Overview

Investment Objective

The Portfolio seeks to track the performance of a broad, market-weighted bond index.

Investment Strategy

The Portfolio invests 100% of its assets in Vanguard Total Bond Market Index Fund. The Underlying Fund employs an indexing investment approach designed to track the performance of the Bloomberg U.S. Aggregate Float Adjusted Index (the “Target Index”). The Target Index measures the performance of a wide spectrum of public, investment-grade, taxable bonds in the United States—including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities—all with maturities of more than 1 year. Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in the bonds that make up the Target Index and in securities that the advisor determines have substantially identical economic characteristics to the securities that make up the Target Index.

The Fund invests by sampling the Target Index, meaning that it holds a range of securities that, in the aggregate, approximates the full Target Index in terms of key risk factors and other characteristics. The Fund maintains a dollar-weighted average maturity consistent with that of the Target Index. As of December 31, 2025, the dollar-weighted average maturity of the Target Index was 8.19 years.

Investment Risks

General Market Risk, Investing in Bond Markets Risk, Interest Rate Risk, Income Risk, Credit Risk, Bond Liquidity Risk, Call Risk, Prepayment Risk, Extension Risk, Index Investing Risk

Average Annual Returns

Annual Investment Returns

Historical Prices

Brand: lad

Fund ID: 1092014

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