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Disclosures and footnotes
SEC Yield Information
1 A non-money market fund's SEC yield is based on a formula mandated by the Securities and Exchange Commission (SEC) that calculates a fund's hypothetical annualized income, as a percentage of its assets. A security's income, for the purposes of this calculation, is based on the current market yield to maturity (in the case of bonds) or projected dividend yield (for stocks) of the fund's holdings over a trailing 30 day period. This hypothetical income will differ (at times, significantly) from the fund's actual experience; as a result, income distributions from the fund may be higher or lower than implied by the SEC yield. The 30-day SEC Yield is shown after the deduction of fund expenses, and includes applicable fee waivers or expense reimbursements. Absent such waivers or reimbursements returns would have been lower. Additional footnotes \"A\" and \"B\" under 30-Day SEC Yield are only applicable to Vanguard funds.
A — BASED ON HOLDINGS' YIELD TO MATURITY FOR PRIOR 30 DAYS; DISTRIBUTION MAY DIFFER
B — BASED ON HOLDINGS' YIELD TO MATURITY/DIVIDEND FOR LAST 30 DAYS OF PRIOR MONTH
2 Diversification and Asset Allocation does not guarantee a profit or prevent loss.
3 Investments in foreign securities may be riskier than U.S. security investments. Foreign securities may be more volatile and less liquid than U.S. securities. Investment in foreign markets may also decline significantly in response to adverse issuer, political, regulatory, market, or economic developments. Foreign securities are also subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets.
Important Tax Information
4 Morningstar Pre-Tax Return:
The pre-tax return is simply the average annual compound (annualized) rate of return the fund has earned before accounting for any taxes. The pre-tax return assumes re-investment of any dividend or interest income, but does not reflect the taxes owed on those distributions. It is reported for the one-, three-, five- and 10 year periods.
Morningstar Post-Tax Return:
Tax-adjusted returns are adjusted for taxes and sales charges and follow the SEC guidelines for calculating returns before sale of shares. The tax-adjusted return shows a fund's annualized after tax total return for the five- and 10-year periods, excluding any capital-gains effects that would result from selling the fund at the end of the period. To determine this figure, all income and short-term capital gains distributions are taxed at the maximum federal rate at the time of distribution. Long-term capital gains are taxed at a 15% rate. The after tax portion is then reinvested in the fund. State and local taxes are ignored, and only the capital gains are adjusted for tax-exempt funds, as the income from these funds is nontaxable.
Post-tax returns are calculated using the highest individual federal income tax rates in effect at the time of each distribution and does not reflect the impact of state and local taxes. An investor's post-tax return will depend on the investor's individual tax situation and may differ from the figures presented here. Post-tax returns for Vanguard funds reflect the reduced tax rates on ordinary income, qualified dividend income, and short-term and long-term capital gains that went into effect in 2003.
Post-tax returns for all funds are provided by Morningstar, Inc., based on data provided by the fund companies. Recent changes in tax law may cause post-tax returns to be calculated inconsistently across different fund families. Post-tax returns are quarter-end-adjusted for fees and loads, if applicable. The post-tax returns for most funds are calculated using the tax liability implied by each of their respective declared distributions. However, the exact tax characteristics of many distributions aren't known until after the close of the calendar year. The information presented does not apply to funds in a tax-deferred account, such as an IRA or Employer-sponsored retirement plan as these accounts aren't subject to current taxes. For Vanguard Tax-Managed Balanced Fund and Vanguard REIT Index Fund, conservative estimates are used based on fund history until final amounts become available.
General Disclosures
The Compare Products Tool universe includes all open-end mutual funds and exchange traded funds (ETF's) only. Closed-end mutual funds and money market funds are not reflected with in the products universe.
