Vanguard
Ultra-Short Bond ETF
Prospectus
April
29, 2022
Exchange-traded
fund shares that are not individually redeemable and are listed on Cboe BZX
Exchange, Inc.
Vanguard
Ultra-Short Bond ETF Shares (VUSB)
This prospectus contains financial data for the Fund through the fiscal period ended December 31, 2021.
The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is
a
criminal offense.
(Fees paid directly from your investment)
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Transaction
Fee on Purchases and Sales |
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Transaction
Fee on Reinvested Dividends |
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*
(Expenses that you pay each year as a percentage of the value of your investment)
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Management
Fees |
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12b-1
Distribution Fee |
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Other
Expenses |
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Total Annual
Fund Operating Expenses |
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1
Year |
3
Years |
5
Years |
10
Years |
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$ |
$ |
$56 |
$128 |
1
2
3
Investment
Advisor
The Vanguard Group,
Inc. (Vanguard)
Portfolio
Managers
Samuel C. Martinez,
CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since its
inception in 2021.
Arvind Narayanan,
CFA, Portfolio Manager at Vanguard. He has co-managed the Fund since its
inception in 2021.
Daniel Shaykevich, Portfolio
Manager and Principal at Vanguard. He has co-managed the Fund since its
inception in 2021.
4
Purchase
and Sale of Fund Shares
ETF Shares may only
be bought and sold in the secondary market through a brokerage firm. The price
you pay or receive for ETF Shares will be the prevailing market price, which may
be more (premium) or less (discount) than the NAV of the shares. The brokerage
firm may charge you a commission to execute the transaction. Unless imposed by
your brokerage firm, there is no minimum dollar amount you must invest and no
minimum number of shares you must buy. ETF Shares cannot be directly purchased
from or redeemed with the Fund, except by certain authorized broker-dealers.
These broker-dealers may purchase and redeem ETF Shares only in large blocks
(Creation Units), typically in exchange for baskets of
securities.
An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a seller is willing to accept for ETF Shares (ask) when buying or selling shares in the secondary market (bid-ask spread). Recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at vanguard.com.
An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase ETF Shares (bid) and the lowest price a seller is willing to accept for ETF Shares (ask) when buying or selling shares in the secondary market (bid-ask spread). Recent information, including information on the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is available online at vanguard.com.
Tax
Information
The Fund’s
distributions may be taxable as ordinary income or capital gain. Additionally,
the Fund may also make distributions that are treated as a return of capital. If
you are investing through a tax-advantaged account, such as an IRA or an
employer-sponsored retirement or savings plan, special tax rules
apply.
Payments
to Financial Intermediaries
The Fund and its
investment advisor do not pay financial intermediaries for sales of Fund
shares.
5
Investing
in Vanguard ETF®
Shares
What
Are Vanguard ETF Shares?
Vanguard ETF Shares
are an exchange-traded class of shares issued by certain Vanguard funds. ETF
Shares represent an interest in the portfolio of stocks or bonds held by the
issuing fund.
How
Are Vanguard ETF Shares Different From Conventional Mutual Fund
Shares?
Conventional mutual
fund shares can be directly purchased from and redeemed with the issuing fund
for cash at the net asset value (NAV), typically calculated once a day. ETF
Shares, by contrast, cannot be purchased directly from or redeemed directly with
the issuing fund by an individual investor. Rather, ETF Shares can only be
purchased or redeemed directly from the issuing fund by certain authorized
broker-dealers. These broker-dealers may purchase and redeem ETF Shares only in
large blocks (Creation Units), usually in exchange for baskets of securities and
not for cash (although some funds issue and redeem Creation Units in exchange
for cash or a combination of cash and securities).
An organized
secondary trading market is expected to exist for ETF Shares, unlike
conventional mutual fund shares, because ETF Shares are listed for trading on a
national securities exchange. Individual investors can purchase and sell ETF
Shares on the secondary market through a broker. Secondary-market transactions
occur not at NAV, but at market prices that are subject to change throughout the
day based on the supply of and demand for ETF Shares, changes in the prices of
the fund’s portfolio holdings, and other factors.
The market price of
ETF Shares typically will differ somewhat from the NAV of those shares. The
difference between market price and NAV is expected to be small most of the
time, but in times of market disruption or extreme market volatility, the
difference may become significant.
6
How
Do I Buy and Sell Vanguard ETF Shares?
ETF Shares of the
Fund are listed for trading on Cboe BZX Exchange, Inc.. You can buy and sell ETF
Shares on the secondary market in the same way you buy and sell any other
exchange-traded security—through a broker. Your broker may charge a commission
to execute a transaction. You will also incur the cost of the “bid-ask spread,”
which is the difference between the highest price a buyer is willing to pay to
purchase ETF Shares (bid) and the lowest price a seller is willing to accept for
ETF Shares (ask) when buying or selling shares in the secondary market. Because
secondary-market transactions occur at market prices, you may pay more (premium)
or less (discount) than NAV when you buy ETF Shares and receive more or less
than NAV when you sell those shares. In times of severe market disruption, the
bid-ask spread and premiums/discounts can increase significantly. Unless imposed
by your broker, there is no minimum dollar amount you must invest and no minimum
number of ETF Shares you must buy.
Your ownership of
ETF Shares will be shown on the records of the broker through which you hold the
shares. Vanguard will not have any record of your ownership. Your account
information will be maintained by your broker, which will provide you with
account statements, confirmations of your purchases and sales of ETF Shares, and
tax information. Your broker also will be responsible for ensuring that you
receive income and capital gains distributions, as well as shareholder reports
and other communications from the fund whose ETF Shares you own. You will
receive other services (e.g., dividend reinvestment and average cost
information) only if your broker offers these services.
