VFIIX - Vanguard GNMA Fund Investor Shares

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Vanguard GNMA Fund Investor Shares

Vanguard Fixed Income Securities Funds

PO Box 2600 V26

Valley Forge PA 19482

Management Information
Michael F. Garrett,Lead Manager since June 29, 2010
Michael F. Garrett, Senior Managing Director and Fixed Income Portfolio Manager of Wellington Management. Michael is a fixed income portfolio manager responsible for managing mortgage and government bond portfolios for Wellington Management's mutual fund, institutional, and government clients. He is a member of the firm's Mortgage, Short Bond, and Structured Finance Strategy Groups. Prior to joining Wellington Management in 1999, Michael was a fixed income securities trader with Credit Suisse First Boston (1996 — 1999), a mortgage portfolio manager with MetLife Investment Management Co. (1995 — 1996), and the senior securities trader for First Federal Savings & Loan Association (1991 — 1995). Michael received his BA in economics from Yale University (1991).
Morningstar Style Box
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Morningstar Category
While the investment objective stated in a fund's prospectus may or may not reflect how the fund actually invests, the Morningstar category is assigned based on the underlying securities in each portfolio. Morningstar categories help investors and investment professionals make meaningful comparisons between funds. The categories make it easier to build well-diversified portfolios, assess potential risk, and identify top-performing funds. We place funds in a given category based on their portfolio statistics and compositions over the past three years. If the fund is new and has no portfolio history, we estimate where it will fall before giving it a more permanent category assignment. When necessary, we may change a category assignment based on recent changes to the portfolio.

Fund Overview

CategoryIntermediate Government
Fund FamilyVanguard
Net Assets24.43B
YTD Return5.83%
Morningstar Rating★★★★
Inception DateJun 26, 1980

Fund Operations

Last Dividend0.00
Last Cap Gain0.00
Holdings Turnover415.00%
Average for CategoryN/A

Fees & Expenses

ExpenseVFIIXCategory Average
Annual Report Expense Ratio (net)0.21%0.82%
Prospectus Net Expense Ratio0.21%N/A
Prospectus Gross Expense Ratio0.21%N/A
Max 12b1 FeeN/AN/A
Max Front End Sales LoadN/A3.60%
Max Deferred Sales LoadN/A1.59%
3 Yr Expense Projection68N/A
5 Yr Expense Projection118N/A
10 Yr Expense Projection268N/A