Price & Performance

Detailed performance and expense ratio information is available by clicking the portfolio names below.

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Name	Unit value as of	YTD	Average annual total returns as of					Inception date
Name	Unit value	YTD	Change		APY	1 year	3 year	Inception date	5 year	10 year	Since inception^**

Name	Average annual total returns as of					Inception date
Name	1 year	3 year	5 year	10 year	Since inception^**	Inception date

The performance data shown represent past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' units, when sold, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data cited.

All investing is subject to risk, including the possible loss of the money you invest. Investments in bonds are subject to interest rate, credit, and inflation risk. Investments are not guaranteed or insured.

The Income Portfolio, Balanced Income Portfolio, Conservative Income Portfolio, and Interest Accumulation Portfolio each invest in the Vanguard Short-Term Reserves Account, which, in turn, invests in Vanguard Federal Money Market Fund. The Vanguard Short-Term Reserves Account could lose money by investing in the Vanguard Federal Money Market Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

* Not available as an Individual Portfolio.

** Since Inception returns for less than one year are not annualized.