7
More
on the Fund and ETF Shares
This prospectus
describes the principal risks you would face as a Fund shareholder. It is
important to keep in mind one of the main principles of investing: generally,
the higher the risk of losing money, the higher the potential reward. The
reverse, also, is generally true: the lower the risk, the lower the potential
reward. As you consider an investment in any fund, you should take into account
your personal tolerance for fluctuations in the securities markets. Look for
this 
symbol throughout
the prospectus. It is used to mark detailed information about the more
significant risks that you would confront as a Fund shareholder. To highlight
terms and concepts important to fund investors, we have provided Plain
Talk® explanations along
the way. Reading the prospectus will help you decide whether the Fund is the
right investment for you. We suggest that you keep this prospectus for future
reference.
symbol throughout
the prospectus. It is used to mark detailed information about the more
significant risks that you would confront as a Fund shareholder. To highlight
terms and concepts important to fund investors, we have provided Plain
Talk® explanations along
the way. Reading the prospectus will help you decide whether the Fund is the
right investment for you. We suggest that you keep this prospectus for future
reference.A
Similar but Distinct Vanguard Fund
The Fund offered by
this prospectus is not an ETF Share class of Vanguard Ultra-Short-Term Bond Fund
and should not be confused with Vanguard Ultra-Short-Term Bond Fund, a separate
Vanguard fund that shares a similar investment strategy. Differences in scale
and in underlying holdings are expected to produce slightly different investment
returns by the funds. To obtain a prospectus for Vanguard Ultra-Short-Term Bond
Fund, please call 800-662-7447.
A
Note to Investors
Vanguard ETF Shares
can be purchased directly from the issuing Fund only by certain authorized
broker-dealers in exchange for a basket of securities (or, in some cases, for
cash or a combination of cash and securities). Individual investors generally
will not be able to purchase ETF Shares directly from the Fund. Instead, these
investors will purchase ETF Shares on the secondary market through a
broker.
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Plain
Talk About Fund Expenses |
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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 Ultra-Short Bond ETF's expense ratio would
be 0.10%,
or $1.00 per $1,000 of average net assets. The average expense
ratio for
short investment grade debt funds in 2021 was 0.66%, or $6.60 per
$1,000 of
average net assets (derived from data provided by Lipper, a
Thomson
Reuters Company, which reports on the fund industry).
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8
|
Plain
Talk About Costs of Investing |
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Costs
are an important consideration in choosing an ETF. That is because
you,
as a shareholder, pay a proportionate share of the costs of operating a
fund
and any transaction costs incurred when the fund buys or sells
securities.
These costs can erode a substantial portion of the gross income
or
the capital appreciation a fund achieves. Even seemingly small differences
in
expenses can, over time, have a dramatic effect on a fund’s
performance. |
The following
sections explain the principal investment strategies and policies that the Fund
uses in pursuit of its investment objective. The Fund's board of trustees, which
oversees the Fund's management, may change investment strategies or policies in
the interest of shareholders without a shareholder vote, unless those strategies
or policies are designated as fundamental. Note that the Fund’s investment
objective is not fundamental and may be changed without a shareholder vote.
However, the Fund may change its policy of investing at least 80% of its assets
in fixed income securities only upon 60 days‘ notice to
shareholders.
Market
Exposure
The Fund invests
mainly in bonds. As a result, it is subject to certain risks.
The
Fund is subject to interest rate risk, which is the chance that bond prices will
decline because of rising interest rates.
Although fixed income securities
(commonly referred to as bonds) are often thought to be less risky than stocks,
there have been periods when bond prices have fallen significantly because of
rising interest rates. For instance, prices of long-term bonds fell by almost
48% between December 1976 and September 1981.
To illustrate the
relationship between bond prices and interest rates, the following table shows
the effect of a 1% and a 2% change (both up and down) in interest rates on the
values of three noncallable bonds (i.e., bonds that cannot be redeemed by the
issuer) of different maturities, each with a face value of $1,000.
9
How
Interest Rate Changes Affect the Value of a $1,000 Bond1
|
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 |
1 Assuming a
4% coupon rate.
These figures are
for illustration only; you should not regard them as an indication of future
performance of the bond market as a whole or the Fund in particular.
|
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. |
Changes in interest
rates can affect bond income as well as bond
prices.
The
Fund is subject to income risk, which is the chance that the Fund's income will
decline because of falling interest rates. A fund's income declines when
interest rates fall because the fund then must invest new cash flow and cash
from maturing bonds in lower-yielding bonds. Income risk is generally high for
short-term bond funds, so investors should expect the Fund‘s monthly income to
fluctuate accordingly.
10
|
Plain
Talk About Bond Maturities |
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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. |
Although falling
interest rates tend to strengthen bond prices, they can cause other problems for
bond fund investors—bond calls and prepayments.
The
Fund is subject to call risk, which is the chance that during periods of falling
interest rates, issuers of callable bonds may call (redeem) securities with
higher coupon rates or interest rates before their maturity dates. The Fund
would then lose any price appreciation above the bond’s call price and would be
forced to reinvest the unanticipated proceeds at lower interest rates, resulting
in a decline in the Fund’s income.
The
Fund is subject to prepayment risk, which is the chance that during periods of
falling interest rates, homeowners will refinance their mortgages before their
maturity dates, resulting in prepayment of mortgage-backed securities held by
the Fund. The Fund would then lose any price appreciation above the mortgage's
principal and would be forced to reinvest the unanticipated proceeds at lower
interest rates, resulting in a decline in the Fund's income. Such prepayments
and subsequent reinvestments would also increase the Fund's portfolio turnover
rate.
