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Vanguard Total Bond Market Index Fund Annual Report December 31

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Annual Report]%FDFNCFS 7BOHVBSE5PUBM#POE.BSLFU*OEFY'VOE Contents Your Fund’s Performance at a Glance. 1 About Your Fund’s Expenses. 2 Performance Summary. .4 Financial Statements. 8 Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. :PVS'VOET1FSGPSNBODFBUB(MBODF t 'PSUIFNPOUITFOEFE%FDFNCFS SFUVSOTGPS7BOHVBSE5PUBM#POE .BSLFU*OEFY'VOESBOHFEGSPNGPS*OWFTUPS4IBSFTUPGPS*OTUJUVUJPOBM 4FMFDU4IBSFT5IJTQFSGPSNBODFXBTJOMJOFXJUIUIFSFUVSOPGUIFCFODINBSL JOEFYBGUFSUBLJOHUIFDPTUTPGSVOOJOHUIFGVOEJOUPBDDPVOU t 5IFFNFSHFODFPG$07*%JOFBSMZUVSOFEJOUPBHMPCBMIFBMUIDSJTJT BOE BHHSFTTJWFBUUFNQUTUPDPOUBJOJUSFTVMUFEJOBTIBSQEPXOUVSOJOFDPOPNJDBDUJWJUZ 6OFNQMPZNFOUTQJLFE BOETFDUPSTXIFSFTPDJBMEJTUBODJOHJTOUQPTTJCMFXFSFIJUIBSE 1PMJDZNBLFSTXFSFRVJDLUPQSPWJEFSPCVTUGJTDBMBOENPOFUBSZTUJNVMVTUPCMVOUUIF QBOEFNJDTFDPOPNJDJNQBDU.BOZDFOUSBMCBOLTTMBTIFETIPSUUFSNJOUFSFTUSBUFT BOEFYQBOEFEPSFYUFOEFEBTTFUQVSDIBTFQSPHSBNT t 8JUIZJFMETGBMMJOHBOEQSJDFTSJTJOH 645SFBTVSJFTQPTUFEBSFUVSOPG .PSUHBHFCBDLFETFDVSJUJFTSFUVSOFEMFTTUIBOUIBU BTMPXNPSUHBHFSBUFTMFEUPQMFOUZ PGTVQQMZCVUDPSQPSBUFCPOETGBSFEFWFOCFUUFSUIBO5SFBTVSJFT SFUVSOJOH t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t #BTFEPOBDUVBMGVOESFUVSO5IJTTFDUJPOIFMQTZPVUPFTUJNBUFUIFBDUVBMFYQFOTFTUIBUZPV QBJEPWFSUIFQFSJPE5IFw&OEJOH"DDPVOU7BMVFiTIPXOJTEFSJWFEGSPNUIFGVOEATBDUVBMSFUVSO BOEUIFUIJSEDPMVNOTIPXTUIFEPMMBSBNPVOUUIBUXPVMEIBWFCFFOQBJECZBOJOWFTUPSXIPTUBSUFE XJUI JOUIFGVOE:PVNBZVTFUIFJOGPSNBUJPOIFSF UPHFUIFSXJUIUIFBNPVOUZPVJOWFTUFE UPFTUJNBUFUIFFYQFOTFTUIBUZPVQBJEPWFSUIFQFSJPE 5PEPTP TJNQMZEJWJEFZPVSBDDPVOUWBMVFCZ GPSFYBNQMF BO BDDPVOUWBMVFEJWJEFE CZ UIFONVMUJQMZUIFSFTVMUCZUIFOVNCFSHJWFOGPSZPVSGVOEVOEFSUIFIFBEJOH w&YQFOTFT1BJE%VSJOH1FSJPEi t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ote that the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect transaction costs incurred by the fund for buying and selling securities. Further, the expenses do not include any purchase, redemption, or account service fees described in the fund prospectus. If such fees were applied to your account, your costs would be higher. Your fund does not carry a “sales load.”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hares "ENJSBM4IBSFT *OTUJUVUJPOBM4IBSFT *OTUJUVUJPOBM1MVT4IBSFT *OTUJUVUJPOBM4FMFDU4IBSFT #BTFEPO)ZQPUIFUJDBM:FBSMZ3FUVSO *OWFTUPS4IBSFT &5'4IBSFT "ENJSBM4IBSFT *OTUJUVUJPOBM4IBSFT *OTUJUVUJPOBM1MVT4IBSFT *OTUJUVUJPOBM4FMFDU4IBSFT The calculations are based on expenses incurred in the most recent six-month period. The fund’s annualized six-month expense ratios for that period are 0.15% for Investor Shares, 0.035% for ETF Shares, 0.05% for Admiral Shares, 0.035% for Institutional Shares, 0.03% for Institutional Plus Shares, and 0.01% for Institutional Select Shares. The dollar amounts shown as “Expenses Paid” are equal to the annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent six-month period, then divided by the number of days in the most recent 12-month period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umulative Performance: December 31, 2010, Through December 31, 2020 Initial Investment of $10,000 "WFSBHF"OOVBM5PUBM3FUVSOT 1FSJPET&OEFE %FDFNCFS Final Value One Five Ten of a $10,000 Year Years Years Investment Total Bond Market Index Fund Investor Shares 7.61% 4.36% 3.69% $14,361 Bloomberg Barclays U.S. Aggregate • • • • • • • • Float Adjusted Index 7.75 4.53 3.89 14,644 Final Value One Five Ten of a $10,000 Year Years Years Investment Total Bond Market Index Fund ETF Shares Net Asset Value 7.71% 4.46% 3.79% $14,510 Total Bond Market Index Fund ETF Shares Market Price 7.69 4.45 3.80 14,521 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 4.53 3.89 14,644 See Financial Highlights for dividend and capital gains information. 5PUBM#POE.BSLFU*OEFY'VOE "WFSBHF"OOVBM5PUBM3FUVSOT 1FSJPET&OEFE %FDFNCFS Final Value One Five Ten of a $10,000 Year Years Years Investment Total Bond Market Index Fund Admiral Shares 7.72% 4.46% 3.80% $14,514 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 4.53 3.89 14,644 Final Value One Five Ten of a $5,000,000 Year Years Years Investment Total Bond Market Index Fund Institutional Shares 7.74% 4.47% 3.81% $7,268,208 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 4.53 3.89 7,321,867 Final Value One Five Ten of a $100,000,000 Year Years Years Investment Total Bond Market Index Fund Institutional Plus Shares 7.74% 4.48% 3.82% $145,531,321 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 4.53 3.89 146,437,330 Final Value Since of a One Inception $3,000,000,000 Year (6/24/2016) Investment Total Bond Market Index Fund Institutional Select Shares 7.76% 3.88% $3,562,839,000 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 3.92 3,568,946,700 "Since Inception" performance is calculated from the Institutional Select Shares’ inception date for both the fund and its comparative standard(s). 5PUBM#POE.BSLFU*OEFY'VOE $VNVMBUJWF3FUVSOTPG&5'4IBSFT %FDFNCFS 5ISPVHI%FDFNCFS One Five Ten Year Years Years Total Bond Market Index Fund ETF Shares Market Price 7.69% 24.33% 45.21% Total Bond Market Index Fund ETF Shares Net Asset Value 7.71 24.40 45.10 Bloomberg Barclays U.S. Aggregate Float Adjusted Index 7.75 24.81 46.44 For the ETF Shares, the market price is determined by the midpoint of the bid-offer spread as of the closing time of the New York Stock Exchange (generally 4 p.m., Eastern time). The net asset value is also determined as of the NYSE closing time. For more information about how the ETF Shares' market prices have compared with their net asset value, visit vanguard.com, select your ETF, and then select the Price and Performance tab. The ETF premium/discount analysis there shows the percentages of days on which the ETF Shares' market price was above or below the NAV. 5PUBM#POE.BSLFU*OEFY'VOE 'VOE"MMPDBUJPO "TPG%FDFNCFS "TTFU#BDLFE$PNNFSDJBM .PSUHBHF#BDLFE4FDVSJUJFT $PSQPSBUF#POET 4PWFSFJHO#POET 5BYBCMF.VOJDJQBM#POET 64(PWFSONFOUBOE"HFODZ0CMJHBUJPOT The table reflects the fund's investments, except for short-term investments. The agency and mortgage-backed securities may include issues from government-sponsored enterprises; such issues are generally not backed by the full faith and credit of the U.S. government. The fund may invest in derivatives (such as futures and swap contracts) for various reasons, including, but not limited
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  • Vanguard Money Market Funds Annual Report August 31, 2018