The comparisons and other information generated by the Compare Products Tool while based on historical performance are hypothetical in nature, and do not reflect actual investment results, as the information does not take into account fees and expenses, such as commissions, exchange fees, and other non-recurring charges. Nor do investment results take into account an investor's actual taxes. Had these costs been included, actual investment results would have been lower. Investment results also do no reflect the opportunity for fee waivers and discounts. The results shown should not be considered a recommendation to invest in any particular security. Before making an investment, financial professionals should make a suitability determination, and consider such factors such as a client's investment objectives, risk tolerance, circumstances, and the impact of taxes. Past performance is no guarantee of future results. Results of the tool may vary with each use and over time. Investing involves risk and the value of every investment will fluctuate over time. Investors may lose money.
All data supplied through the Compare Products tool is provided by Morningstar. While Vanguard believes that the data supplied by Morningstar is reliable, it does not review the information and cannot guarantee or warrant it to be accurate, complete, or timely. Vanguard is not responsible for any damages or losses arising from the use of any Morningstar or third party information.
The Similarity Score is calculated by Vanguard using a proprietary model that is designed to help clients objectively identify product options for analysis and comparison. Using historical Morningstar data, the similarity score is computed by simultaneously analyzing hundreds of historical fund characteristics, including factors such as portfolio allocation, and reflects an aggregation of detailed product level similarities and differences across the Morningstar universe. To determine an unbiased similarity score, the model explicitly excludes fund performance, fees and is fund manager agnostic. The model uses the identical methodology for both Vanguard and non-Vanguard funds. The methodology will determine a score ranging from 0 (least similar) to 1 (most similar).
Risk Disclosures
All ETF products are subject to risk, which may result in the loss of principal. Prices of mid- and small-cap ETFs often fluctuate more than those of large-cap ETFs. International ETFs involve additional risks, including currency fluctuations and the potential for adverse developments in specific countries or regions. ETFs that invest in emerging markets are generally more risky than those that invest in developed countries. Sector ETFs are subject to sector risks and non-diversification risks, which may result in performance fluctuations that are more extreme than fluctuations in the overall stock market. In addition, sector ETFs that sample their target indexes to comply with tax diversification rules may experience a greater degree of tracking error than other ETFs. Bond ETFs are subject to interest rate, credit, and inflation risk. Mutual funds and all investments are subject to risk. Mid and small-capitalization stocks historically have been more volatile than large-cap stocks. For U.S. investors, foreign markets present additional risks, including currency fluctuations and unfavorable developments in a particular country or region. Stocks of companies in emerging markets are generally more risky than stocks of companies in developed countries. Funds that concentrate on a relatively narrow sector face the risk of higher share-price volatility. It is possible that tax-managed funds will not meet their objective of being tax-efficient. Because it concentrates on a single stock, a company stock fund is considered riskier than a stock mutual fund, which is diversified. Investments in bond funds are subject to credit, interest rate, and inflation risk. High-yield bonds present higher credit risk than other types of bonds. Although the income from a municipal bond fund is exempt from federal tax, you may owe taxes on any capital gains realized through the fund's trading or through your own redemption of shares. For some investors, a portion of the fund's income may be subject to state and local taxes, as well as to the federal Alternative Minimum Tax. Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the Fund name refers to the approximate year (the target date) when an investor in the Fund would retire and leave the work force. The Fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.
Derivatives are subject to a number of risks, such as liquidity risk interest rate risk, market risk, credit risk, and management risk. A fund investing in a derivative instrument could lose more than the principal amount invested.
Vanguard ETF Shares are not redeemable with the issuing Fund other than in very large aggregations worth millions of dollars. Instead, investors must buy and sell Vanguard ETF Shares in the secondary market and hold those shares in a brokerage account. 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.
Mutual funds and ETFs are not FDIC-insured, may lose value, and are not guaranteed by a bank or other financial institution. The performance quoted represents past performance, is no guarantee of future results, and may not provide an adequate basis for evaluating the performance of the product over varying market conditions or economic cycles. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Investment objectives, risks, charges, expenses, and other important information about the funds and ETF shares are contained in the prospectus, read and consider it carefully before investing. For more information about Vanguard Funds and Vanguard ETF shares, visit advisors.vanguard.com or call 800-997-2798 to obtain a prospectus, or if available a summary prospectus.