11
|
Plain
Talk About Callable Bonds |
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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. |
The
Fund is subject to credit risk, which is the chance that a bond issuer will fail
to pay interest or principal in a timely manner or that negative perceptions of
the issuer’s ability to make such payments will cause the price of that bond to
decline.
|
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. |
The
Fund is subject to liquidity risk, which is the chance that the Fund may not be
able to sell a security in a timely manner at a desired
price.
Corporate bonds are
traded among dealers and brokers that connect buyers with sellers. Liquidity in
the corporate bond market may be challenged depending on overall economic
conditions and credit tightening. There may be little trading in the secondary
market for particular bonds and other debt securities, which may make them more
difficult to value or sell.
To a limited
extent, the Fund is also indirectly subject to event
risk,
which is the chance that corporate fixed income securities held by the Fund may
suffer a substantial decline in credit quality and market value because of a
restructuring of the companies that issued the securities or because of other
factors negatively affecting issuers.
12
|
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. |
Market disruptions
can adversely affect local and global markets as well as normal market
conditions and operations. Any such disruptions could have an adverse impact on
the value of the Fund's investments and Fund performance.
Security
Selection
Vanguard’s actively
managed fixed income funds follow a portfolio manager-driven process that uses
both top-down and bottom-up inputs. Portfolio managers are responsible for
portfolio construction and strategy, leveraging the top-down insights of
Vanguard's senior investment leaders and Vanguard's Investment Strategy Group,
the bottom-up insights of the sector teams, and the relative value views across
fixed income sectors. Risk optimization measures are present throughout the
investment process, and the Senior Investment Committee provides governance and
oversight for the entire lineup.
The types of
financial instruments that may be purchased by the Fund are identified and
explained as follows:
• U.S.
government and agency bonds represent loans by
investors to the U.S. Treasury or a wide variety of government agencies and
instrumentalities. Securities issued by most U.S. government entities are
neither guaranteed by the U.S. Treasury nor backed by the full faith and credit
of the U.S. government. These entities include, among others, the Federal Home
Loan Banks (FHLBs), the Federal National Mortgage Association (FNMA), and the
Federal Home Loan Mortgage Corporation (FHLMC). Securities issued by the U.S.
Treasury and a small number of U.S. government agencies, such as the Government
National Mortgage Association (GNMA), are backed by the full faith and credit of
the U.S. government. The market values of U.S. government and agency securities
and U.S. Treasury securities are subject to fluctuation.
13
|
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. |
• Cash
equivalent investments is a blanket term
that describes a variety of short-term fixed income investments, including money
market instruments, commercial paper, bank certificates of deposit, banker’s
acceptances, and repurchase agreements. Repurchase agreements represent
short-term (normally overnight) loans by a fund to banks or large securities
dealers. Repurchase agreements can carry several risks. For instance, if the
seller is unable to repurchase the securities as promised, a fund may experience
a loss when trying to sell the securities to another buyer. Also, if the seller
becomes insolvent, a bankruptcy court may determine that the securities do not
belong to a fund and order that the securities be used to pay off the seller’s
debts. The Fund’s advisor believes that these risks can be controlled through
careful security selection and monitoring.
• Corporate
debt obligations—usually called
bonds—represent loans by an investor to a corporation.
• Asset-backed
securities are bonds that
represent partial ownership in pools of consumer or commercial loans—most often
credit card, automobile, or trade receivables. Asset-backed securities, which
can be types of corporate fixed income obligations, are issued by entities
formed solely for that purpose, but
14
their value
ultimately depends on repayments by underlying borrowers. A primary risk of
asset-backed securities is that their maturity is difficult to predict, being
driven by borrowers’ prepayments.
• Mortgage-backed
securities represent partial
ownership interest in pools of commercial or residential mortgage loans made by
financial institutions to finance a borrower’s real estate purchase. These loans
are packaged by private or governmental issuers for sale to investors. As the
underlying mortgage loans are paid by borrowers, the investors receive payments
of interest and principal. To be announced (TBA) securities represent an
agreement to buy or sell mortgage-backed securities with agreed-upon
characteristics for a fixed unit price, with settlement on a scheduled future
date beyond the typical settlement period for most other
securities.
• International
dollar-denominated bonds are bonds
denominated in U.S. dollars and issued by foreign governments and companies. To
the extent that the Fund owns foreign bonds, it is subject to country risk,
which is the chance that world events—such as political upheaval, financial
troubles, or natural disasters—will adversely affect the value and/or liquidity
of securities issued by companies in foreign countries. In addition, the prices
of foreign bonds and the prices of U.S. bonds have, at times, moved in opposite
directions. Because the bond’s value is designated in dollars rather than in the
currency of the issuer’s country, the investor is not exposed to currency risk;
rather, the issuer assumes that risk, usually to attract U.S. investors.
Although currency movements do not affect the value of international
dollar-denominated bonds directly, they could affect the value indirectly by
adversely affecting the issuer’s ability (or the market’s perception of the
issuer’s ability) to pay interest or repay principal.
• Foreign
currency bonds are bonds
denominated in the local currency of a non-U.S. country and issued by foreign
governments, government agencies, and companies. To the extent that the Fund
owns foreign currency bonds, it will hedge its exposure to those bonds back to
the U.S. dollar. In addition to country risk, the Fund is subject to currency
hedging risk. Currency hedging risk is the chance that the currency hedging
transactions entered into by a Fund may not perfectly offset the Fund’s foreign
currency exposure.