    Vanguard Money Market Funds Annual Report August 31, 2018

    Annual Report | August 31, 2018 Vanguard Money Market Funds Vanguard Prime Money Market Fund Vanguard Federal Money Market Fund Vanguard Treasury Money Market Fund Vanguard’s Principles for Investing Success We want to give you the best chance of investment success. These principles, grounded in Vanguard’s research and experience, can put you on the right path. Goals. Create clear, appropriate investment goals. Balance. Develop a suitable asset allocation using broadly diversified funds. Cost. Minimize cost. Discipline. Maintain perspective and long-term discipline. A single theme unites these principles: Focus on the things you can control. We believe there is no wiser course for any investor. Contents Your Fund’s Performance at a Glance. 1 CEO’s Perspective. 3 Advisor’s Report. 5 Prime Money Market Fund. .7 Federal Money Market Fund. 26 Treasury Money Market Fund. 42 About Your Fund’s Expenses. 55 Trustees Approve Advisory Arrangements. .57 Glossary. 59 Please note: The opinions expressed in this report are just that—informed opinions. They should not be considered promises or advice. Also, please keep in mind that the information and opinions cover the period through the date on the front of this report. Of course, the risks of investing in your fund are spelled out in the prospectus. See the Glossary for definitions of investment terms used in this report. Your Fund’s Performance at a Glance • For the 12 months ended August 31, 2018, Vanguard Prime Money Market Fund returned 1.59% for Investor Shares and 1.66% for Admiral Shares. Vanguard Federal Money Market Fund returned 1.42% and Vanguard Treasury Money Market Fund 1.43%.
  • Fundflash US

    Fundflash US

    FundFlash US July 2020 FundFlash US July 2020 JULY OVERVIEW FundFlash provides a summary of the regional trends and developments in the funds market over the previous month. ACTIVE VS PASSIVE FLOW, $B FLOW SENTIMENT, % The report is built using the Global Market Intelligence (GMI) funds ▲47 B 47% module which tracks $50trn in global funds assets with unique views of distributor and internationally sold business. ▲4 B GMI Funds sits alongside our Institutional module and together is relied ▼-4 B 53% on by over 100 asset managers as their source for global asset management market intelligence. Active mutual funds Passive mutual funds % of # funds with negative flows All ETFs % of # funds with positive flows 3 YR FUND INDUSTRY ASSET & FLOW MOMENTUM, $B 25,000 AUM Cumulative net flow 1,000 THE MONTH IN REVIEW 900 • In July, US stocks recorded their fourth positive month in a row. The 20,000 800 S&P 500 gained 5.5% and the tech sector drove the Nasdaq up 6.8% 700 15,000 600 for the month. US unemployment driven by Covid-19 remained in 500 double digit territory ending July at 10.2% as the nation’s GDP 10,000 400 300 contracted 33% on an annualized basis in 2Q marking a US recession. 5,000 200 100 PRODUCTS 0 • Fixed- income products stayed in favor as investors continued to seek Aug 2017 Jan 2018 Jun 2018 Nov 2018 Apr 2019 Sep 2019 Feb 2020 Jul 2020 safe havens. For the year, cumulative flows in active funds remained 300 FLOWS BY INVESTMENT STYLE AND YEAR - CUMULATIVE in negative territory, while ETF product flows trended positive.
  • Vanguard® Value Index Fund