Morningstar Disclosures
Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit https://www.sec.gov/ocr. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.
For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.
For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases, static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.
Benchmark Disclosures
London Stock Exchange Group companies include FTSE International Limited ("FTSE"), Frank Russell Company ("Russell"), MTS Next Limited ("MTS"), and FTSE TMX Global Debt Capital Markets Inc. ("FTSE TMX"). All rights reserved. "FTSE®", "Russell®", "MTS®", "FTSE TMX®" and "FTSE Russell" and other service marks and trademarks related to the FTSE or Russell indexes are trademarks of the London Stock Exchange Group companies and are used by FTSE, MTS, FTSE TMX and Russell under license. All information is provided for information purposes only. No responsibility or liability can be accepted by the London Stock Exchange Group companies nor its licensors for any errors or for any loss from use of this publication. Neither the London Stock Exchange Group companies nor any of its licensors make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Indexes or the fitness or suitability of the Indexes for any particular purpose to which they might be put.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. BARCLAYS®: is a trademark and service mark of Barclays Bank Plc, used under license. Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL") (collectively, "Bloomberg"), or Bloomberg's licensors own all proprietary rights in the Bloomberg Barclays Indices. The products are not sponsored, endorsed, issued, sold or promoted by "Bloomberg or Barclays." Bloomberg and Barclays make no representation or warranty, express or implied, to the owners or purchasers of the products or any member of the public regarding the advisability of investing in securities generally or in the products particularly or the ability of the Bloomberg Barclays Indices to track general bond market performance. Neither Bloomberg nor Barclays has passed on the legality or suitability of the products with respect to any person or entity. Bloomberg's only relationship to Vanguard and the products are the licensing of the Bloomberg Barclays Indices which are determined, composed and calculated by BISL without regard to Vanguard or the products or any owners or purchasers of the products. Bloomberg has no obligation to take the needs of the products or the owners of the products into consideration in determining, composing or calculating the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays is responsible for and has not participated in the determination of the timing of, prices at, or quantities of the products to be issued. Neither Bloomberg nor Barclays has any obligation or liability in connection with the administration, marketing or trading of the products.
Vanguard funds are not sponsored, endorsed, sold, or promoted by the University of Chicago or its Center for Research in Security Prices, and neither the University of Chicago nor its Center for Research in Security Prices makes any representation regarding the advisability of investing in the funds.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities. The prospectus or the Statement of Additional Information contains a more detailed description of the limited relationship MSCI has with Vanguard and any related funds.
"Dividend Achievers" is a trademark of The NASDAQ OMX Group, Inc.(collectively, with its affiliates, "NASDAQ OMX") and has been licensed for use by The Vanguard Group, Inc. Vanguard mutual funds are not sponsored, endorsed, sold, or promoted by NASDAQ OMX and NASDAQ OMX makes no representation regarding the advisability of investing in the funds. NASDAQ OMX MAKES NO WARRANTIES AND BEARS NO LIABILITY WITH RESPECT TO THE VANGUARD MUTUAL FUNDS.
The Russell Indexes and Russell® are registered trademarks of Russell Investments and have been licensed for use by The Vanguard Group, Inc. The products are not sponsored, endorsed, sold or promoted by Russell Investments and Russell Investments makes no representation regarding the advisability of investing in the products.
Indices are products of S&P Dow Jones Indices LLC ("SPDJI"), and have been licensed for use by Vanguard. Standard & Poor's® and S&P® are registered trademarks of Standard & Poor's Financial Services LLC ("S&P"); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); S&P® and S&P 500® are trademarks of S&P; and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Vanguard. Vanguard product(s) are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the indices.
© 2024 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Vanguard does not review Morningstar data or fund performance, you should check the fund's current prospectus or other product materials for the most up-to-date information concerning applicable loads, fees and expenses.
© 2024 The Vanguard Group, Inc. All rights reserved. Vanguard Marketing Corporation, Distributor of the Vanguard Funds. U.S. Patent Nos. 8,180,695; 8,185,464, and 8,571,963.