• Preferred
stocks
distribute set dividends from the issuer. The preferred-stock holder’s claim on
the issuer’s income and assets ranks before that of common-stock holders, but
after that of bondholders.
• Futures,
options, and other derivatives are described in
detail under Other
Investment Policies and Risks.
The
Fund is subject to manager risk, which is the chance that poor security
selection will cause the Fund to underperform relevant benchmarks or other funds
with a similar investment objective.
15
Other
Investment Policies and Risks
In addition to
investing in bonds and other fixed income securities, the Fund may make other
kinds of investments to achieve its investment objective.
The Fund may invest
up to 15% of its net assets in illiquid securities. Illiquid securities are
investments that a fund reasonably expects cannot be sold or disposed of in
current market conditions in seven calendar days or less without the sale or
disposition significantly changing the market value of the investment.
Restricted securities are a special type of illiquid security; these securities
have not been publicly issued and legally can be resold only to qualified
buyers.
The Fund may invest
a small portion of its assets in fixed income futures, which are a type of
derivative, and/or shares of ETFs. These fixed income futures and ETFs typically
provide returns similar to those of bonds and may purchase futures or ETFs when
doing so will reduce the Fund’s transaction costs, facilitate cash management,
mitigate risk, or have the potential to add value because the instruments are
favorably priced. Vanguard receives no additional revenue from Fund assets
invested in ETF Shares of other Vanguard funds. Fund assets invested in ETF
Shares are excluded when allocating to the Fund its share of the costs of
Vanguard operations.
The
Fund may invest in derivatives. In general, investments in derivatives may
involve risks different from, and possibly greater than, those of investments
directly in the underlying securities or assets.
Generally speaking, a derivative is a financial contract whose value is based on the value of a financial asset (such as a stock, a bond, or a currency), a physical asset (such as gold, oil, or wheat), a market index, or a reference rate. The Fund may invest in derivatives only if the expected risks and rewards of the derivatives are consistent with the investment objective, policies, strategies, and risks of the Fund as disclosed in this prospectus. In particular, derivatives will be used only when they may help the advisor to accomplish one or more of the following:
• Invest in
eligible asset classes with greater efficiency and lower cost than is possible
through direct investment.
• Add value when
these instruments are attractively priced.
• Adjust
sensitivity to changes in interest rates.
• Adjust the
overall credit risk of the portfolio or actively overweight or underweight
credit risk to specific bond issuers.
• Hedge foreign
currency exposure.
16
• Hedge foreign
interest rate exposure.
The Fund's
derivative investments may include fixed income futures contracts; fixed income
options, including options on swaps; currency swaps; foreign currency exchange
forwards; interest rate swaps; total return swaps; credit default swaps; or
other derivatives. Losses (or gains) involving futures contracts can sometimes
be substantial—in part because a relatively small price movement in a futures
contract may result in an immediate and substantial loss (or gain) for a fund.
Similar risks exist for other types of derivatives.
|
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. |
Cash
Management
The Fund's daily
cash balance may be invested in Vanguard Market Liquidity Fund and/or Vanguard
Municipal Cash Management Fund (each, a CMT Fund), which are low-cost money
market funds. When investing in a CMT Fund, the Fund bears its proportionate
share of the expenses of the CMT Fund in which it invests. Vanguard receives no
additional revenue from Fund assets invested in a CMT Fund.
Methods
Used to Meet Redemption Requests
Redemptions of ETF
Shares are typically met through a combination of cash and securities held by
the Fund; see “How Are Vanguard ETF Shares Different From Conventional Mutual
Fund Shares?” If cash is used to meet redemptions, the Fund typically obtains
such cash through positive cash flows or the sale of Fund holdings consistent
with the Fund’s investment objective and strategy. Please consult the Fund's
Statement
of Additional Information for further
information on redemptions of ETF Shares.
17
Under certain
circumstances, the Fund may borrow money (subject to certain regulatory
conditions and if available under board-approved procedures) through an
interfund lending facility; through a bank line-of-credit, including a joint
committed credit facility; or through an uncommitted line-of-credit from
Vanguard in order to meet redemption requests.
Temporary
Investment Measures
The Fund may
temporarily depart from its normal investment policies and strategies when the
advisor believes that doing so is in the Fund's best interest, so long as the
strategy or policy employed is consistent with the Fund's investment objective.
For instance, the Fund may invest beyond its normal limits in derivatives or
exchange-traded funds that are consistent with the Fund's investment objective
when those instruments are more favorably priced or provide needed liquidity, as
might be the case when the Fund is transitioning assets from one advisor to
another or receives large cash flows that it cannot prudently invest
immediately.
In addition, the
Fund may take temporary defensive positions that are inconsistent with its
normal investment policies and strategies—for instance, by allocating
substantial assets to cash equivalent investments or other less volatile
instruments—in response to adverse or unusual market, economic, political, or
other conditions. In doing so, the Fund may succeed in avoiding losses but may
otherwise fail to achieve its investment objective.
Special
Risks of Exchange-Traded Shares
ETF
Shares are not individually redeemable. They
can be redeemed with the issuing Fund at NAV only by certain authorized
broker-dealers and only in large blocks known as Creation Units. Consequently,
if you want to liquidate some or all of your ETF Shares, you must sell them on
the secondary market at prevailing market prices.
The
market price of ETF Shares may differ from NAV. Although
it is expected that the market price of an ETF Share typically will approximate
its NAV, there may be times when the market price and the NAV differ
significantly. Thus, you may pay more (premium) or less (discount) than NAV when
you buy ETF Shares on the secondary market, and you may receive more or less
than NAV when you sell those shares. These discounts and premiums are likely to
be greatest during times of market disruption or extreme market
volatility.
