Disclosures and footnotes
All investing is subject to risk, including possible loss of principal.
For more information about Vanguard funds or Vanguard ETFs,view detailed product informationor call 800-997-2798 to obtain a prospectus or, if available, a summary prospectus. Investment objectives, risks, charges, expenses, and other important information are contained in the prospectus; read and consider it carefully before investing.
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.
1 Vanguard is owned by its funds, which are owned by Vanguard’s fund shareholder clients.
2 The Morningstar Medalist Rating combines human and algorithmic research. The rating reflects a Morningstar analyst’s conviction that a fund will outperform peers on a risk-adjusted basis. It includes three positive ratings—Gold, Silver, and Bronze.
- Gold-rated funds rank in the top 15% of their category with expected positive net-of-fee alpha.
- Silver-rated funds rank in the next 35% of products with expected positive alpha.
- Bronze funds in the bottom 50% of products that are predicted to have positive alpha.
Morningstar employs more than 100 analysts to analyze Morningstar data and fund documents and, when possible, conduct face-to-face interviews with the fund management team. Morningstar analyst ratings take three pillars into account: 1) The People Pillar analyzes the person who manages a fund and considers characteristics such as relevant investment experience and length of tenure. 2) The Process pillar reflects how well managers execute their investment strategy over time. 3) The Parent pillar reviews the stewardship quality of a firm, including characteristics such as the quality of the product lineup and alignment of investor and firm interests.
3 For the 10-year period, 42 of 44 bond funds outperformed their peer group averages as of June 30, 2024; results will vary for other time periods. Only funds with a minimum 10-year history were included in the comparisons. (Source: LSEG Lipper)Note that this competitive performance data represents past performance, which is not a guarantee of future results, and that all investments are subject to risks.For the most recent performance, visit our website atadvisors.vanguard.com/investments/all.
4 Vanguard data as of June 30, 2024.
Diversification does not ensure a profit or protect against a loss.
Bond funds are subject to interest rate risk, which is the chance bond prices overall will decline because of rising interest rates, and credit risk, which is the chance a bond issuer will fail to pay interest and 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.
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.
Morningstar data © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; 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.
