Mutual Fund Summary Prospectus (497k)
16 Outubro 2013 - 11:17AM
Edgar (US Regulatory)
|
Vanguard Intermediate-Term Government Bond Index Fund
|
Summary Prospectus
|
|
|
|
October 16, 2013
|
|
|
|
Admiral Shares for Participants
|
|
Vanguard Intermediate-Term Government Bond Index Fund Admiral Shares* (VSIGX)
|
|
|
|
|
The Funds statutory Prospectus and Statement of Additional Information dated
|
October 16, 2013, are incorporated into and made part of this Summary
|
Prospectus by reference.
|
Before you invest, you may want to review the Funds Prospectus, which
|
contains more information about the Fund and its risks. You can find
|
the Funds Prospectus and other information about the Fund online at
|
www.vanguard.com/prospectus
. You can also get this information at no
|
cost by calling 800-523-1188 or by sending an e-mail request to
|
online@vanguard.com.
|
|
|
|
|
*Formerly known as the Funds Signal
®
Shares
|
|
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.
|
Investment Objective
The Fund seeks to track the performance of a market-weighted government bond index with an intermediate-term dollar-weighted average maturity.
Fees and Expenses
The following table describes the fees and expenses you may pay if you buy and hold Admiral Shares of the Fund.
|
|
Shareholder Fees
|
|
(Fees paid directly from your investment)
|
|
|
Sales Charge (Load) Imposed on Purchases
|
None
|
Purchase Fee
|
None
|
Sales Charge (Load) Imposed on Reinvested Dividends
|
None
|
Redemption Fee
|
None
|
|
Annual Fund Operating Expenses
|
|
(Expenses that you pay each year as a percentage of the value of your investment)
|
|
|
Management Expenses
|
0.10%
|
12b-1 Distribution Fee
|
None
|
Other Expenses
|
0.02%
|
Total Annual Fund Operating Expenses
|
0.12%
|
1
Example
The following example is intended to help you compare the cost of investing in the Fund’s Admiral Shares with the cost of investing in other mutual funds. It illustrates the hypothetical expenses that you would incur over various periods if you invest $10,000 in the Fund’s shares. This example assumes that the Shares provide a return of 5% a year and that total annual fund operating expenses remain as stated in the preceding table. The results apply whether or not you redeem your investment at the end of the given period. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
|
|
|
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
$12
|
$39
|
$68
|
$154
|
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in more taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the previous expense example, reduce the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 51%.
Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 3–10 Year Government Float Adjusted Index. This Index includes fixed income securities issued by the U.S. Treasury (not including inflation-protected bonds) and U.S. government agencies and instrumentalities, as well as corporate or dollar-denominated foreign debt guaranteed by the U.S. government, with maturities between 3 and 10 years.
The Fund invests by
sampling
the Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Index in terms of key risk factors and other characteristics. All of the Fund’s investments will be selected through the sampling process, and at least 80% of the Fund’s assets will be invested in bonds included in the Index. The Fund maintains a dollar-weighted average maturity consistent with that of the Index, which, as of August 31, 2012, was 5.6 years.
2
Primary Risks
An investment in the Fund could lose money over short or even long periods. You should expect the Funds share price and total return to fluctuate within a wide range, like the fluctuations of the overall bond market. The Fund is subject to the following risks, which could affect the Funds performance:
Income risk
, which is the chance that the Funds income will decline because of falling interest rates. Income risk is generally moderate for intermediate-term bond funds, so investors should expect the Funds monthly income to fluctuate accordingly.
Interest rate risk
, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be moderate for the Fund because it invests primarily in short- and intermediate-term bonds, whose prices are less sensitive to interest rate changes than are the prices of long-term bonds.
Credit risk,
which is the chance that a bond issuer will fail to pay interest and principal in a timely manner, or that negative perceptions of the issuers ability to make such payments will cause the price of that bond to decline. Credit risk should be very low for the Fund because it invests only in bonds issued by the U.S. Treasury or
U.S. government agencies and instrumentalities.
Index sampling risk,
which is the chance that the securities selected for the Fund, in
the aggregate, will not provide investment performance matching that of the Funds target index. Index sampling risk for the Fund should be low.
An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
Annual Total Returns
The following bar chart and table are intended to help you understand the risks of investing in the Fund. The bar chart shows how the performance of the Funds Admiral Shares has varied from one calendar year to another over the periods shown. The table shows how the average annual total returns of the Admiral Shares compare with those of the Fund's target index, which has investment characteristics similar to those of the Fund. The Funds Signal Shares were renamed Admiral Shares on October 16, 2013. Keep in mind that the Funds past performance does not indicate how the Fund will perform in the future. Updated performance information is available on our website at
vanguard.com/performance
or by calling Vanguard toll-free at 800-662-7447.
3
Annual Total Returns Vanguard Intermediate-Term Government Bond Index Fund Admiral Shares
1
1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2013, was 1.77%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 5.57% (quarter ended September 30, 2011), and the lowest return for a quarter was 0.73% (quarter ended March 31, 2012).
|
|
|
Average Annual Total Returns for Periods Ended December 31, 2012
|
|
|
|
|
|
Since
|
|
|
Inception
|
|
|
(Aug. 4,
|
|
1 Year
|
2010)
|
Vanguard Intermediate-Term Government Bond Index Fund
|
|
|
Admiral Shares
|
2.63%
|
4.83%
|
Barclays U.S. 3-10 Year Government Float Adjusted Index
|
|
|
(reflects no deduction for fees or expenses)
|
2.77%
|
4.97%
|
4
Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Manager
Joshua C. Barrickman, CFA, Principal of Vanguard and head of Vanguards Bond Index Group. He has managed the Fund since 2013.
Tax Information
The Funds distributions will be reinvested in additional Fund shares and accumulate on a tax-deferred basis if you are investing through an employer-sponsored retirement or savings plan. You will not owe taxes on these distributions until you begin withdrawals from the plan. You should consult your plan administrator, your plans Summary Plan Description, or your tax advisor about the tax consequences of plan withdrawals.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.
5
This page intentionally left blank.
Vanguard Intermediate-Term Government Bond Index Fund Admiral SharesFund Number 1943
CFA
®
is a trademark owned by CFA Institute.
© 2013 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SPI 1943 102013
Vanguard Intermediate Te... (NASDAQ:VCIT)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024
Vanguard Intermediate Te... (NASDAQ:VCIT)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024
Notícias em tempo-real sobre Vanguard Intermediate Term Corporate Bond da NASDAQ bolsa de valores: 0 artigos recentes
Mais Notícias de Vanguard Scottsdale Funds