Vanguard GNMA Fund Admiral Shares

Vanguard GNMA Fund Admiral Shares

AS OF SEPTEMBER 30, 2017

TICKER: VFIJX

MANAGEMENT STYLE

FUND INVESTMENT OBJECTIVE The investment seeks to provide a moderate level of current income. The fund invests at least 80% of its assets in Government National Mortgage Association (GNMA) pass-through certificates, which are fixed income securities representing part ownership in a pool of mortgage loans supported by the full faith and credit of the U.S. government. It may invest in other types of securities such as U.S. Treasury or other U.S. government agency securities. The fund's dollar-weighted average maturity will normally fall within an intermediate-term range (3 to 10 years).

RISK RANKING (WITHIN CATEGORY)

GENERAL INFORMATION Morningstar Category: Intermediate Government Broad Asset Class: Taxable Bond Share Price (09/30/17): $10.53 Fund Size (09/30/17): $17,121.1m Fund Began: 02/12/01 Manager: Michael Garrett Manager Tenure: Since 06/10 Fund of Funds: No Family & Address Vanguard Vanguard Fixed Income Securities Funds PO Box 2600 V26 Valley Forge, PA 19482 FUND STATISTICS R2 (3-Yr.): 79.91%* Alpha (3-Yr.): 0.68%* Beta (3-Yr.): 0.57* Standard Deviation (3-Yr.): 1.81% Sharpe Ratio (3-Yr.): 1.12 Duration: 4.74 Years Average Credit Quality: AAA Average Coupon: 3.67%

*Calculated against BBgBarc US Agg Bond TR USD.

PORTFOLIO COMPOSITION TOP HOLDINGS (06/30/17) GNMA 3% GNMA 3.5% GNMA 3.5% GNMA 3.5% GNMA 3% GNMA 3.5% Govt Natl Mtg Asso 4% GNMA 3.5% Govt Natl Mtg Asso 3.5% GNMA 3.5%

Top 10 Holdings As Percentage of Total: Total Number of Holdings Annual Turnover Ratio

7.24% 6.03% 5.91% 5.57% 5.17% 3.62% 2.82% 2.41% 2.29% 2.12% 43.18% 16,681 926%

ASSET TYPES (06/30/17)

Stocks Cash

1.26% 0.82%

Bonds Other

CREDIT QUALITY BREAKDOWN (06/30/17) AAA AA A BBB BB B Below B Not Rated

95.99% 1.92% 100.13% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -0.13%

ANNUAL RETURNS

Fund Benchmark* Peer

YTD 1.93% 1.84% 1.75%

2016 1.95% 1.56% 0.89%

2015 1.43% 1.39% 0.49%

GROWTH OF $10,000 (SINCE 12/31/06)

2014 6.76% 5.97% 4.73%

2013 -2.13% -2.12% -2.72%

2012 2.45% 2.42% 2.80%

2011 7.80% 7.90% 6.70%

2010 7.07% 6.67% 5.66%

ANNUALIZED TOTAL RETURN

2009 5.39% 5.37% 4.74%

2008 7.33% 7.87% 4.76%

$20,000

6%

$15,000

4%

$10,000

$5,000

$0

3Q07 3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14 3Q15 3Q16 3Q17

Fund Benchmark* Peer

FEES & EXPENSES

$15,778 $15,592

N/A

2%

0%

-2%

Cur. Qtr 0.80% 0.94% 0.52%

1 Yr 0.08% 0.10% -0.94%

3 Yr 2.39% 2.14% 1.63%

5 Yr 1.88% 1.64% 1.00%

10 Yr 4.29% 4.17% 3.47%

Management Fee: 0.10% | 12b-1 Fee: None | Other Expenses: 0.01%

Expense Ratio (net): 0.11% | Expense Ratio (gross): 0.11%

Fund report published by DST Systems, Inc. This report is for informational purposes only. The report contains statements and statistics that have been obtained from sources believed to be reliable but not guaranteed as to accuracy or completeness. Neither DST Systems, Inc. nor the information providers shall have any liability, contingent or otherwise, for the accuracy, completeness, or timeliness of the information or for any decision made or action taken by you in reliance upon the information. The Management Style represents the DST Systems, Inc. style classification of the Morningstar, Inc. category for the fund. Morningstar, Inc. data is subject to the rights and protections as stated herein. ? 2017 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (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.

Total return performance is historical and assumes reinvestment of all dividends and capital gain distributions. Past performance is no guarantee of future results. Mutual and collective funds are not deposits or obligations of, or guaranteed or endorsed by, any bank, and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Investment return and principal value will fluctuate, so that when redeemed, an investor's shares may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted; current performance information can be obtained at or 800-662-7447. The principal of government bonds is guaranteed only at maturity. They can decline in value at any timer prior to maturity. You should consider the fund's investment goals, risks, charges, and expenses before you invest. You'll find this and other information in the fund's prospectus, which you should read carefully before investing. *B enchm ar k for this fund is B loom ber g B ar clay s G NMA T R U SD . All index information which is credited marked or entitled 'Barclays' is ? Copyright Barclays Capital 2017. All Rights Reserved; Unpublished; PROPRIETARY TO BARCLAYS CAPITAL INCORPORATED

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