Vanguard’s website
at vanguard.com shows the previous
day’s closing NAV and closing market price for the Fund. The website also
discloses, in the Premium/Discount
Analysis section of the
Fund’s Price & Performance page,
18
how frequently the
Fund traded at a premium or discount to NAV (based on closing NAVs and market
prices) and the magnitudes of such premiums and discounts.
An
active trading market may not exist. Although
Vanguard ETF Shares are listed on a national securities exchange, it is possible
that an active trading market may not be maintained. Although this could happen
at any time, it is more likely to occur during times of severe market
disruption. If you attempt to sell your ETF Shares when an active trading market
is not functioning, you may have to sell at a significant discount to NAV. In
extreme cases, you may not be able to sell your shares at
all.
Trading
may be halted. Trading
of Vanguard ETF Shares on an exchange may be halted by the activation of
individual or marketwide trading halts (which halt trading for a specific period
of time when the price of a particular security or overall market prices decline
by a specified percentage). Trading of ETF Shares may also be halted if (1) the
shares are delisted from the listing exchange without first being listed on
another exchange or (2) exchange officials determine that such action is
appropriate in the interest of a fair and orderly market or for the protection
of investors.
A precautionary
note to investment companies: Vanguard ETF Shares are issued by
registered investment companies, and therefore the acquisition of such shares by
other investment companies is subject to the restrictions of Section 12(d)(1) of
the Investment Company Act of 1940. Vanguard has obtained SEC exemptive orders
that allow investment companies to invest in the issuing funds beyond the limits
of Section 12(d)(1), subject to certain terms and conditions, including the
requirement to enter into a participation agreement with Vanguard. The SEC
recently adopted changes to the regulatory framework for fund of funds
arrangements, and, as a result, Vanguard's exemptive orders were rescinded by
the SEC on January 19, 2022. However, effective January 19, 2022, new Rule
12d1-4 under the Investment Company Act of 1940 permits registered investment
companies to invest in other registered investment companies beyond the limits
in Section 12(d)(1), subject to certain conditions, including that the funds
enter into a fund of funds investment agreement.
Shareholder
Rights
The Fund's Agreement and
Declaration of Trust, as amended, requires a shareholder bringing a derivative
action on behalf of Vanguard Bond Index Funds (the Trust) that is subject to a
pre-suit demand to collectively hold at least 10% of the outstanding shares of
the Trust or at least 10% of the outstanding shares of the series or class to
which the demand relates and to undertake to reimburse the Trust for the expense
of any counsel or advisors used when considering the merits of the demand in the
event that the board of trustees determines not to
19
bring such action. In each case,
these requirements do not apply to claims arising under the federal securities
laws to the extent that any such federal securities laws, rules, or regulations
do not permit such application.
Frequent
Trading and Market-Timing
Unlike frequent
trading of a Vanguard fund’s conventional (i.e., not exchange-traded) classes of
shares, frequent trading of ETF Shares does not disrupt portfolio management or
otherwise harm fund shareholders. The vast majority of trading in ETF Shares
occurs on the secondary market. Because these trades do not involve the issuing
fund, they do not harm the fund or its shareholders. Certain broker-dealers are
authorized to purchase and redeem ETF Shares directly with the issuing fund.
Because these trades typically are effected in kind (i.e., for securities and
not for cash), or are assessed a transaction fee when effected in cash, they do
not cause any of the harmful effects to the issuing fund (as previously noted)
that may result from frequent trading. For these reasons, the board of trustees
of each fund that issues ETF Shares has determined that it is not necessary to
adopt policies and procedures to detect and deter frequent trading and
market-timing of ETF Shares.
Portfolio
Holdings
Please consult the
Fund's Statement
of Additional Information or our website for
a description of the policies and procedures that govern disclosure of the
Fund’s portfolio holdings.
Turnover
Rate
Although the Fund generally seeks
to invest for the long term, it may sell securities regardless of how long they
have been held. The Financial
Highlights section of
this prospectus shows the turnover rate for the Fund. A turnover rate of 100%,
for example, would mean that the Fund had sold and replaced securities valued at
100% of its net assets within a one-year period. In general, the greater the
turnover rate, the greater the impact transaction costs will have on a fund’s
return. Also, funds with high turnover rates may be more likely to generate
capital gains, including short-term capital gains, that must be distributed to
shareholders and will be taxable to shareholders investing through a taxable
account.
The
Fund and Vanguard
The Fund is a member of The
Vanguard Group, Inc. (Vanguard), a family of over 200 funds. All of the funds
that are members of Vanguard (other than funds of funds) share in the expenses
associated with administrative services and business operations, such as
personnel, office space, and equipment.
20
Vanguard Marketing
Corporation provides marketing services to the funds. Although fund shareholders
do not pay sales commissions or 12b-1 distribution fees, each fund (other than a
fund of funds) or each share class of a fund (in the case of a fund with
multiple share classes) pays its allocated share of the Vanguard funds’
marketing costs.
|
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. |
Investment
Advisor
The Vanguard Group, Inc., P.O. Box
2600, Valley Forge, PA 19482, which began operations in 1975, serves as advisor
to the Fund through its Fixed Income Group. As of December 31, 2021, Vanguard
served as advisor for approximately $6.9 trillion in assets. Vanguard provides
investment advisory services to the Fund pursuant to the Funds’ Service
Agreement and subject to the supervision and oversight of the trustees and
officers of the Fund.
