Mutual Fund Summary Prospectus (497k)
16 10월 2013 - 11:42PM
Edgar (US Regulatory)
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Vanguard Short-Term Corporate Bond Index Fund
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Summary Prospectus
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October 16, 2013
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Admiral Shares
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Vanguard Short-Term Corporate Bond Index Fund Admiral Shares* (VSCSX)
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The Funds statutory Prospectus and Statement of Additional Information dated
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October 16, 2013, are incorporated into and made part of this Summary
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Prospectus by reference.
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Before you invest, you may want to review the Funds Prospectus, which
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contains more information about the Fund and its risks. You can find
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the Funds Prospectus and other information about the Fund online at
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www.vanguard.com/prospectus
. You can also get this information at no
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cost by calling 800-662-7447 or by sending an e-mail request to
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online@vanguard.com.
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* Formerly known as the Funds Signal
®
Shares
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The Securities and Exchange Commission (SEC) has not approved or disapproved these securities or
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passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.
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Investment Objective
The Fund seeks to track the performance of a market-weighted corporate bond index with a short-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.
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Shareholder Fees
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(Fees paid directly from your investment)
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Sales Charge (Load) Imposed on Purchases
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None
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Purchase Fee
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None
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Sales Charge (Load) Imposed on Reinvested Dividends
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None
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Redemption Fee
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None
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Account Service Fee (for certain fund account balances below $10,000)
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$20/year
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Annual Fund Operating Expenses
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(Expenses that you pay each year as a percentage of the value of your investment)
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Management Expenses
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0.10%
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12b-1 Distribution Fee
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None
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Other Expenses
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0.02%
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Total Annual Fund Operating Expenses
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0.12%
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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:
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1 Year
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3 Years
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5 Years
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10 Years
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$12
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$39
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$68
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$154
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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 65%.
Primary Investment Strategies
The Fund employs an indexing investment approach designed to track the performance of the Barclays U.S. 1–5 Year Corporate Bond Index. This Index includes U.S. dollar-denominated, investment-grade, fixed-rate, taxable securities issued by industrial, utility, and financial companies, with maturities between 1 and 5 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 3.0 years.
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Primary Risks
The Fund is designed for investors with a low tolerance for risk, but you could still lose money by investing in it. 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 high for short-term bond funds, so investors should expect the Funds monthly income to fluctuate.
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 moderate for the Fund.
Interest rate risk
, which is the chance that bond prices overall will decline because of rising interest rates. Interest rate risk should be low for the Fund because it invests primarily in short-term bonds, whose prices are much less sensitive to interest rate changes than are the prices of long-term bonds.
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 Funds 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 (before and after taxes) 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.
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Annual Total Returns Vanguard Short-Term Corporate Bond Index Fund Admiral Shares
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1 The year-to-date return as of the most recent calendar quarter, which ended on September 30, 2013, was 0.78%.
During the periods shown in the bar chart, the highest return for a calendar quarter was 2.23% (quarter ended March 31, 2012), and the lowest return for a quarter was 0.36% (quarter ended September 30, 2011).
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Average Annual Total Returns for Periods Ended December 31, 2012
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Since
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Inception
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(Nov. 18,
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1 Year
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2010)
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Vanguard Short-Term Corporate Bond Index Fund Admiral Shares
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Return Before Taxes
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5.74%
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3.82%
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Return After Taxes on Distributions
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4.64
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2.82
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Return After Taxes on Distributions and Sale of Fund Shares
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3.57
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2.64
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Barclays U.S. 1-5 Year Corporate Bond Index
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(reflects no deduction for fees, expenses, or taxes)
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6.17%
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4.10%
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Actual after-tax returns depend on your tax situation and may differ from those shown in the preceding table. When after-tax returns are calculated, it is assumed that the shareholder was in the highest individual federal marginal income tax bracket at the time of each distribution of income or capital gains or upon redemption. State and local income taxes are not reflected in the calculations. Please note that after-tax returns are not relevant for a shareholder who holds fund shares in a tax-deferred account, such as an individual retirement account or a 401(k) plan. Also, figures captioned
Return After Taxes on Distributions and Sale of Fund Shares
will be higher than other figures for the same period if a capital loss occurs upon redemption and results in an assumed tax deduction for the shareholder.
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Investment Advisor
The Vanguard Group, Inc. (Vanguard)
Portfolio Managers
Joshua C. Barrickman, CFA, Principal of Vanguard and head of Vanguards Bond Index Group. He has managed the Fund since its inception in 2009 (co-managed since 2013).
Paul M. Malloy, CFA, Portfolio Manager. He has co-managed the Fund since 2013.
Purchase and Sale of Fund Shares
You may purchase or redeem shares online through our website (
vanguard.com)
, by mail (The Vanguard Group, P.O. Box 1110, Valley Forge, PA 19482-1110), or by telephone (800-662-2739). The following table provides the Funds minimum initial and subsequent investment requirements.
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Account Minimums
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Admiral Shares*
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To open and maintain an account
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$10,000
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To add to an existing account
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Generally $100 (other than by Automatic Investment
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Plan, which has no established minimum)
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* Institutional and financial intermediary clients should contact Vanguard for information on special eligibility rules that may apply to them.
Tax Information
The Funds distributions may be taxable as ordinary income or capital gain.
Payments to Financial Intermediaries
The Fund and its investment advisor do not pay financial intermediaries for sales of Fund shares.
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Vanguard Short-Term Corporate Bond Index Fund Admiral SharesFund Number 1945
CFA
®
is a trademark owned by CFA Institute.
© 2013 The Vanguard Group, Inc. All rights reserved.
Vanguard Marketing Corporation, Distributor.
SP 1945 102013
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