    Vanguard® Value Index Fund

    Vanguard® Vanguard® Value Index Fund Product Summary Vanguard Style View : Large Value Seeks to track the performance of the CRSP US Large Cap Value Index portfolio of large-capitalization value stocks. Index. Investment style Value Blend Growth Large-cap value equity. Passively managed, full-replication approach. Large Fund remains fully invested. Mid Low expenses minimize net tracking error. Small Note: The Investor Shares are closed to new investors. Market capitalization Central tendency Expected range of fund holdings Quarterly Commentary People and Process The human toll of COVID-19 further mounted during the second Vanguard Value Index Fund seeks to track the investment quarter of 2021 amid fresh outbreaks of the virus and new performance of the CRSP US Large Cap Value Index, an variants. The global economy nevertheless continued to rebound unmanaged benchmark representing U.S. large-capitalization value sharply if unevenly. Countries that have better succeeded in stocks. The fund attempts to replicate the target index by containing the virus—whether through vaccinations, lockdowns, or investing all, or substantially all, of its assets in the stocks that both—tended to fare the best. With the reopening of economies make up the index, holding each stock in approximately the same and pent-up demand boosting corporate profits, global stocks proportion as its weighting in the index. The experience and finished the quarter significantly higher. U.S. stocks outperformed stability of Vanguard’s Equity Index Group have permitted other developed markets as a whole as well as emerging markets. continuous refinement of techniques for reducing tracking error. The group uses proprietary software to implement trading The combination of faster economic growth, a recovery in decisions that accommodate cash flow and maintain close commodity prices, ongoing fiscal and monetary stimulus, and a correlation with index characteristics.
  • SVO-Identified Bond ETF List

    SVO-Identified Bond ETF List

    SVO-Identified Bond ETF List ETFs Eligible to be Reported as Bonds February 28, 2021 The NAIC is the authoritative source for insurance industry information. Our expert solutions support the efforts of regulators, insurers and researchers by providing detailed and comprehensive insurance information. The NAIC offers a wide range of publications in the following categories: Accounting & Reporting Special Studies Information about statutory accounting principles and Studies, reports, handbooks and regulatory the procedures necessary for fi ling financial annual research conducted by NAIC members on a statements and conducting risk-based capital variety of insurance related topics. calculations. Consumer Information Statistical Reports Important answers to common questions about auto, Valuable and in-demand insurance industry- home, health and life insurance — as well as buyer’s wide statistical data for various lines of guides on annuities, long-term care insurance and business, including auto, home, health and life Medicare supplement plans. insurance. Financial Regulation Supplementary Products Useful handbooks, compliance guides and reports on Guidance manuals, handbooks, surveys and financial analysis, company licensing, state audit research on a wide variety of issues. requirements and receiverships. Legal Capital Markets & Investment Analysis Comprehensive collection of NAIC model laws, Information regarding portfolio values and regulations and guidelines; state laws on insurance procedures for complying with NAIC reporting topics;
  • Vanguard Balanced Portfolio Semiannual Report

    Vanguard Balanced Portfolio Semiannual Report

    Semiannual Report | June 30, 2021 Vanguard Variable Insurance Funds Balanced Portfolio Contents About Your Portfolio’s Expenses ..................... 1 Financial Statements ................................ 3 Trustees Approve Advisory Arrangement ............31 Liquidity Risk Management..........................32 About Your Portfolio’s Expenses As a shareholder of the portfolio, you incur ongoing costs, which include costs for portfolio management, administrative services, and shareholder reports (like this one), among others. Operating expenses, which are deducted from a portfolio's gross income, directly reduce the investment return of the portfolio. A portfolio's expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in your portfolio and to compare these costs with those of other mutual funds. The examples are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period. The accompanying table illustrates your portfolio's costs in two ways: • Based on actual portfolio return. This section helps you to estimate the actual expenses that you paid over the period. The ”Ending Account Value“ shown is derived from the portfolio's actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the portfolio. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period. To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for your portfolio under the heading ”Expenses Paid During Period.“ • Based on hypothetical 5% yearly return.