Although the Fund
is managed solely by Vanguard, the Fund reserves the right to utilize a
multi-manager approach in the future. Under the terms of an SEC exemption, the
Fund's board of trustees may, without prior approval from shareholders, change
the terms of an advisory agreement with a third-party investment advisor or hire
a new third-party investment advisor—either as a replacement for an existing
advisor or as an additional advisor. Any significant change in the Fund's
advisory arrangements will be communicated to shareholders in writing. As the
Fund's sponsor and overall manager, Vanguard may provide investment advisory
services to the Fund at any time. Vanguard may also recommend to the board of
trustees that an advisor be hired, terminated, or replaced or that the terms of
an existing advisory agreement be revised. The Fund has filed an application
seeking a similar SEC exemption with respect to investment advisors that are
wholly owned subsidiaries of Vanguard. If the exemption is granted, the Fund may
rely on the new SEC relief.
For a discussion of why the board
of trustees approved the Fund's investment advisory arrangement, see the most
recent semiannual report to shareholders covering the fiscal period ended June
30.
21
The managers
primarily responsible for the day-to-day management of the Fund
are:
Samuel
C. Martinez, CFA, Portfolio
Manager at Vanguard. He has been with Vanguard since 2007, has worked in
investment management since 2010, and has co-managed the Fund since its
inception in 2021. Education: B.S., Southern Utah University; M.B.A., The
Wharton School of the University of Pennsylvania.
Arvind
Narayanan, CFA, Portfolio
Manager at Vanguard. He has been with Vanguard since 2019, has worked in
investment management since 2002, has managed investment portfolios since 2006,
and has co-managed the Fund since its inception in 2021. Education: B.A.,
Goucher College; M.B.A., New York University.
Daniel
Shaykevich, Portfolio
Manager and Principal of Vanguard. He has worked in investment management since
2001, has managed investment portfolios since 2004, has been with Vanguard since
2013, and has co-managed the Fund since its inception in 2021. Education: B.S.,
Carnegie Mellon University.
The Fund's
Statement
of Additional Information provides
information about the portfolio manager’s compensation, other accounts under
management, and ownership of shares of the Fund.
Dividends,
Capital Gains, and Taxes
Fund
Distributions
The Fund
distributes to shareholders virtually all of its net income (interest less
expenses) as well as any net short-term or long-term capital gains realized from
the sale of its holdings. From time to time, the Fund may also make
distributions that are treated as a return of capital. Income dividends
generally are declared monthly and distributed monthly; capital gains
distributions, if any, generally occur annually in December. In addition, the
Fund may occasionally make a supplemental distribution at some other time during
the year.
22
|
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. |
Reinvestment
of Distributions
In order to
reinvest dividend and capital gains distributions, investors in the Fund must
hold their shares at a broker that offers a reinvestment service. This can be
the broker’s own service or a service made available by a third party, such as
the broker’s outside clearing firm or the Depository Trust Company (DTC). If a
reinvestment service is available, distributions of income and capital gains can
automatically be reinvested in additional whole and fractional ETF Shares of the
Fund. If a reinvestment service is not available, investors will receive their
distributions in cash. To determine whether a reinvestment service is available
and whether there is a commission or other charge for using this service,
consult your broker.
As with all
exchange-traded funds, reinvestment of dividend and capital gains distributions
in additional ETF Shares will occur four business days or more after the
ex-dividend date (the date when a distribution of dividends or capital gains is
deducted from the price of the Fund’s shares). The exact number of days depends
on your broker. During that time, the amount of your distribution will not be
invested in the Fund and therefore will not share in the Fund’s income, gains,
and losses.
Basic
Tax Points
Investors in
taxable accounts should be aware of the following basic federal income tax
points:
• Distributions are
taxable to you whether or not you reinvest these amounts in additional ETF
Shares.
• Distributions
declared in December—if paid to you by the end of January—are taxable as if
received in December.
• Any income
dividend distribution or short-term capital gains distribution that you receive
is taxable to you as ordinary income.
23
• Any distribution
of net long-term capital gains is taxable to you as long-term capital gains, no
matter how long you have owned ETF Shares.
• Income and
capital gains distributions may vary considerably from month to month or year to
year, as applicable, as a result of the Fund's normal investment activities and
cash flows.
• Your cost basis
in the Fund will be decreased by the amount of any return of capital that you
receive. This, in turn, will affect the amount of any capital gain or loss that
you realize when selling your ETF Shares.
• Return of capital
distributions generally are not taxable to you until your cost basis has been
reduced to zero. If your cost basis is at zero, return of capital distributions
will be treated as capital gains.
• A sale of ETF
Shares is a taxable event. This means that you may have a capital gain to report
as income, or a capital loss to report as a deduction, when you complete your
tax return.
Individuals,
trusts, and estates whose income exceeds certain threshold amounts are subject
to a 3.8% Medicare contribution tax on “net investment income.” Net investment
income takes into account distributions paid by the Fund and capital gains from
any sale of ETF Shares.
Income dividends
and capital gains distributions that you receive, as well as your gains or
losses from any sale of ETF Shares, may be subject to state and local income
taxes. Depending on your state’s rules, however, any dividends attributable to
interest earned on direct obligations of the U.S. government may be exempt from
state and local taxes. Vanguard will notify you each year how much, if any, of
your dividends may qualify for this exemption.
This prospectus
provides general tax information only. If you are investing through a
tax-advantaged account, such as an IRA or an employer-sponsored retirement or
savings plan, special tax rules apply. Please consult your tax advisor for
detailed information about any tax consequences for you.
