Spliced Barclays U.S. Aggregate Float Adjusted Index
Note: Fee adjusted for mutual funds where applicable.
* Barclays U.S. Aggregate Bond Index through December 31, 2009; Barclays U.S. Aggregate Float Adjusted Index thereafter.
The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so investors' shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data cited.
Total returns details
Barclays U.S. Aggregate Float Adjusted Index
Risk and volatility are based on the share class with the earliest inception date.
Risk measures are calculated from trailing 36-month fund returns relative to the associated benchmarks.
An investment in the fund could lose money over short or even long periods. You should expect the fund’s share price and total return to fluctuate within a wide range, like the fluctuations of the overall bond market. The fund’s performance could be hurt by:
Risk and volatility details
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Vanguard Fixed Income Group
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Lessons from global debt crises
Global fixed income: Considerations for U.S. investors
Performance report: How Vanguard funds stacked up
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