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*To qualify you must have at least $200 million in Vanguard funds and meet the minimum investment requirement in the particular fund. Some funds also offer Institutional Plus Shares, which typically have a minimum initial investment of $100 million and are reserved for large institutional investors. For both Institutional and Institutional Plus Shares, we may charge additional fees to institutions for which Vanguard also provides recordkeeping services.

**For the 1-year period, 48 out of 54 Vanguard active bond funds outperformed their peer-group averages. For the 3-year period, 47 of 52 Vanguard active bond funds outperformed their peer-group averages. For the 5-year period, 44 of 48 Vanguard active bond funds outperformed their peer-group averages. For the 10-year period, 38 of 44 Vanguard active bond funds outperformed their peer-group averages. All data as of December 31, 2020. Results will vary for other time periods. Only funds with a minimum 1-, 3-, 5-, or 10-year history, respectively, were included in the comparison. Source: Lipper, a Thomson Reuters Company. Note the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. View most recent fund performance.

For the 3-year period, 23 of 28 active taxable fixed income fund share classes exhibited top-quartile performance relative to peer funds in their Lipper categories. For the 5-year period, 16 of 24 active taxable fixed income fund share classes exhibited top-quartile performance relative to peer funds in their Lipper categories. For the 10-year period, 17 of 22 active taxable fixed income fund share classes exhibited top-quartile performance relative to peer funds in their Lipper categories. Results will vary for other time periods. Only funds with a minimum 3-, 5-, or 10-year history, respectively, were included in the comparison. Source: Lipper, a Thomson Reuters Company. Note that the competitive performance data shown represent past performance, which is not a guarantee of future results, and that all investments are subject to risks. For the most recent performance, visit vanguard.com/performance. 28 of 32 active taxable fixed income fund share classes are in the lowest quartile of expense ratios. Source: Morningstar, Inc. All data as of December 31, 2020.

†Sources: Vanguard and Morningstar, Inc., as of December 31, 2020. All averages are asset-weighted. Industry average excludes Vanguard.

All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss.

Vanguard is investor-owned, meaning the fund shareholders own the funds, which in turn own Vanguard.

The Factor Funds are subject to investment style risk, which is the chance that returns from the types of stocks in which a Factor Fund invests will trail returns from U.S. stock markets. The Factor Funds are also subject to manager risk, which is the chance that poor security selection will cause a Factor Fund to underperform its relevant benchmark or other funds with a similar investment objective, and sector risk, which is the chance that significant problems will affect a particular sector in which a Factor Fund invests, or that returns from that sector will trail returns from the overall stock market. 

ESG funds are subject to ESG investment risk, which is the chance that the stocks or bonds screened by the index provider for ESG criteria generally will underperform the market as a whole or, in the aggregate, will trail returns of other funds screened for ESG criteria. The index provider’s assessment of a company, based on the company’s level of involvement in a particular industry or the index provider’s own ESG criteria, may differ from that of other funds or of the advisor’s or an investor’s assessment of such company. As a result, the companies deemed eligible by the index provider may not reflect the beliefs and values of any particular investor and may not exhibit positive or favorable ESG characteristics. The evaluation of companies for ESG screening or integration is dependent on the timely and accurate reporting of ESG data by the companies. Successful application of the screens will depend on the index provider’s proper identification and analysis of ESG data. 

You must buy and sell Vanguard ETF Shares through Vanguard Brokerage Services (we offer them commission-free) or through another broker (which may charge commissions). See the Vanguard Brokerage Services commission and fee schedules for full details. Vanguard ETF Shares are not redeemable directly with the issuing fund other than in very large aggregations worth millions of dollars. ETFs are subject to market volatility. When buying or selling an ETF, you will pay or receive the current market price, which may be more or less than net asset value.

For more information about Vanguard funds, visit vanguard.com to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information about a fund are contained in the prospectus; read and consider it carefully before investing.