Share
Price and Market Price
Share price, also
known as net
asset value (NAV), is
calculated as of the close of regular trading on the New York Stock Exchange
(NYSE), generally 4 p.m., Eastern time, on each day that the NYSE is open for
business (a business day). In the rare event the NYSE experiences unanticipated
disruptions and is unavailable at the close of the trading day, NAVs will be
calculated as of the close of regular trading on the Nasdaq (or another
alternate exchange if the Nasdaq is unavailable, as determined at Vanguard’s
discretion), generally 4 p.m.,
24
Eastern time. The
NAV per share is computed by dividing the total assets, minus liabilities, of
the Fund by the number of Fund shares outstanding. On U.S. holidays or other
days when the NYSE is closed, the NAV is not calculated, and the Fund does not
sell or redeem shares. However, on those days the value of the Fund’s assets may
be affected to the extent that the Fund holds securities that change in value on
those days (such as foreign securities that trade on foreign markets that are
open).
Remember: If you
buy or sell ETF Shares on the secondary market, you will pay or receive the
market price, which may be higher or lower than NAV. Your transaction will be
priced at NAV only if you purchase or redeem your ETF Shares in Creation Unit
blocks (an option available only to certain authorized
broker-dealers).
Debt securities
held by a Vanguard fund are valued based on information furnished by an
independent pricing service or market quotations. When a fund determines that
pricing-service information or market quotations either are not readily
available or do not accurately reflect the value of a security, the security is
priced at its fair
value
(the amount that the owner might reasonably expect to receive upon the current
sale of the security).
The values of any
foreign securities held by a fund are converted into U.S. dollars using an
exchange rate obtained from an independent third party as of the close of
regular trading on the NYSE. The values of any mutual fund shares, including
institutional money market fund shares, held by a fund are based on the NAVs of
the shares. The values of any ETF shares or closed-end fund shares held by a
fund are based on the market value of the shares.
A fund also may use
fair-value pricing on bond market holidays when the fund is open for business
(such as Columbus Day and Veterans Day). Fair-value prices are determined by
Vanguard according to procedures adopted by the board of trustees. When
fair-value pricing is employed, the prices of securities used by a fund to
calculate the NAV may differ from quoted or published prices for the same
securities.
Vanguard’s website
will show the previous day’s closing NAV and closing market price for the Fund’s
ETF Shares.
25
Additional
Information
The Fund's Bylaws require, unless
the Trust otherwise consents in writing, that the U.S. Federal District Courts
be the sole and exclusive forum for the resolution of complaints under the
Securities Act of 1933. This provision may limit a shareholder’s ability to
bring a claim in a different forum and may result in increased shareholder costs
in pursuing such a claim.
|
|
Inception
Date |
Vanguard Fund
Number |
CUSIP
Number |
|
Ultra-Short
Bond ETF |
4/5/2021 |
931 |
92203C303 |
Certain affiliates
of the Fund and the advisor may purchase and resell ETF Shares pursuant to the
prospectus.
CGS identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, ©2022 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.
26
Financial
Highlights
Financial highlights information is
intended to help you understand a fund’s performance for the past five years
(or, if shorter, its period of operations). Certain information reflects
financial results for a single fund share. Total return represents the rate that
an investor would have earned or lost each period on an investment in a fund or
share class (assuming reinvestment of all distributions). This information has
been obtained from the financial statements audited by PricewaterhouseCoopers
LLP, an independent registered public accounting firm, whose report, along with
fund financial statements, is included in a fund’s most recent annual report to
shareholders. You may obtain a free copy of a fund’s latest annual or semiannual
report, which is available upon request.
Vanguard
Ultra-Short Bond ETF
|
|
April 5,
20211 to
December
31, |
|
For a
Share Outstanding Throughout Each Period |
2021 |
|
Net
Asset Value, Beginning of Period |
$50.00 |
|
Investment
Operations |
|
|
Net
Investment Income2
|
.138 |
|
Net
Realized and Unrealized Gain (Loss) on Investments |
(.077) |
|
Total from
Investment Operations |
.061 |
|
Distributions |
|
|
Dividends
from Net Investment Income |
(.123) |
|
Distributions
from Realized Capital Gains |
(.008) |
|
Total
Distributions |
(.131) |
|
Net
Asset Value, End of Period |
$49.93 |
|
Total
Return |
0.12% |
|
Ratios/Supplemental
Data |
|
|
Net
Assets, End of Period (Millions) |
$2,040 |
|
Ratio of
Total Expenses to Average Net Assets |
0.10%3
|
|
Ratio of
Net Investment Income to Average Net Assets |
0.37%3
|
|
Portfolio
Turnover Rate4 |
22% |
|
|
|
|
1 |
Inception. |
|
2 |
Calculated
based on average shares outstanding. |
|
3 |
Annualized. |
|
4 |
Excludes
the value of portfolio securities received or delivered as a result of
in-kind purchases or redemptions of
the
fund’s capital shares, including ETF Creation
Units. |
27
Glossary
of Investment Terms
Authorized
Participant. Institutional
investors that are permitted to purchase Creation Units directly from, and
redeem Creation Units directly with, the issuing fund. To be an Authorized
Participant, an entity must be a participant in the Depository Trust Company and
must enter into an agreement with the fund’s Distributor.
Average
Maturity. The average length
of time until bonds held by a fund reach maturity and are repaid. In general,
the longer the average maturity, the more a fund's share price fluctuates in
response to changes in market interest rates. In calculating average maturity, a
fund uses a bond’s maturity or, if applicable, an earlier date on which the
advisor believes it is likely that a maturity-shortening device (such as a call,
put, refunding, prepayment, or redemption provision or an adjustable coupon
rate) will cause the bond to be repaid.
Bid-Ask
Spread. The difference
between the highest price a buyer is willing to pay to purchase ETF Shares (bid)
and the lowest price a seller is willing to accept for ETF Shares (ask) when
buying or selling shares in the secondary market.
Bond. A debt security
(IOU) issued by a corporation, a government, or a government agency in exchange
for the money the bondholder lends it. In most instances, the issuer agrees to
pay back the loan by a specific date and generally to make regular interest
payments until that date.
Capital
Gains Distributions. Payments to fund
shareholders of gains realized on securities that a fund has sold at a profit,
minus any realized losses.
Cash
Equivalent Investments. Cash deposits,
short-term bank deposits, and money market instruments that include U.S.
Treasury bills and notes, bank certificates of deposit (CDs), repurchase
agreements, commercial paper, and banker’s acceptances.
Corporate
Bond.
An IOU issued by a business that wants to borrow money. As with other types of
bonds, the issuer promises to repay the borrowed money by a specific date and
generally to make interest payments in the meantime.
Coupon
Rate.
The interest rate paid by the issuer of a debt security until its maturity. It
is expressed as an annual percentage of the face value of the
security.
Creation
Unit.
A large block of a specified number of ETF Shares. Certain broker-dealers known
as “Authorized Participants” may purchase and redeem ETF Shares from the issuing
fund in Creation Unit size blocks.
29
Dividend
Distributions. Payments to fund
shareholders of income from interest or dividends generated by a fund's
investments.
Ex-Dividend
Date.
The date when a distribution of dividends and/or capital gains is deducted from
the share price of a mutual fund, ETF, or stock. On the ex-dividend date, the
share price drops by the amount of the distribution per share (plus or minus any
market activity).
Expense
Ratio.
A fund's total annual operating expenses expressed as a percentage of the fund's
average net assets. The expense ratio includes management and administrative
expenses, but it does not include the transaction costs of buying and selling
portfolio securities.
Face
Value.
The amount to be paid at a bond’s maturity; also known as the par value or
principal.
Fixed
Income Security. An investment,
such as a bond, representing a debt that must be repaid by a specified date, and
on which the borrower may pay a fixed, variable, or floating rate of
interest.
Inception
Date.
The date on which the assets of a fund are first invested in accordance with the
fund's investment objective. For funds with a subscription period, the inception
date is the day after that period ends. Investment performance is generally
measured from the inception date.
Investment-Grade
Bond.
A debt security whose credit quality is considered by independent bond rating
agencies, or through independent analysis conducted by a fund's advisor, to be
sufficient to ensure timely payment of principal and interest under current
economic circumstances. Debt securities rated in one of the four highest rating
categories are considered investment-grade. Other debt securities may be
considered by an advisor to be investment-grade.
30
Joint
Committed Credit Facility. The Fund may
participate, along with other funds managed by Vanguard, in a committed credit
facility provided by a syndicate of lenders pursuant to a credit agreement that
may be renewed annually; each Vanguard fund is individually liable for its
borrowings, if any, under the credit facility. The amount and terms of the
committed credit facility are subject to approval by the Fund's board of
trustees and renegotiation with the lender syndicate on an annual basis. New
funds, such as the Vanguard Ultra-Short Bond ETF, will generally be added to the
agreement during the annual renewal process.
Mutual
Fund.
An investment company that pools the money of many people and invests it in a
variety of securities in an effort to achieve a specific objective over
time.
New
York Stock Exchange (NYSE). A stock exchange
based in New York City that is open for regular trading on business days, Monday
through Friday, from 9:30 a.m. to 4 p.m., Eastern time.
Return of
Capital. A return of
capital occurs when a fund's distributions exceed its earnings in a fiscal year.
A return of capital is a return of all or part of your original investment or
amounts paid in excess of your original investment in a fund. In general, a
return of capital reduces your cost basis in a fund's shares and is not taxable
to you until your cost basis has been reduced to zero.
Principal. The face value of
a debt instrument or the amount of money put into an investment.
Securities. Stocks, bonds,
money market instruments, and other investments.
Total
Return. A percentage
change, over a specified time period, in a fund's net asset value, assuming the
reinvestment of all distributions of dividends and capital gains.
Volatility. The fluctuations
in value of a mutual fund or other security. The greater a fund's volatility,
the wider the fluctuations in its returns.
Yield. Income (interest
or dividends) earned by an investment, expressed as a percentage of the
investment’s price.
Connect
with Vanguard®˃
vanguard.com
For
More Information
If you would
like more information about Vanguard Ultra-Short Bond ETF, the following
documents are available free upon request:
Annual/Semiannual
Reports to Shareholders
Additional information about
the Fund's investments is available in the Fund's annual and semiannual reports
to shareholders. In the annual report, you will find a discussion of the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.
Statement
of Additional Information (SAI)
The SAI
provides more detailed information about the Fund's ETF Shares and is
incorporated by reference into (and thus legally a part of) this
prospectus.
To receive a
free copy of the latest annual or semiannual report or the SAI, or to request
additional information about Vanguard ETF Shares, please visit vanguard.com
or contact us
as follows:
Telephone:
866-499-8473; Text telephone for people with hearing impairment:
800-749-7273
Information
Provided by the SEC
Reports and
other information about the Fund are available in the EDGAR database on the
SEC’s website at sec.gov, or you can receive copies of this information, for a
fee, by electronic request at the following email address:
[email protected].
Fund's
Investment Company Act file number: 811-04681
© 2022 The
Vanguard Group, Inc. All rights reserved.
U.S. Patent No6,879,964
Vanguard Marketing Corporation, Distributor.
P 931 042022
U.S. Patent No6,879,964
Vanguard Marketing Corporation, Distributor.
P 931 042022